olivLaw · US equity research
High Tide Inc. HITI
Retail-Retail Stores, NEC · SIC 5990 · Vertical: Retail-Retail Stores, NEC (SIC 5990)
High Tide Inc. is a Canadian retailer of cannabis-related products, listed on the TSX Venture and on Nasdaq under the symbol HITI, reporting on Form 40-F for the year ended October 31, 2025. The company relies on debt financing, and its total known contractual obligations at that date total 214,478 thousand CAD, which makes its financial structure and regulatory risks central to any analysis.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, High Tide Inc. (HITI) stock was 2.59 USD (+0.39% on the day), with beta 0.87, 52-week range 2.05–3.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.7
- neutral
- Bollinger (20, 2)
- 2.52 – 2.73
- in the lower half of the band · %B 0.33 · band width 8.1%
- SMA 50 / 200
- 2.62 / 2.43
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.5% | −2.3% | +0.8 pp | — |
| 3 months | +20.5% | −0.8% | +21.2 pp | — |
| 6 months | +7.0% | +4.7% | +2.3 pp | — |
| Year to date | −2.3% | +10.2% | −12.4 pp | — |
| 1 year | −16.7% | +10.3% | −27.0 pp | −22.7% |
| 3 years | +71.5% | +73.0% | −1.5 pp | −49.6% |
| 5 years | −57.5% | +61.8% | −119.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 83.3 m | 181.1 m | 356.9 m | 487.7 m | 522.3 m | 594.0 m |
| Revenue YoY | unavailable | +117.5% | +97.0% | +36.7% | +7.1% | +13.7% |
| Net income | -7.0 m | -34.4 m | -71.8 m | -39.3 m | -4.3 m | -50.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.46 | -0.84 | -1.14 | -0.53 | -0.05 | -0.62 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -8.4% | -19.0% | -20.1% | -8.1% | -0.8% | -8.5% |
| Free cash flow | 6.6 m | -13.4 m | -3.3 m | 14.9 m | 27.3 m | 13.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 47.9 m CAD
- Financial debt
- 28.1 m CAD
- Net debt
- -19.8 m CAD
- Equity
- 102.8 m CAD
- Total assets
- 349.1 m CAD
- Debt / equity
- 0.27x
- Current ratio
- 1.37x
- ROE
- -40.9%
- ROA
- -17.1%
- FCF margin
- 2.3%
Financial statements (source on every figure)
Revenue and net income (CAD)
Margins
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 83.3 m | 181.1 m | 356.9 m | 487.7 m | 522.3 m | 594.0 m | SEC (XBRL)· 29 Jan 2026verified |
| Cost of revenue | 52.5 m | 117.1 m | 255.9 m | 356.4 m | 379.8 m | 439.6 m | SEC (XBRL)· 29 Jan 2026verified |
| Gross profit | 30.8 m | 64.0 m | 101.0 m | 131.3 m | 142.5 m | 153.5 m | SEC (XBRL)· 29 Jan 2026verified |
| Operating income | 91.0 k | -18.7 m | -72.3 m | -41.4 m | 5.0 m | -14.4 m | SEC (XBRL)· 29 Jan 2026verified |
| Depreciation & amortisation | 6.8 m | 23.6 m | 30.2 m | 32.8 m | 25.4 m | 24.3 m | SEC (XBRL)· 29 Jan 2026verified |
| EBITDA | 6.9 m ≈ | 4.9 m ≈ | -42.1 m ≈ | -8.7 m ≈ | 30.4 m ≈ | 9.9 m ≈ | SEC (XBRL)· 29 Jan 2026derived |
| Pre-tax income | -6.1 m | -35.8 m | -73.8 m | -48.6 m | -4.4 m | -51.4 m | SEC (XBRL)· 29 Jan 2026verified |
| Income tax | 229.0 k | -730.0 k | -2.9 m | -7.6 m | -593.0 k | -25.0 k | SEC (XBRL)· 29 Jan 2026verified |
