Goodfood Market Corp (TSE:FOOD)
TSX:FOOD
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Goodfood Market Corp
(TSX:FOOD)
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Rating:43Neutral
Price Target:
C$0.19
▼(-43.24% Downside)
Action:ReiteratedDate:03/21/26
The score is held down primarily by weak financial performance (declining revenue, ongoing losses, negative equity and debt-related balance-sheet risk) and bearish technicals (price below key moving averages with negative MACD). The earnings call provides partial support due to improved margins and recent positive cash generation/liquidity, but guidance remains cautious amid continued top-line pressure.
Positive Factors
Healthy Gross Margin
Sustained gross margins near the low-40s enhance structural profitability by insulating contribution per order from cost inflation and lower volumes. Higher average order value and less discounting improve unit economics, supporting durable margin recovery and cash generation even before scale returns.
Negative Factors
Meaningful Revenue Decline
A sharp revenue contraction reduces scale benefits and fixed-cost absorption, pressuring operating leverage and long-term profitability. If demand recovery is slow, sustaining margins and cash flow will rely on continued cost cuts or successful portfolio diversification, lengthening the turnaround timeline.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthy Gross Margin
Sustained gross margins near the low-40s enhance structural profitability by insulating contribution per order from cost inflation and lower volumes. Higher average order value and less discounting improve unit economics, supporting durable margin recovery and cash generation even before scale returns.
Read all positive factors
Goodfood Market Corp (FOOD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$20.14M
Dividend YieldN/A
Average Volume (3M)342.79K
Price to Earnings (P/E)―
Beta (1Y)1.49
Revenue Growth-20.91%
EPS Growth-109.64%
CountryCA
Employees570
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)-0.03
Shares Outstanding98,239,360
10 Day Avg. Volume232,314
30 Day Avg. Volume342,794
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)-0.65
Price to Sales (P/S)0.15
P/FCF Ratio38.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.11
Revenue Forecast (FY)C$97.30M
Goodfood Market Corp Business Overview & Revenue Model
Company Description
Goodfood Market Corp., an online grocery company, delivers fresh meals and grocery products in Canada. The company offers ready-to-eat products, which include bakery, dessert, meat and seafood, drinks, pantry, produce, snacks, dairy, frozen and ki...
How the Company Makes Money
Goodfood primarily makes money by selling food and related products directly to consumers through online subscriptions and one-time orders. Its key revenue streams include (1) meal-kit revenue: customers purchase recurring or ad hoc meal-kit boxes...
Goodfood Market Corp Earnings Call Summary
Earnings Call Date:Jan 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 15, 2026
Earnings Call Sentiment Neutral
The call conveyed a cautious but constructive tone: meaningful operational and margin improvements, positive adjusted EBITDA and free cash flow, and liquidity of roughly $14.5M are clear positives. However, the company faces significant top-line pressure (net sales down 21%), a contracting active customer base, elevated leverage and higher fulfillment/shipping costs. Management is prioritizing discipline, cash generation, portfolio diversification and strict M&A criteria, and expects a multi-quarter turnaround (target ~18 months). Overall, positives around cash generation and margin resilience are partially offset by persistent revenue weakness and balance-sheet concerns.Positive Updates
Positive Adjusted EBITDA and Free Cash Flow
Adjusted EBITDA was positive at $1.0M (down from $1.6M a year ago) and adjusted free cash flow was $1.2M for the quarter, demonstrating the business can generate cash at lower volumes.
Negative Updates
Significant Revenue Decline
Net sales fell to $27.5M from $34.7M year-over-year, a decline of 21%, driven by fewer active customers and lower order rates.
Read all updates
Q1-2026 Updates
Positive
Negative
Positive Adjusted EBITDA and Free Cash Flow
Adjusted EBITDA was positive at $1.0M (down from $1.6M a year ago) and adjusted free cash flow was $1.2M for the quarter, demonstrating the business can generate cash at lower volumes.
