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Trulieve Valuation Multiples

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Trulieve Overview

About Trulieve

Trulieve Cannabis Corp is a vertically integrated seed to sale and fully licensed medical marijuana company. It is mainly engaged in the cultivation, possession, use, sale, and distribution of medical cannabis.


Founded

1940

HQ

Canada
Employees

5.4K+

Website

trulieve.com

Financials

LTM Revenue $1.7B

LTM EBITDA $576M

EV

$1.4B

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Trulieve Financials

Trulieve has a last 12-month revenue of $1.7B and a last 12-month EBITDA of $576M.

In the most recent fiscal year, Trulieve achieved revenue of $784M and an EBITDA of -$15.3M.

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

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Trulieve P&L

FY 2022 FY 2023 FY 2024 LTM NTM
Revenue $861M $784M $1.2B $1.7B XXX
Gross Profit $393M $474M $409M XXX XXX
Gross Margin 46% 60% 35% XXX XXX
EBITDA $154M -$15.3M $400M $576M XXX
EBITDA Margin 18% -2% 34% 34% XXX
Net Profit $12.5M -$171M -$366M XXX XXX
Net Margin 1% -22% -31% XXX XXX
Net Debt $173M $303M $195M XXX XXX

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Trulieve Stock Performance

As of February 7, 2025, Trulieve's stock price is CAD 7 (or $5).

Trulieve has current market cap of CAD 1.3B (or $891M), and EV of CAD 2.0B (or $1.4B).

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Trulieve Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.4B $891M XXX XXX XXX XXX $-0.63

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Trulieve Valuation Multiples

As of February 7, 2025, Trulieve has market cap of $891M and EV of $1.4B.

Trulieve's trades at 1.2x LTM EV/Revenue multiple, and 3.5x LTM EBITDA.

Analysts estimate Trulieve's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Trulieve Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $1.4B XXX XXX XXX
EV/Revenue 1.2x XXX XXX XXX
EV/EBITDA 3.5x XXX XXX XXX
P/E -6.1x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 10.7x XXX XXX XXX

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Trulieve Valuation Multiples

Trulieve's NTM/LTM revenue growth is 5%

Trulieve's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Trulieve's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Trulieve's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Trulieve Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 49% XXX XXX XXX XXX
EBITDA Margin 34% XXX XXX XXX XXX
EBITDA Growth -2723% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 39% XXX XXX XXX XXX
Revenue per Employee $0.1M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue 21% XXX XXX XXX XXX
G&A Expenses to Revenue 13% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 44% XXX XXX XXX XXX

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Trulieve Public Comps

See valuation multiples for Trulieve public comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Live Verdure XXX XXX XXX XXX XXX XXX
Ascend Wellness Holdings XXX XXX XXX XXX XXX XXX
Ayr Wellness XXX XXX XXX XXX XXX XXX
Cresco Labs XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Trulieve M&A and Investment Activity

Trulieve acquired  XXX companies to date.

Last acquisition by Trulieve was  XXXXXXXX, XXXXX XXXXX XXXXXX . Trulieve acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Trulieve

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Trulieve

When was Trulieve founded? Trulieve was founded in 1940.
Where is Trulieve headquartered? Trulieve is headquartered in Canada.
How many employees does Trulieve have? As of today, Trulieve has 5.4K+ employees.
Is Trulieve publicy listed? Yes, Trulieve is a public company listed on CNQ.
What is the stock symbol of Trulieve? Trulieve trades under TRUL ticker.
When did Trulieve go public? Trulieve went public in 2018.
Who are competitors of Trulieve? Similar companies to Trulieve include e.g. Live Verdure, Ascend Wellness Holdings, Ayr Wellness, Cresco Labs.
What is the current market cap of Trulieve? Trulieve's current market cap is $891M
What is the current revenue of Trulieve? Trulieve's last 12-month revenue is $1.7B.
What is the current EBITDA of Trulieve? Trulieve's last 12-month EBITDA is $576M.
What is the current EV/Revenue multiple of Trulieve? Current revenue multiple of Trulieve is 1.2x.
What is the current EV/EBITDA multiple of Trulieve? Current EBITDA multiple of Trulieve is 3.5x.
What is the current revenue growth of Trulieve? Trulieve revenue growth between 2023 and 2024 was 49%.
Is Trulieve profitable? Yes, Trulieve is EBITDA-positive (as of the last 12 months).

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