Tilray Brands, Inc. (TLRY) 10-Year Financial Performance & Capital Metrics

TLRY • • Industrial / General

HealthcareSpecialty & Generic PharmaCannabis & Hemp ProductsMedical Cannabis Producers

AboutTilray Brands, Inc. engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. The company operates through four segments: Cannabis Business, Distribution Business, Beverage Alcohol Business, and Wellness Business. It offers medical and adult-use cannabis products, including GMP-certified flowers, oils, vapes, edibles, and topicals; purchases and resells pharmaceutical and wellness products; and produces, markets, sells, and distributes beverage alcohol products, and hemp-based food and other wellness products. The company offers its products under the Tilray, Aphria, Broken Coast, Symbios, B!NGO, The Batch, P'tite Pof, Dubon, Good Supply, Solei, Chowie Wowie, Canaca, RIFF, SweetWater, Breckenridge Distillery, Alpine Beer Company, and Green Flash brands. It sells its products to retailers, wholesalers, patients, physicians, hospitals, pharmacies, researchers, and governments, as well as direct to consumers. The company was formerly known as Tilray, Inc. Tilray Brands, Inc. is headquartered in Leamington, Canada.Show more

Revenue $1.13B +4.8%
EBITDA -$2.95B -4425.0%
Net Income -$3B -798.9%
EPS (Diluted) -33.80 -651.7%
Gross Margin 29.29% +3.5%
EBITDA Margin -261.68% -4216.2%
Operating Margin -277.94% -1154.8%
Net Margin -266.25% -757.4%
ROE -89.1% -1124.7%
ROIC -66.18% -1736.5%
Debt/Equity 0.22 +96.2%
Interest Coverage -55.23 -1457.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 99 (top 1%)
✓Strong 5Y sales CAGR of 22.7%
✓Trading at only 0.4x book value

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 19.9% in last year
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y119.02%

5Y22.69%

3Y12.47%

TTM3.03%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-764.38%

EPS CAGR

10Y-

5Y-

3Y-

TTM-649.35%

ROCE

10Y Avg-27.93%

5Y Avg-26.22%

3Y Avg-37.88%

Latest-78.12%

Peer Comparison

Medical Cannabis Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
ACBAurora Cannabis Inc.	239.88M	4.24	148.77	27.01%	7.68%	4.54%	0.17
IXHLIncannex Healthcare Limited	132.26M	0.38	-0.28	378.7%	-1671.96%	-466.4%	0.02
TLRYTilray Brands, Inc.	1.13B	9.71	-0.29	4.84%	-252.55%	-136.55%	0.22
IMCCIM Cannabis Corp.	7.08M	1.35	-0.30	10.71%	-8.96%	-109.13%	5.73
AKANAkanda Corp.	190.81K	1.31	-0.33	-61.27%	-12.14%	-8.5%	0.08
INCRInterCure Ltd.	52M	0.95	-0.67	-32.82%	-28.38%	-17.05%	0.53
FLGCFlora Growth Corp.	6.84M	6.54	-5.03	-21.78%	-32.14%	-24.58%	1.09

