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Ayr Wellness vs Curaleaf: revenue, profit, margins and growth compared

Ayr Wellness brought in $463.6M of revenue in fiscal 2024, Curaleaf $1.3B in fiscal 2025. Revenue changed by +0.0% at Ayr Wellness and -5.0% at Curaleaf on the year before, so Ayr Wellness grew faster. Ayr Wellness kept -77.5% of its revenue as net profit, Curaleaf -18.2%. Free cash flow was -$8.1M at Ayr Wellness and $74.3M at Curaleaf.

Side by side, latest fiscal year

AYRWFCURLF
Fiscal year endedFY2024 (December 31, 2024)FY2025 (December 31, 2025)
Revenue$463.6M$1.3B
Revenue growth+0.0%-5.0%
Net income-$359.3M-$231.1M
Net margin-77.5%-18.2%
Free cash flow-$8.1M$74.3M
Free cash flow margin-1.7%5.9%
Earnings per share (diluted)-$3.24-$0.35
Cash$35.5M$89.2M
Debt$410.5M$548.7M
Price to earningsn/an/a
Market valuen/an/a
Dividend yieldn/an/a
Rank by revenue in sector#209 of 742 · Health care#141 of 742 · Health care

Over the years

Revenue
AYRWF FY2020: $75.2MAYRWF FY2020: $155.1MAYRWF FY2021: $357.6MAYRWF FY2022: $465.6MAYRWF FY2023: $463.6MAYRWF FY2024: $463.6MCURLF FY2020: $221MCURLF FY2020: $626.6MCURLF FY2021: $1.2BCURLF FY2022: $1.3BCURLF FY2023: $1.3BCURLF FY2024: $1.3BCURLF FY2025: $1.3BFY20FY21FY22FY23FY24FY25
AYRWF $463.6MCURLF $1.3B
Net income
AYRWF FY2020: -$164.2MAYRWF FY2020: -$24.6MAYRWF FY2021: -$17MAYRWF FY2022: -$245.5MAYRWF FY2023: -$272.4MAYRWF FY2024: -$359.3MCURLF FY2020: -$67.2MCURLF FY2020: -$57.2MCURLF FY2021: -$205.9MCURLF FY2022: -$370.1MCURLF FY2023: -$281.2MCURLF FY2024: -$215.4MCURLF FY2025: -$231.1MFY20FY21FY22FY23FY24FY25
AYRWF -$359.3MCURLF -$231.1M
Net margin
AYRWF FY2020: -218.3%AYRWF FY2020: -15.9%AYRWF FY2021: -4.7%AYRWF FY2022: -52.7%AYRWF FY2023: -58.8%AYRWF FY2024: -77.5%CURLF FY2020: -30.4%CURLF FY2020: -9.1%CURLF FY2021: -17.2%CURLF FY2022: -29.0%CURLF FY2023: -20.9%CURLF FY2024: -16.1%CURLF FY2025: -18.2%FY20FY21FY22FY23FY24FY25
AYRWF -77.5%CURLF -18.2%
Revenue growth
AYRWF FY2020: +106.3%AYRWF FY2021: +130.5%AYRWF FY2022: +30.2%AYRWF FY2023: -0.4%AYRWF FY2024: +0.0%CURLF FY2020: +183.5%CURLF FY2021: +90.9%CURLF FY2022: +6.6%CURLF FY2023: +5.6%CURLF FY2024: -0.9%CURLF FY2025: -5.0%FY20FY21FY22FY23FY24FY25
AYRWF +0.0%CURLF -5.0%
Free cash flow
AYRWF FY2022: -$93MAYRWF FY2023: -$532KAYRWF FY2024: -$8.1MCURLF FY2020: -$120.4MCURLF FY2020: -$113.9MCURLF FY2021: -$230.2MCURLF FY2022: -$88.2MCURLF FY2023: $9.8MCURLF FY2024: $71.2MCURLF FY2025: $74.3MFY20FY21FY22FY23FY24FY25
AYRWF -$8.1MCURLF $74.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ayr Wellness and Curaleaf

Which is bigger by revenue, Ayr Wellness or Curaleaf?

Curaleaf is bigger by revenue: $1.3B in fiscal 2025, against $463.6M for Ayr Wellness in fiscal 2024.

Which keeps more of its revenue as profit, Ayr Wellness or Curaleaf?

Ayr Wellness had a net margin of -77.5% in fiscal 2024; Curaleaf had -18.2% in fiscal 2025.

Which grew revenue faster, Ayr Wellness or Curaleaf?

In their latest fiscal years revenue changed by +0.0% at Ayr Wellness and -5.0% at Curaleaf.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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