Tilray Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, and expressly not because of looming insolvency: the annual report carries no going-concern warning, PricewaterhouseCoopers issued an unqualified opinion on July 28, 2026, net debt stands at $0.7 million, and the $234.6 million of liquidity covers roughly nine quarters at the current rate of outflow. Red here stands for a different but equally documented risk to the substance of the business: the operation has not carried itself for three fiscal years. Operating cash flow was negative in 2024, 2025 and 2026 (minus $30.9 million, minus $94.6 million, minus $69.1 million); an operating loss of $63.0 million does not begin to cover interest expense of $23.7 million, so interest coverage is below 1; and cash held in fiscal 2026 only because $158.0 million net came in from selling new shares. Where funding permanently comes from issuing fresh equity, the existing shareholder becomes the funding source: 28.4 percent more shares in barely 14 months, revenue per share down from $10.62 to $8.19, roughly $93 million of ATM capacity still open and authorized capital of 1,416,000,000 shares. That $752.4 million of goodwill sits on a balance sheet whose counterpart is worth only about $618 million on the stock market (data as of August 1, 2026) does not improve the grade. The traffic light judges the company, not the share price — and this company has paid for its progress with fresh shares every single year. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
In fiscal 2026 Tilray Brands got better as a company and smaller as a stock: record revenue of $915.5 million (up 11 percent), gross profit of $260.4 million, no more billion-dollar write-down, a balance sheet with a 69.3 percent equity ratio and practically no net debt — alongside 28.4 percent more shares in barely 14 months, revenue per share down from $9.22 to $8.19, and three consecutive fiscal years of negative operating cash flow (minus $30.9 million, minus $94.6 million, minus $69.1 million). That cash still held was down to $158.0 million net from selling new shares — including 12,848,281 shares at an average of $6.77, a substantial portion of them, per the annual report, on April 22 and 23, 2026, straight into a price rally. Not investment advice.
Business model and revenue
Revenue reached the highest level in company history in fiscal 2026 at $915.5 million, up 11 percent, and gross profit rose to $260.4 million. International cannabis revenue grew 34 percent to $84.9 million on the back of in-house EU-GMP production in Portugal and Germany. Four legs to stand on, and no customer above 10 percent of revenue.
Dilution
Shares outstanding rose from 106,067,875 on May 31, 2025 to 131,683,075 on May 31, 2026 and 136,203,579 on July 24, 2026 — up 28.4 percent in barely 14 months. Revenue per share fell from $10.62 in fiscal 2024 to $9.22 and then $8.19. Roughly $93 million of ATM capacity is still open, authorized capital runs to 1,416,000,000 shares, and the employee plan grows automatically by 4 percent every January 1 through 2027.
Cash flow and self-funding
Operating cash flow was negative in fiscal 2024, 2025 and 2026 at minus $30.9 million, minus $94.6 million and minus $69.1 million; the risk factors of the 10-K put it plainly: "Our business has not generated positive cash flow from operations." Cash rose in fiscal 2026 only because $158.0 million net came in from the sale of new shares.
Balance sheet and leverage
An equity ratio of 69.3 percent as of May 31, 2026, net debt of $0.7 million per the company, and $234.6 million of liquidity against roughly $226.9 million of financial debt. No going-concern warning, and an unqualified opinion from PricewaterhouseCoopers dated July 28, 2026. The group does not depend on lenders — it depends on the equity market.
Balance sheet quality and goodwill
Within $1,614.3 million of equity sit $752.4 million of goodwill, entirely in the cannabis segment — more than the whole market capitalization of roughly $618 million as of August 1, 2026. The auditor treats that valuation as a critical audit matter and expressly cites the comparison of market capitalization with book value. In fiscal 2025 the same question cost $2,096.1 million.
Earnings power and outlook
On an adjusted basis the fourth fiscal quarter of 2026 shows EBITDA of $31.9 million and net income of $5.3 million, and guidance for fiscal 2027 stands at $68 million to $75 million of adjusted EBITDA. Under U.S. accounting rules the year still ended with a net loss of $105.2 million. The direction is right; the proof in the form of cash inflows is still outstanding.
Worth Noting
The hook for this analysis was a contradiction: the fundamental data (as of August 1, 2026) reported a revenue decline for Tilray and an operating margin of about minus 53 percent, while the annual report filed on July 28, 2026 shows an 11 percent revenue increase and an operating loss equal to 6.9 percent of revenue. Where data disagree, the filing wins: every revenue, earnings, balance sheet, cash flow and share figure in this analysis comes from the 10-K of July 28, 2026 and the filings of the days that followed. From the fundamental data only price, market capitalization, valuation ratios, model scores (Piotroski, Altman Z) and analyst and ownership figures were used.
Two traps with Tilray: the fiscal year ends May 31, so calendar-quarter labels shift the mapping by one quarter. And on December 2, 2025 ten shares were combined into one (a 1-for-10 reverse split); price histories without split adjustment show one tenth of the actual values, which is why statements such as "X percent above the 52-week low" are deliberately avoided here.
