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Jamieson Wellness Inc (TSE:JWEL)
TSX:JWEL
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Jamieson Wellness Inc
(TSX:JWEL)
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Rating:73Outperform
Price Target:
C$42.00
▲(23.31% Upside)
Action:UpgradedDate:03/01/26
The score is driven primarily by strong underlying business performance and a constructive 2026 outlook from management, supported by positive (but not extreme) technical momentum. Offsetting factors are the step-up in leverage and a valuation that is fair-to-full rather than deeply discounted.
Positive Factors
Consistent Revenue Scale and Branded Growth
Multi-year revenue scaling and strong branded growth show durable demand and successful brand positioning. Consistent top-line expansion indicates recurring consumer replenishment, distribution depth across retailers, and product mix gains that support predictable revenue over the next 2–6 months.
High-ROI China Execution
Outperformance in China demonstrates scalable digital marketing, effective conversion, and meaningful margin tailwinds from mix. Strong brand health and repeat purchase metrics provide a structural growth runway in a large market, reducing reliance on mature geographies.
Healthy Cash Generation and Capital Returns
Solid operating and free cash flow in absolute dollars supports investment, dividends and buybacks while validating earnings quality. This cash generation underpins strategic flexibility and shareholder returns, helping fund growth and M&A without immediate equity dilution.
Negative Factors
Rising Leverage
A sharp increase in leverage reduces financial flexibility and raises sensitivity to earnings or interest-rate shocks. Higher debt magnifies downside risk if margins or growth underperform, constraining capital allocation and increasing refinancing or covenant pressure over the medium term.
Margin Compression and Volatility
Although profitability remains solid, margins have contracted from prior peaks, signaling pricing pressure, higher costs, or mix shifts. Persistent margin volatility could limit free cash flow upside and reduce the cushion against demand or cost shocks, affecting long-term profitability resilience.
Elevated SG&A and Working-Capital Build
Higher marketing, infrastructure spend and a planned working-capital increase will pressure near-term cash conversion and margins. Sustained elevated SG&A or inventory builds to mitigate tariffs can reduce free cash flow and amplify funding needs, especially given higher leverage.
Jamieson Wellness Inc (JWEL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.41B
Dividend Yield2.67%
Average Volume (3M)59.01K
Price to Earnings (P/E)22.5
Beta (1Y)0.84
Revenue Growth11.25%
EPS Growth58.21%
CountryCA
Employees891
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.90
Shares Outstanding41,260,760
10 Day Avg. Volume47,826
30 Day Avg. Volume59,011
Financial Highlights & Ratios
PEG Ratio1.17
Price to Book (P/B)2.90
Price to Sales (P/S)1.71
P/FCF Ratio20.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$44.75Price Target Upside31.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.28
Revenue Forecast (FY)C$905.30M
Jamieson Wellness Inc Business Overview & Revenue Model
Company DescriptionJamieson Wellness Inc., together with its subsidiaries, develops, manufactures, distributes, markets, and sells natural health products in Canada and internationally. The company operates in two segments, Jamieson Brands and Strategic Partners. The Jamieson Brands segment offers health products for humans, including vitamins, herbals, and mineral nutritional supplements; and over-the-counter remedies under the Jamieson and Lorna Vanderhaeghe brands, as well as sports nutrition products under the Progressive, Precision, and Iron Vegan brands. The Strategic Partners segment provides manufacturing and product development services on a contract manufacturing basis to blue-chip consumer health companies and retailers. Jamieson Wellness Inc. sells its products to distributors, and retail and wholesale customers. The company was formerly known as Jamieson Intermediate Holdings Ltd. and changed its name to Jamieson Wellness Inc. in May 2017. Jamieson Wellness Inc. was founded in 1922 and is headquartered in Toronto, Canada.
How the Company Makes MoneyJamieson Wellness generates revenue primarily through the sale of its health and wellness products across various channels, including retail, online, and direct-to-consumer sales. The company's key revenue streams include sales of vitamins, dietary supplements, and personal care products. Additionally, JWEL benefits from partnerships with major retailers and e-commerce platforms, enhancing its market reach. The company also engages in private label manufacturing, producing products for other brands, which serves as a significant source of income. Furthermore, Jamieson Wellness leverages its strong brand reputation and consumer trust to maintain competitive pricing and encourage repeat purchases, thereby contributing to its overall earnings.
