CURLFOTCMedicinal Chemicals & Botanical ProductsFiscal year ends December 31
Curaleaf Holdings, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$7.63−0.20 (-2.55%)
Close on Oct 19, 2026
- Market cap
- $2.07B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
49.8%−12.6 pts over 5 years
Operating margin
2.0%−9.6 pts over 5 years
Net margin
-18.2%−9.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -5.0% | -0.2% | +15.1% | – | |
| Gross profit | -1.5% | +0.2% | +10.1% | – | |
| Operating income | +2.9% | -26.8% | -18.9% | – | |
| Free cash flow | +4.3% | – | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -6.4% | -28.6% | |
| Return on assets | – | -3.7% | -8.0% | |
| Current ratio | – | 1.90 | 1.52 | |
| Debt to equity | – | 0.21 | 0.73 | |
| Net debt to EBITDA | – | 1.43× | 2.07× | |
| Interest coverage | – | 1.5× | 0.5× | |
| Inventory turnover | – | 1.8× | 2.9× | |
| Capex to revenue | – | 20.2% | 5.0% | |
| Diluted shares | – | 186M | 254M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Curaleaf generated $481.27M from operations and spent $527.92M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$481.27M
Used
$527.92M
Capital expenditure$527.92M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-18.2%
×Asset turnover0.44×
×Equity multiplier3.58×
=Return on equity, FY2025-28.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -18.2% | 0.44× | 3.58× | -28.6% |
| FY2024 | -16.1% | 0.44× | 3.16× | -22.5% |
| FY2023 | -20.9% | 0.41× | 2.79× | -24.1% |
| FY2022 | -29.0% | 0.39× | 2.31× | -26.2% |
| FY2021 | -17.2% | 0.44× | 1.87× | -14.1% |
| FY2020 | -9.1% | 0.40× | 1.74× | -6.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$231.07M
- Cash generatingOperating cash flow above zero$137.71M
- Return on assets improvedROA up on the prior year-7.0% → -7.8%
- Earnings backed by cashOperating cash flow above net income$137.71M vs -$231.07M
- Less leverageLong-term debt to assets fell15.8% → 18.0%
- Better liquidityCurrent ratio rose1.12 → 1.52
- No dilutionShare count did not rise247M → 254M
- Gross margin improvedGross margin up on the prior year48.02% → 49.76%
- More efficientAsset turnover rose0.43 → 0.43