TILRAY BRANDS INC Financials

TLRY

Source SEC Filings (10-K/10-Q) Updated Nov 30, 2025 Currency USD FYE May

Financial Health Signals

Financial Profile 43/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

TILRAY BRANDS INC has an operating margin of -277.9%, meaning the company retains $-278 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -22.1% the prior year.

Growth

TILRAY BRANDS INC's revenue grew a modest 4.1% year-over-year to $821.3M. This slow but positive growth earns a score of 40/100.

Leverage

TILRAY BRANDS INC carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.46, TILRAY BRANDS INC holds $2.46 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 78/100.

Cash Flow

While TILRAY BRANDS INC generated -$94.6M in operating cash flow, capex of $32.9M consumed most of it, leaving -$127.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

TILRAY BRANDS INC passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.04x

For every $1 of reported earnings, TILRAY BRANDS INC generates $0.04 in operating cash flow (-$94.6M OCF vs -$2.2B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-55.2x

TILRAY BRANDS INC earns $-55.2 in operating income for every $1 of interest expense (-$2.3B vs $41.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows TILRAY BRANDS INC (TLRY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).

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Key Financial Metrics

Revenue

$821.3M

YoY+4.1%

5Y CAGR+15.2%

TILRAY BRANDS INC generated $821.3M in revenue in fiscal year 2025. This represents an increase of 4.1% from the prior year.

EBITDA

N/A

Free Cash Flow

-$127.5M

YoY-112.0%

TILRAY BRANDS INC generated -$127.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 112.0% from the prior year.

Net Income

-$2.2B

YoY-792.6%

TILRAY BRANDS INC reported -$2.2B in net income in fiscal year 2025. This represents a decrease of 792.6% from the prior year.

EPS (Diluted)

$-2.46

YoY-645.5%

TILRAY BRANDS INC earned $-2.46 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 645.5% from the prior year.

Cash & Debt

$221.7M

YoY-2.9%

5Y CAGR+10.1%

TILRAY BRANDS INC held $221.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.10B

YoY+30.6%

TILRAY BRANDS INC had 1.10B shares outstanding in fiscal year 2025. This represents an increase of 30.6% from the prior year.

Gross Margin

29.3%

YoY+1.0pp

5Y CAGR+35.1pp

TILRAY BRANDS INC's gross margin was 29.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin

-277.9%

YoY-255.8pp

5Y CAGR-202.9pp

TILRAY BRANDS INC's operating margin was -277.9% in fiscal year 2025, reflecting core business profitability. This is down 255.8 percentage points from the prior year.

Net Margin

-266.3%

YoY-235.2pp

5Y CAGR-187.0pp

TILRAY BRANDS INC's net profit margin was -266.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 235.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$284K

YoY-55.3%

5Y CAGR-50.1%

TILRAY BRANDS INC invested $284K in research and development in fiscal year 2025. This represents a decrease of 55.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$32.9M

YoY+12.5%

5Y CAGR-14.9%

TILRAY BRANDS INC invested $32.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 12.5% from the prior year.

TLRY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$821.3M+4.1%	$788.9M+25.8%	$627.1M-0.2%	$628.4M+22.5%	$513.1M+26.6%	$405.3M
Cost of Revenue	$580.7M+2.7%	$565.6M+17.8%	$480.2M-6.1%	$511.6M+175.3%	$185.8M-2.4%	$190.5M
Gross Profit	$240.6M+7.7%	$223.4M+52.0%	$147.0M+25.8%	$116.8M+373.8%	$24.7M+204.9%	-$23.5M
R&D Expenses	$284K-55.3%	$635K-6.9%	$682K-55.1%	$1.5M-65.6%	$4.4M-51.9%	$9.2M
SG&A Expenses	$167.3M0.0%	$167.4M+1.3%	$165.2M+1.4%	$162.8M+89.6%	$85.9M-22.6%	$110.9M
Operating Income	-$2.3B-1206.3%	-$174.7M+87.2%	-$1.4B-124.4%	-$610.4M-203.5%	-$201.1M+33.9%	-$304.1M
Interest Expense	$41.3M-16.1%	$49.3M+5.7%	$46.6M+17.5%	$39.7M+28.4%	$30.9M+20.5%	$25.6M
Income Tax	-$121.0M-354.7%	-$26.6M-270.6%	-$7.2M-9.8%	-$6.5M-16.8%	-$5.6M+33.7%	-$8.4M
Net Income	-$2.2B-792.6%	-$245.0M+83.1%	-$1.5B-204.7%	-$476.8M-75.9%	-$271.1M+15.6%	-$321.2M
EPS (Diluted)	$-2.46-645.5%	$-0.33+86.0%	$-2.35-137.4%	$-0.99+27.2%	$-1.36-189.4%	$-0.47

