Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Trulieve Cannabis Corp. (TRLV)
A forensic read on Trulieve Cannabis Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
1.1
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-6.8%
ROE
$1.7B
Market cap
Trulieve Cannabis Corp. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3%Return on invested capital.Return on invested capital is 3% and rising from 1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
188dInventory days.Days inventory outstanding moved from 179 to 188 FY2024→FY2025 (against cost of goods sold; inventory +5% vs -0% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
+0.6%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.6%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$308MGoodwill impairments.Took $308M of goodwill writedowns across 1 year(s) (FY2023 ($308M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-10.3%
Debt / Equity0.12x
Free Cash Flow$228.6M
Latest Revenue$1.18B
Return on Equity-10.7%
Revenue Growth YoY-0.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Trulieve Cannabis Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TRLV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown