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Curaleaf Holdings
(TSX:CURA)
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Rating:53Neutral
Price Target:
C$14.00
▲(7.78% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by improving (but still mixed) financial performance: positive and rising cash flow offsets ongoing net losses and elevated leverage. Technicals add a modest tailwind with the stock trading above key moving averages and a positive MACD, while valuation remains the biggest constraint due to negative earnings and no dividend yield provided.
Positive Factors
Vertical integration
Control across cultivation, processing, distribution, and retail allows Curaleaf to capture value across multiple stages of the cannabis chain. Its own dispensaries and wholesale channels also diversify route-to-market access and support branded product distribution.
Negative Factors
Elevated leverage
Debt now exceeds equity and leverage is materially higher than earlier reported levels, reducing financial flexibility. The capital structure may constrain investment and make Curaleaf more exposed to refinancing pressure or weaker operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration
Control across cultivation, processing, distribution, and retail allows Curaleaf to capture value across multiple stages of the cannabis chain. Its own dispensaries and wholesale channels also diversify route-to-market access and support branded product distribution.
Read all positive factors
Curaleaf Holdings (CURA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.63B
Dividend YieldN/A
Average Volume (3M)193.08K
Price to Earnings (P/E)―
Beta (1Y)1.93
Revenue Growth1.50%
EPS Growth81.84%
CountryCA
Employees5,554
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.15
Shares Outstanding233,484,270
10 Day Avg. Volume193,470
30 Day Avg. Volume193,077
Financial Highlights & Ratios
PEG Ratio-1.16
Price to Book (P/B)2.51
Price to Sales (P/S)1.47
P/FCF Ratio24.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$20.58Price Target Upside58.46% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.02
Revenue Forecast (FY)C$1.37B
Curaleaf Holdings Business Overview & Revenue Model
Company Description
Curaleaf Holdings, Inc. operates as a prominent cannabis company primarily within the United States, managing its business through both domestic and international operating segments. The company's core activities involve the cultivation, productio...
How the Company Makes Money
Curaleaf primarily makes money by selling cannabis and cannabis-derived products through a combination of retail and wholesale channels supported by its vertical integration. (1) Retail sales: Revenue is generated from direct-to-consumer sales at ...
Curaleaf Holdings Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call presented several meaningful financial and strategic positives: revenue growth, a move to net income, strong international expansion (+35% YoY), improved adjusted EBITDA and gross margin levels, successful refinancing and balance sheet progress, and a major regulatory catalyst with medical rescheduling that could materially improve tax treatment, banking access, and international opportunities. These positives are tempered by margin compression (notably in international markets), a modest YoY decline in adjusted EBITDA, SG&A increases, inventory-driven low free cash flow in the quarter, and ongoing supply-chain and market-specific headwinds in select U.S. states. On balance, the company highlighted clear operational improvements, product initiatives driving transaction growth, and significant regulatory upside that management expects to unlock, outweighing the current operational and margin challenges.Positive Updates
Revenue Growth
Total Q1 2026 revenue of $324 million, up 6% year-over-year and above guidance; company expects Q2 revenue to rise 2%–3% sequentially (~$333M at midpoint).
Negative Updates
Sequential Revenue Decline
Revenue declined 3% sequentially versus Q4 2025, attributed to normal seasonality.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total Q1 2026 revenue of $324 million, up 6% year-over-year and above guidance; company expects Q2 revenue to rise 2%–3% sequentially (~$333M at midpoint).
