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Green Thumb Industries

GTBIF
62
Drug Manufacturers - Specialty & Generic · Healthcare
Price
$7.11
-0.03 (-0.42%)
Market Cap
$1.65B
Exchange
Other OTC
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.

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)

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.

Winston Score History

Growth Profile

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

Revenue Growth

+7.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+87.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

18.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$379M 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 7% 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

Gross Margin
47.9%
Healthy — 47.9% gross margin
Operating Margin
13.4%
Healthy — 13.4% operating margin
ROCE
1.8%
Weak — 1.8% 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 YoY
+4.8%
Slow sales growth (4.8% YoY)
EPS YoY
+146.0%
Earnings growing fast (146.0% YoY)

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

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
243%
Turns 243% of profit into real cash
FCF Margin
18.9%
Converts sales into free cash efficiently (18.9%)

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

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Stability

Debt / Equity
0.15
Conservative — low debt load (0.15)
Interest Cover
6.81x
Adequate interest coverage (6.8x)

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

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Valuation

P/E Ratio (TTM)
13.6x
Attractive valuation — P/E 13.6

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

P/E vs Forward
-12.6
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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