TLRY Tilray Brands, Inc. - Common Stock

NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗
$4.68
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026

About Tilray Brands, Inc. - Common Stock Company overview from Wikipedia

Tilray Brands, Inc. is an American pharmaceutical, cannabis-lifestyle and consumer packaged goods company, incorporated in the United States, headquartered in New York City. Tilray also has operations in Canada, Australia, New Zealand,Latin America, with growing facilities in Germany, Portugal and the United Kingdom.

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Tilray Brands, Inc. is an American pharmaceutical, cannabis-lifestyle and consumer packaged goods company, incorporated in the United States, headquartered in New York City. Tilray also has operations in Canada, Australia, New Zealand,Latin America, with growing facilities in Germany, Portugal and the United Kingdom.

In December 2020, the company announced a merger with Aphria, and now operates under the Tilray name and its ticker symbol on NASDAQ and the Toronto Stock Exchange.

Tilray also owns several breweries and was ranked by the Brewers Association as the 4th largest craft beer company in the US in 2025.

History

Founded in 2013, Tilray was originally incorporated under the umbrella of Seattle-based Privateer Holdings and was one of Canada's first licensed producers. At the end of 2014, it secured the first institutional investment in the cannabis industry from Founders Fund, a San Francisco-based venture capital fund. In 2016, it became the first cannabis company to conduct a clinical trial approved by Health Canada. The trial evaluated the therapeutic potential of medical cannabis. In January 2017, Tilray was certified for good manufacturing practices.

By October 2018, the company had raised $1.1 billion. In July 2018, it became the first cannabis company to trade publicly on a major U.S. stock exchange, opening on the NASDAQ exchange at a price of $17 per share, which increased in September 2018 to $214 per share, and then descended to $29 per share by August 2019. The IPO raised US$153 million.

In September 2018, Tilray became the first Canadian cannabis company to legally export medical cannabis to the U.S. for a clinical trial. In December 2018, the company signed a deal with Novartis subsidiary Sandoz to sell, distribute and co-brand Tilray's non-smokeable/non-combustible medical cannabis products in legal markets worldwide. On June 19, 2018, Tilray announced the launch of High Park Company which operates in the adult recreational cannabis market to establish unique adult-use brands in Canada.

Since September 2022, Tilray has been licensed by the Polish and Italian Ministries of Health to import and distribute THC25 medical cannabis throughout Poland and Italy.

In August 2023, Tilray acquired eight beverage brands in addition to the breweries of the brands from Anheuser-Busch for $85 million.

Strategic partnerships and acquisitions

In 2018, Tilray announced it had entered into global alliance with Sandoz, a division of Novartis to co-brand and distribute non-combustible medical cannabis products in global markets where it is legally authorized. The Globe and Mail dubbed this partnership as ‘big-pharma’s first foray into cannabis’.

Also in 2018, Tilray announced a $100-million joint venture with the world's largest brewer, AB InBev to research non-alcohol tetrahydrocannabinol (THC) and cannabidiol (CBD)-infused beverages, through their respective subsidiaries, Labatt Breweries and High Park Company.

In 2019, Tilray signed a $250 million revenue-sharing deal with U.S. based brand company, Authentic Brands Group, to leverage ABG brand names, such as Juicy Couture, Greg Norman, and Nine West to create cannabis products. ABG has a portfolio of over 50 brands.

In February 2019, Tilray acquired Manitoba Harvest, a hemp foods manufacturer, for $317 million from Compass Diversified Holdings. The acquisition allowed Tilray to use Manitoba Harvest's retail distribution network to enter the U.S. CBD market. Manitoba Harvest's products are available in approximately 13,000 U.S. stores and 3,600 in Canada.

Also in 2019, Tilray entered into an agreement with Natura Naturals Holdings which owns 155,000 square feet of licensed cultivation greenhouses in Leamington, Ontario. The acquisition doubled the cultivation ability of the company in Canada. In May 2020, Tilray announced closure of the High Park Gardens site (previously Natura Naturals) for cost reductions.

In July 2019, Tilray acquired U.K.-based Smith & Sinclair to develop CBD-infused edibles. In August 2019, Tilray acquired Alberta cannabis retailer, Four20.

On April 10, 2023, Tilray announced an agreement to acquire Hexo Corp. for approximately US$56 million. Hexo shareholders will receive 0.4352 of a share of Tilray common stock in exchange for each share held.

On March 2 2026, Tilray announced a £33m ($44.5 million) deal to acquire British brewer BrewDog's global brand, intellectual property, U.K. brewing facilities, and a network of pubs across the U.K. and Ireland. The deal covers BrewDog's core identity and physical footprint in the U.K., which includes brewing operations and 11 pubs.

Merger with Aphria

On 15 December 2020, Aphria conducted a reverse acquisition of Tilray, creating the largest global cannabis company by revenue and geographic reach. The chief executive officer (CEO) of Aphria, Irwin D. Simon, stated that the merger strategy was to capture Tilray's business assets and public trading exposure in the United States and its free trade abilities in Europe, enabling potential for becoming a global operation. Irwin was named as CEO and chairman of the board for the merged company, and Tilray CEO, Brendan Kennedy, will be a member of the board of directors. The merged companies will keep Tilray's name and trade under the Tilray ticker symbol, TLRY, on the NASDAQ exchange.

