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. In the quarter to August 2026, revenue grew 22.7%, EPS was flat, free cash flow fell 36.6% and total debt rose 43.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Tilray Brands, Inc. (TLRY) Altman Z-score
Tilray Brands, Inc.'s Altman Z-score for fiscal 2026 is −1.96, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −1.96 | 3.92 |
| FY2025 | −5.88 | (6.18) |
| FY2024 | 0.31 | (6.87) |
| FY2023 | 7.17 | 8.13 |
| FY2023 | −0.96 | (8.37) |
| FY2022 | 7.41 | 6.51 |
| FY2022 | 0.90 | (6.38) |
| FY2021 | 7.28 | 5.56 |
| FY2021 | 1.72 | 1.98 |
| FY2020 | −0.26 | (3.28) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.22 | |
| Retained earnings / total assets | (2.13) | — | −2.99 | |
| EBIT / total assets | (0.03) | — | −0.09 | |
| Market value of equity / total liabilities | 0.84 | — | 0.50 | |
| Sales / total assets | 0.39 | — | 0.39 | |
| Altman Z-score | Distress zone | −1.96 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.63 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KMDA Kamada Ltd. compare | 3.3× |
| TKNO Alpha Teknova, Inc. compare | 1.8× |
| EBS Emergent Biosolutions Inc. compare | 1.6× |
| EVO Evotec AG compare | 0.6× |
| EOLS Evolus, Inc. compare | −1.9× |
| TLRY Tilray Brands, Inc. | −2.0× |
| AQST Aquestive Therapeutics, Inc. compare | −2.2× |
| IRWD Ironwood Pharmaceuticals, Inc. compare | −3.7× |
| CGC Canopy Growth Corporation compare | −13.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets