High Tide (TSE:HITI)
:HITI
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High Tide
(HITI)
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Rating:44Neutral
Price Target:
C$3.00
▼(-6.54% Downside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
High Tide (HITI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$282.15M
Dividend YieldN/A
Average Volume (3M)72.94K
Price to Earnings (P/E)55.3
Beta (1Y)1.71
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. Volume82,068
30 Day Avg. Volume72,945
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$7.07Price Target Upside120.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.13
Revenue Forecast (FY)C$740.47M
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:Jun 16, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Jun 17, 2026
Earnings Call Sentiment Positive
High Tide's earnings call painted a positive picture with strong growth in retail store expansion, market share, and financial performance. The Cabana Club loyalty program is thriving, contributing to overall success. However, challenges persist in the e-commerce segment, and there are potential regulatory hurdles in Germany. Despite these challenges, the company's core business remains robust, and the sentiment is optimistic.Positive Updates
Expansion and Growth in Retail Stores
High Tide opened its 200th Canna Cabana location, marking a significant milestone. The company has increased its store count in Alberta by 10% year-over-year while the rest of the industry contracted by 6%. In Ontario, High Tide expanded its footprint by 30% over the past 12 months, while the rest of the industry shrank by 1%.
Negative Updates
E-commerce Segment Challenges
The e-commerce segment, representing 3% of consolidated revenue, is struggling to reach EBITDA neutral, posing a challenge despite having strategic value.
Read all updates
Q2-2025 Updates
Positive
Negative
Expansion and Growth in Retail Stores
High Tide opened its 200th Canna Cabana location, marking a significant milestone. The company has increased its store count in Alberta by 10% year-over-year while the rest of the industry contracted by 6%. In Ontario, High Tide expanded its footprint by 30% over the past 12 months, while the rest of the industry shrank by 1%.
Read all positive updates
Company Guidance
During the High Tide Inc. second quarter 2025 financial results conference call, the company highlighted several key metrics and strategic initiatives. High Tide reported a record revenue of $137.8 million for Q2, marking an 11% increase year-over-year, despite a 3% sequential decline due to fewer days in the quarter. The company's bricks-and-mortar segment experienced a robust 16% growth year-over-year, driven by strong same-store sales and the addition of new stores. Notably, daily same-store sales increased by 6.2% year-over-year, the fastest rate in five quarters. High Tide's Canna Cabana brand reached a milestone with the opening of its 200th store, contributing to a total of 82 stores in Ontario and 87 in Alberta, with plans to expand further. The company's Cabana Club loyalty program saw significant growth, with membership rising 33% year-over-year to 1.9 million members. High Tide also reported a market share gain, climbing to 12% in provinces where it operates. Furthermore, the company achieved $1.4 million in sales from its Queen of Bud brand, reflecting strong demand for its White Label SKUs. Despite challenges in the e-commerce segment, which represents only 3% of consolidated revenue, the company remains committed to maximizing shareholder value across all business units.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
3.21
Price Trends
3.34
Negative
3.57
Negative
3.79
Negative
Market Momentum
-0.06
Positive
43.12
Neutral
19.30
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 3.21 is below the 20-day moving average (MA) of 3.33, below the 50-day MA of 3.34, and below the 200-day MA of 3.79, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 43.12 is Neutral, neither overbought nor oversold. The STOCH value of 19.30 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | C$345.98M | -2.47 | -72.77% | ― | -11.16% | -29.56% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | C$540.46M | -2.15 | -52.88% | ― | -0.67% | 58.98% | |
47 Neutral | C$123.92M | -2.14 | 88.51% | ― | 3.17% | -24.07% | |
47 Neutral | C$68.33M | -0.45 | -90.71% | ― | 2.19% | -91.41% | |
44 Neutral | C$282.15M | 55.32 | -40.87% | ― | 11.18% | 70.04% | |
40 Neutral | C$18.10M | -0.08 | ― | ― | 0.63% | -31.86% |
* Healthcare Sector Average
TSE:HITI
High Tide
3.21
0.25
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High Tide Corporate Events
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.