Tilray (TLRY) Financials

$0.47 -0.01 (-2.88%)

Closing price 04:00 PM Eastern

Extended Trading

$0.47 0.00 (-0.59%)

As of 07:59 PM Eastern

Annual Income Statements for Tilray

This table shows Tilray's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-367	-477	-1,453	-245
Consolidated Net Income / (Loss)	-336	-434	-1,443	-222
Net Income / (Loss) Continuing Operations	-336	-434	-1,443	-222
Total Pre-Tax Income	-345	-441	-1,450	-249
Total Operating Income	-132	-610	-1,370	-175
Total Gross Profit	123	117	147	223
Total Revenue	513	628	627	789
Operating Revenue	513	628	627	789
Total Cost of Revenue	390	512	480	566
Operating Cost of Revenue	390	512	480	566
Total Operating Expenses	255	727	1,517	398
Selling, General & Admin Expense	138	198	200	205
Marketing Expense	18	31	31	42
Research & Development Expense	0.83	1.52	0.68	0.64
Amortization Expense	35	115	93	85
Other Operating Expenses / (Income)	60	31	248	58
Impairment Charge	0.00	378	934	0.00
Restructuring Charge	0.00	0.80	9.25	16
Other Special Charges / (Income)	3.25	-28	0.35	-7.54
Total Other Income / (Expense), net	-213	170	-80	-74
Interest & Investment Income	-28	-28	-14	-36
Other Income / (Expense), net	-185	198	-67	-38
Income Tax Expense	-8.97	-6.54	-7.18	-27
Net Income / (Loss) Attributable to Noncontrolling Interest	31	43	9.66	23
Basic Earnings per Share	($1.36)	($0.99)	($2.35)	($0.33)
Weighted Average Basic Shares Outstanding	269.55M	481.22M	617.98M	742.65M
Diluted Earnings per Share	($1.36)	($0.99)	($2.35)	($0.33)
Weighted Average Diluted Shares Outstanding	269.55M	481.22M	617.98M	742.65M
Weighted Average Basic & Diluted Shares Outstanding	449.22M	536.39M	703.26M	842.96M

This table shows Tilray's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q1 2025	Q2 2025
Net Income / (Loss) Attributable to Common Shareholders	-1,171	805	-73	-49	-93	-1,237	-72	-39	-85
Consolidated Net Income / (Loss)	-1,196	858	-66	-46	-105	-1,226	-56	-35	-85
Net Income / (Loss) Continuing Operations	-1,196	881	-66	-46	-105	-1,219	-56	-35	-85
Total Pre-Tax Income	-1,207	869	-59	-50	-108	-1,234	-49	-34	-83
Total Operating Income	-1,207	717	-21	-42	-82	-1,225	-34	-37	-42
Total Gross Profit	-12	35	49	47	49	1.54	44	60	61
Total Revenue	146	171	153	194	188	92	177	200	211
Operating Revenue	146	171	153	194	188	92	177	200	211
Total Cost of Revenue	157	136	105	146	139	90	133	140	150
Operating Cost of Revenue	157	136	105	146	139	90	133	140	150
Total Operating Expenses	1,195	-683	70	89	131	1,226	79	96	103
Selling, General & Admin Expense	45	48	50	51	50	49	47	56	62
Marketing Expense	7.35	9.58	7.25	9.21	11	3.29	8.54	12	9.72
Research & Development Expense	0.17	0.40	0.17	0.06	0.11	0.35	0.08	0.11	0.06
Amortization Expense	24	-	24	22	22	26	22	22	23
Other Operating Expenses / (Income)	187	-	-13	1.09	46	214	8.50	1.16	0.80
Restructuring Charge	2.66	-34	0.00	2.66	5.18	1.41	0.92	4.25	6.87
Other Special Charges / (Income)	-4.88	-28	0.66	3.34	-2.62	-1.03	-9.07	1.60	0.90
Total Other Income / (Expense), net	0.17	152	-37	-7.80	-26	-9.53	-14	2.80	-41
Interest & Investment Income	-1.04	-14	-4.41	-8.63	-8.52	7.97	-9.84	-9.84	-7.77
Other Income / (Expense), net	1.21	165	-33	0.82	-17	-17	-4.40	13	-33
Income Tax Expense	-11	-12	7.21	-3.38	-2.87	-15	7.26	0.89	2.04
Net Income / (Loss) Attributable to Noncontrolling Interest	-25	53	7.69	2.83	-12	11	16	4.51	0.07
Basic Earnings per Share	($1.90)	$1.10	($0.13)	($0.07)	($0.12)	($2.03)	($0.10)	($0.04)	($0.10)
Weighted Average Basic Shares Outstanding	615.53M	481.22M	575.30M	730.77M	754.44M	617.98M	691.19M	875.44M	864.97M
Diluted Earnings per Share	($1.90)	$1.10	($0.13)	($0.07)	($0.12)	($2.03)	($0.10)	($0.04)	($0.10)
Weighted Average Diluted Shares Outstanding	615.53M	481.22M	575.30M	730.77M	754.44M	617.98M	691.19M	875.44M	864.97M
Weighted Average Basic & Diluted Shares Outstanding	618.01M	536.39M	-	742.73M	774.03M	703.26M	730.29M	903.29M	937.66M

