High Tide (HITI) AI Stock Analysis

• Market Cap: C$271.60M
• Dividend Yield: N/A
• Average Volume (3M): 65.95K
• Price to Earnings (P/E): 55.3
• Beta (1Y): 1.71
• Revenue Growth: 11.18%
• EPS Growth: 70.04%
• Country: CA
• Employees: 1,750
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Pharmaceuticals
• EPS (TTM): 0.01
• Shares Outstanding: 87,897,860
• 10 Day Avg. Volume: 50,744
• 30 Day Avg. Volume: 65,947
• PEG Ratio: >-0.01
• Price to Book (P/B): 4.11
• Price to Sales (P/S): 0.61
• P/FCF Ratio: 26.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$7.11
• Price Target Upside: 130.20% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 0.13
• Revenue Forecast (FY): C$740.47M

• Rating: 44 Neutral
• Price Target: C$3.00 ▼(-2.91% Downside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is primarily held back by weak profitability and elevated leverage despite improving operating/free cash flow, alongside bearish technical signals (below major moving averages with negative MACD). A high P/E further weighs on the outlook given ongoing net losses.

Positive Factors

Improving Cash Generation

High Tide's sustained positive operating cash flow since 2022 and rising free cash flow (~19M TTM) create a durable internal funding source. Reliable cash generation supports reinvestment in stores and e‑commerce, funds working capital needs, and provides a foundation for gradual deleveraging and sustained operations over the next several quarters.

Material Revenue Scale

The company has materially scaled revenue over multiple years, reaching ~630M TTM. Size delivers procurement leverage, fixed-cost absorption and a broader customer base, which are structural advantages that improve resilience and give management capacity to pursue margin recovery and international expansion over the medium term.

Sticky Retail Loyalty Model

Management cites rapid growth in Cabana Club membership and consecutive quarters of store-level gross margin gains. A proven loyalty program and strong brick-and-mortar performance drive repeat transactions and higher basket values, forming a durable revenue engine that supports predictable retail sales and customer retention over many quarters.

Negative Factors

Persistent Net Losses

Despite revenue scale and improving cash flow, the company reports persistent net losses and negative EBITDA in recent periods. Structural unprofitability limits retained earnings, constrains the ability to self-fund growth or returns, and increases dependence on external capital for strategic initiatives over the coming months.

Elevated Leverage

Leverage remains elevated after a sharp rise in recent years, reducing balance-sheet flexibility. With operating cash flow covering only a modest portion of debt historically (~0.31 coverage in TTM), higher leverage increases refinancing and interest-service risk and constrains M&A, capex or aggressive growth moves in the medium term.

Decelerating Revenue Growth

While top-line is larger, the pace of revenue expansion has slowed materially versus prior years. Slower growth compresses the runway for operating-leverage gains, raises execution risk for new market entries, and limits the company's ability to rapidly scale margin improvements absent stronger same-store sales or faster international traction.

High Tide Business Overview & Revenue Model

Company Description

High Tide Inc. engages in the cannabis retail business in Canada, Europe, the United States, and internationally. The company designs, manufactures, and distributes smoking accessories and cannabis lifestyle products. It is also involved in the wholesale and retailing of cannabis products, as well as operates and franchises licensed retail cannabis stores. In addition, the company provides data analytics services, as well as operates Grasscity.com and CBDcity.com platforms. As of October 25, 2022, it operated 149 retail locations in Ontario, Alberta, British Columbia, Manitoba, and Saskatchewan. The company was formerly known as High Tide Ventures Inc. and changed its name to High Tide Inc. in October 2018. High Tide Inc. was founded in 2009 and is headquartered in Calgary, Canada.

