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Friday 6 November 2026
Export TLRY’s income statement to Excel — free account
Tilray Brands, Inc.
TLRY Healthcare Drug Manufacturers Specialty & Generic
Tilray Brands, Inc.’s revenue for fiscal 2026 (year ended May 2026) was $915.5 million, up 11.5% from fiscal 2025.
- Revenue
- +22.7%
- EPS
- 0.00%
- Free cash flow
- −159.7%
- Total debt
- +43.6%
Quarter to August 2026, against a year earlier
2.81
0.15
−5.07%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to May
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Aug ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 21 | 43 | 167 | 210 | 513 | 628 | 627 | 789 | 821 | 915 | 963 | +52.5% | 1,103 | 1,161 | 1,183 | +8.9% | |
| Gross margin, % | 55.39 | 33.10 | (14.07) | 11.71 | 17.14 | 0.26 | 8.53 | 28.31 | 29.29 | 28.45 | 29.12 | (26.9) pt | ||||||
| EBT | (8) | (72) | (330) | (277) | (345) | (441) | (1,450) | (249) | (2,302) | (88) | (126) | +30.9% | ||||||
| EBT margin, % | (38.02) | (167.34) | (197.40) | (131.45) | (67.15) | (70.13) | (231.24) | (31.56) | (280.33) | (9.62) | (13.04) | +28.4 pt | ||||||
| Net income | (8) | (68) | (321) | (271) | (367) | (477) | (1,453) | (222) | (2,181) | (105) | (147) | +33.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 2.74 | 5.20 | 16.62 | 16.70 | 1.90 | 1.31 | 1.01 | 10.62 | 9.22 | 8.19 | 7.22 | +12.9% | |||||
| Earnings | (1.04) | (8.16) | (31.97) | (21.51) | (1.36) | (0.99) | (2.35) | (3.30) | (24.60) | (1.09) | (1.40) | +0.5% | ||||||
| Cash flow | (0.80) | (5.57) | (25.69) | (10.26) | (0.17) | (0.37) | 0.01 | (0.42) | (1.06) | (0.62) | (0.63) | (2.8%) | ||||||
| Capex | (1.52) | (6.47) | (7.17) | (3.33) | 0.00 | 0.00 | 0.00 | (0.28) | (0.29) | (0.26) | (0.75) | (17.7%) | ||||||
| Free cash flow | (2.32) | (12.05) | (32.86) | (13.59) | (0.17) | (0.37) | 0.01 | (0.70) | (1.36) | (0.88) | (1.38) | (10.2%) | ||||||
| Book value | (0.65) | 23.81 | 28.40 | 29.66 | 16.54 | 9.14 | 5.37 | 46.36 | 16.73 | 14.26 | 12.05 | n/m | ||||||
| Shares, m | 8 | 8 | 10 | 13 | 270 | 481 | 618 | 74 | 89 | 112 | 117 | +35.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | 70.32 | 111.49 | 10.07 | 33.47 | 4.91 | 2.79 | 2.32 | 1.69 | 0.44 | 0.67 | 0.39 | 23.8 | ||||||
| P/B | 0.00 | 29.63 | 5.89 | 31.76 | 0.72 | 0.38 | 0.48 | 0.39 | 0.24 | 0.39 | 0.23 | 7.0 | ||||||
| EV/Sales | 71.08 | 109.97 | 12.30 | 33.90 | 5.53 | 3.05 | 2.66 | 1.83 | 0.51 | 0.83 | 0.52 | 24.2 | ||||||
| EV/FCF | (94.90) | (58.99) | (7.79) | (136.04) | (66.92) | (12.75) | (44.92) | (27.04) | (2.88) | (4.81) | (2.74) | (45.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (6) | (46) | (258) | (129) | (45) | (177) | 8 | (31) | (95) | (69) | (84) | +31.2% | |||||
| Capex | (11) | (54) | (72) | (42) | (39) | (34) | (21) | (21) | (26) | (29) | (100) | +11.1% | ||||||
| Free cash flow | (17) | (100) | (330) | (171) | (45) | (177) | 8 | (52) | (121) | (99) | (184) | +21.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (38) | 528 | 167 | 166 | 483 | 524 | 340 | 379 | 408 | 434 | 377 | n/m | |||||
