Curaleaf - Public Comps and Valuation Multiples

Curaleaf Overview

About Curaleaf

Curaleaf is headquartered in Wakefield, Massachusetts, and cultivates and sells medicinal and recreational cannabis in the US. The company has operations in 17 states. Its brands include Curaleaf, Select, and Grassroots. The company has made acquisitions that give it exposure to the growing European market, a unique feature among US multistate operators.

Founded

2014

HQ

Employees

5.5K+

Website

curaleaf.com

Sectors

Cannabis
CannaTech
BioTech
ViceTech

Financials

LTM Revenue $1.8B

LTM EBITDA $389M

EV

$2.9B

Valuation Multiples

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Curaleaf Financials

As of September 2025, Curaleaf reported last 12-month revenue of $1.8B and EBITDA of $389M.

In the same period, Curaleaf generated $891M in LTM gross profit and -$286M in net income.

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Curaleaf P&L

In the most recent fiscal year, Curaleaf reported revenue of $956M and EBITDA of $166M.

Curaleaf expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.8B	XXX	$956M	XXX	XXX	XXX
Gross Profit	$891M	XXX	$455M	XXX	XXX	XXX
Gross Margin	49%	XXX	48%	XXX	XXX	XXX
EBITDA	$389M	XXX	$166M	XXX	XXX	XXX
EBITDA Margin	21%	XXX	17%	XXX	XXX	XXX
EBIT	$40.1M	XXX	$14.4M	XXX	XXX	XXX
EBIT Margin	2%	XXX	2%	XXX	XXX	XXX
Net Profit	-$286M	XXX	-$153M	XXX	XXX	XXX
Net Margin	-16%	XXX	-16%	XXX	XXX	XXX
Net Debt	XXX	XXX	$339M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Curaleaf including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.8B. EBITDA for the last twelve months was $389M. In the most recent fiscal year, Curaleaf achieved $956M in revenue and $166M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.8B	Analyst estimates available to subscribers	$956M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$891M	Analyst estimates available to subscribers	$455M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	49.1% gross margin	Analyst estimates available to subscribers	47.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$389M	Analyst estimates available to subscribers	$166M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	21.4% EBITDA margin	Analyst estimates available to subscribers	17.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$40.1M	Analyst estimates available to subscribers	$14.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	2.2% EBIT margin	Analyst estimates available to subscribers	1.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$286M	Analyst estimates available to subscribers	-$153M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-15.7% net profit margin	Analyst estimates available to subscribers	-16.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$339M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Curaleaf

This financial data table provides comprehensive performance metrics for Curaleaf, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Curaleaf generated $1.8B in revenue over the last twelve months.
The company achieved $389M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $891M.
Net income over the last twelve months reached -$286M.

Fiscal Year Performance

In the most recent fiscal year, Curaleaf reported $956M in total revenue.
Fiscal year EBITDA was $166M.
The company maintained a gross profit margin of 47.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 17.4%.
Net profit margin reached -16.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Curaleaf. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Curaleaf Stock Performance

Curaleaf has current market cap of CAD 3.1B (or $2.2B), and EV of CAD 4.1B (or $2.9B).

Market Cap Evolution

Curaleaf Stock Data

As of October 17, 2025, Curaleaf's stock price is CAD 4 (or $3).

See Curaleaf trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.9B	$2.2B	XXX	XXX	XXX	XXX	$-0.27

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Curaleaf Valuation Multiples

Curaleaf's trades at 3.1x EV/Revenue multiple, and 17.6x EV/EBITDA.

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Curaleaf Financial Valuation Multiples

As of October 17, 2025, Curaleaf has market cap of $2.2B and EV of $2.9B.

Equity research analysts estimate Curaleaf's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Curaleaf has a P/E ratio of -10.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.2B	XXX	$2.2B	XXX	XXX	XXX
EV (current)	$2.9B	XXX	$2.9B	XXX	XXX	XXX
EV/Revenue	2.3x	XXX	3.1x	XXX	XXX	XXX
EV/EBITDA	10.6x	XXX	17.6x	XXX	XXX	XXX
EV/EBIT	102.7x	XXX	203.7x	XXX	XXX	XXX
EV/Gross Profit	4.6x	XXX	n/a	XXX	XXX	XXX
P/E	-10.8x	XXX	-14.3x	XXX	XXX	XXX
EV/FCF	35.6x	XXX	63.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Curaleaf Margins & Growth Rates

Curaleaf's last 12 month revenue growth is 3%

Curaleaf's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Curaleaf's rule of 40 is 17% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Curaleaf's rule of X is 30% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Curaleaf Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	19%	XXX	XXX	XXX
EBITDA Margin	21%	XXX	17%	XXX	XXX	XXX
EBITDA Growth	11%	XXX	42%	XXX	XXX	XXX
Rule of 40	17%	XXX	21%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	30%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	46%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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