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Trulieve Cannabis Corp. (TRLV) stock

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NYSE: TRLV NYSE Pharmaceuticals Next results ~November 5, 2026

C Fundamentals grade

Trulieve Cannabis Corp. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$19

Cash-flow model

Base case. Range ~$14–$25 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 71% above it.

Price used: $11.10, November 2, 2026

Trulieve Cannabis Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Trulieve Cannabis files

Where Trulieve Cannabis stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.14bn, down 3.9% on a year earlier, a steeper fall than the 1.4% decline a quarter earlier. That puts it 18 of 18 for growth among the pharmaceuticals companies we cover. Free-cash-flow margin rose to 17.1% from 7.5% a year earlier. Operating margin narrowed to -24.3% from 7.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $21.95 a share, against a share price of $10.80. At that price, our model says the market is pricing in cash flow shrinking about 10.7% a year for five years, slower than the 4.1% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Trulieve Cannabis Corp.'s trailing-twelve-month revenue fell 3.9% year on year, with a free-cash-flow margin of 17.1%.

Our discounted-cash-flow model values the business at ~$19 per share in the base case (~$14–$25 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 118.3% while net income fell 186.4%: a 305pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $11.10 is 71% below our value per share of $19.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 132.4% over 90 days.

Things to watch

  • Revenue shrinking. Revenue fell 3.9% over the last 12 months.
  • Loss-making. Operating margin is -24.3%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 31.8 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 110% and a beta of 0.8 against the S&P 500.
  • Insiders selling. 1 insiders sold $15M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Growth easing. The growth rate is 2.5 points lower than a quarter earlier.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.11 against an average estimate of $0.03: beat by 266.7%
Revenue
$271m, down 10.3% on a year earlier
Next report
November 5, 2026; average EPS estimate $0.07

Trulieve Cannabis' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+8.0%
  • 1 week+2.6%
  • 1 month+3.5%
  • This year+27.7%
  • 1 year+53.1%
  • 5 years-55.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.1B
Operating margin
-24.3%
Net margin
-41.6%
EPS (TTM, diluted)
$-2.45

Growth

Revenue growth
−3.9%
Change in growth rate
−2.5 pts
Share count change
+1.4%

Cash

Free cash flow (TTM)
$194M
FCF margin
17.1%
Stock pay % of revenue
1.8%

Earnings

Last results
May 7, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Deal
  3. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Trulieve Cannabis Corp. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 9.4% a year for five years.That is slower than the 4.1% a year revenue growth Trulieve Cannabis has delivered.

  • Priced in-9.4%
  • Last 12 months-3.9%
  • 3 years a year-0.6%
  • 5 years a year4.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($11.60, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$19
Price used
$11.60close November 3, 2026
Implied change
▲ +64%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Trulieve Cannabis Corp.'s free cash flow after stock-based pay with after-tax interest added back ($247M, FY2026 Q2 TTM), growing -8.7% and -0.2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$14–~$25 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Trulieve Cannabis Corp.'s free cash flow after stock-based pay ( $247M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Trulieve Cannabis Corp. as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$19 ~$14–$25 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.9 ~$5.1–$9.4 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$14 ~$4.9–$19 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Trulieve Cannabis Corp. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +79%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $19$26$35$46$61$81
8.5% $15$20$26$34$45$59
10% $12$16$21$27$35$46

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$11.84$31.62$26.01$7.57$5.21$5.18$8.69$11.10
Market value$1.4bn$3.7bn$3.8bn$1.4bn$985m$985m$1.7bn$2.1bn
+ Net debt (− = net cash)−$92m−$141m$253m$348m$167m$129m−$115m−$125m
Enterprise value$1.3bn$3.6bn$4.1bn$1.8bn$1.2bn$1.1bn$1.5bn$2.0bn
Multiples
Price / sales 5.4x7.2x4.1x1.2x0.9x0.8x1.4x1.9x
Price / earnings 25.7x59.4xn/m—————
Price / free cash flow ————6.1x6.6x7.3x11.1x
EV / EBITDA 10.8x15.6x16.3x10.6x—5.3x5.9x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard Trulieve Cannabis's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -4.4% of total assets over 6 years.

