High Liner Foods Inc (TSE:HLF)
TSX:HLF
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High Liner Foods
(TSX:HLF)
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Rating:61Neutral
Price Target:
C$14.50
▲(4.47% Upside)
Action:ReiteratedDate: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 Position / Channel Mix
High Liner's leading position in North America's value-added seafood segment and growing QSR and convenience listings create durable scale advantages. Broad retail, private-label and foodservice distribution diversifies demand, supports negotiating leverage with suppliers and customers, and stabilizes volumes over time.
Negative Factors
Margin Compression from Tariffs & Input Inflation
Material margin erosion from tariffs and seafood input inflation is a persistent structural headwind. Even with pricing actions, ongoing tariff exposure and commodity cost volatility can depress gross margins and EBITDA conversion for multiple quarters, challenging sustainable profitability until cost or pricing dynamics normalize.
Read all positive and negative factors
Positive Factors
Negative Factors
Market Position / Channel Mix
High Liner's leading position in North America's value-added seafood segment and growing QSR and convenience listings create durable scale advantages. Broad retail, private-label and foodservice distribution diversifies demand, supports negotiating leverage with suppliers and customers, and stabilizes volumes over time.
Read all positive factors
High Liner Foods (HLF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$392.78M
Dividend Yield4.83%
Average Volume (3M)31.42K
Price to Earnings (P/E)9.4
Beta (1Y)0.51
Revenue Growth6.15%
EPS Growth-36.76%
CountryCA
Employees1,215
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.12
Shares Outstanding28,298,197
10 Day Avg. Volume24,630
30 Day Avg. Volume31,424
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$17.50Price Target Upside26.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.13
Revenue Forecast (FY)C$1.08B
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 pro...
How the Company Makes Money
HLF makes money by selling frozen seafood products through two primary channels: retail and foodservice. In retail, it generates revenue from branded products (including the High Liner brand in Canada and the Fisher Boy brand in the U.S.) as well ...
High Liner Foods Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but constructive picture: the company delivered solid top-line growth (+15% sales, +1.5% volume) and is making tangible progress on brand momentum, new product launches, integration synergies and cash flow. However, profitability was meaningfully pressured in Q4 by tariffs, raw material inflation, temporary acquisition accounting impacts and automation-related downtime (gross margin contracted ~330 bps; adjusted EBITDA fell ~18.9%; adjusted net income declined ~78%). Balance-sheet leverage increased materially (net debt +$89.2M; net debt/EBITDA 3.5x). Management expects margin recovery to progress through 2026 (return to EBITDA growth starting in Q1, gross margin guidance ~21–21.5% for the year) and emphasizes ongoing cost, pricing and automation actions to restore margins. Overall, positives around revenue, product/market momentum, financing and integration are offset by near-term margin and leverage headwinds.Positive Updates
Revenue and Volume Growth
Sales increased $35.2 million or 15% to $270.2 million in Q4 2025 (from $235.0 million). Sales volume increased by 900,000 pounds or 1.5% to 61.3 million pounds (from 60.4 million pounds), driven by targeted promotions, pricing actions and favorable product mix.
Negative Updates
Gross Profit and Margin Compression
Gross profit decreased $1.3 million or 2.5% to $49.7 million in Q4. Gross profit margin contracted by approximately 330 basis points to 18.4% from 21.7% year-over-year, driven by tariffs, higher raw material costs and temporary acquired inventory accounting effects (~$1.0 million non-cash impact).
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue and Volume Growth
Sales increased $35.2 million or 15% to $270.2 million in Q4 2025 (from $235.0 million). Sales volume increased by 900,000 pounds or 1.5% to 61.3 million pounds (from 60.4 million pounds), driven by targeted promotions, pricing actions and favorable product mix.
Read all positive updates
Company Guidance
The company guided to a return to adjusted EBITDA growth beginning in Q1 2026, with full-year volume growth expected in the low single digits (roughly 2–3%), gross margin guidance of about 21–22% (management suggested ~21–21.5% as a year‑out look), and a net debt/adjusted EBITDA ratio that was 3.5x at Jan 3, 2026 but is expected to be slightly above the long‑term 3.0x target at the end of fiscal 2026; management also said margins will be pressured in H1 by tariffs and promotional activity but should improve in H2 as pricing, continuous‑improvement and automation benefits flow through. For context, Q4 results included sales of $270.2M (up $35.2M or 15%), sales volume of 61.3M lbs (up 900K lbs or 1.5%), gross profit of $49.7M (18.4% of sales, down 330 bps), adjusted EBITDA of $19.3M (7.1% of sales, down 18.9%), net cash from operations of $30M, net debt of $322.4M, and management reiterated they remain on track for ~$11M run‑rate EBITDA synergies from the Conagra acquisition by 2027.High Liner Foods Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
66
Positive
Cash Flow
42
Neutral
| 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
Negative
13.88
Price Trends
15.50
Negative
14.80
Negative
15.53
Negative
Market Momentum
-0.48
Positive
27.71
Positive
9.60
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 13.88 is below the 20-day moving average (MA) of 14.82, below the 50-day MA of 15.50, and below the 200-day MA of 15.53, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 27.71 is Positive, neither overbought nor oversold. The STOCH value of 9.60 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
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$3.83B | 5.72 | 11.72% | 4.95% | -0.03% | 497.79% | |
73 Outperform | C$1.42B | 22.55 | 12.97% | 2.67% | 11.25% | 58.21% | |
70 Outperform | C$18.02B | 19.22 | -1.32% | 1.89% | 5.37% | -135.85% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | C$392.78M | 9.44 | 8.89% | 4.83% | 6.15% | -36.76% | |
46 Neutral | C$4.46B | 112.26 | 3.82% | 3.34% | 13.05% | -33.72% | |
45 Neutral | C$197.45M | -174.75 | -92.94% | ― | 212.16% | -46.40% |
* Consumer Defensive Sector Average
TSE:HLF
High Liner Foods
13.88
-1.67
-10.72%
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86.94%
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High Liner Foods Corporate Events
Business Operations and StrategyFinancial Disclosures
High Liner Foods Cuts Office Jobs and Warns of Softer Q1 as It Targets 2026 Profit Rebound
Negative
Apr 1, 2026
High Liner Foods has announced organizational changes that include 35 job cuts, or about 9% of its North American office workforce, as it works to better align its cost base with current market conditions. The reductions form part of wider initiat...
Business Operations and StrategyFinancial Disclosures
High Liner Grows Sales but Faces Margin Pressure and Higher Leverage in 2025
Negative
Feb 26, 2026
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 EB...
Financial Disclosures
High Liner Foods Sets Date for Q4 and Full-Year 2025 Results Call
Neutral
Feb 11, 2026
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 th...
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.