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Tilray Brands, Inc.（TLRY）与优莎娜（USNA）财务数据对比。点击上方公司名可切换其他公司
Tilray Brands, Inc.的季度营收约是优莎娜的1.0倍（$217.5M vs $213.7M）。优莎娜净利率更高（-3.1% vs -20.7%，领先17.6%）。优莎娜同比增速更快（6.7% vs 3.1%）。过去两年Tilray Brands, Inc.的营收复合增速更高（7.5% vs -1.7%）
Tilray Brands, Inc.是一家美国企业，主营医药、大麻生活方式产品以及包装消费品业务，公司注册于美国，总部坐落于纽约。该公司在加拿大、澳大利亚、新西兰、拉美地区均开展业务，同时在德国和葡萄牙拥有大麻种植基地。
USANA是总部位于美国犹他州盐湖城的多层次营销企业，以 revenue 计位列2021年全球第14大直销企业。公司主打营养产品、膳食补充剂与护肤产品，大部分产品在盐湖城自有工厂生产，产品通过独立经销商网络销往全球24个国家。
TLRY vs USNA — 直观对比
营收规模更大
TLRY
是对方的1.0倍
$213.7M
营收增速更快
USNA
高出3.6%
3.1%
净利率更高
USNA
高出17.6%
-20.7%
两年增速更快
TLRY
近两年复合增速
-1.7%
损益表 — Q2 2026 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $217.5M | $213.7M |
| 净利润 | $-44.9M | $-6.5M |
| 毛利率 | 26.4% | 77.2% |
| 营业利润率 | -10.2% | 0.6% |
| 净利率 | -20.7% | -3.1% |
| 营收同比 | 3.1% | 6.7% |
| 净利润同比 | 47.4% | -161.5% |
| 每股收益（稀释后） | $-0.41 | $-0.36 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收TLRYUSNA
| Q4 25 | $217.5M | — | ||
| Q3 25 | $209.5M | $213.7M | ||
| Q2 25 | $224.5M | $235.8M | ||
| Q1 25 | $185.8M | $249.5M | ||
| Q4 24 | $210.9M | $213.6M | ||
| Q3 24 | $200.0M | $200.2M | ||
| Q2 24 | $229.9M | $212.9M | ||
| Q1 24 | $188.3M | $227.8M |
净利润TLRYUSNA
| Q4 25 | $-44.9M | — | ||
| Q3 25 | $-322.0K | $-6.5M | ||
| Q2 25 | $-1.3B | $9.7M | ||
| Q1 25 | $-789.4M | $9.4M | ||
| Q4 24 | $-85.3M | $4.5M | ||
| Q3 24 | $-39.2M | $10.6M | ||
| Q2 24 | $-31.7M | $10.4M | ||
| Q1 24 | $-92.7M | $16.5M |
毛利率TLRYUSNA
| Q4 25 | 26.4% | — | ||
| Q3 25 | 27.4% | 77.2% | ||
| Q2 25 | 30.1% | 78.7% | ||
| Q1 25 | 28.0% | 79.0% | ||
| Q4 24 | 29.0% | 82.0% | ||
| Q3 24 | 29.8% | 80.4% | ||
| Q2 24 | 35.8% | 81.1% | ||
| Q1 24 | 26.2% | 81.1% |
营业利润率TLRYUSNA
| Q4 25 | -10.2% | — | ||
| Q3 25 | 1.0% | 0.6% | ||
| Q2 25 | -643.1% | 7.1% | ||
| Q1 25 | -409.0% | 6.3% | ||
| Q4 24 | -20.0% | 3.8% | ||
| Q3 24 | -18.3% | 7.8% | ||
| Q2 24 | -7.2% | 8.4% | ||
| Q1 24 | -43.6% | 10.8% |
净利率TLRYUSNA
| Q4 25 | -20.7% | — | ||
| Q3 25 | -0.2% | -3.1% | ||
| Q2 25 | -566.9% | 4.1% | ||
| Q1 25 | -424.9% | 3.8% | ||
| Q4 24 | -40.5% | 2.1% | ||
| Q3 24 | -19.6% | 5.3% | ||
| Q2 24 | -13.8% | 4.9% | ||
| Q1 24 | -49.2% | 7.3% |
每股收益（稀释后）TLRYUSNA
| Q4 25 | $-0.41 | — | ||
| Q3 25 | $0.00 | $-0.36 | ||
| Q2 25 | $7.26 | $0.52 | ||
| Q1 25 | $-8.69 | $0.49 | ||
| Q4 24 | $-0.99 | $0.23 | ||
| Q3 24 | $-0.04 | $0.56 | ||
| Q2 24 | $-0.04 | $0.54 | ||
| Q1 24 | $-0.12 | $0.86 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $291.6M | $145.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.6B | $528.1M |
| 总资产 | $2.1B | $726.6M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资TLRYUSNA
