Trulieve Cannabis Corp. Financial Ratios — TCNNF Stock

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 (%)	- -	- -	- -	- -	- -	73.09	71.43	14.01	- -	- -	- -	- -
Return on Assets (%)	- -	21.59	-7.45	-37.66	13.43	19.38	10.54	0.85	-7.23	-17.19	-5.54	-4.18
Return on Capital (%)	- -	-9.61	- -	- -	21.2	46.05	25.93	3.37	- -	- -	-461.63	109.3
Return on Invested Capital (%)	- -	- -	- -	- -	16.52	31.72	18.07	1.92	- -	- -	-15.64	-9.97
Gross Margin (%)	100	100	- -	- -	78.23	75.88	74.09	60.8	56.57	52.13	60.32	60.21
EBITDA Margin (%)	-16,912.65	-23,717.76	- -	- -	37.15	51.08	47.66	30.87	25.55	23.32	21.82	27.24
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 (%)	- -	- -	5,513.57	- -	34.16	52.17	39.09	-2.18	-29.24	37.14	-0.27	-1,051.49
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 (%)	- -	- -	- -	- -	- -	73.09	71.43	14.01	- -	- -	- -	- -

Credit (USD)

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	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	- -	- -	- -	- -	21	84	288	859	975	793	824	564
ST Debt	- -	- -	- -	- -	8	8	21	27	32	23	27	30
LT Debt	- -	- -	- -	- -	13	77	266	832	943	770	797	533
Total Debt/EBITDA	- -	- -	- -	- -	0.55	0.65	1.16	2.99	3.13	3.01	3.18	1.75
Net Debt/EBITDA	0.4	0.11	0.5	0.58	-0.11	-0.56	-0.05	0.86	1.42	1.07	0.93	-0.07
Total Debt/EBIT	- -	- -	- -	- -	0.6	0.75	1.32	4.1	7.76	8.56	8.91	3.8
Net Debt/EBIT	0.4	0.11	0.5	0.58	-0.12	-0.64	-0.05	1.19	3.51	3.04	2.61	-0.16
EBITDA to Interest Expense	- -	- -	- -	- -	18.16	14.27	12.28	9.88	4.24	3.23	4.16	5.07
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	-2.08	6.05	5.27	-0.32	1.66	2.6	1.79	4.12
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	-205.02	-257.3	-245.49	-345.15	54.66	14.69	14.78	4.04	-3.35	-23.47	-27.72	-33.83
Long-Term Debt/Equity (%)	- -	- -	- -	- -	12.73	57.72	59.47	38.74	48.91	54.64	63.85	46.66
Long-Term Debt/Capital (%)	- -	- -	- -	- -	12.1	54.35	65.41	83.34	109.92	526.89	4,845.76	-145.45
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 (%)	- -	- -	- -	- -	19.18	59.83	70.61	86.05	113.68	542.59	5,009.77	-153.69
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 (%)	20.19	2.84	13.24	6.35	-5.11	-147.83	-4.43	32.41	67.81	-508.95	-108.56	3.84
EBITDA	- -	- -	- -	- -	38	129	249	288	311	263	259	322
EBITDA-CapEx	- -	- -	- -	- -	-4	55	107	-9	122	212	111	261
Operating Income (Loss)	- -	- -	- -	- -	35	113	218	209	126	93	92	148

Liquidity (USD)

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	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	-0.19	-0.06	1.34	0.44	1.55	0.11	0.12	1.24	2.14	2.06
Common Equity/Total Assets	-205.02	-257.3	-245.49	-345.15	54.66	14.69	14.78	4.04	-3.35	-23.47	-27.72	-33.83
Long-Term Debt/Equity (%)	- -	- -	- -	- -	12.73	57.72	59.47	38.74	48.91	54.64	63.85	46.66
Long-Term Debt/Capital (%)	- -	- -	- -	- -	12.1	54.35	65.41	83.34	109.92	526.89	4,845.76	-145.45
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 (%)	- -	- -	- -	- -	19.18	59.83	70.61	86.05	113.68	542.59	5,009.77	-153.69
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	-13.47	-14.33	-13.86	-16.53	10.57	5.48	8.47	3.19	1.77	1.18	0.98	1.29

