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Trulieve Cannabis (TCNNF) USD

Trulieve Cannabis Corp. is a cannabis retailer that cultivates, processes, and manufactures cannabis products, selling them through its own dispensaries and home delivery across multiple U.S. states.

At a glance: strengths & risks
✓Low leverage (0.3x EBITDA)✗Revenue declining (-10% y/y, Q2 2026)✗Loss-making last FY

Sector: Cannabis

Geography: United States

COMM_TCNNF

Price chart

11 USDDay 1.95%

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
11 USD · 1.95%
Market cap
2.1 bn USD

Growth

Δ revenue y/y
-10.3%
Δ EBITDA y/y
-9.9%

Multiples

P/E (LTM)
—
P/B (FY)
1.8x
P/E (ann.)
<0
EV/EBITDA (LTM)
8.1x
EV/EBITDA (ann.)
7.0x

Cash return

Dividend yield
—
FCF yield (LTM)
9.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-34.6%
↓ details

Liquidity

Daily turnover (listing)
16.6 mln USD

Shares: yahoo_fundamentals_timeseries/TRLV

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)OK271.0
y/y -10.3%
34.8
y/y -33.9%
39.2
y/y 33.1%
74.0
y/y -9.9%
-406.0
y/y —
53.1-21.02077.4
y/y -28.9%
767.5
y/y -36.5%
-169.4%-36.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK286.8
y/y -3.7%
35.7
y/y 7.2%
29.7
y/y 1.4%
65.5
y/y 4.5%
2.3
y/y —
55.7-13.52781.9
y/y -3.7%
1149.3
y/y -5.7%
0.8%49.9Link
2025-12-31Q4 2025 (3M)OK293.1
y/y -2.7%
15.3
y/y 1069.5%
29.4
y/y 2.7%
44.7
y/y 49.3%
-43.6
y/y 30.2%
59.2-3.42696.1
y/y -6.1%
1143.0
y/y -8.5%
-10.5%81.0Link
2025-09-30Q3 2025 (3M)OK288.2
y/y 1.4%
42.2
y/y 6734.6%
29.5
y/y 4.0%
71.7
y/y 147.6%
-28.8
y/y —
76.8-12.32941.6
y/y 2.3%
1186.3
y/y -8.8%
-3.2%119.6Link
2025-06-30Q2 2025 (3M)OK302.1
y/y -0.4%
52.6
y/y 5.8%
29.4
y/y 4.8%
82.1
y/y 5.4%
-16.1
y/y —
85.7-11.62921.8
y/y 2.0%
1209.5
y/y -11.7%
-5.3%185.7Link
2025-03-31Q1 2025 (3M)OK297.8
y/y 0.0%
33.3
y/y -27.7%
29.3
y/y 5.7%
62.7
y/y -15.2%
-33.8
y/y —
51.1-16.92887.6
y/y 2.4%
1218.9
y/y -11.9%
-10.9%247.0Link
2024-12-31Q4 2024 (3M)OK301.1
y/y 4.9%
1.3
y/y -95.5%
28.6
y/y 5.3%
30.0
y/y -46.9%
-62.5
y/y -87.7%
30.7-42.72870.3
y/y 5.2%
1249.0
y/y -11.3%
-12.6%275.9Link
2024-09-30Q3 2024 (3M)OK284.3
y/y 3.3%
0.6
y/y -97.4%
28.3
y/y 5.1%
28.9
y/y -42.4%
-61.6
y/y —
30.3-38.12874.2
y/y 3.6%
1300.4
y/y -9.7%
-6.2%252.4Link
2024-06-30Q2 2024 (3M)OK303.4
y/y 7.7%
49.8
y/y —
28.1
y/y 7.8%
77.8
y/y —
-12.0
y/y —
71.3-26.32864.9
y/y 2.0%
1370.4
y/y -6.3%
-3.5%193.6Link
2024-03-31Q1 2024 (3M)OK297.6
y/y 4.3%
46.1
y/y 168.7%
27.8
y/y -6.3%
73.9
y/y 57.9%
-24.5
y/y —
139.2-15.52819.3
y/y -15.0%
1383.0
y/y -25.8%
-7.0%220.6Link
2023-12-31Q4 2023 (3M)OK287.0
y/y —
29.2
y/y —
27.2
y/y —
56.4
y/y —
-33.3
y/y —
131.5-9.22729.1
y/y —
1408.6
y/y —
-37.4%337.2Link
2023-09-30Q3 2023 (3M)OK275.2
y/y —
23.3
y/y —
27.0
y/y —
50.3
y/y —
-25.8
y/y —
93.4-6.32775.2
y/y —
1440.7
y/y —
-2.4%353.3Link
2023-06-30Q2 2023 (3M)OK281.8
y/y —
-291.3
y/y —
26.1
y/y —
-265.2
y/y —
-406.9
y/y —
-23.5-11.02808.7
y/y —
1462.0
y/y —
-97.8%457.9Link
2023-03-31Q1 2023 (3M)OK285.2
y/y —
17.2
y/y —
29.6
y/y —
46.8
y/y —
-67.1
y/y —
0.4-13.73316.4
y/y —
1864.6
y/y —
—560.7Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)4
Long-term debt (incl. LT leases)285
− Cash & equivalents325
Net debt-36

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-150-100-500501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 0.74x of reported net profit; after capex, -15.08x. Loss years (2022, 2023, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit0.74x————
accruals, % of assets0.1%-8.1%-26.9%-15.0%-14.6%
net debt / EBITDA 0.3x · EBIT covers interest 2.3x · capex 1.3x of depreciation · share count +6.9% a year
● EBIT covers interest 2.3x.
● Diluted share count grew 6.9% 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Cannabis Spot Index

Current 1 104spot vs LTM +4%

Commodity-player potential

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

Upside: -34.6% → +0.0 pp 1d

Main driver: Cannabis Spot Index +3% vs LTM; revenue ×1.03 vs costs ×1.16; EBITDA 256→148; at 8.7× EV/EBITDA → -35%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cannabis Spot Index (rev)+100%1 104.001 074.211 063.14+3%-1%
Electricity Spot (cost)-5%265.4077.9264.17+241%-18%

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

1 · Reported baseline (LTM)
LTM revenue1 139
LTM EBITDA256
LTM cash costs (revenue − EBITDA)883
2 · Revenue projection
Revenue multiplier — spot×1.028 (+3%)
= Spot revenue1 171
Revenue multiplier — 3y price×0.990 (-1%)
= 3-year-price revenue1 127
3 · Costs projection
Cost multiplier — spot×1.158 (+16%)
= Spot cash costs1 023
Cost multiplier — 3y price×1.029 (+3%)
= 3-year-price cash costs909
4 · EBITDA projection (revenue − costs)
= Spot EBITDA148
= 3-year-price EBITDA218
Conservative EBITDA = min(spot, avg)148
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.7x
Target EV = EV/EBITDA × conservative EBITDA1 284
Net debt-130
Target market cap = EV − net debt1 414
Current market cap2 161

Upside = target market cap ÷ current − 1 = -34.6%

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 Q3275283-2.6%50-54—
2023 Q4287303-5.3%56-19—
2024 Q1298286+4.2%74-31—
2024 Q2303283+7.4%78-31—
2024 Q3284281+1.2%2946-37.4%
2024 Q4301276+9.1%3037-19.5%
2025 Q1298281+6.0%6326+136.9%
2025 Q2302301+0.4%8247+75.9%
2025 Q3288333-13.4%7279-9.3%
2025 Q4293331-11.4%4587-48.7%
2026 Q1287296-3.1%6552+26.8%
2026 Q2271286-5.3%7454+36.2%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -0% vs +5% the year before — a -5.5 pp move. 3-year CAGR -1%.
revenue growth by year: 2023 -7% · 2024 +5% · 2025 -0%
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 8.7x · target 75th pct (3y) 8.7x · LTM avg 7.9x

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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Trulieve Cannabis (TCNNF) — from primary filings.

Frequently asked questions

What is Trulieve Cannabis (TCNNF)'s EV/EBITDA?
Trulieve Cannabis (TCNNF) trades at 8.1x EV/EBITDA.
What is Trulieve Cannabis (TCNNF)'s P/B ratio?
Trulieve Cannabis (TCNNF) trades at a P/B of 1.8x.
What is Trulieve Cannabis (TCNNF)'s return on equity (ROE)?
Trulieve Cannabis (TCNNF)'s ROE is -169.4%.
What is Trulieve Cannabis (TCNNF)'s market capitalization?
Trulieve Cannabis (TCNNF)'s market cap is 2.1 bn USD.

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