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US multi-state cannabis operator running dispensaries and cultivation facilities, with a leading position in Florida.
US multi-state cannabis operator running dispensaries and cultivation facilities, with a leading position in Florida.
Grows, makes and sells its own products through its own dispensaries, because Florida's licence rules require that vertical integration. Cannabis is still illegal under US federal law, so tax rule 280E bars most normal business deductions, raising its tax bill. It acquired Harvest Health in 2021 to reach more states.
Moat: narrow (regulatory licence, scale, brand). State cannabis licenses are limited and hard to obtain, especially its dominant Florida position.
Headquarters: Tallahassee, Florida, US · Founded: 2014 · Employees: 5,000
Size Trulieve Cannabis (TRLV) is a United States Consumer Staples company (Agricultural Commodities/Milling) with a market value of $2.23B, the 1724th largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.56 on 6 Nov 2026.
Performance Over six months the shares gained 31.4%, against -13.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 3.9% over the last twelve months (peer median +0.8%); the operating margin is 13.8% (peer median 4.7%).
Valuation It trades at 31.1× forward earnings against a peer median of 17.6× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points below its cost of capital (12.5% WACC).
Short interest Short interest is 4.3% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.14B | $1.18B | $1.19B | $1.13B | $1.22B |
| Revenue growth | — | 0% | +5% | -7% | — |
| Gross profit | $563M | $594M | $603M | $479M | $573M |
| EBITDA | $327M | $332M | $270M | $259M | $289M |
| Net income | -$473M | -$116M | -$155M | -$527M | -$246M |
| Free cash flow | $193M | $229M | $149M | $161M | -$155M |
| Capital expenditure | $49.7M | $60.5M | $148M | $55.6M | $189M |
| Total debt | $577M | $564M | $824M | $429M | $433M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Trulieve Cannabis TRLV | $2.23B | +31% | -4% | 14% | 31.1× | 13.5% |
| Curaleaf CURA.TO | $2.50B | -18% | +5% | 1% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TRLV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.5% | -3.1% | 2nd highest of 21 |
| 6-month return | +31.4% | -13.1% | 3rd highest of 21 |
| Distance from 52-week high | -12.9% | -25.7% | 7th highest of 21 |
| Revenue growth (TTM) | -3.9% | +0.8% | 6th lowest of 21 |
| Operating margin | 13.8% | 4.7% | 4th highest of 21 |
| Forward P/E | 31.1× | 17.6× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 13.5% | 0.9% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +17.8% | +11.6% | highest of 14 |
| Hurdle (Req g minus delivered) | -4.3 pp | -11.3 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | -0.4 pp | -1.7 pp | 10th highest of 21 |
| EV / EBITDA | 7.6× | 10.5× | 3rd cheapest of 10 |
| Net debt / EBITDA | 0.8× | 1.9× | 4th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Trulieve Cannabis TRLV | United States | $2.23B | +31% | -4% | 14% | 31.1× | 13.5% | +17.8% |
| Guangxi Yuegui Guangye 000833.SZ | China | $2.19B | -46% | +67% | 30% | 9.6× | 2.1% | -0.9% |
| B.F BFG.MI | Italy | $2.29B | +56% | +30% | -2% | 84.3× | n/a | n/a |
| AWL Agri Business AWL.NS | India | $2.30B | -21% | +18% | 2% | 17.6× | 13.4% | +15.0% |
| Lien Hwa Industrial 1229.TW | Taiwan | $2.12B | -6% | -3% | 9% | n/a | 21.5% | +7.3% |
| Genus GNS.L | United Kingdom | $2.07B | +5% | -2% | 13% | 23.0× | 17.9% | +2.8% |
| Fuji Oil 2607.T | Japan | $2.46B | +36% | +10% | 5% | 15.2× | 0.9% | +16.2% |
| Curaleaf CURA.TO | Canada | $2.50B | -18% | +5% | 1% | n/a | n/a | n/a |
| Yunnan Shennong Agricultural Industry 605296.SS | China | $2.60B | +10% | +2% | -19% | n/a | n/a | n/a |
| Bumitama Agri P8Z.SI | Singapore | $1.87B | -25% | +9% | 25% | 9.0× | -15.2% | +12.9% |
| Beijing Dbn Technology 002385.SZ | China | $1.86B | -23% | -1% | -6% | n/a | n/a | n/a |
| Golden Agri-Resources E5H.SI | Singapore | $2.68B | -18% | +9% | 6% | 4.2× | -13.7% | +11.6% |
| BioMar Group A/S BIOMAR.CO | Denmark | $1.83B | -37% | 0% | 6% | 13.0× | -2.0% | -0.5% |
| Uie UIE.CO | Denmark | $1.81B | +5% | +12% | 37% | n/a | -13.0% | +13.1% |
| Yuan Longping High-Tech Agriculture 000998.SZ | China | $1.77B | -11% | -5% | 5% | 46.5× | n/a | n/a |
| Jiangsu Provincial Agricultural Reclamation & Dev 601952.SS | China | $1.72B | -16% | -5% | 4% | 20.1× | -2.2% | +3.2% |
| Tecon Biology 002100.SZ | China | $1.72B | +6% | -8% | -5% | n/a | n/a | n/a |
| Schouw & SCHO.CO | Denmark | $2.90B | +30% | -1% | 4% | 15.1× | -3.3% | +9.9% |
| Jiangsu Lihua Animal Husbandry 300761.SZ | China | $2.94B | +2% | +7% | 3% | 29.1× | 4.0% | +16.8% |
| Cal-Maine Foods CALM | United States | $3.02B | -15% | -43% | 1% | n/a | n/a | n/a |
| Shenzhen Agricultural Products 000061.SZ | China | $1.63B | -22% | -22% | 12% | 26.1× | 4.2% | +15.6% |