By combining assets, the new Tilray company will develop craft beer and cannabis-infused beverages in partnership with Anheuser-Busch InBev, and have branded hemp and cannabidiol products. According to one source, the world market potential for cannabis products is $94 billion by 2025.

Brewery ownership

Tilray also owns several breweries: Montauk Brewing Company, Good Supply Beer, 10 Barrel Brewing Company, Square Mile Cider Company, Terrapin Beer Company, Truss Beverage Co and BrewDog breweries. Tilray's beer division ranked No. 9 on the Brewers Association's annual report of the US nation's top craft companies based on beer sales volume in 2022.

Alpine Beer Company

Founded in 1999 in Alpine, California, the Alpine Beer Company produced award-winning sour beers. The company would be acquired by the Green Flash Brewing Company in 2014 and continued existence as a brand.

Blue Point Brewing Company

Founded in a former ice factory in 1998 to fill the niche of a Long Island focused Microbrewery. The company's flagship "Toasted Lager" won a gold medal at the 2006 World Beer Cup in the American-Style Amber Lager category. The company distributed their beer to 19 states and Washington D.C. before being purchased by Anheuser-Busch InBev on February 5, 2014, for nearly $24 million. Citing financial shortfall in part due to the 2023 Bud Light boycott, Anheuser-Busch sold the brand to Tilray in August 2023.

Breckenridge Brewery

Founded in Breckenridge, Colorado in 1990 as the state's third craft brewery before moving most of their production to Denver in 1992. In 2010 the company merged with the Wynkoop Brewing Company and purchased the Phantom Canyon Brewing company to become the Breckenridge-Wynkoop LLC. In 2015 they moved to a new facility in Littleton, Colorado and was producing 70,000 barrels of beer per year. On December 22, 2015, Anheuser-Busch InBev announced its intent to purchase just Breckenridge Brewery from Breckenridge-Wynkoop LLC, splitting the companies with the purchase finalizing in 2016. Anheuser-Busch sold the brand to Tilray in August 2023.

Green Flash Brewing Company

Founded in 2002 in Vista, California before moving to San Diego in 2011. The company operated a 44,000 barrel per year facility in San Diego in 2011, and a 100,000 barrel per year facility in Virginia Beach, Virginia in 2013. By 2014 their beer was being sold in all 50 states, as well as internationally and they purchased the Alpine Beer Company. The company peaked in 2016 when it was the 37th largest producer of beer in the United States, afterwards the company began a rapid decline due to the rise of rival craft beer producers. In 2018 they cut distribution internationally and to 42 states and laid off 15% of their workforce and defaulted on their loans to construct the Virginia Beach facility. The company would be sold to a group of private investors by the end of the year, who would sell the company to Tilray in 2020.

Redhook Ale Brewery

Founded in Seattle in 1981, Redhook specializes in the production of India pale ales. A founding member of the Craft Brew Alliance, the company's distribution rights were bought by Cisco Brewers in 2018. In 2019 the Craft Brew Alliance, and its properties, were acquired by Anheuser-Busch InBev with Redhook operating as a brand. Anheuser-Busch sold the brand to Tilray in August 2023.

Shock Top

A Belgian-Style, spiced Witbeer brand introduced as a seasonal beer by Anheuser-Busch in February 2006, however, the beer's popularity quickly grew and was used as a rival to Molson Coors' Blue Moon. The brand entered a decline following a failed rebranding effort in 2017 and, citing financial shortfall in part due to the 2023 Bud Light boycott, Anheuser-Busch sold the brand to Tilray in August 2023.

SweetWater Brewing Company

A craft brewery founded in 1997 by Freddy Bensch and Kevin McNerney in Atlanta, Georgia. SweetWater's beers are unpasteurized and distribution is limited to select states. SweetWater would be acquired by Aphria In November 2020 for $300 million. Later, in December 2020, Aphria merged with Tilray bringing SweetWater under Tilray's ownership.

Widmer Brothers Brewery

Founded in 1984 in Portland, Oregon, the company primarily produced Hefeweizen. In 2007 Widmer and Redhook announced that they were going to merge to form the Craft Brewers Alliance, which was renamed to the Craft Brew Alliance in 2012. The goal of which was to offer smaller regional beers a national distribution network. In 2019 Widmer and the whole of the Craft Brew Alliance was bought by Anheuser-Busch InBev, with Widmer operating as a brand. Anheuser-Busch sold the brand to Tilray in August 2023.

Food and drink

HiBall Energy

HiBall Energy was founded in 2005 by Todd Berardi and was based out of San Francisco. They produced organic energy drinks and were purchased by Anheuser-Busch on July 20, 2017, in an effort to diversify into non-alcoholic beverages. Their products were low in sugar, produced with fair-trade ingredients, and were available at 14,000 locations prior to its acquisition by Anheuser-Busch. On May 19, 2023, Anheuser-Busch announced that they were discontinuing HiBall alongside their box wine brand Babe Wine, stating that they will be focusing on their "mega brands" instead. This came despite HiBall having a dedicated consumer fan-base that heavily protested the discontinuation. An Anheuser-Busch spokesmen stated that the discontinuation had nothing to do with the 2023 Bud Light boycott. Anheuser-Busch sold the HiBall brand to Tilray alongside seven of their beer brands in August 2023.

