Tilray (TLRY) AI Stock Analysis

• Market Cap: $809.72M
• Dividend Yield: N/A
• Average Volume (3M): 2.63M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.33
• Revenue Growth: 2.31%
• EPS Growth: -726.28%
• Country: US
• Employees: 2,650
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.41
• Shares Outstanding: 116,506,910
• 10 Day Avg. Volume: 2,649,150
• 30 Day Avg. Volume: 2,627,646
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.18
• Price to Sales (P/S): 0.34
• P/FCF Ratio: -2.17
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 0.69
• Enterprise Value/Gross Profit: 2.46
• Enterprise Value/Ebitda: -0.28
• 1Y Price Target: $9.60
• Price Target Upside: 38.13% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): -0.48
• Revenue Forecast (FY): $864.39M

• Rating: 50 Neutral
• Price Target: $8.00 ▲(15.11% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

Overall score is held back primarily by weak financial performance (very large losses and negative cash flow), with mixed technicals also limiting upside near-term. Earnings-call signals are comparatively stronger due to reaffirmed adjusted EBITDA guidance, cost-savings progress, and improved liquidity, while valuation remains constrained by losses and the BrewDog deal adds strategic optionality with integration risk.

Positive Factors

Scaled Revenue & Distribution Momentum

Tilray has meaningfully scaled top-line, with record quarterly revenue driven by international cannabis and distribution growth. Sustained revenue scale and diversified channels (medical, distribution, international) deepen market reach and support durable margin expansion opportunities.

Project 420 Cost Savings & Reaffirmed Guidance

Concrete, multi-year cost reductions improve structural profitability if fully realized. Project 420 reduces fixed and operating costs, raising the floor on margins and making management's EBITDA targets more credible—supporting sustainable cash generation if execution continues.

Acquisition Expands Beverage Platform (BrewDog)

Acquiring BrewDog assets is a durable strategic shift into branded craft beer, adding IP, pubs and UK/IR footprint. If integrated well, it accelerates international beverage scale, complementary revenue streams and branded CPG leverage across distribution and marketing investments.

Negative Factors

Weak Cash Generation

Persistent negative operating and free cash flow requires ongoing external funding and limits self‑funding for capex, M&A or brand investments. Continued cash burn raises dilution and refinancing risk, constraining durable reinvestment and long-term financial flexibility.

Beverage Underperformance & Integration Risk

The beverage segment has underperformed and awaits portfolio fixes; integrating BrewDog assets increases complexity. Protracted turnarounds or failed integration would depress margins and consume capital, making beverage a structural drag on consolidated profitability for months to years.

Regulatory & Permit Uncertainty

Ongoing permit delays in Europe and unresolved U.S. hemp THC rules create structural revenue volatility and potential market access loss. Regulatory shifts can permanently alter addressable markets or require costly compliance changes, undermining long-term growth projections.

Tilray Business Overview & Revenue Model

Company Description

Tilray Brands, Inc. engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. The company operates through four segments: Cannabis Business, Distribution Business, Beverage Alcohol Business, and Wellness Business. It offers medical and adult-use cannabis products, including GMP-certified flowers, oils, vapes, edibles, and topicals; purchases and resells pharmaceutical and wellness products; and produces, markets, sells, and distributes beverage alcohol products, and hemp-based food and other wellness products. The company offers its products under the Tilray, Aphria, Broken Coast, Symbios, B!NGO, The Batch, P'tite Pof, Dubon, Good Supply, Solei, Chowie Wowie, Canaca, RIFF, SweetWater, Breckenridge Distillery, Alpine Beer Company, and Green Flash brands. It 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. Tilray Brands, Inc. is headquartered in Leamington, Canada.

How the Company Makes Money

Tilray generates revenue primarily through the sale of cannabis products in both the medical and recreational markets. Key revenue streams include direct-to-consumer sales through its own distribution channels and partnerships with licensed retailers. The company also engages in wholesale distribution to other cannabis companies and dispensaries. Additionally, Tilray has been expanding its presence in the global market by entering into strategic partnerships and joint ventures, such as collaborations with major alcohol brands and pharmaceutical companies, which provide further avenues for revenue generation. The company's investments in research and development of innovative products and its focus on international expansion are also significant contributors to its earnings.

Tilray Financial Statement Overview

Summary

Strong recent revenue growth, but financial quality is pressured by extremely large losses (deeply negative TTM net margin), consistently negative ROE, and ongoing negative operating/free cash flow. Balance-sheet leverage is not high, yet the shrinking capital base and continued cash burn keep risk elevated.

