NewLake Capital Partners Valuation Multiples

Discover NewLake Capital Partners' revenue and EBITDA valuation multiples and M&A history.

NewLake Capital Partners Overview

About NewLake Capital Partners

NewLake Capital Partners Inc is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions, third-party purchases, and funding for build-to-suit projects. The company own a geographically diversified portfolio consisting of thirty one properties across twelve states with thirteen tenants, comprised of seventeen dispensaries and fourteen cultivation facilities.


Founded

2019

HQ

United States

Employees

8

Financials (LTM)

Revenue: $48M
EBITDA: $42M

EV

$307M

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NewLake Capital Partners Financials

NewLake Capital Partners reported last 12-month revenue of $48M and EBITDA of $42M.

In the same LTM period, NewLake Capital Partners generated $42M in EBITDA and $25M in net income.


NewLake Capital Partners P&L

In the most recent fiscal year, NewLake Capital Partners reported revenue of $51M and EBITDA of $43M.

NewLake Capital Partners is profitable as of last fiscal year, with gross margin of 98%, EBITDA margin of 84%, and net margin of 52%.

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LTMLast FY202320242025202620272028
Revenue$48M$51M$47M$50M$51M
Gross Profit-$50M$47M$50M$50M
Gross Margin-98%99%100%98%
EBITDA$42M$43M$40M$42M$43M
EBITDA Margin87%84%84%84%84%
EBIT Margin53%53%52%54%53%
Net Profit$25M$26M$25M$26M$26M
Net Margin51%52%52%52%52%

Financial data powered by Morningstar, Inc.

NewLake Capital Partners Stock Performance

NewLake Capital Partners has current market cap of $325M, and enterprise value of $307M.


NewLake Capital Partners' stock price is $15.80.

NewLake Capital Partners has an EPS (earnings per share) of $1.28.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$307M$325M0.3%---$1.28

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NewLake Capital Partners Valuation Multiples

NewLake Capital Partners trades at 6.3x EV/Revenue multiple, and 7.3x EV/EBITDA.

See NTM and 2027E valuation multiples for NewLake Capital Partners

NewLake Capital Partners Financial Valuation Multiples

As of August 14, 2026, NewLake Capital Partners has market cap of $325M and EV of $307M.

NewLake Capital Partners has a P/E ratio of 13.1x.

LTMLast FY202320242025202620272028
EV/Revenue6.3x6.0x6.5x6.1x6.0x
EV/EBITDA7.3x7.1x7.7x7.3x7.1x
EV/EBIT12.0x11.3x12.5x11.2x11.3x
EV/Gross Profit-6.2x6.6x6.2x6.2x
P/E13.1x12.4x13.2x12.5x12.4x
EV/FCF-7.2x7.7x7.1x7.2x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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NewLake Capital Partners Margins & Growth Rates

NewLake Capital Partners decreased revenue by 6% and EBITDA by 4% in the last fiscal year.

In the most recent fiscal year, NewLake Capital Partners reported gross margin of 98%, EBITDA margin of 84%, and net margin of 52%.

See estimated margins and future growth rates for NewLake Capital Partners

NewLake Capital Partners Margins

Last FY202420252026202720282029
Gross Margin98%100%98%-
EBITDA Margin84%84%84%87%
EBIT Margin53%54%53%52%
Net Margin52%52%52%50%
FCF Margin83%86%83%-

NewLake Capital Partners Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth(6%)6%2%(6%)
Gross Profit Growth-7%(0%)-
EBITDA Growth(4%)6%3%(4%)
EBIT Growth(9%)11%(0%)(9%)
Net Profit Growth(10%)6%1%(10%)
FCF Growth-8%(2%)-

Data powered by FactSet, Inc. and Morningstar, Inc.

NewLake Capital Partners Operational KPIs

NewLake Capital Partners' revenue per employee in the last FY averaged $6.4M, while opex per employee averaged $2.8M for the same period.

NewLake Capital Partners' Rule of 40 is 80% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

NewLake Capital Partners' Rule of X is 71% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for NewLake Capital Partners
LTMLast FY202320242025202620272028
Rule of 4087%80%---
Bessemer Rule of X87%71%---
Revenue per Employee-$6.4M---
Opex per Employee-$2.8M---
G&A Expenses to Revenue15%14%16%16%14%
Opex to Revenue-44%46%45%44%

Data powered by FactSet, Inc. and Morningstar, Inc.