Jamieson Wellness Inc Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive outlook backed by strong top-line growth (branded and consolidated), margin expansion, robust China execution, improved adjusted profitability and shareholder returns (buybacks/dividends). Key near-term headwinds include a decline in strategic partner revenues, higher SG&A (including one-time due diligence costs), and a working-capital build tied to inventory and tariff mitigation. Management provided confident 2026 guidance with continued China and U.S. growth expectations and targets for higher adjusted EBITDA and EPS, suggesting momentum outweighs the manageable operational and investment-related pressures.Q4-2025 Updates
Positive Updates
Strong Consolidated and Branded Revenue Growth
Full-year consolidated revenue grew ~12%, branded business nearly +16% (FY2025). Q4 consolidated revenue rose 13.4% to $277.7M. Jamieson Brands grew 17.1% in Q4 to $237.4M. Youtheory grew 20.2% in Q4. China was a major driver (FY growth >56%, Q4 +43.9%). International revenue up 24% for the year (Q4 +39.2%). Canada outpaced the market with ~6% full-year growth (Q4 +5.5%).
Gross Profit and Margin Expansion
Consolidated gross profit increased by $18.5M in Q4 to $118.7M and consolidated gross margin expanded ~180 bps. Jamieson Brands gross profit rose 19.7% (+$18.6M) and normalized gross margin improved 90 bps to 47.6%, driven by branded mix and scale in China.
Improved Profitability and Strong Adjusted Metrics
Q4 adjusted EBITDA increased 13.7% (+$8.1M) with adjusted EBITDA margin consistent at 24.3%. Normalized earnings from operations rose 13.3% to $60.4M and normalized operating margin remained 21.8%. Adjusted net earnings increased to $38.5M and adjusted diluted EPS was $0.90. 2026 guidance calls for consolidated revenue $895M–$935M (+9%–14%), adjusted EBITDA $174M–$181M (+9%–13.4%) and adjusted diluted EPS $2.08–$2.21 (+12.5%–19.5%).
High-ROI China Execution and Consumer Conversion
China outperformance reflected effective performance marketing and rising brand health: brand awareness→trial conversion +57% and trial→regular buyer +81%. Management reports China growth outpaced the broader VMS market by ~4x and sees continued runway (2026 China growth guide 20%–30%).
Strong Cash Position and Shareholder Returns
Year-end cash and available facilities totaled $126.6M. Full-year share repurchases ~1.2M shares for $37.9M (average $32.39); Q4 repurchase 53,780 shares for $18.1M. Paid ~ $37.2M in dividends in FY2025 and declared a $0.23/share dividend ($9.5M).
Operational Improvements and Innovation Momentum
Successful implementation of new SAP system supporting HQ and three manufacturing facilities. Continued innovation in need states (immunity, sleep, stress, energy) and global-to-local execution enabling faster scaling of winning products and distribution gains across key retailers.
Negative Updates
Strategic Partners Revenue Decline
Strategic Partner revenues declined 4.4% in Q4 (down ~$1.9M) and gross profit in Strategic Partners decreased 2.4% in the quarter, driven by lower volumes and timing of customer onboarding related to trade/tariff uncertainties.
Higher SG&A and One-Time Due Diligence Costs
SG&A expenses increased 20% (+$9.8M) in Q4 reflecting increased performance marketing (notably in China), variable compensation and global infrastructure spend. The quarter included $2.7M of specific legal/professional costs related to due diligence on a potential acquisition that was not completed.
Reported Operating Income Nearly Flat After Investments
Reported earnings from operations decreased ~0.02% (effectively flat) in Q4 as higher revenue and gross profit were offset by elevated marketing investments and acquisition-related costs, though normalized operating income was up.
