TRLV Healthcare

Trulieve Cannabis Corp.

$11.54+3.96%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Drug Manufacturers - Specialty & Generic
Country: United States
Market cap: 2.2B USD
Enterprise value: 1.8B USD
Full-time employees: 5,000

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.76 vs a peer median of 0.63)bigger price swings (beta 1.76 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,082 of 1,157 healthcare companies (bottom 7%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Trulieve Cannabis looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Trulieve Cannabis reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Revenue is falling. Revenue fell 3.9% in the 12 months to June 2026 vs the 12 months before.
Trulieve Cannabis's revenue fell 3.9% in the 12 months to June 2026 vs the 12 months before.
More volatile share price. Beta 1.76: tends to move more than the market.
Trulieve Cannabis's shares have swung more with the market than most peers' (beta 1.76, above the market's 1.0).

StockQuotient Score

23/ 100

Oct 5 23 → Nov 4 23

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-21.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-8.0%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield8.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield34.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

21/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 2.7%

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-0.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.77Sector median: 0.0584 · MAD: 0.0840

Revenue growth-3.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.03Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

21/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 36.8 points to -24.3%

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-24.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.58Sector median: 0.0706 · MAD: 0.1217

Return on assets-22.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -4.53Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-34.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.87Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin59.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-61.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating profit now covers interest only 0.0x

Why

Mixed versus peers:

▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.76

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.36Sector median: 0.6250 · MAD: 0.3380

Current ratio5.94×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.42Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.26×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.19Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Trulieve Cannabis

Is Trulieve Cannabis getting weaker?: Its latest SEC filing (Aug 7, 2026) got weaker in some ways: operating margin fell 36.8 points to -24.3%; 12-month revenue fell 2.7%. Its overall score is unchanged at 23/100 since Oct 28, 2026.
How is Trulieve Cannabis valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -21.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -21.2% vs peers 1.5% (weaker than 100% of peers).
Is Trulieve Cannabis growing?: More slowly than most of its peers. Growth scores 21/100 against 1,393 healthcare peers. Revenue growth -3.9% vs a peer median of 6.1% (weaker than 77% of peers).Revenue growth -3.9% vs peers 6.1% (weaker than 77% of peers).
How profitable is Trulieve Cannabis?: Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on invested capital -34.2% vs a peer median of 4.7% (weaker than 84% of peers).Return on invested capital -34.2% vs peers 4.7% (weaker than 84% of peers).
How risky is Trulieve Cannabis?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.94× vs a peer median of 2.59× (stronger than 78% of peers).Current ratio 5.94× vs peers 2.59× (stronger than 78% of peers). Beta 1.76 vs a peer median of 0.63 (weaker than 92% of peers).Beta 1.76 vs peers 0.63 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 36.8 points to -24.3%
12-month revenue fell 2.7%
Operating profit now covers interest only 0.0x

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.2B USD	1.1B USD	−2.7%
Net income (12 months)	−80.3M USD	−470.3M USD	+485.4%
Operating margin	12.5%	-24.3%	−36.8 pts
Free cash flow (12 months)	236.6M USD	194.2M USD	−17.9%
Debt	199.8M USD	200.0M USD	+0.1%
Cash	352.9M USD	325.4M USD	−7.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Drug Manufacturers - Specialty & Generic · 27 companies

Valuations in Drug Manufacturers - Specialty & Generic are within their usual range since Jun 2020.

45% of months since Jun 2020 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +8% vs the whole market, against a usual +36%.

