Planet 13 Holdings (PLNH) Stock Price, Financials & Analysis

Key Stats

Market Cap34.72 Mn

P/E-0.56

P/S0.38

Div. Yield0.00

Total Debt (Qtr)11.02 Mn

Revenue Growth (1y) (Qtr)-14.88

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About

Planet 13 Holdings Inc. is a vertically integrated cultivator and provider of cannabis and cannabis infused products in the states of Nevada and California, with retail cannabis operations in Illinois. In addition to these operational cannabis licenses, the company holds a license and is developing operations in Florida. As of December 31, 2025, the company held six cultivation licenses, six production licenses, three dispensary licenses, and one distribution license in Nevada; in California it held one medium indoor cultivation license, one manufacturing license, two distribution licenses, one dispensary license, and one event organizer license; in Florida it held one MMTC license that permits an unlimited number of dispensary locations (33 were operational as of December 31, 2025) and cultivation and manufacturing facilities; and in Illinois it held one adult use dispensing license. The firm engages in cultivation, production, distribution, and dispensing of cannabis through a network of owned facilities and licensed retail stores.

The company generates revenue primarily from the sale of cannabis and cannabis infused products to adult use and medical consumers. It sells flower, vapes, concentrates, edibles, and beverages under its own brands such as HaHa (gummies and beverages), Dreamland (chocolates), TRENDI (flower, vapes and concentrates), Medizin (flower, vapes, and concentrates), and Leaf and Vine (flower and vapes). The company’s flagship Las Vegas Superstore encompasses approximately 100,000 square feet of retail and entertainment space, while its Santa Ana dispensary occupies about 25,600 square feet. Revenue also derives from its consumption lounge, DAZED!, which offers a 3,000 square foot space for curated cannabis experiences. Wholesale distribution to third party dispensaries further contributes to sales. The firm maintains a customer loyalty database exceeding 485,000 individuals, which supports repeat purchases across its retail locations.

Within the multi state cannabis industry, Planet 13 Holdings Inc. competes with other licensed retailers, cultivators, and producers in Nevada, California, Illinois, and Florida. The company leverages an early mover advantage in Nevada and California, a fully integrated supply chain, and a portfolio of proprietary brands to differentiate itself. In Florida it faces competition from 22 other medical marijuana treatment center license holders, while in Illinois it contends with approximately 260 additional dispensary operators. The company operates roughly 33 dispensaries in Florida, two in Nevada, one in California, and one in Illinois, giving it a multi state footprint. Its vertically integrated model, extensive customer loyalty program, and focus on product innovation provide competitive advantages.

The company serves individual consumers seeking recreational and medical cannabis products across its four operating states. Its customer base includes adult use patrons in Nevada and California, medical patients in Florida, and adult use customers in Illinois, supported by a loyalty program that exceeds 485,000 members. In addition to individual consumers, the company supplies wholesale products to licensed third party dispensaries in Nevada and California. No specific corporate or institutional client names are disclosed in the filing.

How Planet 13 Holdings ranks

Ranked against the 40 companies in Tobacco and Cannabis58 metrics · as of Oct 16, 2026

Valuation

12 metrics · Lower multiples rank higher; a negative multiple ranks last

P/ENegative earnings −0.58xMedian 16.3x 14^th
P/FCFNegative free cash flow −3.67xMedian 23.8x 14^th
P/Operating cash flowNegative operating cash flow −5.02xMedian 11.4x 15^th
P/S 0.40xMedian 0.92x 74^th
P/B 0.95xMedian 1.01x 57^th
P/Tangible book 0.95xMedian 1.08x 60^th
EV/EBITDANegative EBITDA −0.92xMedian 12.7x 11^th
EV/EBITNegative EBIT −0.76xMedian 18.3x 9^th
EV/Revenue 0.45xMedian 1.15x 82^nd
EV/FCFNegative free cash flow −4.12xMedian 22.7x 13^th
EV/Operating cash flowNegative operating cash flow −5.62xMedian 14.2x 16^th
PEG (3Y EPS CAGR)Negative earnings 1.45Median 0.51 Not meaningful —