Preliminary clinical research

In partnership with University of Sydney, NSW Government, Chris O'Brien Lifehouse, Tilray participated in a clinical trial testing the efficacy and tolerability of medical cannabis as a possible treatment for the side effects of chemotherapy. Led by The Hospital for Sick Children, in Toronto, Canada, Tilray provided a cannabidiol (CBD) oil product available in Canada to test the efficacy and tolerability of medical cannabis oil as a possible treatment for pediatric epilepsy (Dravet syndrome). In partnership with the University of British Columbia, Tilray provided medical cannabis products used to test medical cannabis as a possible treatment for post-traumatic stress disorder. In partnership with the Grupo Español de Investigación en Neurooncología GEINO, in Spain, Tilray supplied medical cannabis products for the trial testing the efficacy and tolerability of medical cannabis as a possible treatment for glioblastoma.

In 2019, Tilray signed an agreement with Cannamedical Pharma GmbH to export $3.3 million worth of medical cannabis from its Portugal facility to Germany, marking Tilray's first export from Tilray Portugal Unipessoal, Lda. Tilray also has a research partnership with Coimbra University in Portugal.

In August 2019, Tilray announced a partnership with New York University to study the potential ability of CBD to treat alcohol use disorder and post-traumatic stress disorder. In partnership with New York University, Tilray supplied CBD for a clinical trial studying its possible efficacy for treating disorders caused by breast cancer treatments.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

TLRY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$4.68
Market Cap
$616M
P/E (TTM)
-4.3
EPS (TTM)
$-1.09
Revenue (TTM)
$915M
Div Yield
ROE
-7.8%
Debt/Equity
0.0
52W Range
$1 – $16

TLRY Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $915M
6-point trend, +78.4%
2021-05-31 2026-05-31
EPS $-1.09
6-point trend, +19.9%
2021-05-31 2026-05-31
Free Cash Flow
4-point trend, -52.5%
2021-05-31 2025-05-31
Margins -13.3%
5-point trend, +18.5%
2021-05-31 2026-05-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
TLRY
Peer Median
P/E (TTM)
5-point trend, -11.5%
-4.3
P/S (TTM)
5-point trend, -94.5%
0.7
0.9
P/B
5-point trend, -73.1%
0.4
0.4
EV / EBITDA
5-point trend, +92.8%
-6.2

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
TLRY
Peer Median
Gross Margin
5-point trend, +18.5%
28.4%
27.5%
Operating Margin
5-point trend, +73.3%
-6.9%
Net Profit Margin
5-point trend, +81.5%
-13.3%
-130.4%
ROA
5-point trend, +47.6%
-5.5%
-37.4%
ROE
5-point trend, +48.9%
-7.8%
-47.4%
ROIC
5-point trend, -68.1%
-4.6%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
TLRY
Peer Median
Debt / Equity
5-point trend, -88.7%
0.0
19.4
Current Ratio
5-point trend, +0.4%
2.2
3.7
Quick Ratio
5-point trend, -18.2%
1.2

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
TLRY
Peer Median
Revenue YoY
5-point trend, +45.7%
11.5%
Revenue CAGR 3Y
5-point trend, +45.7%
13.4%
Revenue CAGR 5Y
5-point trend, +45.7%
12.3%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
TLRY
Peer Median
EPS (Diluted)
5-point trend, -10.1%
$-1.09

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
TLRY
Peer Median

TLRY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 17 analysts
  • Strong Buy 3 17.6%
  • Buy 5 29.4%
  • Hold 9 52.9%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

8 analysts · 2026-08-13
Median target $5.75 +22.9%
Mean target $7.84 +67.6%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-2.3%
Period EPS Actual EPS Est Surprise
June 30, 2026 $-0.43 $-0.01 -0.42%
March 31, 2026 $-0.24 $-0.14 -0.10%
Dec. 31, 2025 $-0.41 $-0.20 -0.21%
Sept. 30, 2025 $0.00 $-0.23 0.23%
June 30, 2025 $-13.00 $-0.24 -12.8%
March 31, 2025 $-0.96 $-0.41 -0.55%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
TLRY $726M -5.1 11.5% -13.3% -7.8% 28.4%
SNDL