Jun 2020Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	60.8%	56.6%	52.1%	60.3%	60.2%	▼ 0.1 pts
Operating margin	21.9%	4.1%	-19.6%	8.2%	12.1%	▲ 3.9 pts
Net margin	1.9%	-20.7%	-47.2%	-13.5%	-10.3%	▲ 3.2 pts
Return on assets (ROA)	0.5%	-7.4%	-19.5%	-5.6%	-4.5%	▲ 1.1 pts
Return on equity (ROE)	0.8%	-13.1%	-37.8%	-12.9%	-10.7%	▲ 2.2 pts
Free cash flow margin	-28.2%	-11.6%	14.3%	12.5%	19.4%	▲ 6.8 pts
Current ratio	3.10×	2.82×	4.16×	4.37×	4.43×	▲ 1.5%
Quick ratio	1.85×	1.51×	2.30×	2.69×	2.52×	▼ 6.3%
Debt to equity	0.22×	0.29×	0.26×	0.29×	0.12×	▼ 58%
Interest coverage	7.01×	0.68×	-2.72×	1.57×	2.26×	▲ 44%

TRLV price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.76 vs a peer median of 0.63)bigger price swings (beta 1.76 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,082 of 1,157 healthcare companies (bottom 7%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Trulieve Cannabis looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Trulieve Cannabis reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Revenue is falling. Revenue fell 3.9% in the 12 months to June 2026 vs the 12 months before.

Trulieve Cannabis's revenue fell 3.9% in the 12 months to June 2026 vs the 12 months before.

More volatile share price. Beta 1.76: tends to move more than the market.

Trulieve Cannabis's shares have swung more with the market than most peers' (beta 1.76, above the market's 1.0).

Questions investors ask about Trulieve Cannabis

Is Trulieve Cannabis getting weaker?

Its latest SEC filing (Aug 7, 2026) got weaker in some ways: operating margin fell 36.8 points to -24.3%; 12-month revenue fell 2.7%. Its overall score is unchanged at 23/100 since Oct 28, 2026.

How is Trulieve Cannabis valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -21.2% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -21.2% vs peers 1.5% (weaker than 100% of peers).

Is Trulieve Cannabis growing?

More slowly than most of its peers. Growth scores 21/100 against 1,393 healthcare peers. Revenue growth -3.9% vs a peer median of 6.1% (weaker than 77% of peers).Revenue growth -3.9% vs peers 6.1% (weaker than 77% of peers).

How profitable is Trulieve Cannabis?

Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on invested capital -34.2% vs a peer median of 4.7% (weaker than 84% of peers).Return on invested capital -34.2% vs peers 4.7% (weaker than 84% of peers).

How risky is Trulieve Cannabis?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.94× vs a peer median of 2.59× (stronger than 78% of peers).Current ratio 5.94× vs peers 2.59× (stronger than 78% of peers). Beta 1.76 vs a peer median of 0.63 (weaker than 92% of peers).Beta 1.76 vs peers 0.63 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.2B USD

1.1B USD

−2.7%

Net income (12 months)

−80.3M USD

−470.3M USD

+485.4%

Operating margin

12.5%

-24.3%

−36.8 pts

Free cash flow (12 months)

236.6M USD

194.2M USD

−17.9%

Debt

199.8M USD

200.0M USD

+0.1%

Cash

352.9M USD

325.4M USD

−7.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

60.8%

56.6%

52.1%

60.3%

60.2%

▼ 0.1 pts

Operating margin

21.9%

4.1%

-19.6%

8.2%

12.1%

▲ 3.9 pts

Net margin

1.9%

-20.7%

-47.2%

-13.5%

-10.3%

▲ 3.2 pts

Return on assets (ROA)

0.5%

-7.4%

-19.5%

-5.6%

-4.5%

▲ 1.1 pts

Return on equity (ROE)

0.8%

-13.1%

-37.8%

-12.9%

-10.7%

▲ 2.2 pts

Free cash flow margin

-28.2%

-11.6%

14.3%

12.5%

19.4%

▲ 6.8 pts

Current ratio

3.10×

2.82×

4.16×

4.37×

4.43×

▲ 1.5%

Quick ratio

1.85×

1.51×

2.30×

2.69×

2.52×

▼ 6.3%

Debt to equity

0.22×

0.29×

0.26×

0.29×

0.12×

▼ 58%

Interest coverage

7.01×

0.68×

-2.72×

1.57×

2.26×

▲ 44%