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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Trulieve Cannabis reported revenue of $1.2B in the fiscal year ended Dec 2025, down 0.4% from the year before. Operating income was $143M, an operating margin of 12.1%, and net income was −$122M. Operating cash flow of $273M less capital expenditure of $44M left free cash flow of $229M. It held more cash than debt (net cash $119M).
Ranks among the 82 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 932 | 1,218 | 1,129 | 1,186 | 1,181 |
| Cost of revenue | 365 | 529 | 541 | 471 | 470 |
| Gross profit | 567 | 689 | 589 | 716 | 711 |
| Selling, general & admin | 311 | 447 | 386 | 510 | 445 |
| Operating income | 204 | 50.2 | −222 | 97.8 | 143 |
| Interest expense | 29.1 | 73.4 | 81.6 | 62.2 | 63.5 |
| Pre-tax income | 176 | −19.2 | −285 | 42.7 | 91.5 |
| Income tax | 146 | 163 | 151 | 198 | 208 |
| Net income | 17.4 | −253 | −533 | −161 | −122 |
| Diluted EPS | 0.21 | −0.95 | −2.28 | −0.79 | −0.58 |
| Diluted shares | 147 | 188 | 189 | 190 | 191 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 227 | 207 | 201 | 239 | 256 |
| Receivables | 8.9 | 6.5 | 6.7 | 8.3 | 10.5 |
| Inventory | 212 | 277 | 213 | 231 | 242 |
| Current assets | 524 | 594 | 477 | 605 | 563 |
| Net PP&E | 780 | 743 | 676 | 716 | 670 |
| Goodwill | 765 | 791 | 484 | 484 | 484 |
| Total assets | 3,411 | 3,400 | 2,729 | 2,870 | 2,696 |
| Payables | 14.8 | 15.9 | 28.2 | 20.2 | 26.8 |
| Deferred revenue | 7.2 | 9.5 | 0.8 | 7.5 | 9.1 |
| Current liabilities | 169 | 210 | 115 | 138 | 127 |
| Long-term debt | 463 | 542 | 363 | 365 | 137 |
| Total liabilities | 1,263 | 1,473 | 1,320 | 1,621 | 1,553 |
| Shareholders' equity | 2,147 | 1,928 | 1,409 | 1,249 | 1,143 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 12.9 | 23.1 | 202 | 271 | 273 |
| Capital expenditure | 276 | 165 | 40.2 | 123 | 44.2 |
| Free cash flow | −263 | −142 | 162 | 149 | 229 |
| Depreciation & amortisation | 45.8 | 116 | 110 | 113 | 118 |
| Stock-based compensation | 9.3 | 18.1 | 10.6 | 20.2 | 20.5 |
| Acquisitions | −43.5 | 27.8 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.7% | −7.3% | 5.1% | −0.4% |
| Operating income growth (YoY) | – | −75.4% | −541.8% | – | 46.8% |
| EPS growth (YoY) | – | −552.4% | – | – | – |
| Gross margin | 60.8% | 56.6% | 52.1% | 60.3% | 60.2% |
| Operating margin | 21.9% | 4.1% | −19.6% | 8.2% | 12.1% |
| Net margin | 1.9% | −20.7% | −47.2% | −13.5% | −10.3% |
| Return on equityBlank when equity is negative | 0.8% | −13.1% | −37.8% | −12.9% | −10.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.3% | 1.6% | −8.5% | 3.6% | 5.6% |
| Free cash flow margin | −28.2% | −11.6% | 14.3% | 12.5% | 19.4% |
| Cash conversion (CFO ÷ net income) | 0.74x | −0.09x | −0.38x | −1.69x | −2.23x |
| Receivable days | 3 | 2 | 2 | 3 | 3 |
| Inventory days | 212 | 191 | 144 | 179 | 188 |
| Payable days | 15 | 11 | 19 | 16 | 21 |
| Interest cover | 7.01x | 0.68x | −2.72x | 1.57x | 2.26x |
| Debt ÷ equity | 0.22x | 0.28x | 0.26x | 0.29x | 0.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 236 | 334 | 162 | 126 | −119 |
| Current ratio | 3.10x | 2.82x | 4.16x | 4.37x | 4.43x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.