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Fundamentals snapshot

Green Thumb Industries Inc.

GTBIF · OQX · Healthcare · Drug Manufacturers - Specialty & Generic

Current price

$6.50

52-week range

$5.29 - $10.43

Market cap

$1.42B

One-glance verdict

Undervalued

$32.95 our estimate vs market $6.50

Wall Street consensus: $16.00 (-51.4% lower than our fair-value estimate)

Balance sheet

Watch

6.88x Adequate

Net debt $276.62M. Interest coverage shows how many times profit covers the interest bill.

What this company does

Green Thumb Industries Inc.

Green Thumb Industries (GTBIF) sells cannabis products for medical and adult recreational use across the United States, making most of its money from selling these products through its own stores and to other licensed dispensaries. This matters because their sales growth shows how well they are doing in the expanding legal cannabis market, and how effectively they manage their costs to make a profit (their operating margin, which is the profit left after covering the everyday costs of running the business).

Price history

How the share price has moved

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Earnings history

Last 8 quarters — what happened

Click any quarter to read the call summary and what the numbers say.

Free cash flow by quarter (oldest to newest)
FY2024 Q3 $29.64M FY2025 Q1 $44.38M FY2025 Q2 $37.44M FY2025 Q3 $56.57M FY2025 Q4 $75.46M FY2026 Q1 $56.94M FY2026 Q2 $8.79M
Revenue $306.68M
Net income $4.88M
Diluted EPS 0.02
Operating cash flow $29.01M
Free cash flow $8.79M
Revenue $300.19M
Net income $15.40M
Diluted EPS 0.07
Operating cash flow $75.80M
Free cash flow $56.94M
Revenue $311.13M
Net income $83.20M
Diluted EPS 0.22
Operating cash flow $90.14M
Free cash flow $75.46M
Revenue $291.37M
Net income $23.29M
Diluted EPS 0.10
Operating cash flow $74.12M
Free cash flow $56.57M
Revenue $293.26M
Net income $-645.00K
Diluted EPS -0.01
Operating cash flow $56.45M
Free cash flow $37.44M
Revenue $279.54M
Net income $8.31M
Diluted EPS 0.04
Operating cash flow $74.22M
Free cash flow $44.38M
Revenue —
Net income —
Diluted EPS —
Operating cash flow —
Free cash flow —
Revenue $286.87M
Net income $8.62M
Diluted EPS 0.04
Operating cash flow $47.67M
Free cash flow $29.64M

Is it cheap or expensive?

Fair value $32.95 vs current price $6.50

Wall Street consensus is the average analyst price target: $16.00 (-51.4% lower than our fair-value estimate).

Our most-likely fair value is $32.95 a share — about 406.9% above today's price of $6.50, so the stock currently looks cheap (undervalued).

undervalued

We estimate the cash this business should generate over the next 10 years and beyond, then convert it to today's money for a fair value per share, in its trading currency. Cautious, middle and optimistic growth cases give a range. Not for banks/insurers.

Base

Growth 10.0% · Discount 7.9% · Terminal 3.0%

$32.95

Bear

Growth 5.0% · Discount 7.9% · Terminal 3.0%

$24.30

Bull

Growth 18.0% · Discount 7.9% · Terminal 3.0%

$52.49

Is it drowning in debt?

Watch

Net debt $276.6M. Interest coverage 6.9x.

Net debt $276.62M
Interest coverage 6.88x

Green Thumb Industries Inc.'s profit covers its interest bill about 6.9 times over. which is stronger than every peer shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.

Watch
Worse cushion Baseline Better cushion
GTBIF BASELINE Green Thumb Industries Inc.

Total debt $560.20M Interest coverage 6.88x This is the baseline the peer rows are being compared against.

6.88x
TRLV Trulieve Cannabis Corp.

Total debt $577.87M Interest coverage 2.34x -66% vs GTBIF Carries about 2.9x less debt cushion than GTBIF.

2.34x -66% vs GTBIF
CURLF Curaleaf Holdings, Inc.

Total debt $1.11B Interest coverage 0.25x -96% vs GTBIF Carries about 27.3x less debt cushion than GTBIF.

0.25x -96% vs GTBIF
VRNO Verano Holdings Corp.

Total debt $493.68M Interest coverage 1.42x -79% vs GTBIF Carries about 4.8x less debt cushion than GTBIF.

1.42x -79% vs GTBIF
IIPR Innovative Industrial Properties, Inc.

Total debt $609.03M Interest coverage 6.83x -1% vs GTBIF Has roughly the same debt cushion as GTBIF.

6.83x -1% vs GTBIF

What you should know

The case for and against GTBIF

3 Rewards 3 Risks

Rewards

  • Revenue grew 2.9% last year.
  • Returns 6.9% on equity, ahead of 60% of its peers.
  • Free cash flow was positive in 4/10 years.

Risks

  • Forward P/E (19.4x) is higher than trailing (12.0x) - earnings are expected to drop.
  • Operating margin compressed from 20.6% to 6.5% over 3 years.
  • Insider ownership is only 1.9% (peer median: 5.9%).

The numbers

All the key metrics, grouped by purpose

Tap any ? icon to learn what it means.

Valuation

How expensive the stock looks

P/E (TTM)
12.04x
Forward P/E
19.45x
P/B
0.76x
P/S
1.17x
EV/EBITDA
6.41x
PEG ratio
1.79x

Profitability

How much profit each dollar creates

Gross margin
46.9%
Operating margin
6.5%
Net margin
10.5%
ROE
6.9%
ROA
2.7%

Health

Liquidity and balance-sheet strength

Debt / equity
0.30x
Current ratio
2.85x
Quick ratio
1.54x
Total debt
$560.20M
Total cash
$283.59M

Growth

How the business has been compounding

Revenue TTM
$1.21B
Revenue 5Y CAGR
7.1%
EPS TTM
0.54
EPS 5Y CAGR
112.5%

Cash flow

How much cash the business throws off

Operating CF TTM
$269.07M
Free CF TTM
$213.86M
FCF margin
17.7%

Dividend

Shareholder payout

Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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