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Trulieve Cannabis Corp. key statistics and ratios

In fiscal 2025, Trulieve Cannabis Corp. had return on equity of -9.7%, an operating margin of 12.1%, debt equal to 12.3% of equity and a current ratio of 4.43. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin75.9%74.1%60.8%56.6%52.1%60.3%60.2%59.5%
Operating margin44.8%41.9%21.9%4.1%−19.6%8.2%12.1%−24.3%
Net margin21.0%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%
Return on equity40.0%21.7%1.3%−12.4%−31.6%−11.7%−9.7%−49.6%
Return on assets—7.8%0.8%−7.4%−17.2%−5.5%−4.2%−19.8%
Asset turnover—0.640.440.360.370.420.420.48
Current ratio—3.433.102.824.164.374.435.94
Debt to equity0.0%1.3%22.4%28.8%26.1%29.5%12.3%26.1%
Interest cover (operating income ÷ interest)12.5x10.8x7.0x0.7xn/m1.6x2.3xn/m
Effective tax rate48.8%60.0%82.7%—————
SG&A as % of revenue————34.2%43.0%37.7%37.9%
Capital spending as % of revenue28.4%19.2%29.6%13.5%3.6%10.3%3.7%4.4%
Free cash flow ÷ net income−99.4%−0.5%<−999%—————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Trulieve Cannabis Corp.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Trulieve Cannabis Corp.