Intercure (INCR)
Market Price (11/18/2025): $1.36 | Market Cap: $67.8 MilSector: Health Care | Industry: Pharmaceuticals
Intercure (INCR)
Market Price (11/18/2025): $1.36Market Cap: $67.8 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 31%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 26% | Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -141% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 88% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Health & Wellness Trends, and Precision Medicine. Themes include Geriatric Care, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 31%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 26% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Health & Wellness Trends, and Precision Medicine. Themes include Geriatric Care, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -141% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 88% |
Market Valuation & Key Metrics
INCR Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are the key points explaining the -4.3% movement in Intercure (INCR) stock from approximately July 31, 2025, to November 18, 2025:
1. Mixed First Half 2025 Financial Results: InterCure reported its financial results for the first half of 2025 on October 8, 2025, showing NIS 130 million in revenue and NIS 12 million in positive operating cash flow, marking its eleventh consecutive half of positive Adjusted EBITDA. However, the company also reported a net loss of NIS 1.8 million, compared to near break-even in the first half of 2024, which may have tempered investor enthusiasm despite revenue growth.
2. Broader Market Weakness, Particularly in the Technology Sector: During the period, the overall stock market, especially the Nasdaq Composite, experienced significant declines. For instance, on October 30, 2025, the Nasdaq tumbled 1.57%, driven by concerns over AI spending and a more hawkish tone from the U.S. Federal Reserve. In November 2025, the Nasdaq slid 4% in a week, its largest weekly drop since April, largely led by tech stocks, impacting growth-oriented companies like Intercure.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INCR Return | -3% | 440% | -49% | -61% | 23% | -14% | 10% |
| Peers Return | -10% | -6% | -26% | -27% | -27% | 1964% | 585% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| INCR Win Rate | 8% | 17% | 50% | 42% | 58% | 40% | |
| Peers Win Rate | 22% | 30% | 22% | 23% | 32% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| INCR Max Drawdown | -64% | 0% | -50% | -69% | -9% | -23% | |
| Peers Max Drawdown | -17% | -13% | -31% | -34% | -35% | -27% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: BGM, NSRX, RGC, RHHBY, SXTC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)
How Low Can It Go
| Event | INCR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -88.3% | -25.4% |
| % Gain to Breakeven | 757.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -68.1% | -33.9% |
| % Gain to Breakeven | 213.3% | 51.3% |
| Time to Breakeven | 538 days | 148 days |
Compare to BGM, NSRX, RGC, RHHBY, SXTC
In The Past
Intercure's stock fell -88.3% during the 2022 Inflation Shock from a high on 11/12/2021. A -88.3% loss requires a 757.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to INCR. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | GDRX | GoodRx | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -11.9% | -11.9% | -11.9% |
| 10312025 | DXCM | DexCom | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.3% | -0.3% | -5.8% |
| 10242025 | ACHC | Acadia Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -31.5% | -31.5% | -31.5% |
| 10102025 | PBH | Prestige Consumer Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.6% | -1.6% | -1.9% |
| 10032025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 15.6% | 15.6% | -7.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | GDRX | GoodRx | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -11.9% | -11.9% | -11.9% |
| 10312025 | DXCM | DexCom | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.3% | -0.3% | -5.8% |
| 10242025 | ACHC | Acadia Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -31.5% | -31.5% | -31.5% |
| 10102025 | PBH | Prestige Consumer Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.6% | -1.6% | -1.9% |
| 10032025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 15.6% | 15.6% | -7.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Intercure
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.06 |
| Mkt Cap | 0.1 |
| Rev LTM | 415 |
| Op Inc LTM | 17 |
| FCF LTM | - |
| FCF 3Y Avg | - |
| CFO LTM | - |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 28.1% |
| Rev Chg 3Y Avg | 241.6% |
| Rev Chg Q | 7.5% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 4.0% |
| Op Mgn 3Y Avg | 13.4% |
| QoQ Delta Op Mgn LTM | -3.1% |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.1 |
| P/S | 0.2 |
| P/EBIT | 2.6 |
| P/E | 3.3 |
| P/CFO | - |
| Total Yield | 30.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | - |
| D/E | 2.4 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.5% |
| 3M Rtn | -9.0% |
| 6M Rtn | -13.4% |
| 12M Rtn | 28.5% |
| 3Y Rtn | -21.8% |
| 1M Excs Rtn | -6.7% |
| 3M Excs Rtn | -9.0% |
| 6M Excs Rtn | -25.2% |
| 12M Excs Rtn | 12.9% |
| 3Y Excs Rtn | -94.0% |
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Cannabis segment | 356 | 389 | 10 | ||
| Biomed segment | 0 | 0 | |||
| Reconciliations | 0 | 0 | |||
| Adjustments | -1 | ||||
| Total | 356 | 389 | 9 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Cannabis segment | 44 | 69 | -13 | ||
| Reconciliations | 0 | 0 | |||
| Biomed segment | -1 | -0 | 21 | ||
| General and administrative expenses not attributable to segments | -38 | -16 | -71 | ||
| Other expenses, net | -47 | -2 | 59 | ||
| Adjustments | 1 | ||||
| Equity losses | -0 | ||||
| Total | -42 | 51 | -3 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Cannabis segment | 755 | 886 | 551 | 115 | 48 |
| Reconciliations | 29 | 69 | 132 | 208 | |
| Biomed segment | 2 | 3 | 3 | 4 | 40 |
| Adjustments | 194 | ||||
| Total | 787 | 958 | 686 | 326 | 282 |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 10082025 | 6-K 6/30/2025 |
| 12312024 | 5012025 | 20-F 12/31/2024 |
| 6302024 | 8292024 | 6-K 6/30/2024 |
| 12312023 | 5012024 | 20-F 12/31/2023 |
| 6302023 | 8312023 | 6-K 6/30/2023 |
| 3312023 | 5162023 | 6-K 3/31/2023 |
| 12312022 | 5012023 | 20-F 12/31/2022 |
| 9302022 | 11162022 | 6-K 9/30/2022 |
| 3312022 | 5242022 | 6-K 3/31/2022 |
| 12312021 | 4282022 | 20-F 12/31/2021 |
| 9302021 | 11172021 | 6-K 9/30/2021 |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |