Tilray Brands Inc TLRY

Health CarePharmaceuticalsCanada

Last close 2.55 USD on Nov 2, 2026, −71.8% year to date

Quant rating

Quant rating D Rank 179 of 211 in Health Care

Growth A 9 of 211
Valuation D 154 of 211
Quality B 69 of 211
Revisions D 195 of 211
Momentum D 206 of 211

Wall Street consensus Hold (2.64)Average target 7.09 USD +178.2%

Historical valuation

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

Key data

Market cap: 377M
Enterprise value: 468M
52-week range: 2.48 – 15.68
3-year range: 2.48 – 28.50
Dividend yield: –
Beta (5 years): 2.06
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)	915	821	789	627	628	–
Revenue growth	11.5%	4.1%	25.8%	−0.2%	22.5%	12.3%
EPS (basic, normalized)	−1.09	−24.60	−3.30	−23.50	−9.00	–
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)	218
Current ratio	1.88x
Long-term debt (mil)	239
Net debt (mil)	91.1
Total equity (mil)	1,623
Net debt / equity	0.06x
Net debt / EBITDA	1.49x

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	915	+11.5%	0.5x	61.1	+17.8%	7.7x	−1.09	+95.6%	−2.3x
2027	1,104	+20.6%	0.4x	69.6	+13.8%	6.7x	−0.60	+45.3%	−4.3x
2028	1,164	+5.4%	0.4x	82.4	+18.4%	5.7x	−0.25	+57.4%	−10.0x
2029	1,203	+3.4%	0.4x	98.2	+19.1%	4.8x	−0.14	+44.9%	−18.2x

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	1,104	−1.3%	−2.0%	+3.3%	−0.60	−39.6%	−42.1%	−108.8%
2028	1,164	−1.9%	−2.8%	+2.7%	−0.25	+3.6%	−5.4%	−58.8%
2029	1,203	−1.2%	−2.4%	+5.5%	−0.14	–	−233.3%	−233.3%

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	219	217	210	237	205	211	201	241	267
Surprise	+1.2%	−8.8%	−2.7%	−11.5%	−5.4%	+2.4%	+3.1%	+2.7%	+17.0%	−3.9%
EPS reported	−0.40	−0.40	−1.00	−0.96	−13.00	0.00	−0.41	−0.24	−0.43	−0.32
EPS mean	−0.22	−0.36	−0.40	−0.40	−0.23	−0.23	−0.20	−0.14	−0.01	−0.20
Surprise	−81.8%	−11.1%	−150.0%	−140.0%	−5,472.2%	+100.0%	−105.0%	−71.4%	−3,125.8%	−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	377M	1.49x	−13.3%	0.23x	−4.3x	−10.0x	6.7x	5.7x
CURA Curaleaf Holdings, Inc.	2.1B	3.36x	−16.2%	2.80x	920.4x	−21.7x	10.7x	9.1x
CRON Cronos Group Inc.	1.2B	−76.81x	−6.4%	1.17x	22.1x	21.0x	12.1x	7.1x
WEED Canopy Growth Corporation	291M	2.94x	−92.4%	0.59x	−6.5x	−8.6x	−93.4x	25.4x
ACB Aurora Cannabis Inc.	273M	−1.44x	−13.9%	0.71x	−34.3x	55.6x	15.4x	9.5x
SNDL SNDL Inc	309M	−0.28x	−1.7%	0.42x	−9.8x	−114.7x	8.6x	7.1x
Mean		−11.79x	−24.0%	0.98x	147.9x	−13.1x	−6.6x	10.7x
Median		0.61x	−13.6%	0.65x	−5.4x	−9.3x	9.7x	8.1x

