Tilray Brands Inc TLRY

Health CarePharmaceuticalsCanada

Last close 3.72 CAD on Nov 3, 2026, −70.0% year to date

Quant rating

Quant rating D Rank 26 of 26 in Health Care

Growth B 5 of 26
Valuation D 22 of 26
Quality C 12 of 26
Revisions D 26 of 26
Momentum D 26 of 26

Wall Street consensus Hold (3.00)Average target 6.25 CAD +68.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 549M
Enterprise value: 676M
52-week range: 3.48 – 21.57
3-year range: 3.48 – 38.40
Dividend yield: –
Beta (5 years): 3.33
Shares outstanding: 148M
Next earnings: Jan 6, 2027

About the company

Tilray Brands, Inc. is a lifestyle consumer products company, which focuses on providing research-backed medical cannabis products to physicians, pharmacies, and patients around the world. The Company operates in four segments, which include cannabis operations, which encompasses the production, distribution, sale, co-manufacturing, and advisory services of both medical and adult-use cannabis. Beverage operations, which encompasses the production, marketing, and sale of beverage products. Distribution operations, which encompasses the purchase and resale of pharmaceutical products to customers, and Wellness products, which encompasses wellness and better-for-you foods and beverages. It offers a portfolio of brands and products across medical and adult-use cannabis, craft beer, spirits, beverages, and hemp foods. It also owns digital healthcare and patient engagement platform, focused on medical cannabis education, physician consultations, and patient support services.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,263	1,128	1,075	851	795	–
Revenue growth	11.9%	5.0%	26.3%	7.1%	28.4%	15.3%
EPS (basic, normalized)	−1.54	−33.79	−4.57	−31.04	–	–
EPS growth	–	–	–	–	–	–
Gross margin	28.4%	29.3%	28.3%	23.4%	18.6%	25.6%
Net margin	−13.3%	−266.3%	−31.1%	−231.6%	−75.9%	−123.6%
ROE	−7.8%	−88.3%	−7.2%	−37.7%	−10.8%	−30.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	302
Current ratio	1.88x
Long-term debt (mil)	331
Net debt (mil)	126
Total equity (mil)	2,249
Net debt / equity	0.06x
Net debt / EBITDA	1.46x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,263	+11.9%	0.5x	86.2	+21.3%	7.8x	−1.54	+95.4%	−2.4x
2027	1,551	+22.8%	0.4x	97.6	+13.2%	6.9x	−0.82	+46.5%	−4.5x
2028	1,632	+5.2%	0.4x	111	+13.9%	6.1x	−0.34	+58.8%	−11.0x
2029	1,721	+5.4%	0.4x	129	+16.0%	5.2x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,551	−0.9%	−1.6%	+3.7%	−0.82	−37.5%	−40.0%	−96.0%
2028	1,632	−1.6%	−2.6%	+2.6%	−0.34	+8.0%	−0.6%	−38.6%
2029	1,721	−0.9%	−2.1%	+6.1%	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	230	200	211	186	225	210	218	207	282	257
Sales mean (mil)	227	220	217	210	237	205	211	202	240	267
Surprise	+1.1%	−9.0%	−2.7%	−11.5%	−5.4%	+2.4%	+3.1%	+2.6%	+17.6%	−3.9%
EPS reported	−0.40	−0.40	−1.00	−8.70	−13.00	0.00	−0.41	−0.24	−0.43	−0.32
EPS mean	−0.20	−0.38	−0.40	−0.40	−0.23	−0.23	−0.20	−0.14	−0.04	−0.20
Surprise	−100.0%	−6.7%	−150.0%	−2,075.0%	−5,472.2%	+100.0%	−105.0%	−71.4%	−975.0%	−58.9%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TLRY Tilray Brands Inc	549M	1.46x	−13.3%	0.24x	−4.5x	−11.0x	6.9x	6.1x
CRMD CorMedix Inc.	607M	−0.57x	52.3%	0.94x	11.2x	97.3x	2.5x	4.2x
KMDA Kamada Ltd.	586M	–	11.2%	1.55x	15.2x	12.6x	7.0x	5.8x
TLRY Tilray Brands Inc	549M	1.49x	−13.3%	0.24x	−4.4x	−10.4x	6.9x	5.9x
AUTL Autolus Therapeutics PLC	528M	−0.27x	−381.4%	–	−1.8x	−2.3x	−2.2x	−2.6x
FENC Fennec Pharmaceuticals Inc.	526M	6.57x	−21.8%	8.83x	37.8x	11.4x	25.3x	10.0x
Mean		1.74x	−61.0%	2.36x	8.9x	16.3x	7.7x	4.9x
Median		1.46x	−13.3%	0.94x	4.7x	4.5x	6.9x	5.8x