| Net income | -7.0 m | -34.4 m | -71.8 m | -39.3 m | -4.3 m | -50.7 m | SEC (XBRL)· 29 Jan 2026verified |
| Diluted EPS | -0.46 | -0.84 | -1.14 | -0.53 | -0.05 | -0.62 | SEC (XBRL)· 29 Jan 2026verified |
| Weighted average diluted shares | 15.3 m | 42.4 m | — | — | — | — | SEC (XBRL)· 02 Feb 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.5 m | 14.0 m | 25.1 m | 30.1 m | 47.3 m | 47.9 m | SEC (XBRL)· 29 Jan 2026verified |
| Receivables | 2.9 m | 7.2 m | 8.2 m | 7.6 m | 3.3 m | 5.6 m | SEC (XBRL)· 29 Jan 2026verified |
| Inventories | 5.7 m | 17.0 m | 23.4 m | 26.0 m | 29.3 m | 67.4 m | SEC (XBRL)· 29 Jan 2026verified |
| Current assets | 19.3 m | 46.3 m | 64.1 m | 68.6 m | 85.8 m | 136.9 m | SEC (XBRL)· 29 Jan 2026verified |
| Property, plant & equipment, net | 13.1 m | 24.8 m | 31.5 m | 27.1 m | 27.5 m | 29.4 m | SEC (XBRL)· 29 Jan 2026verified |
| Goodwill | 18.0 m | 79.9 m | — | — | — | — | SEC (XBRL)· 02 Feb 2022verified |
| Total assets | 69.8 m | 246.2 m | 274.7 m | 233.4 m | 246.2 m | 349.1 m | SEC (XBRL)· 29 Jan 2026verified |
| Accounts payable | — | 8.7 m | 7.7 m | 8.4 m | 22.2 m | 47.3 m | SEC (XBRL)· 29 Jan 2026verified |
| Short-term debt | 1.9 m | 4.0 m | 16.4 m | 16.1 m | 12.9 m | 16.2 m | SEC (XBRL)· 29 Jan 2026verified |
| Long-term debt | 2.6 m | 11.9 m | 12.3 m | 12.5 m | 65.0 k | 11.9 m | SEC (XBRL)· 29 Jan 2026verified |
| Current liabilities | 27.5 m | 40.8 m | 59.9 m | 58.1 m | 61.5 m | 99.9 m | SEC (XBRL)· 29 Jan 2026verified |
| Total liabilities | 58.1 m | 94.2 m | 112.7 m | 99.7 m | 100.7 m | 246.3 m | SEC (XBRL)· 29 Jan 2026verified |
| Equity | 11.7 m | 152.0 m | 162.0 m | 133.7 m | 145.5 m | 102.8 m | SEC (XBRL)· 29 Jan 2026verified |
| Shares outstanding at year end | — | 54.4 m | 71.0 m | 71.0 m | 80.8 m | 87.2 m | SEC (XBRL)· 29 Jan 2026verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 8.9 m | -2.8 m | 4.5 m | 20.7 m | 35.5 m | 23.9 m | SEC (XBRL)· 29 Jan 2026verified |
| Capex | 2.3 m | 10.6 m | 7.8 m | 5.8 m | 8.2 m | 10.1 m | SEC (XBRL)· 29 Jan 2026verified |
| Free cash flow | 6.6 m ≈ | -13.4 m ≈ | -3.3 m ≈ | 14.9 m ≈ | 27.3 m ≈ | 13.8 m ≈ | SEC (XBRL)· 29 Jan 2026derived |
| Investing cash flow | -3.3 m | -28.5 m | -8.6 m | -5.7 m | -11.0 m | -22.3 m | SEC (XBRL)· 29 Jan 2026verified |
| Financing cash flow | 1.2 m | 37.8 m | 15.2 m | -9.3 m | -7.7 m | 202.0 k | SEC (XBRL)· 29 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -12.5% | 30 (vs peers) | 26% |
| Net margin · Quality | -8.5% | 33 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 18.5% | 100 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -2.0x | 100 (vs peers) | 26% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet85/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality31/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HIGH TIDE INC. (HITI). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: revenue 594.0 m CAD in 2025; YoY growth 13.7%; net margin -8.5%; ROE -44.0%; net debt/EBITDA -2.0x.