  • Pricing power 16 / 20

    Gross margin has been a median 57.9%, moving by 5.5 percentage points (standard deviation) across 6 years.

  • Durability 2 / 20

    Operating margin has been a median 9.2%; its worst year was -25.5%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 3 of 6 years, at a median 0.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 53.7% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (33 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $222m and EPS of $0.07 (range $0.02 to $0.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.82 −199% $1.0bn −15%
Next $0.56 +130% $936m −7%

Next year's EPS estimate has moved +132.4% in 90 days, across 3 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.03 $0.11 +266.7%
Mar 2026 −$0.05 $0.10 +300.0%
Dec 2025 −$0.03 −$0.02 +31.0%
Sept 2025 −$0.07 −$0.07 −3.3%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Trulieve Cannabis Corp.'s revenue by -8.7% next year and -0.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-14.7%, weight 64%) and the company's own record (+2.0%, weight 36%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy7100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026167
  2. Sep 2026167
  3. Aug 2026167
  4. Jul 2026167

Counts of recommendations published by analysts covering Trulieve Cannabis Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.9%
of tradable shares
Days to cover
2.45
at average volume
Short interest, 1 month
+346%
to September 30, 2026
Held by institutions
24%
of shares
Held by insiders
1.2%
of shares
Employees
5,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +53.1%

$7.25 on October 31, 2025 to $11.10

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.1bn −3.9%
P/S multiple 1.2x 1.9x +61.6%
Share count 191m 193m −1.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +132.5%

$4.78 on November 3, 2023 to $11.10

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.1bn −1.9%
P/S multiple 0.8x 1.9x +142.5%
Share count 189m 193m −2.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TRLV−18%−71%−31%−1%+68%+28%
Industry peers (median)−20%−49%−13%−2%+7%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TRLV25%50%33%50%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TRLV−56%−75%−54%−69%−48%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 27, 2018: 94% from March 16, 2021 to April 4, 2025. Getting back needed a 1534% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.76 – $13.00
From 52-week high
−14.6%
vs 50-day average
−0.8%
vs 200-day average
+25.7%
Volatility (1 year)
110%
Beta vs S&P 500
0.83

