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Ascend Wellness vs Tilray Brands: revenue, profit, margins and growth compared

Ascend Wellness brought in $500.6M of revenue in fiscal 2025, Tilray Brands $915.5M in fiscal 2026. Revenue changed by -10.9% at Ascend Wellness and +11.5% at Tilray Brands on the year before, so Tilray Brands grew faster. Ascend Wellness kept -23.6% of its revenue as net profit, Tilray Brands -13.3%.

Side by side, latest fiscal year

AAWHTLRY
Fiscal year endedFY2025 (December 31, 2025)FY2026 (May 31, 2026)
Revenue$500.6M$915.5M
Revenue growth-10.9%+11.5%
Net income-$118.2M-$121.4M
Net margin-23.6%-13.3%
Free cash flow$12Mn/a
Free cash flow margin2.4%n/a
Earnings per share (diluted)-$0.58-$1.09
Cash$85.7M$226M
Debt$319.5Mn/a
Price to earningsn/an/a
Market value$116M$468.4M
Dividend yieldn/an/a
Rank by revenue in sector#206 of 742 · Health care#159 of 742 · Health care

Over the years

Revenue
AAWH FY2019: $12MAAWH FY2021: $143.7MAAWH FY2021: $332.4MAAWH FY2022: $405.9MAAWH FY2023: $518.6MAAWH FY2024: $561.6MAAWH FY2025: $500.6MTLRY FY2021: $405.3MTLRY FY2020: $210.5MTLRY FY2021: $513.1MTLRY FY2022: $628.4MTLRY FY2023: $627.1MTLRY FY2024: $788.9MTLRY FY2025: $821.3MTLRY FY2026: $915.5MFY19FY20FY21FY22FY23FY24FY25FY26
AAWH $500.6MTLRY $915.5M
Net income
AAWH FY2019: -$31.9MAAWH FY2021: -$25.4MAAWH FY2021: -$122.7MAAWH FY2022: -$80.9MAAWH FY2023: -$48.2MAAWH FY2024: -$85MAAWH FY2025: -$118.2MTLRY FY2021: -$102.5MTLRY FY2020: -$271.1MTLRY FY2021: -$367.4MTLRY FY2022: -$476.8MTLRY FY2023: -$1.5BTLRY FY2024: -$245MTLRY FY2025: -$2.2BTLRY FY2026: -$121.4MFY19FY20FY21FY22FY23FY24FY25FY26
AAWH -$118.2MTLRY -$121.4M
Net margin
AAWH FY2019: -265.1%AAWH FY2021: -17.7%AAWH FY2021: -36.9%AAWH FY2022: -19.9%AAWH FY2023: -9.3%AAWH FY2024: -15.1%AAWH FY2025: -23.6%TLRY FY2021: -25.3%TLRY FY2020: -128.8%TLRY FY2021: -71.6%TLRY FY2022: -75.9%TLRY FY2023: -231.6%TLRY FY2024: -31.1%TLRY FY2025: -266.3%TLRY FY2026: -13.3%FY19FY20FY21FY22FY23FY24FY25FY26
AAWH -23.6%TLRY -13.3%
Revenue growth
AAWH FY2021: +1,094.6%AAWH FY2021: +131.3%AAWH FY2022: +22.1%AAWH FY2023: +27.8%AAWH FY2024: +8.3%AAWH FY2025: -10.9%TLRY FY2020: -48.1%TLRY FY2021: +143.8%TLRY FY2022: +22.5%TLRY FY2023: -0.2%TLRY FY2024: +25.8%TLRY FY2025: +4.1%TLRY FY2026: +11.5%FY20FY21FY22FY23FY24FY25FY26
AAWH -10.9%TLRY +11.5%
Free cash flow
AAWH FY2019: -$82.6MAAWH FY2021: -$32.4MAAWH FY2021: -$130.2MAAWH FY2022: -$120MAAWH FY2023: $51.1MAAWH FY2024: $50.8MAAWH FY2025: $12MTLRY FY2021: -$199.4MTLRY FY2020: -$174MTLRY FY2021: -$83.6MTLRY FY2022: -$211.3MTLRY FY2023: -$12.9MTLRY FY2024: -$60.2MTLRY FY2025: -$127.5MFY19FY20FY21FY22FY23FY24FY25
AAWH $12MTLRY -$127.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ascend Wellness and Tilray Brands

Which is bigger by revenue, Ascend Wellness or Tilray Brands?

Tilray Brands is bigger by revenue: $915.5M in fiscal 2026, against $500.6M for Ascend Wellness in fiscal 2025.

Which keeps more of its revenue as profit, Ascend Wellness or Tilray Brands?

Ascend Wellness had a net margin of -23.6% in fiscal 2025; Tilray Brands had -13.3% in fiscal 2026.

Which grew revenue faster, Ascend Wellness or Tilray Brands?

In their latest fiscal years revenue changed by -10.9% at Ascend Wellness and +11.5% at Tilray Brands.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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