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Curaleaf Holdings

CURLF
28
Drug Manufacturers - Specialty & Generic · Healthcare
Price
$9.99
+0.39 (+4.06%)
Market Cap
$2.64B
Exchange
Other OTC
Winston Score
28
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Weak
Stability
Mixed
Valuation
Data not available

Share count rising — dilution

+12.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 232.9M (2021) → 262.5M (2025)

Winston Score History

The full picture

Curaleaf Holdings is one of the largest cannabis companies in the United States. It grows, processes, and sells marijuana products — including flower, edibles, vapes, and tinctures — under brands like Select and Curaleaf. Its customers are adult recreational users and medical patients, and it sells through its own network of retail dispensaries across more than 20 states.

Curaleaf makes money by selling cannabis products directly to consumers through its dispensaries and through wholesale to other retailers. It also has operations in Europe, where it focuses on medical cannabis. The company's scale and multi-state retail footprint give it some competitive advantage, but cannabis remains federally illegal in the U.S., which limits banking access, raises taxes, and blocks the company from listing on major U.S. stock exchanges — it trades on the Canadian Securities Exchange instead. The biggest growth driver would be federal legalization or rescheduling of cannabis, while continued federal restrictions remain the central risk.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+123.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

36.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$111M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Curaleaf Holdings is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
50.5%
Healthy — 50.5% gross margin
Profit after running costs
Operating Margin
1.3%
Thin — 1.3% operating margin
Return on the money invested
ROCE
0.7%
Weak — 0.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+2.4%
Nearly flat sales (+2.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
5.8%
Thin free cash flow (5.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.94
Moderate — manageable debt (0.94)
Covers its interest
Interest Cover
0.16x
Dangerous — barely covers interest (0.2x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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