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18
Annual Income Statement data for TLRY
Metric Trend 2026202520242023202220212020201920182017
Revenue 10-point trend, +4357.4% $915M $821M $789M $627M $628M $513M $210M $167M $43M $21M
Cost of Revenue 10-point trend, +7050.0% $655M $581M $566M $480M $512M $390M $186M $190M $29M $9M
Gross Profit 10-point trend, +2189.2% $260M $241M $223M $147M $117M $123M $25M $-23M $14M $11M
R&D Expense 10-point trend, -88.6% $361.0K $284.0K $635.0K $682.0K $2M $830.0K $4M $9M $6M $3M
SG&A Expense 10-point trend, +2615.4% $204M $167M $167M $165M $163M $112M $86M $111M $49M $7M
Operating Expenses 6-point trend, +26.7% $323M $2.52B $398M $1.52B $727M $255M · · · ·
Operating Income 10-point trend, -740.6% $-63M $-2.28B $-175M $-1.37B $-610M $-132M $-201M $-304M $-58M $-7M
Interest Expense 6-point trend, -3.2% $30M $41M $49M $47M $40M $31M · · · ·
Interest Income 8-point trend, +4094.0% $6M $11M $13M $33M $12M $3M $798.0K $149.0K · ·
Other Non-op 10-point trend, -11516.7% $-1M $10M $-38M $-67M $198M $-185M $-10M $3M $2M $12.0K
Pretax Income 10-point trend, -1027.7% $-88M $-2.30B $-249M $-1.45B $-441M $-345M $-277M $-330M $-72M $-8M
Income Tax 9-point trend, +484.1% $17M $-121M $-27M $-7M $-7M $-9M $-6M $-8M $-4M ·
Net Income 10-point trend, -1454.6% $-121M $-2.19B $-245M $-1.45B $-477M $-367M $-271M $-321M $-68M $-8M
EPS (Basic) 6-point trend, +19.9% $-1.09 $-24.56 $-3.30 $-2.35 $-0.99 $-1.36 · · · ·
EPS (Diluted) 6-point trend, +19.9% $-1.09 $-24.56 $-3.30 $-2.35 $-0.99 $-1.36 · · · ·
Shares (Basic) 6-point trend, -58.5% 111,832,375 89,032,602 74,264,948 617,982,589 481,219,130 269,549,852 · · · ·
Shares (Diluted) 6-point trend, -58.5% 111,832,375 89,032,602 74,264,948 617,982,589 481,219,130 269,549,852 · · · ·
EBITDA 6-point trend, -16.5% $-63M $-2.28B $-175M $-1.37B · $-64M · · $-54M ·
Balance Sheet 32
Annual Balance Sheet data for TLRY
Metric Trend 2026202520242023202220212020201920182017
Cash & Equivalents 10-point trend, +9627.8% $226M $222M $228M $207M $416M $488M $190M $97M $487M $2M
Short-term Investments 6-point trend, -82.6% $5M $35M $32M $242M $0 · · · $30M ·
Receivables 10-point trend, +19144.2% $189M $121M $102M $86M $95M $87M $29M $36M $17M $983.0K
Inventory 10-point trend, +3958.6% $301M $271M $252M $201M $246M $256M $94M $88M $16M $7M
Prepaid Expense 10-point trend, +11770.1% $65M $34M $31M $38M $47M $49M $35M $38M $4M $545.0K
Other Current Assets · · · · · $9M · · · ·
Current Assets 10-point trend, +6286.6% $792M $689M $678M $773M $804M $884M $347M $259M $554M $12M
PP&E (Net) 10-point trend, +1601.2% $680M $568M $558M $430M $587M $651M $200M $184M $80M $40M
PP&E (Gross) 7-point trend, +1193.6% · · · $576M $755M $728M $227M $201M $88M $45M
Accum. Depreciation 6-point trend, +3551.6% · · · · $167M $77M $28M $17M $8M $5M
Goodwill 8-point trend, +360.9% $752M $752M $2.01B $2.01B $2.64B $2.83B $167M $163M · ·
Intangibles 10-point trend, +4480.2% $43M $21M $915M $974M $1.28B $1.61B $186M $229M $4M $934.0K
Other Non-current Assets 8-point trend, +39.7% $11M $11M $5M $222.0K $314.0K $8M $4M $8M · ·
Total Assets 10-point trend, +4215.3% $2.33B $2.07B $4.22B $4.31B $5.45B $6.03B $946M $896M $657M $54M
Accounts Payable 10-point trend, +1958.9% $115M $107M $105M $71M $69M $58M $18M $39M $11M $6M
Accrued Liabilities 6-point trend, +20.7% $136M $103M $92M $78M $57M $113M · · · ·
Short-term Debt 6-point trend, +0.7% $9M $7M $18M $23M $18M $9M · · · ·
Current Liabilities 10-point trend, +613.6% $358M $280M $299M $433M $280M $401M $181M $92M $26M $50M
Capital Leases 10-point trend, +348.5% $38M $21M $16M $8M $11M $18M $15M $15M $8M $9M
Deferred Tax 9-point trend, +177.0% $12M $4M $131M $167M $197M $266M $49M $53M $4M ·
Other Non-current Liabilities 8-point trend, -22.2% $4M $855.0K $90.0K $215.0K $191.0K $4M $5M $6M · ·
Total Liabilities 10-point trend, +1146.8% $733M $585M $778M $977M $1.01B $1.56B $572M $611M $459M $59M
Long-term Debt 3-point trend, +1868.9% · · · · $186M $204M · · · $9M
Total Debt 5-point trend, -95.9% $9M $7M $18M $23M · $213M · · · ·
Common Stock 6-point trend, +187.0% $132.0K $106.0K $83.0K $66.0K $53.0K $46.0K · · · ·
Paid-in Capital 4-point trend, +3352.8% · · · · · · $1.10B $706M $302M $32M
Retained Earnings 10-point trend, -12182.2% $-4.97B $-4.85B $-2.66B $-2.42B $-963M $-486M $-730M $-430M $-108M $-40M
Treasury Stock Flat — no change across 3 periods $0 $0 $0 · · · · · · ·
AOCI 10-point trend, -1244.2% $-44M $-43M $-43M $-47M $-21M $153M $8M $10M $4M $4M
Stockholders' Equity 10-point trend, +33371.5% $1.61B $1.51B $3.44B $3.32B $4.40B $4.46B $374M $285M $198M $-5M
Liabilities + Equity 10-point trend, +4215.3% $2.33B $2.07B $4.22B $4.31B $5.45B $6.03B $946M $896M $657M $54M
Shares Outstanding 7-point trend, +131683075.00 131,683,075 106,067,875 831,925,373 656,655,455 532,674,887 446,440,641 · · · 0
Cash Flow 16
Annual Cash Flow data for TLRY
Metric Trend 2026202520242023202220212020201920182017
D&A 6-point trend, +8242.8% · · · · $155M $68M $19M $16M $4M $2M
Stock-based Comp 10-point trend, +32950.4% $46M $24M $32M $40M $36M $17M $30M $32M $21M $139.0K
