Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Trulieve Cannabis Corp.TRLV · healthcare | |
|---|---|
| Grade |  C/Don the C/D boundary of 371 graded peers; percentile 59.7, sampling error 2.5 points; lower is stronger |
| Rank | 222 of 371 |
| Profitability | Cpercentile 47.6 |
| Solvency | Bpercentile 36.7 |
| Growth and financing | Dpercentile 69.7 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $2.7B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: dilution, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Feb 26, 2026225 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $10.402026-10-08; market equity $2.0B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 26, 2026; the document on sec.gov.
Trulieve Cannabis Corp. is a reporting issuer in the United States and Canada. The Company’s Subordinate Voting Shares (as hereinafter defined) are listed for trading on the Canadian Securities Exchange (“CSE”) under the symbol “TRUL” and are also traded in the United States on the OTCQX Best Market (“OTCQX”) under the symbol “TCNNF”. The Company qualifies as a well‑known seasoned issuer ("WKSI") under National Instrument 44‑102 ("NI 44-102") and is eligible to file a WKSI base shelf prospectus in Canada. The Company is a well‑known seasoned issuer, an eligible issuer, and is not an investment fund, as defined under NI 44‑102.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 47.6 | |||||||
| Gross profitability | 26.4% | [1,5] | 32.2% | 53.9 | 372 | 2025-12-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (14.2%) | [1,6-8] | (6.6%) | 31.9 | 811 | 2025-12-31 | |
| Gross margin stability, five years | 3.3 pts | [2,5,9-16] | 2.8 pts | 57.0 | 243 | 2025-12-31 | |
| Solvency, sleeve percentile 36.7 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| market price is missing at 2026-03-31 | |||||||
| Altman Z double-prime | 1.09 | [1,17-22] | (0.31) | 32.2 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| latest aligned inputs end 2022-12-31; latest annual assets end 2025-12-31 | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 4.43x | [17-18] | 2.96x | 41.3 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 69.7 | |||||||
| Revenue growth, three-year compound | (1.0%) | [2,10,12,14] | 10.0% | 73.9 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (7.4%) | [1,8,23-24] | 2.1% | 65.4 | 704 | 2025-12-31 | |
| Net share issuance, one year | not computable | 2.5% | |||||
| raw and split-adjusted prices do not align at 2025-12-31 | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.028; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 217 | Prestige Consumer Healthcare Inc. (PBH) Prestige Consumer Healthcare Inc. (PBH) C/Don the C/D boundary; percentile 58.4 NYSE · Pharmaceutical Preparations market equity $2.3B; last close $47.85 No active warnings; 12 of 14 inputs | 58.4 | C/D | |
| 218 | Becton Dickinson & Co. (BDX) Becton Dickinson & Co. (BDX) C/Don the C/D boundary; percentile 58.6 NYSE · Surgical & Medical Instruments & Apparatus market equity $49.8B; last close $182.65 No active warnings; 10 of 14 inputs | 58.6 | C/D | |
| 219 | Option Care Health, Inc. (OPCH) Option Care Health, Inc. (OPCH) C/Don the C/D boundary; percentile 58.9 Nasdaq · Services-Home Health Care Services market equity $4.9B; last close $31.06 No active warnings; 12 of 14 inputs | 58.9 | C/D | |
| 220 | Cryoport, Inc. (CYRX) Cryoport, Inc. (CYRX) C/Don the C/D boundary; percentile 59.2 Nasdaq · Pharmaceutical Preparations market equity $856.0M; last close $16.91 Warnings: late filer; 9 of 14 inputs | 59.2 | C/D | late filer |
| 221 | GeneDx Holdings Corp. (WGS) GeneDx Holdings Corp. (WGS) C/Don the C/D boundary; percentile 59.5 Nasdaq · Services-Health Services market equity $2.0B; last close $67.69 Warnings: fortress balance sheet; 10 of 14 inputs | 59.5 | C/D | fortress balance sheet |
| 222 | Trulieve Cannabis Corp. (TRLV) Trulieve Cannabis Corp. (TRLV) C/Don the C/D boundary; percentile 59.7 NYSE · Medicinal Chemicals & Botanical Products market equity $2.0B; last close $10.40 Warnings: fortress balance sheet; 7 of 14 inputs | 59.7 | C/D | fortress balance sheet |
| 223 | Labcorp Holdings Inc. (LH) Labcorp Holdings Inc. (LH) C/Don the C/D boundary; percentile 60.0 NYSE · Services-Medical Laboratories market equity $25.5B; last close $314.20 No active warnings; 10 of 14 inputs | 60.0 | C/D | |
| 224 | Perspective Therapeutics, Inc. (CATX) Perspective Therapeutics, Inc. (CATX) C/Don the C/D boundary; percentile 60.3 NYSE · Pharmaceutical Preparations market equity $309.4M; last close $2.71 Warnings: dilution, fortress balance sheet; 7 of 14 inputs | 60.3 | C/D | dilution, fortress balance sheet |
| 225 | ARS Pharmaceuticals, Inc. (SPRY) ARS Pharmaceuticals, Inc. (SPRY) C/Don the C/D boundary; percentile 60.5 Nasdaq · Pharmaceutical Preparations market equity $453.5M; last close $4.57 Warnings: short runway; 7 of 14 inputs | 60.5 | C/D | short runway |
| 226 | Twist Bioscience Corp. (TWST) Twist Bioscience Corp. (TWST) C/Don the C/D boundary; percentile 60.8 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $9.5B; last close $152.02 Warnings: fortress balance sheet; 9 of 14 inputs | 60.8 | C/D | fortress balance sheet |
