Rankings Food, drinks & restaurants High Tide
High Tide
62
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−7
- Capital allocation−5
- Debt and interest coverage−5
Strengths
- Positive FCF and EBITDA progress+2
- Owner-managed+1
How the score is built
From 100 to 62, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 3.62 CAD
- Median analyst target
- 7.50 CAD
- Upside to median
- +107.2%
- Analysts
- 7
- Target range
- 6.50 – 8.00 CAD
- 52-week change
- −17%
- P/E (trailing)
- n/a
- Forward P/E
- 21.1
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−18 of −30
- −7MarginOperating margin only 4.0% TTM and adjusted EBITDA margin 8.2% in Q3; net loss CAD 33.3m TTM and 50.8m in FY25. Gross margin (26%) has fallen from 35% in FY21.
- −4Quality of growthRevenue rose 33% to CAD 198.8m in Q3, but primarily through acquisitions (Remexian in Germany and four Northern Helm stores); same-store sales were flat in the quarter.
- −5Capital allocationAcquisition-driven growth financed with debt and shares: debt rose from CAD 74.6 to 123.5m in under two years, and the share count rose from 81.2m (Sep. 2025) to 89.1m; only 51% of Remexian has been bought.
- −2MoatThe discount club model (2.73m Cabana Club members, 14% market share) gives scale, but cannabis retail has low barriers to entry and price pressure.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs history and peersP/S 0.46 vs 0.31–0.64 in FY22–25 and EV/EBITDA 9.3 TTM (approx. 6.7 on Q3 run-rate); SNDL trades at EV/Sales 0.45 vs High Tide's 0.60. The price is reasonable, but not a deep discount given the debt.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −5Debt and interest coverageDebt of CAD 123.5m against cash of 38–47m; interest cover only 1.57x and quick ratio 0.49. A new senior facility of 40m with BMO increases secured debt.
- −3Saturated Canadian marketSame-store sales were flat in Q3 (transactions +1.1%), which shows that the Canadian retail market is saturated and under price pressure.
- −3German regulation and low marginRemexian (CAD 38.2m in Q3, gross margin 26%) depends on the German medical cannabis scheme and import prices; a tightening would hit the fastest-growing part of the group.
- −2Earnings qualityThe record net profit of CAD 12.7m in Q3 was due to a fair value gain on derivative liabilities of 11.8m; adjusted net profit was only 2.2m.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Positive FCF and EBITDA progressRecord adjusted EBITDA of CAD 16.2m (+53%), FCF of 7.0m in Q3 and 11.4m over nine months (+7%).
- +1
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Industry set to Consumer: food, beverages & restaurants as the closest choice (cannabis retail and medical distribution; no retail or cannabis category). Price CAD 3.74 and 89.14m shares (market cap about CAD 333m) from stockanalysis 2/10-2026; Nordnet showed DKK 1,647m. The Q3 release suggests about 97m shares on average incl. dilutive instruments, so the real market cap may be about 9% higher. Cash CAD 47.1m according to the company at 31/7-2026 (stockanalysis 38.1m). Terms of the convertibles, the new BMO facility and the remaining 49% stake in Remexian have not been reviewed in detail.
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