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±8.0%
After a week
7 up, 5 down
typical move ±15.6%
After a month
6 up, 6 down
typical move ±24.3%
Results releasedNext dayS&P 500 next day5 days21 days
May 7, 2026 −10.1% +0.5% −18.4% +32.8%
February 26, 2026 −0.2% −1.0% −4.2% −18.3%
November 5, 2025 −5.7% −0.7% +3.9% −8.5%
August 6, 2025 −2.2% +0.7% +62.2% +36.6%
May 7, 2025 −0.2% +1.1% +0.3% −11.9%
February 27, 2025 +2.9% −0.1% +0.5% −6.3%
November 5, 2024 −43.3% +3.7% −49.0% −55.9%
August 6, 2024 +5.7% +0.2% +11.8% +15.0%
May 9, 2024 +7.5% +0.7% +15.6% −11.3%
February 29, 2024 +6.0% +1.3% −3.6% +28.0%
November 9, 2023 +10.2% +0.8% +7.9% +14.9%
August 9, 2023 −2.0% −0.6% −10.3% +52.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Trulieve Cannabis Corp.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Trulieve Cannabis Corp. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Trulieve Cannabis Corp.
$1.1B $1.1B $1.2B $1.2B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.1B Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.2B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.2B Revenue (TTM), FY25 Q2: $1.2B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.1B $1.1B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.1B
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.2B
FY24 Q3 $1.2B
FY24 Q4 $1.2B
FY25 Q1 $1.2B
FY25 Q2 $1.2B
FY25 Q3 $1.2B
FY25 Q4 $1.2B
FY26 Q1 $1.2B
FY26 Q2 $1.1B
Revenue growth, TTM YoY Trulieve Cannabis Corp.
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -6.9% Revenue growth, TTM YoY, FY23 Q4: -7.9% Revenue growth, TTM YoY, FY24 Q1: -4.3% Revenue growth, TTM YoY, FY24 Q2: 0.2% Revenue growth, TTM YoY, FY24 Q3: 2.8% Revenue growth, TTM YoY, FY24 Q4: 5.1% Revenue growth, TTM YoY, FY25 Q1: 3.9% Revenue growth, TTM YoY, FY25 Q2: 1.9% Revenue growth, TTM YoY, FY25 Q3: 1.4% Revenue growth, TTM YoY, FY25 Q4: -0.4% Revenue growth, TTM YoY, FY26 Q1: -1.4% Revenue growth, TTM YoY, FY26 Q2: -3.9% -3.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -6.9%
FY23 Q4 -7.9%
FY24 Q1 -4.3%
FY24 Q2 0.2%
FY24 Q3 2.8%
FY24 Q4 5.1%
FY25 Q1 3.9%
FY25 Q2 1.9%
FY25 Q3 1.4%
FY25 Q4 -0.4%
FY26 Q1 -1.4%
FY26 Q2 -3.9%
Operating margin (TTM) Trulieve Cannabis Corp.
-30% -20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -21.5% Operating margin (TTM), FY23 Q4: -19.6% Operating margin (TTM), FY24 Q1: -16.9% Operating margin (TTM), FY24 Q2: 12.8% Operating margin (TTM), FY24 Q3: 10.7% Operating margin (TTM), FY24 Q4: 8.2% Operating margin (TTM), FY25 Q1: 7.2% Operating margin (TTM), FY25 Q2: 7.4% Operating margin (TTM), FY25 Q3: 10.9% Operating margin (TTM), FY25 Q4: 12.1% Operating margin (TTM), FY26 Q1: 12.5% Operating margin (TTM), FY26 Q2: -24.3% -24.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -21.5%
FY23 Q4 -19.6%
FY24 Q1 -16.9%
FY24 Q2 12.8%
FY24 Q3 10.7%
FY24 Q4 8.2%
FY25 Q1 7.2%
FY25 Q2 7.4%
FY25 Q3 10.9%
FY25 Q4 12.1%
FY26 Q1 12.5%
FY26 Q2 -24.3%
FCF margin (TTM) Trulieve Cannabis Corp.
0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.3% FCF margin (TTM), FY23 Q4: 14.3% FCF margin (TTM), FY24 Q1: 26.2% FCF margin (TTM), FY24 Q2: 32.5% FCF margin (TTM), FY24 Q3: 24.2% FCF margin (TTM), FY24 Q4: 12.5% FCF margin (TTM), FY25 Q1: 5.0% FCF margin (TTM), FY25 Q2: 7.5% FCF margin (TTM), FY25 Q3: 13.5% FCF margin (TTM), FY25 Q4: 19.4% FCF margin (TTM), FY26 Q1: 20.2% FCF margin (TTM), FY26 Q2: 17.1% 17.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.3%
FY23 Q4 14.3%
FY24 Q1 26.2%
FY24 Q2 32.5%
FY24 Q3 24.2%
FY24 Q4 12.5%
FY25 Q1 5.0%
FY25 Q2 7.5%
FY25 Q3 13.5%
FY25 Q4 19.4%
FY26 Q1 20.2%
FY26 Q2 17.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 253 522 932 1,218 1,129 1,186 1,181 1,139
Gross profit 192 386 567 689 589 716 711 677
EBITDA 118 231 250 167 −112 211 261 −163
Operating income 113 218 204 50 −222 98 143 −277
Net income 53 63 17 −253 −527 −155 −116 −473
Diluted EPS $0.46 $0.53 $0.21 −$0.95 −$2.28 −$0.79 −$0.58 −$2.45
Growth (year on year)
Revenue — +106.3% +78.7% +30.7% −7.3% +5.1% −0.4% −3.9%
EBITDA — +95.1% +8.2% −33.3% −167.1% — +24.0% −180.0%
Operating income — +92.7% −6.5% −75.4% −541.8% — +46.8% −415.5%
Net income — +18.7% −72.3% — — — — —
Diluted EPS — +15.2% −60.4% — — — — —
Margins
Gross margin 75.9% 74.1% 60.8% 56.6% 52.1% 60.3% 60.2% 59.5%
EBITDA margin 46.8% 44.3% 26.8% 13.7% −9.9% 17.7% 22.1% −14.3%
Operating margin 44.8% 41.9% 21.9% 4.1% −19.6% 8.2% 12.1% −24.3%
Net margin 21.0% 12.1% 1.9% −20.7% −46.7% −13.1% −9.9% −41.6%
Free-cash-flow margin −20.9% −0.1% −28.2% −11.6% 14.3% 12.5% 19.4% 17.1%
Cash flow
Cash from operations 19 100 13 23 202 271 273 244
Capital spending 72 100 276 165 40 123 44 50
Free cash flow −53 −0 −263 −142 162 149 229 194
Stock-based pay — 3 9 18 11 20 20 21
Free cash flow after stock pay — −3 −272 −160 151 129 208 173
Balance sheet
Cash 92 147 227 207 201 239 256 325
Total debt 0 6 480 555 368 368 141 200
Net debt (negative = net cash) −92 −141 253 348 167 129 −115 −125
Diluted shares 115m 118m 147m 188m 189m 190m 191m 193m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $2.1bn
Short-term assets $565mLonger-term assets $1.5bn
What it owes, and who funded it · $2.1bn
Short-term liabilities $95mLonger-term liabilities $1.2bnShareholders' equity $766m
  • Short-term assets cover short-term liabilities $565m of assets due within a year against $95m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $565m short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $325m of cash against $196m of debt.
  • Debt below 40% of shareholders' equity Debt is 26% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 22% to 26% over five years.
  • A year's operating cash flow covers at least 20% of debt $244m of operating cash flow against $196m of debt.
  • Operating profit covers interest at least five times over Operating income of −$277m against $57m of interest.

