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Green Thumb Industries (GTBIF) USD

At a glance: strengths & risks
✓Profit growing (+56%)✓Low leverage (0.9x EBITDA)✗Margins compressing (30%→24%)

Sector: Cannabis

Geography: United States

COMM_GTBIF

Price chart

7.3 USDDay -0.14%

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
7.3 USD · -0.14%
Market cap
1.7 bn USD

Growth

Δ revenue y/y
4.6%
Δ EBITDA y/y
-23.1%

Multiples

P/E (LTM)
13.3x
3y avg: 38.1x
P/B (FY)
0.9x
P/E (ann.)
86.3x
EV/EBITDA (LTM)
7.1x
3y avg: 8.3x
EV/EBITDA (ann.)
8.9x

Cash return

Dividend yield
—
FCF yield (LTM)
37.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-11.2%
↓ details

Liquidity

Daily turnover (listing)
0.4 mln USD

Shares: yahoo_fundamentals_timeseries/GTBIF

Financial results

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
2026-06-30Q2 2026 (3M)OK306.7
y/y 4.6%
20.0
y/y -49.4%
33.2
y/y 11.8%
53.1
y/y -23.1%
4.9
y/y —
29.0-20.22815.4
y/y 10.5%
1858.6
y/y 3.6%
1.0%≈ 217.9Link
2026-03-31Q1 2026 (3M)OK300.2
y/y 7.4%
40.7
y/y -4.1%
32.4
y/y 10.2%
73.1
y/y 1.7%
15.4
y/y 85.4%
75.8-18.92831.6
y/y 10.2%
1893.0
y/y 4.8%
3.2%217.9Link
2025-12-31Q4 2025 (3M)OK311.1
y/y 5.7%
19.0
y/y -66.7%
56.3
y/y 94.4%
75.3
y/y -12.5%
83.2
y/y 556.2%
90.1-14.72790.1
y/y 10.0%
1905.4
y/y 6.5%
6.1%264.9Link
2025-09-30Q3 2025 (3M)OK291.4
y/y 1.6%
36.7
y/y -13.8%
30.1
y/y 5.6%
66.8
y/y -6.0%
23.3
y/y 170.3%
74.1-17.52639.2
y/y 4.9%
1828.4
y/y 3.0%
1.7%291.8Link
2025-06-30Q2 2025 (3M)OK293.3
y/y 4.7%
39.4
y/y -27.0%
29.7
y/y 6.0%
69.1
y/y -15.7%
-0.6
y/y -103.1%
56.4-19.02548.2
y/y 0.3%
1793.2
y/y 2.2%
-0.1%345.8Link
2025-03-31Q1 2025 (3M)OK279.5
y/y 1.4%
42.5
y/y -39.9%
29.4
y/y 5.9%
71.9
y/y -27.0%
8.3
y/y -73.3%
74.2-29.82569.1
y/y 0.6%
1807.2
y/y 3.4%
1.8%315.2Link
2024-12-31Q4 2024 (3M)OK294.3
y/y 5.8%
57.1
y/y 13.4%
29.0
y/y 5.6%
86.1
y/y 10.7%
12.7
y/y 294.2%
43.3-27.22537.0
y/y 1.9%
1789.3
y/y 5.1%
4.1%374.1Link
2024-09-30Q3 2024 (3M)OK286.9
y/y 4.2%
42.6
y/y -13.1%
28.5
y/y 11.2%
71.1
y/y -4.7%
8.6
y/y -18.0%
47.7-18.02514.9
y/y 0.6%
1774.8
y/y 4.0%
0.7%356.1Link
2024-06-30Q2 2024 (3M)OK280.1
y/y 11.0%
54.0
y/y 31.6%
28.0
y/y 15.5%
82.0
y/y 25.6%
20.7
y/y 54.6%
20.2-20.32540.6
y/y 1.1%
1753.9
y/y 2.8%
4.7%387.5Link
2024-03-31Q1 2024 (3M)OK275.8
y/y 11.0%
70.7
y/y 59.9%
27.8
y/y 18.2%
98.4
y/y 45.4%
31.1
y/y 240.0%
84.0-14.72554.8
y/y 2.5%
1747.0
y/y 3.9%
7.2%352.0Link
2023-12-31Q4 2023 (3M)OK278.2
y/y —
50.3
y/y —
27.4
y/y —
77.8
y/y —
3.2
y/y —
71.1-36.42490.1
y/y —
1702.9
y/y —
2.1%408.6Link
2023-09-30Q3 2023 (3M)OK275.4
y/y —
49.0
y/y —
25.6
y/y —
74.7
y/y —
10.5
y/y —
60.8-54.22499.2
y/y —
1706.3
y/y —
0.8%423.5Link
2023-06-30Q2 2023 (3M)OK252.4
y/y —
41.1
y/y —
24.2
y/y —
65.3
y/y —
13.4
y/y —
18.3-64.42512.8
y/y —
1705.3
y/y —
3.2%401.5Link
2023-03-31Q1 2023 (3M)OK248.5
y/y —
44.2
y/y —
23.5
y/y —
67.7
y/y —
9.1
y/y —
74.7-65.02493.2
y/y —
1680.8
y/y —
—355.8Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)43
Long-term debt (incl. LT leases)520
− Cash & equivalents345
Net debt218