Technical analysis

1M−29.4%
3M−43.8%
1Y−81.0%
3Y−86.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Tilray Brands Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	915	821	789	627	628	513
Cost of revenue	655	581	566	480	512	390
Gross profit	260	241	223	147	117	123
Selling, general & administrative expenses	296	259	251	231	229	156
Research & development	0.4	0.3	0.6	0.7	1.5	0.8
Depreciation/amortization	19.6	88.6	84.8	93.5	115	35.2
Interest expense (income), operating	0	21.7	42.7	246	–	–
Unusual expense (income)	22.8	2,153	35.1	944	394	0
Other operating expenses	−15.0	0	−15.8	0.9	−12.9	63.6
Operating income	−63.0	−2,283	−175	−1,370	−610	−132
Net interest income (expense)	−21.6	−25.9	−60.5	−85.0	101	−224
Gain (loss) on sale of assets	–	–	–	–	–	1.5
Other non-operating income (expense)	−3.4	6.2	−13.8	4.5	69.1	9.2
Net income before taxes	−88.1	−2,302	−249	−1,450	−441	−345
Provision for taxes	17.1	−121	−26.6	−7.2	−6.5	−9.0
Minority interest	−16.2	−5.4	−22.6	−9.7	−42.7	−31.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−121	−2,187	−245	−1,453	−477	−367
Extraordinary items	–	–	–	–	–	–
Net income	−121	−2,187	−245	−1,453	−477	−367
EBIT, normalized	−40.1	−105	−94.9	−116	−216	−132
EBITDA, normalized	27.5	28.3	32.0	13.7	−216	−105
Basic EPS, normalized	−1.09	−24.60	−3.30	−23.50	−9.00	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Tilray Brands Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	231	256	261	449	416	488
Receivables	189	121	102	86.2	95.3	99.1
Total inventory	301	271	252	201	246	256
Prepaid expenses	64.7	34.1	31.3	37.7	46.8	31.0
Other current assets	5.8	5.8	32.1	0	0	8.6
Total current assets	792	689	678	773	804	884
Property, plant & equipment	723	591	574	436	600	669
Goodwill	752	752	2,009	2,009	2,641	2,833
Intangibles	43.5	21.4	915	974	1,278	1,606
Long-term investments	6.6	10.1	7.9	12.4	15.0	25.8
Note receivable	–	0	32.0	103	111	–
Other long-term assets	11.0	11.1	5.4	0.2	0.3	8.3
Total assets	2,328	2,074	4,222	4,307	5,450	6,025
Liabilities
Accounts payable	115	107	105	70.8	68.6	57.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	199	133	136	107	89.4	144
Short-term debt	8.8	7.2	18.0	23.4	18.1	8.7
Current portion of long-term debt	23.3	16.3	16.9	198	67.8	37.3
Other current liabilities	12.7	16.1	22.3	33.0	36.4	154
Total current liabilities	358	280	299	433	280	401
Long-term debt	320	279	332	358	520	871
Minority interest	−19.5	−21.9	0.3	14.3	42.6	6.2
Other liabilities	55.1	25.2	147	186	208	288
Total liabilities	714	563	779	992	1,051	1,566
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0
Additional paid-in capital	6,627	6,402	6,147	5,778	5,382	4,792
Retained earnings (accumulated deficit)	−4,969	−4,847	−2,660	−2,416	−963	−486
Treasury stock	0	0	–	–	–	–
Other equity	−44.2	−43.1	−43.5	−46.6	−20.8	153
Total equity	1,614	1,511	3,443	3,316	4,399	4,459
Total liabilities & shareholders' equity	2,328	2,074	4,222	4,307	5,450	6,025

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Tilray Brands Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−105	−2,181	−222	−1,443	−434	−336
Depreciation, depletion & amortization	67.6	133	127	130	155	67.8
Deferred taxes	17.1	−121	−38.9	−32.0	−27.5	−24.9
Non-cash items	38.7	2,137	112	1,338	222	299
Changes in working capital	−87.4	−62.6	−8.9	14.4	−91.8	−50.9
Cash from operations	−69.1	−94.6	−30.9	7.9	−177	−44.7
Investing activities
Capital expenditures	−33.0	−32.9	−29.2	−20.8	−34.1	−38.9
Other investing cash flows	−22.8	−13.8	158	−264	12.5	85.0
Cash from investing	−55.8	−46.7	128	−285	−21.5	46.1
Financing activities
Financing cash flow items	−0.2	−1.5	0	0	−7.5	−23.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	131	135	−75.2	70.2	136	148
Cash from financing	131	134	−75.2	70.2	128	124
Foreign exchange effects	1.6	1.1	−0.5	−2.2	−2.0	2.1
Net change in cash	7.7	−6.7	21.7	−209	−72.6	128
Free cash flow	−102	−128	−60.2	−12.9	−211	−83.6

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 2, 2026 after market close.