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Niagen Bioscience vs Trulieve Cannabis: revenue, profit, margins and growth compared

Niagen Bioscience brought in $129.4M of revenue in fiscal 2025, Trulieve Cannabis $1.2B in fiscal 2025. Revenue changed by +29.9% at Niagen Bioscience and -0.4% at Trulieve Cannabis on the year before, so Niagen Bioscience grew faster. Niagen Bioscience kept 13.4% of its revenue as net profit, Trulieve Cannabis -9.9%.

Side by side, latest fiscal year

NAGETRLV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$129.4M$1.2B
Revenue growth+29.9%-0.4%
Net income$17.4M-$116.4M
Net margin13.4%-9.9%
Free cash flown/a$228.6M
Free cash flow marginn/a19.4%
Earnings per share (diluted)$0.20-$0.58
Cash$64.8M$255.5M
Debtn/a$136.7M
Price to earnings15.3n/a
Market value$241.3M$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#282 of 523 · Health care#137 of 523 · Health care

Over the years

Revenue
NAGE FY2018: $31.6MNAGE FY2019: $46.3MNAGE FY2020: $59.3MNAGE FY2021: $67.4MNAGE FY2022: $72.1MNAGE FY2023: $83.6MNAGE FY2024: $99.6MNAGE FY2025: $129.4MTRLV FY2019: $252.8MTRLV FY2021: $521.5MTRLV FY2021: $931.9MTRLV FY2022: $1.2BTRLV FY2023: $1.1BTRLV FY2024: $1.2BTRLV FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
NAGE $129.4MTRLV $1.2B
Net income
NAGE FY2018: -$33.3MNAGE FY2019: -$32.1MNAGE FY2020: -$19.9MNAGE FY2021: -$27.1MNAGE FY2022: -$16.5MNAGE FY2023: -$4.9MNAGE FY2024: $8.6MNAGE FY2025: $17.4MTRLV FY2019: $53.1MTRLV FY2021: $63MTRLV FY2021: $17.4MTRLV FY2022: -$252.7MTRLV FY2023: -$526.8MTRLV FY2024: -$155.1MTRLV FY2025: -$116.4MFY18FY19FY20FY21FY22FY23FY24FY25
NAGE $17.4MTRLV -$116.4M
Net margin
NAGE FY2018: -105.6%NAGE FY2019: -69.4%NAGE FY2020: -33.6%NAGE FY2021: -40.2%NAGE FY2022: -23.0%NAGE FY2023: -5.9%NAGE FY2024: 8.6%NAGE FY2025: 13.4%TRLV FY2019: 21.0%TRLV FY2021: 12.1%TRLV FY2021: 1.9%TRLV FY2022: -20.7%TRLV FY2023: -46.7%TRLV FY2024: -13.1%TRLV FY2025: -9.9%FY18FY19FY20FY21FY22FY23FY24FY25
NAGE 13.4%TRLV -9.9%
Revenue growth
NAGE FY2019: +46.7%NAGE FY2020: +28.0%NAGE FY2021: +13.8%NAGE FY2022: +6.8%NAGE FY2023: +16.0%NAGE FY2024: +19.2%NAGE FY2025: +29.9%TRLV FY2021: +106.3%TRLV FY2021: +78.7%TRLV FY2022: +30.7%TRLV FY2023: -7.3%TRLV FY2024: +5.1%TRLV FY2025: -0.4%FY19FY20FY21FY22FY23FY24FY25
NAGE +29.9%TRLV -0.4%
Free cash flow
NAGE FY2018: -$22.2MNAGE FY2019: -$21.2MTRLV FY2019: -$52.8MTRLV FY2021: -$298KTRLV FY2021: -$263MTRLV FY2022: -$141.7MTRLV FY2023: $161.6MTRLV FY2024: $148.9MTRLV FY2025: $228.6MFY18FY19FY21FY22FY23FY24FY25
NAGE -$21.2MTRLV $228.6M

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

Questions about Niagen Bioscience and Trulieve Cannabis

Which is bigger by revenue, Niagen Bioscience or Trulieve Cannabis?

Trulieve Cannabis is bigger by revenue: $1.2B in fiscal 2025, against $129.4M for Niagen Bioscience in fiscal 2025.

Which keeps more of its revenue as profit, Niagen Bioscience or Trulieve Cannabis?

Niagen Bioscience had a net margin of 13.4% in fiscal 2025; Trulieve Cannabis had -9.9% in fiscal 2025.

Which grew revenue faster, Niagen Bioscience or Trulieve Cannabis?

In their latest fiscal years revenue changed by +29.9% at Niagen Bioscience and -0.4% at Trulieve Cannabis.

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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