The market capitalization was cross-checked: 136,203,579 shares (cover page of the 10-K, as of July 24, 2026) times $4.54 gives $618.4 million, exactly matching the figure from the fundamental data. The company should not be confused with its former name "Tilray, Inc.", which some data sources still carry; the SEC identifier CIK 0001731348 is unchanged.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TLRY since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.78 $ to 13.90 $ · Last price: 3.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Drug Manufacturers - Specialty & Generic
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Tilray Inc TLRY | 0.5 | – | 76.1 | 28.7 | -52.7 | -18.8 | -66.9 |
| Takeda Pharmaceutical Co Ltd TAK | 60.9 | – | 23.2 | 64.5 | 16.5 | 4.3 | 28.2 |
| Teva Pharma Industries Ltd TEVA | 45.7 | 65.3 | 17.8 | 52.5 | 4.0 | 4.3 | 106.3 |
| Zoetis Inc ZTS | 30.8 | 12.2 | 9.5 | 71.7 | 36.6 | 2.3 | -49.5 |
| United Therapeutics Corporation UTHR | 21.1 | 18.0 | 11.0 | 86.1 | 41.7 | 10.6 | 23.2 |
| Viatris Inc VTRS | 19.4 | – | 11.9 | 40.3 | 6.8 | -3.0 | 84.4 |
| Neurocrine Biosciences Inc NBIX | 15.3 | 24.1 | 17.4 | 64.5 | 22.8 | 21.5 | 6.4 |
| Elanco Animal Health ELAN | 11.3 | – | 19.3 | 55.4 | 12.3 | 6.2 | 23.4 |
| Dr. Reddy’s Laboratories Ltd RDY | 10.1 | 28.9 | 14.2 | 50.2 | 4.3 | 8.6 | -19.9 |
| Median of companies shown | 19.4 | 24.1 | 17.4 | 55.4 | 12.3 | 4.3 | 23.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 15 | -1 | 3 | 0.33 | -4 | 3 | 45 |
| 2018 | 21 | -8 | -8 | -0.56 | -6 | -5 | 53 |
| 2019 | 43 | -37 | -68 | -3.33 | -47 | 199 | 662 |
| 2020 | 295 | -76 | -75 | -3.27 | -250 | 277 | 869 |
| 2021 | 513 | -132 | -367 | -13.63 | -54 | 4,459 | 6,025 |
| 2022 | 628 | -233 | -477 | -9.91 | -177 | 5,545 | 6,870 |
| 2023 | 845 | -1,845 | -1,957 | -31.66 | 8 | 4,466 | 5,924 |
| 2024 | 1,075 | -238 | -334 | -4.49 | -42 | 4,691 | 5,907 |
| 2025 | 1,127 | -3,132 | -3,001 | -33.70 | -130 | 2,074 | 2,904 |
| 2026 | 915 | -63 | -123 | -1.10 | -69 | 1,614 | 2,328 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.10 | 89.00 | 270 | 12.60 | -19.60 | -48 | -57 |
| 2024: Q4 | -0.03 | 95.00 | 295 | 12.50 | -40.50 | -57 | -64 |
| 2025: Q1 | -0.87 | -624.30 | 268 | 5.00 | -424.90 | -5 | -25 |
| 2025: Q2 | 0.02 | 150.00 | 308 | -1.60 | -566.90 | -20 | -29 |
| 2025: Q3 | 0.00 | 99.70 | 288 | 6.60 | -0.20 | -2 | -15 |
| 2025: Q4 | -0.02 | 33.30 | 304 | 3.00 | -20.70 | -12 | -26 |
| 2026: Q1 | 0.02 | 102.30 | 282 | 5.20 | -12.90 | -22 | -26 |
| 2026: Q2 | -0.43 | -2,250.00 | 282 | -8.60 | -17.60 | -38 | -48 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 05/31/2027 | 0.07 | -0.12 – 0.26 | 1,123 | -36.4% | 2 |
| 05/31/2028 | 0.18 | -0.09 – 0.45 | 1,177 | 157.1% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Tilray Brands verkauft keine KI-Produkte, setzt KI aber laut eigenem Abschnitt „AI and Cryptocurrency Business Strategy“ im Geschäftsbericht 2026 konzernweit zur Prozessoptimierung ein — insbesondere in der Gewächshaussteuerung, wo KI-gestützte Datenanalysen Ertrag, Qualität und Ressourcenverbrauch verbessern sollen.
View the full file — quotes, sources, reviewed filings
„We are implementing AI across our global operations to enhance our expertise, optimize processes, achieve substantial improvements, and advance our business objectives."
Wir setzen KI in unseren weltweiten Betrieben ein, um unsere Expertise zu stärken, Prozesse zu optimieren, wesentliche Verbesserungen zu erzielen und unsere Geschäftsziele voranzubringen.
10-K · 2026-07-28 · View SEC filing
„By integrating this technology with AI-driven data insights, we can manage greenhouse conditions in real-time, leading to more efficient operations, increased output, superior quality, and reduced costs for resources such as labor, water, and energy."
