Tilray Brands, Inc. (TLRY)

Tilray Brands, Inc., a lifestyle consumer products company, engages in the research, cultivation, processing, and distribution of medical cannabis products in Canada, the United States, Europe, the Middle East, Africa, and internationally. The company operates through four segments: Beverage, Cannabis, Distribution, and Wellness. It also offers medical and adult-use cannabis products; resells and distributes pharmaceutical and wellness products; and produces, markets, and sells beverage products, and hemp-based food products. In addition, the company provides entertainment products. It offers its products under the Tilray, Aphria, Broken Coast, Symbios, Navcora, Tilray Craft, Charlotte's Web, Shock Top, Montauk Brewing, 10 Barrell, Breckenridge Brewery, SweetWater Brewing, Breckenridge Distillery, Blue Point, Alpine, Broken Coast, Redecan, XMG, Manitoba Harvest, CC Pharma, Good Supply, Solei, Mollo, Chowie Wowie, Original Stash, Canaca, RIFF, Tilray Medical, Bake Sale, The Batch, HEXO, Cruisies, Atwater Brewery, Hi-ball Energy, Liquid Love, Hop Valley Brewing, Redhook Brewery, Revolver Brewing, Square Mile Cider, Mock One, Widmer Brothers Brewing, Runner's High Brewing Company, SweetWater Brewing Company, Terrapin brands. The company sells its products to retailers, wholesalers, patients, physicians, hospitals, pharmacies, researchers, and governments, as well as direct to consumers. The company was formerly known as Tilray, Inc. and changed its name to Tilray Brands, Inc. in January 2022. Tilray Brands, Inc. is headquartered in Leamington, Canada.

Symbol
TLRY
Exchange
Nasdaq
Sector
Healthcare
Industry
Drug Manufacturers - Specialty & Generic
Market cap
$475.38M
52 week range
3.54 - 23.2

Valuation

Share price
$3.61 (close of 2026-10-02)
P/E (TTM)
-3.30x
Price to book
0.30x
Price to free cash flow
-6.88x
Enterprise value
$647.80M
Book value per share
$12.11

Price performance

PeriodChange
1 day+1.12%
5 days-12.59%
1 month-20.13%
3 months-21.86%
6 months-44.89%
Year to date-60.02%
1 year-77.58%
3 years-84.10%
5 years-96.76%
All time-98.39%

Profitability and growth

Return on equity
-7.61%
Return on invested capital
-3.57%
Return on assets
-5.21%
Return on capital employed
-3.20%
Gross margin
28.45%
Net margin
-13.26%
EBITDA margin
-6.88%
Revenue growth
11.46%
Net income growth
94.45%
Free cash flow growth
45.78%

Cash flow and balance sheet

Free cash flow yield (TTM)
-14.55%
Current ratio
2.21x
Net debt to EBITDA
18.24x

Latest reported year

Period end
2026-05-31
Fiscal year
2026
Revenue
$915.45M
Cost of revenue
$655.01M
Gross profit
$260.44M
EBITDA
-$63.03M
Net income
-$121.40M
Earnings per share
$-1.09
Research and development
$361.00K
Interest expense
$29.91M
Shares outstanding
111.83M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2026-05-31$915.45M$260.44M-$121.40M$-1.09
2025-05-31$821.31M$240.57M-$2.19B$-24.56
2024-05-31$788.94M$223.35M-$244.98M$-3.30
2023-05-31$627.12M$146.96M-$1.45B$-23.50
2022-05-31$628.37M$116.82M-$476.80M$-9.90
2021-05-31$513.09M$123.18M-$367.42M$-13.60
2020-12-31$210.48M$24.66M-$271.07M$-21.50
2020-05-31$405.33M$96.05M-$102.54M$-4.70
2019-12-31$166.98M-$23.50M-$321.17M$-32.00
2019-05-31$179.30M$43.51M-$25.04M$-1.80

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2026-05-3128.45%-13.26%-7.61%-3.57%
2025-05-3129.29%-266.25%-146.80%-135.39%
2024-05-3128.31%-31.05%-7.11%-4.11%
2023-05-3123.43%-231.64%-43.62%-36.69%
2022-05-3118.59%-75.88%-10.74%-14.28%
2021-05-3124.01%-71.61%-8.23%-2.91%
2020-12-3111.71%-128.79%-72.50%-89.80%
2020-05-3123.70%-25.30%-8.04%-9.38%
2019-12-31-14.07%-192.34%-112.58%-134.18%
2019-05-3124.27%-13.96%-2.03%-11.09%

Cash and debt by year

Period endCashDebt
2026-05-31$225.98M-
2025-05-31$221.67M-
2024-05-31$228.34M-
2023-05-31$206.63M-
2022-05-31$415.91M$117.88M
2021-05-31$488.47M$167.49M
2020-12-31$189.70M-
2020-05-31$360.65M$94.03M
2019-12-31$96.79M-
2018-12-31$517.59M-

Free cash flow by year

Period endFree cash flowStock-based compensation
2026-05-31-$69.14M$45.94M
2025-05-31-$127.52M$24.29M
2024-05-31-$60.15M$31.77M
2023-05-31-$12.89M$39.59M
2022-05-31-$211.33M$35.99M
2021-05-31-$83.59M$17.35M
2020-12-31-$174.00M$29.72M
2020-05-31-$199.41M$18.08M
2019-12-31-$331.81M$31.84M
2019-05-31-$197.80M$21.95M

Investor relations

Next earnings report

Next confirmed report
2026-10-08
Consensus EPS estimate
$-0.18

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-28May/2026$-0.02
2026-04-01Feb/2026$-0.14
2026-01-08Nov/2025$-0.14
2025-10-09Aug/2025$-0.03
2025-07-28May/2025$-0.03
2025-04-08Feb/2025$-0.04
2025-01-10Nov/2024$-0.04
2024-10-10Aug/2024$-0.05

Filings and sources

Company website
tilray.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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