Metric	Q2'25	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23
Revenue	$217.5M+3.8%	$209.5M+12.8%	$185.8M-11.9%	$210.9M+5.5%	$200.0M+6.2%	$188.3M-2.8%	$193.8M+9.5%	$176.9M
Cost of Revenue	$160.0M+5.2%	$152.0M+13.7%	$133.8M-10.7%	$149.7M+6.7%	$140.3M+1.0%	$138.9M-5.1%	$146.4M+10.3%	$132.8M
Gross Profit	$57.5M0.0%	$57.5M+10.5%	$52.0M-15.0%	$61.2M+2.5%	$59.7M+20.9%	$49.4M+4.2%	$47.4M+7.3%	$44.2M
R&D Expenses	$78K+90.2%	$41K-51.8%	$85K+41.7%	$60K-42.9%	$105K-0.9%	$106K+89.3%	$56K-29.1%	$79K
SG&A Expenses	$51.2M+24.7%	$41.1M+4.6%	$39.2M-14.7%	$46.0M+4.3%	$44.1M+10.4%	$39.9M-7.8%	$43.3M+6.9%	$40.5M
Operating Income	-$22.3M-1165.0%	$2.1M+100.3%	-$759.9M-1700.0%	-$42.2M-15.4%	-$36.6M+55.5%	-$82.1M-96.6%	-$41.8M-21.5%	-$34.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$3.5M+255.2%	-$2.3M-289.9%	$1.2M-40.9%	$2.0M+129.8%	$886K+130.9%	-$2.9M+15.1%	-$3.4M-146.5%	$7.3M
Net Income	-$44.9M-13853.7%	-$322K+100.0%	-$789.4M-825.0%	-$85.3M-117.9%	-$39.2M+57.8%	-$92.7M-89.2%	-$49.0M+31.5%	-$71.5M
EPS (Diluted)	$-0.41	$0.00+100.0%	$-0.87+12.1%	$-0.99-2375.0%	$-0.04+66.7%	$-0.12-71.4%	$-0.07+30.0%	$-0.10

TLRY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.1B-50.9%	$4.2B-2.0%	$4.3B-21.0%	$5.4B-9.6%	$6.0B+604.1%	$855.7M
Current Assets	$688.6M+1.6%	$677.7M-12.3%	$773.0M-3.8%	$803.5M-9.1%	$883.6M+204.9%	$289.8M
Cash & Equivalents	$221.7M-2.9%	$228.3M+10.5%	$206.6M-50.3%	$415.9M-14.9%	$488.5M+256.0%	$137.2M
Inventory	$270.9M+7.5%	$252.1M+25.7%	$200.6M-18.3%	$245.5M-4.3%	$256.4M+175.5%	$93.1M
Accounts Receivable	$121.5M+19.5%	$101.7M+17.9%	$86.2M-9.5%	$95.3M+9.1%	$87.3M+228.1%	$26.6M
Goodwill	$752.4M-62.5%	$2.0B0.0%	$2.0B-23.9%	$2.6B-6.8%	$2.8B+1711.6%	$156.4M
Total Liabilities	$584.8M-24.9%	$778.5M-20.3%	$977.3M-3.1%	$1.0B-35.4%	$1.6B+115.4%	$724.2M
Current Liabilities	$280.3M-6.3%	$299.2M-30.9%	$433.0M+54.4%	$280.3M-30.1%	$401.2M+145.2%	$163.7M
Long-Term Debt	N/A	N/A	N/A	$117.9M-29.6%	$167.5M+78.1%	$94.0M
Total Equity	$1.5B-56.1%	$3.4B+3.8%	$3.3B-24.6%	$4.4B-1.4%	$4.5B+3291.3%	$131.5M
Retained Earnings	-$4.8B-82.2%	-$2.7B-10.1%	-$2.4B-150.9%	-$962.9M-98.1%	-$486.1M+32.9%	-$724.8M

