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Green Thumb Industries

GTBIF
59
Drug Manufacturers - Specialty & Generic · Healthcare
Price
$7.66
+0.15 (+2.00%)
Market Cap
$1.68B
Exchange
Other OTC
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Exceptional
Stability
Strong
Valuation
Good

Share count rising — dilution

+4.5% over 4y

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

Diluted shares outstanding: 226.8M (2021) → 236.9M (2025)

Winston Score History

The full picture

Green Thumb Industries is a cannabis company based in the United States. It grows, makes, and sells cannabis products — including flower, edibles, vapes, and oils — under brand names like RISE, Dogwalkers, and beboe. Its customers are adult consumers who buy products either for medical or recreational use, depending on what each state allows.

Green Thumb makes money by selling cannabis products through its own retail stores, called RISE dispensaries, as well as through wholesale to other retailers. The company operates across more than a dozen U.S. states and runs over 90 retail locations, making it one of the larger multi-state cannabis operators in the country. Its retail footprint and owned brands give it some competitive advantage, but the company faces a significant ongoing risk: cannabis remains illegal at the federal level in the U.S., which limits access to banking, raises taxes under IRS Section 280E, and blocks the company from listing on major U.S. stock exchanges.

Growth Profile

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

Revenue Growth

+4.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+896.3% 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

13.2%ownership

Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$314M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Green Thumb Industries 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

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Quality

Profit per sale
Gross Margin
45.0%
Healthy — 45.0% gross margin
Profit after running costs
Operating Margin
6.3%
Modest — 6.3% operating margin
Return on the money invested
ROCE
5.5%
Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+4.8%
Slow sales growth (+4.8% YoY)
Profit growth
EPS YoY
+347.1%
Earnings growing fast (+347.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
211%
Turns 211% of profit into real cash
Spare cash per sale
FCF Margin
16.4%
Converts sales into free cash efficiently (16.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.16
Conservative — low debt load (0.16)
Covers its interest
Interest Cover
5.60x
Adequate interest coverage (5.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.0x
Attractive valuation — P/E 14.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-14.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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