Growth

14 metrics · Year-on-year growth and three-year compound annual growth

Revenue growth (1Y) −21.2%Median 3.7% 12^th
Revenue CAGR (3Y) −3.0%Median −0.6% 31^st
Gross profit growth (1Y) −29.0%Median 2.2% 13^th
Gross profit CAGR (3Y) −4.8%Median 3.2% 17^th
Operating income growth (1Y) −30.3%Median −8.1% 42^nd
Operating income CAGR (3Y) −2.1%Median 27.2% 22^nd
Net income growth (1Y) −26.5%Median −9.3% 44^th
Net income CAGR (3Y) −0.4%Median 21.8% 18^th
EPS growth (1Y) −26.5%Median −8.5% 41^st
EPS CAGR (3Y) −0.4%Median 25.1% 24^th
Operating cash flow growth (1Y) −47.8%Median 14.4% 19^th
Operating cash flow CAGR (3Y) 10.0%Median 12.1% 48^th
Free cash flow growth (1Y) 32.9%Median 29.7% 52^nd
Free cash flow CAGR (3Y) 19.3%Median 26.8% 44^th

Profitability

14 metrics · Margins, returns on capital and the quality of earnings

Gross margin 41.0%Median 43.3% 46^th
EBITDA margin −48.5%Median 1.7% 4^th
Operating margin −58.9%Median −6.4% 3^rd
Pretax margin −54.3%Median −14.1% 21^st
Net margin −67.3%Median −16.1% 12^th
FCF margin −10.9%Median 1.8% 28^th
Operating cash flow margin −7.9%Median 5.1% 28^th
Return on equity −132%Median −33.2% 12^th
Return on assets −37.4%Median −13.4% 20^th
Return on invested capital −104%Median −4.4% 1^st
Return on capital employed −43.6%Median −3.0% 17^th
Asset turnover 0.63xMedian 0.59x 61^st
Cash conversion (OCF / net income)Net income is not positive 0.12xMedian 1.18x Not meaningful —
Stock comp / revenue 3.4%Median 2.3% 38^th

Financial Health

11 metrics · Leverage, liquidity and solvency; less debt ranks higher

Debt / assets 7.6%Median 22.4% 82^nd
Debt / equity 0.28xMedian 0.40x 60^th
Net debt / EBITDAEBITDA is not positive −0.10xMedian 2.38x Not meaningful —
Debt / FCFFree cash flow is not positive −1.10xMedian 2.86x Not meaningful —
Liabilities / assets 73.1%Median 67.5% 42^nd
Equity / assets 26.9%Median 32.5% 42^nd
Interest coverage —Median −2.88x No data —
Current ratio 1.80xMedian 1.66x 56^th
Quick ratio 0.41xMedian 0.69x 27^th
Cash ratio 0.32xMedian 0.40x 38^th
Altman Z-score −3.49Median −1.20 31^st

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	PM	Philip Morris International Inc.	313.55 Bn	28.83	7.37	49.11 Bn
2	BTI	British American Tobacco p.l.c.	128.08 Bn	-	-	46.47 Bn
3	MO	Altria Group, Inc.	123.78 Bn	15.52	5.28	24.58 Bn
4	RLX	RLX Technology Inc.	2.10 Bn	35.44	3.00	0.02 Bn
5	CURLF	Curaleaf Holdings, Inc.	2.04 Bn	-63.89	1.56	0.61 Bn
6	TRLV	Trulieve Cannabis Corp.	1.98 Bn	-4.18	1.74	0.19 Bn
7	GTBIF	Green Thumb Industries Inc.	1.37 Bn	10.78	1.13	0.57 Bn
8	PLNH	Planet 13 Holdings Inc.	0.03 Bn	-0.56	0.38	0.01 Bn

Planet 13 Holdings PLNH

About

Product and Service Breakdown of Revenue (2025)

How Planet 13 Holdings ranks

Valuation

Growth

Profitability

Financial Health

Shareholder Returns

Peer Comparison

Planet 13 Holdings PLNH

About

Product and Service Breakdown of Revenue (2025)

How Planet 13 Holdings ranks

Valuation

Growth

Profitability

Financial Health

Shareholder Returns

Peer Comparison

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