MeritValue

Tilray Brands, Inc.

TLRYdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Tilray Brands, Inc. earns about -38% on invested capital, and has bought back 77% of its shares over 5 years. 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$628.4M1$627.1M2$788.9M3$821.3M3$915.5M3
Net income−$476.8M4−$1.45B5−$245M6−$2.19B6−$121.4M6
Operating cash flow−$177.3M7$7.91M8−$30.9M9−$94.6M9−$69.1M9
Capital expenditure$34.1M10$20.8M11$29.2M11$32.9M11—
Free cash flow (derived)−$211.3M7−$12.9M8−$60.2M9−$127.5M9—
Total debt$389.5M12$23.4M13$18M14$7.18M14$8.78M15
Cash & equivalents$415.9M16$206.6M17$228.3M18$221.7M18$226M19
Diluted shares481.2M618.0M74.3M89.0M111.8M

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
$144.35
your share of equity
Profit it earned you last year
−$10.86
Free cash flow it threw off
—
Debt you’d be carrying
$0.78

10 shares is a claim on $144.35 of net worth that earned you −$10.86 last year, against $0.78 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-38% avg · 5y
FY22 -7%FY23 -35%FY24 -5%FY25 -138%FY26 -3%

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
−77% shares · 5y

Share count is down 77% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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 v0.5.0
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 2022-05-31 · accession 0001437749-24-023774 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-05-31 · accession 0001437749-25-023703 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-05-31 · accession 0001437749-26-024698 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-05-31 · accession 0001437749-24-023774 (NetIncomeLoss)
  5. 10-K · period ending 2023-05-31 · accession 0001437749-25-023703 (NetIncomeLoss)
  6. 10-K · period ending 2024-05-31 · accession 0001437749-26-024698 (NetIncomeLoss)
  7. 10-K · period ending 2022-05-31 · accession 0001437749-24-023774 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-05-31 · accession 0001437749-25-023703 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-05-31 · accession 0001437749-26-024698 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-05-31 · accession 0001437749-24-023774 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-05-31 · accession 0001437749-25-023703 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2022-05-31 · accession 0001564590-22-026894 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-05-31 · accession 0001437749-24-023774 (ShortTermBorrowings)
  14. 10-K · period ending 2024-05-31 · accession 0001437749-25-023703 (ShortTermBorrowings)
  15. 10-K · period ending 2026-05-31 · accession 0001437749-26-024698 (ShortTermBorrowings)
  16. 10-K · period ending 2022-05-31 · accession 0001437749-23-020727 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-05-31 · accession 0001437749-24-023774 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-05-31 · accession 0001437749-25-023703 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2026-05-31 · accession 0001437749-26-024698 (CashAndCashEquivalentsAtCarryingValue)