Read all positive updates
Company Guidance
Management's guidance is to assume continued near‑term pressure on the meal‑kit category and to prioritize protecting margins, generating cash and running the business with discipline at current volumes; key Q1 metrics cited were net sales of $27.5M (down 21% YoY from $34.7M), ~66k active customers, gross profit $11.6M and gross margin 42.3% (up 270 bps from 39.6%), adjusted EBITDA $1.0M (vs $1.6M), net loss $2.6M (vs $1.7M), operating cash flow $1.4M, capex ≈$160k and adjusted free cash flow $1.2M (positive FCF in 7 of the last 9 quarters); balance sheet metrics include cash $11.8M plus marketable securities $2.7M (≈$14.5M–$15M) and net debt down 21% YoY, operational review to be completed in the next 100 days with management targeting a turnaround over roughly the next 18 months, and M&A limited to deals that are immediately accretive to cash flow and margin.Goodfood Market Corp Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
18
Very Negative
Cash Flow
28
Negative
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Nov 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 113.75M | 120.88M | 152.84M | 168.56M | 268.59M | 379.23M |
| Gross Profit | 47.03M | 50.40M | 62.98M | 65.38M | 68.06M | 116.09M |
| EBITDA | 3.21M | 4.46M | 10.74M | 892.00K | -98.39M | -18.30M |
| Net Income | -8.99M | -8.10M | -3.43M | -16.46M | -121.76M | -31.79M |
Balance Sheet | ||||||
| Total Assets | 39.06M | 41.76M | 52.31M | 57.81M | 129.85M | 255.26M |
| Cash, Cash Equivalents and Short-Term Investments | 14.52M | 15.77M | 24.01M | 24.93M | 36.88M | 125.53M |
| Total Debt | 58.46M | 51.80M | 59.87M | 59.15M | 108.42M | 100.08M |
| Total Liabilities | 68.70M | 69.03M | 78.39M | 81.25M | 141.03M | 157.39M |
| Stockholders Equity | -29.64M | -27.27M | -26.08M | -23.44M | -11.18M | 97.88M |
Cash Flow | ||||||
| Free Cash Flow | -1.02M | 464.00K | 6.87M | -11.09M | -97.42M | -35.11M |
| Operating Cash Flow | 173.00K | 1.98M | 7.49M | -9.35M | -58.98M | -16.36M |
| Investing Cash Flow | -3.19M | -4.77M | 773.00K | 1.96M | -37.67M | -18.01M |
| Financing Cash Flow | -6.45M | -8.88M | -9.18M | -4.57M | 8.00M | 55.50M |
Goodfood Market Corp Technical Analysis
Negative
0.34
Price Trends
0.24
Negative
0.26
Negative
0.25
Negative
Market Momentum
-0.01
Negative
35.47
Neutral
73.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FOOD, the sentiment is Negative. The current price of 0.34 is above the 20-day moving average (MA) of 0.21, above the 50-day MA of 0.24, and above the 200-day MA of 0.25, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 35.47 is Neutral, neither overbought nor oversold. The STOCH value of 73.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:FOOD.
Goodfood Market Corp Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$526.65M | 16.62 | 10.35% | 5.98% | 1.35% | -1.11% | |
69 Neutral | C$887.39M | 6.40 | 14.51% | 3.51% | 1.38% | -64.10% | |
62 Neutral | C$892.58M | 16.42 | 27.32% | 5.07% | -2.54% | -10.57% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
43 Neutral | C$20.14M | -2.15 | 32.72% | ― | -20.91% | -109.64% | |
| ― | C$49.68B | 50.42 | 25.66% | 3.58% | 19.92% | -18.34% |
* Consumer Cyclical Sector Average
TSE:FOOD
Goodfood Market Corp
0.21
>-0.01
-2.38%
TSE:PZA
Pizza Pizza Royalty
15.79
2.99
23.32%
TSE:QSP.UN
Restaurant BrndLP
107.64
19.62
22.29%
TSE:JIVA
PlantX Life Inc.
0.02
-0.08
-83.33%
TSE:MTY
MTY Food Group
38.85
1.46
3.91%
TSE:AW
A & W Food Services of Canada Inc.
37.18
7.75
26.34%
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.