TerrAscend Corp. (TSND) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of TerrAscend Corp. stock C$1.21, price C$0.67, upside +82.0%, quality 39 out of 100. Rating: strongly undervalued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range C$0.3250 – C$11.01 · fair‑value band C$0.5500 – C$2.03 · the C$0.6650 price screens below the C$1.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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TerrAscend Corp. cultivates, produces, and sells cannabis products in Canada and the United States. The company manufactures vaporizables, concentrates, topicals, flowers, tinctures, and edibles.
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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.
Stock analysis
TerrAscend Corp. (TSND) currently trades at C$0.6650, while our model-based Fair Value estimate is C$1.21, implying the stock looks roughly 45% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of C$2.52 per share, and 8 of the 10 models we run sit above the C$0.6650 price.
Bear case: the Growth DCF group reads lowest at C$0.8450, and 2 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: C$0.5500 (bear) to C$2.03 (bull), the price of C$0.6650 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
TerrAscend Corp. reported revenue of $265M in FY2025 versus $243M in FY2021, a compound +2.2%/yr. Reported net income was −$87.7M in FY2025.
Key figures
Market cap C$248M (≈ $176M) Micro · P/S ratio 0.94 · EPS (TTM) C$−0.1500 · Net margin −15.7% · Return on equity −27.0% · Return on assets (EBIT) 0.8% (5-year average) · Operating margin 18.1% · Revenue (TTM) $264M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).
What moves the price
The share trades about 63% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at 82%, TSND screens cheaper than that median.
Fair Value models
BearC$0.5500Fair Value C$1.21BullC$2.03
Price C$0.6650 · Upside +82.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.37/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−13.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+68.7%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−24.8% (2020) → 17.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+26.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +23.1% a year for the price and +2.5% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 549 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+82.0% · Top 25%
Profitability
Return on assets−15.5% · Bottom 25%
Net margin (12 months)−15.7% · Bottom 25%
Operating margin (12 months)18.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)3.3% · Below median
Balance sheet
Debt / equity2.17× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/B1.80× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.67× · Cheapest 25%
Price / free cash flow (fiscal year)13.2× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TerrAscend Corp. Fair Value". https://www.fairvalue-calculator.com/stock/TSND
Frequently asked questions
Is TerrAscend Corp. (TSND) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of C$1.21 versus a price of C$0.6650, about +82% upside (undervalued).
What is the fair value of TSND?
Our model-based fair value for TerrAscend Corp. is C$1.21 (as of Nov 8, 2026), built from audited fundamentals. The current price: C$0.6650.
What is the quality score of TSND?
TerrAscend Corp. has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for TerrAscend Corp. (TSND)?
Our model-based price target is the fair value of C$1.21 (as of Nov 8, 2026) from 10 valuation models. Cautious scenario C$0.5500, optimistic scenario C$2.03. It is a calculation from audited fundamentals, not an analyst target.
What is the TerrAscend Corp. stock forecast for 2026?
Our models put fair value at C$1.21, about +82% upside versus a price of C$0.6650 (undervalued). Cautious scenario C$0.5500, optimistic scenario C$2.03. The calculation is refreshed regularly with new filings.
What is the revenue of TerrAscend Corp. (TSND)?
TerrAscend Corp. reported trailing-twelve-month revenue of about $264M (latest available figure, as of Nov 8, 2026).
What growth is priced into TerrAscend Corp. (TSND)?
For today's price to be fair in a discounted-cash-flow model, TerrAscend Corp. would have to grow free cash flow by +26.1 % per year for five years (discount rate 15.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of TSND use?
Our models discount TerrAscend Corp. at 15.0 %: a base by market capitalisation (micro), damped by beta 2.34, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For TerrAscend Corp. that is +26.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (15.0 %) and the same formula as our fair value.
How much growth has TerrAscend Corp. (TSND) delivered so far?
Over the past 5 years revenue at TerrAscend Corp. grew +6.0 % a year. The price currently implies free-cash-flow growth of +26.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of TerrAscend Corp. (TSND) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into TerrAscend Corp. (+26.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of TerrAscend Corp. (TSND)?
The free-cash-flow yield on the price is 9.13 %: that much free cash flow TerrAscend Corp. produces per unit of market value. When it exceeds the discount rate of our models (15.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TerrAscend Corp. (TSND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TerrAscend Corp. it is C$1.21 per share (as of Nov 8, 2026), against a price of C$0.6650. It is the blended result of 10 valuation models in 3 families (DCF Models, Multiples, Growth DCF).
Is TerrAscend Corp. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, TSND trades below its calculated fair value: price C$0.6650, fair value C$1.21, a gap of about +82% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TSND?
No. The price is what the market pays today (C$0.6650); the fair value is what the company's own numbers justify (C$1.21). For TerrAscend Corp. the two are C$0.5450 per share apart. That gap is exactly why we show both numbers side by side.
How much is TerrAscend Corp. worth?
The market values TerrAscend Corp. at about C$248M (market capitalisation, as of Nov 8, 2026). Per share that is C$0.6650; our models calculate a fair value of C$1.21 per share.
What do the bullish and bearish scenarios say about TSND?
Our models span a range for TerrAscend Corp.: cautious scenario C$0.5500, base C$1.21, optimistic C$2.03 per share (as of Nov 8, 2026, price C$0.6650). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TerrAscend Corp. (TSND)?
Balance-sheet figures for TerrAscend Corp. (as of Nov 8, 2026): return on equity −27.0%, debt of 2.17 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is TSND from its 52-week high?
TerrAscend Corp. trades at C$0.6650, about 63% below its 52-week high of C$1.82 and 25% above the low of C$0.5300 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of C$1.21 is for.
Which stocks are comparable to TerrAscend Corp.?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is TerrAscend Corp. stock attractive at the current price?
The data as of Nov 8, 2026: price C$0.6650, calculated fair value C$1.21 (+82%), Quality Score 39/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TSND calculated?
We run TerrAscend Corp. through 10 models from 3 families: DCF Models, Multiples, Growth DCF. Every model gets the same audited fundamentals; the fair value of C$1.21 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. TerrAscend Corp. currently trades 45% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of TerrAscend Corp. (TSND)?
The closing price on Nov 6, 2026 was C$0.6650. Our model-based fair value is C$1.21, about +82% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TerrAscend Corp. right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (C$0.5500 to C$2.03). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of TerrAscend Corp.
How large is the market capitalisation of TerrAscend Corp. (TSND)?
The market capitalisation of TerrAscend Corp. is C$248M (≈ $176M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of TerrAscend Corp. (TSND)?
The price-to-sales ratio of TerrAscend Corp. is 0.94 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TerrAscend Corp. (TSND)?
Earnings per share at TerrAscend Corp. are C$−0.1500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TerrAscend Corp. (TSND)?
The net margin of TerrAscend Corp. is −15.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of TerrAscend Corp. (TSND)?
The return on equity (ROE) of TerrAscend Corp. is −27.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of TerrAscend Corp. (TSND)?
On an EBIT basis the return on assets of TerrAscend Corp. is 0.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of TerrAscend Corp. (TSND)?
The operating margin of TerrAscend Corp. is 18.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TerrAscend Corp. (TSND)?
Revenue at TerrAscend Corp. is growing +3.3% versus a year earlier (3y avg +3.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does TerrAscend Corp. (TSND) carry?
The net debt of TerrAscend Corp. is $219M (fiscal year 2025, ≈ 16.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026