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Background Green Thumb Industries Inc. is a reporting issuer in the United States and Canada and the Company s Subordinate Voting Shares (as hereinafter defined) are listed for trading on the Canadian Securities Exchange ( CSE ) under the symbol GTII. The Company s Subordinate Voting Shares are also traded in the United States on the OTCQX Best Market (the OTCQX ) under the symbol GTBIF.
11.72% operating margin is respectable but not wide. ROIC at 4.55%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 3.4%, steady but not accelerating. Margins contracted 8.0pp, which offsets some of the top-line progress.
ROIC dropped from 7.69% to 4.55%, capital efficiency is deteriorating. Operating margin contracted 8.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.20B
▲ +3.4% YoY
Net Income (TTM)
$121M
▲ +56.2% YoY
Op. Margin
11.37%
▼ -8.0pp YoY
ROIC
4.57%
▼ -3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$226M
▲ +86.0% YoY
Op. Cash Flow (TTM)
$297M
▲ +51.1% YoY
Net Debt
$24M
Cash & Equiv.
$345M
5Y CAGR: +16.1%
5Y CAGR: +42.7%
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