Tilray Brands, Inc.
- Open
- 4.53
- Day high
- 4.61
- Day low
- 4.33
- Prev close
- 4.57
- Volume
- 2.3M
- Mkt cap
- $593M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.4
- P/S
- 0.5
- Yield
- —
- Per share
- —
- ▲Insiders net buying $69K over the last 3 months (3 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Tilray Brands, Inc. (TLRY) is a Healthcare company listed on NASDAQ. The stock is down 52% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering TLRY.
Tilray Brands, Inc. (TLRY) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TLRY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $-0.01 | $-0.43 | -3471.4% | $282M | +14.4% |
| Apr 1, 2026 | $-0.14 | $-0.24 | -71.4% | $207M | +2.7% |
| Jan 8, 2026 | $-0.14 | $-0.41 | -192.9% | $304M | +51.0% |
| Oct 9, 2025 | $-0.27 | $-0.00 | +98.4% | $288M | +40.7% |
| Apr 8, 2025 | $-0.04 | $-0.10 | -150.0% | $186M | -25.6% |
| Jan 10, 2025 | $-0.04 | $-0.10 | -150.0% | $211M | -2.5% |
| Oct 10, 2024 | $-0.04 | $-0.04 | -11.1% | $200M | -8.5% |
| Apr 9, 2024 | $-0.05 | $-0.12 | -140.0% | $188M | -16.4% |
| Jan 9, 2024 | $-0.06 | $-0.07 | -11.6% | $194M | -0.8% |
| Oct 4, 2023 | $-0.05 | $-0.10 | -100.0% | $177M | +1.9% |
| Jul 26, 2023 | $-0.05 | $-0.15 | -200.0% | $184M | +19.6% |
| Apr 10, 2023 | $-0.05 | $-0.04 | +20.0% | $146M | -28.1% |
TLRY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 7, 2026 | Gendel Mitchellofficer: Global General Counsel | Buy | 2,500 | $4.43 |
| Aug 4, 2026 | Merton Carl Aofficer: Chief Financial Officer | Buy | 10,000 | $4.62 |
| Aug 4, 2026 | FALTISCHEK DENISE Mofficer: Chief Strategy Officer | Buy | 2,500 | $4.78 |
| Jul 31, 2026 | SIMON IRWIN Ddirector, officer: President and CEO | Option | 117,647 | — |
| Jul 31, 2026 | Merton Carl Aofficer: Chief Financial Officer | Option | 60,417 | — |
| Jul 31, 2026 | Gendel Mitchellofficer: Global General Counsel | Tax | 12,921 | $4.20 |
| Jul 31, 2026 | FALTISCHEK DENISE Mofficer: Chief Strategy Officer | Option | 93,685 | — |
| Jul 31, 2026 | Gendel Mitchellofficer: Global General Counsel | Option | 87,440 | — |
| Jul 31, 2026 | FALTISCHEK DENISE Mofficer: Chief Strategy Officer | Option | 26,120 | — |
| Jul 31, 2026 | FALTISCHEK DENISE Mofficer: Chief Strategy Officer | Grant | 281,901 | — |
| Jul 31, 2026 | SIMON IRWIN Ddirector, officer: President and CEO | Option | 428,448 | — |
| Jul 31, 2026 | Merton Carl Aofficer: Chief Financial Officer | Grant | 180,302 | — |
| Jul 31, 2026 | Merton Carl Aofficer: Chief Financial Officer | Tax | 30,209 | $3.99 |
| Jul 31, 2026 | SIMON IRWIN Ddirector, officer: President and CEO | Grant | 1,289,211 | — |
| Jul 31, 2026 | Merton Carl Aofficer: Chief Financial Officer | Option | 16,656 | — |
Source: TLRY SEC Form 4 filings, latest Aug 7, 2026. For informational purposes only — not investment advice.
See the full TLRY insider & 13F page →Tilray Brands, Inc. company profile
Overview
Tilray Brands, Inc. (NASDAQ:TLRY) is a Canadian multinational cannabis and consumer packaged goods company founded in 2013 and headquartered in Leamington, Ontario. Originally established as a medical cannabis producer, Tilray went public in 2018 and has since transformed into a diversified lifestyle brands company through strategic acquisitions and international expansion. The company operates across four main business segments: cannabis, beverage alcohol, distribution, and wellness products, serving markets in over 20 countries including Canada, the United States, Europe, Australia, and Latin America.