This table details how cash moves in and out of Tilray's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Net Change in Cash & Equivalents	128	-73	-209	22
Net Cash From Operating Activities	-45	-177	7.91	-31
Net Cash From Continuing Operating Activities	-45	-177	7.91	-31
Net Income / (Loss) Continuing Operations	-336	-434	-1,443	-222
Consolidated Net Income / (Loss)	-336	-434	-1,443	-222
Amortization Expense	68	155	130	127
Non-Cash Adjustments To Reconcile Net Income	319	266	1,337	128
Changes in Operating Assets and Liabilities, net	-96	-164	-17	-64
Net Cash From Investing Activities	46	-22	-285	128
Net Cash From Continuing Investing Activities	46	-22	-285	128
Purchase of Property, Plant & Equipment	-39	-34	-21	-29
Acquisitions	67	0.33	-27	-61
Purchase of Investments	0.00	0.00	-242	210
Sale of Property, Plant & Equipment	6.61	12	4.30	8.51
Net Cash From Financing Activities	124	128	70	-75
Net Cash From Continuing Financing Activities	124	128	70	-75
Repayment of Debt	-66	-119	-203	-135
Payment of Dividends	-24	-7.48	0.00	0.00
Issuance of Debt	111	0.00	146	54
Issuance of Common Equity	103	263	130	8.62
Other Financing Activities, net	0.14	-7.96	-2.30	-2.90
Other Net Changes in Cash	-	-1.96	-2.23	-0.55

This table details how cash moves in and out of Tilray's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q1 2025	Q2 2025
Net Change in Cash & Equivalents	-25	178	75	-136	1.30	-149	-28	-23	-15
Net Cash From Operating Activities	-19	-142	-46	0.02	-15	70	-16	-35	-41
Net Cash From Continuing Operating Activities	-19	-142	-46	0.02	-15	70	-16	-35	-41
Net Income / (Loss) Continuing Operations	-1,196	889	-66	-36	-105	-1,236	-56	-35	-85
Consolidated Net Income / (Loss)	-1,196	889	-66	-36	-105	-1,236	-56	-35	-85
Amortization Expense	34	53	34	28	33	35	31	32	34
Non-Cash Adjustments To Reconcile Net Income	1,189	-977	29	-13	88	1,234	15	3.92	28
Changes in Operating Assets and Liabilities, net	-46	-107	-43	21	-31	36	-5.48	-36	-17
Net Cash From Investing Activities	-4.59	256	-1.54	57	28	-368	-26	-49	-11
Net Cash From Continuing Investing Activities	-4.59	256	-1.54	57	28	-368	-26	-49	-11
Purchase of Property, Plant & Equipment	-0.86	-26	-3.00	-7.01	-9.53	-1.26	-4.15	-6.74	-5.44
Acquisitions	-3.75	28	0.00	-61	-	34	23	0.00	-18
Purchase of Investments	-	243	0.00	125	37	-404	-45	-43	12
Sale of Property, Plant & Equipment	0.02	10	1.46	-1.10	0.80	3.14	0.34	0.03	0.60
Net Cash From Financing Activities	-2.44	64	124	-195	-11	152	14	61	38
Net Cash From Continuing Financing Activities	-2.44	64	124	-195	-11	152	14	61	38
Repayment of Debt	-1.33	-54	-5.20	-120	-8.14	-70	-6.37	-5.02	-5.98
Issuance of Common Equity	-	133	130	-130	-	130	0.00	66	45
Other Financing Activities, net	-1.11	-5.65	-2.22	2.13	-2.77	0.47	0.00	-0.86	-0.86
Other Net Changes in Cash	-	-0.34	-1.08	1.79	-	-2.43	0.61	0.96	-2.24

