Organigram Global (TSE:OGI)
TSX:OGI
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Organigram Global
(TSX:OGI)
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Rating:54Neutral
Price Target:
C$2.00
▲(10.50% Upside)
Action:ReiteratedDate:03/26/26
The score is held back most by weak underlying profitability/cash flow and bearish technicals (below key moving averages with negative MACD). Offsetting these are a strong low-leverage balance sheet, a low P/E valuation, and a generally positive earnings call with reiterated full-year guidance and improving operational metrics.
Positive Factors
Low Leverage Balance Sheet
Organigram's exceptionally low leverage and small absolute debt provide durable financial flexibility. This reduces solvency risk, supports investment in capacity, ERP and international certification, and gives the company runway to absorb working-capital swings without immediate refinancing, aiding multi-quarter strategic execution.
Negative Factors
Negative Cash Generation
Persistent negative operating and free cash flow indicate the business still consumes cash despite recent improvements. Over multiple quarters this stresses liquidity, constrains reinvestment, and raises the risk of external financing unless operating cash conversion and working-capital management sustainably improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage Balance Sheet
Organigram's exceptionally low leverage and small absolute debt provide durable financial flexibility. This reduces solvency risk, supports investment in capacity, ERP and international certification, and gives the company runway to absorb working-capital swings without immediate refinancing, aiding multi-quarter strategic execution.
Read all positive factors
Organigram Global (OGI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$246.77M
Dividend YieldN/A
Average Volume (3M)200.07K
Price to Earnings (P/E)3.9
Beta (1Y)1.93
Revenue Growth62.15%
EPS Growth60.50%
CountryCA
Employees1,093
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.14
Shares Outstanding136,337,340
10 Day Avg. Volume161,463
30 Day Avg. Volume200,066
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.03
Price to Sales (P/S)1.39
P/FCF Ratio-14.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$3.66Price Target Upside102.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.16
Revenue Forecast (FY)C$313.53M
Organigram Global Business Overview & Revenue Model
Company Description
Organigram Holdings Inc., through its subsidiaries, produces and sells cannabis and cannabis-derived products in Canada. It offers medical cannabis products, including cannabis flowers, cannabis oils, and vaporizers for civilian patients and veter...
How the Company Makes Money
Organigram primarily generates revenue by selling cannabis products into regulated markets, with the largest source historically coming from the Canadian adult-use channel. Its key revenue streams generally include: (1) Recreational (adult-use) ca...
Organigram Global Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 14, 2026
Earnings Call Sentiment Positive
The call conveyed substantial operational and financial progress: strong year-over-year revenue (+49%), adjusted gross profit (+67%), adjusted EBITDA (+273%), cultivation scale gains (+43% harvested kg), and important plant-science and manufacturing advances. Management emphasized recovery from discrete disruptions (BC strike, out-of-spec international flower) and reiterated full-year guidance (> $300M revenue) and confidence in margin expansion. Key risks include a roughly $3.5M international revenue impact from out-of-spec flower (now being repurposed domestically), elevated competition in vapes/IPRs, near-term working capital-driven cash usage, pending EU GMP timing, and slow U.S. penetration. Overall, the positive financial momentum, margin improvement, operational breakthroughs and clear mitigation plans outweigh the temporary operational and market headwinds.Positive Updates
Strong Revenue Growth
Net revenue increased 49% year-over-year to $65.3 million (Q1 FY2026 vs Q1 FY2025), driven by Canadian growth, Motif integration and higher international sales; sequential revenue was down 21% due to seasonality and one-time disruptions.
Negative Updates
Sequential International Volume Disruption
Q1 saw an unexpected sequential decline in international volumes driven by a higher-than-expected proportion of flower that did not meet international specifications; estimated impact of roughly $3.5 million of international revenue in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Net revenue increased 49% year-over-year to $65.3 million (Q1 FY2026 vs Q1 FY2025), driven by Canadian growth, Motif integration and higher international sales; sequential revenue was down 21% due to seasonality and one-time disruptions.
