Trulieve Cannabis Corp. Subordinate Voting Shares Financial Ratios — F09

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	50.74	21.69	1.39	-12.07	-31.49	-11.59	-9.61
Return on Assets (%)	- -	21.59	-6.41	-39	13.43	21.03	10.54	0.85	-7.23	-17.19	-5.54	-4.18
Return on Capital (%)	- -	-10.71	- -	- -	18.55	37.35	14.92	1.26	- -	- -	-17.55	-10.13
Return on Invested Capital (%)	- -	- -	- -	- -	16.52	35.31	18.07	1.87	- -	- -	-16.54	-9.64
Gross Margin (%)	- -	- -	- -	- -	78.23	75.88	74.09	60.8	56.57	52.13	60.32	60.21
EBITDA Margin (%)	-16,912.65	872.4	- -	- -	37.15	51.05	47.65	30.29	19.35	-4.51	22.26	26.83
Operating Margin (%)	-16,912.65	-23,717.76	- -	- -	34.13	44.83	41.87	22.47	10.32	8.2	7.8	12.56
Incremental Operating Margin (%)	- -	- -	- -	- -	34.16	49.38	39.09	- -	- -	37.14	- -	- -
Pretax Margin (%)	-14,768.75	10,162.02	- -	- -	32.14	41.01	30.19	18.91	-1.58	-25.2	3.6	7.74
Profit Margin (%)	-14,768.75	10,162.02	- -	- -	10.59	21	12.08	1.93	-20.2	-46.65	-13.07	-9.85
Net Income to Common Margin (%)	-14,768.75	10,162.02	- -	- -	10.59	21	12.08	1.93	-20.2	-46.65	-13.07	-9.85
Effective Tax Rate (%)	- -	- -	- -	- -	67.03	48.79	59.99	82.68	- -	- -	462.59	227.51
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	-0.03	-0.01	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	50.74	21.69	1.39	-12.07	-31.5	-11.59	-9.61

Credit (USD)

Credit Ratios API ChatGPT

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	15	84	288	859	975	793	824	564
ST Debt	- -	- -	- -	- -	6	8	21	27	32	23	27	30
LT Debt	- -	- -	- -	- -	10	77	266	832	943	770	797	533
Total Debt/EBITDA	- -	- -	- -	- -	0.55	0.65	1.16	3.04	4.14	-15.55	3.12	1.78
Net Debt/EBITDA	0.4	-3.04	0.5	0.58	-0.11	-0.56	-0.05	0.88	1.87	-5.52	0.91	-0.08
Total Debt/EBIT	- -	- -	- -	- -	0.6	0.75	1.32	4.21	19.44	-3.58	8.43	3.93
Net Debt/EBIT	0.4	-3.04	0.5	0.58	-0.12	-0.64	-0.05	1.22	8.79	-1.27	2.47	-0.17
EBITDA to Interest Expense	- -	- -	- -	- -	18.16	14.26	12.28	9.69	3.21	-0.62	4.25	4.99
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	-2.08	6.04	5.26	-0.5	0.64	-1.25	1.87	4.04
EBIT to Interest Expense	- -	- -	- -	- -	16.68	12.52	10.79	7.19	1.71	1.14	1.49	2.34
Interest Expense	- -	- -	- -	- -	2	9	20	29	73	82	62	63
Common Equity/Total Assets	-184.91	-229.23	-219.47	-312.89	64.3	34.43	55.31	62.91	56.79	51.83	43.94	43.07
Long-Term Debt/Equity (%)	- -	- -	- -	- -	12.73	57.72	59.47	38.74	48.91	54.64	63.85	46.66
Long-Term Debt/Capital (%)	- -	- -	- -	- -	10.59	35.29	36.22	27.67	32.48	34.96	38.46	31.25
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	8.18	19.87	32.9	24.39	27.73	28.2	27.78	19.78
Total Debt/Equity (%)	- -	- -	- -	- -	20.17	63.55	64.2	40	50.58	56.27	66.01	49.31
Total Debt/Capital (%)	- -	- -	- -	- -	16.79	38.85	39.1	28.57	33.59	36.01	39.76	33.03
Total Debt/Total Assets (%)	- -	- -	- -	- -	12.97	21.88	35.51	25.18	28.67	29.04	28.72	20.91
Net Debt to Equity	28.05	3.28	17.07	7.48	-4.18	-54.87	-2.58	11.59	22.89	19.98	19.33	-2.09
Net Debt/Capital (%)	21.9	3.18	14.58	6.96	-4.32	-58.09	-1.96	8.96	16.37	14.07	13.16	-1.65
EBITDA	- -	- -	- -	- -	28	129	248	282	236	-51	264	317
EBITDA-CapEx	- -	- -	- -	- -	-3	55	107	-15	47	-102	116	256
Operating Income (Loss)	- -	- -	- -	- -	26	113	218	209	126	93	92	148