This table presents Tilray's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Total Assets	6,025	5,450	4,307	4,222
Total Current Assets	884	804	773	678
Cash & Equivalents	488	416	207	228
Short-Term Investments	-	0.00	242	32
Accounts Receivable	87	95	86	102
Inventories, net	256	246	201	252
Prepaid Expenses	49	47	38	31
Other Current Assets	-	-	0.00	32
Plant, Property, & Equipment, net	651	0.00	0.00	0.00
Total Noncurrent Assets	4,491	4,646	3,534	3,544
Long-Term Investments	18	15	12	7.86
Noncurrent Note & Lease Receivables	0.00	111	103	32
Goodwill	2,833	2,641	2,009	2,009
Intangible Assets	1,606	1,278	974	915
Other Noncurrent Operating Assets	35	601	436	580
Total Liabilities & Shareholders' Equity	6,025	5,450	4,307	4,222
Total Liabilities	1,560	1,008	977	778
Total Current Liabilities	401	280	433	299
Short-Term Debt	106	102	238	49
Accounts Payable	213	157	191	242
Other Current Liabilities	82	21	4.24	8.34
Total Noncurrent Liabilities	1,159	728	544	479
Long-Term Debt	835	520	358	288
Noncurrent Deferred & Payable Income Tax Liabilities	266	197	167	131
Other Noncurrent Operating Liabilities	3.91	12	19	61
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,465	4,441	3,330	3,443
Total Preferred & Common Equity	4,459	4,399	3,316	3,443
Preferred Stock	-	-	0.00	0.00
Total Common Equity	4,459	4,399	3,316	3,443
Common Stock	4,792	5,382	5,778	6,147
Retained Earnings	-486	-963	-2,416	-2,660
Accumulated Other Comprehensive Income / (Loss)	153	-21	-47	-43
Other Equity Adjustments	-	-	-	0.00
Noncontrolling Interest	6.24	43	14	0.27

This table presents Tilray's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q2 2023	Q3 2023	Q1 2024	Q1 2025	Q2 2025
Total Assets	4,376	4,331	4,213	4,402	4,262	4,192
Total Current Assets	759	642	631	829	726	707
Cash & Equivalents	165	143	146	178	205	190
Short-Term Investments	243	116	80	287	75	63
Accounts Receivable	78	91	90	82	104	113
Inventories, net	203	253	244	232	264	266
Prepaid Expenses	69	37	43	45	45	45
Other Current Assets	-	0.74	29	3.70	33	31
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,617	3,689	3,582	3,573	3,536	3,484
Long-Term Investments	12	13	8.06	12	7.85	7.42
Noncurrent Note & Lease Receivables	168	75	32	75	32	32
Goodwill	2,006	2,010	2,010	2,010	2,010	2,001
Intangible Assets	994	953	930	968	909	867
Other Noncurrent Operating Assets	437	638	602	509	578	578
Total Liabilities & Shareholders' Equity	4,376	4,331	4,213	4,402	4,262	4,192
Total Liabilities	969	937	870	1,001	778	738
Total Current Liabilities	470	395	329	537	294	279
Short-Term Debt	296	169	111	287	49	49
Accounts Payable	163	217	210	238	236	222
Other Current Liabilities	9.94	8.81	8.61	12	8.20	8.27
Total Noncurrent Liabilities	489	542	541	463	485	460
Long-Term Debt	313	293	292	273	288	272
Noncurrent Deferred & Payable Income Tax Liabilities	164	166	161	170	136	126
Other Noncurrent Operating Liabilities	12	83	87	21	61	62
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,407	3,393	3,343	3,402	3,483	3,454
Total Preferred & Common Equity	3,404	3,368	3,359	3,379	3,478	3,473
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,404	3,368	3,359	3,379	3,478	3,473
Common Stock	5,723	5,943	6,031	5,910	6,218	6,306
Retained Earnings	-2,277	-2,536	-2,629	-2,487	-2,700	-2,785
Treasury Stock	-	-	-	-	-	0.00
Accumulated Other Comprehensive Income / (Loss)	-43	-38	-43	-44	-40	-48
Noncontrolling Interest	3.11	25	-16	22	5.32	-19

This table displays calculated financial ratios and metrics derived from Tilray's official financial filings.