Income Statement

Revenue has scaled meaningfully over time, with TTM (Trailing-Twelve-Months) revenue up ~76% versus the prior annual period. However, profitability has deteriorated sharply: TTM net margin is deeply negative (about -271%) versus a much smaller loss in FY2024 (about -31%), indicating substantial costs/charges overwhelming gross profit. Gross margin is relatively steady (~28–29% in FY2024–TTM), but operating performance is extremely weak with very large operating losses, making the income statement the key pressure point.

Balance Sheet

Leverage appears manageable relative to equity in the annual periods (debt-to-equity roughly ~0.11–0.22 from FY2021–FY2025), and total debt has trended down versus FY2021–FY2023 levels. That said, equity and total assets have declined materially since FY2022–FY2024, and returns on equity are consistently negative (TTM ROE roughly -155%), reflecting ongoing value erosion from losses. Overall: not highly levered, but weakening capital base and persistent losses raise balance-sheet risk over time.

Cash Flow

Cash generation is weak: operating cash flow is negative in TTM (Trailing-Twelve-Months) and in most annual periods, and free cash flow is also consistently negative (TTM roughly -$64M; FY2025 roughly -$175M). While the cash burn in TTM is smaller than FY2025, free cash flow growth is sharply negative versus the prior period, pointing to continued funding needs. The business is not yet self-funding based on current operating cash flow trends.

Breakdown	TTM	May 2025	May 2024	May 2023	May 2022	May 2021
Income Statement
Total Revenue	1.17B	1.13B	1.07B	844.72M	792.12M	619.67M
Gross Profit	327.19M	330.11M	304.33M	197.95M	147.26M	148.77M
EBITDA	-2.92B	-2.92B	-99.25M	-1.72B	-310.61M	-297.41M
Net Income	-2.95B	-3.00B	-333.80M	-1.96B	-601.05M	-443.75M
Balance Sheet
Total Assets	2.93B	2.90B	5.91B	5.92B	6.87B	6.03B
Cash, Cash Equivalents and Short-Term Investments	407.29M	351.78M	354.98M	604.16M	524.29M	488.47M
Total Debt	446.52M	451.09M	527.75M	794.89M	786.36M	938.66M
Total Liabilities	771.26M	860.49M	1.22B	1.44B	1.27B	1.56B
Stockholders Equity	2.21B	2.07B	4.69B	4.47B	5.55B	4.46B
Cash Flow
Free Cash Flow	-94.48M	-174.98M	-81.96M	-17.37M	-266.39M	-100.93M
Operating Cash Flow	-38.72M	-129.81M	-42.11M	10.65M	-223.45M	-53.99M
Investing Cash Flow	-28.61M	-64.11M	174.88M	-384.04M	-27.14M	55.67M
Financing Cash Flow	142.03M	183.20M	-102.45M	94.50M	161.60M	150.09M

Tilray Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 6.95 is below the 20-day moving average (MA) of 7.42, below the 50-day MA of 8.02, and below the 200-day MA of 9.44, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 37.38 is Neutral, neither overbought nor oversold. The STOCH value of 13.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TLRY.

Tilray Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRON	60 Neutral	C$1.35B	-104.58	-0.87%	―	22.20%	―
SNDL	59 Neutral	$373.25M	-37.95	-1.45%	―	1.76%	18.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TLRY	50 Neutral	$809.72M	-3.44	-114.12%	―	2.31%	-726.28%
EVGN	44 Neutral	$7.60M	-0.45	553.15%	―	-29.78%	88.96%
HYFM	44 Neutral	$5.37M	-0.23	-32.29%	―	-26.84%	-0.16%
IMCC	40 Underperform	$3.04M	-0.89	-93.87%	―	-0.74%	81.49%

Tilray Corporate Events

Tilray Expands Global Beverage Platform With BrewDog Acquisition

On March 2, 2026, Tilray Brands completed the £33 million acquisition of key BrewDog assets via a pre-packaged administration in Scotland, taking over the BrewDog global brand and intellectual property, UK brewing operations, online and retail business, and 11 strategic brewpubs across the UK and Ireland while leaving most pre-closing liabilities with the BrewDog Group. The deal, guaranteed by Tilray Brands for its UK subsidiary, consolidates one of the UK’s best-known craft beer names into Tilray’s beverage platform and strengthens its presence in beer, hospitality and international markets.

BrewDog, founded in 2007 and known for flagship beers such as Punk IPA, Hazy Jane and Lost Lager, brings a brand-led, vertically integrated beverage and hospitality model that Tilray plans to refocus on craft beer quality and return to profitable growth. The acquired brewing and pub assets are expected to materially expand Tilray’s global beverage footprint, with management indicating that BrewDog’s operations could contribute substantial additional annual net revenue and help build a roughly $500 million craft beverage platform, though near-term earnings contribution will be limited as licensing transfers and integration efforts progress.

The most recent analyst rating on (TLRY) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Tilray stock, see the TLRY Stock Forecast page.