High Tide Inc. (HITI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 40-F for FY2025, filed Jan 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HITI SEC filings page.
High Tide Inc. (HITI) reported $424.0M in revenue for fiscal year 2025, up 13.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of High Tide Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
High Tide Inc. has an operating margin of -2.4%, meaning the company loses $2 on every $100 of revenue. This results in a profitability score of 30/100. This is down from 1.0% the prior year.
High Tide Inc.'s revenue grew 13.1% year-over-year to $424.0M, a solid pace of expansion. This earns a growth score of 64/100.
High Tide Inc. carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
High Tide Inc.'s current ratio of 1.37 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.
High Tide Inc. has a free cash flow margin of 2.3%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.
High Tide Inc. posts a -57.9% return on equity (ROE), meaning it loses $58 for every $100 of shareholders' equity. This results in a returns score of 25/100. This is down from -3.0% the prior year.
High Tide Inc. scores 1.46, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $185.7M against total assets of $249.2M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
High Tide Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
High Tide Inc. reported a net loss of $36.2M while generating $17.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
High Tide Inc. reported an operating loss of $10.3M against $1.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
High Tide Inc. generated $424.0M in revenue in fiscal year 2025. This represents an increase of 13.1% from the prior year.
High Tide Inc.'s EBITDA was $7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 67.7% from the prior year.
High Tide Inc. reported a net loss of $36.2M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
High Tide Inc. earned -$0.44 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
High Tide Inc. generated $9.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 49.8% from the prior year.
High Tide Inc. held $34.2M in cash against $8.5M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
High Tide Inc.'s gross margin was 25.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.4 percentage points from the prior year.
High Tide Inc.'s operating margin was -2.4% in fiscal year 2025, reflecting core business profitability. This is down 3.4 percentage points from the prior year.
High Tide Inc.'s net profit margin was -8.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.7 percentage points from the prior year.
High Tide Inc.'s ROE was -57.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 54.9 percentage points from the prior year.
Capital Allocation
High Tide Inc. invested $7.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 22.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
HITI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F |
|---|---|---|---|---|---|---|
| Revenue | $424.0M+13.1% | $374.7M+6.6% | $351.4M+34.3% | $261.6M+79.1% | $146.1M+133.9% | $62.5M |
| Cost of Revenue | $313.8M+15.2% | $272.5M+6.1% | $256.8M+36.9% | $187.6M+98.6% | $94.5M+140.2% | $39.3M |
| Gross Profit | $109.6M+7.2% | $102.2M+8.0% | $94.6M+27.8% | $74.0M+43.4% | $51.6M+123.3% | $23.1M |
| Operating Income | -$10.3M-387.3% | $3.6Mn/m | -$29.8Mn/m | -$53.0Mn/m | -$15.1M-22168.6% | $68K |
| EBITDA | $7.0M-67.7% | $21.8Mn/m | -$6.2Mn/m | -$30.9M-883.1% | $3.9M-23.6% | $5.2M |
| Interest Expense | $1.2M+433.6% | $217K-76.8% | $937K-32.8% | $1.4Mn/m | $0 | N/A |
| Income Tax | -$18Kn/m | -$425Kn/m | -$5.5Mn/m | -$2.1Mn/m | -$589K-442.8% | $172K |
| Net Income | -$36.2Mn/m | -$3.1Mn/m | -$28.3Mn/m | -$52.6Mn/m | -$27.7Mn/m | -$5.2M |
