High Liner Foods (HLF) AI Stock Analysis

• Market Cap: C$441.45M
• Dividend Yield: 4.83%
• Average Volume (3M): 31.42K
• Price to Earnings (P/E): 8.6
• Beta (1Y): 0.54
• Revenue Growth: 6.15%
• EPS Growth: -36.76%
• Country: CA
• Employees: 1,215
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 0.12
• Shares Outstanding: 28,298,197
• 10 Day Avg. Volume: 24,630
• 30 Day Avg. Volume: 31,424
• PEG Ratio: -0.26
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 0.31
• P/FCF Ratio: -41.04
• 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$19.25
• Price Target Upside: 23.40% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 1.43
• Revenue Forecast (FY): C$1.08B

• Rating: 61 Neutral
• Price Target: C$17.00 ▲(8.97% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held back primarily by weakened cash-flow performance and higher leverage alongside recent margin pressure. Offsetting factors include an attractive valuation (low P/E and strong dividend yield) and moderately positive technical momentum, while the latest earnings call adds a mixed outlook with expected EBITDA/margin recovery later in 2026 but meaningful near-term headwinds.

Positive Factors

Market leadership in value-added seafood

Scale and market leadership in value-added seafood give High Liner structural advantages: broad customer relationships, national channel listings and QSR momentum support stable volume demand, bargaining power with buyers, and resilience against small competitors over the next 2–6 months.

Product innovation and brand traction

Consistent new-product launches and co-branded innovations expand addressable retail channels and premium SKUs. Strong brand traction and category rankings help sustain pricing, retailer support, and repeat consumer demand, underpinning mid-term revenue stability and margin recovery potential.

Acquisition integration and procurement synergies

Ahead-of-plan integration and realized procurement/distribution efficiencies create durable cost and margin tailwinds. Targeted $11M run-rate synergies imply multi-period EBITDA improvement, supporting cash generation and offsetting raw-material pressure as savings scale through 2026–2027.

Negative Factors

Elevated leverage and higher net debt

Material debt build raises financial risk and reduces strategic flexibility. A 3.5x net debt/EBITDA level constrains free cash allocation for capex, synergies and dividends, increases interest exposure to cost shifts, and limits ability to absorb further margin shocks over the medium term.

Weakened and inconsistent cash generation

Swing to negative free cash flow in 2025 signals fragile cash conversion and higher working-capital or acquisition-related cash demands. Inconsistent operating cash reduces capacity to pay down debt, invest in automation, or weather sustained raw-material inflation without external financing.

Sustained margin pressure from tariffs and input costs

Tariffs and raw-material inflation are structural headwinds that compress margins until absorbed by pricing, procurement or efficiency. Combined with automation downtime and promotional activity, these forces can keep profitability below prior norms and slow deleveraging for several quarters.

High Liner Foods Business Overview & Revenue Model

Company Description

High Liner Foods Incorporated processes and markets prepared and packaged frozen seafood products in North America. The company provides a range of frozen seafood products, including raw fillets and shellfish, cooked shellfish; and value added products, which include sauced, glazed, breaded and battered seafood, seafood entrees, and breaded cheese sticks, including High Liner, Fisher Boy, Sea Cuisine, Catch of the Day, C.Wirthy & Co., High Liner Foodservice, Mirabel, Icelandic Seafood, and FPI brands. It sells its products directly, as well as through distributors to retail and club stores; and through foodservice distributors to hotels, restaurants, and healthcare and educational organizations. The company was founded in 1899 and is headquartered in Lunenburg, Canada.

How the Company Makes Money

High Liner Foods generates revenue primarily through the sale of its frozen seafood products to retail and food service customers. The company has a diverse portfolio of well-known brands, including High Liner, Sea Cuisine, and Fisher Boy, which contribute significantly to its revenue streams. Key revenue sources include direct sales to grocery stores, restaurants, and food distributors. Additionally, strategic partnerships with major retailers and food service operators enhance their market presence and distribution capabilities. The company's focus on innovation, sustainability, and meeting consumer demand for quality seafood products also plays a crucial role in driving sales and overall profitability.

High Liner Foods Financial Statement Overview

Summary

Income statement is mid-range (steady revenue with recent margin pressure and earnings volatility), balance sheet is acceptable but weakened by higher 2025 debt, and cash flow is the key drag with a sharp 2025 deterioration and negative free cash flow.

Income Statement

Revenue has been relatively steady over the last several years, with a modest rebound in 2025 (up ~5.4% year over year) after a decline in 2024. Profitability is positive but uneven: 2024 delivered strong earnings, while 2025 saw a notable step-down in operating profit and net income despite higher sales, suggesting margin pressure. Overall, the business shows consistent ability to generate profits, but the recent volatility in earnings quality and margins keeps the score in the mid-range.

Balance Sheet

The balance sheet is reasonably supported by equity, with equity slightly rising over time, but leverage has been somewhat volatile. Debt increased meaningfully in 2025 versus 2024, which raises financial risk and reduces flexibility. Earlier periods show debt-to-equity moving between moderate and elevated levels, indicating the company can carry leverage but is not consistently de-risking. Overall: acceptable capitalization, but the recent debt build is a key watch item.

