Tilray Brands
TLRY on Nasdaq. Tilray Brands sells cannabis, beer, and wellness products to consumers and patients. Market value $507m.
Price checks use the past 12 months to May 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to May 2026.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$3.78 a share, 7% above its 1-year low
Over the past year the price has ranged from $3.54 to $23.20.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $628m | $627m | $789m | $821m | $915m |
| Operating margin | |||||
| Operating margin | -97.1% | -218.4% | -22.1% | -277.9% | -6.9% |
| Debt to equity | |||||
| Debt to equity | 0.05 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.62bn | 0.77bn | 1.01bn | 0.12bn | 0.14bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 12.3% a year
- Buying back its own sharesYes, 78% fewer since 2022
The quarter to May 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $282 million last quarter, up 25% on a year ago.
- A loss of $50 million, compared with a loss of $1.3 billion a year ago.
- It loses 7 cents on each $1 of sales, compared with 278 cents a year earlier.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| August 2024 | $200m |
| November 2024 | $211m |
| February 2025 | $186m |
| May 2025 | $225m |
| August 2025 | $210m |
| November 2025 | $218m |
| February 2026 | $207m |
| May 2026 | $282m |
| Quarter to | Amount |
|---|---|
| August 2024 | -$39m |
| November 2024 | -$85m |
| February 2025 | -$789m |
| May 2025 | -$1.3bn |
| August 2025 | -$322,000 |
| November 2025 | -$45m |
| February 2026 | -$27m |
| May 2026 | -$50m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 28 July 2026
- Next quarterly (estimated, 10-Q)
- 1 July 2026
Who owns it
None of the long-term investors we follow own it. 236 funds in all.
Largest holders overall
- Tidal Investments$11mCut
- Susquehanna International Group, LLP$5mAdded
- Morgan Stanley$4mAdded
- Citadel Advisors$4mAdded
- Point72 Asset Management, L.P.$3mNew
- Mirae Asset Global Etfs Holdings$3mAdded
- AQR Capital Management$2mAdded
- BlackRock$2mAdded
- UBS Group AG$2mCut
- Lazard Asset Management$2mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $69,225 of shares on the open market. 1 sold $232,879.
- Gendel MitchellGlobal General CounselBought
- Date
- 6 August 2026
- Shares
- 2,500
- Price
- $4.43
- Value
- $11,075
- Merton Carl AChief Financial OfficerBought
- Date
- 4 August 2026
- Shares
- 10,000
- Price
- $4.62
- Value
- $46,200
- FALTISCHEK DENISE MChief Strategy OfficerBought
- Date
- 3 August 2026
- Shares
- 2,500
- Price
- $4.78
- Value
- $11,950
- Hopkinson David G.DirectorSold
- Date
- 21 April 2026
- Shares
- 33,556
- Price
- $6.94
- Value
- $232,879
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 August 2026 | Gendel Mitchell Global General Counsel | Bought | 2,500 | $4.43 | $11,075 |
| 4 August 2026 | Merton Carl A Chief Financial Officer | Bought | 10,000 | $4.62 | $46,200 |
| 3 August 2026 | FALTISCHEK DENISE M Chief Strategy Officer | Bought | 2,500 | $4.78 | $11,950 |
| 21 April 2026 | Hopkinson David G. Director | Sold | 33,556 | $6.94 | $232,879 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.