TRLV NYSE Medicinal Chemicals & Botanical Products Financials FY2019βFY2025
Trulieve Cannabis Corp. had $1.2B of revenue in fiscal 2025, down 0.4% on the year before. Over five years, revenue changed +17.8% a year on average.
Last close Β· Oct 23, 2026
$10.42
4.6%Hi! I read Trulieve Cannabis Corp.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β0.4%
No. Sales fell 0.4% last year.
Does it make a profit?
β10.3%
No. It lost money last year.
Does profit turn into cash?
19.4%
Yes. 19.4% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Trulieve Cannabis Corp. had $1.2B of revenue in fiscal 2025, down 0.4% on the year before. Over five years, revenue changed +17.8% a year on average. Its operating margin was 12.1%, up 3.9Β pts: of every 100 in sales, about 12 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Trulieve Cannabis Corp. lost $122M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $229M in fiscal 2025, 19.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $14.7M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$14.7M
1 insider
Of sales under plans
100%
$14.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 26, 2026 | Kim A. RiversChairman and CEO, Director, 10% owner | Sold plan | 136,811 | $8.76 | $1.2M | Form 4 |
| Jun 25, 2026 | Kim A. RiversChairman and CEO, Director, 10% owner | Sold plan | 300,000 | $8.17 | $2.5M | Form 4 |
| Jun 24, 2026 | Kim A. RiversChairman and CEO, Director, 10% owner | Sold plan | 400,000 | $8.17 | $3.3M | Form 4 |
| Jun 23, 2026 | Kim A. RiversChairman and CEO, Director, 10% owner | Sold plan | 380,000 | $8.47 | $3.2M | Form 4 |
| Jun 22, 2026 | Kim A. RiversChairman and CEO, Director, 10% owner | Sold plan | 204,815 | $9.35 | $1.9M | Form 4 |
| Jun 18, 2026 | Kim A. RiversChairman and CEO, Director, 10% owner | Sold plan | 139,846 | $9.46 | $1.3M | Form 4 |
| Jun 17, 2026 | Kim A. RiversChairman and CEO, Director, 10% owner | Sold plan | 137,535 | $9.36 | $1.3M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Trulieve Cannabis Corp. has $44.0M more cash than debt.
Cash, debt and the ratios that show how comfortably Trulieve Cannabis Corp. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $227M | $207M | $201M | $299M | $256M |
| Debt incl. finance leases | $534M | $626M | $433M | $442M | $212M |
| Net debt / EBITDA | 1.2x | 2.5x | β | 0.7x | β0.2x |
| Debt / equity | 0.2x | 0.3x | 0.3x | 0.3x | 0.1x |
| Interest coverage | 7.0x | 0.7x | β2.7x | 1.6x | 2.3x |
| Current ratio | 3.1x | 2.8x | 4.2x | 4.4x | 4.4x |
| Quick ratio | 1.8x | 1.5x | 2.3x | 2.7x | 2.5x |
| Total assets | $3.4B | $3.4B | $2.7B | $2.9B | $2.7B |
| Total liabilities | $1.3B | $1.5B | $1.3B | $1.6B | $1.6B |
| Shareholders' equity | $2.1B | $1.9B | $1.4B | $1.2B | $1.1B |
| Net debt (β = net cash) | $308M | $419M | $231M | $143M | β$44.0M |
KIRA Β· Its return on capital was 9.1%: every 100 invested in the business earned about 9 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Trulieve Cannabis Corp. passes 6 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 2 / 8 | 3 / 9 | 5 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | β | β4.5% | 0.2% | β8.1% | β24.0% | β15.4% | β14.2% |
| Altman Z'' | β | 5.09 | 3.00 | 2.10 | 0.68 | 1.20 | 1.09 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $253M | $522M | $932M | $1.2B | $1.1B | $1.2B | $1.2B |
| Gross profit | $192M | $386M | $567M | $689M | $589M | $716M | $711M |
| Operating income | $113M | $218M | $204M | $50.2M | β$222M | $97.8M | $143M |
| Interest expense | $9.1M | $20.2M | $29.1M | $73.4M | $81.6M | $62.2M | $63.5M |
| Pretax income | $104M | $157M | $176M | β$19.2M | β$285M | $42.7M | $91.5M |
| Income tax | $50.6M | $94.5M | $146M | $163M | $151M | $198M | $208M |