Technical analysis

1M−27.5%
3M−41.3%
1Y−79.7%
3Y−85.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Tilray Brands Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,263	1,128	1,075	851	795	619
Cost of revenue	904	798	771	652	647	470
Gross profit	359	331	304	199	148	149
Selling, general & administrative expenses	408	357	342	313	290	188
Research & development	0.5	0.4	0.9	0.9	1.9	1.0
Depreciation/amortization	27.0	122	115	127	146	42.5
Interest expense (income), operating	0	29.8	58.2	334	–	–
Unusual expense (income)	31.4	2,959	47.8	1,282	498	0
Other operating expenses	−20.7	0	−21.5	1.2	−16.3	76.7
Operating income	−86.9	−3,136	−238	−1,859	−772	−159
Net interest income (expense)	−29.8	−35.5	−82.4	−115	127	−270
Gain (loss) on sale of assets	–	–	–	–	–	1.8
Other non-operating income (expense)	−4.7	8.5	−18.8	6.1	87.4	11.2
Net income before taxes	−121	−3,163	−339	−1,968	−557	−416
Provision for taxes	23.6	−166	−36.3	−9.7	−8.3	−10.8
Minority interest	−22.4	−7.4	−30.8	−13.1	−54.0	−37.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−167	−3,005	−334	−1,972	−603	−443
Extraordinary items	–	–	–	–	–	–
Net income	−167	−3,005	−334	−1,972	−603	−443
EBIT, normalized	−55.3	−145	−129	−158	−274	−159
EBITDA, normalized	38.0	38.9	43.7	18.6	−274	−126
Basic EPS, normalized	−1.54	−33.79	−4.57	−31.04	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Tilray Brands Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	319	352	355	609	526	589
Receivables	261	167	139	117	120	120
Total inventory	415	372	343	272	310	309
Prepaid expenses	89.2	46.8	42.7	51.2	59.2	37.4
Other current assets	8.0	8.0	43.7	0	0	10.3
Total current assets	1,093	946	923	1,049	1,016	1,066
Property, plant & equipment	997	812	783	591	759	807
Goodwill	1,038	1,034	2,737	2,726	3,340	3,417
Intangibles	59.9	29.4	1,247	1,322	1,616	1,937
Long-term investments	9.0	13.9	10.7	16.8	19.0	31.1
Note receivable	–	0	43.6	140	141	–
Other long-term assets	15.1	15.2	7.4	0.3	0.4	10.0
Total assets	3,211	2,850	5,752	5,846	6,891	7,268
Liabilities
Accounts payable	158	147	144	96.1	86.7	69.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	275	183	186	146	113	174
Short-term debt	12.1	9.9	24.6	31.7	22.9	10.5
Current portion of long-term debt	32.1	22.4	23.1	269	85.8	45.0
Other current liabilities	17.5	22.2	30.4	44.7	46.0	185
Total current liabilities	494	385	408	588	354	484
Long-term debt	441	384	452	486	657	1,050
Minority interest	−26.9	−30.1	0.4	19.3	53.8	7.5
Other liabilities	76.1	34.7	201	253	263	348
Total liabilities	985	773	1,061	1,346	1,329	1,889
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0.2	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	9,142	8,796	8,376	7,842	6,805	5,781
Retained earnings (accumulated deficit)	−6,854	−6,660	−3,625	−3,278	−1,217	−586
Treasury stock	0	0	–	–	–	–
Other equity	−61.0	−59.2	−59.3	−63.3	−26.3	184
Total equity	2,227	2,077	4,691	4,500	5,562	5,379
Total liabilities & shareholders' equity	3,211	2,850	5,752	5,846	6,891	7,268

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Tilray Brands Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−145	−2,997	−303	−1,958	−549	−405
Depreciation, depletion & amortization	93.3	183	173	177	195	81.8
Deferred taxes	23.6	−166	−53.0	−43.4	−34.8	−30.0
Non-cash items	53.4	2,936	153	1,816	280	361
Changes in working capital	−121	−86.0	−12.1	19.5	−116	−61.4
Cash from operations	−95.4	−130	−42.1	10.7	−224	−53.9
Investing activities
Capital expenditures	−45.5	−45.2	−39.9	−28.2	−43.1	−46.9
Other investing cash flows	−31.5	−19.0	215	−359	15.8	103
Cash from investing	−77.0	−64.2	175	−387	−27.2	55.6
Financing activities
Financing cash flow items	−0.2	−2.1	0	0	−9.5	−28.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	181	186	−102	95.2	172	179
Cash from financing	181	183	−102	95.2	162	150
Foreign exchange effects	2.2	1.6	−0.7	−3.0	−2.5	2.6
Net change in cash	10.6	−9.2	29.6	−284	−91.7	154
Free cash flow	−141	−175	−82.0	−17.5	−267	−101

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.