Deferred Tax 9-point trend, +278.7% $8M $-126M $-39M $-34M $-31M $-25M $-5M $-9M $-4M ·
Amort. of Intangibles 5-point trend, +4875.0% · · · · · $27M $11M $10M $374.0K $549.0K
Restructuring 6-point trend, +13113000.00 $13M $34M $16M $9M $795.0K $0 · · · ·
Other Non-cash 2-point trend, +14897.1% · · · · · $211M · · $1M ·
Operating Cash Flow 10-point trend, -1051.8% $-69M $-95M $-31M $8M $-177M $-45M $-129M $-258M $-46M $-6M
CapEx 9-point trend, +201.7% · $33M $29M $21M $34M $39M $45M $74M $50M $11M
Investing Cash Flow 10-point trend, -372.3% $-56M $-47M $128M $-285M $-22M $46M $-42M $-253M $-99M $-12M
Stock Issued 7-point trend, +84.8% $158M $161M $9M $130M $263M $103M $85M · · ·
Net Stock Activity 5-point trend, +54.0% $158M $161M $9M $130M · $103M · · · ·
Financing Cash Flow 10-point trend, +970.6% $131M $134M $-75M $70M $128M $124M $265M $115M $631M $12M
Net Change in Cash 10-point trend, +247.4% $8M $-7M $22M $-209M $-73M $128M $93M $-390M $485M $-5M
Taxes Paid 2-point trend, -95.8% $235.0K · · · · $6M · · · ·
Free Cash Flow 5-point trend, -32.2% · $-128M $-60M $-13M · $-84M · · $-96M ·
Levered FCF 3-point trend, -181.2% · $-167M $-104M $-59M · · · · · ·
Profitability 8
Annual Profitability data for TLRY
Metric Trend 2026202520242023202220212020201920182017
Gross Margin 6-point trend, -14.0% 28.4% 29.3% 28.3% 23.4% · 24.0% · · 33.1% ·
Operating Margin 6-point trend, +94.9% -6.9% -277.9% -22.1% -218.4% · -25.8% · · -133.7% ·
Net Margin 6-point trend, +91.6% -13.3% -266.2% -31.1% -231.6% · -71.6% · · -157.0% ·
Pretax Margin 6-point trend, +94.3% -9.6% -280.3% -31.6% -231.2% · -67.2% · · -167.3% ·
EBITDA Margin 6-point trend, +94.5% -6.9% -277.9% -22.1% -218.4% · -12.5% · · -125.4% ·
ROA 6-point trend, +71.0% -5.5% -79.8% -5.8% -29.8% · -10.5% · · -19.1% ·
ROE 6-point trend, +77.9% -7.8% -103.1% -7.1% -37.7% · -15.2% · · -35.1% ·
ROIC 6-point trend, +84.1% -4.6% -142.4% -4.5% -40.8% · -2.8% · · -29.2% ·
Liquidity & Solvency 5
Annual Liquidity & Solvency data for TLRY
Metric Trend 2026202520242023202220212020201920182017
Current Ratio 6-point trend, -89.7% 2.2 2.5 2.3 1.8 · 2.2 · · 21.4 ·
Quick Ratio 6-point trend, -94.3% 1.2 1.3 1.2 1.2 · 1.4 · · 20.6 ·
Debt / Equity 5-point trend, -88.7% 0.0 0.0 0.0 0.0 · 0.0 · · · ·
LT Debt / Equity · · · · · 0.0 · · · ·
Interest Coverage 4-point trend, +92.8% -2.1 -55.2 -3.5 -29.4 · · · · · ·
Efficiency 3
Annual Efficiency data for TLRY
Metric Trend 2026202520242023202220212020201920182017
Asset Turnover 6-point trend, +242.6% 0.4 0.3 0.2 0.1 · 0.1 · · 0.1 ·
Inventory Turnover 6-point trend, -6.2% 2.3 2.2 2.2 2.2 · 2.2 · · 2.4 ·
Receivables Turnover 6-point trend, +19.6% 5.9 7.3 7.8 6.9 · 8.8 · · 4.9 ·
Per Share 5
Annual Per Share data for TLRY
Metric Trend 2026202520242023202220212020201920182017
Book Value / Share 5-point trend, +22.7% $12.26 $1.43 $4.14 $5.05 · $9.99 · · · ·
Revenue / Share 5-point trend, +330.0% $8.19 $0.92 $1.06 $1.01 · $1.90 · · · ·
Cash Flow / Share 5-point trend, -272.7% $-0.62 $-0.11 $-0.04 $0.01 · $-0.17 · · · ·
Cash / Share 5-point trend, +56.9% $1.72 $0.21 $0.27 $0.31 · $1.09 · · · ·
EPS (TTM) 7-point trend, -16.0% $-1.09 $-2.46 $-0.33 $-2.35 $-0.99 $-1.36 $-0.94 · · ·
Growth Rates 3
Annual Growth Rates data for TLRY
Metric Trend 2026202520242023202220212020201920182017
Revenue YoY 6-point trend, -56.9% 11.5% 4.1% 25.8% -0.20% 22.5% 26.6% · · · ·
Revenue CAGR 3Y 4-point trend, -14.2% 13.4% 9.3% 15.4% 15.7% · · · · · ·
Revenue CAGR 5Y 2-point trend, -19.1% 12.3% 15.2% · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for TLRY
Metric Trend 2026202520242023202220212020201920182017
Revenue TTM 9-point trend, +2022.5% $915M $821M $789M $627M $628M $513M $210M $167M $43M ·
Net Income TTM 9-point trend, -79.3% $-121M $-2.19B $-245M $-1.45B $-477M $-367M $-271M $-321M $-68M ·
Market Cap 5-point trend, -90.3% $726M $456M $1.50B $1.10B · $7.44B · · · ·
Enterprise Value 5-point trend, -93.0% $503M $207M $1.25B $671M · $7.17B · · · ·
P/E 7-point trend, +42.5% -5.1 -0.2 -5.5 -0.7 -4.5 -12.3 -8.8 · · ·
P/S 5-point trend, -94.5% 0.8 0.6 1.9 1.7 · 14.5 · · · ·
P/B 5-point trend, -73.1% 0.4 0.3 0.4 0.3 · 1.7 · · · ·
P / Tangible Book 6-point trend, -99.8% 0.9 0.6 2.9 3.3 5.0 365.6 · · · ·
P / Cash Flow 5-point trend, +93.7% -10.5 -4.8 -48.5 138.7 · -166.4 · · · ·
P / FCF 4-point trend, +96.0% · -3.6 -24.9 -85.0 · -89.0 · · · ·
EV / EBITDA 5-point trend, +92.8% -8.0 -0.1 -7.2 -0.5 · -111.4 · · · ·
EV / FCF 4-point trend, +98.1% · -1.6 -20.9 -52.1 · -85.7 · · · ·
EV / Revenue 5-point trend, -96.1% 0.5 0.3 1.6 1.1 · 14.0 · · · ·
Earnings Yield 7-point trend, -73.8% -19.8% -572.1% -18.3% -140.7% -22.1% -8.2% -11.4% · · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2026-05-312025-12-312025-05-312024-12-312024-05-31
Revenue $915M$821M$789M
Gross Margin % 28.4%29.3%28.3%
Operating Margin % -6.9%-277.9%-22.1%
Net Income $-121M$-2.19B$-245M
Diluted EPS $-1.09$-24.56$-3.30
Balance Sheet
2026-05-312025-12-312025-05-312024-12-312024-05-31
Debt / Equity 0.00.00.0
Current Ratio 2.22.52.3
Quick Ratio 1.21.31.2
Cash Flow
2026-05-312025-12-312025-05-312024-12-312024-05-31
Free Cash Flow $-128M$-60M