From Trulieve Cannabis Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.4%
year over year
Sales & admin spending
37.9%
of revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated TRLV PBH ANIP HRMY INDV AXSM Median
Revenue, last 12 months $1.1bn $1.1bn $978m $960m $1.4bn $865m $276m
Revenue growth, last 12 months −3.9% −1.4% 30.9% 24.3% 16.3% 54.2% 9.9%
Revenue growth, 3-year average −0.6% −0.7% 34.6% 24.4% — 57.0% 5.5%
Revenue growth, latest quarter −10.3% 6.5% 25.9% 30.3% 13.4% 51.9% 6.5%
Gross margin 59.5% 53.5% 60.0% 75.4% 85.0% — 62.0%
Operating margin −24.3% 26.3% 15.4% 24.0% 40.6% −17.5% −5.9%
Operating margin, 3-year average −1.4% 28.6% 8.9% 26.6% — −48.6% −7.4%
Net margin −41.6% 15.6% 11.1% 18.9% 32.8% −18.2% −7.3%
Cash from operations / revenue 21.5% 22.6% 19.4% 37.0% 7.0% −9.5% 10.2%
Free-cash-flow margin 17.1% 21.3% 17.7% 37.0% 2.3% −9.5% 8.6%
Free-cash-flow margin, 3-year average 19.0% 22.4% 17.6% 34.3% — −22.3% 7.4%
Stock pay / revenue 1.8% 1.0% 4.2% 4.3% 2.4% 11.5% 3.6%
Change in share count 1.4% −3.6% 11.6% 0.6% 0.0% 4.7% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth -3.9% 10.0% 58 of 74
Change in growth rate Growth -2.5pp -0.3pp 46 of 74
Gross margin Profitability 59.5% 59.8% 31 of 59
Operating margin Profitability -24.3% -5.9% 47 of 67
Net margin Profitability -41.6% -7.3% 57 of 75
Free-cash-flow margin Cash generation 17.1% 10.1% 27 of 74
Stock pay as % of revenue Cash generation 1.8% 3.6% 26 of 69
Long-term debt as % of assets Balance sheet 9.4% 23.8% 15 of 53
Change in share count Balance sheet 1.4% 1.5% 31 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Retail $1.1B 94.0% ▼ 1.6%
Wholesale and Other $70.7M 6.0% ▲ 22.8%

From Trulieve Cannabis Corp.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$367M
Institutions reporting
124
Shares held vs prior quarter
▲ 20005.5%
Positions opened / closed
119 / 1

