Trulieve Cannabis Corp.

CNSX:TRUL Stock Report

Market Cap: CA$1.6b

Trulieve Cannabis Valuation

Is TRUL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TRUL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRUL (CA$8.87) is trading below our estimate of fair value (CA$17.2)

Significantly Below Fair Value: TRUL is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRUL?

Key metric: As TRUL is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TRUL. This is calculated by dividing TRUL's market cap by their current revenue.
What is TRUL's PS Ratio?
PS Ratio1x
SalesUS$1.17b
Market CapUS$1.16b

Price to Sales Ratio vs Peers

How does TRUL's PS Ratio compare to its peers?

The above table shows the PS ratio for TRUL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.7x
CURA Curaleaf Holdings
1.2x13.5%CA$2.2b
CRON Cronos Group
6.9x4.9%CA$1.1b
GTII Green Thumb Industries
2x10.4%CA$3.0b
VRNO Verano Holdings
0.7x5.0%CA$850.9m
TRUL Trulieve Cannabis
1x6.0%CA$1.6b

Price-To-Sales vs Peers: TRUL is good value based on its Price-To-Sales Ratio (1x) compared to the peer average (2.7x).

Price to Sales Ratio vs Industry

How does TRUL's PS Ratio compare vs other companies in the CA Pharmaceuticals Industry?

23 CompaniesPrice / SalesEstimated GrowthMarket Cap
AYR.A Ayr Wellness
0.2x2.6%US$82.27m
ACRG.A.U Acreage Holdings
0.08xn/aUS$26.82m
MRV Nuvo Pharmaceuticals
0.2xn/aUS$11.21m
IMCC IM Cannabis
0.2x24.8%US$7.96m
TRUL 1.0xIndustry Avg. 0.7xNo. of Companies23PS012345+
23 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TRUL is expensive based on its Price-To-Sales Ratio (1x) compared to the Canadian Pharmaceuticals industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is TRUL's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRUL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1x
Fair PS Ratio1.5x

Price-To-Sales vs Fair Ratio: TRUL is good value based on its Price-To-Sales Ratio (1x) compared to the estimated Fair Price-To-Sales Ratio (1.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TRUL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$8.87
CA$23.63
+166.4%
16.4%CA$32.21CA$19.14n/a9
Nov ’25CA$17.22
CA$26.07
+51.4%
34.9%CA$46.03CA$15.98n/a9
Oct ’25CA$16.13
CA$25.16
+56.0%
33.1%CA$44.67CA$18.58n/a10
Sep ’25CA$11.72
CA$25.48
+117.4%
31.0%CA$44.55CA$18.84n/a11
Aug ’25CA$13.83
CA$25.71
+85.9%
27.6%CA$41.75CA$18.99n/a11
Jul ’25CA$12.73
CA$26.14
+105.3%
27.1%CA$41.29CA$18.96n/a10
Jun ’25CA$13.32
CA$25.48
+91.3%
27.8%CA$41.27CA$18.95n/a11
May ’25CA$16.51
CA$22.61
+37.0%
24.9%CA$35.06CA$15.23n/a11
Apr ’25CA$16.95
CA$20.74
+22.4%
31.2%CA$34.96CA$8.89n/a11
Mar ’25CA$14.17
CA$20.74
+46.4%
31.2%CA$34.96CA$8.89n/a11
Feb ’25CA$14.22
CA$17.67
+24.2%
40.6%CA$32.83CA$8.72n/a11
Jan ’25CA$6.85
CA$16.77
+144.8%
42.0%CA$32.83CA$8.91n/a10
Dec ’24CA$7.48
CA$16.77
+124.2%
42.0%CA$32.83CA$8.91n/a10
Nov ’24CA$6.13
CA$17.30
+182.2%
43.3%CA$32.94CA$8.02CA$17.2210
Oct ’24CA$8.25
CA$17.12
+107.6%
43.8%CA$33.29CA$7.86CA$16.1310
Sep ’24CA$8.00
CA$16.39
+104.8%
45.4%CA$32.95CA$7.87CA$11.7211
Aug ’24CA$5.53
CA$17.16
+210.4%
47.2%CA$32.98CA$7.97CA$13.8311
Jul ’24CA$5.20
CA$17.05
+227.9%
47.3%CA$32.32CA$6.79CA$12.7311
Jun ’24CA$5.52
CA$21.78
+294.5%
53.2%CA$50.08CA$6.93CA$13.3212
May ’24CA$7.60
CA$25.29
+232.7%
44.9%CA$50.44CA$9.11CA$16.5112
Apr ’24CA$7.48
CA$25.70
+243.6%
40.6%CA$51.07CA$9.99CA$16.9514
Mar ’24CA$8.49
CA$35.47
+317.8%
30.0%CA$52.63CA$18.16CA$14.1714
Feb ’24CA$8.90
CA$35.40
+297.7%
29.5%CA$50.95CA$17.95CA$14.2214
Jan ’24CA$10.26
CA$36.54
+256.1%
28.4%CA$51.92CA$18.25CA$6.8514
Dec ’23CA$18.50
CA$36.06
+94.9%
28.6%CA$52.23CA$17.97CA$7.4814
Nov ’23CA$15.58
CA$41.53
+166.6%
29.2%CA$61.45CA$17.75CA$6.1313

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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