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Institutional owners (13F) 274 filers · $109.4M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
46 (+5 vs prior Q) 19 (-17 vs prior Q) 58 (+1 vs prior Q) 61 (+14 vs prior Q) +2.6M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Toroso Investments, LLC $20,302,176 2,248,303 18.55% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $17,994,124 4,007,600 16.44% Call option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $14,724,057 3,279,300 13.45% Put option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $4,587,779 1,021,777 4.19% Shares
CITADEL ADVISORS LLC $3,980,385 886,500 3.64% Call option
CITADEL ADVISORS LLC $3,551,186 790,910 3.25% Put option
VANGUARD GROUP INC $3,068,864 339,852 2.80% Shares
Point72 Asset Management, L.P. $2,911,884 648,506 2.66% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $2,903,961 646,762 2.65% Shares
Walleye Capital LLC $2,103,565 468,500 1.92% Call option
LAZARD ASSET MANAGEMENT LLC $1,772,270 394,715 1.62% Shares
STATE STREET CORP $1,724,712 384,123 1.58% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $1,565,569 348,679 1.43% Shares
Walleye Trading LLC $1,430,065 318,500 1.31% Call option
CITADEL ADVISORS LLC $1,416,326 315,440 1.29% Shares
STIFEL FINANCIAL CORP $1,305,987 290,864 1.19% Shares
Walleye Trading LLC $1,233,403 274,700 1.13% Put option
WOLVERINE TRADING, LLC $1,104,820 597,200 1.01% Call option
XTX Topco Ltd $1,100,589 245,120 1.01% Shares
Swiss National Bank $1,049,775 233,803 0.96% Shares
GOLDMAN SACHS GROUP INC $935,150 208,274 0.85% Shares
JANE STREET GROUP, LLC $914,388 203,650 0.84% Call option
WOLVERINE TRADING, LLC $750,545 405,700 0.69% Put option
Headlands Technologies LLC $721,386 160,665 0.66% Shares
Parallax Volatility Advisers, L.P. $673,500 150,000 0.62% Call option
D. E. Shaw & Co., Inc. $666,362 148,383 0.61% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $654,143 101,104 0.60% Shares
Walleye Capital LLC $638,478 142,200 0.58% Put option
TWO SIGMA INVESTMENTS, LP $610,056 135,870 0.56% Shares
SIG North Trading, ULC $462,560 103,020 0.42% Call option
SIG North Trading, ULC $450,827 100,407 0.41% Shares
Lighthouse Investment Partners, LLC $436,783 97,279 0.40% Shares
Cetera Investment Advisers $421,589 93,895 0.39% Shares
WOLVERINE TRADING, LLC $402,190 217,400 0.37% Shares
GEODE CAPITAL MANAGEMENT, LLC $388,061 86,428 0.35% Shares
AdvisorShares Investments LLC $342,421 76,263 0.31% Shares
VANGUARD ASSET MANAGEMENT, Ltd $326,284 72,669 0.30% Shares
TORONTO DOMINION BANK $298,548 66,433 0.27% Shares
ALLSTATE CORP $294,706 65,636 0.27% Shares
Walleye Trading LLC $283,624 63,168 0.26% Shares
FOX RUN MANAGEMENT, L.L.C. $283,373 63,112 0.26% Shares
Engineers Gate Manager LP $273,167 60,839 0.25% Shares
JANUS HENDERSON GROUP PLC $271,136 41,939 0.25% Shares
Tradewinds Capital Management, LLC $271,134 60,386 0.25% Shares
OSAIC HOLDINGS, INC. $262,635 58,508 0.24% Shares
JANE STREET GROUP, LLC $240,619 53,590 0.22% Put option
DIMENSIONAL FUND ADVISORS LP $240,399 53,541 0.22% Shares
BlackRock, Inc. $238,715 53,166 0.22% Shares
Bridgefront Capital, LLC $227,077 50,574 0.21% Shares
NORTHERN TRUST CORP $205,498 45,768 0.19% Shares
Squarepoint Ops LLC $192,316 42,832 0.18% Shares
CWM, LLC $189,869 29,346 0.17% Shares
STATE OF WISCONSIN INVESTMENT BOARD $185,944 41,413 0.17% Shares
BARCLAYS PLC $183,196 40,801 0.17% Shares
HSBC HOLDINGS PLC $182,255 40,233 0.17% Shares
Baader Bank Aktiengesellschaft $179,600 40,000 0.16% Shares
State of Wyoming $170,862 38,054 0.16% Shares
State of New Jersey Common Pension Fund D $169,206 37,685 0.15% Shares
SIG North Trading, ULC $163,032 36,310 0.15% Put option
Legal & General Group Plc $151,439 33,728 0.14% Shares
LPL Financial LLC $149,911 33,388 0.14% Shares
IEQ CAPITAL, LLC $145,516 32,409 0.13% Shares
ARIZONA STATE RETIREMENT SYSTEM $144,394 32,159 0.13% Shares
MILLENNIUM MANAGEMENT LLC $140,088 31,200 0.13% Shares
MERCER GLOBAL ADVISORS INC /ADV $139,073 30,974 0.13% Shares
CCG WEALTH MANAGEMENT, LLC $134,080 29,862 0.12% Shares
Amundi $130,753 29,121 0.12% Shares
R Squared Ltd $125,096 27,861 0.11% Shares
CITIGROUP INC $122,263 27,230 0.11% Shares
WINTON GROUP Ltd $119,434 26,600 0.11% Shares
Vanguard Investments Australia, Ltd. $116,026 25,841 0.11% Shares
SBI Securities Co., Ltd. $114,342 25,466 0.10% Shares
Vontobel Holding Ltd. $111,231 24,773 0.10% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $106,419 16,448 0.10% Shares
CAPTRUST FINANCIAL ADVISORS $102,942 22,927 0.09% Shares
Mitsubishi UFJ Trust & Banking Corp $101,865 22,687 0.09% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $99,350 22,127 0.09% Shares
Mariner, LLC $99,144 22,081 0.09% Shares
Leonteq Securities AG $91,183 20,308 0.08% Shares
Belvedere Trading LLC $88,695 23,800 0.08% Call option
Apollon Wealth Management, LLC $87,726 19,538 0.08% Shares
Pictet Asset Management Holding SA $82,558 18,387 0.08% Shares
NATIONAL BANK OF CANADA /FI/ $81,159 13,618 0.07% Shares
IMC-Chicago, LLC $80,838 18,004 0.07% Shares
Federation des caisses Desjardins du Quebec $77,383 17,288 0.07% Shares
Freestone Capital Holdings, LLC $72,792 16,212 0.07% Shares
Savant Capital, LLC $67,958 11,234 0.06% Shares
Private Advisor Group, LLC $67,689 15,076 0.06% Shares
NORTHSTAR ASSET MANAGEMENT INC $67,296 14,988 0.06% Shares
H D Vest Advisory Services $67,261 162,309 0.06% Shares
CENTRAL VALLEY ADVISORS, LLC $65,576 14,605 0.06% Shares
COMMONWEALTH EQUITY SERVICES, LLC $64,953 14,466 0.06% Shares
Marathon Trading Investment Management LLC $60,480 13,470 0.06% Shares
Cresset Asset Management, LLC $57,124 12,723 0.05% Shares
BLAIR WILLIAM & CO/IL $56,785 12,647 0.05% Shares
PFG Investments, LLC $54,607 12,162 0.05% Shares
WELLS FARGO & COMPANY/MN $54,289 12,091 0.05% Shares
Corient Private Wealth LP $52,790 11,757 0.05% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $50,547 11,436 0.05% Shares
J. Safra Sarasin Holding AG $49,831 11,095 0.05% Shares