Metric	2021	2022	2023	2024
Growth Metrics	-	-	-	-
Revenue Growth	26.59%	22.47%	-0.20%	25.80%
EBITDA Growth	-237.57%	-3.60%	-406.10%	93.44%
EBIT Growth	-189.55%	-30.20%	-248.07%	85.20%
NOPAT Growth	-27.08%	-361.83%	-124.39%	87.24%
Net Income Growth	-233.24%	-29.20%	-232.39%	84.59%
EPS Growth	-189.36%	27.21%	-137.37%	85.96%
Operating Cash Flow Growth	55.56%	-296.41%	104.46%	-490.91%
Free Cash Flow Firm Growth	-465.76%	97.27%	297.93%	-181.03%
Invested Capital Growth	315.74%	-6.50%	-25.20%	1.34%
Revenue Q/Q Growth	-17.54%	4.73%	-11.17%	0.00%
EBITDA Q/Q Growth	-48.23%	79.31%	-256.11%	0.00%
EBIT Q/Q Growth	-36.15%	66.92%	-308.73%	0.00%
NOPAT Q/Q Growth	-861.84%	56.45%	-266.34%	0.00%
Net Income Q/Q Growth	-66.06%	65.50%	-325.15%	0.00%
EPS Q/Q Growth	0.00%	0.00%	-401.28%	0.00%
Operating Cash Flow Q/Q Growth	8.94%	-545.93%	103.89%	0.00%
Free Cash Flow Firm Q/Q Growth	-887.82%	97.70%	-68.89%	0.00%
Invested Capital Q/Q Growth	0.00%	28.47%	-1.34%	0.00%
Profitability Metrics	-	-	-	-
Gross Margin	24.01%	18.59%	23.43%	28.31%
EBITDA Margin	-48.56%	-41.08%	-208.32%	-10.86%
Operating Margin	-25.76%	-97.14%	-218.41%	-22.15%
EBIT Margin	-61.78%	-65.68%	-229.08%	-26.95%
Profit (Net Income) Margin	-65.49%	-69.09%	-230.10%	-28.19%
Tax Burden Percent	97.40%	98.52%	99.50%	89.31%
Interest Burden Percent	108.83%	106.77%	100.95%	117.14%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.01%	-8.91%	-23.68%	-3.51%
ROIC Less NNEP Spread (ROIC-NNEP)	-123.07%	-10.93%	-320.79%	-101.86%
Return on Net Nonoperating Assets (RNNOA)	-8.70%	-0.83%	-13.46%	-3.06%
Return on Equity (ROE)	-11.71%	-9.75%	-37.14%	-6.57%
Cash Return on Invested Capital (CROIC)	-125.45%	-2.20%	5.15%	-4.84%
Operating Return on Assets (OROA)	-8.17%	-7.19%	-29.45%	-4.99%
Return on Assets (ROA)	-8.66%	-7.57%	-29.58%	-5.22%
Return on Common Equity (ROCE)	-11.64%	-9.70%	-36.87%	-6.55%
Return on Equity Simple (ROE_SIMPLE)	-7.54%	-9.87%	-43.52%	-6.46%
Net Operating Profit after Tax (NOPAT)	-93	-427	-959	-122
NOPAT Margin	-18.03%	-68.00%	-152.89%	-15.50%
Net Nonoperating Expense Percent (NNEP)	120.06%	2.02%	297.10%	98.35%
Cost of Revenue to Revenue	75.99%	81.41%	76.57%	71.69%
SG&A Expenses to Revenue	26.93%	31.47%	31.89%	25.93%
R&D to Revenue	0.16%	0.24%	0.11%	0.08%
Operating Expenses to Revenue	49.77%	115.73%	241.84%	50.46%
Earnings before Interest and Taxes (EBIT)	-317	-413	-1,437	-213
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-249	-258	-1,306	-86
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	1.67	1.17	0.31	0.40
Price to Tangible Book Value (P/TBV)	366.33	10.69	3.10	2.69
Price to Revenue (P/Rev)	14.54	8.16	1.65	1.77
Price to Earnings (P/E)	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.61	1.16	0.34	0.42
Enterprise Value to Revenue (EV/Rev)	15.50	8.53	1.88	1.85
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	149.43	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	5.67	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	0.22	0.14	0.18	0.10
Long-Term Debt to Equity	0.20	0.12	0.11	0.08
Financial Leverage	0.07	0.08	0.04	0.03
Leverage Ratio	1.35	1.29	1.26	1.26
Compound Leverage Factor	1.47	1.38	1.27	1.48
Debt to Total Capital	18.22%	12.28%	15.18%	8.91%
Short-Term Debt to Total Capital	1.94%	2.01%	6.06%	1.29%
Long-Term Debt to Total Capital	16.28%	10.27%	9.12%	7.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.11%	0.84%	0.36%	0.01%
Common Equity to Total Capital	81.66%	86.88%	84.46%	91.08%
Debt to EBITDA	-3.99	-2.41	-0.46	-3.93
Net Debt to EBITDA	-1.96	-0.74	-0.10	-0.80
Long-Term Debt to EBITDA	-3.57	-2.01	-0.27	-3.36
Debt to NOPAT	-10.76	-1.46	-0.62	-2.75
Net Debt to NOPAT	-5.28	-0.45	-0.14	-0.56
Long-Term Debt to NOPAT	-9.61	-1.22	-0.37	-2.35
Altman Z-Score	2.76	2.78	-1.01	0.32
Noncontrolling Interest Sharing Ratio	0.58%	0.55%	0.73%	0.21%
Liquidity Ratios	-	-	-	-
Current Ratio	2.20	2.87	1.79	2.27
Quick Ratio	1.44	1.82	1.24	1.21
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,855	-105	208	-169
Operating Cash Flow to CapEx	-138.59%	-810.93%	47.93%	-149.01%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-
Asset Turnover	0.13	0.11	0.13	0.19