Net debt / LTM EBITDA: 0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-200204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.67x of reported net profit; after capex, 0.14x.
year20212022202320242025
cash flow / profit1.75x13.24x6.20x2.67x2.58x
accruals, % of assets-2.4%-6.0%-7.6%-4.8%-6.5%
Last twelve months (to 2025-Q3): 2.12x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · EBIT covers interest 6.9x · capex 1.4x of depreciation · share count +1.1% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Cannabis Spot Index

Current 1 088spot vs LTM +2%

Commodity-player potential

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

Upside: -11.2% ▲ +0.0 pp 1d

Main driver: Cannabis Spot Index +1% vs LTM; revenue ×1.01 vs costs ×1.03; EBITDA 268→235; at 6.8× EV/EBITDA → -11%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cannabis Spot Index (rev)+100%1 088.001 074.211 055.73+1%-2%
Electricity Spot (cost)-5%57.8062.1952.40-7%-16%

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

1 · Reported baseline (LTM)
LTM revenue1 209
LTM EBITDA268
LTM cash costs (revenue − EBITDA)941
2 · Revenue projection
Revenue multiplier — spot×1.013 (+1%)
= Spot revenue1 225
Revenue multiplier — 3y price×0.983 (-2%)
= 3-year-price revenue1 189
3 · Costs projection
Cost multiplier — spot×1.034 (+3%)
= Spot cash costs973
Cost multiplier — 3y price×1.030 (+3%)
= 3-year-price cash costs969
4 · EBITDA projection (revenue − costs)
= Spot EBITDA252
= 3-year-price EBITDA219
Conservative EBITDA = min(spot, avg)235
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.8x
Target EV = EV/EBITDA × conservative EBITDA1 612
Net debt218
Target market cap = EV − net debt1 395
Current market cap1 571

Upside = target market cap ÷ current − 1 = -11.2%

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 Q3275250+10.1%7541+81.2%
2023 Q4278277+0.5%7862+26.4%
2024 Q1276267+3.4%9871+38.6%
2024 Q2280268+4.6%8271+15.8%
2024 Q3287268+7.1%7169+3.4%
2024 Q4294264+11.5%8660+43.7%
2025 Q1280269+3.8%7263+13.5%
2025 Q2293289+1.4%6975-8.4%
2025 Q3291324-10.1%67104-35.7%
2025 Q4311322-3.5%7599-23.6%
2026 Q1300294+1.9%7365+12.0%
2026 Q2307293+4.8%5359-9.8%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +3% vs +8% the year before — a -4.5 pp move. 3-year CAGR +5%.
revenue growth by year: 2023 +4% · 2024 +8% · 2025 +3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.1x · target 75th pct (3y) 6.8x · LTM avg 9.5x

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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Green Thumb Industries (GTBIF) — from primary filings.

Green Thumb Industries Inc. manufactures, distributes, markets, and sells cannabis products for medical and adult use in the United States, operating through Retail and Consumer Packaged Goods segments.

Frequently asked questions

What is Green Thumb Industries (GTBIF)'s P/E ratio?
Green Thumb Industries (GTBIF) trades at a P/E of 13.3x (price to trailing 12-month earnings).
What is Green Thumb Industries (GTBIF)'s EV/EBITDA?
Green Thumb Industries (GTBIF) trades at 7.1x EV/EBITDA.
What is Green Thumb Industries (GTBIF)'s P/B ratio?
Green Thumb Industries (GTBIF) trades at a P/B of 0.9x.
What is Green Thumb Industries (GTBIF)'s return on equity (ROE)?
Green Thumb Industries (GTBIF)'s ROE is 1.0%.
What is Green Thumb Industries (GTBIF)'s market capitalization?
Green Thumb Industries (GTBIF)'s market cap is 1.7 bn USD.

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