Goodfood Market Corp (TSE:FOOD)
TSX:FOOD
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Goodfood Market Corp
(TSX:FOOD)
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Rating:41Neutral
Price Target:
C$0.19
▼(-45.29% Downside)
Action:ReiteratedDate:04/23/26
The score is pressured primarily by weak financial performance—especially negative equity, ongoing losses, and renewed cash burn. Technicals also remain bearish with the stock below key moving averages. The earnings call adds only modest support due to credible cost/cash initiatives, but near-term declines in sales/customers and the sizable convertible debt burden limit confidence, while valuation is difficult to justify given negative earnings and no dividend support.
Positive Factors
Unit Economics / Gross Margin
A roughly 37.5% gross margin signals resilient unit economics in the meal-kit and e-grocery model. Durable gross margin provides room to cover fulfillment and marketing, supporting margin recovery as volumes normalize and enabling sustainable profitability if operational efficiency continues improving.
Negative Factors
Weak Balance Sheet / Negative Equity
Negative shareholder equity and debt materially above assets create structural refinancing and liquidity risk. This constrains strategic flexibility, increases the likelihood of dilutive financing or restrictive covenants, and limits the company’s ability to invest in growth or weather shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Unit Economics / Gross Margin
A roughly 37.5% gross margin signals resilient unit economics in the meal-kit and e-grocery model. Durable gross margin provides room to cover fulfillment and marketing, supporting margin recovery as volumes normalize and enabling sustainable profitability if operational efficiency continues improving.
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)1.59
Revenue Growth-23.24%
EPS Growth-51.96%
CountryCA
Employees570
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)-0.13
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 Target
C$0.15Price Target Upside-55.88% Downside
Rating ConsensusHold
Number of Analyst Covering1
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:Apr 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: notable short-term challenges (temporary regulatory disruption, declining scale, negative adjusted EBITDA, inflationary cost pressures, and a meaningful convertible debt burden) were offset by decisive management actions focused on cost discipline, product improvements, improved per-customer economics (net sales per active customer $382), and operational simplification. Management frames the quarter as transitional and emphasizes that many adverse impacts were temporary and are being actively addressed.Positive Updates
Improved Revenue Efficiency per Customer
Net sales per active customer increased to $382, driven by higher basket sizes and reduced discounting as the company prioritized revenue quality over volume.
Negative Updates
Decline in Top-Line Scale and Customers
Net sales declined year-over-year to $22.5 million and active customers fell to 59,000, reflecting the impact of a temporary license suspension, lower order frequency, and an intentional pullback in marketing and incentives.
Read all updates
Q2-2026 Updates
Positive
Negative
Improved Revenue Efficiency per Customer
Net sales per active customer increased to $382, driven by higher basket sizes and reduced discounting as the company prioritized revenue quality over volume.
Read all positive updates
Company Guidance
Management’s guidance emphasized a disciplined, cash‑first reset for FY2026 after a temporary license suspension: Q2 net sales and active customers fell to $22.5 million and 59,000, respectively, but net sales per active customer rose to $382; gross profit was $7.0 million (30.6% gross margin) and adjusted EBITDA was negative $1.0 million; the company is tightening marketing and headcount, controlling capex, managing working capital (some payments shifted into Q2), targeting recipe cook times of 20 minutes or less, increasing portion sizes and ingredient quality to boost retention and basket size, pursuing selective adjacencies (e.g., heat‑and‑eat) with strict return/cash‑flow hurdles, and prioritizing margin protection and cash generation to address $44 million of convertible debt — with the CEO and President voluntarily forgoing base salaries for FY2026.Goodfood Market Corp Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
18
Very Negative
Cash Flow
27
Negative
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Nov 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 105.76M | 120.88M | 152.84M | 168.56M | 268.59M | 379.23M |
| Gross Profit | 39.66M | 50.40M | 62.98M | 65.38M | 68.06M | 116.09M |
| EBITDA | 510.00K | 4.46M | 10.74M | 892.00K | -98.39M | -18.30M |
| Net Income | -13.37M | -8.10M | -3.43M | -16.46M | -121.76M | -31.79M |
Balance Sheet | ||||||
| Total Assets | 32.53M | 41.76M | 52.31M | 57.81M | 129.85M | 255.26M |
| Cash, Cash Equivalents and Short-Term Investments | 9.43M | 15.77M | 24.01M | 24.93M | 36.88M | 125.53M |
| Total Debt | 51.23M | 51.80M | 59.87M | 59.15M | 108.42M | 100.08M |
| Total Liabilities | 69.02M | 69.03M | 78.39M | 81.25M | 141.03M | 157.39M |
| Stockholders Equity | -36.48M | -27.27M | -26.08M | -23.44M | -11.18M | 97.88M |
Cash Flow | ||||||
| Free Cash Flow | -2.91M | 464.00K | 6.87M | -11.09M | -97.42M | -35.11M |
| Operating Cash Flow | -2.11M | 1.98M | 7.49M | -9.35M | -58.98M | -16.36M |
| Investing Cash Flow | -1.61M | -4.77M | 773.00K | 1.96M | -37.67M | -18.01M |
| Financing Cash Flow | -6.29M | -8.88M | -9.18M | -4.57M | 8.00M | 55.50M |
Goodfood Market Corp Technical Analysis
Negative
0.34
Price Trends
0.23
Negative
0.26
Negative
0.25
Negative
Market Momentum
>-0.01
Negative
35.47
Neutral
57.10
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 0.20, above the 50-day MA of 0.23, and above the 200-day MA of 0.25, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 35.47 is Neutral, neither overbought nor oversold. The STOCH value of 57.10 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$893.33M | 6.40 | 18.59% | 3.51% | 0.63% | 2106.19% | |
64 Neutral | C$478.67M | 17.18 | 10.21% | 5.98% | 1.17% | -1.36% | |
62 Neutral | C$878.18M | 13.30 | 27.32% | 5.07% | 0.61% | 364.65% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
41 Neutral | C$20.14M | -0.93 | 32.72% | ― | -23.24% | -51.96% | |
| ― | C$48.33B | 18.97 | 25.66% | 3.58% | 14.30% | -24.88% |
* Consumer Cyclical Sector Average
TSE:FOOD
Goodfood Market Corp
0.21
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41.38%
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TSE:MTY
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TSE:AW
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20.01%
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.