High Tide - Public Comps and Valuation Multiples

High Tide Overview

About High Tide

High Tide Inc is a downstream-focused retailer of cannabis products, distributor, and seller of smoking accessories and cannabis lifestyle products. It is a vertically integrated company in the Canadian cannabis market with various brands in its portfolio such as Canna Cabana, Fastendr, Queen of Bud, Grasscity, Daily High Club, Famous Brandz, and others. The company's reportable operating segments are; Bricks and mortar which generates maximum revenue, and E-commerce. Geographically, it derives maximum revenue from its business in Canada followed by the United States of America, and other international markets.

Founded

2018

HQ

Employees

1.8K+

Website

hightideinc.com

Sectors

Cannabis
Pharmacies
CannaTech
ViceTech

Financials

LTM Revenue $417M

LTM EBITDA $25.5M

EV

$321M

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High Tide Financials

As of September 2025, High Tide reported last 12-month revenue of $417M and EBITDA of $25.5M.

In the same period, High Tide generated $108M in LTM gross profit and -$2.4M in net income.

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High Tide P&L

In the most recent fiscal year, High Tide reported revenue of $372M and EBITDA of $24.1M.

High Tide expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$417M	XXX	$372M	XXX	XXX	XXX
Gross Profit	$108M	XXX	$101M	XXX	XXX	XXX
Gross Margin	26%	XXX	27%	XXX	XXX	XXX
EBITDA	$25.5M	XXX	$24.1M	XXX	XXX	XXX
EBITDA Margin	6%	XXX	6%	XXX	XXX	XXX
EBIT	$5.9M	XXX	$10.9M	XXX	XXX	XXX
EBIT Margin	1%	XXX	3%	XXX	XXX	XXX
Net Profit	-$2.4M	XXX	-$3.1M	XXX	XXX	XXX
Net Margin	-1%	XXX	-1%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for High Tide including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $417M. EBITDA for the last twelve months was $25.5M. In the most recent fiscal year, High Tide achieved $372M in revenue and $24.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$417M	Analyst estimates available to subscribers	$372M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$108M	Analyst estimates available to subscribers	$101M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	25.9% gross margin	Analyst estimates available to subscribers	27.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$25.5M	Analyst estimates available to subscribers	$24.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	6.1% EBITDA margin	Analyst estimates available to subscribers	6.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$5.9M	Analyst estimates available to subscribers	$10.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	1.4% EBIT margin	Analyst estimates available to subscribers	2.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$2.4M	Analyst estimates available to subscribers	-$3.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-0.6% net profit margin	Analyst estimates available to subscribers	-0.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for High Tide

This financial data table provides comprehensive performance metrics for High Tide, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

High Tide generated $417M in revenue over the last twelve months.
The company achieved $25.5M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $108M.
Net income over the last twelve months reached -$2.4M.

Fiscal Year Performance

In the most recent fiscal year, High Tide reported $372M in total revenue.
Fiscal year EBITDA was $24.1M.
The company maintained a gross profit margin of 27.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 6.5%.
Net profit margin reached -0.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for High Tide. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

High Tide Stock Performance

High Tide has current market cap of CAD 434M (or $309M), and EV of CAD 450M (or $321M).

Market Cap Evolution

High Tide Stock Data

As of October 16, 2025, High Tide's stock price is CAD 5 (or $4).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$321M	$309M	XXX	XXX	XXX	XXX	$-0.02

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High Tide Valuation Multiples

High Tide's trades at 0.8x EV/Revenue multiple, and 13.2x EV/EBITDA.

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High Tide Financial Valuation Multiples

As of October 16, 2025, High Tide has market cap of $309M and EV of $321M.

Equity research analysts estimate High Tide's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

High Tide has a P/E ratio of -126.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$309M	XXX	$309M	XXX	XXX	XXX
EV (current)	$321M	XXX	$321M	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.8x	XXX	XXX	XXX
EV/EBITDA	12.6x	XXX	13.2x	XXX	XXX	XXX
EV/EBIT	54.0x	XXX	31.8x	XXX	XXX	XXX
EV/Gross Profit	3.0x	XXX	n/a	XXX	XXX	XXX
P/E	-126.3x	XXX	-103.7x	XXX	XXX	XXX
EV/FCF	55.9x	XXX	19.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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High Tide Margins & Growth Rates

High Tide's last 12 month revenue growth is 28%

High Tide's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

High Tide's rule of 40 is 29% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

High Tide's rule of X is 77% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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High Tide Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	28%	XXX	20%	XXX	XXX	XXX
EBITDA Margin	6%	XXX	6%	XXX	XXX	XXX
EBITDA Growth	69%	XXX	333%	XXX	XXX	XXX
Rule of 40	29%	XXX	35%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	77%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	24%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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