One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Tilray Brands, Inc.
TLRY · NMS · Healthcare · Drug Manufacturers - Specialty & Generic
Current price
$2.65
52-week range
$2.49 - $15.70
Market cap
$391.64M
Balance sheet
Distressed
-1.85x Concerning
Net debt $153.92M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
3 Risks
1 rewards · 3 risks
- Reward Revenue grew 5.2% last year.
- Risk Net debt grew 18.0% over 3 years.
- Risk Return on equity was -9.4% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 1.6% (peer median: 1.7%).
What this company does
Tilray Brands, Inc.
Tilray Brands sells a wide variety of products, including cannabis, beverages, and wellness items, across many countries. Their main income comes from selling these products to different kinds of customers like pharmacies and directly to people. Understanding where their money comes from helps us see how well the company is doing overall.
How the company got here
Tilray Brands started as a medical cannabis company, focusing on research and distribution. A major turning point was its merger with Aphria in 2021, which significantly expanded its scale and product offerings. This combination aimed to create a leading global cannabis company with a diverse portfolio. The company officially changed its name from Tilray, Inc. to Tilray Brands, Inc. in early 2022, signaling a broader vision beyond just medical cannabis. This evolution reflects a strategy to become a diversified consumer packaged goods company with a strong presence in the cannabis and beverage sectors.
What it actually does
Tilray Brands is a company that operates in several different areas, primarily focused on cannabis and beverages. Think of it like a large company that owns several smaller, specialized businesses under one umbrella. They research, grow, and sell cannabis products for both medical and adult use. They also produce and sell a variety of alcoholic and non-alcoholic beverages, including craft beers and spirits. Additionally, they are involved in distributing pharmaceutical and wellness products, and even offer some entertainment products.
Cannabis
This segment is where Tilray's roots are, focusing on the cultivation, processing, and sale of cannabis products. They offer medical cannabis to patients and also sell recreational (adult-use) cannabis where it's legally permitted. This part of the business involves growing the plants, making various products like flower, edibles, and oils, and distributing them to licensed retailers and directly to consumers. It's a significant portion of Tilray's overall business, driven by the growing legal cannabis markets.
Beverage
Tilray Brands has made a substantial push into the beverage market, acquiring several well-known craft beer and spirits brands. This segment includes the production and sale of alcoholic beverages like beer and spirits, as well as non-alcoholic options. The goal here is to leverage their existing distribution networks and brand-building expertise to capture a share of the consumer beverage market. This is a growing area for the company, aiming to diversify revenue streams beyond cannabis.
Distribution
This part of Tilray's business acts like a wholesaler, reselling and distributing pharmaceutical and wellness products. They essentially buy products from various manufacturers and then sell them to other businesses like pharmacies, hospitals, and retailers. This segment helps to utilize their logistics and sales infrastructure, generating revenue from the movement of goods that aren't necessarily their own manufactured products. It provides a steady stream of income and broadens their market reach.
Wellness
The Wellness segment encompasses products focused on health and well-being, including hemp-based food products and other wellness items. This might include things like nutritional supplements or health-focused food items. It represents an effort to tap into the broader health and wellness consumer trend, offering products that complement their cannabis and beverage lines. This segment is generally a smaller piece of the overall company compared to cannabis and beverages.
What management is betting on now
Tilray's management is focused on expanding its global presence in the cannabis market, particularly in anticipation of potential U.S. federal legalization. They are also heavily investing in growing their beverage segment through strategic acquisitions of popular craft beer and spirits brands. The company aims to achieve significant cost synergies (cost savings from combining operations) by integrating its acquired businesses. Management is also prioritizing innovation in both cannabis and beverage product development to appeal to a wider range of consumers. Ultimately, they are working to transform Tilray into a leading global consumer packaged goods company with a diversified portfolio.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$-46.16M
FY2025 Q3
$-20.18M
FY2025 Q4
$-19.14M
Revenue
$257.15M
Net income
$-43.14M
Diluted EPS
-0.32
Operating cash flow
$-16.54M
Free cash flow
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Sources
Revenue
$281.71M
Net income
$-49.57M
Diluted EPS
-0.44
Operating cash flow
$-37.32M
Free cash flow
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Sources
Revenue
$206.73M
Net income
$-26.57M
Diluted EPS
-0.24
Operating cash flow
$-21.94M
Free cash flow
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Sources
Revenue
$217.51M
Net income
$-44.93M
Diluted EPS
-0.41
Operating cash flow
$-8.54M
Free cash flow
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Sources
Revenue
$209.50M
Net income
$-322.00K
Diluted EPS
0.00
Operating cash flow
$-1.34M
Free cash flow
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Sources
Revenue
$224.53M
Net income
$-1.27B
Diluted EPS
-1.45
Operating cash flow
$-12.81M
Free cash flow
$-19.14M
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Sources
Revenue
$185.78M
Net income
$-789.44M
Diluted EPS
-0.87
Operating cash flow
$-5.76M
Free cash flow
$-20.18M
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Sources
Revenue
$210.95M
Net income
$-85.34M
Diluted EPS
-0.10
Operating cash flow
$-40.72M
Free cash flow
$-46.16M
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Sources
Is it cheap or expensive?
Fair value — vs current price $2.65
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $153.9M. Interest coverage -1.8x.
Net debt
$153.92M
Interest coverage
-1.85x
Tilray Brands, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
TLRY
BASELINE
Tilray Brands, Inc.
Total debt $371.93M Interest coverage -1.85x This is the baseline the peer rows are being compared against.
Total debt $173.24M Interest coverage -1.91x Neither company has much profit cushion over interest right now.
Total debt $1.21M Interest coverage -1,499.77x Neither company has much profit cushion over interest right now.
Total debt $15.99M Interest coverage -25.79x Neither company has much profit cushion over interest right now.
Total debt $114.37M Interest coverage -0.59x Neither company has much profit cushion over interest right now.
Total debt — Interest coverage 6.88x This peer still has a real interest-payment cushion, while TLRY does not.
What you should know
The case for and against TLRY
1 Reward
3 Risks
Rewards
-
Revenue grew 5.2% last year.
Risks
-
Net debt grew 18.0% over 3 years.
-
Return on equity was -9.4% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 1.6% (peer median: 1.7%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
18.65x
P/B
0.23x
P/S
0.41x
EV/EBITDA
41.44x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
29.3%
Operating margin
-6.2%
Net margin
-17.1%
ROE
-9.4%
ROA
-1.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.23x
Current ratio
1.88x
Quick ratio
0.95x
Total debt
$371.93M
Total cash
$218.01M
Growth
How the business has been compounding
Revenue TTM
$963.10M
Revenue 5Y CAGR
9.9%
EPS TTM
-1.41
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-84.34M
Free CF TTM
$-127.52M
FCF margin
-13.2%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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