High Tide (TSE:HITI)
:HITI
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High Tide
(HITI)
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Rating:50Neutral
Price Target:
C$3.00
▼(-5.66% Downside)
Action:ReiteratedDate:04/02/26
The score is held back primarily by weak financial quality (persistent losses and elevated leverage) and bearish technicals (price below major moving averages with negative MACD). Offsetting these, cash flow has improved meaningfully and the latest earnings call was constructive with stronger adjusted EBITDA/free-cash-flow trends and clear growth initiatives, but valuation remains relatively expensive given current profitability.
Positive Factors
Improving cash generation
High Tide's operating cash flow and free cash flow have shifted from negative to sustainably positive, with TTM operating cash ~29M and FCF ~19M. This durable cash-generation trend improves funding for organic growth, reduces near-term refinancing needs and bolsters flexibility to invest in stores, loyalty and international expansion.
Negative Factors
Elevated leverage and weakened equity
Leverage remains structurally elevated even after improvement (TTM D/E ~1.27), constraining strategic flexibility. Declining equity and negative ROE signal limited capacity to self-finance growth. Higher debt levels increase vulnerability to slower cash conversion cycles and raise refinancing and covenant risks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
High Tide's operating cash flow and free cash flow have shifted from negative to sustainably positive, with TTM operating cash ~29M and FCF ~19M. This durable cash-generation trend improves funding for organic growth, reduces near-term refinancing needs and bolsters flexibility to invest in stores, loyalty and international expansion.
Read all positive factors
High Tide (HITI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$282.15M
Dividend YieldN/A
Average Volume (3M)58.62K
Price to Earnings (P/E)55.3
Beta (1Y)1.64
Revenue Growth11.18%
EPS Growth70.04%
CountryCA
Employees1,750
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)0.01
Shares Outstanding87,897,860
10 Day Avg. Volume46,216
30 Day Avg. Volume58,624
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)4.11
Price to Sales (P/S)0.61
P/FCF Ratio26.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$7.13Price Target Upside124.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.04
Revenue Forecast (FY)C$727.63M
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 wh...
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...
High Tide Earnings Call Summary
Earnings Call Date:Mar 17, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jun 17, 2026
Earnings Call Sentiment Positive
The call presented multiple meaningful operational and financial positives: record revenue and strong adjusted EBITDA growth, sustained margin expansion in the core bricks-and-mortar business, accelerating loyalty program momentum, improving free cash flow, and encouraging early international (Remexian) traction. Offsetting these positives were near-term challenges from supply-chain/import delays affecting Remexian margins, a slowing Canadian market with heightened competition and illicit pressures, and lingering e‑commerce underperformance — all of which management is actively addressing. Overall, the company communicated that core retail performance and international recovery trends outweigh the operational headwinds.Positive Updates
Record Quarterly Revenue
Q1 revenue was $178.3M, up 25% year-over-year (fastest growth in 10 quarters) and up 9% sequentially; revenue run-rate exceeds $700M.
Negative Updates
Supply-Chain and Import Delays Impacting Remexian
Import permit delays and inventory stalled in Portugal reduced Remexian gross margins in Q1 and caused a modest drag on consolidated results; Canadian biomass purchases have not yet arrived in Germany, delaying anticipated margin improvement.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
Q1 revenue was $178.3M, up 25% year-over-year (fastest growth in 10 quarters) and up 9% sequentially; revenue run-rate exceeds $700M.
Read all positive updates
Company Guidance
Management reiterated concrete near‑ and long‑term targets: add 20–30 Canadian stores in calendar 2026 (mostly organic) toward a network exceeding 350 stores nationally, expand Canna Cabana to 3.0 million Cabana Club members long‑term (currently 2.58M, +47% YoY) including >1.0M ELITE (162k today, +100% YoY), and grow white‑label sales from 1.6% today toward ~20% of sales over time; they expect Remexian to improve materially as Canadian biomass arrives (Remexian Q1 revenue $25M, Feb revenue $12M with 2.6 tonnes sold, preliminary Feb gross margin ~20%, management sees a 20–25% gross‑margin range going forward and monthly shipments +25% vs the 3 months ended Dec), will pursue selective M&A and a U.K. transaction within ~12 months, and forecast continued segment gains supporting higher adjusted EBITDA and free cash flow (Q1 adj. EBITDA $11.5M, LTM adj. EBITDA $42.6M; Q1 FCF $2.9M, LTM FCF $16.8M) while keeping costs disciplined (salaries 11.8% of revenue, G&A 4.1%) and a strong balance sheet (debt $64.5M, cash/restricted cash $46.4M).High Tide Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
38
Negative
Cash Flow
66
Positive
| 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
Negative
3.18
Price Trends
3.26
Negative
3.45
Negative
3.80
Negative
Market Momentum
-0.03
Negative
45.76
Neutral
52.12
Neutral
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 3.18 is below the 20-day moving average (MA) of 3.19, below the 50-day MA of 3.26, and below the 200-day MA of 3.80, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 45.76 is Neutral, neither overbought nor oversold. The STOCH value of 52.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HITI.
High Tide Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$327.38M | -2.47 | -72.77% | ― | -11.16% | -29.56% | |
50 Neutral | C$282.15M | 55.32 | -40.87% | ― | 11.18% | 70.04% | |
50 Neutral | C$678.15M | -2.15 | -52.88% | ― | -0.67% | 58.98% | |
49 Neutral | C$143.78M | -2.48 | 75.97% | ― | 3.17% | -24.07% | |
47 Neutral | C$70.56M | -1.02 | -80.81% | ― | 2.19% | -91.41% | |
40 Neutral | C$18.10M | -0.04 | ― | ― | 0.63% | -31.86% |
* Healthcare Sector Average
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3.18
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High Tide Corporate Events
Business Operations and Strategy
High Tide’s NuLeaf Naturals Targets Role in New U.S. Medicare CBD Pilot
Positive
Apr 1, 2026
High Tide’s U.S. hemp-derived CBD subsidiary NuLeaf Naturals is moving to participate in a new U.S. Centers for Medicare Medicaid Services Innovation Center pilot that allows certain Medicare-focused organizations to provide eligible hemp-d...
Business Operations and StrategyFinancial Disclosures
High Tide Marks 220th Canna Cabana Store With Sarnia Debut, Sets Date for Q1 Results
Positive
Mar 6, 2026
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...
Business Operations and Strategy
High Tide, NuLeaf Join New U.S. Council to Shape Cannabinoid Care Policy
Positive
Mar 4, 2026
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 a...
Business Operations and StrategyExecutive/Board Changes
High Tide Revamps Board and Advisory Ranks to Support Global Cannabis Expansion
Positive
Mar 3, 2026
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 re...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
High Tide Posts Record Revenue, Expands Cannabis Retail Leadership and German Footprint
Positive
Jan 29, 2026
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 ...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
High Tide Sets Date for Q4 and Full-Year 2025 Results and Investor Webcast
Neutral
Jan 9, 2026
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. Manageme...
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.