Cash Flow

Cash generation has been inconsistent. While 2023–2024 produced solid operating cash flow and free cash flow, 2025 saw operating cash flow drop sharply and free cash flow turn negative, implying weaker cash conversion and/or heavier cash needs. The large swing from strong cash production to weak cash flow in the latest year increases uncertainty around funding flexibility and reinvestment capacity, pulling the score below average.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.04B	959.22M	1.08B	1.07B	875.40M
Gross Profit	201.98M	217.27M	218.69M	229.93M	198.54M
EBITDA	89.37M	115.09M	85.17M	106.41M	86.27M
Net Income	37.20M	60.16M	31.68M	54.73M	42.25M
Balance Sheet
Total Assets	962.20M	849.31M	834.40M	1.00B	826.47M
Cash, Cash Equivalents and Short-Term Investments	491.10K	19.95M	10.50M	5.82M	983.00K
Total Debt	300.44M	228.98M	253.56M	380.69M	266.19M
Total Liabilities	553.94M	443.58M	448.54M	630.07M	493.94M
Stockholders Equity	408.27M	405.73M	385.86M	373.42M	332.52M
Cash Flow
Free Cash Flow	-7.83M	66.78M	160.26M	-96.83M	8.37M
Operating Cash Flow	10.03M	90.59M	179.31M	-76.16M	28.68M
Investing Cash Flow	-70.46M	-40.24M	-18.80M	-20.67M	-20.32M
Financing Cash Flow	43.06M	-40.66M	-153.85M	100.14M	-41.42M

High Liner Foods Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15.60
• 50DMA: Negative
• 100DMA: Positive
• 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:HLF, the sentiment is Negative. The current price of 15.6 is below the 20-day moving average (MA) of 15.99, below the 50-day MA of 15.65, and below the 200-day MA of 15.76, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 42.96 is Neutral, neither overbought nor oversold. The STOCH value of 14.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HLF.

High Liner Foods Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MFI	73 Outperform	C$3.66B	5.72	11.72%	4.95%	-0.03%	497.79%
JWEL	73 Outperform	C$1.39B	22.55	12.97%	2.67%	11.25%	58.21%
SAP	70 Outperform	C$17.31B	19.22	-1.32%	1.89%	5.37%	-135.85%
PBH	69 Neutral	C$4.86B	-573.63	3.82%	3.34%	13.05%	-33.72%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HLF	61 Neutral	C$441.45M	8.64	8.89%	4.83%	6.15%	-36.76%
HBFG	45 Neutral	C$211.84M	-174.75	-92.94%	―	212.16%	-46.40%

High Liner Foods Corporate Events

High Liner Grows Sales but Faces Margin Pressure and Higher Leverage in 2025

High Liner Foods reported fourth-quarter 2025 results showing modest sales volume growth of 1.5% to 61.3 million pounds and a 15% rise in sales to $270.2 million, but profitability remained under pressure as gross margin contracted and Adjusted EBITDA fell 18.9%, even as reported net income improved due to a debt modification gain. For fiscal 2025, sales surpassed $1 billion with slightly higher volumes, yet Adjusted EBITDA, net income and gross margins declined year over year, and leverage rose to 3.5 times Adjusted EBITDA, underscoring a challenging operating environment as management pursues margin recovery and efficiency gains heading into the important Lenten selling season.

The company highlighted progress on margin improvement initiatives and plant efficiencies, suggesting underlying momentum is improving despite compressed margins and higher net debt. These results signal that while High Liner is managing to grow the top line in a tough market, investors and lenders will be closely watching the pace of profitability restoration and leverage reduction as the company navigates cost pressures and seeks to strengthen its competitive position in the frozen seafood sector.

The most recent analyst rating on (TSE:HLF) stock is a Buy with a C$17.50 price target. To see the full list of analyst forecasts on High Liner Foods stock, see the TSE:HLF Stock Forecast page.

High Liner Foods Sets Date for Q4 and Full-Year 2025 Results Call

High Liner Foods said it will release its fourth-quarter and full-year 2025 financial results on February 25, 2026, and will hold a conference call the following day to discuss its performance. The scheduled webcast and replay access underscore the company’s efforts to maintain transparency with investors and other stakeholders as it updates the market on its recent operating and financial trends.

The timing of the announcement places High Liner’s results squarely in the spotlight for analysts tracking consumer demand and pricing dynamics in the frozen seafood category. As a major supplier to both retail and foodservice channels, the company’s commentary on the call is likely to offer insight into broader industry conditions, including cost pressures, volume trends and the competitive landscape in North American prepared seafood.

The most recent analyst rating on (TSE:HLF) stock is a Hold with a C$16.50 price target. To see the full list of analyst forecasts on High Liner Foods stock, see the TSE:HLF Stock Forecast page.

High Liner Foods Boosts Liquidity With US$60 Million Term Loan and Five-Year ABL Extension

High Liner Foods has bolstered its balance sheet and funding flexibility by completing a US$60 million incremental addition to its senior secured Term Loan B and securing a five-year extension of its US$200 million asset-based revolving credit facility at unchanged pricing. Proceeds from the new term debt will be used primarily to repay borrowings tied to the recent acquisition of the Mrs. Paul’s and Van de Kamp’s U.S. retail seafood brands and to support higher working capital needs, while the oversubscribed financing and extended ABL maturity underscore lender confidence in the company’s strategy, credit profile and liquidity position, reinforcing its capacity to pursue growth and manage ongoing operational requirements.

The most recent analyst rating on (TSE:HLF) stock is a Hold with a C$14.00 price target. To see the full list of analyst forecasts on High Liner Foods stock, see the TSE:HLF Stock Forecast page.