Accounts Receivable Turnover	8.19	6.88	6.91	8.40
Inventory Turnover	1.97	2.04	2.15	2.50
Fixed Asset Turnover	0.00	0.00	0.00	0.00
Accounts Payable Turnover	2.40	2.76	2.76	2.61
Days Sales Outstanding (DSO)	44.55	53.03	52.82	43.47
Days Inventory Outstanding (DIO)	185.45	179.08	169.55	146.05
Days Payable Outstanding (DPO)	152.23	132.09	132.31	139.60
Cash Conversion Cycle (CCC)	77.77	100.02	90.06	49.92
Capital & Investment Metrics	-	-	-	-
Invested Capital	4,954	4,632	3,465	3,512
Invested Capital Turnover	0.17	0.13	0.15	0.23
Increase / (Decrease) in Invested Capital	3,763	-322	-1,167	47
Enterprise Value (EV)	7,953	5,360	1,181	1,462
Market Capitalization	7,458	5,126	1,032	1,393
Book Value per Share	$9.97	$8.84	$5.37	$4.45
Tangible Book Value per Share	$0.05	$0.96	$0.54	$0.67
Total Capital	5,460	5,063	3,926	3,780
Total Debt	995	622	596	337
Total Long-Term Debt	889	520	358	288
Net Debt	489	191	135	68
Capital Expenditures (CapEx)	32	22	16	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	100	209	130	167
Debt-free Net Working Capital (DFNWC)	588	625	578	427
Net Working Capital (NWC)	482	523	340	379
Net Nonoperating Expense (NNE)	243	6.85	484	100
Net Nonoperating Obligations (NNO)	489	191	135	68
Total Depreciation and Amortization (D&A)	68	155	130	127
Debt-free, Cash-free Net Working Capital to Revenue	19.47%	33.29%	20.66%	21.15%
Debt-free Net Working Capital to Revenue	114.67%	99.48%	92.18%	54.18%
Net Working Capital to Revenue	94.01%	83.26%	54.22%	47.98%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	($1.25)	($0.90)	($2.35)	($0.33)
Adjusted Weighted Average Basic Shares Outstanding	269.55M	481.22M	617.98M	742.65M
Adjusted Diluted Earnings per Share	($1.25)	($0.90)	($2.35)	($0.33)
Adjusted Weighted Average Diluted Shares Outstanding	269.55M	481.22M	617.98M	742.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	449.22M	536.39M	703.26M	842.96M
Normalized Net Operating Profit after Tax (NOPAT)	-90	-182	-298	-117
Normalized NOPAT Margin	-17.59%	-28.91%	-47.56%	-14.79%
Pre Tax Income Margin	-67.24%	-70.13%	-231.24%	-31.56%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-
Dividend Payout Ratio	-7.11%	-1.72%	0.00%	0.00%
Augmented Payout Ratio	-7.11%	-1.72%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Tilray's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q1 2025	Q2 2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	17.51%	19.96%	-8.82%	34.44%	29.36%	-46.20%	15.49%	13.05%	0.00%
EBITDA Growth	-422.85%	1,857.51%	-202.24%	72.61%	94.33%	-228.95%	60.33%	198.93%	0.00%
EBIT Growth	-393.28%	1,745.78%	-175.37%	41.72%	91.76%	-240.72%	28.44%	38.28%	0.00%
NOPAT Growth	-4,917.61%	1,226.44%	69.47%	19.37%	93.20%	-217.82%	-62.25%	-6.43%	0.00%
Net Income Growth	-362.32%	2,451.48%	-90.13%	25.07%	91.22%	-242.92%	15.09%	37.97%	0.00%
EPS Growth	0.00%	0.00%	-62.50%	36.36%	93.68%	-284.55%	23.08%	60.00%	0.00%
Operating Cash Flow Growth	-2,777.01%	-1,816.21%	50.37%	-99.94%	17.56%	149.11%	65.76%	-122.87%	0.00%
Free Cash Flow Firm Growth	-1,066.72%	127.42%	208.04%	122.28%	100.81%	-70.47%	-174.60%	97.85%	0.00%
Invested Capital Growth	0.00%	-6.50%	0.00%	-23.08%	-2.59%	-25.20%	0.00%	1.43%	0.00%
Revenue Q/Q Growth	1.01%	17.20%	-10.21%	26.47%	-2.80%	-51.26%	92.75%	0.00%	5.45%
EBITDA Q/Q Growth	-2,433.74%	179.89%	-102.15%	36.99%	-424.99%	-1,715.45%	99.34%	0.00%	-625.01%
EBIT Q/Q Growth	-1,616.27%	173.22%	-106.14%	24.43%	-142.65%	-1,150.44%	96.88%	0.00%	-215.47%
NOPAT Q/Q Growth	-2,230.01%	186.13%	-102.04%	-97.18%	-96.60%	-1,391.69%	97.19%	0.00%	-15.44%
Net Income Q/Q Growth	-1,840.05%	171.74%	-107.67%	29.81%	-127.32%	-1,067.85%	95.44%	0.00%	-146.09%
EPS Q/Q Growth	-1,627.27%	157.89%	-111.82%	46.15%	-71.43%	-1,591.67%	95.07%	0.00%	-150.00%
Operating Cash Flow Q/Q Growth	-163.79%	-659.82%	67.32%	100.04%	-85,438.89%	552.56%	-122.79%	0.00%	-15.34%
Free Cash Flow Firm Q/Q Growth	5.16%	123.58%	347.93%	-77.76%	-96.55%	758.81%	-1,231.50%	0.00%	100.00%
Invested Capital Q/Q Growth	-22.56%	28.47%	-100.00%	0.00%	-1.93%	-1.34%	0.52%	0.00%	-0.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	-8.04%	20.32%	31.73%	24.47%	26.23%	1.68%	24.98%	29.85%	29.02%
