Trulieve Cannabis Corp. Subordi (TRLV) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Trulieve Cannabis Corp. Subordi

NYSE•Healthcare•Drug Manufacturers - Specialty & Generic

$11.62+0.31(0.03%)After hours

Market Cap

$2.25B

P/S

2.0x

P/B

2.9x

Trulieve Cannabis Corp. operates as a cannabis retailer in the United States. The company cultivates, processes, and manufactures cannabis products and distributes its products to its dispensaries, as well as through home delivery. It sells flowers, edibles, vapes, oral, topical, concentrates, and accessories under the Avenue, Cultivar Collection, Muse, Modern Flower, Alchemy, Momenta, Sweet Talk, Co2lors, and Roll One brands. The company operates dispensaries in Florida, Arizona, Georgia, Ohio, Maryland, West Virginia, Connecticut, and Pennsylvania. It operates cultivation and processing facilities in Arizona, Colorado, Florida, Georgia, Maryland, Pennsylvania, and West Virginia. The company also offers medical cannabis dispensary in North Miami Beach, Florida. Trulieve Cannabis Corp. was formerly known as Schyan Exploration Inc./Exploration Schyan Inc. and changed its name to Trulieve Cannabis Corp. in September 2018. Trulieve Cannabis Corp. was incorporated in 1940 and is headquartered in Tallahassee, Florida.

How this company scores

WeakMetricSide Score: 43/100

Grade capped at D — Interest coverage below 1× (-5.4x) — earnings cannot cover interest. Strongest: Balance Sheet & Red Flags (17/25); weakest: Profitability (4/25).

Profitability4/25

Growth7/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality15/25

Strengths

Rising free cash flowLow leverageImproving leverageNet cash position

Grade capped at D

Interest coverage below 1× (-5.4x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 209.4x5y range 209.4x – 209.4x

P/S · 2.0x5y range 0.6x – 3.9x

Currently above its 19-quarter median.

P/B · 2.9x5y range 0.5x – 4.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 456.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 1.2x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $2.25B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.14B
Q. Revenue: $270.95M
TTM EBITDA: $-107.31M
TTM Op. Income: $-277.26M
Q. Op. Income: $-370.52M
TTM Net Income: $-476.16M
Q. Net Income: $-406.06M
EPS: N/A
Shares Out.: $192.71M

$1.14B in TTM revenue declined 3.9% YoY, reaching $270.95M last quarter. TTM EBITDA of $-107.31M and TTM operating income of $-277.26M show growth is flowing through to the bottom line. However, net income is negative at $476.16M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 3 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 59.9%
EBITDA Margin: -122.3%
Op. Margin: -136.7%
Net Margin: -149.9%

Op. margin of -136.7% is down 154.2% YoY — costs are rising relative to revenue. Net margin at -149.9% and gross margin of 59.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 885% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 2.0x
P/B Ratio: 2.9x

P/S of 2.0x and P/B of 2.9x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.08B
Cash: $325.42M
Long-Term Debt: $195.82M
Book Value: $765.91M
D/E Ratio: 0.3
Debt/EBITDA: N/A

With $2.08B in assets and $195.82M in long-term debt, D/E is 0.3and book value is $765.91M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $53.14M
TTM Free Cash Flow: $194.60M
FCF Margin: 17.1%
FCF / Net Income: -0.4

TTM FCF of $194.60M on $53.14M in operating cash flow. The FCF / Net Income ratio of -0.4x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 116% — a weakening trend.