Metric	Q2'25	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23
Total Assets	$2.1B+0.8%	$2.1B	N/A	$3.4B-20.1%	$4.3B+1.2%	$4.2B-0.2%	$4.2B-4.1%	$4.4B
Current Assets	$729.3M+4.0%	$701.1M	N/A	$686.3M-5.5%	$725.9M+15.0%	$631.2M-6.9%	$677.7M-18.3%	$829.3M
Cash & Equivalents	$246.7M-6.8%	$264.8M	N/A	$200.0M-2.5%	$205.2M+40.3%	$146.3M-35.9%	$228.3M+28.6%	$177.5M
Inventory	$283.2M+0.1%	$282.8M+7.4%	$263.4M0.0%	$263.4M-0.3%	$264.3M+8.3%	$244.1M-3.2%	$252.1M+8.6%	$232.1M
Accounts Receivable	$109.1M+1.9%	$107.1M	N/A	$103.4M-0.6%	$104.0M+16.2%	$89.5M-12.0%	$101.7M+23.9%	$82.1M
Goodwill	$752.4M0.0%	$752.4M-42.1%	$1.3B0.0%	$1.3B-35.3%	$2.0B0.0%	$2.0B0.0%	$2.0B0.0%	$2.0B
Total Liabilities	$552.1M-1.8%	$562.0M	N/A	$701.0M-9.9%	$778.5M-10.5%	$869.8M+11.7%	$778.5M-22.2%	$1.0B
Current Liabilities	$259.3M-3.1%	$267.6M	N/A	$262.2M-10.7%	$293.5M-10.8%	$329.1M+10.0%	$299.2M-44.3%	$537.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.6B+2.5%	$1.5B-43.0%	$2.7B-1.0%	$2.7B-21.5%	$3.5B+3.5%	$3.4B-2.4%	$3.4B+1.9%	$3.4B
Retained Earnings	-$4.9B-0.9%	-$4.8B	N/A	-$3.6B-32.4%	-$2.7B-2.7%	-$2.6B+1.2%	-$2.7B-7.0%	-$2.5B

TLRY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$94.6M-206.1%	-$30.9M-490.9%	$7.9M+104.5%	-$177.3M-37.0%	-$129.4M+49.9%	-$258.1M
Capital Expenditures	$32.9M+12.5%	$29.2M+40.6%	$20.8M-38.9%	$34.1M-23.7%	$44.6M-39.5%	$73.7M
Free Cash Flow	-$127.5M-112.0%	-$60.2M-366.5%	-$12.9M+93.9%	-$211.3M-21.5%	-$174.0M+47.6%	-$331.8M
Investing Cash Flow	-$46.7M-136.4%	$128.3M+145.0%	-$285.1M-1224.1%	-$21.5M+48.3%	-$41.7M+83.5%	-$253.2M
Financing Cash Flow	$133.5M+277.6%	-$75.2M-207.2%	$70.2M-45.3%	$128.2M-51.6%	$264.8M+130.9%	$114.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23
Operating Cash Flow	-$8.5M-536.6%	-$1.3M+76.7%	-$5.8M+85.9%	-$40.7M-15.3%	-$35.3M-129.8%	-$15.4M+49.5%	-$30.4M-92.0%	-$15.8M
Capital Expenditures	$6.3M	N/A	$14.4M+165.2%	$5.4M-19.3%	$6.7M-29.3%	$9.5M+62.6%	$5.9M+41.1%	$4.2M
Free Cash Flow	-$19.1M	N/A	-$20.2M+56.3%	-$46.2M-9.8%	-$42.0M-68.9%	-$24.9M+31.4%	-$36.3M-81.4%	-$20.0M
Investing Cash Flow	-$58.0M-337.1%	$24.5M+20660.5%	-$119K+98.9%	-$10.7M+78.3%	-$49.4M-275.9%	$28.1M-65.5%	$81.5M+410.0%	-$26.3M
Financing Cash Flow	$48.1M+142.3%	$19.8M+9.8%	$18.1M-52.7%	$38.2M-36.9%	$60.6M+655.4%	-$10.9M+87.2%	-$85.4M-709.0%	$14.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TLRY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	29.3%+1.0pp	28.3%+4.9pp	23.4%+4.8pp	18.6%+13.8pp	4.8%+10.6pp	-5.8%
Operating Margin	-277.9%-255.8pp	-22.1%+196.3pp	-218.4%-121.3pp	-97.1%-57.9pp	-39.2%+35.8pp	-75.0%
Net Margin	-266.3%-235.2pp	-31.1%+200.6pp	-231.6%-155.8pp	-75.9%-23.1pp	-52.8%+26.4pp	-79.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-105.4%-99.6pp	-5.8%+27.9pp	-33.7%-25.0pp	-8.8%-4.3pp	-4.5%+33.0pp	-37.5%
Current Ratio	2.46+0.2	2.27+0.5	1.79-1.1	2.87+0.7	2.20+0.4	1.77
Debt-to-Equity	0.39+0.2	0.23-0.1	0.29+0.3	0.03-0.0	0.04-0.7	0.72
FCF Margin	-15.5%-7.9pp	-7.6%-5.6pp	-2.1%+31.6pp	-33.6%+0.3pp	-33.9%+47.9pp	-81.9%