EBITDA Margin	-804.84%	548.66%	-13.12%	-6.54%	-35.31%	-1,314.99%	-4.51%	3.94%	-19.64%
Operating Margin	-828.86%	420.51%	-13.82%	-21.55%	-43.59%	-1,334.01%	-19.42%	-18.28%	-20.01%
EBIT Margin	-828.03%	517.34%	-35.36%	-21.13%	-52.74%	-1,353.07%	-21.91%	-11.96%	-35.78%
Profit (Net Income) Margin	-821.32%	502.78%	-42.94%	-23.83%	-55.74%	-1,335.53%	-31.57%	-17.32%	-40.42%
Tax Burden Percent	99.10%	98.71%	112.31%	93.18%	97.34%	99.34%	114.95%	102.62%	102.45%
Interest Burden Percent	100.09%	98.46%	108.15%	121.07%	108.57%	99.36%	125.37%	141.14%	110.29%
Effective Tax Rate	0.00%	-1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-193.09%	55.90%	0.00%	-2.43%	-6.05%	-144.64%	-5.08%	-2.96%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-546.11%	94.23%	0.00%	-11.82%	-31.88%	-370.92%	-83.20%	-16.82%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-31.88%	7.19%	0.00%	-0.54%	-1.74%	-15.56%	-1.99%	-0.32%	0.00%
Return on Equity (ROE)	-224.97%	63.09%	0.00%	-2.97%	-7.79%	-160.20%	-7.07%	-3.28%	0.00%
Cash Return on Invested Capital (CROIC)	-254.42%	-2.20%	0.00%	16.71%	18.82%	5.15%	-255.58%	-4.95%	0.00%
Operating Return on Assets (OROA)	-113.53%	56.66%	0.00%	-2.86%	-8.67%	-173.94%	-3.24%	-2.24%	0.00%
Return on Assets (ROA)	-112.61%	55.06%	0.00%	-3.22%	-9.16%	-171.68%	-4.67%	-3.25%	0.00%
Return on Common Equity (ROCE)	-224.77%	62.75%	0.00%	-2.96%	-7.81%	-159.03%	-7.03%	-3.27%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-36.97%	0.00%	0.00%	-13.36%	19.08%	0.00%	-42.41%	-5.78%	0.00%
Net Operating Profit after Tax (NOPAT)	-845	728	-15	-29	-57	-857	-24	-26	-30
NOPAT Margin	-580.21%	426.42%	-9.68%	-15.09%	-30.51%	-933.81%	-13.59%	-12.80%	-14.01%
Net Nonoperating Expense Percent (NNEP)	353.02%	-38.33%	0.00%	9.39%	25.83%	226.28%	78.12%	13.86%	92.06%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-0.76%	-	-	-	-	-0.78%
Cost of Revenue to Revenue	108.04%	79.68%	68.27%	75.53%	73.77%	98.32%	75.02%	70.15%	70.98%
SG&A Expenses to Revenue	31.22%	28.02%	32.75%	26.27%	26.51%	53.36%	26.77%	27.90%	29.47%
R&D to Revenue	0.12%	0.23%	0.11%	0.03%	0.06%	0.39%	0.04%	0.05%	0.03%
Operating Expenses to Revenue	820.83%	-400.19%	45.55%	46.02%	69.82%	1,335.69%	44.40%	48.13%	49.03%
Earnings before Interest and Taxes (EBIT)	-1,206	883	-54	-41	-99	-1,242	-39	-24	-75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1,172	936	-20	-13	-66	-1,207	-7.98	7.89	-41
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.86	1.17	0.00	0.39	0.38	0.31	0.62	0.41	0.28
Price to Tangible Book Value (P/TBV)	15.71	10.69	0.00	3.26	3.07	3.10	5.18	2.58	1.62
Price to Revenue (P/Rev)	10.57	8.16	9.00	1.99	1.82	1.65	3.20	1.78	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	2.18	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	45.93%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.81	1.16	0.00	0.43	0.41	0.34	0.63	0.42	0.29
Enterprise Value to Revenue (EV/Rev)	10.89	8.53	0.00	2.31	2.04	1.88	3.36	1.84	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	1.72	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	2.09	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	2.50	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	149.43	57.01	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	2.23	2.15	5.67	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.14	0.00	0.14	0.12	0.18	0.16	0.10	0.09
Long-Term Debt to Equity	0.09	0.12	0.00	0.09	0.09	0.11	0.08	0.08	0.08
Financial Leverage	0.06	0.08	0.00	0.05	0.05	0.04	0.02	0.02	0.02
Leverage Ratio	1.28	1.29	0.00	1.24	1.27	1.26	1.29	1.26	1.21
Compound Leverage Factor	1.29	1.27	0.00	1.51	1.38	1.25	1.62	1.78	1.34
Debt to Total Capital	15.16%	12.28%	0.00%	11.98%	10.76%	15.18%	14.14%	8.82%	8.48%
Short-Term Debt to Total Capital	7.38%	2.01%	0.00%	4.39%	2.96%	6.06%	7.24%	1.29%	1.29%
Long-Term Debt to Total Capital	7.78%	10.27%	0.00%	7.59%	7.80%	9.12%	6.90%	7.54%	7.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.08%	0.84%	0.00%	0.65%	-0.42%	0.36%	0.56%	0.14%	-0.51%
Common Equity to Total Capital	84.76%	86.88%	0.00%	87.37%	89.67%	84.46%	85.30%	91.04%	92.03%
Debt to EBITDA	-0.49	-2.41	0.00	-1.72	0.48	-0.46	-0.43	-4.83	0.00
