Does TRULIEVE CANNABIS CORP. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores TRULIEVE CANNABIS CORP. (TRLV) 47.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 88, returns on capital 17, balance-sheet safety 56, capital discipline 24.

How has TRLV's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 47.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

TRULIEVE CANNABIS CORP.

TRLV · Healthcare · $1.7B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power88

Median gross margin 60.3% over 7y, stable.

Returns on capital17

Median ROIC 5.6%, above the 9% hurdle in 43% of years.

Balance-sheet safety56

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $8.79
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

8 years of fundamentals

The business, in plain English

TRULIEVE CANNABIS CORP. booked $1.2B of revenue in FY2025 in the Healthcare sector and kept 60.2% of it as gross profit — a high-margin business by that measure. After every other cost, −10.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $252.8M (FY2019) to $1.2B (FY2025) — about 29.3% a year compounded over 6 years.

It earned 9.1% on invested capital in FY2025, with a median of 5.6% across 7 filed years. The Returns on Capital filter above scores it 17/100.

The balance sheet carried $136.7M of total debt in FY2025. Balance-Sheet Safety scores it 56/100.

The share count rose 60.8% between FY2020 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (88/100) and Returns on Capital the weakest (17/100), which is how TRLV lands at 48/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.2B FY2025

Gross marginRevenue kept after cost of goods60.2% FY2025

Return on invested capitalOperating profit on the capital employed9.1% FY2025

Owner earningsCash an owner could take out−$48.8M FY2025

Gaps in a line mean that item isn’t in TRLV’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale47.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TRLV has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#137 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#135TGTX TG THERAPEUTICS, INC.47.5 out of 100, Shallow moatShallow moat
#136INFU InfuSystem Holdings, Inc.47.5 out of 100, Shallow moatShallow moat
#138TALK TALKSPACE, INC.47.5 out of 100, Shallow moatShallow moat
#139KRMD KORU MEDICAL SYSTEMS, INC.47.4 out of 100, Shallow moatShallow moat

Compare TRLV with its nearest peers →All Healthcare companies on the Index →

Common questions about TRLV

Does TRULIEVE CANNABIS CORP. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores TRULIEVE CANNABIS CORP. (TRLV) 47.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 88, returns on capital 17, balance-sheet safety 56, capital discipline 24.
How has TRLV's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 47.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TRLV. See the disclaimer.