Tilray (TLRY)
NASDAQ:TLRY
Top Page
Tilray
(NASDAQ:TLRY)
Select Model
Select Model
Rating:44Neutral
Price Target:
$6.00
▼(-8.68% Downside)
Action:ReiteratedDate:04/02/26
TLRY scores low primarily due to persistent large losses and ongoing negative free cash flow, which outweigh recent revenue scaling and reduced leverage. Technicals add further pressure as the stock is in a clear downtrend with weak momentum. Offsetting factors include improving adjusted EBITDA trends and reaffirmed guidance from the earnings call, but execution, cash-flow durability, and regulatory/integration risks remain material.
Positive Factors
Revenue Growth
Sustained top-line expansion and record quarterly revenue indicate the business is scaling across core channels. Durable organic growth improves operating leverage potential, strengthens distribution bargaining power and underpins medium-term cash generation if margins remain stable.
Negative Factors
Persistent GAAP Losses & Negative Cash Flow
Large cumulative losses and ongoing negative free cash flow erode equity and limit self-funding. This structural cash deficit increases reliance on external financing, constrains capital allocation choices and raises solvency risk if profitable operations are not achieved within months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained top-line expansion and record quarterly revenue indicate the business is scaling across core channels. Durable organic growth improves operating leverage potential, strengthens distribution bargaining power and underpins medium-term cash generation if margins remain stable.
Read all positive factors
Tilray (TLRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$765.72M
Dividend YieldN/A
Average Volume (3M)2.73M
Price to Earnings (P/E)―
Beta (1Y)1.20
Revenue Growth2.31%
EPS Growth-726.28%
CountryUS
Employees2,650
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.22
Shares Outstanding116,548,660
10 Day Avg. Volume3,143,672
30 Day Avg. Volume2,727,219
Financial Highlights & Ratios
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 Cap1.15
Enterprise Value/Revenue0.74
Enterprise Value/Gross Profit2.68
Enterprise Value/Ebitda-0.48
Forecast
1Y Price Target
$7.97Price Target Upside21.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.48
Revenue Forecast (FY)$864.39M
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 t...
How the Company Makes Money
Tilray makes money primarily by selling products across its two main operating areas: cannabis and beverage alcohol. In cannabis, the company generates revenue from the cultivation, processing, and sale of finished cannabis products and ingredient...
Tilray Earnings Call Summary
Earnings Call Date:Apr 01, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call highlighted clear operational progress: record quarterly revenue, strong international cannabis momentum, meaningful distribution growth, completed cost-savings programs and strategic beverage partnerships/acquisition that materially expand the company’s scale. Several significant challenges remain — beverage revenue and margin pressure, input cost volatility (aluminum, fuel), working capital-related cash use, regulatory uncertainty in the U.S., and integration work for BrewDog — but management presented concrete actions (hedging, Project 420, SKU rationalization, partnerships) and a strengthened liquidity position. On balance, the positive operational and strategic developments outweigh the near-term headwinds.Positive Updates
Record Quarterly Revenue and Organic Growth
Net revenue reached $206.7 million, a third-quarter record and an 11% increase year-over-year (CEO referred to 11% organic growth).
Negative Updates
Beverage Revenue Decline and Margin Pressure
Beverage net revenue was $42.6 million versus $55.9 million in the prior year quarter (decline). Beverage gross margin compressed to 32% from 36% YoY due to lower overhead absorption and higher input costs; segment remains a work in progress despite Project 420 savings.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly Revenue and Organic Growth
Net revenue reached $206.7 million, a third-quarter record and an 11% increase year-over-year (CEO referred to 11% organic growth).