Metric	Q2'25	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23
Gross Margin	26.4%-1.0pp	27.4%-0.6pp	28.0%-1.0pp	29.0%-0.8pp	29.8%+3.6pp	26.2%+1.8pp	24.5%-0.5pp	25.0%
Operating Margin	-10.2%-11.2pp	1.0%+410.0pp	-409.0%-389.0pp	-20.0%-1.7pp	-18.3%+25.3pp	-43.6%-22.0pp	-21.6%-2.1pp	-19.4%
Net Margin	-20.7%-20.5pp	-0.1%+424.8pp	-424.9%-384.5pp	-40.5%-20.9pp	-19.6%+29.6pp	-49.2%-23.9pp	-25.3%+15.1pp	-40.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.1%-2.1pp	-0.0%	N/A	-2.5%-1.6pp	-0.9%+1.3pp	-2.2%-1.0pp	-1.2%+0.5pp	-1.6%
Current Ratio	2.81+0.2	2.62	N/A	2.62+0.1	2.47+0.6	1.92-0.3	2.27+0.7	1.54
Debt-to-Equity	0.35-0.0	0.36	N/A	0.26+0.0	0.22-0.0	0.26+0.0	0.23-0.1	0.30
FCF Margin	N/A	N/A	-10.9%+11.0pp	-21.9%-0.9pp	-21.0%-7.8pp	-13.2%+5.5pp	-18.7%-7.4pp	-11.3%

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Frequently Asked Questions

What is TILRAY BRANDS INC's annual revenue?

TILRAY BRANDS INC (TLRY) reported $821.3M in total revenue for fiscal year 2025. This represents a 4.1% 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 TILRAY BRANDS INC's revenue growing?

TILRAY BRANDS INC (TLRY) revenue grew by 4.1% year-over-year, from $788.9M to $821.3M in fiscal year 2025.

Is TILRAY BRANDS INC profitable?

No, TILRAY BRANDS INC (TLRY) reported a net income of -$2.2B in fiscal year 2025, with a net profit margin of -266.3%.

What is TILRAY BRANDS INC's earnings per share (EPS)?

TILRAY BRANDS INC (TLRY) reported diluted earnings per share of $-2.46 for fiscal year 2025. This represents a -645.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is TILRAY BRANDS INC's gross margin?

TILRAY BRANDS INC (TLRY) had a gross margin of 29.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is TILRAY BRANDS INC's operating margin?

TILRAY BRANDS INC (TLRY) had an operating margin of -277.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is TILRAY BRANDS INC's net profit margin?

TILRAY BRANDS INC (TLRY) had a net profit margin of -266.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is TILRAY BRANDS INC's free cash flow?

TILRAY BRANDS INC (TLRY) generated -$127.5M in free cash flow during fiscal year 2025. This represents a -112.0% 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 TILRAY BRANDS INC's operating cash flow?

TILRAY BRANDS INC (TLRY) generated -$94.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are TILRAY BRANDS INC's total assets?

TILRAY BRANDS INC (TLRY) had $2.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are TILRAY BRANDS INC's capital expenditures?

TILRAY BRANDS INC (TLRY) invested $32.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does TILRAY BRANDS INC spend on research and development?

TILRAY BRANDS INC (TLRY) invested $284K in research and development during fiscal year 2025.

How many shares does TILRAY BRANDS INC have outstanding?

TILRAY BRANDS INC (TLRY) had 1.10B shares outstanding as of fiscal year 2025.

What is TILRAY BRANDS INC's current ratio?

TILRAY BRANDS INC (TLRY) had a current ratio of 2.46 as of fiscal year 2025, which is generally considered healthy.

What is TILRAY BRANDS INC's debt-to-equity ratio?

TILRAY BRANDS INC (TLRY) had a debt-to-equity ratio of 0.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is TILRAY BRANDS INC's return on assets (ROA)?

TILRAY BRANDS INC (TLRY) had a return on assets of -105.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is TILRAY BRANDS INC's cash runway?

Based on fiscal year 2025 data, TILRAY BRANDS INC (TLRY) had $221.7M in cash against an annual operating cash burn of $94.6M. This gives an estimated cash runway of approximately 28 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is TILRAY BRANDS INC's Piotroski F-Score?

TILRAY BRANDS INC (TLRY) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are TILRAY BRANDS INC's earnings high quality?

TILRAY BRANDS INC (TLRY) has an earnings quality ratio of 0.04x, considered low quality (accrual-driven). 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 TILRAY BRANDS INC cover its interest payments?

TILRAY BRANDS INC (TLRY) has an interest coverage ratio of -55.2x, meaning it can struggle to cover its interest obligations. 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 TILRAY BRANDS INC?

TILRAY BRANDS INC (TLRY) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.