HITINasdaqRetail-Retail Stores, NECFiscal year ends October 31
High Tide Inc.
Financials through fiscal 2025, year ended Oct 31, 2025
$2.62+0.05 (+1.95%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
25.8%−11.2 pts over 5 years
Operating margin
-2.4%−2.5 pts over 5 years
Net margin
-8.5%−0.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.7% | +18.5% | +48.1% | – | |
| Gross profit | +7.7% | +15.0% | +37.9% | – | |
| Free cash flow | -49.6% | – | +16.0% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -44.0% | |
| Return on assets | – | – | -17.1% | |
| Current ratio | – | 0.70 | 1.37 | |
| Debt to equity | – | 0.45 | 0.34 | |
| Net debt to EBITDA | – | -0.43× | -1.85× | |
| Interest coverage | – | – | – | |
| Inventory turnover | – | – | 9.1× | |
| Capex to revenue | – | 2.8% | 1.7% | |
| Diluted shares | – | 15M | 82M |
Where the cash went
Fiscal 2021 to 2025, five years combined
High Tide generated C$87.39M from operations and spent C$46.93M on capital expenditure, dividends and share buybacks. 90% of that went back into the business.
Generated
C$87.39M
Used
C$46.93M
Capital expenditureC$42.41M90%DividendsC$4.53M10%Share buybacksC$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-8.5%
×Asset turnover2.00×
×Equity multiplier2.58×
=Return on equity, FY2025-44.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -8.5% | 2.00× | 2.58× | -44.0% |
| FY2024 | -0.8% | 2.18× | 1.75× | -3.2% |
| FY2023 | -8.1% | 1.92× | 1.76× | -27.3% |
| FY2022 | -20.1% | 1.37× | 1.72× | -47.3% |
| FY2021 | -19.0% | 1.15× | 2.01× | -43.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-C$50.75M
- Cash generatingOperating cash flow above zeroC$23.87M
- Return on assets improvedROA up on the prior year-1.9% → -20.6%
- Earnings backed by cashOperating cash flow above net incomeC$23.87M vs -C$50.75M
- Less leverageLong-term debt to assets fell0.0% → 3.4%
- Better liquidityCurrent ratio rose1.40 → 1.37
- No dilutionShare count did not rise80M → 82M
- Gross margin improvedGross margin up on the prior year27.28% → 25.85%
- More efficientAsset turnover rose2.24 → 2.41