Tilray Brands (TLRY)
Market Price (11/18/2025): $1.02 | Market Cap: $1.1 BilSector: Health Care | Industry: Pharmaceuticals
Tilray Brands (TLRY)
Market Price (11/18/2025): $1.02Market Cap: $1.1 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and E-commerce & DTC Adoption. Themes include Functional Foods & Beverages, Nutritional Supplements, Show more. | Weak multi-year price returns2Y Excs Rtn is -90%, 3Y Excs Rtn is -159% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -89 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 127% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 206% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -201% | ||
| High stock price volatilityVol 12M is 124% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, and E-commerce & DTC Adoption. Themes include Functional Foods & Beverages, Nutritional Supplements, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -90%, 3Y Excs Rtn is -159% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -89 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 127% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 206% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -201% |
| High stock price volatilityVol 12M is 124% |
Market Valuation & Key Metrics
TLRY Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining Tilray Brands (TLRY) stock movement from approximately July 31, 2025, to November 18, 2025:
1. Strong Q1 Fiscal 2026 Financial Turnaround: Tilray Brands reported a significant turnaround in its first fiscal quarter of 2026, ending August 31, 2025 (reported October 9, 2025), by swinging to a net income of $1.5 million from a net loss of $34.7 million in the prior-year quarter. This improved performance was also supported by revenue of $209.50 million, surpassing analysts' expectations of $204.55 million.
2. Aggressive Global Expansion in Medical Cannabis Markets: Tilray Medical significantly expanded its global footprint, notably in November 2025, by establishing Solana Life Group in Panama. This joint venture secured a medical cannabis license for cultivation, manufacturing, distribution, and local sales, marking a crucial entry into Latin American markets. Concurrently, the company broadened its European presence by launching five new cannabis flower products in Germany from its EU GMP-certified facility.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TLRY Return | -52% | 25% | 0% | -78% | -42% | -23% | -94% |
| Peers Return | -10% | -6% | -26% | -27% | -27% | 1964% | 585% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| TLRY Win Rate | 50% | 25% | 0% | 33% | 25% | 30% | |
| Peers Win Rate | 22% | 30% | 22% | 23% | 32% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| TLRY Max Drawdown | -86% | 0% | 0% | -85% | -50% | -73% | |
| Peers Max Drawdown | -17% | -13% | -31% | -34% | -35% | -27% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: BGM, NSRX, RGC, RHHBY, SXTC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)
How Low Can It Go
| Event | TLRY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -97.6% | -25.4% |
| % Gain to Breakeven | 4104.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -88.4% | -33.9% |
| % Gain to Breakeven | 764.8% | 51.3% |
| Time to Breakeven | 321 days | 148 days |
| 2018 Correction | ||
| % Loss | -92.7% | -19.8% |
| % Gain to Breakeven | 1261.7% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to BGM, NSRX, RGC, RHHBY, SXTC
In The Past
Tilray Brands's stock fell -97.6% during the 2022 Inflation Shock from a high on 2/10/2021. A -97.6% loss requires a 4104.6% gain to breakeven.
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Asset Allocation
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Latest Trefis Analyses
| Title | Topic | Date | |
|---|---|---|---|
| DASHBOARDS | |||
| Would You Still Hold Tilray Brands Stock If It Fell Another 30%? | Return | ||
| Tilray Brands Stock Falls 13% In A Single Week, Should You Buy The Stock? | Buy or Fear | ||
| Tilray Brands (TLRY) Valuation Ratios Comparison | Financials | ||
| Tilray Brands Total Shareholder Return (TSR): -76.3% in 2025 and -65.4% 3-yr compounded annual returns (below peer average) | |||
| Tilray Brands (TLRY) Operating Cash Flow Comparison | Financials | ||