The estimated value range is 0.87–3.02 CAD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 18.5%
- Net debt / EBITDA: -2.0x
What contradicts it
- ROIC: -12.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Retail Stores, NEC (SIC 5990) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ULTAUlta Beauty, Inc. | 27.3 bn | 23.2 | 46.1% | 9.3% | +9.7% | +18% / +50% |
| BBWIBath & Body Works, Inc. | 4.7 bn | 6.0 | — | 10.8% | −0.2% | +33% / −29% |
| SBHSally Beauty Holdings, Inc. | 1.7 bn | 9.6 | 23.5% | 5.2% | −0.4% | +16% / +90% |
| YJYunji Inc. | 1.4 bn | — | -13.5% | -42.0% | −20.8% | −23% / −60% |
| TITNTitan Machinery Inc. | 553.7 m | — | -9.7% | -2.5% | −10.2% | +27% / +3% |
| SGUStar Group, L.P. | 422.6 m | 4.8 | — | 4.6% | +1.0% | +7% / −0% |
| NAASNaaS Technology Inc. | 275.8 m | — | — | -454.5% | −38.9% | −31% / −100% |
| NEGGNewegg Commerce, Inc. | 203.6 m | — | -3.7% | -0.3% | +16.9% | −87% / −61% |
| BARKBark, Inc. | 74.9 m | — | -36.7% | -8.4% | −18.5% | −42% / −50% |
| RENTRent the Runway, Inc. | 74.6 m | 0.2 | — | 11.8% | +7.7% | −55% / −79% |
| TKLFTokyo Lifestyle Co., Ltd. | 58.8 m | 69.5 | 1.7% | 0.2% | +77.6% | −48% / −82% |
| BQBoqii Holding Limited | 10.7 m | — | -2.8% | -1.2% | −5.7% | −78% / −98% |
| INHDInno Holdings Inc. | 8.6 m | — | -7.2% | -72.7% | +221.4% | −97% / unavailable |
| RCTRedCloud Holdings plc | 2.4 m | — | — | -95.3% | +4.3% | −98% / unavailable |
| LESLLeslie’s, Inc. | 955.3 k | — | — | -21.2% | −6.6% | unavailable / unavailable |
| HITIHigh Tide Inc. | — | — | -44.0% | -8.5% | +13.7% | −17% / +72% |
| JDJD.com, Inc. | — | 28.6 | 10.2% | 1.8% | +17.9% | −12% / −4% |
| WOOFPetco Health & Wellness Company, Inc. | — | 27.1 | 2.6% | 0.5% | −2.5% | −14% / −9% |
| FLWS1 800 Flowers Com Inc | — | — | -65.4% | -9.0% | −10.8% | −20% / −69% |
1- and 3-year price returns: for HITI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jan 2026; since then the company filed 6-K (09 Oct 2026), 6-K (01 Oct 2026), 6-K (28 Sept 2026), 6-K (23 Sept 2026), 6-K (14 Sept 2026).
In brief
High Tide Inc. is a Canadian retailer of cannabis-related products, listed on the TSX Venture and on Nasdaq under the symbol HITI, reporting on Form 40-F for the year ended October 31, 2025. The company relies on debt financing, and its total known contractual obligations at that date total 214,478 thousand CAD, which makes its financial structure and regulatory risks central to any analysis.
SWOT
Strengths
- The company has access to secured financing through several facilities, which could support its development plans. The report presents a documented financing structure and a clear schedule of contractual obligations.
- The business is supported by a diversified range of channels, including physical and online retail, which could reduce dependence on a single sales channel.
- The company reports under IFRS and has audited financial statements, which gives investors a structured body of information.
Weaknesses
- Debt and contractual obligations put pressure on liquidity, especially if revenue does not improve.
- Dependence on authorizations and on available retail locations could slow the development of planned stores.
- The report points to uncertainty about the legality of certain products, which could reduce the predictability of revenue.
Opportunities
- Developing physical and online retail could increase sales if acquisition plans are carried out.
- Integrating CBD brands into the portfolio could open new customer segments.
- A clearer federal or state framework could reduce uncertainty and support the expansion of the business.
Threats
- Federal regulatory or enforcement action could force the company to stop some products.
- State legislative changes could narrow the range of permitted products or make some products illegal.
- Enforcement actions could affect the company's listings on the TSX Venture and Nasdaq, according to warnings in the report.
Risks
- Federal regulatory riskhigh
The DEA could consider certain Delta-8 products a controlled substance, which could lead to a halt in sales.
- State regulatory riskhigh
Changes to state laws could make products unlawful or narrow the permitted range.
- Liquidity and debtmedium
Payment and interest obligations on existing facilities could put pressure on cash flow if revenue does not grow.
- Store developmentmedium
Obtaining authorizations and favourable locations could delay or prevent the planned development of retail stores.
- Exchange listingslow
Regulatory action at federal or state level could affect the listings on the TSX Venture and Nasdaq.
Investment thesis
What would need to be true (bull case)
- If the retail development and acquisition plans are carried out, the company could grow revenue and reduce pressure from its debt.
- Diversification across physical retail, online retail and CBD products could support revenue stability if the regulatory framework becomes clearer.
- Access to several financing facilities could provide the resources needed to continue operations.
What would break the thesis
- Regulatory uncertainty could lead to product restrictions and lower sales.
- The level of contractual obligations could limit financial flexibility if revenue does not grow as expected.
- Dependence on authorizations and locations could delay store development and reduce growth potential.
What to watch
- Evolution of the federal framework on Hemp and Delta-82026
- Changes to state legislation on hemp-derived products2026
- Progress on retail store development and obtaining authorizationsnext 10-K
- Interest payments and debt evolution under the connectFirst and Cronos facilitiesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jan 2026; since then the company filed 6-K (09 Oct 2026), 6-K (01 Oct 2026), 6-K (28 Sept 2026), 6-K (23 Sept 2026), 6-K (14 Sept 2026).
The business
High Tide Inc. is a Canadian foreign private issuer headquartered in Calgary that files its annual report on Form 40-F under the SEC MJDS system. According to the document, its shares are listed on the TSX Venture Exchange and the Nasdaq Capital Market under the symbol HITI. The report mentions cannabis retail operations, CBD products and retail stores under development.
The financial statements are prepared under IFRS and expressed in Canadian dollars, and the annual report states that the company has no off-balance sheet arrangements. Contractual obligations include notes payable, secured debentures and a junior secured convertible loan, as well as lease obligations, all presented in the contractual table as of October 31, 2025.
The financing structure includes a senior secured credit facility of 19,000,000 USD with connectFirst, with an initial five-year term, and a junior secured loan of 30 million USD obtained from a subsidiary of Cronos Group Inc. The report describes these as sources of financing, and their effect depends on how the funds are used and on the ability to meet interest payments.
Segments
Cannabis retail and CBD products
The document mentions cannabis retail, the expansion of retail stores and the integration of CBD brands as areas of activity. The report states that developing retail stores depends on authorizations and on available locations.
Online retail
The company states it intends to keep growing its online retail portfolio through strategic and accretive acquisitions, according to the forward-looking statements section. The document does not give separate figures for this component in this passage.
Market context
The change to the federal definition of Hemp in the Continuing Resolution and Appropriations Package (H.R. 5371) is cited as a factor that could limit sales of the company's products. The report therefore links sales prospects to regulatory decisions and possible action by the DEA or state authorities.
Trends
- Federal regulatory uncertaintyheadwind
The document states that the DEA could consider Delta-8 products an illegal controlled substance, which could affect the company's business. The risk is presented as a possibility, not as a certain outcome.
- State law changesheadwind
Changes to state laws could make some hemp products unlawful or narrow the range of permitted products. The report mentions this as a factor that could influence sales.
- Retail expansiontailwind
The company mentions its intention to complete its cannabis retail stores and grow revenue through acquisitions. If these plans are carried out, they could support revenue growth.
- Financing and liquidity pressuremixed
Contractual obligations and interest payments on existing loans could limit financial flexibility, especially if revenue does not grow as assumed. The effect depends on the company's ability to generate operating cash flow.
Competitive position
The document refers to a competitive landscape in which the company contests its market share and access to good retail locations. The report does not give a full list of competitors or comparable market shares in the passage available.
Risks related to access to favourable retail locations and authorizations are presented as factors that could affect the company's ability to compete. The company does not provide, in the supplied source, comparative indicators against competitors.
- Cronos Group Inc.CRON
Named in the report as the parent group of the subsidiary that provided the junior secured loan of 30 million USD; the relationship is one of financing rather than direct competition.
- connectFirst
Lender that provided the 19,000,000 USD senior secured facility; appears in the report as a financing partner, not as a listed issuer.
- Cannabis retail competitors
The report makes a general reference to competition in the industry without naming specific competitors in the passage available.
- CBD product operators
The source discusses the company's CBD brands and the market for derivative products, without naming specific competitors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- High Tide (HITI) Reports Record Revenue. Why is Cash Flow Lagging Operating Profit Growth?Yahoo Finance — News · 17 Sept 2026 · EN
- High Tide (HITI) Q3 2026 Earnings Call TranscriptYahoo Finance — News · 17 Sept 2026 · EN
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 09 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)12 Aug 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-10-31 · SEC / High Tide Inc. · 29 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.