Net Debt to EBITDA	-0.15	-0.74	0.00	-0.70	0.20	-0.10	-0.06	-0.71	0.00
Long-Term Debt to EBITDA	-0.25	-2.01	0.00	-1.09	0.35	-0.27	-0.21	-4.12	0.00
Debt to NOPAT	-0.62	-1.46	0.00	-1.20	0.70	-0.62	-0.58	-2.72	0.00
Net Debt to NOPAT	-0.19	-0.45	0.00	-0.49	0.29	-0.14	-0.08	-0.40	0.00
Long-Term Debt to NOPAT	-0.32	-1.22	0.00	-0.76	0.51	-0.37	-0.28	-2.32	0.00
Altman Z-Score	2.50	3.57	0.00	0.22	0.19	-0.86	0.66	0.52	0.00
Noncontrolling Interest Sharing Ratio	0.09%	0.55%	0.00%	0.48%	-0.19%	0.73%	0.65%	0.40%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	1.61	2.87	0.00	1.63	1.92	1.79	1.54	2.47	2.54
Quick Ratio	1.04	1.82	0.00	0.89	0.96	1.24	1.02	1.31	1.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,450	1,050	4,701	1,046	36	310	-3,507	-75	0.00
Operating Cash Flow to CapEx	-2,212.83%	-905.18%	-3,010.34%	0.22%	-176.02%	0.00%	-415.80%	-526.34%	-842.62%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.11	0.00	0.14	0.16	0.13	0.15	0.19	0.00
Accounts Receivable Turnover	7.66	6.88	0.00	7.36	8.41	6.91	7.93	8.73	0.00
Inventory Turnover	2.44	2.04	0.00	2.20	2.35	2.15	2.19	2.31	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	3.03	2.76	0.00	2.87	2.82	2.76	2.14	2.42	0.00
Days Sales Outstanding (DSO)	47.66	53.03	0.00	49.62	43.40	52.82	46.03	41.83	0.00
Days Inventory Outstanding (DIO)	149.43	179.08	0.00	165.55	155.11	169.55	166.64	158.04	0.00
Days Payable Outstanding (DPO)	120.42	132.09	0.00	127.37	129.52	132.31	170.95	150.99	0.00
Cash Conversion Cycle (CCC)	76.68	100.02	0.00	87.80	69.00	90.06	41.72	48.88	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	3,606	4,632	0.00	3,581	3,512	3,465	3,483	3,533	3,514
Invested Capital Turnover	0.33	0.13	0.00	0.16	0.20	0.15	0.37	0.23	0.00
Increase / (Decrease) in Invested Capital	3,606	-322	-4,716	-1,075	-94	-1,167	3,483	50	0.00
Enterprise Value (EV)	6,531	5,360	0.00	1,535	1,438	1,181	2,185	1,496	1,020
Market Capitalization	6,340	5,126	5,525	1,322	1,285	1,032	2,082	1,441	979
Book Value per Share	$5.53	$8.84	$0.00	$4.61	$4.52	$5.37	$4.81	$4.13	$4.76
Tangible Book Value per Share	$0.66	$0.96	$0.00	$0.55	$0.56	$0.54	$0.57	$0.66	$0.83
Total Capital	4,016	5,063	0.00	3,855	3,746	3,926	3,962	3,821	3,774
Total Debt	609	622	0.00	462	403	596	560	337	320
Total Long-Term Debt	313	520	0.00	293	292	358	273	288	272
Net Debt	188	191	0.00	188	169	135	81	49	61
Capital Expenditures (CapEx)	0.84	16	1.54	8.11	8.73	-1.88	3.81	6.71	4.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	177	209	0.00	155	187	130	112	201	225
Debt-free Net Working Capital (DFNWC)	585	625	0.00	416	413	578	579	482	477
Net Working Capital (NWC)	289	523	0.00	247	302	340	292	432	429
Net Nonoperating Expense (NNE)	351	-130	51	17	48	369	32	9.05	56
Net Nonoperating Obligations (NNO)	199	191	0.00	188	169	135	81	49	61
Total Depreciation and Amortization (D&A)	34	53	34	28	33	35	31	32	34
Debt-free, Cash-free Net Working Capital to Revenue	29.48%	33.29%	0.00%	23.36%	26.49%	20.66%	17.26%	24.81%	0.00%
Debt-free Net Working Capital to Revenue	97.53%	99.48%	0.00%	62.77%	58.48%	92.18%	88.93%	59.30%	0.00%
Net Working Capital to Revenue	48.14%	83.26%	0.00%	37.25%	42.80%	54.22%	44.86%	53.24%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.10	$0.00	($0.07)	($0.12)	($2.03)	($0.10)	($0.04)	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	0.00	481.22M	0.00	730.77M	754.44M	617.98M	691.19M	875.44M	864.97M
Adjusted Diluted Earnings per Share	$0.00	$1.10	$0.00	($0.07)	($0.12)	($2.03)	($0.10)	($0.04)	($0.10)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	481.22M	0.00	730.77M	754.44M	617.98M	691.19M	875.44M	864.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	536.39M	0.00	742.73M	774.03M	703.26M	730.29M	903.29M	937.66M
Normalized Net Operating Profit after Tax (NOPAT)	-192	459	-14	-25	-56	-857	-30	-22	-24
Normalized NOPAT Margin	-132.20%	268.75%	-9.38%	-12.92%	-29.56%	-933.52%	-16.82%	-10.75%	-11.43%
Pre Tax Income Margin	-828.75%	509.35%	-38.24%	-25.58%	-57.27%	-1,344.39%	-27.47%	-16.88%	-39.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-1.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-1.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Tilray's Financials