Read all positive updates
Company Guidance
Tilray reaffirmed fiscal 2026 adjusted EBITDA guidance of $62 million to $72 million, supported by a record Q3 where net revenue was $206.7 million (up 11% YoY) and adjusted EBITDA rose 19% to $10.7 million; Q3 gross profit was $55 million (up 6% YoY) with a 27% gross margin, adjusted net income was $2.4 million ($0.02/share) and adjusted cash operating income was $4.1 million. The company closed the quarter with $264.8 million of cash, restricted cash and marketable securities and approximately $3.5 million net cash (a $40.2 million YoY improvement), generated $3.4 million of operating cash excluding working capital (but used $21.9 million including working capital), and narrowed net loss to $25.2 million (a $768.3 million improvement YoY). Management highlighted operational actions that underpin the guidance, including Project 420 delivering $33 million of annualized cost savings (with $6.2 million realized this quarter), beverage gross margins near 32% on $42.6 million of beverage revenue, segment mix of ~31% cannabis / 40% distribution / 21% beverage / 8% wellness, and commodity hedging (aluminum 65–75% hedged month-to-month, year out) to mitigate cost headwinds.Tilray Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
54
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | May 2025 | May 2024 | May 2023 | May 2022 | May 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.18B | 1.13B | 1.07B | 844.72M | 792.12M | 619.67M |
| Gross Profit | 327.08M | 330.11M | 304.33M | 197.95M | 147.26M | 148.77M |
| EBITDA | -1.84B | -2.92B | -99.25M | -1.72B | -310.61M | -297.41M |
| Net Income | -1.85B | -3.00B | -333.80M | -1.96B | -601.05M | -443.75M |
Balance Sheet | ||||||
| Total Assets | 2.07B | 2.90B | 5.91B | 5.92B | 6.87B | 6.03B |
| Cash, Cash Equivalents and Short-Term Investments | 219.93M | 351.78M | 354.98M | 604.16M | 524.29M | 488.47M |
| Total Debt | 317.08M | 451.09M | 527.75M | 794.89M | 786.36M | 938.66M |
| Total Liabilities | 549.12M | 860.49M | 1.22B | 1.44B | 1.27B | 1.56B |
| Stockholders Equity | 1.56B | 2.07B | 4.69B | 4.47B | 5.55B | 4.46B |
Cash Flow | ||||||
| Free Cash Flow | -95.69M | -174.98M | -81.96M | -17.37M | -266.39M | -100.93M |
| Operating Cash Flow | -55.79M | -129.81M | -42.11M | 10.65M | -223.45M | -53.99M |
| Investing Cash Flow | -2.18M | -64.11M | 174.88M | -384.04M | -27.14M | 55.67M |
| Financing Cash Flow | 116.27M | 183.20M | -102.45M | 94.50M | 161.60M | 150.09M |
Tilray Technical Analysis
Negative
6.57
Price Trends
7.15
Negative
8.29
Negative
9.65
Negative
Market Momentum
-0.20
Negative
46.03
Neutral
74.53
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 6.57 is below the 20-day moving average (MA) of 6.58, below the 50-day MA of 7.15, and below the 200-day MA of 9.65, indicating a bearish trend. The MACD of -0.20 indicates Negative momentum. The RSI at 46.03 is Neutral, neither overbought nor oversold. The STOCH value of 74.53 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 61 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | C$1.36B | -104.58 | -0.87% | ― | 22.20% | ― | |
59 Neutral | $368.06M | ― | -1.44% | ― | 1.76% | 18.31% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $765.72M | -6.11 | -92.82% | ― | 2.31% | -726.28% | |
44 Neutral | $7.07M | -1.02 | 553.15% | ― | -29.78% | 88.96% | |
40 Underperform | $2.21M | -0.71 | -93.87% | ― | -0.74% | 81.49% | |
40 Underperform | $3.76M | >-0.01 | -32.29% | ― | -26.84% | -0.16% |
* Healthcare Sector Average
TLRY
Tilray
6.57
1.70
34.96%
EVGN
Evogene
0.81
-0.24
-22.86%
TSE:CRON
Cronos Group
3.58
1.21
51.05%
SNDL
SNDL
1.42
0.09
6.77%
IMCC
IM Cannabis Corp
0.36
-1.01
-73.72%
HYFM
Hydrofarm Holdings Group
0.79
-1.91
-70.81%
Tilray Corporate Events
Business Operations and StrategyM&A Transactions
Tilray Expands Global Beverage Platform With BrewDog Acquisition
Positive
Mar 2, 2026
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 retai...
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.