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Curaleaf Holdings USD

Update

Sector: Cannabis

Geography: United States

COMM_CURLF

Price chart

10.43 USDDay -0.00%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
10.43 USD · -0.00%
Market cap
2.6 bn USD

Growth

Δ revenue y/y
5.7%
Δ EBITDA y/y
-14.4%

Multiples

P/E (LTM)
—
P/B (FY)
3.5x
P/E (ann.)
9.5x
EV/EBITDA (LTM)
13.3x
EV/EBITDA (ann.)
14.5x

Cash return

Dividend yield
—
FCF yield (LTM)
-0.7%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-78.0%
↓ details

Liquidity

Daily turnover (listing)
2.2 mln USD

Shares: yahoo_fundamentals_timeseries/CURLF

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 3 / Err: 13 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 1
2023-06-30 Q2✗Errors 1Warn 1
2023-09-30 Q3⚠Warn 1
2023-12-31 FY✗Errors 1Warn 1
2023-12-31 Q4✗Errors 1Warn 2
2024-03-31 Q1✗Errors 1Warn 1
2024-06-30 Q2⚠Warn 1
2024-09-30 Q3✗Errors 1Warn 1
2024-12-31 FY✗Errors 1Warn 1
2024-12-31 Q4✗Errors 2Warn 1
2025-03-31 Q1✗Errors 1Warn 1
2025-06-30 Q2✗Errors 1Warn 1
2025-09-30 Q3✗Errors 1Warn 1
2025-12-31 FY✗Errors 1Warn 1
2025-12-31 Q4✗Errors 1Warn 1
2026-03-31 Q1✗Errors 3Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK324.2
y/y 5.7%
0.8
y/y -92.0%
52.7
y/y -0.7%
53.5
y/y -14.4%
69.8
y/y —
21.0-17.02811.6
y/y -4.6%
821.1
y/y 0.9%
35.4%459.0—
2025-12-31Q4 2025 (3M)OK323.4
y/y 20.6%
10.3
y/y 201.1%
52.7
y/y -26.5%
63.0
y/y 2.5%
-102.1
y/y -14.7%
42.3-16.42845.3
y/y -3.5%
756.4
y/y -12.1%
-36.3%459.5—
2025-09-30Q3 2025 (3M)OK320.2
y/y -3.1%
4.0
y/y -56.3%
54.4
y/y -5.7%
58.4
y/y -12.7%
-57.0
y/y —
48.4-16.62883.3
y/y -6.2%
814.8
y/y -15.0%
-9.0%450.9—
2025-06-30Q2 2025 (3M)OK314.5
y/y -8.1%
3.3
y/y -56.5%
55.9
y/y 8.0%
59.2
y/y -0.2%
-65.0
y/y —
8.5-15.42916.8
y/y -5.4%
871.3
y/y -12.2%
-30.9%458.7—
2025-03-31Q1 2025 (3M)OK306.6
y/y -9.1%
9.4
y/y -25.9%
53.1
y/y -6.9%
62.4
y/y -10.4%
-61.1
y/y —
38.4-16.32947.4
y/y -4.3%
814.0
y/y -20.0%
-29.2%439.3—
2024-12-31Q4 2024 (3M)OK268.2
y/y -26.1%
-10.2
y/y -153.4%
71.7
y/y 20.8%
61.5
y/y -21.6%
-89.1
y/y -16.5%
39.4-17.92947.8
y/y -4.3%
860.7
y/y -17.7%
-24.9%496.6—
2024-09-30Q3 2024 (3M)OK330.5
y/y -0.8%
9.2
y/y -39.3%
57.7
y/y 15.4%
66.9
y/y 2.6%
-40.7
y/y —
42.4-27.93074.6
y/y -4.7%
958.9
y/y -12.2%
-5.6%757.7—
2024-06-30Q2 2024 (3M)OK342.2
y/y 1.1%
7.5
y/y —
51.8
y/y -9.2%
59.3
y/y 18.8%
-48.9
y/y —
29.4-24.93082.5
y/y -6.7%
992.7
y/y -15.9%
-19.5%977.4—
2024-03-31Q1 2024 (3M)OK337.4
y/y 0.3%
12.6
y/y -23.1%
57.0
y/y 15.3%
69.7
y/y 5.7%
-48.1
y/y —
43.6-18.03079.9
y/y -8.4%
1017.3
y/y -17.4%
-18.7%506.9—
2023-12-31Q4 2023 (3M)PARTIAL363.1
y/y —
19.1
y/y —
59.3
y/y —
78.4
y/y —
-76.4
y/y —
3.7-16.13080.7
y/y —
1045.3
y/y —
-26.8%524.5—
2023-09-30Q3 2023 (3M)OK333.2
y/y —
15.2
y/y —
50.0
y/y —
65.2
y/y —
-92.3
y/y —
45.3-15.73226.5
y/y —
1092.7
y/y —
-10.8%764.6—
2023-06-30Q2 2023 (3M)OK338.6
y/y —
-7.1
y/y —
57.0
y/y —
50.0
y/y —
-71.2
y/y —
13.5-8.83303.4
y/y —
1180.9
y/y —
-23.6%791.8—
2023-03-31Q1 2023 (3M)OK336.5
y/y —
16.4
y/y —
49.5
y/y —
65.9
y/y —
-46.4
y/y —
14.2-26.03363.1
y/y —
1232.2
y/y —
—778.6—
Data quality — review suggested

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-40%-20%0%20%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1001020302023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

02004006008001 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Cannabis Spot Index

Current 1 003spot vs LTM -5%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -78.0%

Main driver: Cannabis Spot Index -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 234→122; at 8.4× EV/EBITDA → -78%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cannabis Spot Index (rev)+100%1 003.001 060.681 055.38-5%-1%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 282
LTM EBITDA234
LTM cash costs (revenue − EBITDA)1 048
2 · Revenue projection
Revenue multiplier — spot×0.946 (-5%)
= Spot revenue1 213
Revenue multiplier — 3y price×0.995 (-1%)
= 3-year-price revenue1 276
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 090
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 090
4 · EBITDA projection (revenue − costs)
= Spot EBITDA122
= 3-year-price EBITDA186
Conservative EBITDA = min(spot, avg)122
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.4x
Target EV = EV/EBITDA × conservative EBITDA1 029
Net debt459
Target market cap = EV − net debt582
Current market cap2 650

Upside = target market cap ÷ current − 1 = -78.0%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q2339317+6.9%5033+50.2%
2023 Q3333306+8.9%6517+274.3%
2023 Q4355332+6.9%7148+49.1%
2024 Q1337345-2.2%7060+15.6%
2024 Q2342338+1.3%5954+10.3%
2024 Q3331330+0.1%6748+40.4%
2024 Q4268321-16.5%2240-45.6%
2025 Q1307303+1.3%6231+100.6%
2025 Q2315316-0.6%5950+17.4%
2025 Q3320343-6.5%5884-30.3%
2025 Q4323337-3.9%6378-19.4%
2026 Q1324317+2.3%5355-2.7%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 32.4x · target 75th pct (3y) 8.4x · LTM avg 15.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)