High Tide Inc.

HITI
About the company

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.

Country: CanadaPrice: $2.47Market Cap: $220.2M

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

1 / 12

NEUTRAL / FAIL

Median fair value

$3.11

+25.9% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

HITI undervalued: all 2 models price fair value above $2.47 (median $3.11)

Key risk

All 8 investors flag HITI's efficiency

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2211 (Top 71.4%)FAILFAILPASSFAILFAILFAILPASSPASSNEUTRALFAILFAILFAILFAIL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/A+8.5%N/AN/AN/A+29.8%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-01-29

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 2▾

    HITI undervalued: all 2 models price fair value above $2.47 (median $3.11)

    Munger fair value$2.70
    ✓Munger+8.5% margin vs $2.47
    Ackman fair value$3.52
    ✓Ackman+29.8% margin vs $2.47

Where It Falls Short

  • Efficiency0% pass✗ 11▾

    All 8 investors flag HITI's efficiency

    Current Ratio1.37
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-16.8%
    ✗Buffett> 10%
    ROIC - WACC-26.8%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-41.6%
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.40 -> 1.37
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY2.12x -> 1.70x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities1.37
    ✗Dreman> 1.5
    Return on Invested Capital-9.9%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-20.4%; FY2024: ROIC=2.5%; FY2025: ROIC=-9.9%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -9.9%)
    ✗SleepROIC > 12% in a majority of years
  • Profitability6% pass✓ 5✗ 30▾

    15 of 16 flag HITI's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/7 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/7 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-32.0%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-2.4% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-26.1M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-57.9%
    ✗Lynch> 15%
    EBIT / Enterprise Value-5.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-5.0%, ROC=-41.6%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-14.54%
    ✗PiotroskiROA > 0
    ROA Change YoY-1.76% -> -14.54% (delta: -12.78%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=6.84%, ROA=-14.54%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY27.3% -> 25.8%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-8.7%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-57.9%
    ✗Dreman> 12%
    Margin of SafetyP/B=3.4x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-30.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-2.4%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-57.9%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-8.5% (2023) -> -2.4% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 26.9% -> 25.8%, operating margin -8.5% -> -2.4%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-16.48%; #4442/6340 (top 70.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+43.98%; #828/3702 (top 22.4%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-57.92%; #4298/5226 (top 82.2%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0778; #3165/5884 (top 53.8%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation8% pass✓ 1✗ 27▾

    12 of 13 flag HITI's valuation — Graham, Lynch, Greenblatt +9 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio3.4x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-5.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-5.0%, ROC=-41.6%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)12.6x
    ✗Dreman< 8x
    Price / Book Value per Share3.4x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-12.1%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=4.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=3.4x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share21.9x
    ✓Ackman<= 25
    Price vs. Trailing Low131% of trailing low ($1.89)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-16.48%; #4442/6340 (top 70.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.2846; #3760/6449 (top 58.3%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share3.44x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+1.9295; #1119/5247 (top 21.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+4.48%; #1683/4519 (top 37.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+6.01%; #2088/6202 (top 33.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth13% pass✓ 3✗ 10▾

    7 of 8 flag HITI's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 128.6% vs Rev: 13.1%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction$-0.38 (2020) -> $-0.44 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth13.1%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency2/5 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 26.9% -> 25.8%, operating margin -8.5% -> -2.4%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR44.0%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts19% pass✓ 3✗ 13▾

    Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)✗GreenblattRank #2211✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (1/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)✗AsnessFAIL (Rank #1753/2370 (Top 74.0%))✗NeffFAIL (3/6)✗SchlossFAIL (2/7)✗OshaughnessyFAIL (Rank #837/963 (Top 86.9%))
  • Debt & Leverage50% pass✓ 9✗ 6▾

    6 of 12 pass — Buffett, Piotroski, Dreman +3 more object

    Debt Levels0.32
    ✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    LT Debt vs Net Current AssetsLT Debt $8.5M vs NCA $26.4M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.32, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.32
    ✓Lynch< 0.33
    Cash - Long-term Debt$25.7M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change0.03% -> 3.41%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.37
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.32
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Interest Coverage & Debt/EBITDAIC=N/A (no interest expense), D/EBITDA=2.8x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.32
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.3207; #2054/4210 (top 48.8%)
    ✗AsnessTop 30% of eligible cross-section
  • Cash Flow50% pass✓ 7✗ 5▾

