Tilray Brands Inc. (TLRY) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, TLRY carries an RQD Score of 20 out of 100, a letter grade of E, and a verdict label of "Roarable Strong Sell — Forensic Risk / Avoid." Across the five pillars: Fundamental Cash Engine scores 2/20 (ROIC -3.9%; FCF yield -17.72%); Whale 13F Flow scores 3/20 (institutional accumulation and options positioning); Insider Conviction scores 3/20 (SEC Form 4 and Congressional PTR cluster flow); Macro Regime Fit scores 4/20 (Beta 1.0; sector sensitivity); and Forensic Balance Sheet scores 8/20 (Altman Z 0.2; Piotroski F 5/9; Debt/Equity 0.5).

For a prospective investor, the weakest pillars are the cash engine and the insider/institutional flow signals, both of which sit at the low end of the scale. The forensic balance sheet pillar is the strongest of the five, yet its score of 8/20 still reflects a low Altman Z of 0.2, which the rating frames as a distress-zone reading. The macro pillar is neutral-to-weak, with a beta of 1.0 meaning the stock moves in line with the broader market rather than offering a defensive or amplified profile. Upside drivers would need to come from a durable improvement in free cash flow and returns on capital, neither of which the current data shows. Valuation cannot be assessed on earnings multiples because P/E and EPS are not available in source data, so the investment case rests on whether the forensic and cash-generation metrics can reverse.

Tilray Brands Inc. is a NASDAQ-listed issuer in the Health Care sector, operating in the Medicinal Chemicals and Botanical Products industry, per the company profile. The profile identifies the company as having a market capitalization of $0.4B. Customer base, product lines, and revenue mix are not available in source data.

Per the SEC financials, revenue rose from $788.9M in FY 2023 to $915.5M in FY 2025, while operating and net losses persisted across all three reported periods. Per the market data, gross margin is 28.4%, operating margin is -6.9%, and net margin is -13.3%, with ROIC at -3.9%. The forensic balance sheet inputs include an Altman Z-Score of 0.2 and a Piotroski F-Score of 5/9, alongside a Debt/Equity ratio of 0.5, per the Roarable RQD rating. Reported cash of $221.7M in FY 2025 is shown against negative free cash flow of $-69.1M in the same period.

Per the recent news and catalysts feed, six items relate to TLRY. Headlines include "Tilray Brands: Is the Stock a Buy at Less Than $4?" (Yahoo Finance and The Motley Fool), "Tilray Brands Sinks 4% as Record Revenue Masks Shrinking Cannabis Sales; Canopy Growth and Aurora Cannabis Ease" (24/7 Wall St.), "Tilray Brands, Inc. Stock (TLRY) - Quote Nasdaq" (marketscreener.com), "Tilray Brands, Inc. (TLRY) stock price, news, quote and history" (Yahoo Finance Singapore), and "Canopy Growth vs. Tilray Brands: Which Cannabis Stock Is a Better Buy in 2026?" (The Motley Fool). Two items are tagged CATALYST and carry a GREEN light; four are tagged MARKET WIRE with YELLOW lights. The most explicit fundamental datapoint in the headlines is the contrast between record revenue and shrinking cannabis sales, a risk-watch item. The Butterfly Supply-Chain Graph reports no supply-chain relationships and no proprietary signals.

Per the Butterfly Supply-Chain Graph, the supply chain is "NONE," with no butterfly links and no proprietary signals. Upstream suppliers, downstream customers, and cross-sector dependencies are therefore not available in source data. Sector correlation and second-order bottlenecks cannot be mapped from the provided material. The only sector context available is the Health Care classification and the Medicinal Chemicals and Botanical Products industry, per the profile. An investor should treat the absence of mapped supply-chain links as an open gap rather than evidence of an absence of exposure.

• What is the reported EPS and the P/E ratio, given that both are unavailable in the source data and the cash-flow picture is negative?
• What are the drivers of the revenue gap between record total revenue and the shrinking cannabis sales referenced in the news feed?
• What is the composition of the FY 2025 $221.7M cash balance, and what debt obligations sit against it, given that debt is listed as N/A?
• What explains the FY 2024 net loss of $-2186.7M, and does that figure reflect a one-time or recurring charge?
• Who are the 13F holders and insiders behind the institutional and insider pillar scores, since holder data is not provided?