| Net income | $53.1M | $63.0M | $17.4M | β$253M | β$533M | β$161M | β$122M |
| Net income to common | $53.1M | $63.0M | $18.0M | β$246M | β$527M | β$155M | β$116M |
| Diluted EPS | $0.46 | $0.53 | $0.21 | β$0.95 | β$2.28 | β$0.79 | β$0.58 |
| Diluted shares | 0.12B | 0.12B | 0.15B | 0.19B | 0.19B | 0.19B | 0.19B |
| Cash flow | |||||||
| Cash from operations | $19.1M | $99.6M | $12.9M | $23.1M | $202M | $271M | $273M |
| Capital expenditure | $71.8M | $99.9M | $276M | $165M | $40.2M | $123M | $44.2M |
| Free cash flow | β$52.8M | β$0.3M | β$263M | β$142M | $162M | $149M | $229M |
| Depreciation and amortization | $5.1M | $12.6M | $45.8M | $116M | $110M | $113M | $118M |
| Stock-based compensation | β | $2.8M | $9.3M | $18.1M | $10.6M | $20.2M | $20.5M |
| Acquisitions | $19.8M | $27.9M | β$43.5M | $27.8M | $0.0M | $0.0M | β |
| Balance sheet | |||||||
| Cash and short-term investments | $91.8M | $147M | $227M | $207M | $201M | $299M | $256M |
| Total debt | β | β | $463M | $542M | $363M | $365M | $137M |
| Finance lease liabilities | β | β | $71.4M | $84.6M | $69.3M | $77.2M | $74.8M |
| Loans, net | β | β | β | $12.7M | $13.7M | β | β |
| Current assets | β | $261M | $524M | $594M | $477M | $605M | $563M |
| Current liabilities | β | $76.1M | $169M | $210M | $115M | $138M | $127M |
| Inventory | β | $98.3M | $212M | $277M | $213M | $231M | $242M |
| Property and equipment, net | β | $314M | $780M | $743M | $676M | $716M | $670M |
| Goodwill | $7.3M | $67.2M | $765M | $791M | $484M | $484M | $484M |
| Intangible assets | $30.0M | $92.6M | $1.1B | $985M | $917M | $859M | $798M |
| Total assets | β | $810M | $3.4B | $3.4B | $2.7B | $2.9B | $2.7B |
| Total liabilities | β | $362M | $1.3B | $1.5B | $1.3B | $1.6B | $1.6B |
| Shareholders' equity | $133M | $448M | $2.1B | $1.9B | $1.4B | $1.2B | $1.1B |
| Margins | |||||||
| Gross margin | 75.9% | 74.1% | 60.8% | 56.6% | 52.1% | 60.3% | 60.2% |
| Operating margin | 44.8% | 41.9% | 21.9% | 4.1% | β19.6% | 8.2% | 12.1% |
| EBITDA margin | 46.8% | 44.3% | 26.8% | 13.7% | β9.9% | 17.7% | 22.1% |
| Net margin | 21.0% | 12.1% | 1.9% | β20.7% | β47.2% | β13.5% | β10.3% |
| FCF margin | β20.9% | β0.1% | β28.2% | β11.6% | 14.3% | 12.5% | 19.4% |
| Returns | |||||||
| Return on capital | β | β | 5.6% | 1.8% | β11.1% | 4.8% | 9.1% |
| Return on capital employed | β | 29.8% | 6.3% | 1.6% | β8.5% | 3.6% | 5.6% |
| Return on equity | 40.0% | 21.7% | 1.3% | β12.4% | β32.0% | β12.1% | β10.2% |
| Return on assets | β | 7.8% | 0.8% | β7.4% | β17.4% | β5.7% | β4.4% |
| Return on tangible equity | 55.6% | 21.9% | 6.8% | β162.5% | β7,008.1% | β | β |
| Growth | |||||||
| Revenue growth | β | 106.3% | 78.7% | 30.7% | β7.3% | 5.1% | β0.4% |
| Net income growth | β | 18.7% | β72.3% | β1,548.7% | β | β | β |
| EPS growth | β | 15.2% | β60.4% | β552.4% | β | β | β |
| FCF growth | β | β | β | β | β | β7.9% | 53.6% |
| Share count change | β | 2.6% | 24.0% | 28.1% | 0.5% | 0.5% | 0.7% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | 1.2x | 2.5x | β | 0.7x | β0.2x |
| Debt / equity | β | β | 0.2x | 0.3x | 0.3x | 0.3x | 0.1x |
| Interest coverage | 12.5x | 10.8x | 7.0x | 0.7x | β2.7x | 1.6x | 2.3x |
| Current ratio | β | 3.4x | 3.1x | 2.8x | 4.2x | 4.4x | 4.4x |
| Quick ratio | β | 2.1x | 1.8x | 1.5x | 2.3x | 2.7x | 2.5x |
| Capital allocation | |||||||
| Capex / revenue | 28.4% | 19.2% | 29.6% | 13.5% | 3.6% | 10.3% | 3.7% |
| Stock comp / revenue | β | 0.5% | 1.0% | 1.5% | 0.9% | 1.7% | 1.7% |
| Quality scores | |||||||
| Piotroski F-score | β | β | 2.0 | 3.0 | 5.0 | 6.0 | 6.0 |
| Altman Z'' | β | 5.1 | 3.0 | 2.1 | 0.7 | 1.2 | 1.1 |
| Accruals ratio | β | β4.5% | 0.2% | β8.1% | β24.0% | β15.4% | β14.2% |
Source: SEC EDGAR XBRL filings (CIK 0001754195). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
