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Tilray
(NASDAQ:TLRY)
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Rating:47Neutral
Price Target:
$4.50
▲(15.98% Upside)
Action:Reiterated
Date:07/29/26
TLRY scores below average primarily due to weak financial performance (persistent losses and negative free cash flow) and bearish technical trends (price below all key moving averages). Guidance and liquidity from the latest earnings call provide some support, and the debt-for-equity exchange modestly improves the capital structure, but valuation remains constrained by negative earnings and lack of dividend support.
Positive Factors
International cannabis capacity & growth
Tilray’s international cannabis scale—34% revenue growth, high Portugal utilization and rising medical volumes—creates durable revenue diversification and manufacturing leverage. Sustained GMP-compliant capacity and export footprint support market share gains and improved unit economics over time.
Negative Factors
Persistent net losses and negative free cash flow
Despite operating improvements, a $105.2M net loss and negative adjusted free cash flow of $86M indicate ongoing cash burn. This persistent unprofitability constrains reinvestment, forces reliance on external capital or dilution, and delays the shift to self-funded, sustainable growth.
Read all positive and negative factors
Positive Factors
Negative Factors
International cannabis capacity & growth
Tilray’s international cannabis scale—34% revenue growth, high Portugal utilization and rising medical volumes—creates durable revenue diversification and manufacturing leverage. Sustained GMP-compliant capacity and export footprint support market share gains and improved unit economics over time.
Read all positive factors
Tilray (TLRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$618.36M
Dividend YieldN/A
Average Volume (3M)3.54M
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth11.46%
EPS Growth95.35%
CountryUS
Employees2,842
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-1.33
Shares Outstanding136,203,580
10 Day Avg. Volume3,671,734
30 Day Avg. Volume3,536,097
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$6.13Price Target Upside57.86% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)-0.47
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 wholesale products across two major commercial areas: (1) cannabis and (2) beverage alcohol (plus a smaller hemp-foods component).
1) Cannabis revenue (medical and adult-use): Tilray generates ...
Tilray Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Oct 01, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful operational progress: record revenue and adjusted EBITDA, stronger liquidity (≈$235M cash) and near-zero net debt, substantial international cannabis and distribution growth, and strategic beverage expansion through the BrewDog acquisition and the Carlsberg partnership. At the same time, challenges remain including a FY2026 net loss of $105.2M, negative adjusted free cash flow (negative $86M), international price compression (~$21M), legacy U.S. beverage headwinds, and significant working capital tied up in the BrewDog transaction. Overall the company presented a pathway to higher margins and cash generation but still faces execution and market-mix headwinds in the near term.Positive Updates
Record Revenue and Scale
Net revenue increased 11% year-over-year to $915.5 million (FY2026 vs $821.3M prior). On an annualized pro forma basis Tilray is an approximately $1.2 billion global revenue company.
Negative Updates
Continued Net Loss and Negative Free Cash Flow
Despite improvements, Tilray reported a net loss of $105.2M for FY2026 and adjusted free cash flow remained negative $86M, indicating ongoing cash generation work is needed to reach sustained free cash flow positivity.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Revenue and Scale
Net revenue increased 11% year-over-year to $915.5 million (FY2026 vs $821.3M prior). On an annualized pro forma basis Tilray is an approximately $1.2 billion global revenue company.
Read all positive updates
Company Guidance
Tilray guided fiscal 2027 toward continued top‑line scale and margin improvement, reiterating a revenue run‑rate of approximately $1.2 billion and giving adjusted EBITDA guidance of $68–$75 million (a double‑digit increase versus FY26 adjusted EBITDA of $61.1M, or $63.4M excluding fuel surcharges); management said combined international revenue should be ~$700 million (≈60% of consolidated revenue), emphasized priorities to expand margins and improve efficiency, noted no pending debt maturities while constructively reducing a current $70 million outstanding balance ahead of its 2028 maturity, and highlighted a strong liquidity position entering the year with ~ $235 million in cash and marketable securities, net debt essentially breakeven (<$1M), and recent ATM proceeds of $87 million gross ($84.9M net) raised at an average $6.77 per share.Tilray Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
60
Neutral
Cash Flow
25
Negative
| Breakdown | May 2026 | May 2025 | May 2024 | May 2023 | May 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 915.45M | 1.13B | 1.07B | 844.72M | 628.37M |
| Gross Profit | 260.44M | 330.11M | 304.33M | 197.95M | 116.82M |
| EBITDA | -38.56M | -2.92B | -99.25M | -1.72B | -246.40M |
| Net Income | -122.57M | -3.00B | -333.80M | -1.96B | -476.80M |
Balance Sheet | |||||
| Total Assets | 2.33B | 2.90B | 5.91B | 5.92B | 6.87B |
| Cash, Cash Equivalents and Short-Term Investments | 231.27M | 351.78M | 354.98M | 604.16M | 524.29M |
| Total Debt | 398.40M | 451.09M | 527.75M | 794.89M | 786.36M |
| Total Liabilities | 733.14M | 860.49M | 1.22B | 1.44B | 1.27B |
| Stockholders Equity | 1.61B | 2.07B | 4.69B | 4.47B | 5.55B |
Cash Flow | |||||
| Free Cash Flow | -102.13M | -174.98M | -81.96M | -17.37M | -266.39M |
| Operating Cash Flow | -69.14M | -129.81M | -42.11M | 10.65M | -223.45M |
| Investing Cash Flow | -55.80M | -64.11M | 174.88M | -384.04M | -27.14M |
| Financing Cash Flow | 130.99M | 183.20M | -102.45M | 94.50M | 161.60M |
Tilray Technical Analysis
Neutral
3.88
Price Trends
4.69
Negative
5.54
Negative
7.70
Negative
Market Momentum
-0.11
Negative
58.75
Neutral
84.41
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TLRY, the sentiment is Neutral. The current price of 3.88 is below the 20-day moving average (MA) of 4.26, below the 50-day MA of 4.69, and below the 200-day MA of 7.70, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 58.75 is Neutral, neither overbought nor oversold. The STOCH value of 84.41 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TLRY.
Tilray Risk Analysis
Tilray disclosed 63 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | C$1.48B | -1,280.77 | -0.19% | ― | 27.16% | -103.47% | |
54 Neutral | $305.41M | -18.15 | -1.99% | ― | -0.88% | 76.93% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $618.36M | -3.40 | -7.95% | ― | 11.46% | 95.35% | |
44 Neutral | $4.90M | -0.36 | 937.72% | ― | -72.74% | 48.64% | |
43 Neutral | $2.57M | >-0.01 | -500.33% | ― | -30.80% | -317.49% | |
41 Neutral | $1.04M | -1,062.50 | -3.03% | ― | -6.14% | -24.22% |
* Healthcare Sector Average
TLRY
Tilray
4.64
-1.44
-23.66%
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SNDL
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IMCC
IM Cannabis Corp
0.13
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HYFM
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2.15
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Tilray Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Tilray conducts debt-for-equity exchange to boost finances
Positive
Jun 30, 2026
Between June 15, 2026 and June 24, 2026, Tilray Brands, Inc. executed private debt-for-equity exchange transactions with unrelated investors, issuing 2,638,341 common shares in exchange for $12 million in principal amount of its 5.20% Convertible ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Tilray Reduces Debt Through Private Debt-for-Equity Exchange
Neutral
Jun 9, 2026
On April 15, 2026, Tilray Brands, Inc. issued 398,666 shares of common stock as partial consideration for its acquisition of the Lyphe Group, using unregistered shares issued under an exemption from U.S. securities registration. The structure unde...
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.