Working Capital Build and Short-Term Cash from Operations Pressure
Q4 cash from operations declined to $31.9M from $37.8M a year ago; cash from operations before working capital was stronger but was offset by an $18.8M working capital increase driven by higher inventory to mitigate tariffs and port congestion. 2026 guidance also anticipates working capital increasing $25M–$35M.
M&A Pipeline Caution and Deal Costs
Management spent due diligence resources on a potential acquisition which did not meet the company's investment criteria. M&A focus is on scaled, U.S.-based brands (targeting ~$100M+ revenue), indicating a selective pipeline and near-term uncertainty in deal activity.
Early-Stage GLP-1-Related Opportunity and Category Sensitivities
GLP-1 companion products remain modest and early-stage; management describes encouraging but limited uptake so far. Seasonality and immunity demand (December spike) added variability; long-term GLP-1 effects are viewed as a potential tailwind but uncertain in timing.
Company Guidance
Management guided 2026 consolidated revenue of $895–$935 million (up ~9% to almost 14%), with Jamieson Brands revenue of $790–$820 million (≈9%–13% growth); by region they forecast China +20%–30%, U.S. +14%–19% (USD), Canada +4%–6%, International +10%–15% (USD), and Strategic Partner revenues returning to growth of +10%–20%. They expect adjusted EBITDA of $174–$181 million (up ~9%–13.4%) with adjusted EBITDA margins ~19.4%, adjusted diluted EPS of $2.08–$2.21 (up 12.5%–19.5%), and cash from operations before working capital of $120–$130 million (up 9%–19%); working capital is expected to increase $25–$35 million and capital expenditures to be approximately $20 million.Jamieson Wellness Inc Financial Statement Overview
Summary
Strong multi-year revenue growth and solid profitability (2025 gross margin ~41%, net margin ~7.6%) with healthy operating and free cash flow generation. The main constraint is a sharp 2025 leverage increase (debt ~C$472M; debt/equity ~1.0) and some margin/FCF volatility versus prior peak years.Income Statement
Revenue has scaled steadily over 2020–2025 (from ~C$404M to ~C$822M), with 2025 showing healthy growth (~4%). Profitability is solid and relatively stable, with 2025 gross margin ~41% and net margin ~7.6%. Offsetting this, margins have compressed versus 2021–2022 peaks (net margin ~11.5% in 2021 and ~9.6% in 2022), indicating higher costs and/or pricing pressure despite continued top-line growth.78
Positive
Balance Sheet
The balance sheet is supported by meaningful equity (2025 equity ~C$485M on ~C$1.22B assets) and reasonable shareholder returns (2025 return on equity ~12.9%). However, leverage has risen sharply in 2025: total debt increased to ~C$472M and debt relative to equity moved up to ~1.0 (from ~0.61 in 2024). This higher leverage reduces flexibility and raises sensitivity to earnings or rate volatility.62
Positive
Cash Flow
Cash generation is good in absolute dollars in 2025, with operating cash flow ~C$82.5M and free cash flow ~C$69.8M. Free cash flow also broadly tracks earnings (about ~85% of net income in 2025), supporting earnings quality. The main weakness is volatility: free cash flow declined ~8% in 2025 after modest growth in 2024, and cash conversion has been uneven across years.71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 822.06M | 733.78M | 676.17M | 547.37M | 451.03M |
| Gross Profit | 338.33M | 275.61M | 233.56M | 198.34M | 162.44M |
| EBITDA | 133.42M | 114.60M | 108.78M | 100.17M | 90.40M |
| Net Income | 62.44M | 51.91M | 47.88M | 52.81M | 52.08M |
Balance Sheet | |||||
| Total Assets | 1.22B | 1.21B | 1.14B | 1.11B | 652.48M |
| Cash, Cash Equivalents and Short-Term Investments | 41.23M | 44.79M | 36.86M | 26.24M | 6.78M |
| Total Debt | 472.02M | 308.29M | 462.99M | 400.00M | 149.13M |
| Total Liabilities | 685.52M | 660.41M | 662.38M | 675.67M | 310.45M |
| Stockholders Equity | 485.42M | 505.18M | 438.93M | 431.59M | 342.02M |
Cash Flow | |||||
| Free Cash Flow | 69.80M | 51.41M | 22.41M | 36.02M | 22.12M |
| Operating Cash Flow | 82.51M | 61.58M | 31.71M | 50.59M | 44.41M |
| Investing Cash Flow | -22.25M | -10.16M | -35.13M | -256.53M | -22.28M |
| Financing Cash Flow | -62.78M | -45.43M | 14.04M | 225.41M | -16.51M |
Jamieson Wellness Inc Technical Analysis
Negative
34.06
Price Trends
35.73
Negative
34.73
Negative
34.96
Negative
Market Momentum
-0.63
Positive
33.20
Neutral
18.52
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:JWEL, the sentiment is Negative. The current price of 34.06 is below the 20-day moving average (MA) of 36.28, below the 50-day MA of 35.73, and below the 200-day MA of 34.96, indicating a bearish trend. The MACD of -0.63 indicates Positive momentum. The RSI at 33.20 is Neutral, neither overbought nor oversold. The STOCH value of 18.52 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:JWEL.