Indem wir diese Technologie mit KI-gestützten Datenanalysen verbinden, können wir die Bedingungen in den Gewächshäusern in Echtzeit steuern — das führt zu effizienteren Abläufen, höherem Ertrag, besserer Qualität und geringeren Kosten für Ressourcen wie Arbeit, Wasser und Energie.
10-K · 2026-07-28 · View SEC filing
Filings Reviewed: 10-K 2026-07-28 · 8-K 2026-07-28 · S-8 2026-07-31 · 10-Q 2026-04-01 · 10-Q 2026-01-08 · 10-Q 2025-10-09 · 10-K 2025-07-29
Rated on August 1, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 2.7%
- More than 10% revenue growth is expected for the coming year -70.3%
- Share count grows by less than 3% a year 21.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -29.9%
- Gross margin at 40% or higher and without meaningful erosion 28.5%
- Goodwill from acquisitions does not grow faster than revenue 32.3%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 3,216 m
- Return on capital at 15% or higher, or up versus two years ago -3.2%
- Insiders hold at least 10% or are net buyers 0.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 57.7%
- Exp. sales growth 3Y > 5% 13.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 13.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -15.0%
- ROCE > 15% -3.2%
- Expected return > 10% -8.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Simon Irwin D | President and CEO | Other | 425,889 | 4.88 | 2,078,338 |
| Aug 26, 2026 | Simon Irwin D | President and CEO | Other | 803,563 | 0.00 | – |
| Aug 26, 2026 | Simon Irwin D | President and CEO | Other | 216,561 | 4.88 | 1,056,818 |
| Aug 26, 2026 | Simon Irwin D | President and CEO | Other | 408,605 | 0.00 | – |
| Aug 26, 2026 | Merton Carl A | Chief Financial Officer | Other | 61,090 | 4.88 | 298,119 |
| Aug 26, 2026 | Merton Carl A | Chief Financial Officer | Other | 111,072 | 0.00 | – |
| Aug 26, 2026 | Merton Carl A | Chief Financial Officer | Other | 31,559 | 4.88 | 154,008 |
| Aug 26, 2026 | Merton Carl A | Chief Financial Officer | Other | 57,380 | 0.00 | – |
| Aug 26, 2026 | Gendel Mitchell | Global General Counsel | Other | 58,167 | 4.88 | 283,855 |
| Aug 26, 2026 | Gendel Mitchell | Global General Counsel | Other | 109,748 | 0.00 | – |
The company
About the Company
Tilray Brands, Inc., a lifestyle consumer products company, engages in the research, cultivation, processing, and distribution of medical cannabis products in Canada, the United States, Europe, the Middle East, Africa, and internationally. The company operates through four segments: Beverage, Cannabis, Distribution, and Wellness. It also offers medical and adult-use cannabis products; resells and distributes pharmaceutical and wellness products; and produces, markets, and sells beverage products, and hemp-based food products. In addition, the company provides entertainment products. It offers its products under the Tilray, Aphria, Broken Coast, Symbios, Navcora, Tilray Craft, Charlotte's Web, Montauk Brewing, Shock Top, 10 Barrell, Breckenridge Brewery, SweetWater Brewing, Breckenridge Distillery, Blue Point Brewing, Broken Coast, Redecan, XMG, Manitoba Harvest, CC Pharma, Good Supply, Solei, Mollo, Chowie Wowie, Original Stash, Canaca, RIFF, Tilray Medical, Bake Sale, The Batch, HEXO, Alpine Beer Company, Green Flash, Cruisies, Atwater Brewery, Hiball Energy, Liquid Love, Hop Valley Brewing, Redhook Brewery, Revolver Brewing, Square Mile Cider, Mock One, Widmer Brothers Brewing, Runner's High Brewing Company, SweetWater Brewing Company, Terrapin Beer Co., Happy Flower, Fizzy Jane's, Herb & Bloom, 420 Fizz, and Fresh Hemp Foods brands. The company 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. and changed its name to Tilray Brands, Inc. in January 2022. Tilray Brands, Inc. is headquartered in Leamington, Canada.
- Employees
- 3,595
- Headquarters
- Leamington, ON
- Address
- 265 Talbot Street West, N8H 5L4 Leamington, Canada
- Phone
- 844 845 7291
- Website
- tilray.com
- IPO Date
- 07/19/2018
- ISIN
- US88688T2096
- Stock Split
- 1:10 on 12/02/2025
Management
| Name | Title | Birth Year |
|---|---|---|
| Irwin David Simon | President, CEO & Chairman | 1958 |
| Carl A. Merton CA, CBV, CPA | CFO & Principal Accounting Officer | 1970 |
| Roger Savell | Chief Administrative Officer & CFO of International | 1963 |
| Mitchell S. Gendel J.D. | Global General Counsel & Corporate Secretary | 1966 |
| Denise Menikheim Faltischek | Chief Strategy Officer and Head of M&A | 1973 |
| Lloyd Brathwaite | Chief Information Officer | – |
| Nyree Pinto | Chief Human Resources Officer | – |
| Berrin Noorata | Chief Corporate Affairs Officer | – |
| Blair MacNeil CMA, CPA | President of Tilray Canada | – |
| Rajnish Ohri | President of International | 1962 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.