When does Tilray's financial year end?

According to the most recent income statement we have on file, Tilray's fiscal year ends in May. Their fiscal year 2024 ended on May 31, 2024.

How has Tilray's net income changed over the last 3 years?

Tilray's net income appears to be on an upward trend, with a most recent value of -$222.40 million in 2024, falling from -$336.01 million in 2021. The previous period was -$1.44 billion in 2023.

What is Tilray's operating income?

Tilray's total operating income in 2024 was -$174.75 million, based on the following breakdown:

Total Gross Profit: $223.35 million
Total Operating Expenses: $398.10 million

How has Tilray revenue changed over the last 3 years?

Over the last 3 years, Tilray's total revenue changed from $513.09 million in 2021 to $788.94 million in 2024, a change of 53.8%.

How much debt does Tilray have?

Tilray's total liabilities were at $778.49 million at the end of 2024, a 20.3% decrease from 2023, and a 50.1% decrease since 2021.

How much cash does Tilray have?

In the past 3 years, Tilray's cash and equivalents has ranged from $206.63 million in 2023 to $488.47 million in 2021, and is currently $228.34 million as of their latest financial filing in 2024.

How has Tilray's book value per share changed over the last 3 years?

Over the last 3 years, Tilray's book value per share changed from 9.97 in 2021 to 4.45 in 2024, a change of -55.4%.

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This page (NASDAQ:TLRY) was last updated on 4/15/2025 by MarketBeat.com Staff

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Tilray (TLRY) Financials

Frequently Asked Questions About Tilray's Financials

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Tilray (TLRY) Financials

Annual Income Statements for Tilray

Quarterly Income Statements for Tilray

Annual Cash Flow Statements for Tilray

Quarterly Cash Flow Statements for Tilray

Annual Balance Sheets for Tilray

Quarterly Balance Sheets for Tilray

Annual Metrics and Ratios for Tilray

Quarterly Metrics and Ratios for Tilray

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