Read all positive updates
Company Guidance
Curaleaf guided Q2 revenue to rise 2–3% sequentially from Q1’s $324M (midpoint ≈ $333M), reiterated 2026 CapEx of roughly $80M, and said operating cash should build through the year after Q1 operating cash flow of $21M and free cash flow of $4M; Q1 head‑line metrics were $324M revenue (+6% YoY, -3% QoQ), $157M gross profit (49% gross margin, -220 bps YoY), $63M adjusted EBITDA (20% margin, -4% YoY and -200 bps YoY, including a 170‑bp international drag), net income from continuing operations $70M or $0.09/share (vs. a $50M loss a year ago), cash $106M, inventory up $16M (7% q/q), outstanding debt $565M (acquisition‑related debt reduced by $9M) and a refinanced $475M note with an oversubscribed $500M three‑year facility; management also expects international growth ~25–30% in 2026 (Q1 international +35% YoY), domestic wholesale +19% YoY (retail -2% YoY), additional 280E tax benefits to be recognized in future periods, and broader balance‑sheet/financial services improvements as regulatory clarity progresses.Curaleaf Holdings Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
43
Neutral
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.29B | 1.34B | 1.35B | 1.34B | 1.21B |
| Gross Profit | 542.08M | 498.20M | 639.25M | 614.45M | 579.03M | 687.59M |
| EBITDA | 165.43M | 169.76M | 233.14M | 238.76M | 220.97M | 278.98M |
| Net Income | -36.93M | -235.12M | -215.42M | -281.20M | -376.93M | -109.13M |
Balance Sheet | ||||||
| Total Assets | 2.81B | 2.84B | 2.95B | 3.10B | 3.41B | 3.11B |
| Cash, Cash Equivalents and Short-Term Investments | 106.79M | 101.39M | 93.03M | 91.82M | 163.18M | 299.33M |
| Total Debt | 909.21M | 1.04B | 853.82M | 883.55M | 931.91M | 652.40M |
| Total Liabilities | 1.94B | 2.00B | 1.96B | 1.93B | 2.01B | 1.44B |
| Stockholders Equity | 866.05M | 754.97M | 861.21M | 1.05B | 1.28B | 1.55B |
Cash Flow | ||||||
| Free Cash Flow | 76.12M | 75.80M | 64.42M | 5.05M | -91.96M | -205.92M |
| Operating Cash Flow | 141.39M | 140.35M | 162.57M | 75.26M | 46.40M | -33.96M |
| Investing Cash Flow | -70.48M | -71.80M | -93.83M | -78.69M | -228.62M | -163.97M |
| Financing Cash Flow | -65.80M | -74.78M | -54.24M | -67.02M | 50.54M | 424.80M |
Curaleaf Holdings Technical Analysis
Positive
12.99
Price Trends
13.34
Positive
13.72
Negative
11.99
Positive
Market Momentum
0.10
Negative
54.04
Neutral
65.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CURA, the sentiment is Positive. The current price of 12.99 is below the 20-day moving average (MA) of 13.40, below the 50-day MA of 13.34, and above the 200-day MA of 11.99, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 54.04 is Neutral, neither overbought nor oversold. The STOCH value of 65.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CURA.
Curaleaf Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | C$2.34B | 14.19 | 6.82% | ― | 3.81% | 344.13% | |
53 Neutral | C$3.63B | -72.30 | -4.47% | ― | 1.50% | 81.84% | |
53 Neutral | C$606.55M | -2.02 | -29.85% | ― | 6.81% | 85.26% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$2.17B | -1.72 | -35.22% | ― | -2.30% | 26.63% | |
45 Neutral | C$493.18M | -2.58 | -28.27% | ― | -5.83% | -115.39% |
* Healthcare Sector Average
TSE:CURA
Curaleaf Holdings
13.72
0.85
6.60%
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Curaleaf Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Curaleaf Defends Aurora Bid, Citing Premium Offer and Stronger Cash Generation
Positive
Sep 2, 2026
Curaleaf Holdings has publicly challenged Aurora Cannabis’ directors’ circular, reaffirming that its proposal for Aurora offers a 45% premium to the target’s unaffected share price and exposure to a larger, more diversified canna...
Business Operations and StrategyM&A Transactions
Curaleaf Pressures Aurora Cannabis to Engage on Premium Takeover Offer
Positive
Aug 24, 2026
Curaleaf has sharply criticized Aurora Cannabis’ response to its takeover proposal, accusing Aurora of years of underperformance, costly transformation efforts and misleading use of selective operating metrics. The company says its bid offer...
Business Operations and StrategyM&A Transactions
Curaleaf Moves to Acquire Aurora Cannabis in Bid to Form Global Cannabis Leader
Positive
Aug 11, 2026
Curaleaf has announced its intention to launch a take‑over bid for Aurora Cannabis, aiming to create what it describes as the leading global cannabis platform. The proposed transaction would combine Curaleaf’s EU‑GMP processing a...
Business Operations and StrategyM&A Transactions
Curaleaf Moves on Aurora Cannabis With Premium Take-Over Bid
Positive
Aug 11, 2026
Curaleaf Holdings has announced its intention to launch a take-over bid for Aurora Cannabis, proposing a mix of subordinate voting shares and cash that values Aurora at US$4.00 per share. The implied offer represents a 45% premium to Aurora’...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesFinancial DisclosuresM&A TransactionsProduct-Related AnnouncementsRegulatory Filings and Compliance
Curaleaf Delivers Q2 2026 Growth as Global Cannabis Expansion Accelerates
Positive
Aug 5, 2026
Curaleaf reported second quarter 2026 net revenue of $340.1 million, up 10% year-over-year, with international sales rising 26% and gross margin improving to 50%. Net income from continuing operations reached $12.5 million, adjusted EBITDA was $70...
Business Operations and StrategyDividends
Source Rock Royalties Declares Monthly Dividend and Grants RSUs to Management
Positive
Jul 16, 2026
Source Rock Royalties has declared a monthly cash dividend of $0.0065 per common share, payable on August 14, 2026 to shareholders of record on July 31, 2026, and designated it as an eligible dividend for Canadian income tax purposes. The move und...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.