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	6.47M	15.17M	28.63M	179.3M	405.33M	619.67M	792.12M	844.72M	1.07B	1.13B
Revenue Growth %	13.57%	1.35%	0.89%	5.26%	1.26%	0.53%	0.28%	0.07%	0.27%	0.05%
Cost of Goods Sold+	1.88M	2.33M	-3.08M	135.79M	309.27M	470.9M	644.86M	646.77M	770.66M	796.88M
COGS % of Revenue	0.29%	0.15%	-0.11%	0.76%	0.76%	0.76%	0.81%	0.77%	0.72%	0.71%
Gross Profit+	4.58M	12.84M	31.71M	43.51M	96.05M	148.77M	147.26M	197.95M	304.33M	330.11M
Gross Margin %	0.71%	0.85%	1.11%	0.24%	0.24%	0.24%	0.19%	0.23%	0.28%	0.29%
Gross Profit Growth %	6.17%	1.8%	1.47%	0.37%	1.21%	0.55%	-0.01%	0.34%	0.54%	0.08%
Operating Expenses+	5.42M	13.87M	41.35M	182.44M	200.06M	308.4M	916.72M	2.04B	542.43M	3.46B
OpEx % of Revenue	0.84%	0.91%	1.44%	1.02%	0.49%	0.5%	1.16%	2.42%	0.5%	3.07%
Selling, General & Admin	4.97M	10.2M	33.85M	96.99M	129.86M	188.03M	294.19M	311.13M	341.63M	356.06M
SG&A % of Revenue	0.77%	0.67%	1.18%	0.54%	0.32%	0.3%	0.37%	0.37%	0.32%	0.32%
Research & Development	168.99K	365.21K	380K	1.05M	1.92M	1M	1.91M	918.63K	865.23K	389.7K
R&D % of Revenue	0.03%	0.02%	0.01%	0.01%	0%	0%	0%	0%	0%	0%
Other Operating Expenses	277.37K	3.31M	7.12M	84.4M	68.28M	119.36M	620.62M	1.73B	199.94M	3.11B
Operating Income+	-836.23K	-1.03M	-9.64M	-138.93M	-104.01M	-159.63M	-769.46M	-1.84B	-238.1M	-3.13B
Operating Margin %	-0.13%	-0.07%	-0.34%	-0.77%	-0.26%	-0.26%	-0.97%	-2.18%	-0.22%	-2.78%
Operating Income Growth %	0.69%	-0.24%	-8.33%	-13.41%	0.25%	-0.53%	-3.82%	-1.4%	0.87%	-12.16%
EBITDA+	-106.18K	408.26K	-4.46M	-121.72M	-68.34M	-77.7M	-574.59M	-1.67B	-65.17M	-2.95B
EBITDA Margin %	-0.02%	0.03%	-0.16%	-0.68%	-0.17%	-0.13%	-0.73%	-1.98%	-0.06%	-2.62%
EBITDA Growth %	0.96%	4.85%	-11.92%	-26.3%	0.44%	-0.14%	-6.39%	-1.91%	0.96%	-44.25%
D&A (Non-Cash Add-back)	730.05K	1.44M	5.18M	17.21M	35.67M	81.92M	194.88M	175.31M	172.93M	183.17M
EBIT	-614.94K	3.5M	28.85M	-32.26M	-83.54M	-379.33M	-505.49M	-1.89B	-272.18M	-3.1B
Net Interest Income+	215.83K	540.39K	3.89M	5.26M	-19.37M	-33.79M	-35.23M	-18.3M	-49.64M	-41.1M
Interest Income	215.83K	827.65K	4.93M	11.14M	6.27M	3.53M	14.79M	44.48M	17.48M	15.61M
Interest Expense	0	287.27K	1.05M	5.88M	25.64M	37.32M	50.02M	62.79M	67.13M	56.71M
Other Income/Expense	221.29K	4.25M	37.44M	100.79M	-5.18M	-257.02M	213.96M	-108.43M	-101.2M	-26.99M
Pretax Income+	-614.94K	3.22M	27.81M	-38.14M	-109.19M	-416.65M	-555.51M	-1.95B	-339.31M	-3.16B
Pretax Margin %	-0.1%	0.21%	0.97%	-0.21%	-0.27%	-0.67%	-0.7%	-2.31%	-0.32%	-2.8%
Income Tax+	-920.06K	99.47K	4.97M	-2.04M	-8.35M	-10.84M	-8.25M	-9.67M	-36.27M	-166.06M
Effective Tax Rate %	-0.5%	0.97%	0.82%	0.66%	0.94%	1.07%	1.08%	1%	0.98%	0.95%
Net Income+	305.12K	3.12M	22.84M	-25.04M	-102.54M	-443.75M	-601.05M	-1.96B	-333.8M	-3B
Net Margin %	0.05%	0.21%	0.8%	-0.14%	-0.25%	-0.72%	-0.76%	-2.32%	-0.31%	-2.66%
Net Income Growth %	1.06%	9.21%	6.33%	-2.1%	-3.1%	-3.33%	-0.35%	-2.26%	0.83%	-7.99%
Net Income (Continuing)	305.12K	3.12M	22.84M	-36.09M	-100.83M	-405.82M	-547.26M	-1.94B	-303.04M	-2.99B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	6.24M	53.65M	19.2M	370.62K	-30.05M
EPS (Diluted)+	0.00	0.00	0.00	0.00	0.00	-15.10	-11.30	-31.70	-4.50	-33.80
EPS Growth %	-	-	-	-	-	-	0.25%	-1.81%	0.86%	-6.52%
EPS (Basic)	0.00	0.00	0.00	0.00	0.00	-15.10	-11.30	-31.70	-4.50	-33.80
Diluted Shares Outstanding	4.9M	9.34M	13.91M	20.35M	22.82M	26.95M	48.12M	61.8M	74.26M	89.03M
Basic Shares Outstanding	4.9M	8.74M	13.5M	20.35M	22.8M	26.95M	48.12M	61.8M	74.26M	89.03M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	16.79M	16.38M	15.77M	754.67M	345.05M	883.61M	1.01B	1.04B	923.43M	944.93M
Cash & Short-Term Investments	12.63M	10.17M	2.95M	704.68M	128.94M	488.47M	524.29M	604.16M	354.98M	351.78M
Cash Only	12.63M	10.17M	2.95M	663.38M	128.94M	488.47M	524.29M	278.33M	311.13M	304.17M
Short-Term Investments	0	0	0	41.3M	0	0	0	325.83M	43.85M	47.61M
Accounts Receivable	1.78M	571.45K	2.69M	23.82M	57.33M	105.36M	120.11M	116.15M	138.57M	166.71M
Days Sales Outstanding	100.4	13.75	34.26	48.48	51.63	62.06	55.34	50.19	47.05	53.99
Inventory	1.6M	5.54M	9.43M	22.07M	117.04M	256.43M	309.51M	270.14M	343.49M	371.7M
Days Inventory Outstanding	310.37	867.74	-1.12K	59.32	138.13	198.76	175.19	152.45	162.68	170.25
Other Current Assets	535.17K	95.92K	692.84K	4.09M	33.96M	-15.56M	0	50.81M	86.4M	54.74M
Total Non-Current Assets+	11.03M	28.52M	52.98M	139.37M	848.95M	5.14B	5.86B	4.88B	4.98B	1.96B
Property, Plant & Equipment	5.6M	26.94M	50.83M	109.21M	268.73M	668.97M	756.97M	586.75M	782.59M	810.57M
Fixed Asset Turnover	1.15x	0.56x	0.56x	1.64x	1.51x	0.93x	1.05x	1.44x	1.37x	1.39x
Goodwill	920.06K	0	0	0	217.47M	2.83B	3.33B	2.71B	2.74B	1.03B
Intangible Assets	3.31M	1.11M	1.19M	6.11M	304.82M	1.61B	1.61B	1.31B	1.25B	29.4M
Long-Term Investments	1.2M	0	0	23.02M	47.47M	25.79M	159.09M	155.94M	54.31M	13.9M
Other Non-Current Assets	0	267.48K	795.82K	1.03M	10.47M	8.29M	395.82K	299.03K	7.35M	15.21M
Total Assets+	27.82M	44.91M	68.75M	894.03M	1.19B	6.03B	6.87B	5.92B	5.91B	2.9B
Asset Turnover	0.23x	0.34x	0.42x	0.20x	0.34x	0.10x	0.12x	0.14x	0.18x	0.39x
Asset Growth %	1.42%	0.61%	0.53%	12%	0.34%	4.05%	0.14%	-0.14%	-0%	-0.51%
Total Current Liabilities+	971.04K	29.71M	63.84M	35.31M	123.12M	401.24M	353.39M	583.21M	407.64M	384.63M
Accounts Payable	971.04K	1.02M	7.07M	14.5M	52.03M	69.67M	86.48M	95.39M	143.6M	147.3M
Days Payables Outstanding	188.18	160.1	-838.42	38.97	61.4	54	48.95	53.83	68.01	67.47
Short-Term Debt	0	27.19M	54.2M	639.89K	5.29M	45.34M	116.79M	302.07M	53.09M	39.64M
Deferred Revenue (Current)	0	0	0	0	0	1000K	0	0	0	0
Other Current Liabilities	0	1.49M	2.57M	20.17M	32.81M	-60.32M	120.01M	140.34M	196.99M	195.64M
Current Ratio	17.29x	0.55x	0.25x	21.37x	2.80x	2.20x	2.87x	1.79x	2.27x	2.46x
Quick Ratio	15.64x	0.36x	0.10x	20.75x	1.85x	1.56x	1.99x	1.32x	1.42x	1.49x
Cash Conversion Cycle	222.59	721.39	-245.76	68.84	128.35	206.81	181.58	148.8	141.72	156.77
Total Non-Current Liabilities+	0	11.79M	11.07M	589.62M	690.87M	1.16B	917.69M	855.01M	807.93M	475.86M
Long-Term Debt	0	11.59M	0	572.32M	580.5M	835.11M	655.29M	482.13M	392.33M	322.36M
Capital Lease Obligations	0	0	10.91M	11.28M	39.17M	53.95M	14.28M	10.69M	82.33M	89.09M
Deferred Tax Liabilities	0	201.29K	163.99K	6.02M	71.09M	265.85M	247.88M	347.24M	333.15M	63.24M
Other Non-Current Liabilities	0	0	0	0	114.56K	3.91M	240.77K	14.96M	122.63K	1.17M
Total Liabilities	971.04K	41.49M	74.91M	624.93M	814M	1.56B	1.27B	1.44B	1.22B	860.49M
Total Debt+	0	38.77M	65.11M	584.24M	624.97M	938.66M	786.36M	794.89M	527.75M	451.09M
Net Debt	-12.63M	28.6M	62.16M	-79.15M	496.03M	450.19M	262.07M	516.56M	216.62M	146.92M
Debt / Equity	-	11.35x	-	2.17x	1.64x	0.21x	0.14x	0.18x	0.11x	0.22x
Debt / EBITDA	-	94.98x	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	70.06x	-	-	-	-	-	-	-	-
Interest Coverage	-	-3.60x	-9.21x	-23.63x	-4.06x	-4.28x	-15.38x	-29.38x	-3.55x	-55.23x
Total Equity+	26.85M	3.42M	-6.17M	269.1M	380.01M	4.47B	5.6B	4.49B	4.69B	2.04B
Equity Growth %	1.5%	-0.87%	-2.81%	44.63%	0.41%	10.75%	0.25%	-0.2%	0.05%	-0.56%
Book Value per Share	5.48	0.37	-0.44	13.23	16.66	165.66	116.34	72.58	63.17	22.96
Total Shareholders' Equity	26.85M	3.42M	-6.17M	269.1M	380.01M	4.46B	5.55B	4.47B	4.69B	2.07B
Common Stock	31.37M	0	0	0	14.65K	46K	66.81K	88.9K	113.09K	145.45K
Retained Earnings	-6.38M	-44.1M	-51.43M	-147.28M	-572.98M	-486.05M	-1.21B	-3.25B	-3.63B	-6.65B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.07M	4.84M	4.91M	5.14M	12.95M	152.67M	-26.17M	-62.78M	-59.27M	-59.09M
Minority Interest	0	0	0	0	0	6.24M	53.65M	19.2M	370.62K	-30.05M

