High Tide Inc. key statistics and ratios

In fiscal 2025, High Tide Inc. had return on equity of -43.9%, an operating margin of -2.4%, debt equal to 33.8% of equity and a current ratio of 1.37. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

High Tide Inc.: financial ratios, annual
Fiscal year	2020Oct 2020	2021Oct 2021	2022Oct 2022	2023Oct 2023	2024Oct 2024	2025Oct 2025
Gross margin	37.0%	35.3%	28.3%	26.9%	27.3%	25.8%
Operating margin	0.1%	−10.3%	−20.3%	−8.5%	1.0%	−2.4%
Net margin	−8.4%	−19.0%	−20.1%	−8.1%	−0.8%	−8.5%
Free-cash-flow margin	7.9%	−7.4%	−0.9%	3.1%	5.2%	2.3%
Return on equity	−67.9%	−43.3%	−47.8%	−27.8%	−3.2%	−43.9%
Return on assets	−9.9%	−21.8%	−27.9%	−15.8%	−1.8%	−17.0%
Asset turnover	1.18	1.15	1.39	1.96	2.23	1.99
Current ratio	0.70	1.13	1.07	1.18	1.40	1.37
Debt to equity	44.5%	11.9%	18.3%	21.9%	18.8%	33.8%
Interest cover (operating income ÷ interest)	—	—	n/m	—	16.5x	n/m
Capital spending as % of revenue	2.8%	5.8%	2.2%	1.2%	1.6%	1.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · October 31, 2025

What it owns · $249m

Short-term assets $98mLonger-term assets $151m

What it owes, and who funded it · $238m

Short-term liabilities $71mLonger-term liabilities $104mShareholders' equity $63m

Short-term assets cover short-term liabilities $98m of assets due within a year against $71m of liabilities due within a year.
Short-term assets cover long-term liabilities $98m short-term assets against $104m of longer-dated liabilities.
More cash than debt $34m of cash against $21m of debt.
Debt below 40% of shareholders' equity Debt is 34% of equity.
Debt burden no higher than five years ago Debt to equity moved from 25% to 34% over five years.
A year's operating cash flow covers at least 20% of debt $17m of operating cash flow against $21m of debt.
Operating profit covers interest at least five times over Operating income of −$10m against $1m of interest.

From High Tide Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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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.