Tilray (TLRY)
NASDAQ:TLRY
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Tilray
(NASDAQ:TLRY)
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Rating:49Neutral
Price Target:
$6.00
▼(-12.54% Downside)
Action:ReiteratedDate:04/23/26
Overall score is held down primarily by weak financial performance (large losses and negative free cash flow). Earnings-call execution and reaffirmed EBITDA guidance provide a partial offset, while technicals are mixed and valuation remains constrained by unprofitability and lack of dividend support.
Positive Factors
Revenue and EBITDA momentum
Sustained top-line growth with improving adjusted EBITDA demonstrates operational leverage: record quarterly revenue and a 19% EBITDA gain reflect better margin conversion. This supports reinvestment into scale initiatives and increases the odds of reaching sustained profitability over the medium term.
Negative Factors
Large ongoing losses and negative free cash flow
Persistent multi-hundred-million dollar GAAP losses and negative free cash flow mean the business is not self-funding. Continued cash burn and deeply negative returns have eroded equity materially, forcing reliance on capital markets or dilutive financing and raising execution risk if losses persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and EBITDA momentum
Sustained top-line growth with improving adjusted EBITDA demonstrates operational leverage: record quarterly revenue and a 19% EBITDA gain reflect better margin conversion. This supports reinvestment into scale initiatives and increases the odds of reaching sustained profitability over the medium term.
Read all positive factors
Tilray (TLRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$736.76M
Dividend YieldN/A
Average Volume (3M)2.67M
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth3.82%
EPS Growth-29.80%
CountryUS
Employees2,650
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-18.61
Shares Outstanding119,604,225
10 Day Avg. Volume2,796,034
30 Day Avg. Volume2,674,396
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 Cap1.11
Enterprise Value/Revenue0.69
Enterprise Value/Gross Profit2.50
Enterprise Value/Ebitda-0.44
Forecast
1Y Price Target
$7.99Price Target Upside16.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.62
Revenue Forecast (FY)$881.00M
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
Neutral
6.86
Price Trends
7.07
Negative
8.13
Negative
9.72
Negative
Market Momentum
-0.07
Negative
50.87
Neutral
69.78
Neutral
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 6.86 is above the 20-day moving average (MA) of 6.58, below the 50-day MA of 7.07, and below the 200-day MA of 9.72, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 50.87 is Neutral, neither overbought nor oversold. The STOCH value of 69.78 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | C$1.37B | -104.58 | -0.87% | ― | 27.02% | -121.99% | |
54 Neutral | $365.47M | -12.05 | -1.44% | ― | 1.57% | 89.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $736.76M | -6.11 | -92.82% | ― | 3.82% | -29.80% | |
44 Neutral | $7.58M | -1.02 | 553.15% | ― | -53.54% | 62.24% | |
43 Neutral | $1.80M | -0.71 | -93.87% | ― | -0.64% | 56.43% | |
43 Neutral | $5.72M | -0.02 | -32.29% | ― | -29.45% | -328.35% |
* Healthcare Sector Average
TLRY
Tilray
5.90
1.51
34.27%
EVGN
Evogene
0.75
-0.41
-35.17%
TSE:CRON
Cronos Group
3.63
1.01
38.55%
SNDL
SNDL
1.42
0.07
5.19%
IMCC
IM Cannabis Corp
0.28
-1.30
-82.03%
HYFM
Hydrofarm Holdings Group
1.22
-2.63
-68.31%
Tilray Corporate Events
Regulatory Filings and Compliance
Tilray Files Routine 8-K for Registration Statement Update
Neutral
Apr 21, 2026
Tilray filed a current report on Form 8-K solely to submit an exhibit related to its Registration Statement No. 333-290806. The filing indicates an administrative update to existing registration materials, with no additional operational, financial...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Tilray Launches ATM Equity Program to Fund Expansion
Positive
Apr 15, 2026
On April 15, 2026, Tilray Brands detailed a series of moves to drive its next phase of global expansion, led by the acquisition of U.K.-based Lyphe Group, a medical cannabis clinic and digital pharmacy platform that has dispensed about 150,000 uni...
Business Operations and StrategyPrivate Placements and Financing
Tilray Reduces Debt Through Private Note-for-Stock Exchanges
Positive
Apr 15, 2026
Between April 1 and April 8, 2026, Tilray Brands, Inc. completed a series of private debt-for-equity exchange transactions with unrelated parties, converting $12 million in aggregate principal of its 5.20% Convertible Senior Notes due June 15, 202...
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.