Business
Tilray operates as a diversified consumer goods company across four primary business segments, each contributing roughly equal portions to total revenue: Cannabis Business (~31% of revenue): This segment encompasses the cultivation, production, and distribution of both medical and adult-use cannabis products. Medical cannabis refers to marijuana products prescribed by physicians to treat various health conditions, while adult-use cannabis serves the recreational market where legally permitted. Tilray produces a comprehensive range of cannabis products including dried flower, oils, vaporizer cartridges, edibles (food products infused with cannabis compounds), and topical applications. The company maintains Good Manufacturing Practice (GMP) certification, which is a quality standard required for pharmaceutical production, enabling sales to medical markets globally. Beverage Alcohol Business (~30% of revenue): Following strategic acquisitions, Tilray has become the fifth-largest craft brewery in the United States. This segment produces, markets, and distributes alcoholic beverages including craft beer, spirits, and specialty drinks. The company operates 19 iconic brands across 10 manufacturing facilities, including well-known names like SweetWater Brewing, Breckenridge Distillery, Alpine Beer Company, and Green Flash. The business also includes 20 brewpubs and restaurants in the U.S., providing direct-to-consumer sales channels. Distribution Business (~32% of revenue): Through its CC Pharma subsidiary in Germany, Tilray operates a pharmaceutical and wellness product distribution network. This segment purchases and resells pharmaceutical products, medical devices, and wellness items to pharmacies, hospitals, and healthcare providers primarily in European markets. The distribution business provides a stable revenue base and valuable market access for the company's cannabis products in medical markets. Wellness Business (~7% of revenue): This segment focuses on hemp-based food products and wellness items. Hemp is a variety of cannabis that contains minimal psychoactive compounds and is legal in many jurisdictions for food and wellness applications. Through its Manitoba Harvest brand, Tilray holds a 53% market share in branded hemp products, producing items like hemp seeds, protein powders, and nutritional supplements. The segment also includes hemp-derived Delta-9 THC beverages, which contain controlled amounts of cannabis compounds for mild psychoactive effects where legally permitted.
Revenue model
Tilray generates revenue through direct product sales across its four business segments, with different customer bases and margin profiles for each division. The cannabis business sells products through multiple channels: direct sales to government-controlled distributors in Canada's regulated market, business-to-business sales to licensed retailers and dispensaries, and direct sales to medical patients through online platforms. In international markets, the company sells to pharmacies, hospitals, and healthcare providers. Cannabis products typically command higher gross margins (around 41% in recent quarters) due to the specialized cultivation and processing requirements, though pricing pressure exists in mature markets like Canada. The beverage alcohol segment operates through traditional alcohol distribution networks, selling to wholesalers, distributors, and directly to retailers. The company also operates brewpubs for direct-to-consumer sales. This segment faces typical consumer goods margin pressures from commodity costs (aluminum, hops, grain) and competitive pricing, but benefits from brand recognition and customer loyalty. The distribution business operates on lower margins typical of wholesale distribution, earning revenue through markup on pharmaceutical and wellness products sold to healthcare providers. This provides steady cash flow but limited margin expansion opportunities. The wellness segment sells through retail channels including health food stores, grocery chains, and direct-to-consumer online sales, benefiting from growing consumer interest in plant-based nutrition and wellness products. Several factors influence Tilray's profitability: Cannabis pricing continues to face downward pressure in mature markets due to oversupply and competition, though international medical markets offer better pricing power. Commodity costs for beverage production (aluminum, agricultural inputs) create margin volatility. Regulatory changes significantly impact market access and pricing - for instance, Germany's medical cannabis law changes drove 65% sales increases. Currency fluctuations affect international operations, and the company's ability to achieve operational synergies from acquisitions directly impacts profitability. Scale advantages in cultivation, manufacturing, and distribution provide competitive cost structures, while brand strength enables premium pricing in certain categories.