    5 of 10 pass — Buffett, Lynch, Dreman +2 more object

    Free Cash Flow Proxy$-26.1M
    ✗BuffettPositive and growing
    FCF Positive and Growing$9.9M
    ✗LynchPositive and growing
    Operating Cash Flow$17.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=6.84%, ROA=-14.54%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)12.6x
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=4.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive4/6 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap4.6%
    ✓Ackman>= 4%
    Price / FCF per Share21.9x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency5/6 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$9.9M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+4.48%; #1683/4519 (top 37.2%)
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Retail
SIC Sector: Miscellaneous Retail
Size: Micro Cap($220.2M)
Revenue: $424.8M+13.1% YoY
Net Income: $36.3M-1064.0% YoY

Financial Snapshot

Operating Margin-2.4%
Return on Equity-57.9%
Debt / Equity0.32
Current Ratio1.37
EPS (Diluted)$-0.44
Shares Retired−8.0% / −22.8% 2y

Similar Companies

COSTCOSTCO WHOLESALE CORP /NEW
$490.2B
HDHOME DEPOT, INC.
$347.9B
TJXTJX COMPANIES INC /DE/
$148.4B
FASTFASTENAL CO
$63.3B

Shareholder Return

Fiscal 2025

Issued 8.0% of shares last year, 22.8% issued over two.

Buybacks
—
Dividends
$1.0M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 40-F · 2026-01-29
FY 2024
Sources
  • 40-F · 2025-01-29
FY 2023
Sources
  • 40-F · 2024-01-29
FY 2022
Sources
  • 40-F · 2023-01-31
FY 2021
Sources
  • 40-F · 2022-02-02
Market Cap$220.2Mcurrent$225.4Mest.$133.5Mest.$114.3Mest.$226.1Mest.
Revenue$424.8M↑13%$375.5M↑6%$352.7M↑34%$262.2M↑79%$146.7M
Operating Income-$10.3M↓387%$3.6M↑112%-$30.0M↑44%-$53.1M↓251%-$15.1M
Net Income-$36.3M↓1064%-$3.1M↑89%-$28.4M↑46%-$52.7M↓89%-$27.8M
EPS (Diluted)$-0.44↓1134%$-0.04↑91%$-0.38↑55%$-0.85↓24%$-0.68
Gross Margin25.8%↓5%27.3%↑1%26.9%↓5%28.3%↓20%35.3%
Operating Margin-2.4%↓354%1.0%↑111%-8.5%↑58%-20.3%↓97%-10.3%
ROE-57.9%↓1814%-3.0%↑90%-29.9%↑35%-45.9%↓97%-23.3%
Total Debt$20.1M↑116%$9.3M↓55%$20.7M↓2%$21.1M↑64%$12.9M
Shareholders' Equity$62.7M↓39%$103.0M↑8%$95.1M↓17%$114.9M↓4%$119.2M
Current Ratio1.37↓2%1.40↑18%1.18↑10%1.07↓6%1.13
Debt / Equity0.32↑255%0.09↓58%0.22↑19%0.18↑70%0.11
Operating Cash Flow$17.1M↓33%$25.6M↑71%$14.9M↑352%$3.3M↑244%-$2.3M
Free Cash Flow$9.9M↓50%$19.6M↑83%$10.8M↑548%-$2.4M↑78%-$10.8M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Retail

HITI vs Peers — Financial Grading

Revenue$424.8MBottom 25%
Net Income$36.3MBottom 25%
ROE-57.9%Bottom 25%
D/E0.32Median
Op. Margin-2.4%Bottom 25%
Curr. Ratio1.37Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
COSTCO WHOLESALE CORP /NEWCOST$490.2B$1106.21$275.2B$8.1B27.8%0.203.8%1.032/95/96/71/3F-Score 63/11
HOME DEPOT, INC.HD$347.9B$348.69$164.7B$14.2B110.5%4.0012.7%1.063/95/93/71/3F-Score 43/11
TJX COMPANIES INC /DE/TJX$148.4B$134.37$60.4B$5.5B53.9%0.28—1.143/96/97/71/3F-Score 74/11
FASTENAL COFAST$63.3B$55.19$8.2B$1.3B31.9%0.0320.2%4.854/97/95/71/3F-Score 75/11
AUTOZONE INCAZO$52.5B$3259.70$18.9B$2.5B-73.2%-2.6119.1%0.883/96/92/71/3F-Score 64/11
KROGER COKR$41.8B$70.80$147.6B$1.0B17.1%2.681.3%0.803/94/93/70/3F-Score 73/11
WILLIAMS SONOMA INCWSM$29.9B$254.05$7.8B$1.1B52.3%—18.1%1.393/96/93/71/3F-Score 53/11
CASEYS GENERAL STORES INCCASY$26.3B$712.08$17.6B$714.4M18.1%0.62—1.013/93/92/70/3F-Score 93/11