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Tilray
(NASDAQ:TLRY)
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Rating:46Neutral
Price Target:
$3.50
▼(-24.57% Downside)
Action:Reiterated
Date:10/08/26
TLRY scores low primarily due to weak financial performance—ongoing net losses and continued cash burn with limited top-line growth—reinforced by bearish technicals (price below key moving averages and negative MACD). The score is partially supported by a manageable leverage profile, a more constructive earnings-call outlook with reaffirmed adjusted EBITDA guidance and margin progress, and modestly positive capital-structure actions (convertible debt reduction).
Positive Factors
Diversified growth platform
Record quarterly revenue and gross-profit growth indicate that Tilray’s multi-category platform is gaining scale across cannabis, beverages, wellness, and distribution. Broader revenue sources can reduce dependence on any single market and support operating leverage if growth persists.
Negative Factors
Persistent losses and cash burn
Tilray remains dependent on external financing or balance-sheet resources because operations are not yet self-funding. Persistent losses and negative cash flow constrain investment capacity, weaken financial resilience, and make sustainable value creation dependent on future profitability improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified growth platform
Record quarterly revenue and gross-profit growth indicate that Tilray’s multi-category platform is gaining scale across cannabis, beverages, wellness, and distribution. Broader revenue sources can reduce dependence on any single market and support operating leverage if growth persists.
Read all positive factors
Tilray (TLRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$523.17M
Dividend YieldN/A
Average Volume (3M)3.83M
Price to Earnings (P/E)―
Beta (1Y)1.05
Revenue Growth15.93%
EPS Growth93.85%
CountryUS
Employees3,595
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-1.65
Shares Outstanding147,787,520
10 Day Avg. Volume4,875,206
30 Day Avg. Volume3,832,287
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.38
Price to Sales (P/S)0.67
P/FCF Ratio-6.01
Enterprise Value/Market Cap1.42
Enterprise Value/Revenue0.66
Enterprise Value/Gross Profit2.34
Enterprise Value/Ebitda-44.27
Forecast
1Y Price Target
$5.05Price Target Upside8.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.57
Revenue Forecast (FY)$1.10B
Tilray Business Overview & Revenue Model
Company Description
Tilray Brands, Inc. is a diversified global consumer packaged goods company primarily involved in the cultivation, processing, marketing, and sale of cannabis products. Its operations span a significant international footprint, encompassing Canada...
How the Company Makes Money
Tilray makes money primarily by selling branded and bulk products across its operating segments, with revenue recognized largely from the shipment/delivery of products to customers through a mix of direct sales and distributor/retail channels. Key...
Tilray Earnings Call Summary
Earnings Call Date:Oct 08, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Jan 11, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Tilray reported record revenue and gross profit, expanding consolidated and cannabis margins, strong international cannabis and BrewDog growth, U.S. craft beer brand momentum, debt reduction, and reaffirmed fiscal 2027 adjusted EBITDA guidance. These strengths were partly offset by a $40 million net loss, lower adjusted EBITDA, total cannabis revenue contraction, international price compression, Canadian adult-use headwinds, fuel costs, higher investment costs, and continued regulatory and market uncertainty.Positive Updates
Record Revenue and Gross Profit
Q1 revenue reached a record $257.1 million, increasing 23% year-over-year from $209.5 million. Gross profit increased 35% to $77.5 million, and consolidated gross margin expanded approximately 300 basis points to 30%.
Negative Updates
Net Loss and Adjusted Net Loss
Tilray reported a net loss of $40 million, compared with net income of $1.5 million in the prior-year quarter. Adjusted net loss was approximately $3 million, including roughly $5 million of net cash interest expense.
Read all updates
Q1-2027 Updates
Positive
Negative
Record Revenue and Gross Profit
Q1 revenue reached a record $257.1 million, increasing 23% year-over-year from $209.5 million. Gross profit increased 35% to $77.5 million, and consolidated gross margin expanded approximately 300 basis points to 30%.
