Harmony Biosciences Holdings vs Trulieve Cannabis
Trulieve Cannabis is the larger business, with $1.18bn of revenue in fiscal 2025 against $868m for Harmony Biosciences Holdings (1.4 times as much). Harmony Biosciences Holdings grew faster (21.5% against -0.4%). Harmony Biosciences Holdings kept more of each dollar of sales as profit: a net margin of 18.3% against -9.9%. Trulieve Cannabis carries less debt relative to equity (12.3% against 19.0%).
| Latest fiscal year | Harmony Biosciences HoldingsHRMY, 2025 | Trulieve CannabisTRLV, 2025 |
|---|---|---|
| Revenue | $868m | $1.18bn |
| Revenue growth | 21.5% | -0.4% |
| Net income | $159m | −$116m |
| Operating margin | 24.0% | 12.1% |
| Net margin | 18.3% | -9.9% |
| Return on equity | 20.8% | -9.7% |
| Free cash flow | $348m | $229m |
| Cash | $753m | $256m |
| Total debt | $165m | $141m |
| Debt to equity | 19.0% | 12.3% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 293 | 5,000 |
| Market value | $2.14bn | $2.20bn |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | 93 (Strong) | 28 (Weak) |
| Insider trades, 12 months | 0 buys, 13 sales | 0 buys, 7 sales |