Working Capital (USD)

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	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	- -	- -	- -	- -	0.83	1.02	1.64	2.35	2.17	2.21	2.12	1.98
Days Inventory Outstanding	- -	- -	- -	- -	439.49	358.79	221.91	155.1	168.56	165.3	172.32	183.92
Accounts Payable Turnover	- -	- -	- -	- -	14.42	5.44	13.05	39.89	38.74	21.64	20.18	20.46
Accounts Payable Turnover Days	- -	- -	- -	- -	25.3	67.15	27.97	9.15	9.42	16.87	18.09	17.84
Cash Conversion Cycle	- -	- -	- -	- -	414.19	291.64	194.04	147.74	161.44	150.57	156.54	168.98
Inventory to Cash Days	- -	- -	- -	- -	-439.49	-358.79	-221.8	-153.3	-166.26	-163.17	-170.02	-181.02
Inventories	- -	- -	- -	- -	54	66	98	212	277	213	231	242
Raw Materials	- -	- -	- -	- -	2	19	22	72	71	58	51	45
Work In Process	- -	- -	- -	- -	12	34	55	94	158	104	125	139
Finished Goods	- -	- -	- -	- -	10	13	22	46	47	51	55	59
Other Inventory	- -	- -	- -	- -	30	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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	- -	- -	- -	- -	822	1,305	3,591	3,625	1,423	986	988	1,662
- Cash & Cash Equivalents	- -	- -	- -	- -	24	92	147	231	207	201	239	256
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	2	-3	-6	-12	-18
+ Total Debt	- -	- -	- -	- -	21	84	288	859	975	793	824	564
Enterprise Value	- -	- -	- -	- -	818	1,297	3,732	4,255	2,188	1,572	1,501	1,952
Total Capital	- -	- -	- -	- -	110	141	407	998	858	146	16	-367
Total Debt/Capital (%)	- -	- -	- -	- -	19.18	59.83	70.61	86.05	113.68	542.59	5,009.77	-153.69
Total Debt / EV	- -	- -	- -	- -	0.03	0.07	0.08	0.2	0.45	0.5	0.55	0.29
EV/Sales	- -	- -	- -	- -	7.96	5.13	7.16	4.57	1.8	1.39	1.27	1.65
EV/EBITDA	- -	- -	- -	- -	21.43	10.05	15.01	14.79	7.03	5.97	5.8	6.07
EV/EBIT	- -	- -	- -	- -	23.32	11.45	17.09	20.32	17.4	16.97	16.23	13.16
EV/Cash Flow to Firm	- -	- -	- -	- -	33.8	54.73	34.64	237.15	3.04	4.81	32.64	10.17
EV/Free Cash Flow to Firm	- -	- -	- -	- -	12.26	13.22	14.95	13.52	2.41	4.16	7.75	7.73
Diluted Market Cap	- -	- -	- -	- -	834	1,365	3,741	3,817	1,423	986	988	1,662
Diluted Enterprise Value	- -	- -	- -	- -	830	1,358	3,882	4,447	2,188	1,572	1,561	1,952
EV per Share	- -	- -	- -	- -	8.05	11.77	32.86	30.53	11.64	8.32	7.9	10.21
TTM Sales	- -	- -	- -	- -	103	253	522	932	1,218	1,129	1,186	1,181
TTM EBITDA	- -	- -	- -	- -	38	129	249	288	311	263	259	322
TTM Operating Income	- -	- -	- -	- -	35	113	218	209	126	93	92	148
TTM Cash Flow to Firm	- -	- -	- -	- -	24	24	108	18	720	327	46	192
TTM Free Cash Flow to Firm	- -	- -	- -	- -	67	98	250	315	909	378	194	252