| EPS (Basic) | -$0.44n/m | -$0.04n/m | -$0.38n/m | -$0.84 | -$0.68 | -$0.34 |
| EPS (Diluted) | -$0.44n/m | -$0.04n/m | -$0.38n/m | -$0.84 | -$0.68 | -$0.34 |
| Diluted Shares (Avg) | N/A | N/A | N/A | N/A | 42M | 15M |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
HITI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F |
|---|---|---|---|---|---|---|
| Total Assets | $249.2M+41.1% | $176.6M+5.0% | $168.2M-16.5% | $201.4M+1.4% | $198.6M+279.3% | $52.4M |
| Current Assets | $97.7M+58.8% | $61.5M+24.4% | $49.5M+5.3% | $47.0M+25.8% | $37.3M+158.2% | $14.5M |
| Cash & Equivalents | $34.2M+0.8% | $33.9M+56.2% | $21.7M+18.0% | $18.4M+62.7% | $11.3M+100.3% | $5.6M |
| Inventory | $48.1M+128.6% | $21.0M+12.5% | $18.7M+9.0% | $17.2M+24.9% | $13.7M+221.4% | $4.3M |
| Accounts Receivable | $4.0M+68.9% | $2.4M-56.5% | $5.5M-9.2% | $6.0M+3.9% | $5.8M+169.7% | $2.1M |
| Goodwill | $92.5M+38.9% | $66.6M-10.7% | $74.6M-30.1% | $106.7M+65.4% | $64.5M+376.9% | $13.5M |
| Total Liabilities | $175.8M+143.3% | $72.2M+0.5% | $71.9M-13.0% | $82.6M+8.7% | $76.0M+74.4% | $43.6M |
| Current Liabilities | $71.3M+61.7% | $44.1M+5.3% | $41.9M-4.7% | $43.9M+33.6% | $32.9M+59.7% | $20.6M |
| Non-Current Liabilities | $104.5M+271.3% | $28.1M-6.1% | $30.0M-22.5% | $38.7M-10.2% | $43.1M+87.6% | $23.0M |
| Long-Term Debt | $8.5M | N/A | $9.0M+0.3% | $9.0M-6.3% | $9.6M+394.0% | $1.9M |
| Total Equity | $62.5M-39.2% | $102.8M+8.4% | $94.8M-17.3% | $114.6M-3.5% | $118.7M+1456.5% | $7.6M |
| Retained Earnings | -$185.7Mn/m | -$150.2Mn/m | -$148.4Mn/m | -$123.2Mn/m | -$70.8Mn/m | -$25.8M |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
HITI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $17.0M-33.2% | $25.5M+71.3% | $14.9M+351.7% | $3.3Mn/m | -$2.3M-134.3% | $6.6M |
| Depreciation & Amortization | $17.4M-4.8% | $18.2M-22.8% | $23.6M+6.7% | $22.1M+16.4% | $19.0M+272.8% | $5.1M |
| Capital Expenditures | $7.2M+22.1% | $5.9M+41.4% | $4.2M-26.7% | $5.7M-33.2% | $8.5M+395.0% | $1.7M |
| Free Cash Flow | $9.8M-49.8% | $19.6M+82.9% | $10.7Mn/m | -$2.4Mn/m | -$10.8M-319.6% | $4.9M |
| Investing Cash Flow | -$15.9Mn/m | -$7.9Mn/m | -$4.1Mn/m | -$6.3Mn/m | -$23.0Mn/m | -$2.5M |
| Financing Cash Flow | $144Kn/m | -$5.5Mn/m | -$6.7M-160.0% | $11.1M-63.5% | $30.5M+3372.2% | $878K |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
HITI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F | FY2240-F | FY2140-F | FY2040-F |
|---|---|---|---|---|---|---|
| Gross Margin | 25.9%-1.4pp | 27.3%+0.4pp | 26.9%-1.4pp | 28.3%-7.0pp | 35.3%-1.7pp | 37.0% |
| Operating Margin | -2.4%-3.4pp | 1.0%+9.4pp | -8.5%+11.8pp | -20.3%-10.0pp | -10.3%-10.4pp | 0.1% |
| Net Margin | -8.5%-7.7pp | -0.8%+7.2pp | -8.1%+12.0pp | -20.1%-1.1pp | -19.0%-10.6pp | -8.4% |
| Return on Equity | -57.9%-54.9pp | -3.0%+26.9pp | -29.9%+16.0pp | -45.9%-22.5pp | -23.3%+45.2pp | -68.5% |
| Return on Assets | -14.5%-12.8pp | -1.8%+15.1pp | -16.8%+9.3pp | -26.1%-12.2pp | -14.0%-4.0pp | -10.0% |
| Current Ratio | 1.370.0x | 1.40+0.2x | 1.18+0.1x | 1.07-0.1x | 1.13+0.4x | 0.70 |
| Debt-to-Equity | 0.14 | N/A | 0.100.0x | 0.080.0x | 0.08-0.2x | 0.25 |
| Liabilities-to-Equity | 2.81+2.1x | 0.70-0.1x | 0.760.0x | 0.72+0.1x | 0.64-5.1x | 5.71 |
| Asset Turnover | 1.70-0.4x | 2.120.0x | 2.09+0.8x | 1.30+0.6x | 0.74-0.5x | 1.19 |
| FCF Margin | 2.3%-2.9pp | 5.2%+2.2pp | 3.0%+4.0pp | -0.9%+6.5pp | -7.4%-15.3pp | 7.9% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| High Tide Inc. HITI | FY2025 | $424.0M | -$36.2M | -8.5% | $236.7M | 49/100 |
| PetMed Express, Inc. PETS | FY2026 | $179.0M | -$57.3M | -32.0% | $25.8M | 41/100 |
| Scienture Holdings, Inc. SCNX | FY2025 | $432K | -$41.5M | N/A | $4.8M | — |
| Cellyan Biotechnology Co., Ltd HKPD | FY2026 | $13.4M | -$1.1M | -8.5% | $5.0M | 44/100 |
Where High Tide Inc. Ranks
Frequently Asked Questions
What is High Tide Inc.'s annual revenue?