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	-757.62K	-4.48M	-7.63M	-62.97M	-343.77M	-53.99M	-223.45M	10.65M	-42.11M	-129.81M
Operating CF Margin %	-0.12%	-0.3%	-0.27%	-0.35%	-0.85%	-0.09%	-0.28%	0.01%	-0.04%	-0.12%
Operating CF Growth %	0.83%	-4.92%	-0.7%	-7.25%	-4.46%	0.84%	-3.14%	1.05%	-4.95%	-2.08%
Net Income	305.12K	-10.65M	-9.93M	-92.2M	-427.83M	-443.62M	-601.05M	-1.96B	-333.8M	-3B
Depreciation & Amortization	730.05K	2.64M	2.36M	4.85M	21.11M	81.9M	194.88M	175.31M	172.93M	183.17M
Stock-Based Compensation	354.46K	0	0	0	0	0	0	0	0	0
Deferred Taxes	-920.06K	0	0	-6.11M	-11.79M	-30.03M	-34.71M	-43.04M	-52.97M	-166.06M
Other Non-Cash Items	-1.9K	1.25M	-401.72K	49M	235.34M	399.26M	333.12M	1.82B	183.82M	2.94B
Working Capital Changes	-1.23M	2.28M	341.97K	-18.5M	-160.61M	-61.5M	-115.68M	19.4M	-12.09M	-85.85M
Change in Receivables	-1.36M	426.9K	-2.15M	-22.34M	-26.66M	-28.39M	-7.36M	5.61M	-8.96M	-24.43M
Change in Inventory	-596.8K	936.2K	-4.19M	-12.56M	-136.73M	-42.6M	-57.67M	-17.42M	-21.23M	-18.61M
Change in Payables	244.79K	164.81K	6.01M	7.1M	26.65M	17.51M	-56.29M	27M	288.86K	-31.48M
Cash from Investing+	-4.58M	-1.38M	-15.02M	-134.27M	-337.26M	55.67M	-27.14M	-384.04M	174.88M	-64.11M
Capital Expenditures	-3.43M	-1.39M	-15.05M	-74.14M	-104.72M	-46.94M	-42.94M	-28.02M	-39.85M	-45.17M
CapEx % of Revenue	0.53%	0.09%	0.53%	0.41%	0.26%	0.08%	0.05%	0.03%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	52.89K	8.11K	0	0	-3.58M	14.2M	0	0	0	0
Cash from Financing+	12.56M	14.75M	15.55M	859.09M	152.79M	150.09M	161.6M	94.5M	-102.45M	183.2M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4.65M	0	0	0	-671.38K	-30.13M	-19.46M	-1.5M	-3.95M	-6.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-4.19M	-5.14M	-21.5M	-131.31M	-442M	-100.93M	-266.39M	-17.37M	-81.96M	-174.98M
FCF Margin %	-0.65%	-0.34%	-0.75%	-0.73%	-1.09%	-0.16%	-0.34%	-0.02%	-0.08%	-0.16%
FCF Growth %	0.35%	-0.23%	-3.18%	-5.11%	-2.37%	0.77%	-1.64%	0.93%	-3.72%	-1.13%
FCF per Share	-0.86	-0.55	-1.55	-6.45	-19.37	-3.74	-5.54	-0.28	-1.10	-1.97
FCF Conversion (FCF/Net Income)	-2.48x	-1.44x	-0.33x	2.51x	3.35x	0.12x	0.37x	-0.01x	0.13x	0.04x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	5.62M	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	1.62%	20.6%	-	-19.04%	-31.59%	-18.32%	-11.94%	-38.81%	-7.27%	-89.1%
Return on Invested Capital (ROIC)	-6.51%	-3.35%	-16.43%	-84.73%	-14.64%	-4.13%	-10.71%	-25.48%	-3.6%	-66.18%
Gross Margin	70.87%	84.63%	110.75%	24.27%	23.7%	24.01%	18.59%	23.43%	28.31%	29.29%
Net Margin	4.72%	20.54%	79.77%	-13.96%	-25.3%	-71.61%	-75.88%	-231.64%	-31.05%	-266.25%
Debt / Equity	-	11.35x	-	2.17x	1.64x	0.21x	0.14x	0.18x	0.11x	0.22x
Interest Coverage	-	-3.60x	-9.21x	-23.63x	-4.06x	-4.28x	-15.38x	-29.38x	-3.55x	-55.23x
FCF Conversion	-2.48x	-1.44x	-0.33x	2.51x	3.35x	0.12x	0.37x	-0.01x	0.13x	0.04x
Revenue Growth	1357.38%	134.61%	88.71%	526.29%	126.06%	52.88%	27.83%	6.64%	27.26%	4.84%