Multiples (USD)

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	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

Price/Free Cash Flow	- -	- -	- -	- -	12.62	14.61	15.49	12.32	6.71	3.9	2.36	4.99
EV/EBIT	- -	- -	- -	- -	23.32	11.45	17.09	20.32	17.4	16.97	16.23	13.16
Enterprise Value	- -	- -	- -	- -	818	1,297	3,732	4,255	2,188	1,572	1,501	1,952
Low Price	- -	- -	- -	- -	6.68	7.46	5.74	23.1	6.39	3.42	4.44	3.02
EV/Sales	- -	- -	- -	- -	7.96	5.13	7.16	4.57	1.8	1.39	1.27	1.65
EV/EBITDA	- -	- -	- -	- -	21.43	10.05	15.01	14.79	7.03	5.97	5.8	6.07
Price/Earnings	- -	- -	- -	- -	75.43	24.57	57	201.03	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	99.59	22.88	29.73	273.62	-11.48	-1.9	-11.76	-9.14
Price/Earnings High	- -	- -	- -	- -	196.06	33.69	60.3	415.27	-20.62	-2.81	-17.76	-19.45
Price/Earnings Low	- -	- -	- -	- -	62.39	15.48	10.35	178.54	-4.88	-1.23	-5.44	-4.96
Price/Book Value	- -	- -	- -	- -	9.28	23.02	30	26.32	-12.5	-1.54	-1.24	-1.82
Price/Book Value Average	- -	- -	- -	- -	12.25	21.43	15.65	35.83	-24.8	-1.56	-2.29	-1.17
Price/Book Value High	- -	- -	- -	- -	24.11	31.55	31.74	54.37	-44.57	-2.31	-3.46	-2.48
Price/Book Value Low	- -	- -	- -	- -	7.67	14.5	5.45	23.38	-10.55	-1.01	-1.06	-0.63
Price/Tangible Book Value	- -	- -	- -	- -	8.67	13.15	12.46	13.73	9.4	131.23	-10.47	-11.94
Price/Tangible Book Value Average	- -	- -	- -	- -	11.44	12.25	6.5	18.69	18.65	133.36	-19.33	-7.64
Price/Tangible Book Value High	- -	- -	- -	- -	22.52	18.03	13.18	28.36	33.51	197.09	-29.2	-16.25
Price/Tangible Book Value Low	- -	- -	- -	- -	7.17	8.29	2.26	12.19	7.93	85.98	-8.94	-4.15
Price/Sales	- -	- -	- -	- -	7.99	5.16	6.89	3.89	1.17	0.87	0.83	1.41
Price/Sales Average	- -	- -	- -	- -	10.55	4.81	3.59	5.29	2.32	0.89	1.54	0.9
Price/Sales High	- -	- -	- -	- -	20.77	7.07	7.28	8.04	4.17	1.31	2.32	1.92
Price/Sales Low	- -	- -	- -	- -	6.61	3.25	1.25	3.45	0.99	0.57	0.71	0.49
Price/Cash Flow	- -	- -	- -	- -	34.94	68.41	36.04	281.05	61.62	4.89	3.64	6.09
Price/Cash Flow Average	- -	- -	- -	- -	46.13	63.7	18.8	382.54	122.26	4.97	6.72	3.9
Price/Cash Flow High	- -	- -	- -	- -	90.81	93.78	38.13	580.57	219.7	7.34	10.15	8.3
Price/Cash Flow Low	- -	- -	- -	- -	28.9	43.1	6.54	249.6	52.01	3.2	3.11	2.12
Price/Free Cash Flow Average	- -	- -	- -	- -	16.66	13.6	8.08	16.77	13.31	3.97	4.35	3.19
Price/Free Cash Flow High	- -	- -	- -	- -	32.8	20.02	16.38	25.45	23.92	5.86	6.57	6.79
Price/Free Cash Flow Low	- -	- -	- -	- -	10.44	9.2	2.81	10.94	5.66	2.56	2.01	1.73
EV/Sales Average	- -	- -	- -	- -	10.52	4.78	3.86	5.97	2.95	1.41	2.02	1.15
EV/Sales High	- -	- -	- -	- -	20.74	7.05	7.55	8.71	4.79	1.83	2.81	2.16
EV/Sales Low	- -	- -	- -	- -	6.58	3.22	1.52	4.13	1.61	1.09	1.19	0.73
EV/EBITDA Average	0.4	0.11	0.5	0.58	28.32	9.35	8.1	19.34	11.53	6.03	9.26	4.21
EV/EBITDA High	0.4	0.11	0.5	0.58	55.83	13.79	15.85	28.22	18.76	7.85	12.86	7.94
EV/EBITDA Low	0.4	0.11	0.5	0.58	17.7	6.31	3.19	13.38	6.31	4.68	5.47	2.7
EV/EBIT Average	0.4	0.11	0.5	0.58	30.82	10.66	9.22	26.57	28.54	17.14	25.92	9.13
EV/EBIT High	0.4	0.11	0.5	0.58	60.77	15.72	18.04	38.76	46.44	22.31	35.99	17.21
EV/EBIT Low	0.4	0.11	0.5	0.58	19.27	7.19	3.63	18.38	15.64	13.29	15.32	5.85
Last Price	- -	- -	- -	- -	8.08	11.84	31.62	26.01	7.57	5.22	5.2	8.69
High Price	- -	- -	- -	- -	21	16.23	33.45	53.73	26.99	7.84	14.5	11.83
Enterprise Value Average	- -	- -	- -	- -	1,081	1,208	2,014	5,564	3,588	1,588	2,397	1,354
Enterprise Value High	- -	- -	- -	- -	2,132	1,781	3,940	8,118	5,839	2,067	3,328	2,553
Enterprise Value Low	- -	- -	- -	- -	676	815	793	3,849	1,966	1,232	1,417	868

