High Tide Inc.: what the price is pricing in

There is no current cash flow reading for High Tide Inc.: its latest is from June 30, 2026. Switch lens below to see the other readings and how trading the gap would have done.

What growth in cash flow is the price paying for?

No current reading. The latest is from June 30, 2026: the figures this lens needs have not been filed recently enough (or no longer apply), so there is no position this quarter.

Quarters with a position22 long, 0 short, since March 31, 2025

Beat the S&P 5001 of 250.0% of quarters held

Strategy against the index−0.9%cumulative; worst fall -15.6%

$10,000 became$14,279S&P 500 bought and held: $14,117

Over time

The growth in owner earnings (free cash flow after stock-based pay) that would justify the share price in our discounted-cash-flow model, against the growth the model itself assumes from the company's record.

Growth our model assumes Growth the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

StrategyS&P 500, buy and hold Hypothetical, before costs. The strategy holds the S&P 500 and only changes on a signal: it switches into HITI in long quarters and adds a short of HITI in short quarters. The gap between the lines is what the signal added or lost.

Skill or luck?

In plain English: With only 2 quarters of positions, High Tide Inc.'s own record is too short to tell skill from luck. The results across all companies on the priced-in page are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	2	50.0%	+0.9%	+0.9%	−1.8%	—	Too few quarters
Shorts	0	—	—	—	—	—	—
All positions	2	50.0%	+0.9%	+0.9%	−1.8%	—	Too few quarters

Each position is measured against the S&P 500 over the same quarter: a long earns the stock's return minus the index's, a short the index's minus the stock's. "A year" compounds the per-quarter results. Evidence: strong at a t-statistic of 2 or more, some from 1.5; "worse" when the result is that far below zero; one company's history is a small sample, so read these alongside the results across all companies.

Every quarter (4)

From	Price paid	Growth the price implies	Growth our model assumes	Position	HITI	S&P 500
June 30, 2026	$2.28	0.6%	12.9%	Long	+19.7%	+2.4%
March 31, 2026	$2.29	0.7%	12.9%	Long	−0.4%	+15.1%
June 30, 2025	$2.30	11.1%	13.0%	No position	+57.8%	+8.1%
March 31, 2025	$1.89	7.3%	13.0%	No position	+21.7%	+10.8%

Price paid: the closing price that day as traded, before any later share split.

What profit margin is the price paying for?

No current reading. The latest is from June 30, 2026: the figures this lens needs have not been filed recently enough (or no longer apply), so there is no position this quarter.

Quarters with a position00 long, 0 short, since March 31, 2024

Beat the S&P 500—no position yet

Strategy against the index0.0%cumulative; worst fall 0.0%

$10,000 became$15,582S&P 500 bought and held: $15,582

Over time

The owner-earnings margin (free cash flow after stock pay, as a share of revenue) the price requires at our model's growth, against the margin the company has delivered over three years.

Margin delivered Margin the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

Skill or luck?

In plain English: The gap has not been wide enough for a position in High Tide Inc. since 2010, so there is no record to judge.

Positions	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	—	—	—	—	—	—
Shorts	—	—	—	—	—	—
All positions	—	—	—	—	—	—

Every quarter (6)

From	Price paid	Margin the price implies	Margin delivered	Position	HITI	S&P 500
June 30, 2026	$2.28	1.4%	2.9%	No position	+19.7%	+2.4%
March 31, 2026	$2.29	1.4%	2.9%	No position	−0.4%	+15.1%
June 30, 2025	$2.30	1.4%	1.6%	No position	+57.8%	+8.1%
March 31, 2025	$1.89	1.2%	1.6%	No position	+21.7%	+10.8%
June 30, 2024	$2.21	1.5%	-2.3%	No position	−7.2%	+5.8%
March 31, 2024	$2.03	1.4%	-2.3%	No position	+8.9%	+4.4%

Price paid: the closing price that day as traded, before any later share split.

What return on equity is the price paying for?

No current reading. The latest is from June 30, 2026: the figures this lens needs have not been filed recently enough (or no longer apply), so there is no position this quarter.

Quarters with a position60 long, 6 short, since March 31, 2024

Beat the S&P 5002 of 633.3% of quarters held

Strategy against the index−53.8%cumulative; worst fall -57.2%

$10,000 became$7,687S&P 500 bought and held: $15,582

Over time

The return on equity that justifies the price-to-book ratio, (P/B)(r − g) + g with an 8.5% required return and 2.5% long-run growth, against the return the company delivered last year.

Return on equity delivered Return on equity the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

Skill or luck?

In plain English: With only 6 quarters of positions, High Tide Inc.'s own record is too short to tell skill from luck. The results across all companies on the priced-in page are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	0	—	—	—	—	—	—
Shorts	6	33.3%	−9.0%	−7.7%	−40.3%	-0.92	Too few quarters
All positions	6	33.3%	−9.0%	−7.7%	−40.3%	-0.92	Too few quarters

Every quarter (6)

From	Price paid	Return on equity the price implies	Return on equity delivered	Position	HITI	S&P 500
June 30, 2026	$2.28	20.5%	-43.9%	Short	+19.7%	+2.4%
March 31, 2026	$2.29	20.6%	-43.9%	Short	−0.4%	+15.1%
June 30, 2025	$2.30	13.2%	-3.2%	Short	+57.8%	+8.1%
March 31, 2025	$1.89	11.3%	-3.2%	Short	+21.7%	+10.8%
June 30, 2024	$2.21	12.9%	-27.8%	Short	−7.2%	+5.8%
March 31, 2024	$2.03	12.1%	-27.8%	Short	+8.9%	+4.4%

Price paid: the closing price that day as traded, before any later share split.

How the test works

At each quarter end since March 2010 we rebuild the models from High Tide Inc.'s quarters ending at least 90 days earlier (and no more than 200 days before that), using the figures as later filed, including any restatement, and value them at that day's close, adjusted for later share splits and spin-offs so that price and share count are on the same basis. A wide enough gap is a long or a short for one quarter (growth 10 points; margin and return on equity 5 points; a PEG under 0.75 or over 3), measured on total return against the S&P 500. The rules were set before the test. No trading or borrowing costs; today's list of companies. Not investment advice. All companies and the results across them.

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Figures from High Tide Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to High Tide Inc.