How the Company Makes Money

High Tide makes money mainly by selling cannabis and cannabis-related products through two primary channels: (1) physical retail stores and (2) online/e-commerce platforms. In its brick-and-mortar retail segment, the company generates revenue from direct-to-consumer sales of regulated adult-use cannabis products (e.g., flower, pre-rolls, vapes, concentrates, edibles where allowed) and from higher-margin ancillary items such as smoking/vaping accessories and branded merchandise. In e-commerce, it earns revenue from online sales of consumption accessories and related products sold via its owned websites, with income driven by product margin and order volume. The company’s overall revenue model is transaction-based (unit sales to consumers), with profitability influenced by retail traffic, average basket size, product mix (cannabis vs. accessories), pricing/discounting strategy, and regulatory/tax structure in the jurisdictions where it operates. Information on specific partnership arrangements or material revenue-sharing agreements is null.

High Tide Financial Statement Overview

Summary

Revenue has scaled materially, and cash flow has improved (positive operating cash flow since 2022 and positive free cash flow since 2023, rising to ~19M in TTM). However, profitability remains weak with persistent net losses, pressured margins, and elevated leverage (debt-to-equity 1.27 in TTM after 1.71 in 2025), limiting balance-sheet flexibility.

Income Statement

Revenue has scaled meaningfully over the past several years (from ~181M in 2021 to ~594M in 2025, and 630M in TTM (Trailing-Twelve-Months)), but growth has decelerated sharply versus earlier years. Profitability remains the key issue: net losses persist across all periods, with net margin deteriorating again in 2025 and staying weak in TTM (Trailing-Twelve-Months). Gross margin has also trended down from 2021 levels, and operating performance is mixed—EBIT is positive in 2024–TTM (Trailing-Twelve-Months), but cash-based profitability (EBITDA) is negative in 2025 and TTM (Trailing-Twelve-Months), pointing to continued earnings quality/expense pressure.

Balance Sheet

Leverage has increased materially: debt-to-equity moved from ~0.38–0.55 (2021–2023) to 1.71 in 2025, improving to 1.27 in TTM (Trailing-Twelve-Months) but still elevated. Equity has also declined versus 2022–2024 levels, reducing balance-sheet flexibility. Returns to shareholders remain negative (negative return on equity across all periods), reflecting the ongoing net losses and limiting the company’s ability to de-lever organically.

Cash Flow

Cash flow execution is notably stronger than earnings: operating cash flow is positive from 2022 onward and improved to ~29M in TTM (Trailing-Twelve-Months). Free cash flow is also positive from 2023 onward and rose sharply in TTM (Trailing-Twelve-Months) (~19M; strong growth versus 2025). A key watch item is that operating cash flow covers only a modest portion of debt (coverage ratio ~0.24–0.58 historically and ~0.31 in TTM (Trailing-Twelve-Months)), so while cash generation is improving, leverage still constrains financial flexibility.

Breakdown	TTM	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	629.85M	593.99M	522.31M	487.67M	356.85M	181.12M
Gross Profit	133.00M	153.53M	142.50M	131.31M	100.95M	63.98M
EBITDA	-8.28M	-13.74M	33.78M	-4.20M	-33.65M	-1.96M
Net Income	-46.73M	-50.75M	-4.34M	-39.31M	-70.85M	-35.04M
Balance Sheet
Total Assets	346.42M	349.06M	246.21M	233.40M	274.74M	246.22M
Cash, Cash Equivalents and Short-Term Investments	46.46M	47.95M	47.98M	30.26M	25.28M	14.87M
Total Debt	112.50M	149.83M	74.61M	72.53M	69.88M	55.43M
Total Liabilities	244.43M	246.28M	100.70M	99.73M	112.71M	94.21M
Stockholders Equity	88.37M	87.61M	143.27M	131.56M	156.35M	147.21M
Cash Flow
Free Cash Flow	18.88M	13.43M	25.80M	14.58M	-4.56M	-13.54M
Operating Cash Flow	29.04M	23.87M	35.55M	20.66M	4.50M	-2.83M
Investing Cash Flow	-22.25M	-22.29M	-11.01M	-5.72M	-8.59M	-28.49M
Financing Cash Flow	7.94M	202.00K	-7.72M	-9.26M	15.17M	37.81M

High Tide Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HITI, the sentiment is Negative. The current price of 3.09 is below the 20-day moving average (MA) of 3.38, below the 50-day MA of 3.37, and below the 200-day MA of 3.79, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 32.20 is Neutral, neither overbought nor oversold. The STOCH value of 15.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HITI.

