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CURALEAF HLDGS (CURLF) Financials

CURLF OTC
FY2025 annual
Revenue $1.3B -5.0% YoY
Net Income -$231.1M n/m YoY
EPS (Diluted) -$0.35 YoY not available
Free Cash Flow $74.3M +4.3% YoY
Market Cap $2.1B as of Oct 26, 2026
Price / Sales 1.7x on $1.3B revenue, FY2025
Price / Earnings n/m net loss, so no earnings multiple, FY2025
Price / Book 2.4x on $867.5M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (40-F/6-K) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CURLF SEC filings page.

CURALEAF HLDGS INC (CURLF) reported $1.3B in revenue for fiscal year 2025, down 5.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CURLF FY2025

Revenue is shrinking, but lower reinvestment preserves cash while rising liabilities and thin operating profit keep the model financially constrained.

Operating cash flow fell 15.8% even as free cash flow rose 4.3%, showing that FY2025 cash improvement came from capital allocation rather than stronger operations. Capital expenditures fell 31.4%, reinforcing that the improvement reflects reduced reinvestment.

Revenue fell 5.0%, yet gross margin expanded 1.7 pp because cost of revenue fell faster. However, selling, general and administrative expense rose 2.4%, leaving operating margin at only 2.0%: cost savings protected gross profit but did not create much operating profit.

Liabilities reached 70.5% of assets while debt-to-equity rose to 0.7x, indicating a progressively more creditor-funded balance sheet as equity eroded. Accounts receivable rose 15.4% while revenue fell 5.0%, tying more capital to customers even as reported sales contracted.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

CURALEAF HLDGS INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress
0.39

CURALEAF HLDGS INC scores 0.39, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $1.6B against total assets of $2.8B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral
5/9

CURALEAF HLDGS INC passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.

Earnings Quality Mixed
N/A

CURALEAF HLDGS INC reported a net loss of $231.1M while generating $137.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk
0.48x

CURALEAF HLDGS INC earns $0.48 in operating income for every $1 of interest expense ($25.4M vs $53.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$340.1M
YoY+9.5%

CURALEAF HLDGS INC generated $340.1M in revenue in Q2 2026. This represents an increase of 9.5% from the same quarter a year earlier.

EBITDA
$52.8M
YoY-4.6%

CURALEAF HLDGS INC's EBITDA was $52.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.6% from the same quarter a year earlier.

Net Income
$12.5M
YoYn/m
QoQ-82.1%

CURALEAF HLDGS INC reported $12.5M in net income in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 82.1%.

EPS (Diluted)
$0.05
YoYn/m

CURALEAF HLDGS INC earned $0.05 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative.

Cash & Balance Sheet

Cash & Debt
$94.6M
YoY+7.8%

CURALEAF HLDGS INC held $94.6M in cash against $570.5M in long-term debt as of Q2 2026.

Shares Outstanding
265M

CURALEAF HLDGS INC had 265M shares outstanding in Q2 2026.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin
50.0%
YoY+0.7pp

CURALEAF HLDGS INC's gross margin was 50.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the same quarter a year earlier.

Operating Margin
1.2%
YoY-0.8pp

CURALEAF HLDGS INC's operating margin was 1.2% in Q2 2026, reflecting core business profitability. This is down 0.8 percentage points from the same quarter a year earlier.

Net Margin
3.7%
YoY+20.8pp

CURALEAF HLDGS INC's net profit margin was 3.7% in Q2 2026, showing the share of revenue converted to profit. This is up 20.8 percentage points from the same quarter a year earlier.

Return on Equity
1.4%
YoY+7.5pp
QoQ-7.1pp

CURALEAF HLDGS INC's quarterly ROE was 1.4% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 7.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 7.1 percentage points.

Capital Allocation

None of these metrics is reported for Q2 2026.

