TLRY · Tilray Brands, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $821.31M | $788.94M | $627.12M | $628.37M | $405.33M | - |
| Cost of Revenue | $580.74M | $565.59M | $480.16M | $511.56M | $309.27M | $185.83M |
| Gross Profit | $240.57M | $223.35M | $146.96M | $116.82M | $96.05M | $24.66M |
| R&D | $284.0K | $635.0K | $682.0K | $1.52M | $1.92M | $4.41M |
| SG&A | $167.32M | $167.36M | $165.16M | $162.80M | $93.79M | $85.88M |
| Total Operating Expenses | $2.52B | $398.10M | $1.52B | $727.22M | $200.06M | - |
| D&A | - | - | - | $154.59M | $35.67M | $18.65M |
| Operating Income | ($2.28B) | ($174.75M) | ($1.37B) | ($610.40M) | ($104.01M) | ($201.12M) |
| Interest Expense | $41.33M | $49.26M | $46.61M | $25.64M | - | - |
| Income Tax | ($121.02M) | ($26.62M) | ($7.18M) | ($6.54M) | ($8.35M) | ($5.60M) |
| Net Income | ($2.19B) | ($244.98M) | ($1.45B) | ($476.80M) | ($102.54M) | ($271.07M) |
| EPS - Basic | ($24.60) | ($3.30) | ($23.50) | ($9.00) | ($4.70) | - |
| EPS - Diluted | ($24.60) | ($3.30) | ($23.50) | ($9.00) | ($4.70) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $221.67M | $228.34M | $206.63M | $415.91M | $488.47M | $189.70M |
| Accounts Receivable | $121.49M | $101.69M | $86.23M | $95.28M | $87.31M | $29.03M |
| Inventory | $270.88M | $252.09M | $200.55M | $245.53M | $139.78M | $93.64M |
| Accounts Payable | $107.35M | $105.39M | $70.82M | $68.60M | $57.71M | $17.78M |
| Current Assets | $688.63M | $677.71M | $773.03M | $803.50M | $581.63M | $347.02M |
| Total Assets | $2.07B | $4.22B | $4.31B | $5.45B | $1.74B | $945.95M |
| Current Liabilities | $280.30M | $299.17M | $432.98M | $280.34M | $119.89M | $181.28M |
| Long-term Debt | - | - | - | $117.88M | $94.03M | - |
| Total Liabilities | $584.75M | $778.49M | $977.32M | $1.01B | $1.56B | $572.05M |
| Stockholders' Equity | $1.51B | $3.44B | $3.32B | $4.40B | $1.25B | $373.90M |
| Retained Earnings | ($4.85B) | ($2.66B) | ($2.42B) | ($962.85M) | ($113.35M) | ($730.10M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($94.60M) | ($30.91M) | $7.91M | ($177.26M) | ($100.63M) | ($129.35M) |
| Investing Cash Flow | ($46.72M) | $128.35M | ($285.11M) | ($21.53M) | ($69.95M) | ($41.68M) |
| Financing Cash Flow | $133.51M | ($75.19M) | $70.16M | $128.20M | $130.61M | $264.85M |
| CapEx | $32.92M | $29.25M | $20.80M | $34.06M | $98.79M | $44.64M |
| Free Cash Flow | ($127.52M) | ($60.15M) | ($12.89M) | ($211.33M) | ($199.41M) | ($174.00M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 29.3% | 28.3% | 23.4% | 18.6% | 23.7% | - |
| Operating margin | -277.9% | -22.1% | -218.4% | -97.1% | -25.7% | - |
| EBITDA margin | - | - | - | -72.5% | -16.9% | - |
| Net margin | -266.3% | -31.1% | -231.6% | -75.9% | -25.3% | - |
| Free cash flow margin | -15.5% | -7.6% | -2.1% | -33.6% | -49.2% | - |
| FCF / Net income | 0.06 | 0.25 | 0.01 | 0.44 | 1.94 | 0.64 |
| R&D / Revenue | 0.0% | 0.1% | 0.1% | 0.2% | 0.5% | - |
| SG&A / Revenue | 20.4% | 21.2% | 26.3% | 25.9% | 23.1% | - |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -105.4% | -5.8% | -33.7% | -8.7% | -5.9% | -28.7% |
| Return on equity | -144.7% | -7.1% | -43.8% | -10.8% | -8.2% | -72.5% |
| Return on invested capital | - | - | - | -10.7% | -6.1% | - |
| Liquidity | ||||||
| Current ratio | 2.46 | 2.27 | 1.79 | 2.87 | 4.85 | 1.91 |
| Quick ratio | 1.49 | 1.42 | 1.32 | 1.99 | 3.69 | 1.40 |
| Cash ratio | 0.79 | 0.76 | 0.48 | 1.48 | 4.07 | 1.05 |
| Leverage | ||||||
| Debt / Equity | - | - | - | 0.03 | 0.08 | - |
| Debt / Assets | - | - | - | 0.02 | 0.05 | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -55.2x | -3.5x | -29.4x | -23.8x | - | - |
| Equity multiplier | 1.37 | 1.23 | 1.30 | 1.24 | 1.39 | 2.53 |
| Liabilities / Assets | 0.28 | 0.18 | 0.23 | 0.19 | 0.90 | 0.60 |
| Efficiency | ||||||
| Asset turnover | 0.40 | 0.19 | 0.15 | 0.12 | 0.23 | - |
| Inventory turnover | 2.14 | 2.24 | 2.39 | 2.08 | 2.21 | 1.98 |
| Days sales outstanding | 54d | 47d | 50d | 55d | 79d | - |
| Days inventory outstanding | 170d | 163d | 152d | 175d | 165d | 184d |
| Days payable outstanding | 67d | 68d | 54d | 49d | 68d | 35d |
| Cash conversion cycle | 157d | 142d | 149d | 182d | 175d | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 2.5x | 3.9x | 3.1x | 4.9x | 28.9x | - |
| P / S | 4.7x | 16.9x | 16.5x | 34.4x | 88.9x | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 4.1% | 25.8% | -0.2% | 55.0% | - | - |
| Revenue CAGR (3y) | 9.3% | 24.9% | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | 7.7% | 52.0% | 25.8% | 21.6% | 289.6% | - |
| Operating income growth (YoY) | -1206.3% | 87.2% | -124.4% | -486.9% | 48.3% | 33.3% |
| Net income growth (YoY) | -792.6% | 83.1% | -204.7% | -365.0% | 62.2% | 15.6% |
| EPS growth (YoY) | -645.5% | 86.0% | -161.1% | -91.5% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -112.0% | -366.5% | 93.9% | -6.0% | -14.6% | 47.6% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -56.1% | 3.8% | -24.6% | 252.5% | 233.8% | 31.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-05-31.
Business segments
$821.31M totalDistribution Business$271.23M · 33.0%
Cannabis Segment$249.00M · 30.3%
Beverage Alcohol Business$240.59M · 29.3%
Wellness Business$60.48M · 7.4%
Geographic
$821.31M totalEMEA$323.35M · 39.4%
US$273.69M · 33.3%
CA$212.86M · 25.9%
Rest Of World$11.40M · 1.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-3.78
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Medicinal Chemicals & Botanical Products
Comparing Tilray Brands against the 5 most active filers in the same SIC group.