Jamieson Wellness Inc Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$1.41B | 22.55 | 12.97% | 2.67% | 11.25% | 58.21% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
48 Neutral | C$14.29M | 33.38 | ― | ― | 69.12% | 43.02% | |
47 Neutral | C$26.78M | -1.45 | -1208.82% | ― | 190.07% | -2.88% | |
44 Neutral | C$2.62M | -3.11 | 5435.74% | ― | -25.08% | 65.57% |
* Consumer Defensive Sector Average
TSE:JWEL
Jamieson Wellness Inc
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Jamieson Wellness Inc Corporate Events
Business Operations and StrategyFinancial Disclosures
Jamieson Wellness Posts Strong 2025 as Branded Growth, China and Youtheory Drive Earnings
Positive
Feb 26, 2026
Jamieson Wellness reported a strong fiscal 2025, with branded revenue up nearly 16% and broad-based growth across Canada, China, Youtheory, and international markets. The company cited higher gross margins, double-digit adjusted EBITDA and cash flow growth, and a successful ERP implementation as strengthening its operational foundation and supporting its ambition to reach $1 billion in revenue.
China revenue grew more than 56% as digital programs and performance marketing boosted brand awareness and conversion, while Youtheory delivered double-digit gains driven by e-commerce, innovation, and new distribution. In the fourth quarter, consolidated revenue rose 13.4% to $277.7 million, led by 17.1% growth in Jamieson Brands, with higher gross profit and adjusted earnings underscoring its competitive position in the global wellness market.
The most recent analyst rating on (TSE:JWEL) stock is a Buy with a C$44.00 price target. To see the full list of analyst forecasts on Jamieson Wellness Inc stock, see the TSE:JWEL Stock Forecast page.
Business Operations and StrategyFinancial Disclosures
Jamieson Wellness Sets Date for Q4 and Full-Year 2025 Results and Investor Call
Positive
Feb 12, 2026
Jamieson Wellness Inc., a Toronto-based producer of vitamins, minerals, supplements and sports nutrition products under brands such as Jamieson, youtheory, Progressive, Smart Solutions, Iron Vegan and Precision, sells its portfolio across more than 50 countries and emphasizes adherence to UN Global Compact principles. The company has announced it will release its fourth quarter and full-year 2025 financial results after markets close on February 26, 2026, followed by an investor conference call and webcast that will provide stakeholders with detailed insight into its recent performance and strategic progress.
The scheduled conference call and accompanying replay and webcast access underscore Jamieson Wellness’s efforts to maintain transparency and engagement with investors and analysts regarding its operational and financial trajectory. By formally setting the results date and communication plan well in advance, the company signals disciplined disclosure practices that may help support investor confidence and reinforce its positioning in the competitive global natural health and wellness market.
The most recent analyst rating on (TSE:JWEL) stock is a Buy with a C$36.00 price target. To see the full list of analyst forecasts on Jamieson Wellness Inc stock, see the TSE:JWEL Stock Forecast page.
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.