Trulieve Cannabis Corp. (TCNNF) intrinsic value & 10-year financials
Trulieve Cannabis Corp. (TCNNF) has a Graham intrinsic value of $3.99 per share. Over the last 8 fiscal years revenue grew 29.3% a year to $1.2B, with an average return on invested capital of 12.9%.
- Graham intrinsic value
- $3.99
- Revenue (FY2025)
- $1.2B
- Revenue growth (8-yr CAGR)
- 29.3%
- ROIC (10-yr avg)
- 12.9%
- Free cash flow (FY2025)
- $228.6M
TCNNF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | -$122.2M | -$0.58 | $228.6M | 12.1% | 5.2% |
| FY2024 | $1.2B | -$160.6M | -$0.79 | $150.0M | 8.2% | 3.0% |
| FY2023 | $1.1B | -$533.1M | -$2.28 | $161.5M | -19.6% | -10.7% |
| FY2022 | $1.2B | -$252.7M | -$1.06 | -$141.7M | 2.6% | 1.3% |
| FY2021 | $938.4M | $17.4M | $0.12 | -$263.0M | 21.0% | 6.7% |
| FY2020 | $521.5M | $63.0M | $0.53 | -$298.0K | 41.9% | 30.0% |
| FY2019 | $252.8M | $53.1M | $0.46 | -$52.8M | 44.8% | 54.8% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Trulieve Cannabis Corp. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Trulieve Cannabis Corp. returns on capital have been average, hovering around 12.9% ROIC over the decade.
Trulieve Cannabis Corp. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Trulieve Cannabis Corp. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.99 per share.