Tilray Brands, Inc. (TLRY) Stock

Tilray Brands, Inc. (TLRY) is a Healthcare stock trading at $4.51 (as of 2026-09-02), with a market capitalization of $523.30M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Tilray Brands, Inc. researches, cultivates, produces, markets, and distributes medical cannabis products and related wellness and pharmaceutical offerings, along with beverage alcohol products. It operates segments including Cannabis, Distribution, Beverage Alcohol, and Wellness, selling to retailers, wholesalers, patients and physicians, hospitals, pharmacies, researchers, and governments, and in some cases direct to consumers.

Understand Tilray Brands, Inc.: how it makes money

Tilray grows and sells medical and recreational cannabis products (flowers, oils, vapes, edibles) across North America, Europe, and beyond, and distributes craft beer through its BrewDog brand. Revenue blends cannabis cultivation with high-volume beverage alcohol sales, meaning earnings swing with both drug regulation and the craft beer cycle.

Cannabis gross margin (32%) is structurally capped by medical reimbursement ceilings and international price compression, while BrewDog beer adds volume but not enough margin to close the operating gap (negative 6% operating margin).

Business quality (Weak): Weak: the company is growing revenue (+25% YoY) but still operating at a loss, with a 32% gross margin eaten by SG&A, working-capital demands, and price erosion.

Bull case

BrewDog scales revenue base: Management noted BrewDog adds more than $200 million of annualized revenue and international reach, diversifying the top line beyond cannabis and giving Tilray a beverage platform that harvests on volume rather than drug-pricing rules.
Carlsberg opens U.S. channels: A Carlsberg partnership expands U.S. distribution beginning January 2027, giving BrewDog access to a mature, high-volume beer market far larger than what Tilray could build organically in the near term.
Portugal capacity unlocks supply: New Portugal capacity provides room to increase international medical cannabis supply, positioning Tilray to grow volume in regulated markets before pricing stabilises.

Bear case

Cash burn persists: Adjusted free cash flow remained negative after substantial working-capital investment, meaning the company is still spending cash to fund growth and has not yet reached the inflection where operations self-fund.
Pricing power is eroding: International cannabis price compression directly pressured profitability, and with gross margin already at 32%, further downside on per-unit pricing flows almost straight to the operating line.
Reimbursement ceiling in Canada: Canadian medical revenue faces a projected $4 million annual reimbursement headwind, a structural cap that limits how much volume growth in the home market can convert to incremental profit.

Valuation — source: SEC EDGAR (first-party)
Price	$4.51
Market Cap	$523.30M
Price / Book	0.33
Price / Sales	0.57

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$915.45M
Net Margin	-13.3%
Revenue Growth (YoY)	11.5%
EPS Growth (YoY)	-55.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	-1.96 (distress)
Piotroski F-Score	3/9 (weak)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Pharmaceutical Products)	17.2

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Irwin David Simon
Employees	2,650
Country	CA
IPO Date	2018-07-19

Tilray Brands, Inc. earnings call transcripts

TLRY Q4 FY26 earnings call transcript (reported 2026-07-28) · analysis
TLRY Q3 FY26 earnings call transcript (reported 2026-04-01) · analysis
TLRY Q2 FY26 earnings call transcript (reported 2026-01-08) · analysis

All TLRY earnings calls

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.