Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Tilray Brands, Inc. (TLRY)
A forensic read on Tilray Brands, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-5.0
Distress distance
Clean
Earnings quality
4
Forensic signals
-3.0
P / E (ttm)
-7.5%
ROE
$607M
Market cap
0.00%
Dividend yield
11.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Tilray Brands, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -5.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2.8%
FY2026
Return on invested capital.Return on invested capital is -2.8% in the latest fiscal year, against -3.7% in FY2024, having run between -114.2% and -2.8% across FY2024–FY2026 with no direction held. After-tax operating profit was ($138M) in FY2024 and ($50M) in FY2026, with operating income at -22.1% of revenue in FY2024, -277.9% in FY2025 and -6.9% in FY2026. The capital base behind it cannot be compared across FY2024–FY2026: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $2.1B asset write-down and a $34M restructuring charge that alone took about 106.6 points off that year's return; FY2025 sits between the two ends of FY2024–FY2026, so the charge shapes the path between them without moving the change across it.
+22.7%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +51% over the last 2 years to FY2026 (+22.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~22.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~34%.
5% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 5% of revenue in FY2026 — about $0.41 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 22.7% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$915.5M
Revenue Growth YoY+11.5%
Revenue CAGR (2yr)+7.7%
Net Margin-13.3%
Return on Equity-7.5%
Debt / Equity0.01x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Tilray Brands, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Tilray Brands, Inc. (TLRY) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
75d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 54 to 75 days FY2025→FY2026 (receivables +56% vs revenue +11%). Receivables are creeping up relative to sales. Across FY2024–FY2026 the day count ran 47 → 54 → 75 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.