High Tide Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSND	58 Neutral	C$319.94M	-2.47	-72.77%	―	-11.16%	-29.56%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
JUSH	47 Neutral	C$121.95M	-2.14	88.51%	―	3.17%	-24.07%
HITI	44 Neutral	C$271.60M	55.32	-40.87%	―	11.18%	70.04%
WEED	42 Neutral	C$524.44M	-2.15	-52.88%	―	-0.67%	58.98%
PLTH	42 Neutral	C$65.07M	-0.45	-90.71%	―	2.19%	-91.41%
AYR.A	40 Neutral	C$18.10M	-0.08	―	―	0.63%	-31.86%

High Tide Corporate Events

High Tide Marks 220th Canna Cabana Store With Sarnia Debut, Sets Date for Q1 Results

High Tide Inc., a cannabis retail and distribution company whose Canna Cabana chain is the largest in Canada, continues to build out its integrated consumer-focused platform that includes bricks-and-mortar outlets, online accessories and CBD sales, and international medical cannabis distribution. The company has been repeatedly recognized for rapid growth and performance on Canadian business and stock exchange rankings, underscoring its expanding footprint in both recreational and medical cannabis markets.

High Tide announced the opening of its 220th Canna Cabana store and first location in Sarnia, Ontario, strengthening its presence in Southwestern Ontario with a site positioned in a busy commercial area opposite Lambton Mall. Management said the new outlet aligns with the company’s discount club retail model and disciplined, data-driven expansion strategy, while also confirming it will release first-quarter fiscal 2026 results on March 17, followed by a webcast with executives to outline performance and expectations for the remainder of the year.

The most recent analyst rating on (TSE:HITI) stock is a Sell with a C$3.00 price target. To see the full list of analyst forecasts on High Tide stock, see the TSE:HITI Stock Forecast page.

High Tide, NuLeaf Join New U.S. Council to Shape Cannabinoid Care Policy

High Tide and its U.S. hemp-derived CBD subsidiary NuLeaf Naturals have joined the newly formed National Compassionate Care Council as founding members, aligning with other healthcare-focused cannabis organizations dedicated to improving patient access to cannabinoid therapies. The move positions High Tide to help shape emerging U.S. medical cannabis standards and evidence-based policy, particularly as federal initiatives around cannabis rescheduling and potential Medicare reimbursement for hemp-derived products gain momentum, with potential operational and market implications for its American CBD businesses.

By contributing its experience from brands such as NuLeaf Naturals and FAB CBD, High Tide aims to support efforts to modernize healthcare standards, prioritize product quality and patient outcomes, and expand access to safe cannabinoid treatments nationwide. Participation in the council underscores the company’s strategy to deepen its influence in U.S. healthcare policy for cannabinoids, which could strengthen its industry positioning and benefit patients, regulators and its own hemp-derived CBD subsidiaries as regulatory frameworks evolve.

The most recent analyst rating on (TSE:HITI) stock is a Sell with a C$3.00 price target. To see the full list of analyst forecasts on High Tide stock, see the TSE:HITI Stock Forecast page.

High Tide Revamps Board and Advisory Ranks to Support Global Cannabis Expansion

High Tide has overhauled its board as part of a planned renewal, with directors Nitin Kaushal and Andrea Elliott stepping down after years of service overseeing audit and compensation functions during a period of significant expansion. They are replaced by securities lawyer Kathleen Skerrett and technology entrepreneur and investor Menashe Kestenbaum, whose combined expertise in capital markets, governance and scaling dual-listed technology platforms is intended to better align the board with the company’s growing international footprint and complex listing structure.