| Q4 25 | $291.6M | — | ||
| Q3 25 | $264.8M | $145.3M | ||
| Q2 25 | $256.4M | $151.3M | ||
| Q1 25 | — | $179.6M | ||
| Q4 24 | $252.2M | $181.8M | ||
| Q3 24 | $280.1M | $364.9M | ||
| Q2 24 | $260.5M | $332.4M | ||
| Q1 24 | $225.9M | $328.3M |
股东权益TLRYUSNA
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | $528.1M | ||
| Q2 25 | $1.5B | $531.1M | ||
| Q1 25 | $2.7B | $529.8M | ||
| Q4 24 | $3.5B | $532.1M | ||
| Q3 24 | $3.5B | $533.1M | ||
| Q2 24 | $3.4B | $512.2M | ||
| Q1 24 | $3.4B | $500.0M |
总资产TLRYUSNA
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $726.6M | ||
| Q2 25 | $2.1B | $734.5M | ||
| Q1 25 | — | $746.6M | ||
| Q4 24 | $4.2B | $748.2M | ||
| Q3 24 | $4.3B | $671.3M | ||
| Q2 24 | $4.2B | $631.4M | ||
| Q1 24 | $4.2B | $629.3M |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-8.5M | $-2.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-5.2M |
| 自由现金流率自由现金流/营收 | — | -2.4% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $18.7M |
8季度趋势，按日历期对齐
经营现金流TLRYUSNA
| Q4 25 | $-8.5M | — | ||
| Q3 25 | $-1.3M | $-2.0M | ||
| Q2 25 | $-12.8M | $12.2M | ||
| Q1 25 | $-5.8M | $15.5M | ||
| Q4 24 | $-40.7M | $5.8M | ||
| Q3 24 | $-35.3M | $29.5M | ||
| Q2 24 | $30.7M | $8.0M | ||
| Q1 24 | $-15.4M | $17.7M |
自由现金流TLRYUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | $-5.2M | ||
| Q2 25 | $-19.1M | $7.2M | ||
| Q1 25 | $-20.2M | $12.7M | ||
| Q4 24 | $-46.2M | $4.0M | ||
| Q3 24 | $-42.0M | $27.1M | ||
| Q2 24 | $21.0M | $5.3M | ||
| Q1 24 | $-24.9M | $14.5M |
自由现金流率TLRYUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | -2.4% | ||
| Q2 25 | -8.5% | 3.0% | ||
| Q1 25 | -10.9% | 5.1% | ||
| Q4 24 | -21.9% | 1.9% | ||
| Q3 24 | -21.0% | 13.6% | ||
| Q2 24 | 9.1% | 2.5% | ||
| Q1 24 | -13.2% | 6.4% |
资本支出强度TLRYUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | 2.8% | 2.1% | ||
| Q1 25 | 7.8% | 1.1% | ||
| Q4 24 | 2.6% | 0.8% | ||
| Q3 24 | 3.4% | 1.2% | ||
| Q2 24 | 4.2% | 1.3% | ||
| Q1 24 | 5.1% | 1.4% |
现金转化率TLRYUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.27× | ||
| Q1 25 | — | 1.65× | ||
| Q4 24 | — | 1.29× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | — | 0.77× | ||
| Q1 24 | — | 1.07× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
TLRY
| Adultuse Cannabis Products | $62.4M | 29% |
| Other | $59.2M | 27% |
| Beverage Alcohol Business | $53.6M | 25% |
| International Cannabis Products | $20.2M | 9% |
| Wellness Business | $14.6M | 7% |
| Medical Cannabis Products | $6.2M | 3% |
| Wholesale Cannabis Products | $1.3M | 1% |
USNA
| Direct Selling | $175.8M | 82% |
| Hiya | $30.8M | 14% |
| All Other | $7.0M | 3% |
