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what it is
Tilray sells cannabis, beer, hemp foods, and wellness products across North America and overseas.
how it gets paid
Last year Tilray Brands made $821M in revenue. Cannabis was the main engine at $0.31B, or 38% of sales.
why it's growing
Revenue grew 4.1% last year. Revenue was the bright spot at $427M, but the company still did not earn enough to turn the quarter black.
what just happened
Tilray posted $427M in quarterly revenue, but EPS stayed negative at $0.42.
At a glance
C++ balance sheet — some cracks in the foundation
25/100 earnings predictability — expect surprises
-$24.60 fy2025 eps est
$821M fy2025 rev est
n/a operating margin
xvary composite: 33/100 — weak
What they do
Tilray sells cannabis, beer, hemp foods, and wellness products across North America and overseas.
Tilray says it is the 4th largest craft brewer in the U.S. and leads cannabis revenue in Canada. That gives you shelves, brands, and customers in two ugly-to-escape categories. Leaving is painful because the portfolio already spans 20+ countries.
How they make money
$821M
annual revenue · their business grew +4.1% last year
Cannabis
$0.31B
+4.1%
Beverage
$0.26B
+4.1%
Hemp foods
$0.12B
+4.1%
International medical cannabis
$0.08B
+4.1%
Other brands and distribution
$0.05B
flat
The products that matter
medical and adult-use cannabis
Cannabis
$217.5M · 26.5% of revenue
this $217.5M segment grew 12% and remains the clearest link to any U.S. cannabis reform upside. it matters, but it is no longer the whole company.
12% growth
craft beer and beverage brands
Beverages
$450M · 54.8% of revenue
it's the biggest segment at $450M and grew 8%. the quiet part: TLRY now lives or dies at least as much on beverage execution as on cannabis sentiment.
largest segment
hemp foods and supplements
Wellness
$153.5M · 18.7% of revenue
this $153.5M segment fell 5%. it gives Tilray another shelf presence, but right now it looks more like revenue diversification than a profit engine.
-5% growth
Key numbers
$821M
FY25 revenue
That is the whole sales base. It is not huge enough to hide bad margins.
$292M
long-term debt
Debt is 36% of annual revenue. That is a lot for a company still losing money.
-277.9%
operating margin
For every $1 of sales, Tilray lost $2.78 at the operating line.
1.7
beta
The stock moves 70% more than the market. Your nerves get a workout whether you want one or not.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $292M (27% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for TLRY right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Tilray posted $427M in quarterly revenue, but EPS stayed negative at $0.42.
Revenue jumped 96% vs. prior year in the latest quarter. Gross margin was 26.9%, so the business still kept a thin cushion between sales and pain.
$427M
revenue
-$0.42
eps
26.9%
gross margin
the number that mattered
Revenue was the bright spot at $427M, but the company still did not earn enough to turn the quarter black.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is persistent losses across a revenue base that is already fairly large.
med
persistent losses
A -20.7% net margin means Tilray loses about 21 cents on every sales dollar. On $821M of annual revenue, that is not a startup problem. That is an operating model problem.
If margins do not improve from here, more scale could just mean bigger losses in absolute dollars.
med
u.s. cannabis reform delay
The cannabis thesis still leans on U.S. reform momentum that has repeatedly slipped. Cannabis is $217.5M of revenue today, so the upside exists — but the catalyst remains political, not operational.
If reform keeps stalling, the stock loses one of its biggest narrative drivers while the core business still has to prove it can earn money.
med
beverage integration and focus drift
Beverages is already 54.8% of revenue at $450M. That gives Tilray scale, but it also forces management to run a much broader portfolio than a cannabis specialist would.
If the beverage assets absorb attention without lifting consolidated margins, diversification becomes diversification of headaches.
med
thin financial cushion
The balance sheet is graded C++, long-term debt is $292M, and price stability is 5 / 100. None of that screams imminent distress. It does say the company has less room than investors in speculative stories usually assume.
More debt, weaker margins, or another soft quarter would tighten the options quickly.
The combined risk picture is simple: $821M of revenue, 26.9% gross margin, and a -20.7% net margin leave very little room for delays, miscues, or more debt.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q3 fiscal 2026 earnings
Estimated report date is April 7, 2026. Consensus EPS is a loss of $0.01. The real question is whether net margin starts moving away from -20.7%.
metric
gross margin above 26.9%
This is the simplest operating check. If gross margin cannot move above 26.9%, the rest of the income statement will stay under pressure.
risk
u.s. reform timeline
Cannabis still drives 26.5% of revenue and much of the stock's optionality. Delays matter because the market keeps pricing in a catalyst before the law shows up.
trend
beverages staying above half the business
At $450M, beverages is 54.8% of revenue. If that mix keeps rising without a margin lift, TLRY looks more and more like a beverage consolidator that happens to sell cannabis.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not trust this business to produce smooth quarters.
street rating
hold
That means the Street sees upside potential, but not enough operating consistency to pound the table.
average target
$13.33
Against a $10.93 stock price, that implies optimism. It does not resolve the profitability question.
source: institutional data
Institutional activity
institutional ownership data for TLRY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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