Read all positive updates
Company Guidance
Management reiterated it is on track to meet full‑year guidance of revenue exceeding $300 million and to deliver positive free cash flow, while expecting margin expansion as lower‑cost inventory and higher‑margin international volumes scale through the back half of fiscal 2026; Q1 supports this with net revenue of $65.3M (+49% YoY, -21% sequential), adjusted gross profit $23.9M (+67% YoY) and adjusted gross margin steady at 38% (stable sequentially, +500 bps YoY), adjusted EBITDA $5.3M (+273% YoY) and net income of $20M (versus a $23M loss prior year). Management pointed to operational improvements — harvested >28,000 kg of flower (+43% YoY), average flower THC >29% (38% of lots >30% THC), hydrocarbon extraction capacity +87% YoY, international sales of $5M (up ~55% YoY), and cash & short‑term investments of $63M (including $7.6M unrestricted) — and noted SG&A as a percent of revenue has declined (G&A ~24% of revenue in Q1, overall SG&A down ~200 bps YoY) with ERP costs expected to roll off after Q2.Organigram Global Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
78
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 279.99M | 259.18M | 159.84M | 149.21M | 145.81M | 79.16M |
| Gross Profit | 19.01M | 9.51M | 47.52M | 35.07M | 31.57M | -28.40M |
| EBITDA | -15.58M | -20.55M | -23.59M | -207.62M | 10.96M | -95.59M |
| Net Income | 18.17M | -24.76M | -45.44M | -229.48M | -14.28M | -130.70M |
Balance Sheet | ||||||
| Total Assets | 530.67M | 562.21M | 407.86M | 298.45M | 577.11M | 554.02M |
| Cash, Cash Equivalents and Short-Term Investments | 8.38M | 84.42M | 107.57M | 33.86M | 98.91M | 183.84M |
| Total Debt | 8.45M | 8.75M | 4.46M | 4.72M | 3.36M | 4.96M |
| Total Liabilities | 161.22M | 213.08M | 101.87M | 26.83M | 69.05M | 74.21M |
| Stockholders Equity | 369.46M | 349.13M | 305.99M | 271.62M | 508.06M | 479.81M |
Cash Flow | ||||||
| Free Cash Flow | -36.81M | -24.64M | -1.47M | -62.70M | -84.99M | -40.92M |
| Operating Cash Flow | -19.29M | -7.59M | 3.87M | -35.80M | -36.21M | -28.59M |
| Investing Cash Flow | -23.99M | -82.67M | -38.77M | 1.35M | 44.03M | -115.11M |
| Financing Cash Flow | 39.09M | 39.33M | 107.78M | -817.00K | 5.33M | 174.46M |
Organigram Global Technical Analysis
Negative
1.81
Price Trends
1.99
Negative
2.16
Negative
2.18
Negative
Market Momentum
-0.04
Positive
37.38
Neutral
15.48
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:OGI, the sentiment is Negative. The current price of 1.81 is below the 20-day moving average (MA) of 1.92, below the 50-day MA of 1.99, and below the 200-day MA of 2.18, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 37.38 is Neutral, neither overbought nor oversold. The STOCH value of 15.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:OGI.
Organigram Global Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | C$1.85B | 16.23 | 6.29% | ― | 6.18% | -28.69% | |
61 Neutral | C$1.32B | -104.58 | -0.87% | ― | 22.20% | ― | |
54 Neutral | C$246.77M | 3.90 | 4.86% | ― | 62.15% | 60.50% | |
52 Neutral | C$253.49M | 44.94 | -7.78% | ― | 23.87% | -19.57% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | C$492.42M | -2.15 | -52.88% | ― | -0.67% | 58.98% | |
50 Neutral | C$2.15B | -8.05 | -28.58% | ― | -3.38% | -31.35% |
* Healthcare Sector Average
TSE:OGI
Organigram Global
1.81
0.34
23.13%
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1.23
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-29.05%
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3.48
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34.36%
TSE:CURA
Curaleaf Holdings
2.77
1.44
108.27%
TSE:GTII
Green Thumb Industries
8.00
-0.36
-4.31%
Organigram Global Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and FinancingShareholder Meetings
ISS Backs Organigram’s Premium-Priced Acquisition of Sanity Group
Positive
Mar 23, 2026
Organigram has received a recommendation from proxy advisory firm ISS that shareholders vote in favor of its proposed acquisition of German-based Sanity Group GmbH. ISS cited the deal’s strategic rationale, including increased scale, broader...
Business Operations and StrategyProduct-Related Announcements
Organigram Extends SHRED Brand Into Fast-Acting Shot-Sized Cannabis Beverages
Positive
Mar 5, 2026
Organigram Global, Canada’s leading cannabis company by market share, is expanding its beverage lineup with SHRED Shotz, a 65 ml single-serve cannabis drink powered by its FAST nanoemulsion technology. The SHRED brand, which surpassed $200 m...
Business Operations and StrategyM&A TransactionsProduct-Related Announcements
Organigram Expands Global Footprint With New Medical Cannabis Products in Australia
Positive
Feb 24, 2026
Organigram Global is expanding its international medical cannabis portfolio by launching Edison and BOXHOT-branded vape and pastille products in Australia, adding 10 new SKUs to a market where it already supplies indoor-grown flower. The move taps...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Organigram Secures C$65.2 Million BAT Investment to Back Sanity Group Deal
Positive
Feb 19, 2026
Organigram has entered into a subscription agreement with BT DE Investments, a subsidiary of British American Tobacco, for a C$65.2 million private placement linked to its planned acquisition of German cannabis operator Sanity Group. BAT will subs...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Organigram to Acquire Germany’s Sanity Group in Major European Cannabis Push
Positive
Feb 18, 2026
Organigram has agreed to acquire all remaining shares of Berlin-based Sanity Group, one of Europe’s leading cannabis companies, for upfront consideration of €113.4 million and potential earnouts of up to €113.8 million tied to po...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Organigram Delivers Strong Q1 2026 Growth and Expands U.S. Reach
Positive
Feb 10, 2026
Organigram posted strong first-quarter fiscal 2026 results, with gross revenue rising 46% to $97.3 million and net revenue up 49% to $63.5 million, driven by the Motif Labs acquisition and higher international sales. The company retained leading C...
Business Operations and StrategyFinancial Disclosures
Organigram Sets February 10 Date to Release Q1 2026 Results
Neutral
Feb 3, 2026
Organigram Global Inc., Canada’s leading cannabis company by market share with extensive cultivation, processing and branded product operations across multiple provinces, will release its first quarter fiscal 2026 results, covering the perio...
Business Operations and StrategyPrivate Placements and Financing
Organigram Deepens Phylos Partnership to Secure Long-Term Cannabis Genetics Edge
Positive
Dec 31, 2025
Organigram Global Inc. has expanded its innovation partnership with cannabis genetics specialist Phylos Bioscience Inc. through an amended loan and product agreement that strengthens its leadership in seed-based cultivation and provides a long-ter...
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.