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.33	0.29	0.3	0.23	0.7	1.74	1.93	1.37	0.99	1.75	2.16	2.01
Current Ratio	0.35	0.3	0.31	0.24	2.33	3.14	3.43	3.1	2.82	4.16	4.37	4.43
Quick Ratio	0.35	0.3	0.31	0.24	0.7	1.74	1.95	1.48	1.02	1.87	2.33	2.17
CFO/Avg Current Liab	- -	-0.16	-0.16	-0.06	1.34	0.49	1.55	0.11	0.12	1.24	2.14	2.06
Common Equity/Total Assets	-184.91	-229.23	-219.47	-312.89	64.3	34.43	55.31	62.91	56.79	51.83	43.94	43.07
Long-Term Debt/Equity (%)	- -	- -	- -	- -	12.73	57.72	59.47	38.74	48.91	54.64	63.85	46.66
Long-Term Debt/Capital (%)	- -	- -	- -	- -	10.59	35.29	36.22	27.67	32.48	34.96	38.46	31.25
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	8.18	19.87	32.9	24.39	27.73	28.2	27.78	19.78
Total Debt/Equity (%)	- -	- -	- -	- -	20.17	63.55	64.2	40	50.58	56.27	66.01	49.31
Total Debt/Capital (%)	- -	- -	- -	- -	16.79	38.85	39.1	28.57	33.59	36.01	39.76	33.03
Total Debt/Total Assets (%)	- -	- -	- -	- -	12.97	21.88	35.51	25.18	28.67	29.04	28.72	20.91
CFO/Total Liabilities	-20.19	-19.7	-18.03	-5.58	40.65	7.54	27.54	1.02	1.57	15.29	16.75	17.57
CFO/CapEx	- -	- -	- -	- -	0.55	0.26	0.7	0.04	0.12	3.97	1.84	4.51
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	0.04	- -	- -	- -	- -	3,386.58	203.43	158.61	170.96	158.29	125.76
Days Sales Outstanding	- -	8,938.14	- -	- -	- -	- -	0.11	1.79	2.3	2.13	2.31	2.9
Inventory Turnover	- -	- -	- -	- -	- -	1.16	1.64	2.35	2.17	2.21	2.12	1.98
Days Inventory Outstanding	- -	- -	- -	- -	- -	315.75	221.91	155.1	168.56	165.3	172.32	183.92
Accounts Payable Turnover	- -	- -	- -	- -	- -	7.26	13.05	39.89	38.74	21.64	20.18	20.46
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	50.28	27.97	9.15	9.42	16.87	18.09	17.84
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	194.04	147.74	161.44	150.57	156.54	168.98
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	-221.8	-153.3	-166.26	-163.17	-170.02	-181.02
Inventories	- -	- -	- -	- -	40	66	98	212	277	213	231	242
Raw Materials	- -	- -	- -	- -	2	19	22	72	71	58	51	45
Work In Process	- -	- -	- -	- -	9	34	55	94	158	104	125	139
Finished Goods	- -	- -	- -	- -	7	13	22	46	47	51	55	59
Other Inventory	- -	- -	- -	- -	22	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	- -	- -	- -	- -	18	92	147	231	207	201	239	256
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	2	-3	-6	-12	-18
+ Total Debt	- -	- -	- -	- -	15	84	288	859	975	793	824	564
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	- -	- -	- -	- -	92	217	735	3,006	2,903	2,201	2,073	1,707
Total Debt/Capital (%)	- -	- -	- -	- -	16.79	38.85	39.1	28.57	33.59	36.01	39.76	33.03
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	- -	- -	- -	- -	75	253	522	932	1,218	1,129	1,186	1,181
TTM EBITDA	- -	- -	- -	- -	28	129	248	282	236	-51	264	317
TTM Operating Income	- -	- -	- -	- -	26	113	218	209	126	93	92	148
TTM Cash Flow to Firm	- -	- -	- -	- -	18	24	108	18	- -	- -	46	192
TTM Free Cash Flow to Firm	- -	- -	- -	- -	-13	-51	-34	-279	- -	- -	-102	131

Multiples (USD)

Valuation Multiples API ChatGPT

No data availableFinancial data will appear here once available

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	110	110	110	110	110	110	120	181	186	186	191	192
Diluted Weighted Avg Shares	4	4	110	110	103	115	118	147	188	189	190	191
Basic Weighted Avg Shares	4	4	110	110	102	110	114	139	188	189	190	191
Revenue per Share	- -	- -	- -	- -	0.74	2.29	4.59	6.69	6.48	5.98	6.24	6.17
EBITDA per Share	-0.05	- -	- -	- -	0.28	1.17	2.19	2.03	1.25	-0.27	1.39	1.66
Operating Income per Share	-0.05	-0.02	- -	- -	0.25	1.03	1.92	1.5	0.67	0.49	0.49	0.78
Basic EPS, GAAP	-0.04	0.01	- -	- -	0.08	0.48	0.55	0.13	-1.31	-2.79	-0.82	-0.61
Basic EPS from Cont Ops	-0.04	0.01	- -	- -	0.08	0.48	0.55	0.22	-0.97	-2.31	-0.82	-0.61
Diluted EPS, GAAP	-0.04	0.01	- -	- -	0.08	0.46	0.53	0.12	-1.31	-2.79	-0.82	-0.61
Diluted EPS from Cont Ops	-0.04	0.01	- -	- -	0.08	0.46	0.53	0.21	-0.97	-2.31	-0.82	-0.61
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.02	-0.02	- -	- -	0.17	0.17	0.88	0.09	0.12	1.07	1.43	1.43
Free Cash Flow per Basic Share	-0.02	-0.02	- -	- -	-0.14	-0.5	-0.37	-2.04	-0.88	0.8	0.65	1.11
Cash & Equivalents per Share	- -	- -	- -	- -	0.16	0.83	1.23	1.28	1.11	1.08	1.57	1.33
Book Value per Share	- -	- -	- -	- -	0.69	1.2	3.75	11.89	10.38	7.6	6.6	6.04
Tangible Book Value per Share	- -	- -	- -	- -	0.63	0.9	2.41	1.45	0.83	0.07	-0.43	-0.63