Revenue by Segment

	2021	2022	2023	2024	2025
Cannabis	465.73M	538.41M	284.31M	370.69M	330.61M
Cannabis Growth	-	15.61%	-47.19%	30.38%	-10.81%
Distribution Revenue	277.3M	259.75M	258.77M	258.74M	271.23M
Distribution Revenue Growth	-	-6.33%	-0.38%	-0.01%	4.83%
Beverage Alcohol Business	58.26M	146.45M	100.68M	213.61M	253.18M
Beverage Alcohol Business Growth	-	151.37%	-31.25%	112.17%	18.52%
Wellness Business	5.79M	59.61M	52.83M	55.31M	60.48M
Wellness Business Growth	-	928.84%	-11.37%	4.69%	9.36%

Revenue by Geography

	2021	2022	2023	2024	2025
EMEA	279.06M	296.91M	284.57M	296.45M	323.35M
EMEA Growth	-	6.40%	-4.16%	4.18%	9.07%
UNITED STATES	-	-	-	-	273.69M
UNITED STATES Growth	-	-	-	-	-
CANADA	-	-	-	243.72M	212.86M
CANADA Growth	-	-	-	-	-12.66%
World	-	17.33M	17.91M	15.63M	11.4M
World Growth	-	-	3.36%	-12.75%	-27.03%
North America	229.12M	314.13M	324.64M	233.14M	-
North America Growth	-	37.10%	3.35%	-28.19%	-
Latin America	4.9M	-	-	-	-
Latin America Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Tilray Brands, Inc. (TLRY) reported $1.17B in revenue for fiscal year 2025.