| Tilray Brands (TLRY) Net Income Comparison | Financials | ||
| Tilray Brands (TLRY) Operating Income Comparison | Financials | ||
| Tilray Brands (TLRY) Revenue Comparison | Financials | ||
| ARTICLES | |||
| Time To Buy Or Sell Tilray Brands? | September 24th, 2025 | ||
| What’s The Upside Potential For Tilray Brands? | August 26th, 2025 | ||
| Market Movers | Winners: TLRY, VTLE, UP | Losers: KDP, SRPT, FRPT | August 25th, 2025 | ||
| Market Movers | Winners: TLRY, STOK, CC | Losers: ACDC, KLC, CAVA | August 14th, 2025 | ||
| What’s Behind The Surge In Tilray Stock? | August 12th, 2025 |
Trade Ideas
Select past ideas related to TLRY. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | GDRX | GoodRx | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -15.4% | -15.4% | -15.4% |
| 10312025 | DXCM | DexCom | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.5% | 0.5% | -5.8% |
| 10242025 | ACHC | Acadia Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -33.1% | -33.1% | -33.1% |
| 10102025 | PBH | Prestige Consumer Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.3% | -3.3% | -3.3% |
| 10032025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 17.4% | 17.4% | -7.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | GDRX | GoodRx | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -15.4% | -15.4% | -15.4% |
| 10312025 | DXCM | DexCom | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.5% | 0.5% | -5.8% |
| 10242025 | ACHC | Acadia Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -33.1% | -33.1% | -33.1% |
| 10102025 | PBH | Prestige Consumer Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.3% | -3.3% | -3.3% |
| 10032025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 17.4% | 17.4% | -7.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Tilray Brands
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.06 |
| Mkt Cap | 1.1 |
| Rev LTM | 831 |
| Op Inc LTM | -89 |
| FCF LTM | -96 |
| FCF 3Y Avg | -54 |
| CFO LTM | -61 |
| CFO 3Y Avg | -24 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.3% |
| Rev Chg 3Y Avg | 11.0% |
| Rev Chg Q | 4.7% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Mgn LTM | -10.7% |
| Op Mgn 3Y Avg | -17.2% |
| QoQ Delta Op Mgn LTM | 2.4% |
| CFO/Rev LTM | -7.3% |
| CFO/Rev 3Y Avg | -2.5% |
| FCF/Rev LTM | -11.6% |
| FCF/Rev 3Y Avg | -6.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.1 |
| P/S | 1.3 |
| P/EBIT | -0.5 |
| P/E | -0.5 |
| P/CFO | -18.0 |
| Total Yield | -196.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -3.2% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.5% |
| 3M Rtn | -6.3% |
| 6M Rtn | 13.5% |
| 12M Rtn | 28.5% |
| 3Y Rtn | -30.5% |
| 1M Excs Rtn | -6.7% |
| 3M Excs Rtn | -3.6% |
| 6M Excs Rtn | 1.6% |
| 12M Excs Rtn | 12.9% |
| 3Y Excs Rtn | -102.7% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/9/2025 | 22.1% | -2.3% | -29.7% |
| 7/28/2025 | -17.6% | -13.1% | 107.2% |
| 4/8/2025 | -21.2% | -16.0% | -25.4% |
| 1/10/2025 | -10.2% | -13.9% | -28.4% |
| 10/10/2024 | -2.5% | -3.1% | -4.9% |
| 7/29/2024 | 9.8% | -5.5% | -4.4% |
| 4/9/2024 | -20.7% | -31.3% | -23.6% |
| 1/9/2024 | -9.8% | -10.7% | -19.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 7 | 9 |
| # Negative | 14 | 17 | 15 |
| Median Positive | 1.1% | 0.0% | 0.0% |
| Median Negative | -11.6% | -10.7% | -21.6% |
| Max Positive | 25.8% | 41.7% | 107.2% |
| Max Negative | -21.2% | -50.0% | -55.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 8312025 | 10092025 | 10-Q 8/31/2025 |
| 5312025 | 7292025 | 10-K 5/31/2025 |
| 2282025 | 4082025 | 10-Q 2/28/2025 |
| 11302024 | 1102025 | 10-Q 11/30/2024 |
| 8312024 | 10102024 | 10-Q 8/31/2024 |
| 5312024 | 7302024 | 10-K 5/31/2024 |
| 2292024 | 4092024 | 10-Q 2/29/2024 |
| 11302023 | 1092024 | 10-Q 11/30/2023 |
| 8312023 | 10042023 | 10-Q 8/31/2023 |
| 5312023 | 7262023 | 10-K 5/31/2023 |
| 2282023 | 4102023 | 10-Q 2/28/2023 |
| 11302022 | 1092023 | 10-Q 11/30/2022 |
| 8312022 | 10072022 | 10-Q 8/31/2022 |
| 5312022 | 7282022 | 10-K 5/31/2022 |
| 2282022 | 4062022 | 10-Q 2/28/2022 |
| 11302021 | 1102022 | 10-Q 11/30/2021 |
External Quote Links
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| FinViz |