Read all positive updates
Company Guidance
Tilray is maintaining and reaffirming its fiscal 2027 adjusted EBITDA guidance of $68 million to $75 million; it expects its Portugal facility to deliver more than 40 metric tons of flower at full capacity in our fiscal year 2027, expects a larger impact from new cultivars late in Q2 and beyond, is focused on doubling Lyphe's patient base, expects BrewDog's budget for this year is profitability and some good profitability coming from BrewDog, and expects the Carlsberg partnership, beginning January 1, 2027, to deliver immediate scale, revenue contribution when it begins.Tilray Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | TTM | May 2026 | May 2025 | May 2024 | May 2023 | May 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.12B | 915.45M | 1.13B | 1.07B | 844.72M | 628.37M |
| Gross Profit | 317.18M | 260.44M | 330.11M | 304.33M | 197.95M | 116.82M |
| EBITDA | -16.79M | 9.45M | -2.92B | -99.25M | -1.72B | -246.40M |
| Net Income | -191.75M | -122.57M | -3.00B | -333.80M | -1.96B | -476.80M |
Balance Sheet | ||||||
| Total Assets | 2.33B | 2.33B | 2.90B | 5.91B | 5.92B | 6.87B |
| Cash, Cash Equivalents and Short-Term Investments | 218.01M | 231.27M | 351.78M | 354.98M | 604.16M | 524.29M |
| Total Debt | 371.93M | 398.40M | 451.09M | 527.75M | 794.89M | 786.36M |
| Total Liabilities | 721.28M | 733.14M | 860.49M | 1.22B | 1.44B | 1.27B |
| Stockholders Equity | 1.62B | 1.61B | 2.07B | 4.69B | 4.47B | 5.55B |
Cash Flow | ||||||
| Free Cash Flow | -126.70M | -102.13M | -174.98M | -81.96M | -17.37M | -266.39M |
| Operating Cash Flow | -88.09M | -69.14M | -129.81M | -42.11M | 10.65M | -223.45M |
| Investing Cash Flow | -113.04M | -55.80M | -64.11M | 174.88M | -384.04M | -27.14M |
| Financing Cash Flow | 145.29M | 130.99M | 183.20M | -102.45M | 94.50M | 161.60M |
Tilray Technical Analysis
Negative
4.64
Price Trends
4.29
Negative
4.50
Negative
5.96
Negative
Market Momentum
-0.19
Positive
32.64
Neutral
27.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLRY, the sentiment is Negative. The current price of 4.64 is above the 20-day moving average (MA) of 3.89, above the 50-day MA of 4.29, and below the 200-day MA of 5.96, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 32.64 is Neutral, neither overbought nor oversold. The STOCH value of 27.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TLRY.
Tilray Risk Analysis
Tilray disclosed 60 risk factors in its most recent earnings report. Tilray reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Tilray Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $2.05B | -26.47 | -6.88% | ― | -3.90% | -177.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $523.17M | -2.15 | -10.95% | ― | 15.93% | 93.85% | |
45 Neutral | $4.37M | -1.27 | -34.25% | ― | 10.01% | 95.01% | |
43 Neutral | $7.47M | -0.39 | -134.73% | ― | -60.74% | 66.05% | |
40 Underperform | $2.60M | -1.13 | -107.40% | ― | -11.91% | -285.26% |
* Healthcare Sector Average
TLRY
Tilray
3.54
-13.36
-79.05%
INM
InMed Pharmaceuticals
1.36
-0.77
-36.15%
YCBD
cbdMD
0.39
-0.89
-69.61%
TRLV
Trulieve Cannabis
10.67
2.57
31.73%
IMCC
IM Cannabis Corp
1.58
-56.92
-97.30%
AKAN
Akanda Corp
1.76
-47.97
-96.46%
Tilray Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Tilray Reduces Debt Through Private Equity Exchange
Neutral
Sep 14, 2026
Between August 31, 2026 and September 8, 2026, Tilray Brands, Inc. executed private debt-for-equity exchange transactions with unrelated holders of its 5.20% Convertible Senior Notes due June 15, 2027, swapping $12 million in note principal for 2,...
Business Operations and StrategyPrivate Placements and Financing
Tilray Reduces Convertible Debt Through Private Equity Exchange
Positive
Aug 10, 2026
On August 4, 2026, Tilray Brands, Inc. executed private debt-for-equity exchange transactions with unrelated parties, issuing 1,377,334 shares of common stock in exchange for $6 million in principal amount of its 5.20% Convertible Senior Notes due...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.