Top buyers and sellers, Q2 2026: 119 institutions bought and 2 sold ; the biggest buyer was Advisorshares Investments LLC (+10.6M shares) and the biggest seller Nano Cap New Millennium Growth Fund L P (−25K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Advisorshares Investments LLC $105M 10.6M 28.5% New
Cantor Fitzgerald, L. P. $73.7M 7.5M 20.1% New
Nomura Holdings Inc $49.8M 5.1M 13.6% New
Marex Group Ltd $31.9M 3.3M 8.7% New
ING Groep NV $26.2M 2.7M 7.1% New
Jane Street Group, LLC $11.9M 1.2M 3.3% New
Picton Mahoney Asset Management $8.2M 838K 2.2% New
Anson Funds Management LP $5.6M 525K 1.5% New
Ia Global Asset Management Inc. $5.1M 523K 1.4% New
Verition Fund Management LLC $4.9M 500K 1.3% New
Montanova Capital, LLC $3.5M 356K 1.0% New
Murchinson Ltd. $3.5M 355K 1.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Trulieve Cannabis Corp.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $14.7M 7 trades by 1 insider · 100% under pre-set plans
Net ▼ $14.7M net selling
Insider Date Trade Shares Price Value
Rivers Kim A. Chairman and CEO June 26, 2026 Sell pre-set plan 136,811 $8.76 $1.2M
Rivers Kim A. Chairman and CEO June 25, 2026 Sell pre-set plan 300,000 $8.17 $2.5M
Rivers Kim A. Chairman and CEO June 24, 2026 Sell pre-set plan 400,000 $8.17 $3.3M
Rivers Kim A. Chairman and CEO June 23, 2026 Sell pre-set plan 380,000 $8.47 $3.2M
Rivers Kim A. Chairman and CEO June 22, 2026 Sell pre-set plan 204,815 $9.35 $1.9M
Rivers Kim A. Chairman and CEO June 18, 2026 Sell pre-set plan 139,846 $9.46 $1.3M
Rivers Kim A. Chairman and CEO June 17, 2026 Sell pre-set plan 137,535 $9.36 $1.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Trulieve Cannabis Corp. shares.

  • Greg Stanton(D-AZ 4):Sale (partial), $100,001 - $250,000, traded May 28, 2026, filed June 26, 2026
  • Greg Stanton(D-AZ 4):Sale (partial), $15,001 - $50,000, traded May 6, 2026, filed May 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around August 5, 2026 estimated from the company's past filing pattern, not announced

  • May 7, 2026
  • February 26, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025
  • February 27, 2025

Recent SEC filings

Data status

When each part of this page on Trulieve Cannabis Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Trulieve Cannabis Corp. in brief

What does Trulieve Cannabis Corp. do?
Trulieve Cannabis Corp. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Trulieve Cannabis Corp.'s stock ticker?
Trulieve Cannabis Corp. trades under the ticker TRLV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Trulieve Cannabis Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Trulieve Cannabis Corp. reported revenue of $1.1B, 3.9% lower than a year earlier, according to its SEC filings.
What is Trulieve Cannabis Corp.'s free cash flow?
Trulieve Cannabis Corp.'s free-cash-flow margin is 17.1% of revenue over the trailing twelve months, ranking 27 of the 74 pharmaceuticals companies we cover.
What is Trulieve Cannabis Corp.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Trulieve Cannabis Corp.'s free cash flow after stock-based pay gives ~$19 per share in the base case, and ~$14–$25 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Trulieve Cannabis Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Advisorshares Investments LLC, Cantor Fitzgerald, L. P. and Nomura Holdings Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Trulieve Cannabis Corp.'s market cap?
On November 2, 2026, Trulieve Cannabis Corp.'s market capitalisation was about $2.1B and net debt of -$125M. Market figures come from third-party market data and may be delayed.
How much debt does Trulieve Cannabis Corp. have?
Trulieve Cannabis Corp.'s debt-to-equity ratio is 25.6%, from its latest balance sheet (21.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Trulieve Cannabis Corp.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Trulieve Cannabis Corp. are Prestige Consumer Healthcare Inc., ANI Pharmaceuticals Inc, Harmony Biosciences Holdings, Inc., Indivior Pharmaceuticals, Inc. and Axsome Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Trulieve Cannabis Corp.'s.
Are insiders buying or selling Trulieve Cannabis Corp. stock?
Over the last 12 months, Trulieve Cannabis Corp.'s directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Trulieve Cannabis Corp.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Trulieve Cannabis Corp. announces its own schedule.