Valuation Tracker

Weekly Valuation Report – Top MSOs by Adj EV/ 2026 EBITDAR

• The chart below ranks the top 12 MSOs by our bespoke valuation measure, Adjusted Enterprise Value / 2026 EBITDAR, which we believe more accurately captures the true valuation picture:
  • Adjusted Enterprise value in the numerator is composed of Market Cap + Total Debt + Operating Leases + Excess Tax Liabilities) This differs from standard calculations of EV in two important ways: 1) we include all operating leases, and 2) we include any tax liabilities (including the uncertain tax liabilities) over 90 days of tax expense. The inclusion of these liabilities is significant for several companies, especially those like Trulieve and Jushi, which have a relatively high amount of uncertain tax liabilities compared to their total debt.
  • The denominator is 2026 Estimated EBITDAR rather than EBITDA, since operating lease expense is subtracted out before the EBITDA line.
• The results may be surprising to investors accustomed to examining standard calculations. Trulieve, for example, has a 5.3x valuation under our scheme, whereas its standard calculation value is only 4.3x. The difference is even larger for Jushi, whose valuation multiple rises from 5.8x to 8.2x primarily due to its large uncertain tax liabilities. In general, the MSOs appear more highly valued when you factor in all the liabilities we think you should consider.