Curaleaf Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Curaleaf Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	221	627	1,196	1,275	1,347	1,334	1,268
Cost of revenue	102	311	626	649	732	694	637
Gross profit	142	391	570	626	614	641	631
Research and development						1.42	0.81
Selling, general and administrative	121	227	387	420	415	419	428
Selling and marketing			41.8	39.7	42	47.1	45.7
Operating expenses			511	561	572	616	606
Operating income	-27.7	72.4	58.6	65	42.9	24.7	25.5
Interest expense	18.4	47.9	53.5		53.7	53.2	53.5
Interest income	9.94	6.48	0.63	0.14	0.02	0.78	0.66
Other non-operating income			-121	-151	-167	-138	-104
Pre-tax income	-45.8	30.8	-62.2	-86.5	-124	-113	-78.2
Income tax	24.1	87.6	152	179	115	98.3	124
Income from continuing operations				-258	-230	-232
Net income to minority interests	2.6	-0.41	-8.7	-6.83
Net income	-67.2	-57.2	-206	-370	-281	-215	-231
EBITDA	3.98	132	179	221	239	256	222
EPS, basic	-0.25	-0.18	-0.29	-0.52	-0.39	-0.32	-0.35
EPS, diluted	-0.25	-0.18	-0.29	-0.52	-0.39	-0.32	-0.35
Shares, basic (weighted)			699	711	724	741	762
Shares, diluted (weighted)			699	711	724	741	762

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	42.3	73.5	299	163	91.8	107	89.2
Receivables	18.3	28.8	60.4	45.2	60	64	73.9
Inventory	63.2	198	248	235	216	217	225
Other current assets			35.7	28.8	30.4	3	5.9
Total current assets	150	418	727	652	419	434	449
Property, plant and equipment	130	243	526	596	572	543	520
Lease right-of-use assets	82.8	267	76	118	118	116	113
Goodwill	69.3	539	572	625	627	629	635
Intangible assets	186	708	1,036	1,213	1,172	1,085	1,011
Long-term investments			4.4	2.8	2.48
Other non-current assets			24.3	15.5	2.05	2.95	13.4
Total assets	737	2,366	3,105	3,415	3,097	2,950	2,845
Accounts payable			26.8	80.8	79.3	79.1	74.7
Accrued liabilities			87	103	101	102	110
Deferred revenue				0.68	0.87	2.37	0.63
Short-term debt			1.97	51.9	39.5	102	35.7
Total current liabilities	106	220	316	497	494	388	294
Long-term debt			458	571	548	467	513
Lease liabilities	81.3	270	65.5	113	110	106	102
Other non-current liabilities			50.4	0.31	1.35	1.13	1.24
Total liabilities	333	985	1,440	2,014	1,925	1,956	2,005
Total debt	105	292	460	623	588	569	549
Paid-in capital						2,237	2,345
Retained earnings	-133	-190	-489	-860	-1,141	-1,356	-1,587
Treasury stock			-5.21	-5.21	-1.05	0
Other comprehensive income			-6.74	-18.6	-11.9	-20.1	-1.81
Shareholders' equity	409	1,379	1,546	1,280	1,051	861	756
Total equity	403	1,277	1,546	1,280	1,051	861	756
Total liabilities and equity	737	2,366	3,105	3,415	3,097	2,950	2,845
Shares outstanding			708	717	734	750	257

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-69.8	-56.8	-215	-377	-290	-222	-228
Depreciation and amortization	31.7	59.9	121	156	196	231	197
Stock-based compensation			39.5	28	20	25.7	35.7
Deferred income tax			-10.6	-7.78	-29.4	-54.8	-39.9
Change in receivables			-25.3	-3.33	-12.2	-7.79	-11
Change in inventory			-93.1	-16.1	9.85	4.31	-3.72
Change in payables			-10.3	50.1	2.23	-5.63	-5.2
Cash from operations	-38.3	12.4	-58.3	46.4	75.3	164	138
Capital expenditures	-82.1	-126	-172	-135	-65.4	-92.4	-63.4
Acquisitions			-37.8	-119	-3.63	-4.7	-0.54
Cash from investing	-204	-197	-164	-220	-78.7	-93.8	-70.3
Debt issued		186	531
Debt repaid	-4	-2.92	-367
Stock issued		24.6	241	0	11.5	0	0.26
Cash from financing	18.1	224	449	41.8	-67	-54.2	-73.5
Exchange rate effect			-1.08	-4.47
Net change in cash			227	-132	-70.4	15.6	-6.13
Free cash flow	-120	-114	-230	-88.2	9.82	71.2	74.3
Interest paid			33.4	78.8	97.9	96.4	104
Income taxes paid			91.8	156	100	16.5	27,058

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.96 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.8%	Gross profit / revenue.
Operating margin	2.0%	Operating income / revenue.
EBITDA margin	17.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.2%	Pre-tax income / revenue.
Net margin	-18.2%	Net income / revenue.
FCF margin	5.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.9%	Cash from operations / revenue.
Return on equity (ROE)	-28.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.0%	Net income / average total assets.
Return on invested capital (ROIC)	1.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.1%	Research and development expense / revenue.
SG&A / revenue	33.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.0%	Capital expenditures / revenue.
D&A / revenue	15.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-26.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-18.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-13.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-15.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	43.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	62.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	4.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-12.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.52x	Current assets / current liabilities.
Quick ratio	0.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.73x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.3%	Total debt / total assets.
Liabilities / assets	70.5%	Total liabilities / total assets.
Net debt	$459.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.48x	Operating income / interest expense.
Working capital	$154.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	57.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$889.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	2.39x	Revenue / average property, plant and equipment.
Inventory turnover	2.88x	Cost of revenue / average inventory.
Days inventory	127 days	365 x average inventory / cost of revenue.
Receivables turnover	18.4x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	102 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	46.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.35	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.66	Revenue / diluted weighted shares.
FCF per share	$0.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.18	Cash from operations / diluted weighted shares.
Book value per share	$2.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.46	Tangible book value / shares outstanding.
Cash per share	$0.35	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.83B	Share price x shares outstanding.
Enterprise value	$7.29B	Market cap + total debt - cash - short-term investments.
P/S	5.39x	Market cap / revenue.
P/B	9.04x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	92.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	49.6x	Market cap / cash from operations, when positive.
EV/Sales	5.75x	Enterprise value / revenue.
EV/EBIT	287x	Enterprise value / operating income, when both are positive.
EV/EBITDA	32.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	98.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.1%	Free cash flow / market cap.
Earnings yield	-3.4%	Net income / market cap (the inverse of P/E).

What was Curaleaf Holdings, Inc.'s revenue in fiscal 2025?

Curaleaf Holdings, Inc. reported revenue of $1.27B for fiscal 2025, 5% lower than the year before.

Was Curaleaf Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $231.1M.

How much free cash flow did Curaleaf Holdings, Inc. generate in fiscal 2025?

Cash from operations of $137.7M minus capital expenditures of $63.4M left free cash flow of $74.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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