Tilray Brands, Inc. (TLRY) grew revenue by 4.8% over the past year. Growth has been modest.

Tilray Brands, Inc. (TLRY) reported a net loss of $2.95B for fiscal year 2025.

Dividend & Returns

Tilray Brands, Inc. (TLRY) has a return on equity (ROE) of -89.1%. Negative ROE indicates the company is unprofitable.

Tilray Brands, Inc. (TLRY) had negative free cash flow of $94.5M in fiscal year 2025, likely due to heavy capital investments.

US Stock Screener

...

Tilray Brands, Inc. (TLRY) 10-Year Financial Performance & Capital Metrics

TLRY • • Industrial / General

HealthcareSpecialty & Generic PharmaCannabis & Hemp ProductsMedical Cannabis Producers

Revenue $1.13B +4.8%
EBITDA -$2.95B -4425.0%
Net Income -$3B -798.9%
EPS (Diluted) -33.80 -651.7%
Gross Margin 29.29% +3.5%
EBITDA Margin -261.68% -4216.2%
Operating Margin -277.94% -1154.8%
Net Margin -266.25% -757.4%
ROE -89.1% -1124.7%
ROIC -66.18% -1736.5%
Debt/Equity 0.22 +96.2%
Interest Coverage -55.23 -1457.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 99 (top 1%)
✓Strong 5Y sales CAGR of 22.7%
✓Trading at only 0.4x book value

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 19.9% in last year
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y119.02%

5Y22.69%

3Y12.47%

TTM3.03%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-764.38%

EPS CAGR

10Y-

5Y-

3Y-

TTM-649.35%

ROCE

10Y Avg-27.93%

5Y Avg-26.22%

3Y Avg-37.88%

Latest-78.12%

Peer Comparison

Medical Cannabis Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
ACBAurora Cannabis Inc.	239.88M	4.24	148.77	27.01%	7.68%	4.54%	0.17
IXHLIncannex Healthcare Limited	132.26M	0.38	-0.28	378.7%	-1671.96%	-466.4%	0.02
TLRYTilray Brands, Inc.	1.13B	9.71	-0.29	4.84%	-252.55%	-136.55%	0.22
IMCCIM Cannabis Corp.	7.08M	1.35	-0.30	10.71%	-8.96%	-109.13%	5.73
AKANAkanda Corp.	190.81K	1.31	-0.33	-61.27%	-12.14%	-8.5%	0.08
INCRInterCure Ltd.	52M	0.95	-0.67	-32.82%	-28.38%	-17.05%	0.53
FLGCFlora Growth Corp.	6.84M	6.54	-5.03	-21.78%	-32.14%	-24.58%	1.09

