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TerrAscend (TSNDF) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

TerrAscend
OTC Markets OTCQX•Healthcare•Drug Manufacturers - Specialty & Generic
$0.69+0.04(0.06%)Market closed
Market Cap
$196.48M
P/S
0.8x
P/B
2.3x

TerrAscend Corp. cultivates, produces, and sells cannabis products in Canada and the United States. The company manufactures vaporizables, concentrates, topicals, flowers, tinctures, and edibles. It offers its products under the brand name Kind Tree Cannabis, Legend, Valhalla Confections, State Flower Cannabis, Ilera Healthcare, Wana, and Cookies. The company also operates retail dispensaries under the Apothecarium brand name. It serves medical patients and adult-use consumers in North America. The company was incorporated in 2017 and is headquartered in Mississauga, Canada.

C

How this company scores

AverageMetricSide Score: 46/100

Strongest: Cash & Earnings Quality (17/25); weakest: Balance Sheet & Red Flags (6/25).

Profitability15/25
Growth8/25
Balance Sheet & Red Flags6/25
Cash & Earnings Quality17/25
Strengths
Rising free cash flowConsistent free cash flowProfit converts from growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 0.8x5y range 0.3x – 2.0x
P/S 0.8x · below its 15-quarter median

Currently below its 15-quarter median.

P/B · 2.3x5y range 0.7x – 1176.8x
P/B 2.3x · near its 18-quarter median

Currently near its 18-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.1x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume
Market Cap $196.48M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$257.21M
10%
Q. Revenue
$67.12M
2Q
TTM EBITDA
$51.23M
4Q
TTM Op. Income
$46.02M
4Q
Q. Op. Income
$12.11M
6Q
TTM Net Income
$-37.01M
3Q
Q. Net Income
$-8.05M
2Q
EPS
$-0.03
82%
Shares Out.
$309.36M
2Q
$257.21M in TTM revenue declined 9.6% YoY, reaching $67.12M last quarter. TTM EBITDA of $51.23M and TTM operating income of $46.02M show growth is flowing through to the bottom line. However, net income is negative at $37.01M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 10% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
54.0%
6%
EBITDA Margin
20.0%
6%
Op. Margin
18.0%
7%
Net Margin
-12.0%
84%
Op. margin of 18.0% is up 1.2% YoY — cost efficiency is improving. Net margin at -12.0% and gross margin of 54.0% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 7% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
0.8x
160%
P/B Ratio
2.3x
232%
P/S of 0.8x and P/B of 2.3x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$553.71M
3%
Cash
$42.03M
4Q
Long-Term Debt
$209.68M
3Q
Book Value
$84.04M
2Q
D/E Ratio
2.5
2Q
Debt/EBITDA
15.7
2Q
With $553.71M in assets and $209.68M in long-term debt, D/E is 2.5and book value is $84.04M — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$7.38M
29%
TTM Free Cash Flow
$25.02M
23%
FCF Margin
9.7%
36%
FCF / Net Income
-0.7
4Q
TTM FCF of $25.02M on $7.38M in operating cash flow. The FCF / Net Income ratio of -0.7x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 23% — a weakening trend.

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Leverage Risk

Watch

D/E ratio of 2.5 is elevated and rising. Watch for further debt accumulation.

Revenue Decline

Red Flag

TTM revenue has contracted 13.2% — significant decline indicating deteriorating demand.

Share Dilution

Red Flag

Shares outstanding increased 6.1% — significant dilution, likely from stock compensation or capital raises.