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NewLake Capital Partners Competitors

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E

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NewLake Capital Partners VC Funding History

Before going public, NewLake Capital Partners raised $86M in total equity funding, across 2 rounds.


NewLake Capital Partners Funding Rounds

DateStageInvestorsRaisedValuationRev. MultipleDeal Summary
Feb-21Pre-seedSuRo Capital$500K--
Sep-19Undisclosed stage-$86M-NewLake Capital Partners, founded in 2019, is an internally managed real estate investment trust (REIT) that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions, third-party purchases, and build-to-suit projects for industrial properties like cultivation facilities and retail dispensaries. The company elected REIT status beginning with its short taxable year ended December 31, 2019, and went public via IPO on August 13, 2021. As of later periods like December 31, 2021, NewLake had 32 properties with total annualized base rent of $49,126,613, a portfolio concentration of 92.1% in cultivation facilities, and tenants including affiliates of leading operators like Curaleaf Holdings Inc., with weighted average remaining lease terms of 14.5 years and minimal debt of $3.8 million via seller financing. The company reported aggregate market value of common stock held by non-affiliates at approximately $306 million as of June 30, 2024, with 20.5 million shares outstanding by March 2025. Unfunded commitments stood at $24 million for developments in states like Arizona and Massachusetts as of late 2021. NewLake operates in a competitive landscape limited by the cannabis industry's federal status, which restricts banking and traditional financing, creating opportunities for its sale-leaseback model amid growing U.S. legal cannabis sales projected from $29.5 billion in 2023 to $46 billion by 2028. Competitors include entities like GreenAcreage Real Estate, with challenges from emerging debt funds and local investors for smaller assets.

Acquisitions by NewLake Capital Partners

NewLake Capital Partners has acquired 1 company to date.

Last acquisition by NewLake Capital Partners was on March 18th 2021. NewLake Capital Partners acquired GreenAcreage Real Estate Corp for undisclosed valuation.

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Latest Acquisitions by NewLake Capital Partners

GreenAcreage Real Estate Corp
Description
GreenAcreage Real Estate Corp is a provider of sale-leaseback and construction financing for cannabis operators in the United States. Formed to support Acreage Holdings' portfolio, the company funds cultivation facilities, dispensaries, and processing plants through long-term leases. It enables operators to unlock capital from real estate assets for expansion in regulated markets like New York and Illinois.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date18 Mar 2021
Valuationundisclosed
EV/Revenue
EV/EBITDA

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About NewLake Capital Partners

When was NewLake Capital Partners founded?NewLake Capital Partners was founded in 2019.
Where is NewLake Capital Partners headquartered?NewLake Capital Partners is headquartered in United States.
How many employees does NewLake Capital Partners have?As of today, NewLake Capital Partners has over 8 employees.
Is NewLake Capital Partners publicly listed?Yes, NewLake Capital Partners is a public company listed on OTCM.
What is the stock symbol of NewLake Capital Partners?NewLake Capital Partners trades under NLCP ticker.
When did NewLake Capital Partners go public?NewLake Capital Partners went public in 2021.
Who are competitors of NewLake Capital Partners?NewLake Capital Partners main competitors include
What is the current market cap of NewLake Capital Partners?NewLake Capital Partners' current market cap is $325M.
What is the current revenue of NewLake Capital Partners?NewLake Capital Partners' last 12 months revenue is $48M.
What is the current revenue growth of NewLake Capital Partners?NewLake Capital Partners revenue growth (NTM/LTM) is 0%.
What is the current EV/Revenue multiple of NewLake Capital Partners?Current revenue multiple of NewLake Capital Partners is 6.3x.
What is the current EBITDA of NewLake Capital Partners?NewLake Capital Partners' last 12 months EBITDA is $42M.
What is NewLake Capital Partners' EBITDA margin?NewLake Capital Partners' last 12 months EBITDA margin is 87%.
What is the current EV/EBITDA multiple of NewLake Capital Partners?Current EBITDA multiple of NewLake Capital Partners is 7.3x.
How many companies NewLake Capital Partners has acquired to date?As of August 2026, NewLake Capital Partners has acquired 1 company.
What was the largest acquisition by NewLake Capital Partners?None of the M&A deals NewLake Capital Partners has completed have disclosed valuations.
What companies NewLake Capital Partners acquired?NewLake Capital Partners acquired GreenAcreage Real Estate Corp.
In how many companies NewLake Capital Partners has invested to date?NewLake Capital Partners hasn't invested in any companies yet (or none have been disclosed publicly).

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