Competitive moat
Tilray's competitive position relies primarily on regulatory advantages and operational scale rather than traditional economic moats, making its defensive position moderate but vulnerable to regulatory and competitive changes. The company's strongest moat elements include its extensive regulatory licenses and compliance infrastructure across multiple jurisdictions. Cannabis cultivation and distribution require complex licensing that creates barriers to entry, and Tilray's GMP certification enables access to medical markets that many competitors cannot serve. The company's international presence, particularly in Europe's developing medical cannabis markets, provides first-mover advantages and established relationships with healthcare providers and regulators. Operational scale provides some competitive advantages through vertical integration across cultivation, processing, and distribution. Tilray's 20 manufacturing facilities and ability to produce 90% of products internally creates cost advantages and quality control. In beverages, becoming the fifth-largest craft brewer in the U.S. provides distribution leverage and economies of scale in procurement and manufacturing. However, Tilray's moat faces significant challenges. The cannabis industry remains highly fragmented with low switching costs for consumers, making market share vulnerable to pricing competition and new product innovations. Brand loyalty in cannabis is still developing, and many consumers make purchase decisions based primarily on price and potency rather than brand preference. The beverage alcohol business operates in a mature, competitive market where craft brewers face pressure from both large multinational companies and numerous local competitors. Regulatory risk represents both opportunity and threat - while current licenses provide advantages, regulatory changes could eliminate barriers to entry or create new competitive dynamics. The potential for U.S. federal cannabis legalization could dramatically reshape competitive landscapes, potentially favoring companies with stronger domestic operations and brand recognition. The company's diversification across multiple consumer goods categories provides some protection against cannabis-specific risks, but also means competing against established players in beverages and wellness products who may have stronger brand positions and distribution networks. Overall, Tilray's moat is moderate and highly dependent on maintaining regulatory advantages while building stronger brand positions across its portfolio.
Risks & safety
Tilray presents a moderate margin of safety profile with adequate liquidity but concerning profitability trends and high asset intensity. **Liquidity and Debt Position:** - Current ratio of 2.6x indicates strong short-term liquidity - Cash and short-term investments of $200M provide reasonable operating cushion - Low debt-to-equity ratio of 0.13x shows conservative capital structure - Net debt reduced to approximately $50M, indicating improved balance sheet management **Profitability and Cash Flow Concerns:** - Negative EBITDA of -$626M in Q3 2025 raises significant sustainability questions - Negative free cash flow of -$20M indicates ongoing cash consumption - Return on equity of -29% demonstrates poor capital efficiency - Net income losses of -$794M in latest quarter show operational challenges **Valuation Metrics:** - Price-to-book ratio of 0.24x suggests potential asset value relative to market price - Negative earnings multiples due to losses make traditional valuation difficult - Graham net-net ratio of -0.27x indicates stock trades below liquidation value **Other Considerations:** - High asset base of $3.4B relative to revenue suggests potential impairment risks from acquisitions - Diversified revenue streams provide some operational stability - Regulatory-dependent business model creates additional uncertainty in cash flow predictability
Recent development
Over the past few years, Tilray has executed a significant transformation from a pure-play cannabis company into a diversified consumer goods enterprise through strategic acquisitions and international expansion. The company's most notable strategic pivot involved aggressive acquisition activity to build scale and diversification. Key acquisitions included HEXO Corp to strengthen Canadian cannabis market position, eight iconic beverage brands from Anheuser-Busch InBev (including SweetWater Brewing and Breckenridge Distillery), and various wellness companies. These acquisitions transformed Tilray into the fifth-largest craft brewer in the United States and created a portfolio spanning cannabis, alcohol, and wellness products. International expansion has become a core growth strategy, particularly in European medical cannabis markets. The company received its first commercial cannabis cultivation license in Germany and has been capitalizing on regulatory changes, including Germany's medical cannabis law modifications that drove 65% sales increases. Tilray has established operations across multiple European countries including Poland, Italy, Czech Republic, and the UK, positioning for potential adult-use legalization in Germany and other markets. Operational optimization initiatives have focused on achieving synergies from acquisitions and improving profitability. The company implemented "Project 420" in its beverage business to optimize operations and target $33 million in cost savings. It exceeded HEXO acquisition synergy targets by 31%, delivering $35 million in savings, and has undertaken SKU rationalization across product lines to focus on higher-margin offerings. Product innovation and market positioning efforts include launching hemp-derived Delta-9 THC beverages in multiple U.S. states, expanding into non-alcoholic beverages and energy drinks, and developing over 150 new cannabis SKUs annually. The company has maintained market leadership positions, including #1 market share in Canadian cannabis flower and 45% market share in Canadian THC beverages. Technology and infrastructure investments include leveraging Microsoft AI platforms for operations, expanding cultivation capacity to support international demand, and building vertically integrated manufacturing capabilities across 20 facilities to produce 90% of products internally.
TLRY company profile · for informational purposes only — not investment advice.
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