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	6.47M	15.17M	28.63M	179.3M	405.33M	619.67M	792.12M	844.72M	1.07B	1.13B
Revenue Growth %	13.57%	1.35%	0.89%	5.26%	1.26%	0.53%	0.28%	0.07%	0.27%	0.05%
Cost of Goods Sold+	1.88M	2.33M	-3.08M	135.79M	309.27M	470.9M	644.86M	646.77M	770.66M	796.88M
COGS % of Revenue	0.29%	0.15%	-0.11%	0.76%	0.76%	0.76%	0.81%	0.77%	0.72%	0.71%
Gross Profit+	4.58M	12.84M	31.71M	43.51M	96.05M	148.77M	147.26M	197.95M	304.33M	330.11M
Gross Margin %	0.71%	0.85%	1.11%	0.24%	0.24%	0.24%	0.19%	0.23%	0.28%	0.29%
Gross Profit Growth %	6.17%	1.8%	1.47%	0.37%	1.21%	0.55%	-0.01%	0.34%	0.54%	0.08%
Operating Expenses+	5.42M	13.87M	41.35M	182.44M	200.06M	308.4M	916.72M	2.04B	542.43M	3.46B
OpEx % of Revenue	0.84%	0.91%	1.44%	1.02%	0.49%	0.5%	1.16%	2.42%	0.5%	3.07%
Selling, General & Admin	4.97M	10.2M	33.85M	96.99M	129.86M	188.03M	294.19M	311.13M	341.63M	356.06M
SG&A % of Revenue	0.77%	0.67%	1.18%	0.54%	0.32%	0.3%	0.37%	0.37%	0.32%	0.32%
Research & Development	168.99K	365.21K	380K	1.05M	1.92M	1M	1.91M	918.63K	865.23K	389.7K
R&D % of Revenue	0.03%	0.02%	0.01%	0.01%	0%	0%	0%	0%	0%	0%
Other Operating Expenses	277.37K	3.31M	7.12M	84.4M	68.28M	119.36M	620.62M	1.73B	199.94M	3.11B
Operating Income+	-836.23K	-1.03M	-9.64M	-138.93M	-104.01M	-159.63M	-769.46M	-1.84B	-238.1M	-3.13B
Operating Margin %	-0.13%	-0.07%	-0.34%	-0.77%	-0.26%	-0.26%	-0.97%	-2.18%	-0.22%	-2.78%
Operating Income Growth %	0.69%	-0.24%	-8.33%	-13.41%	0.25%	-0.53%	-3.82%	-1.4%	0.87%	-12.16%
EBITDA+	-106.18K	408.26K	-4.46M	-121.72M	-68.34M	-77.7M	-574.59M	-1.67B	-65.17M	-2.95B
EBITDA Margin %	-0.02%	0.03%	-0.16%	-0.68%	-0.17%	-0.13%	-0.73%	-1.98%	-0.06%	-2.62%
EBITDA Growth %	0.96%	4.85%	-11.92%	-26.3%	0.44%	-0.14%	-6.39%	-1.91%	0.96%	-44.25%
D&A (Non-Cash Add-back)	730.05K	1.44M	5.18M	17.21M	35.67M	81.92M	194.88M	175.31M	172.93M	183.17M
EBIT	-614.94K	3.5M	28.85M	-32.26M	-83.54M	-379.33M	-505.49M	-1.89B	-272.18M	-3.1B
Net Interest Income+	215.83K	540.39K	3.89M	5.26M	-19.37M	-33.79M	-35.23M	-18.3M	-49.64M	-41.1M
Interest Income	215.83K	827.65K	4.93M	11.14M	6.27M	3.53M	14.79M	44.48M	17.48M	15.61M
Interest Expense	0	287.27K	1.05M	5.88M	25.64M	37.32M	50.02M	62.79M	67.13M	56.71M
Other Income/Expense	221.29K	4.25M	37.44M	100.79M	-5.18M	-257.02M	213.96M	-108.43M	-101.2M	-26.99M
Pretax Income+	-614.94K	3.22M	27.81M	-38.14M	-109.19M	-416.65M	-555.51M	-1.95B	-339.31M	-3.16B
Pretax Margin %	-0.1%	0.21%	0.97%	-0.21%	-0.27%	-0.67%	-0.7%	-2.31%	-0.32%	-2.8%
Income Tax+	-920.06K	99.47K	4.97M	-2.04M	-8.35M	-10.84M	-8.25M	-9.67M	-36.27M	-166.06M
Effective Tax Rate %	-0.5%	0.97%	0.82%	0.66%	0.94%	1.07%	1.08%	1%	0.98%	0.95%
Net Income+	305.12K	3.12M	22.84M	-25.04M	-102.54M	-443.75M	-601.05M	-1.96B	-333.8M	-3B
Net Margin %	0.05%	0.21%	0.8%	-0.14%	-0.25%	-0.72%	-0.76%	-2.32%	-0.31%	-2.66%
Net Income Growth %	1.06%	9.21%	6.33%	-2.1%	-3.1%	-3.33%	-0.35%	-2.26%	0.83%	-7.99%
Net Income (Continuing)	305.12K	3.12M	22.84M	-36.09M	-100.83M	-405.82M	-547.26M	-1.94B	-303.04M	-2.99B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	6.24M	53.65M	19.2M	370.62K	-30.05M
EPS (Diluted)+	0.00	0.00	0.00	0.00	0.00	-15.10	-11.30	-31.70	-4.50	-33.80
EPS Growth %	-	-	-	-	-	-	0.25%	-1.81%	0.86%	-6.52%
EPS (Basic)	0.00	0.00	0.00	0.00	0.00	-15.10	-11.30	-31.70	-4.50	-33.80
Diluted Shares Outstanding	4.9M	9.34M	13.91M	20.35M	22.82M	26.95M	48.12M	61.8M	74.26M	89.03M
Basic Shares Outstanding	4.9M	8.74M	13.5M	20.35M	22.8M	26.95M	48.12M	61.8M	74.26M	89.03M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	16.79M	16.38M	15.77M	754.67M	345.05M	883.61M	1.01B	1.04B	923.43M	944.93M
Cash & Short-Term Investments	12.63M	10.17M	2.95M	704.68M	128.94M	488.47M	524.29M	604.16M	354.98M	351.78M
Cash Only	12.63M	10.17M	2.95M	663.38M	128.94M	488.47M	524.29M	278.33M	311.13M	304.17M
Short-Term Investments	0	0	0	41.3M	0	0	0	325.83M	43.85M	47.61M
Accounts Receivable	1.78M	571.45K	2.69M	23.82M	57.33M	105.36M	120.11M	116.15M	138.57M	166.71M
Days Sales Outstanding	100.4	13.75	34.26	48.48	51.63	62.06	55.34	50.19	47.05	53.99
Inventory	1.6M	5.54M	9.43M	22.07M	117.04M	256.43M	309.51M	270.14M	343.49M	371.7M
Days Inventory Outstanding	310.37	867.74	-1.12K	59.32	138.13	198.76	175.19	152.45	162.68	170.25
Other Current Assets	535.17K	95.92K	692.84K	4.09M	33.96M	-15.56M	0	50.81M	86.4M	54.74M
Total Non-Current Assets+	11.03M	28.52M	52.98M	139.37M	848.95M	5.14B	5.86B	4.88B	4.98B	1.96B
Property, Plant & Equipment	5.6M	26.94M	50.83M	109.21M	268.73M	668.97M	756.97M	586.75M	782.59M	810.57M
Fixed Asset Turnover	1.15x	0.56x	0.56x	1.64x	1.51x	0.93x	1.05x	1.44x	1.37x	1.39x
Goodwill	920.06K	0	0	0	217.47M	2.83B	3.33B	2.71B	2.74B	1.03B
Intangible Assets	3.31M	1.11M	1.19M	6.11M	304.82M	1.61B	1.61B	1.31B	1.25B	29.4M
Long-Term Investments	1.2M	0	0	23.02M	47.47M	25.79M	159.09M	155.94M	54.31M	13.9M
Other Non-Current Assets	0	267.48K	795.82K	1.03M	10.47M	8.29M	395.82K	299.03K	7.35M	15.21M
Total Assets+	27.82M	44.91M	68.75M	894.03M	1.19B	6.03B	6.87B	5.92B	5.91B	2.9B
Asset Turnover	0.23x	0.34x	0.42x	0.20x	0.34x	0.10x	0.12x	0.14x	0.18x	0.39x
Asset Growth %	1.42%	0.61%	0.53%	12%	0.34%	4.05%	0.14%	-0.14%	-0%	-0.51%
Total Current Liabilities+	971.04K	29.71M	63.84M	35.31M	123.12M	401.24M	353.39M	583.21M	407.64M	384.63M
Accounts Payable	971.04K	1.02M	7.07M	14.5M	52.03M	69.67M	86.48M	95.39M	143.6M	147.3M
Days Payables Outstanding	188.18	160.1	-838.42	38.97	61.4	54	48.95	53.83	68.01	67.47
Short-Term Debt	0	27.19M	54.2M	639.89K	5.29M	45.34M	116.79M	302.07M	53.09M	39.64M
Deferred Revenue (Current)	0	0	0	0	0	1000K	0	0	0	0
Other Current Liabilities	0	1.49M	2.57M	20.17M	32.81M	-60.32M	120.01M	140.34M	196.99M	195.64M
Current Ratio	17.29x	0.55x	0.25x	21.37x	2.80x	2.20x	2.87x	1.79x	2.27x	2.46x
Quick Ratio	15.64x	0.36x	0.10x	20.75x	1.85x	1.56x	1.99x	1.32x	1.42x	1.49x
Cash Conversion Cycle	222.59	721.39	-245.76	68.84	128.35	206.81	181.58	148.8	141.72	156.77
Total Non-Current Liabilities+	0	11.79M	11.07M	589.62M	690.87M	1.16B	917.69M	855.01M	807.93M	475.86M
Long-Term Debt	0	11.59M	0	572.32M	580.5M	835.11M	655.29M	482.13M	392.33M	322.36M
Capital Lease Obligations	0	0	10.91M	11.28M	39.17M	53.95M	14.28M	10.69M	82.33M	89.09M
Deferred Tax Liabilities	0	201.29K	163.99K	6.02M	71.09M	265.85M	247.88M	347.24M	333.15M	63.24M
Other Non-Current Liabilities	0	0	0	0	114.56K	3.91M	240.77K	14.96M	122.63K	1.17M
Total Liabilities	971.04K	41.49M	74.91M	624.93M	814M	1.56B	1.27B	1.44B	1.22B	860.49M
Total Debt+	0	38.77M	65.11M	584.24M	624.97M	938.66M	786.36M	794.89M	527.75M	451.09M
Net Debt	-12.63M	28.6M	62.16M	-79.15M	496.03M	450.19M	262.07M	516.56M	216.62M	146.92M
Debt / Equity	-	11.35x	-	2.17x	1.64x	0.21x	0.14x	0.18x	0.11x	0.22x
Debt / EBITDA	-	94.98x	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	70.06x	-	-	-	-	-	-	-	-
Interest Coverage	-	-3.60x	-9.21x	-23.63x	-4.06x	-4.28x	-15.38x	-29.38x	-3.55x	-55.23x
Total Equity+	26.85M	3.42M	-6.17M	269.1M	380.01M	4.47B	5.6B	4.49B	4.69B	2.04B
Equity Growth %	1.5%	-0.87%	-2.81%	44.63%	0.41%	10.75%	0.25%	-0.2%	0.05%	-0.56%
Book Value per Share	5.48	0.37	-0.44	13.23	16.66	165.66	116.34	72.58	63.17	22.96
Total Shareholders' Equity	26.85M	3.42M	-6.17M	269.1M	380.01M	4.46B	5.55B	4.47B	4.69B	2.07B
Common Stock	31.37M	0	0	0	14.65K	46K	66.81K	88.9K	113.09K	145.45K
Retained Earnings	-6.38M	-44.1M	-51.43M	-147.28M	-572.98M	-486.05M	-1.21B	-3.25B	-3.63B	-6.65B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.07M	4.84M	4.91M	5.14M	12.95M	152.67M	-26.17M	-62.78M	-59.27M	-59.09M
Minority Interest	0	0	0	0	0	6.24M	53.65M	19.2M	370.62K	-30.05M

