# Green Thumb Industries Inc. (GTBIF)

> Source: Nexqual · https://nexqual.com/GTBIF · data as of 2026-10-23 18:13 UTC · cite as "Nexqual, Green Thumb Industries Inc. (GTBIF), nexqual.com/GTBIF" · informational, not investment advice.

**Price:** USD 6.4 (-1.84% today) · US market open, as of October 23, 2026 at 18:13 UTC; quotes may be delayed. Prev close 6.52 · day 6.36–6.47 · 52w 5.29–10.43 · market cap $1.40B · OQX

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.21B, net income $127M (10.5% margin), free cash flow $198M (SEC filings).
- Valuation: P/E 11.0x (avg 39.5x at the last 3 fiscal year-ends), EV/EBITDA 5.6x, net cash $24.3M.
- Earnings quality: non-operating income $164M vs operating income $116M over the last four quarters; P/E excluding non-operating income ≈69.2x (estimate: non-operating income taxed at the company's 35% effective rate).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $3.9M; 3 not under a Rule 10b5-1 plan ($3.9M); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -16.4% vs S&P 500 +14.5%; 5Y -68.7% vs S&P 500 +77.1%.
- Next earnings: 2026-11-04, EPS estimate USD 0.04, revenue estimate $308M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $894M | $1.02B | $1.05B | $1.14B | $1.18B | $1.21B |
| Gross profit | $492M | $504M | $526M | $601M | $575M | — |
| Operating income | $215M | $121M | $185M | $224M | $138M | $116M |
| Net income | $75.4M | $12.0M | $36.3M | $73.1M | $114M | $127M |
| EPS (diluted) | $0.33 | $0.05 | $0.15 | $0.30 | $0.48 | — |
| Free cash flow | -$55.8M | -$20.9M | $4.9M | $115M | $214M | $198M |
| Gross margin | 55.1% | 49.5% | 49.9% | 52.9% | 48.9% | — |
| Operating margin | 24.0% | 11.9% | 17.5% | 19.7% | 11.7% | 9.6% |
| Net margin | 8.4% | 1.2% | 3.4% | 6.4% | 9.7% | 10.5% |
| Revenue growth | +60.5% | +13.9% | +3.7% | +7.8% | +3.4% | — |
| Cash + short-term investments | $230M | $178M | $162M | $172M | $274M | — |
| Total debt | $239M | $275M | $306M | $258M | $247M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.0x · P/E ex non-operating (est.) ≈69.2x · P/S 1.2x · EV/EBITDA 5.6x · EV/Sales 1.1x · P/FCF 7.1x · P/B 0.8x · FCF yield 14.14% · Earnings yield 9.06% · Net cash $24.3M · EV $1.37B
P/E at fiscal year-ends: Dec 2025 16.7x, Dec 2024 27.0x, Dec 2023 74.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Barnes Dawn Wilson | Director | 5,250 | $38K | 7.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-12 | Georgiadis Anthony | PRESIDENT | 2,500 | $1.9M | 6.6% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-12 | Kovler Benjamin | CHAIRMAN & CEO | 2,500 | $1.9M | 1.8% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -16.4% | -68.7% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -16.5% | -20.8% |
| Volatility (annualized) | 80.4% | 65.8% |
| Max drawdown | -42.2% (Dec 2025→Mar 2026) | -81.8% (Nov 2021→Jun 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
BHC (Bausch Health Companies Inc.) USD 6.36 -2.00% · HCM (HUTCHMED (China) Limited) USD 14.36 +0.53% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.58 -3.47% · LQDA (Liquidia Corporation) USD 41.63 +4.88% · RGC (Regencell Bioscience Holdings L) USD 8.01 -18.38% · INDV (Indivior Pharmaceuticals, Inc.) USD 34.33 -2.83%

## More
Full page: https://nexqual.com/GTBIF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GTBIF's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1795139/000119312526071672/gtbif-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Ascend Wellness Holdings, Inc. (AAWH) | "Subsequent to the quarter, on February 5, 2026, the Company was notified of an arbitration award in favor of Green Thumb in relation to a 2018 agreement with Ascend Wellness Holdings Inc. ("Ascend")." |
| Related party | RYTHM, Inc. (RYM) | "During 2025, Green Thumb sold its intellectual property rights to RYM, a related party, in brands including RYTHM, incredibles, Beboe, Dogwalkers, Doctor Solomon's, &Shine and Good Green." |

Other companies that name GTBIF in their own reports (relationship from GTBIF's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | RYTHM, Inc. (RYM) | 10-K 2026-03-03 | "RSLGH, LLC ("RSLGH"), a subsidiary of Green Thumb Industries Inc. ("Green Thumb"), a related party." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Retail | $212.6M | 69.3% | +3.6% |
| Consumer Packaged Goods | $175.7M | 57.3% | +3.7% |
| Total revenue | $306.7M | 100% | — |
The lines above cover 126.6% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $-0.01 | -500.0% | $307.8M | 1 |
| Next quarter (ends 2026-12-31) | $0.11 | $0.00 | — | $313.2M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.17 | $0.08 | +105.2% | $1.23B | 2 |
| Next fiscal year (ends 2027-12-31) | $0.27 | $0.15 | +76.7% | $1.31B | 6 |