MeritValue

Tilray Brands, Inc.

TLRYdata completeness 100%12 fiscal years on file
The thesis, from the filings

Tilray Brands, Inc. earns about -38% on invested capital, but has diluted owners by 230% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$513.1M1$628.4M2$627.1M3$788.9M3$821.3M3
Net income−$367.4M4−$476.8M5−$1.45B6−$245M6−$2.19B6
Operating cash flow−$44.7M7−$177.3M8$7.91M9−$30.9M9−$94.6M9
Capital expenditure$38.9M10$34.1M11$20.8M12$29.2M12$32.9M12
Free cash flow (derived)−$83.6M7−$211.3M8−$12.9M9−$60.2M9−$127.5M9
Total debt$416.9M13$389.5M13$23.4M14$18M15$7.18M15
Cash & equivalents$488.5M16$415.9M17$206.6M18$228.3M19$221.7M19
Diluted shares269.5M481.2M618.0M742.6M890.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$16.98
your share of equity
Profit it earned you last year
−$24.56
Free cash flow it threw off
−$1.43
Debt you’d be carrying
$0.08

10 shares is a claim on $16.98 of net worth that earned you −$24.56 and generated −$1.43 of cash last year, against $0.08 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-38% avg · 5y
FY21 -6%FY22 -7%FY23 -35%FY24 -5%FY25 -138%

It earned an average -38% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+230% shares · 5y

Share count is up 230% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 98% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-05-31 · accession 0001437749-23-020727 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-05-31 · accession 0001437749-24-023774 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-05-31 · accession 0001437749-25-023703 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-05-31 · accession 0001437749-23-020727 (NetIncomeLoss)
  5. 10-K · period ending 2022-05-31 · accession 0001437749-24-023774 (NetIncomeLoss)
  6. 10-K · period ending 2023-05-31 · accession 0001437749-25-023703 (NetIncomeLoss)
  7. 10-K · period ending 2021-05-31 · accession 0001437749-23-020727 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-05-31 · accession 0001437749-24-023774 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-05-31 · accession 0001437749-25-023703 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-05-31 · accession 0001437749-23-020727 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-05-31 · accession 0001437749-24-023774 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-05-31 · accession 0001437749-25-023703 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-05-31 · accession 0001564590-22-026894 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-05-31 · accession 0001437749-24-023774 (ShortTermBorrowings)
  15. 10-K · period ending 2024-05-31 · accession 0001437749-25-023703 (ShortTermBorrowings)
  16. 10-K · period ending 2021-05-31 · accession 0001564590-22-026894 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-05-31 · accession 0001437749-23-020727 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-05-31 · accession 0001437749-24-023774 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-05-31 · accession 0001437749-25-023703 (CashAndCashEquivalentsAtCarryingValue)