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	- -	- -	- -	- -	1.01	2.29	4.59	6.69	6.48	5.98	6.24	6.17
EBITDA per Share	-0.05	-0.02	- -	- -	0.38	1.17	2.19	2.06	1.66	1.39	1.36	1.68
Operating Income per Share	-0.05	-0.02	- -	- -	0.35	1.03	1.92	1.5	0.67	0.49	0.49	0.78
Basic EPS, GAAP	-0.04	0.01	- -	- -	0.11	0.48	0.55	0.13	-1.31	-2.79	-0.82	-0.61
Basic EPS from Cont Ops	-0.04	0.01	- -	- -	0.11	0.48	0.55	0.22	-0.97	-2.31	-0.82	-0.61
Diluted EPS, GAAP	-0.04	0.01	- -	- -	0.11	0.46	0.53	0.12	-1.31	-2.79	-0.82	-0.61
Diluted EPS from Cont Ops	-0.04	0.01	- -	- -	0.11	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	- -	- -	0.23	0.17	0.88	0.09	0.12	1.07	1.43	1.43
Free Cash Flow per Basic Share	-0.02	-0.02	- -	- -	-0.19	-0.5	-0.37	-2.04	-0.88	0.8	0.65	1.11
Cash & Equivalents per Share	0.04	0.02	- -	- -	0.24	0.83	1.29	1.65	1.1	1.07	1.57	1.34
Book Value per Share	-0.08	-0.06	- -	- -	0.87	0.51	1.05	0.99	-0.61	-3.39	-4.19	-4.77
Tangible Book Value per Share	-0.07	-0.05	- -	- -	0.93	0.9	2.54	1.89	0.81	0.04	-0.5	-0.73

Trulieve Cannabis Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)