HITI · NasdaqCM
Pharmaceutical Retailers · Canada
Snapshot 2026-09-20 · Latest financial period 2026-07-31 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
High Tide Inc. engages in the cannabis retail business in Canada, the United States, and internationally. The company operates through Bricks and Mortar, E-commerce, and Medical Cannabis Distribution segments. It manufactures and distributes consumption accessories; cannabis; and hemp derived products. The company also engages in data analytics; advertising; product sourcing and imports; event-based cannabis retail; medical cannabis distribution; accessories retail; and other related services. It provides its products under the Daily High Club, DankStop, FAB CBD, GC, Nuleaf Naturals, Smoke Cartel, Blessed CBD, Fastendr, Famous Brandz, Queen of Bud, Canna Cabana, Grasscity, Daily High Club, and Valiant Distribution brands. The company sells its products through a network of retail stores, e-commerce platforms, and the wholesale distribution arm. The company was formerly known as High Tide Ventures Inc. and changed its name to High Tide Inc. in October 2018. The company was founded in 2009 and is headquartered in Calgary, Canada.
Company websiteQ3 FY2026
Published 2026-09-15
Short takes Q3 FY2026
HITI Stock: High Tide Inc. Q3 FY2026 — Profit vs. Cash #Shorts
Watch Short on YouTube
Q3 FY2026 REPORT HIGHLIGHTS
Germany lifts operating earnings, but derivative gains, minority ownership and the full cost of growth keep the cash test unfinished.
Remexian contributes C$38.23 M of the C$49.13 M year-on-year sales increase; legacy bricks-and-mortar segment revenue rises 7.3%.
C$8.71 M operating income is up 133%, but the C$12.75 M net-income headline includes a C$11.79 M derivative gain offset by a C$1.29 M contract-asset loss.
C$7.02 M company FCF deducts sustaining capital and leases; replacing sustaining capital with all PPE and intangible purchases leaves C$5.61 M.
Restricted cash, cash-settled financing, nonrecourse factoring and Remexian’s 49% minority share all affect the interpretation of consolidated results.
Three valuation routes span roughly USD2.39–2.74. The USD2.60 base case assumes stronger recurring owner cash flow, while current controls remain ineffective.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | HITIHigh Tide Inc.Snapshot 2026-09-20Financial period: 2026-07-31 |
|---|---|
| Market capMarket value, converted to USD | US$229.99M |
| Forward P/EProvider forward earnings estimate | 19.92x |
| EV / EBITDAEnterprise value / trailing EBITDA | — |
| Revenue growthLatest quarter vs prior-year quarter | 32.8% |
| Operating marginLatest reported quarter | 5.3% |
| Free cash flow yieldTrailing cash flow / market cap | — |
| Net debt / EBITDANet debt / trailing EBITDA | 2.43x |
| Debt / equityTotal debt / positive book equity | 1.03x |
| Trailing P/ETrailing twelve-month earnings | — |
| Price / bookPrice / positive book equity per share | 2.96x |
| EV / salesEnterprise value / trailing revenue | — |
| Earnings growthLatest quarter vs prior-year quarter | 1,531.8% |
| Gross marginTrailing twelve months | 26.1% |
| Net marginTrailing twelve months | -4.6% |
| Return on equityProvider trailing return; positive equity only | -26.0% |
| Free cash flow marginTrailing free cash flow / revenue | -0.7% |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 1.50x |
| BetaProvider historical market sensitivity | 1.08 |
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Price history loads separately.
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q3 FY2026
Germany lifts operating earnings, but derivative gains, minority ownership and the full cost of growth keep the cash test unfinished.
Research published September 15, 2026 · Download original report
Read Research PacketPresentation · 2026-09-15 · YouTube
Short takes Q3 FY2026
HITI Stock: High Tide Inc. Q3 FY2026 — Profit vs. Cash #Shorts
Watch Short on YouTube
Presentation · 2026-07-01 · YouTube
Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.