Company insiders 25 insiders · 10 officers · 15 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Irwin D Simon President and CEO July 30, 2026 M 739,313 0 0 $0
Carl A Merton Chief Financial Officer Aug. 4, 2026 P 139,753 1 0 $46,200
Michael C. Kruteck Chief Financial Officer April 30, 2021 M 125,156 0 0 $0
Mark Castaneda CFO, Secretary, Treasurer July 18, 2019 M 129,505 0 0 $0
Kathryn P Dickson President- Manitoba Harvest March 5, 2020 A 0 0 $0
Jon Edward Levin Chief Operating Officer April 30, 2021 M 119,857 0 0 $0
Denise M Faltischek Chief Strategy Officer Aug. 3, 2026 P 141,285 1 0 $11,950
James R. Meiers Chief Operations Officer June 1, 2022 M 85,631 0 0 $0
Andrew Pucher Chief Corporate Dev Officer March 18, 2021 M 31,402 0 0 $0
Edward Wood Pastorius JR Chief Revenue Officer Oct. 1, 2020 M 116,180 0 0 $0
David G. Hopkinson Director July 30, 2026 A 43,104 0 1 $-232,879
Thomas P. Looney Director July 30, 2026 A 397,520 0 0 $0
Johann Michael Herhalt Director July 30, 2026 A 195,561 0 0 $0
Renah Persofsky Director July 29, 2026 A 155,357 0 0 $0
Steven Michael Cohen Director July 29, 2026 A 55,542 0 0 $0
David F Clanachan Director July 29, 2026 A 192,511 0 0 $0
Jodi L. Butts Director July 30, 2024 A 112,502 0 0 $0
Brendan Kennedy Director Nov. 7, 2022 S 6,224,196 0 0 $0
Walter E Robb IV Director July 26, 2022 A 4,190 0 0 $0
Michael Auerbach Director April 30, 2021 M 333,665 0 0 $0
Rebekah Dopp Director April 30, 2021 M 59,993 0 0 $0
Soren Schroder Director April 30, 2021 M 35,817 0 0 $0
Christine St.Clare Director April 30, 2021 M 58,143 0 0 $0
Maryscott Greenwood Director Sept. 30, 2020 A 47,087 0 0 $0
Mitchell Gendel Aug. 6, 2026 P 124,883 1 0 $11,075