High Tide Inc. (HITI) reported $424.0M in total revenue for fiscal year 2025. This represents a 13.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is High Tide Inc.'s revenue growing?
High Tide Inc. (HITI) revenue grew by 13.1% year-over-year, from $374.7M to $424.0M in fiscal year 2025.
Is High Tide Inc. profitable?
No, High Tide Inc. (HITI) reported a net loss of $36.2M in fiscal year 2025, with a net profit margin of -8.5%.
What is High Tide Inc.'s EBITDA?
High Tide Inc. (HITI) had EBITDA of $7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does High Tide Inc. have?
As of fiscal year 2025, High Tide Inc. (HITI) had $34.2M in cash and equivalents against $8.5M in long-term debt.
What is High Tide Inc.'s gross margin?
High Tide Inc. (HITI) had a gross margin of 25.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is High Tide Inc.'s operating margin?
High Tide Inc. (HITI) had an operating margin of -2.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is High Tide Inc.'s net profit margin?
High Tide Inc. (HITI) had a net profit margin of -8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is High Tide Inc.'s return on equity (ROE)?
High Tide Inc. (HITI) has a return on equity of -57.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is High Tide Inc.'s free cash flow?
High Tide Inc. (HITI) generated $9.8M in free cash flow during fiscal year 2025. This represents a -49.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is High Tide Inc.'s operating cash flow?
High Tide Inc. (HITI) generated $17.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are High Tide Inc.'s total assets?
High Tide Inc. (HITI) had $249.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are High Tide Inc.'s capital expenditures?
High Tide Inc. (HITI) invested $7.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is High Tide Inc.'s current ratio?
High Tide Inc. (HITI) had a current ratio of 1.37 as of fiscal year 2025, which is considered adequate.
What is High Tide Inc.'s debt-to-equity ratio?
High Tide Inc. (HITI) had a debt-to-equity ratio of 0.14 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is High Tide Inc.'s liabilities-to-equity ratio?
High Tide Inc. (HITI) had a liabilities-to-equity ratio of 2.81 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is High Tide Inc.'s return on assets (ROA)?
High Tide Inc. (HITI) had a return on assets of -14.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is High Tide Inc.'s P/E ratio?
High Tide Inc. (HITI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $236.7M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is High Tide Inc.'s price-to-sales ratio?
High Tide Inc. (HITI) trades at 0.6x sales, its market capitalization divided by $424.0M revenue, FY2025. The market capitalization is $236.7M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is High Tide Inc.'s Altman Z-Score?
High Tide Inc. (HITI) has an Altman Z-Score of 1.46, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is High Tide Inc.'s Piotroski F-Score?
High Tide Inc. (HITI) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are High Tide Inc.'s earnings high quality?
High Tide Inc. (HITI) reported a net loss of $36.2M while generating $17.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can High Tide Inc. cover its interest payments?
High Tide Inc. (HITI) reported an operating loss of $10.3M against $1.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is High Tide Inc.?
High Tide Inc. (HITI) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.