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	-757.62K	-4.48M	-7.63M	-62.97M	-343.77M	-53.99M	-223.45M	10.65M	-42.11M	-129.81M
Operating CF Margin %	-0.12%	-0.3%	-0.27%	-0.35%	-0.85%	-0.09%	-0.28%	0.01%	-0.04%	-0.12%
Operating CF Growth %	0.83%	-4.92%	-0.7%	-7.25%	-4.46%	0.84%	-3.14%	1.05%	-4.95%	-2.08%
Net Income	305.12K	-10.65M	-9.93M	-92.2M	-427.83M	-443.62M	-601.05M	-1.96B	-333.8M	-3B
Depreciation & Amortization	730.05K	2.64M	2.36M	4.85M	21.11M	81.9M	194.88M	175.31M	172.93M	183.17M
Stock-Based Compensation	354.46K	0	0	0	0	0	0	0	0	0
Deferred Taxes	-920.06K	0	0	-6.11M	-11.79M	-30.03M	-34.71M	-43.04M	-52.97M	-166.06M
Other Non-Cash Items	-1.9K	1.25M	-401.72K	49M	235.34M	399.26M	333.12M	1.82B	183.82M	2.94B
Working Capital Changes	-1.23M	2.28M	341.97K	-18.5M	-160.61M	-61.5M	-115.68M	19.4M	-12.09M	-85.85M
Change in Receivables	-1.36M	426.9K	-2.15M	-22.34M	-26.66M	-28.39M	-7.36M	5.61M	-8.96M	-24.43M
Change in Inventory	-596.8K	936.2K	-4.19M	-12.56M	-136.73M	-42.6M	-57.67M	-17.42M	-21.23M	-18.61M
Change in Payables	244.79K	164.81K	6.01M	7.1M	26.65M	17.51M	-56.29M	27M	288.86K	-31.48M
Cash from Investing+	-4.58M	-1.38M	-15.02M	-134.27M	-337.26M	55.67M	-27.14M	-384.04M	174.88M	-64.11M
Capital Expenditures	-3.43M	-1.39M	-15.05M	-74.14M	-104.72M	-46.94M	-42.94M	-28.02M	-39.85M	-45.17M
CapEx % of Revenue	0.53%	0.09%	0.53%	0.41%	0.26%	0.08%	0.05%	0.03%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	52.89K	8.11K	0	0	-3.58M	14.2M	0	0	0	0
Cash from Financing+	12.56M	14.75M	15.55M	859.09M	152.79M	150.09M	161.6M	94.5M	-102.45M	183.2M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4.65M	0	0	0	-671.38K	-30.13M	-19.46M	-1.5M	-3.95M	-6.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-4.19M	-5.14M	-21.5M	-131.31M	-442M	-100.93M	-266.39M	-17.37M	-81.96M	-174.98M
FCF Margin %	-0.65%	-0.34%	-0.75%	-0.73%	-1.09%	-0.16%	-0.34%	-0.02%	-0.08%	-0.16%
FCF Growth %	0.35%	-0.23%	-3.18%	-5.11%	-2.37%	0.77%	-1.64%	0.93%	-3.72%	-1.13%
FCF per Share	-0.86	-0.55	-1.55	-6.45	-19.37	-3.74	-5.54	-0.28	-1.10	-1.97
FCF Conversion (FCF/Net Income)	-2.48x	-1.44x	-0.33x	2.51x	3.35x	0.12x	0.37x	-0.01x	0.13x	0.04x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	5.62M	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	1.62%	20.6%	-	-19.04%	-31.59%	-18.32%	-11.94%	-38.81%	-7.27%	-89.1%
Return on Invested Capital (ROIC)	-6.51%	-3.35%	-16.43%	-84.73%	-14.64%	-4.13%	-10.71%	-25.48%	-3.6%	-66.18%
Gross Margin	70.87%	84.63%	110.75%	24.27%	23.7%	24.01%	18.59%	23.43%	28.31%	29.29%
Net Margin	4.72%	20.54%	79.77%	-13.96%	-25.3%	-71.61%	-75.88%	-231.64%	-31.05%	-266.25%
Debt / Equity	-	11.35x	-	2.17x	1.64x	0.21x	0.14x	0.18x	0.11x	0.22x
Interest Coverage	-	-3.60x	-9.21x	-23.63x	-4.06x	-4.28x	-15.38x	-29.38x	-3.55x	-55.23x
FCF Conversion	-2.48x	-1.44x	-0.33x	2.51x	3.35x	0.12x	0.37x	-0.01x	0.13x	0.04x
Revenue Growth	1357.38%	134.61%	88.71%	526.29%	126.06%	52.88%	27.83%	6.64%	27.26%	4.84%

