Sector: Cannabis
Geography: United States
COMM_TCNNF
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.
Shares: yahoo_fundamentals_timeseries/TCNNF
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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 286.8 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 | -13.5 | 2781.9 y/y -3.7% | 1149.3 y/y -5.7% | 0.8% | 49.9 | Link |
| 2025-12-31 | Q4 2025 (3M) | OK | 293.1 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 | -3.4 | 2696.1 y/y -6.1% | 1143.0 y/y -8.5% | -10.5% | 81.0 | Link |
| 2025-09-30 | Q3 2025 (3M) | OK | 288.2 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 | -12.3 | 2941.6 y/y 2.3% | 1186.3 y/y -8.8% | -3.2% | 119.6 | Link |
| 2025-06-30 | Q2 2025 (3M) | OK | 302.1 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 | -11.6 | 2921.8 y/y 2.0% | 1209.5 y/y -11.7% | -5.3% | 185.7 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 297.8 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 | -16.9 | 2887.6 y/y 2.4% | 1218.9 y/y -11.9% | -10.9% | 247.0 | Link |
| 2024-12-31 | Q4 2024 (3M) | OK | 301.1 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 | -42.7 | 2870.3 y/y 5.2% | 1249.0 y/y -11.3% | -12.6% | 275.9 | Link |
| 2024-09-30 | Q3 2024 (3M) | OK | 284.3 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 | -38.1 | 2874.2 y/y 3.6% | 1300.4 y/y -9.7% | -6.2% | 252.4 | Link |
| 2024-06-30 | Q2 2024 (3M) | OK | 303.4 y/y 7.7% | 49.8 y/y — | 28.1 y/y 7.8% | 77.8 y/y — | -12.0 y/y — | 71.3 | -26.3 | 2864.9 y/y 2.0% | 1370.4 y/y -6.3% | -3.5% | 193.6 | Link |
| 2024-03-31 | Q1 2024 (3M) | OK | 297.6 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 | -15.5 | 2819.3 y/y -15.0% | 1383.0 y/y -25.8% | -7.0% | 220.6 | Link |
| 2023-12-31 | Q4 2023 (3M) | OK | 287.0 y/y — | 29.2 y/y — | 27.2 y/y — | 56.4 y/y — | -33.3 y/y — | 131.5 | -9.2 | 2729.1 y/y — | 1408.6 y/y — | -37.4% | 337.2 | Link |
| 2023-09-30 | Q3 2023 (3M) | OK | 275.2 y/y — | 23.3 y/y — | 27.0 y/y — | 50.3 y/y — | -25.8 y/y — | 93.4 | -6.3 | 2775.2 y/y — | 1440.7 y/y — | -2.4% | 353.3 | Link |
| 2023-06-30 | Q2 2023 (3M) | OK | 281.8 y/y — | -291.3 y/y — | 26.1 y/y — | -265.2 y/y — | -406.9 y/y — | -23.5 | -11.0 | 2808.7 y/y — | 1462.0 y/y — | -97.8% | 457.9 | Link |
| 2023-03-31 | Q1 2023 (3M) | OK | 285.2 y/y — | 17.2 y/y — | 29.6 y/y — | 46.8 y/y — | -67.1 y/y — | 0.4 | -13.7 | 3316.4 y/y — | 1864.6 y/y — | — | 560.7 | Link |
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Current 1 003spot vs LTM -6%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: -18.2% → +0.0 pp 1d
Main driver: Cannabis Spot Index -6% vs LTM; revenue ×0.94 vs costs ×1.04; EBITDA 264→155; at 9.2× EV/EBITDA → -18%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Cannabis Spot Index (rev) | +100% | 1 003.00 | 1 071.90 | 1 053.57 | -6% | -2% |
| Electricity Spot (cost) | -5% | 57.80 | 58.56 | 52.39 | -1% | -11% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 1 170 |
| LTM EBITDA | 264 |
| LTM cash costs (revenue − EBITDA) | 906 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×0.936 (-6%) |
| = Spot revenue | 1 095 |
| Revenue multiplier — 3y price | ×0.983 (-2%) |
| = 3-year-price revenue | 1 150 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.037 (+4%) |
| = Spot cash costs | 940 |
| Cost multiplier — 3y price | ×1.033 (+3%) |
| = 3-year-price cash costs | 936 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 155 |
| = 3-year-price EBITDA | 214 |
| Conservative EBITDA = min(spot, avg) | 155 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 9.2x |
| Target EV = EV/EBITDA × conservative EBITDA | 1 433 |
| Net debt | 50 |
| Target market cap = EV − net debt | 1 383 |
| Current market cap | 1 691 |
Upside = target market cap ÷ current − 1 = -18.2%
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2023 Q2 | 282 | 301 | -6.3% | -265 | 45 | -694.4% |
| 2023 Q3 | 275 | 283 | -2.6% | 50 | -51 | — |
| 2023 Q4 | 287 | 303 | -5.3% | 56 | -19 | — |
| 2024 Q1 | 298 | 286 | +4.2% | 74 | -30 | — |
| 2024 Q2 | 303 | 283 | +7.4% | 78 | -33 | — |
| 2024 Q3 | 284 | 281 | +1.2% | 29 | 49 | -40.7% |
| 2024 Q4 | 301 | 276 | +9.1% | 30 | 35 | -14.3% |
| 2025 Q1 | 298 | 281 | +6.0% | 63 | 30 | +111.5% |
| 2025 Q2 | 302 | 301 | +0.4% | 82 | 47 | +76.5% |
| 2025 Q3 | 288 | 333 | -13.4% | 72 | 80 | -10.6% |
| 2025 Q4 | 293 | 331 | -11.4% | 45 | 87 | -48.5% |
| 2026 Q1 | 287 | 296 | -3.1% | 65 | 60 | +9.8% |
Projected EV/EBITDA 8.7x · target 75th pct (3y) 9.2x · LTM avg 7.7x
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.
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.