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 5 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Tilray Brands, Inc. July 22, 2022 Initial filing Passive investment SEC
Tilray, Inc. Dec. 17, 2021 Initial filing Passive investment SEC
Brendan Kennedy ×6 filings May 25, 2021 Initial filing SEC
Michael Blue Feb. 16, 2021 Initial filing SEC
Christian Groh Feb. 16, 2021 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 13 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
SFYF · Tidal Trust I 0.11% 9,047 NS May 31, 2026 N-PORT
PDN · Invesco Exchange-Traded Fund Trust … 0.04% 33,028 SH Aug. 8, 2026 Daily
ISCV · iShares Trust 0.02% 28,658 SH Aug. 8, 2026 Daily
FHLC · FIDELITY COVINGTON TRUST 0.01% 55,676 NS April 30, 2026 N-PORT
VHT · VANGUARD WORLD FUND 0.01% 348,679 SH Aug. 8, 2026 Daily
SMLF · iShares Trust 0.01% 87,395 SH Aug. 8, 2026 Daily
ISCB · iShares Trust 0.01% 5,304 SH Aug. 8, 2026 Daily
WSML · iShares Trust 0.00% 6,204 SH Aug. 8, 2026 Daily
ONEQ · Fidelity Commonwealth Trust 0.00% 34,558 NS May 31, 2026 N-PORT
DFIS · Dimensional ETF Trust 0.00% 3,798 NS April 30, 2026 N-PORT
DFIC · Dimensional ETF Trust 0.00% 6,561 NS April 30, 2026 N-PORT
DFAI · Dimensional ETF Trust 0.00% 4,538 NS April 30, 2026 N-PORT
DFSI · Dimensional ETF Trust 0.00% 270 NS April 30, 2026 N-PORT