Revenue by Segment

	2021	2022	2023	2024	2025
Cannabis	465.73M	538.41M	284.31M	370.69M	330.61M
Cannabis Growth	-	15.61%	-47.19%	30.38%	-10.81%
Distribution Revenue	277.3M	259.75M	258.77M	258.74M	271.23M
Distribution Revenue Growth	-	-6.33%	-0.38%	-0.01%	4.83%
Beverage Alcohol Business	58.26M	146.45M	100.68M	213.61M	253.18M
Beverage Alcohol Business Growth	-	151.37%	-31.25%	112.17%	18.52%
Wellness Business	5.79M	59.61M	52.83M	55.31M	60.48M
Wellness Business Growth	-	928.84%	-11.37%	4.69%	9.36%

Revenue by Geography

	2021	2022	2023	2024	2025
EMEA	279.06M	296.91M	284.57M	296.45M	323.35M
EMEA Growth	-	6.40%	-4.16%	4.18%	9.07%
UNITED STATES	-	-	-	-	273.69M
UNITED STATES Growth	-	-	-	-	-
CANADA	-	-	-	243.72M	212.86M
CANADA Growth	-	-	-	-	-12.66%
World	-	17.33M	17.91M	15.63M	11.4M
World Growth	-	-	3.36%	-12.75%	-27.03%
North America	229.12M	314.13M	324.64M	233.14M	-
North America Growth	-	37.10%	3.35%	-28.19%	-
Latin America	4.9M	-	-	-	-
Latin America Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Tilray Brands, Inc. (TLRY) reported $1.17B in revenue for fiscal year 2025.

Tilray Brands, Inc. (TLRY) grew revenue by 4.8% over the past year. Growth has been modest.

Tilray Brands, Inc. (TLRY) reported a net loss of $2.95B for fiscal year 2025.

Dividend & Returns

Tilray Brands, Inc. (TLRY) has a return on equity (ROE) of -89.1%. Negative ROE indicates the company is unprofitable.

Tilray Brands, Inc. (TLRY) had negative free cash flow of $94.5M in fiscal year 2025, likely due to heavy capital investments.