| Net debt | 16 | (89) | 337 | 121 | 451 | 208 | 141 | 104 | 58 | 142 | 130 | +27.7% | ||||||
| Shareholders’ equity | (5) | 198 | 285 | 374 | 4,459 | 4,399 | 3,316 | 3,443 | 1,490 | 1,595 | 1,607 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (27.86) | (19.06) | (41.36) | (20.20) | (6.10) | (8.75) | (33.37) | (5.68) | (69.46) | (5.52) | (7.45) | +22.3 pt | |||||
| ROIC | (43.25) | (33.14) | (30.53) | (25.40) | 0.00 | 0.00 | 0.00 | (3.08) | (92.17) | (2.27) | (3.21) | +41.0 pt | ||||||
| ROE | 672.03 | (70.25) | (133.01) | (32.88) | (8.23) | (10.79) | (43.72) | (7.25) | (88.66) | (7.87) | (10.50) | (679.9) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 330 | 688 | 1,646 | 1,030 | 2,100 | 1,800 | 1,600 | 2,650 | 2,842 | 3,595 | — | +30.4% | |||||
| Revenue/emp, $m | 0.06 | 0.06 | 0.10 | 0.20 | 0.00 | 0.00 | 0.00 | 0.30 | 0.29 | 0.25 | — | +16.9% | ||||||
Negative figures in brackets.
estimates
Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026
Tilray Brands, Inc. vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| IRWD Ironwood Pharmaceuticals, Inc. | $665.9M | 4.3× | 2.9× | +9.00% (above 0%: growing) | +44.00% (above 0%: growing) | +41.66% (above 0%: growing) | 100.00% | 70.00% | Compare |
| EVO Evotec AG | $630.4M | — (loss-making) | — (loss-making) | −12.98% (below 0%: shrinking) | n/m | −9,727.20% (below 0%: shrinking) | (1.00%) | (77.50%) | Compare |
| TKNO Alpha Teknova, Inc. | $486.2M | — (loss-making) | — (loss-making) | +21.52% (above 0%: growing) | n/m | +40.94% (above 0%: growing) | 37.99% | (25.24%) | Compare |
| AQST Aquestive Therapeutics, Inc. | $460.0M | — (loss-making) | — (loss-making) | −40.99% (below 0%: shrinking) | n/m | +40.78% (above 0%: growing) | 52.28% | (191.46%) | Compare |
| EOLS Evolus, Inc. | $448.8M | — (loss-making) | — (loss-making) | +13.03% (above 0%: growing) | n/m | +77.73% (above 0%: growing) | 65.02% | (10.81%) | Compare |
| TLRY Tilray Brands, Inc. | $415.3M | — (loss-making) | — (loss-making) | +22.74% (above 0%: growing) | n/m | −159.66% (below 0%: shrinking) | 30.14% | (9.35%) | |
| KMDA Kamada Ltd. | $396.3M | 18.1× | — (loss-making) | +22.72% (above 0%: growing) | +23.08% (above 0%: growing) | +165.71% (above 0%: growing) | 40.91% | 17.32% | Compare |
| ACB Aurora Cannabis Inc. | $341.2M | — (loss-making) | — (loss-making) | −31.15% (below 0%: shrinking) | n/m | −293.56% (below 0%: shrinking) | 52.73% | (12.92%) | Compare |
| CGC Canopy Growth Corporation | $283.5M | — (loss-making) | — (loss-making) | +12.41% (above 0%: growing) | n/m | −117.60% (below 0%: shrinking) | 27.40% | (27.24%) | Compare |
| Median of peers | $454.4M | — | — | +10.71% | — | +40.86% | 46.60% | (19.08%) |
Pay and ownership Proxy statement filed 28 September 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 22.16m | 18.59m | 3.24 |
| 2025 | 10.30m | (5.09m) | 2.51 |
| 2024 | 10.14m | 11.15m | 10.60 |
| 2023 | 15.66m | 6.05m | 9.84 |
| 2022 | 19.46m | 5.60m | 26.44 |
Ownership
Directors and executive officers, together
1.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement