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High Tide
(HITI)
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Rating:61Neutral
Price Target:
C$4.00
▲(14.29% Upside)
Action:Reiterated
Date:09/22/26
The score is driven primarily by mixed financial quality (strong multi-year revenue scaling and positive TTM free cash flow, but ongoing TTM net losses and margin compression) and a very upbeat earnings call emphasizing record operating performance and confident growth plans. Technicals are supportive with the stock trading above major moving averages and neutral-to-positive momentum indicators, while valuation is constrained by the negative P/E and lack of dividend support.
Positive Factors
Revenue scaling and market-share gains
High Tide is demonstrating broad operating momentum, with record revenue growth across its retail and medical distribution activities and share gains in key provinces. Continued expansion alongside stronger market position can improve purchasing leverage, brand visibility, and the durability of future revenue growth.
Negative Factors
Persistent losses and margin compression
High Tide has scaled revenue without consistently converting that growth into bottom-line profit. Persistent net losses and materially lower gross margins reduce financial resilience, limit reinvestment capacity, and make earnings improvement dependent on sustained cost control and stabilization of pricing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scaling and market-share gains
High Tide is demonstrating broad operating momentum, with record revenue growth across its retail and medical distribution activities and share gains in key provinces. Continued expansion alongside stronger market position can improve purchasing leverage, brand visibility, and the durability of future revenue growth.
Read all positive factors
High Tide (HITI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$354.79M
Dividend YieldN/A
Average Volume (3M)96.09K
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue Growth26.79%
EPS Growth-215.02%
CountryCA
Employees1,832
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)-0.38
Shares Outstanding89,142,620
10 Day Avg. Volume96,514
30 Day Avg. Volume96,088
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)4.11
Price to Sales (P/S)0.61
P/FCF Ratio26.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$6.96Price Target Upside98.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.05
Revenue Forecast (FY)C$746.96M
High Tide Business Overview & Revenue Model
Company Description
High Tide Inc. operates as a prominent global player in the cannabis retail sector, with business activities spanning Canada, Europe, the United States, and other international markets. The company's portfolio is multifaceted, including the design...
How the Company Makes Money
High Tide primarily makes money by selling cannabis products to adult-use consumers through its brick-and-mortar retail stores (its largest operating focus). Revenue is generated at the point of sale from a broad assortment that typically includes...
High Tide Earnings Call Summary
Earnings Call Date:Sep 14, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 01, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with record revenue, EBITDA, operating income, net income, cash flow, customer membership, Canadian market share, and German medical cannabis volumes. Management also highlighted improving expense ratios, strong liquidity, continued organic expansion, and disciplined international growth plans. The principal challenges were Canadian consumer pressure, thinner baskets, industry competition and store growth, potential market contraction, German import quota timing, and price compression. These issues were acknowledged but did not outweigh the broad-based financial and operational momentum.Positive Updates
Record Revenue and Broad-Based Financial Performance
Q3 revenue reached a record CAD 198.8 million, up 33% year-over-year and 11% sequentially, marking the fifth consecutive quarter with a new all-time revenue high and the fastest growth rate in 13 quarters. Both the bricks-and-mortar and medical cannabis distribution segments posted record results.
Negative Updates
Canadian Consumer Pressure and Thinner Baskets
Management said Canadian consumers are facing macroeconomic uncertainty, creeping inflation, job stress, and trade-war-related pressure. Although transaction counts increased 1.1% and customers were not leaving, customers were purchasing less per visit, including choosing ounce bags instead of 3.5-gram products.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Revenue and Broad-Based Financial Performance
Q3 revenue reached a record CAD 198.8 million, up 33% year-over-year and 11% sequentially, marking the fifth consecutive quarter with a new all-time revenue high and the fastest growth rate in 13 quarters. Both the bricks-and-mortar and medical cannabis distribution segments posted record results.
