# Trulieve Cannabis Corp. (TRLV)

> Source: Nexqual · https://nexqual.com/TRLV · data as of 2026-10-23 19:21 UTC · cite as "Nexqual, Trulieve Cannabis Corp. (TRLV), nexqual.com/TRLV" · informational, not investment advice.

**Price:** USD 10.35 (-5.22% today) · US market open, as of October 23, 2026 at 19:21 UTC; quotes may be delayed. Prev close 10.92 · day 10.17–10.95 · 52w 4.62–13.28 · market cap $1.99B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.14B, net income -$476M (-41.8% margin), free cash flow $194M (SEC filings).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $14.7M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 18.18 (range 15–21).
- Total return with dividends: 1Y +36.7% vs S&P 500 +14.5%; 5Y -58.9% vs S&P 500 +77.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.07, revenue estimate $222M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $932M | $1.22B | $1.13B | $1.19B | $1.18B | $1.14B |
| Gross profit | $567M | $689M | $589M | $716M | $711M | — |
| Operating income | $204M | $50.2M | -$222M | $97.8M | $143M | -$277M |
| Net income | $17.4M | -$253M | -$533M | -$161M | -$122M | -$476M |
| EPS (diluted) | $0.21 | -$0.95 | -$2.28 | -$0.79 | -$0.58 | — |
| Free cash flow | -$263M | -$142M | $162M | $149M | $229M | $194M |
| Gross margin | 60.8% | 56.6% | 52.1% | 60.3% | 60.2% | — |
| Operating margin | 21.9% | 4.1% | -19.6% | 8.2% | 12.1% | -24.3% |
| Net margin | 1.9% | -20.7% | -47.2% | -13.5% | -10.3% | -41.8% |
| Revenue growth | +78.7% | +30.7% | -7.3% | +5.1% | -0.4% | — |
| Cash + short-term investments | $227M | $207M | $201M | $299M | $256M | — |
| Total debt | $463M | $542M | $363M | $365M | $137M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.8x · P/FCF 10.3x · P/B 2.6x · FCF yield 9.74% · Earnings yield -23.89%

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-26 | Rivers Kim A. | Chairman and CEO | 136,811 | $1.2M | 8.5% | Yes (adopted March 16, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-23…2026-06-25 | Rivers Kim A. | Chairman and CEO | 1,080,000 | $8.9M | 40.1% | Yes (adopted March 16, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-17…2026-06-22 | Rivers Kim A. | Chairman and CEO | 482,196 | $4.5M | 15.2% | Yes (adopted March 16, 2026) | Too little history (no open-market trades in 2025) |
% 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.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 18.18 (low 15, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Cantor Fitzgerald | Reiterated | Overweight | $15 |
| 2026-08-07 | Cantor Fitzgerald | Reiterated | Overweight | $15 |
| 2026-07-20 | Cantor Fitzgerald | Initiated | Overweight | $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +36.7% | -58.9% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | +36.8% | -16.3% |
| Volatility (annualized) | 101.6% | 83.9% |
| Max drawdown | -54.4% (Dec 2025→Mar 2026) | -89.6% (Nov 2021→Mar 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
BHC (Bausch Health Companies Inc.) USD 6.46 -0.54% · SUPN (Supernus Pharmaceuticals, Inc.) USD 40.38 -4.02% · HCM (HUTCHMED (China) Limited) USD 14.52 +1.71% · LQDA (Liquidia Corporation) USD 42.14 +6.17% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.21 -4.76% · INDV (Indivior Pharmaceuticals, Inc.) USD 34.32 -2.86%

## More
Full page: https://nexqual.com/TRLV · 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

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Retail | $254.9M | 94.1% | -10.2% |
| Wholesale and other | $16.0M | 5.9% | -11.9% |
| Total revenue | $271.0M | 100% | — |

## Company outlook (8-K filed 2026-05-07)

- "These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's 2026 objectives, growth opportunities, and positioning for the future."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.07 | $0.03 | +133.3% | $221.6M | 2 |
| Next quarter (ends 2026-12-31) | $0.07 | $0.04 | +87.5% | $229.5M | 2 |
| Current fiscal year (ends 2026-12-31) | $-1.82 | $0.21 | -982.0% | $1.01B | 5 |
| Next fiscal year (ends 2027-12-31) | $0.56 | $0.24 | +132.4% | $936.4M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±20.2%; last 8 reports averaged ±8.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 89.3% | ±20.2% |
| 2026-12-18 | 56 | 93.2% | ±29.4% |
| 2027-01-15 | 84 | 92.4% | ±35.6% |
| 2027-04-16 | 175 | 92.6% | ±50.7% |
| 2027-06-17 | 237 | 92.4% | ±58.3% |