Curaleaf Holdings, Inc.
CURLF, CURLD · Medicinal Chemicals & Botanical Products · EDGAR filings ↗
Grade
C65Scaled multi-state cannabis operator generating cash but still posting net losses with elevated leverage.
Strengths
- Positive FCF ($74M, 96th pct) and strong OCF margin (88th pct); healthy gross margin (49.7%, 62nd pct)
- Positive operating margin (85th pct) and ROIC (87th pct) relative to a loss-heavy sector
Risks
- Net loss (-18% margin), negative ROE (-31%) and ROA (-8%); revenue down 5%
- Elevated leverage (D/E 0.68, 78th pct) and federal-illegality/280E overhang on cannabis
Notable findings
- Net lossNet loss (net margin -18.2%)
Key metrics
Gross margin
49.8%
Operating margin
2.0%
Net margin
-18.2%
Return on equity
-30.6%
Return on assets
-8.1%
ROIC
1.6%
Revenue growth (QoQ)
-5.0%
Debt / equity
0.7×
Current ratio
1.5×
Free cash flow
$74M
EBITDA
$222M
Tangible book value
-$890M
Stock comp / revenue
2.8%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-02-27 | 2025-12-31 | 0001756770-26-000019 ↗ |
| 40-F | 2025-03-04 | 2024-12-31 | 0001756770-25-000008 ↗ |
| 40-F | 2024-03-07 | 2023-12-31 | 0001756770-24-000016 ↗ |
| 40-F | 2023-05-02 | 2022-12-31 | 0001558370-23-007557 ↗ |
| 40-F | 2022-03-09 | 2021-12-31 | 0001558370-22-003137 ↗ |
| 40-F | 2021-04-29 | 2020-12-31 | 0001558370-21-005147 ↗ |