CURLF Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CURLF quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ2'2510-QQ1'2510-QQ4'2440-FQ4'2340-FQ4'2240-F
Revenue$340.1M+9.5%N/AN/A$310.6MN/AN/AN/AN/A
Cost of Revenue$170.2M+8.1%N/AN/A$157.5MN/AN/AN/AN/A
Gross Profit$169.9M+11.0%N/AN/A$153.1MN/AN/AN/AN/A
SG&A Expenses$131.7M+18.2%N/AN/A$111.4MN/AN/AN/AN/A
Operating Income$4.2M-32.4%N/AN/A$6.2MN/AN/AN/AN/A
EBITDA$52.8M-4.6%N/AN/A$55.4MN/AN/AN/AN/A
Interest ExpenseN/AN/AN/A$13.7MN/AN/AN/AN/A
Income Tax-$38.8M-221.8%N/AN/A$31.8MN/AN/AN/AN/A
Net Income$12.5Mn/m$69.8Mn/mN/A-$53.2M-$61.1MN/AN/AN/A
EPS (Basic)$0.05n/mN/AN/A-$0.26N/AN/AN/AN/A
EPS (Diluted)$0.05n/mN/AN/A-$0.26N/AN/AN/AN/A
Diluted Shares (Avg)271M+7.2%N/AN/A252MN/AN/AN/AN/A

Not reported in any period shown, so not listed: R&D Expenses.

CURLF Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CURLF quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ2'2510-QQ1'2510-QQ4'2440-FQ4'2340-FQ4'2240-F
Total Assets$2.8BN/A$2.8B-3.5%N/AN/A$2.9B-4.7%$3.1B-9.3%$3.4B+10.0%
Current Assets$467.8MN/A$448.6M+3.3%N/AN/A$434.4M+3.8%$418.6M-35.8%$652.4M-10.2%
Cash & Equivalents$94.6M+7.8%N/A$89.2M-16.8%$87.7MN/A$107.2M+16.8%$91.8M-43.7%$163.2M-45.5%
Short-Term Investments$0n/mN/A$0n/m$0N/A$0n/m$0n/m$0n/m
Inventory$244.7MN/A$225.0M+3.7%N/AN/A$216.9M+0.5%$215.9M-8.0%$234.8M-5.4%
Accounts Receivable$70.6MN/A$73.9M+15.4%N/AN/A$64.0M+6.7%$60.0M+32.8%$45.2M-25.2%
Long-Term Investments$0n/mN/A$0n/m$0N/A$0-100.0%$2.5M-11.4%$2.8M-36.4%
Goodwill$633.0MN/A$635.1M+1.0%N/AN/A$628.9M+0.4%$626.6M+0.2%$625.1M+9.4%
Total Liabilities$1.9BN/A$2.0B+2.5%N/AN/A$2.0B+1.6%$1.9B-4.4%$2.0B+39.8%
Current Liabilities$307.1MN/A$294.3M-24.1%N/AN/A$387.9M-21.5%$494.0M-0.6%$496.9M+57.1%
Non-Current Liabilities$1.6BN/A$1.7B+9.1%N/AN/A$1.6B+9.6%$1.4B-5.6%$1.5B+35.0%
Long-Term Debt$570.5MN/A$512.9M+9.9%N/AN/A$466.9M-14.8%$548.3M-3.9%$570.8M+24.6%
Total Equity$867.5M-0.4%$821.1M+0.9%$756.4M-12.2%$871.3M$814.0M$861.2M-18.0%$1.1B-17.9%$1.3B-17.2%
Retained Earnings-$1.5BN/A-$1.6Bn/mN/AN/A-$1.4Bn/m-$1.1Bn/m-$859.6Mn/m

CURLF Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CURLF quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ2'2510-QQ1'2510-QQ4'2440-FQ4'2340-FQ4'2240-F
Depreciation & Amortization$48.6M-1.1%N/AN/A$49.2MN/AN/AN/AN/A
Stock-Based Compensation$10.3M+21.2%N/AN/A$8.5MN/AN/AN/AN/A

Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

CURLF Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CURLF quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ2'2510-QQ1'2510-QQ4'2440-FQ4'2340-FQ4'2240-F
Gross Margin50.0%+0.7ppN/AN/A49.3%N/AN/AN/AN/A
Operating Margin1.2%-0.8ppN/AN/A2.0%N/AN/AN/AN/A
Net Margin3.7%+20.8ppN/AN/A-17.1%N/AN/AN/AN/A
Return on Equity1.4%+7.5pp8.5%+16.0ppN/A-6.1%-7.5%N/AN/AN/A
Return on Assets0.4%N/AN/AN/AN/AN/AN/AN/A
Current Ratio1.52N/A1.52+0.4xN/AN/A1.12+0.3x0.85-0.5x1.31-1.0x
Debt-to-Equity0.66N/A0.68+0.1xN/AN/A0.540.0x0.52+0.1x0.45+0.1x
Liabilities-to-Equity2.24N/A2.65+0.4xN/AN/A2.27+0.4x1.83+0.3x1.57+0.6x
Asset Turnover0.12N/AN/AN/AN/AN/AN/AN/A

Not reported in any period shown, so not listed: FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
CURALEAF HLDGS INC CURLF FY2025 $1.3B -$231.1M -18.2% $2.1B —
GREEN THUMB INDUS SUB VTG GTBIF FY2025 $1.2B $114.2M 9.7% $1.4B —
NIKA PHARMACEUTICALS INC NIKA FY2025 N/A -$76K N/A $367.0M —

Frequently Asked Questions

What is CURALEAF HLDGS INC's annual revenue?

CURALEAF HLDGS INC (CURLF) reported $1.3B in total revenue for fiscal year 2025. This represents a -5.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is CURALEAF HLDGS INC's revenue growing?

CURALEAF HLDGS INC (CURLF) revenue declined by 5.0% year-over-year, from $1.3B to $1.3B in fiscal year 2025.

Is CURALEAF HLDGS INC profitable?

No, CURALEAF HLDGS INC (CURLF) reported a net loss of $231.1M in fiscal year 2025, with a net profit margin of -18.2%.

CURALEAF HLDGS INC (CURLF) reported diluted earnings per share of -$0.35 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

CURALEAF HLDGS INC (CURLF) had EBITDA of $222.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, CURALEAF HLDGS INC (CURLF) had $89.2M in cash and equivalents against $512.9M in long-term debt.

CURALEAF HLDGS INC (CURLF) had a gross margin of 49.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

CURALEAF HLDGS INC (CURLF) had an operating margin of 2.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

CURALEAF HLDGS INC (CURLF) had a net profit margin of -18.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

CURALEAF HLDGS INC (CURLF) has a return on equity of -30.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

CURALEAF HLDGS INC (CURLF) generated $74.3M in free cash flow during fiscal year 2025. This represents a 4.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

CURALEAF HLDGS INC (CURLF) generated $137.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

CURALEAF HLDGS INC (CURLF) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.

CURALEAF HLDGS INC (CURLF) invested $63.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

CURALEAF HLDGS INC (CURLF) invested $805K in research and development during fiscal year 2025.

CURALEAF HLDGS INC (CURLF) had 257M shares outstanding as of fiscal year 2025.

CURALEAF HLDGS INC (CURLF) had a current ratio of 1.52 as of fiscal year 2025, which is generally considered healthy.

CURALEAF HLDGS INC (CURLF) had a debt-to-equity ratio of 0.68 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

CURALEAF HLDGS INC (CURLF) had a liabilities-to-equity ratio of 2.65 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

CURALEAF HLDGS INC (CURLF) had a return on assets of -8.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

CURALEAF HLDGS INC (CURLF) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $2.1B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

CURALEAF HLDGS INC (CURLF) trades at 1.7x sales, its market capitalization divided by $1.3B revenue, FY2025. The market capitalization is $2.1B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

CURALEAF HLDGS INC (CURLF) has an Altman Z-Score of 0.39, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

CURALEAF HLDGS INC (CURLF) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

CURALEAF HLDGS INC (CURLF) reported a net loss of $231.1M while generating $137.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

CURALEAF HLDGS INC (CURLF) has an interest coverage ratio of 0.48x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

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