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Natural Alternatives International vs Tilray Brands: revenue, profit, margins and growth compared

Natural Alternatives International brought in $129.9M of revenue in fiscal 2025, Tilray Brands $915.5M in fiscal 2026. Revenue changed by +14.1% at Natural Alternatives International and +11.5% at Tilray Brands on the year before, so Natural Alternatives International grew faster. Natural Alternatives International kept -10.5% of its revenue as net profit, Tilray Brands -13.3%.

Side by side, latest fiscal year

NAIITLRY
Fiscal year endedFY2025 (June 30, 2025)FY2026 (May 31, 2026)
Revenue$129.9M$915.5M
Revenue growth+14.1%+11.5%
Net income-$13.6M-$121.4M
Net margin-10.5%-13.3%
Free cash flow$2.3Mn/a
Free cash flow margin1.8%n/a
Earnings per share (diluted)-$2.28-$1.09
Cash$12.3M$226M
Debtn/an/a
Price to earningsn/an/a
Market value$11M$481.2M
Dividend yieldn/an/a
Rank by revenue in sector#286 of 646 · Health care#152 of 646 · Health care

Over the years

Revenue
NAII FY2018: $132.4MNAII FY2019: $138.3MNAII FY2020: $118.9MNAII FY2021: $178.5MNAII FY2022: $171MNAII FY2023: $154MNAII FY2024: $113.8MNAII FY2025: $129.9MTLRY FY2021: $405.3MTLRY FY2020: $210.5MTLRY FY2021: $513.1MTLRY FY2022: $628.4MTLRY FY2023: $627.1MTLRY FY2024: $788.9MTLRY FY2025: $821.3MTLRY FY2026: $915.5MFY18FY19FY20FY21FY22FY23FY24FY25FY26
NAII $129.9MTLRY $915.5M
Net income
NAII FY2018: $5.1MNAII FY2019: $6.5MNAII FY2020: -$1.6MNAII FY2021: $10.8MNAII FY2022: $10.7MNAII FY2023: $2.5MNAII FY2024: -$7.2MNAII FY2025: -$13.6MTLRY FY2021: -$102.5MTLRY FY2020: -$271.1MTLRY FY2021: -$367.4MTLRY FY2022: -$476.8MTLRY FY2023: -$1.5BTLRY FY2024: -$245MTLRY FY2025: -$2.2BTLRY FY2026: -$121.4MFY18FY19FY20FY21FY22FY23FY24FY25FY26
NAII -$13.6MTLRY -$121.4M
Net margin
NAII FY2018: 3.8%NAII FY2019: 4.7%NAII FY2020: -1.4%NAII FY2021: 6.0%NAII FY2022: 6.3%NAII FY2023: 1.6%NAII FY2024: -6.3%NAII FY2025: -10.5%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%FY18FY19FY20FY21FY22FY23FY24FY25FY26
NAII -10.5%TLRY -13.3%
Revenue growth
NAII FY2019: +4.4%NAII FY2020: -14.0%NAII FY2021: +50.2%NAII FY2022: -4.2%NAII FY2023: -9.9%NAII FY2024: -26.1%NAII FY2025: +14.1%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%FY19FY20FY21FY22FY23FY24FY25FY26
NAII +14.1%TLRY +11.5%
Free cash flow
NAII FY2018: -$2.2MNAII FY2019: $1.2MNAII FY2020: -$850KNAII FY2021: $15.7MNAII FY2022: -$14.6MNAII FY2023: -$6.5MNAII FY2024: -$4.5MNAII FY2025: $2.3MTLRY FY2021: -$199.4MTLRY FY2020: -$174MTLRY FY2021: -$83.6MTLRY FY2022: -$211.3MTLRY FY2023: -$12.9MTLRY FY2024: -$60.2MTLRY FY2025: -$127.5MFY18FY19FY20FY21FY22FY23FY24FY25
NAII $2.3MTLRY -$127.5M

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

Questions about Natural Alternatives International and Tilray Brands

Which is bigger by revenue, Natural Alternatives International or Tilray Brands?

Tilray Brands is bigger by revenue: $915.5M in fiscal 2026, against $129.9M for Natural Alternatives International in fiscal 2025.

Which keeps more of its revenue as profit, Natural Alternatives International or Tilray Brands?

Natural Alternatives International had a net margin of -10.5% in fiscal 2025; Tilray Brands had -13.3% in fiscal 2026.

Which grew revenue faster, Natural Alternatives International or Tilray Brands?

In their latest fiscal years revenue changed by +14.1% at Natural Alternatives International 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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