The company has also added real estate veteran David Wallach and digital and AI specialist Filip Ernest to its advisory board to guide strategy on property, business development, e-commerce technology, artificial intelligence and stakeholder engagement. Management frames these moves as a deliberate effort to deepen leadership capabilities in governance, real estate and emerging technologies, positioning High Tide to capitalize on global opportunities in cannabis retail and digital innovation while strengthening its long-term strategic bench for shareholders and partners.

The most recent analyst rating on (TSE:HITI) stock is a Sell with a C$3.00 price target. To see the full list of analyst forecasts on High Tide stock, see the TSE:HITI Stock Forecast page.

High Tide Posts Record Revenue, Expands Cannabis Retail Leadership and German Footprint

High Tide reported record fourth-quarter revenue of $164 million and its highest-ever adjusted EBITDA for fiscal 2025, while remaining free cash flow positive for the year and achieving a revenue run-rate above $650 million. The company delivered 4.1% same-store sales growth for the fiscal year and 5.5% in the fourth quarter, opened 27 new Canna Cabana locations to reach 218 stores nationally, and expanded brick-and-mortar EBITDA margins to a record 9.4% in Q4, reinforcing its ambition for 12% margins over the longer term. High Tide continues to lead the Canadian cannabis retail market with a 12% share in the provinces where it operates, supported by rapid growth in its loyalty base to more than 2.5 million Cabana Club members and over 151,000 ELITE members, which management describes as key competitive assets. Internationally, the closing of the majority acquisition of Germany’s Remexian Pharma GmbH has established High Tide as a major importer and distributor of medical cannabis in that market; despite temporary supply-chain disruptions, the German business is regaining momentum, and the company is exploring additional partnerships in the U.K. to extend Remexian’s footprint and further diversify its revenue base beyond Canada.

The most recent analyst rating on (TSE:HITI) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on High Tide stock, see the TSE:HITI Stock Forecast page.

High Tide Sets Date for Q4 and Full-Year 2025 Results and Investor Webcast

High Tide Inc. will report its fourth fiscal quarter and full-year 2025 financial and operational results after markets close on January 29, 2026, with the disclosures to be made available on SEDAR+, EDGAR and the company’s website. Management, including founder and CEO Raj Grover and CFO Mayank Mahajan, will host a webcast on January 30, 2026, to review the results and outline plans for 2026, offering investors and analysts an opportunity to gauge the company’s strategic direction and performance in the context of its expanding retail footprint and international medical cannabis distribution operations.

The most recent analyst rating on (TSE:HITI) stock is a Hold with a C$4.50 price target. To see the full list of analyst forecasts on High Tide stock, see the TSE:HITI Stock Forecast page.

High Tide Caps ‘Transformational’ 2025 With Global Push and Record Retail Scale

High Tide Inc. marked 2025 as a transformational year, evolving from a domestic market leader into a global cannabis retailer while maintaining positive free cash flow and scaling its Canna Cabana footprint to 218 stores. The company entered the German medical cannabis market via a majority stake in Remexian Pharma, becoming one of that country’s largest importers and distributors of medical cannabis, and reported an annualized revenue run rate of $600 million and adjusted EBITDA run rate above $42 million, driven by robust same-store sales growth and strong sales per square foot. With more than 2.4 million Cabana Club members, including 139,000 ELITE members, and a 12% retail market share across the five Canadian provinces where it operates, High Tide reinforced its leadership in cannabis retail while expanding its white-label Queen of Bud product portfolio and earning repeated recognition on national growth and exchange rankings, underscoring its strengthening operational and financial position ahead of further international and potential U.S. expansion.

The most recent analyst rating on (TSE:HITI) stock is a Hold with a C$4.50 price target. To see the full list of analyst forecasts on High Tide stock, see the TSE:HITI Stock Forecast page.