Curaleaf Holdings, Inc.

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 4✗ 31▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)0/8 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)0/8 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-24.9%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)2.0% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-97.9M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-30.6%

  ✗Lynch> 15%

  EBIT / Enterprise Value1.0%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.0%, ROC=4.1%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-8.12%

  ✗PiotroskiROA > 0

  ROA Change YoY-7.30% -> -8.12% (delta: -0.82%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=4.84%, ROA=-8.12%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY48.0% -> 49.8%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-6.2%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-30.6%

  ✗Dreman> 12%

  Margin of SafetyP/B=7.9x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-27.4% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency0/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue2.0%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-30.6%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend3.2% (2023) -> 2.0% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 45.6% -> 49.8%, operating margin 3.2% -> 2.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-11.11%; #4224/6340 (top 66.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+22.18%; #1914/3702 (top 51.7%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-30.55%; #3911/5226 (top 74.8%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0147; #1131/5884 (top 19.2%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years0/7 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✗ 28▾

  All 13 investors flag CURLF's valuation

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio7.9x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value1.0%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.0%, ROC=4.1%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)43.4x

  ✗Dreman< 8x

  Price / Book Value per Share7.9x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-1.6%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=3.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=7.9x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share80.6x

  ✗Ackman<= 25

  Price vs. Trailing Low315% of trailing low ($2.49)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-11.11%; #4224/6340 (top 66.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.4072; #3242/6449 (top 50.3%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-59.0%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.6096; #2365/5247 (top 45.1%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+3.57%; #1909/4519 (top 42.2%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+11.82%; #1758/6202 (top 28.3%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 1✗ 12▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 3.7% vs Rev: -5.0%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction$-0.15 (2019) -> $-0.35 (2025)

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency0/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-0.9%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency2/5 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 45.6% -> 49.8%, operating margin 3.2% -> 2.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR15.1%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Valuation models0% pass✗ 3▾

  CURLF overvalued: all 3 models price fair value below $7.85 (median $1.08)

  Greenblatt fair value$0.32

  ✗Greenblatt-2353.1% margin vs $7.85

  Munger fair value$1.26

  ✗Munger-523.0% margin vs $7.85

  Ackman fair value$1.08

  ✗Ackman-626.9% margin vs $7.85
• Efficiency13% pass✓ 2✗ 9▾

  7 of 8 flag CURLF's efficiency — Graham, Buffett, Greenblatt +4 more

  Current Ratio1.61

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)2.2%

  ✗Buffett> 10%

  ROIC - WACC-7.8%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)4.1%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.12 -> 1.52

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.45x -> 0.45x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities1.61

  ✓Dreman> 1.5

  Return on Invested Capital1.5%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=2.1%; FY2024: ROIC=1.4%; FY2025: ROIC=1.5%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 1.5%)

  ✗SleepROIC > 12% in a majority of years
• Verdicts13% pass✓ 2✗ 14▾

  Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #1760✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (3/9)✗TempletonFAIL (2/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1599/2370 (Top 67.5%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage33% pass✓ 6✗ 9▾

  8 of 12 flag CURLF's debt & leverage — Graham, Buffett, Lynch +5 more

  LT Debt vs Net Current AssetsLT Debt $583.4M vs NCA $175.8M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.73, IC: 0.5x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.74

  ✗Lynch< 0.33

  Cash - Long-term Debt$-491.0M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change15.83% -> 18.03%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.61

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity0.74

  ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  Debt Levels0.74

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=0.5x, D/EBITDA=2.5x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.74

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.7432; #2911/4210 (top 69.1%)

  ✗AsnessTop 30% of eligible cross-section
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag CURLF's cash flow — Buffett, Dreman, Pabrai +3 more

  Free Cash Flow Proxy$-97.9M

  ✗BuffettPositive and growing

  FCF Positive and Growing$74.3M

  ✓LynchPositive and growing

  Operating Cash Flow$137.7M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=4.84%, ROA=-8.12%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)43.4x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=3.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive3/7 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap1.2%

  ✗Ackman>= 4%

  Price / FCF per Share80.6x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency5/7 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$74.3M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+3.57%; #1909/4519 (top 42.2%)

  ✗OshaughnessyTop 10% of eligible cross-section