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Green Thumb Industries USD

Update

Sector: Cannabis

Geography: United States

COMM_GTBIF

Price chart

7.78 USDDay -1.39%

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
7.78 USD · -1.39%
Market cap
1.8 bn USD

Growth

Δ revenue y/y
7.4%
Δ EBITDA y/y
1.7%

Multiples

P/E (LTM)
14.8x
P/B (FY)
0.9x
P/E (ann.)
29.1x
EV/EBITDA (LTM)
6.2x
EV/EBITDA (ann.)
6.0x

Cash return

Dividend yield
—
FCF yield (LTM)
5.1%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-34.1%
↓ details

Liquidity

Daily turnover
—

Shares: yahoo_fundamentals_timeseries/GTBIF

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 12 / Err: 2 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 1
2023-06-30 Q2⚠Warn 1
2023-09-30 Q3⚠Warn 1
2023-12-31 FY⚠Warn 1
2023-12-31 Q4⚠Warn 1
2024-03-31 Q1⚠Warn 1
2024-06-30 Q2✗Errors 1Warn 1
2024-09-30 Q3⚠Warn 1
2024-12-31 FY⚠Warn 1
2025-03-31 Q1⚠Warn 1
2025-06-30 Q2⚠Warn 3
2025-09-30 Q3⚠Warn 1
2025-12-31 FY⚠Warn 1
2026-03-31 Q1✗Errors 1Warn 1
✓ 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)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%-35.6Link
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%9.8Link
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%37.9Link
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%89.0Link
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%56.7Link
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%112.7Link
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%95.3Link
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%-183.3Link
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%98.8Link
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%159.2Link
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%173.5Link
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%153.1Link
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 —
—104.2Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

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

Cash flow

FCF ($ mln)

-200204060802023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-200-10001002023 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: -34.1%

Main driver: Cannabis Spot Index -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 284→185; at 5.8× EV/EBITDA → -34%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cannabis Spot Index (rev)+100%1 003.001 060.681 055.17-5%-1%
Electricity Spot (cost)-5%57.8058.5652.39-1%-11%

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

1 · Reported baseline (LTM)
LTM revenue1 196
LTM EBITDA284
LTM cash costs (revenue − EBITDA)912
2 · Revenue projection
Revenue multiplier — spot×0.946 (-5%)
= Spot revenue1 131
Revenue multiplier — 3y price×0.995 (-1%)
= 3-year-price revenue1 190
3 · Costs projection
Cost multiplier — spot×1.037 (+4%)
= Spot cash costs946
Cost multiplier — 3y price×1.033 (+3%)
= 3-year-price cash costs941
4 · EBITDA projection (revenue − costs)
= Spot EBITDA185
= 3-year-price EBITDA248
Conservative EBITDA = min(spot, avg)185
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.8x
Target EV = EV/EBITDA × conservative EBITDA1 067
Net debt-36
Target market cap = EV − net debt1 103
Current market cap1 674

Upside = target market cap ÷ current − 1 = -34.1%

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 Q2252260-2.8%6557+15.2%
2023 Q3275250+10.1%7541+81.7%
2023 Q4278277+0.5%7861+27.0%
2024 Q1276267+3.4%9871+38.5%
2024 Q2280268+4.6%8271+15.7%
2024 Q3287268+7.1%7169+3.3%
2024 Q4294264+11.6%8660+43.6%
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%

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 5.9x · target 75th pct (3y) 5.8x · LTM avg 8.9x

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)