Tilray (TLRY) AI Stock Analysis

• Market Cap: $1.07B
• Dividend Yield: N/A
• Average Volume (3M): 15.24M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.19
• 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: 5,765,901
• 30 Day Avg. Volume: 15,236,985
• 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: 0.81
• Enterprise Value/Revenue: 0.80
• Enterprise Value/Gross Profit: 2.83
• Enterprise Value/Ebitda: -0.30
• 1Y Price Target: $9.57
• Price Target Upside: 641.86% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $9.00 ▲(597.67% Upside)

The overall score is held back primarily by weak financial performance (large net losses and negative cash flows) and a technically pressured setup (below key moving averages with negative MACD). The latest earnings call improves the outlook with reaffirmed EBITDA guidance, cost-savings execution, and a stronger liquidity position, but ongoing GAAP losses and regulatory/beverage risks prevent a higher score.

Positive Factors

Strengthened liquidity and lower leverage

A materially stronger cash position and move to net cash provide multi-quarter runway to fund operations, capex, and strategic initiatives without immediate refinancing. This reduces liquidity risk, supports selective M&A or reinvestment, and buys time to achieve sustained profitability.

Execution of material cost-savings (Project 420)

Realized, recurring cost savings improve structural margins and lower the EBITDA bar needed for breakeven. Hitting Project 420 targets enhances operational leverage, increases cash flow potential, and signals management discipline, improving long-term profitability prospects if sustained.

Diversified channels and international cannabis growth

Robust international growth and a large distribution business reduce dependence on any single market. Higher‑margin international sales and a record distribution quarter demonstrate scalable revenue streams and resilience to localized headwinds, supporting steadier long-term cash generation.

Negative Factors

Deep GAAP losses and negative profitability

Severe GAAP losses signal structural profitability issues that erode equity value and limit reinvestment. Until GAAP profitability normalizes, the company may need to rely on cash reserves or external financing, constraining strategic flexibility and shareholder returns over the medium term.

Weak cash generation and worsening free cash flow

Sustained negative operating and free cash flow impairs the firm's ability to self-fund growth, R&D, and capex. Worsening FCF growth increases dependence on liquidity buffers or capital markets, raising refinancing and dilution risk absent a durable improvement in cash conversion.

Regulatory uncertainty and beverage segment underperformance

Product-line weakness in beverages and looming regulatory changes in U.S. hemp THC create structural revenue and margin risk. Regulatory shifts could restrict addressable markets while beverage turnaround needs time and investment, making long-term revenue recovery uncertain without successful remediation.

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

Weak fundamentals dominate: deeply negative net profit margin (-278.12%), declining revenue growth, and negative operating/free cash flow with worsening free cash flow growth (-31.63%). The low leverage (debt-to-equity 0.15) provides some balance-sheet stability, but ongoing losses and cash burn keep the score low.

Income Statement

Tilray's income statement reveals significant challenges, with negative net profit margins and declining revenue growth. The TTM data shows a gross profit margin of 28.77%, but the net profit margin is deeply negative at -278.12%, indicating substantial losses. Revenue growth is negative, suggesting a contraction in sales. Overall, the company is struggling with profitability and growth.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio of 0.15 in the TTM period, indicating conservative leverage. However, the return on equity is negative, reflecting ongoing losses. The equity ratio is not provided, but the available data suggests financial stability in terms of debt management, albeit with profitability concerns.

Cash Flow

Cash flow analysis highlights significant issues, with negative operating and free cash flows. The TTM data shows a free cash flow growth rate of -31.63%, indicating worsening cash generation. The operating cash flow to net income ratio is negative, reflecting poor cash conversion. Overall, the cash flow situation is concerning, with limited liquidity.

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

Tilray Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.29
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• 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 1.29 is below the 20-day moving average (MA) of 10.23, below the 50-day MA of 10.40, and below the 200-day MA of 8.77, indicating a neutral trend. The MACD of -0.34 indicates Positive momentum. The RSI at 44.57 is Neutral, neither overbought nor oversold. The STOCH value of 18.69 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	67 Neutral	C$1.41B	27.99	3.34%	―	22.20%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SNDL	48 Neutral	$422.30M	-6.52	-7.82%	―	1.76%	18.31%
TLRY	47 Neutral	$1.07B	-0.41	-83.42%	―	2.31%	-726.28%
IMCC	45 Neutral	$7.56M	-1.83	-93.87%	―	-0.74%	81.49%
HYFM	45 Neutral	$9.05M	-0.14	-30.93%	―	-26.84%	-0.16%
EVGN	43 Neutral	$9.63M	-2.25	―	―	-29.78%	88.96%

Tilray Corporate Events

Tilray Announces Reverse Stock Split Effective December 1

Tilray Brands announced the implementation of a one-for-ten reverse stock split of its common stock, effective December 1, 2025, with trading on a split-adjusted basis starting December 2, 2025. This move aims to align the number of shares with companies of similar size, attract institutional shareholders, and reduce costs associated with its Annual Meeting of Stockholders, potentially saving up to $1 million annually. The reverse stock split will reduce the number of outstanding shares from approximately 1.16 billion to 116 million, with no fractional shares issued, maintaining stockholders’ proportional ownership.

The most recent analyst rating on (TLRY) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Tilray stock, see the TLRY Stock Forecast page.

Tilray Stockholders Meeting Approves Key Proposals

On November 18, 2025, Tilray Brands, Inc. held its annual stockholders meeting where several key proposals were voted on. The re-election of John Herhalt as Class I director and the ratification of PricewaterhouseCoopers LLP as the independent accounting firm were approved. However, the proposal to amend the company’s governance structure to declassify the board and change director removal provisions did not pass, indicating mixed support for governance changes among stockholders.

The most recent analyst rating on (TLRY) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Tilray stock, see the TLRY Stock Forecast page.

Tilray Releases Investor Presentation November 2025

Tilray Brands, Inc. has released an investor presentation on November 17, 2025, which is available on their website. The presentation is provided for informational purposes and is not intended to be filed under the Securities and Exchange Act of 1934.

The most recent analyst rating on (TLRY) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Tilray stock, see the TLRY Stock Forecast page.