| 227 | Teva Pharmaceutical Industries Ltd. (TEVA) Teva Pharmaceutical Industries Ltd. (TEVA) C/Don the C/D boundary; percentile 61.1 NYSE · Pharmaceutical Preparations market equity $45.7B; last close $39.22 No active warnings; 9 of 14 inputs | 61.1 | C/D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 56.3 | 2204 |
| sector peers, equal sleeves (the grade) | C/D | 59.7 | 371 |
| same exchange, equal sleeves | C | 57.2 | 984 |
| sector peers, equal inputs | C/D | 59.7 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | not computable | 8.0% | missing required 12-1 monthly returns: 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10 | |
| Distance from 52-week high | (17.3%) | (31.4%) | 68 | closer to its high than 68 of 100 peers |
| EBIT to enterprise value | 7.7% | (1.5%) | 87 | pricier than 13 of 100 peers |
| Free cash flow yield | 11.5% | (1.0%) | 92 | pricier than 8 of 100 peers |
| Book value to price | 0.38 | 0.28 | 60 | pricier than 40 of 100 peers |
| Sales to price | 0.59 | 0.31 | 71 | pricier than 29 of 100 peers |
| Composite equity issuance, five years | not computable | 20.3% | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | not computable | (0.14) | missing required 12-1 monthly returns: 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10 |
Inputs: market equity $2.0B; EBIT $143.5M; free cash flow $228.6M; book equity $765.9M; sales $1.2B; debt $195.8M; cash $325.4M[25].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (4.3%) | ✗ fail[6,8] |
| Operating cash flow above zero | $272.8M | ✓ pass[7] |
| Return on assets improved | 1.6 pts | ✓ pass[6,8,23,26] |
| Operating cash flow exceeds net income | $395.1M | ✓ pass[6-7] |
| Long-term leverage fell | (8.1 pts) | ✓ pass[1,4,8,23,27] |
| Current ratio improved | 6.7 pts | ✓ pass[17-18,28-29] |
| No new shares issued | n/a[30-31] | |
| Gross margin improved | (0.1 pts) | ✗ fail[2,5,9-10] |
| Asset turnover improved | (2.3 pts) | ✗ fail[2,8,10,23] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $325.4M[32] |
| Operating cash flow, four quarters | $244.4M[7,32-36] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 63 |
| 10-Q received Aug 7, 2026 | |
| Median daily dollar volume | $14.9M |
| 63 sessions | |
| Days since newest grade input | 225 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $2.7B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.2B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $255.5M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebt | $136.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 5 | gross profit | us-gaap:GrossProfit | $711.2M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 6 | net income | us-gaap:ProfitLoss | -$122.2M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $272.8M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $2.9B | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $715.7M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.2B | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $588.6M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.1B | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $689.1M | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.2B | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 15 | gross profit | us-gaap:GrossProfit | $566.6M | 2021-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $931.9M | 2021-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 17 | current assets | us-gaap:AssetsCurrent | $562.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 18 | current liabilities | us-gaap:LiabilitiesCurrent | $126.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 19 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$912.1M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 20 | operating income | us-gaap:OperatingIncomeLoss | $143.5M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 21 | book equity | us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $1.1B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 22 | liabilities | us-gaap:Liabilities | $1.6B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 23 | assets | us-gaap:Assets | $2.7B | 2023-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $3.4B | 2022-12-31 | 2024-02-29 | 10-K | filing · viewer · series |
| 25 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 192,382,935 | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 26 | net income | us-gaap:ProfitLoss | -$160.6M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 27 | long term debt | us-gaap:LongTermDebt | $364.8M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 28 | current assets | us-gaap:AssetsCurrent | $604.6M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 29 | current liabilities | us-gaap:LiabilitiesCurrent | $138.5M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 30 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 192,307,145 | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 31 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 191,005,940 | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 32 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $325.4M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $108.8M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $55.7M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $213.6M | 2025-09-30 | 2025-11-05 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $137.2M | 2025-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 59.7 is 0.3 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
.jpg){kind=link}
