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Natural Alternatives International vs Trulieve Cannabis: revenue, profit, margins and growth compared

Natural Alternatives International brought in $129.9M of revenue in fiscal 2025, Trulieve Cannabis $1.2B in fiscal 2025. Revenue changed by +14.1% at Natural Alternatives International and -0.4% at Trulieve Cannabis on the year before, so Natural Alternatives International grew faster. Natural Alternatives International kept -10.5% of its revenue as net profit, Trulieve Cannabis -9.9%. Free cash flow was $2.3M at Natural Alternatives International and $228.6M at Trulieve Cannabis.

Side by side, latest fiscal year

NAIITRLV
Fiscal year endedFY2025 (June 30, 2025)FY2025 (December 31, 2025)
Revenue$129.9M$1.2B
Revenue growth+14.1%-0.4%
Net income-$13.6M-$116.4M
Net margin-10.5%-9.9%
Free cash flow$2.3M$228.6M
Free cash flow margin1.8%19.4%
Earnings per share (diluted)-$2.28-$0.58
Cash$12.3M$255.5M
Debtn/a$136.7M
Price to earningsn/an/a
Market value$11M$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#286 of 646 · Health care#138 of 646 · Health care

Over the years

Revenue
NAII FY2018: $132.4MNAII FY2019: $138.3MNAII FY2020: $118.9MNAII FY2021: $178.5MNAII FY2022: $171MNAII FY2023: $154MNAII FY2024: $113.8MNAII FY2025: $129.9MTRLV FY2019: $252.8MTRLV FY2021: $521.5MTRLV FY2021: $931.9MTRLV FY2022: $1.2BTRLV FY2023: $1.1BTRLV FY2024: $1.2BTRLV FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
NAII $129.9MTRLV $1.2B
Net income
NAII FY2018: $5.1MNAII FY2019: $6.5MNAII FY2020: -$1.6MNAII FY2021: $10.8MNAII FY2022: $10.7MNAII FY2023: $2.5MNAII FY2024: -$7.2MNAII FY2025: -$13.6MTRLV FY2019: $53.1MTRLV FY2021: $63MTRLV FY2021: $17.4MTRLV FY2022: -$252.7MTRLV FY2023: -$526.8MTRLV FY2024: -$155.1MTRLV FY2025: -$116.4MFY18FY19FY20FY21FY22FY23FY24FY25
NAII -$13.6MTRLV -$116.4M
Net margin
NAII FY2018: 3.8%NAII FY2019: 4.7%NAII FY2020: -1.4%NAII FY2021: 6.0%NAII FY2022: 6.3%NAII FY2023: 1.6%NAII FY2024: -6.3%NAII FY2025: -10.5%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
NAII -10.5%TRLV -9.9%
Revenue growth
NAII FY2019: +4.4%NAII FY2020: -14.0%NAII FY2021: +50.2%NAII FY2022: -4.2%NAII FY2023: -9.9%NAII FY2024: -26.1%NAII FY2025: +14.1%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
NAII +14.1%TRLV -0.4%
Free cash flow
NAII FY2018: -$2.2MNAII FY2019: $1.2MNAII FY2020: -$850KNAII FY2021: $15.7MNAII FY2022: -$14.6MNAII FY2023: -$6.5MNAII FY2024: -$4.5MNAII FY2025: $2.3MTRLV FY2019: -$52.8MTRLV FY2021: -$298KTRLV FY2021: -$263MTRLV FY2022: -$141.7MTRLV FY2023: $161.6MTRLV FY2024: $148.9MTRLV FY2025: $228.6MFY18FY19FY20FY21FY22FY23FY24FY25
NAII $2.3MTRLV $228.6M

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

Questions about Natural Alternatives International and Trulieve Cannabis

Which is bigger by revenue, Natural Alternatives International or Trulieve Cannabis?

Trulieve Cannabis is bigger by revenue: $1.2B in fiscal 2025, against $129.9M for Natural Alternatives International in fiscal 2025.

Which keeps more of its revenue as profit, Natural Alternatives International or Trulieve Cannabis?

Natural Alternatives International had a net margin of -10.5% in fiscal 2025; Trulieve Cannabis had -9.9% in fiscal 2025.

Which grew revenue faster, Natural Alternatives International or Trulieve Cannabis?

In their latest fiscal years revenue changed by +14.1% at Natural Alternatives International 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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