Read all positive updates
Company Guidance
Management reiterated its long-term goal of 3 million members in Canada, plans to add 118 stores in Canada, a goal of adding 20 Cabanas during this calendar year, and a long-term target to reach 350 locations across the country; combined with Remexian’s current trajectory, this makes the company “more confident than ever” it will breach the CAD 1 billion revenue mark in the not-too-distant future. Management said Remexian will reach a higher steady state volume level than originally expected, may gain further share in Germany, and continues its march towards a 15%-20% market share in the long term; medical distribution gross margins could be “very much in the high or mid-20s going forward” and are expected to settle in the “mid to high 20s over the long term.”High Tide Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
44
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 720.47M | 593.99M | 522.31M | 487.67M | 356.85M | 181.12M |
| Gross Profit | 100.14M | 153.53M | 142.50M | 131.31M | 100.95M | 63.98M |
| EBITDA | 4.20M | -13.74M | 33.78M | -4.20M | -33.65M | -1.96M |
| Net Income | -33.34M | -50.75M | -4.34M | -39.31M | -70.85M | -35.04M |
Balance Sheet | ||||||
| Total Assets | 369.35M | 349.06M | 246.21M | 233.40M | 274.74M | 246.22M |
| Cash, Cash Equivalents and Short-Term Investments | 47.19M | 47.95M | 47.98M | 30.26M | 25.28M | 14.87M |
| Total Debt | 123.47M | 149.83M | 74.61M | 72.53M | 69.88M | 55.43M |
| Total Liabilities | 249.42M | 246.28M | 100.70M | 99.73M | 112.71M | 94.21M |
| Stockholders Equity | 105.22M | 87.61M | 143.27M | 131.56M | 156.35M | 147.21M |
Cash Flow | ||||||
| Free Cash Flow | 15.74M | 13.43M | 25.80M | 14.58M | -4.56M | -13.54M |
| Operating Cash Flow | 24.66M | 23.87M | 35.55M | 20.66M | 4.50M | -2.83M |
| Investing Cash Flow | -23.95M | -22.29M | -11.01M | -5.72M | -8.59M | -28.49M |
| Financing Cash Flow | -16.60M | 202.00K | -7.72M | -9.26M | 15.17M | 37.81M |
High Tide Technical Analysis
Positive
3.50
Price Trends
3.42
Positive
3.33
Positive
3.37
Positive
Market Momentum
0.14
Negative
60.98
Neutral
83.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HITI, the sentiment is Positive. The current price of 3.5 is below the 20-day moving average (MA) of 3.70, above the 50-day MA of 3.42, and above the 200-day MA of 3.37, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 60.98 is Neutral, neither overbought nor oversold. The STOCH value of 83.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HITI.
High Tide Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | C$354.79M | -10.28 | -36.06% | ― | 26.79% | -215.02% | |
53 Neutral | C$593.07M | -1.90 | -29.85% | ― | 6.81% | 85.26% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | C$327.95M | -4.12 | -45.81% | ― | -8.14% | 66.53% | |
43 Neutral | C$60.36M | -0.60 | -131.41% | ― | -21.90% | -25.05% | |
42 Neutral | C$179.73M | -1.51 | 53.44% | ― | 4.96% | -12.20% | |
40 Neutral | C$18.10M | -0.03 | -74.75% | ― | ― | ― |
* Healthcare Sector Average
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High Tide Corporate Events
Business Operations and Strategy
High Tide Adds Three Canna Cabana Stores in Targeted Canadian Expansion
Positive
Aug 31, 2026
High Tide is expanding its Canna Cabana footprint in Canada with three new stores in Lindsay and Orléans, Ontario, and Regina, Saskatchewan, pending regulatory approval. The openings, scheduled between September 2 and 5, 2026, will lift its C...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
High Tide Sets Date for Q3 2026 Results and Investor Webcast
Neutral
Aug 25, 2026
High Tide Inc., a leading cannabis retailer and distributor, plans to release its financial and operational results for the third fiscal quarter ended July 31, 2026, after markets close on September 14. The results will be accessible to investors ...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
High Tide Shareholders Back Board, Auditor and Rights Plan at Annual Meeting
Positive
Aug 12, 2026
High Tide Inc., a leading cannabis-focused retailer and medical distributor, operates Canada’s largest cannabis store chain under the Canna Cabana brand and runs global e-commerce platforms for cannabis accessories and hemp-derived CBD. Its ...
Business Operations and StrategyRegulatory Filings and Compliance
BlackRock Lifts Caledonia Mining Stake Above 6% Threshold
Positive
Jul 16, 2026
Caledonia Mining Corporation Plc disclosed that BlackRock, Inc., a major institutional investor, has crossed a regulatory threshold in its shareholding, triggering a mandatory notification under market rules. The move underscores ongoing instituti...
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.