Canopy Growth Corp

CGC

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and cannabis-related products for medical and adult use in Canada, Germany, the United States, and internationally. The company operates through two segments, Cannabis and Storz & Bickel.

About the company

Country: CanadaPrice: $0.56Market Cap: $252.3M

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 12 pass — Buffett, Lynch, Akre +2 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	PASS	FAIL	FAIL	FAIL · Rank #2648 (Top 85.5%)	PASS	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	FAIL	FAIL	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-06-15 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-06-15 Score computed: 2026-11-14

Where It Passes

Debt & Leverage58% pass✓ 10✗ 5▾
7 of 12 pass — Buffett, Lynch, Akre +2 more object
Debt Levels0.33
✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
LT Debt vs Net Current AssetsLT Debt $155.7M vs NCA $266.0M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.33, IC: -4.2x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.33
✗Lynch< 0.33
Cash - Long-term Debt$105.8M
✓LynchPositive preferred
LT Debt / Total Assets Change32.67% -> 19.41%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities3.34
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.33
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Interest Coverage & Debt/EBITDAIC=-4.2x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.33
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.3345; #2102/4210 (top 49.9%)
✗AsnessTop 30% of eligible cross-section

Where It Falls Short

Valuation0% pass✓ 8✗ 20▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio0.5x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-73.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-73.3%, ROC=-47.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
Price / Book Value per Share0.5x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=-19.6%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=0.5x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Price vs. Trailing Low100% of trailing low ($0.56)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-74.71%; #5249/6340 (top 82.8%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+1.9823; #688/6449 (top 10.7%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.60x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.8087; #2027/5247 (top 38.6%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-19.65%; #3508/4519 (top 77.6%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-46.57%; #5042/6202 (top 81.3%)
✗OshaughnessyTop 10% of eligible cross-section
Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-562.3M
✗BuffettPositive and growing
FCF Positive and Growing$-49.6M
✗LynchPositive and growing
Operating Cash Flow$-45.7M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-5.70%, ROA=-23.50%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=-19.6%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive0/10 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-20.9%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency0/10 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-49.6M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-19.65%; #3508/4519 (top 77.6%)
✗OshaughnessyTop 10% of eligible cross-section
Growth0% pass✗ 13▾
All 8 investors flag CGC's growth
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 12.5% vs Rev: 3.8%
✗LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency0/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-9.4%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 27.2% -> 24.5%, operating margin -77.0% -> -56.8%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR-14.7%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability6% pass✓ 5✗ 30▾
15 of 16 flag CGC's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)0/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-148.7%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-56.8% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$-562.3M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-37.7%
✗Lynch> 15%
EBIT / Enterprise Value-73.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-73.3%, ROC=-47.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-23.50%
✗PiotroskiROA > 0
ROA Change YoY-55.45% -> -23.50% (delta: +31.95%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-5.70%, ROA=-23.50%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY29.6% -> 24.5%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-92.4%
✗Dreman>= 8%
Net Income / Shareholders' Equity-37.7%
✗Dreman> 12%
Margin of SafetyP/B=0.5x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-97.5% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency0/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-56.8%
✗Ackman>= 15%
Net Income / Shareholders Equity-37.7%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-77.0% (2023) -> -56.8% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 27.2% -> 24.5%, operating margin -77.0% -> -56.8%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-74.71%; #5249/6340 (top 82.8%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+6.23%; #3037/3702 (top 82.0%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-37.69%; #4044/5226 (top 77.4%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.4341; #4852/5884 (top 82.5%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years0/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts21% pass✓ 3✗ 11▾
Split decision: 10 FAIL · 3 PASS · 3 NEUTRAL
Overall verdict
✓GrahamPASS (4/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #2648✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #2003/2370 (Top 84.5%))✗NeffFAIL (0/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag CGC's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio3.34
✓Graham>= 2.0
ROIC (3-5 yr avg)-47.9%
✗Buffett> 10%
ROIC - WACC-57.9%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-47.7%
✗Greenblatt> 25%
Current Ratio Change YoY2.66 -> 3.34
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.29x -> 0.25x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities3.34
✓Dreman> 1.5
Return on Invested Capital-13.7%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=-17.0%; FY2024: ROIC=-11.8%; FY2025: ROIC=-13.7%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest -13.7%)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Pharmaceutical Products

SIC Sector: Chemicals & Pharmaceuticals

Size: Micro Cap($252.3M)

Revenue: $204.1M+3.8% YoY

Net Income: $188.5M+49.3% YoY

Financial Snapshot

Operating Margin-56.8%

Return on Equity-37.7%

Debt / Equity0.33

Current Ratio3.34

EPS (Diluted)$-0.63

Similar Companies

MRKMerck & Co., Inc.

$364.3B

ABTABBOTT LABORATORIES

$188.0B

BMYBRISTOL MYERS SQUIBB CO

$129.7B

TECHBIO-TECHNE Corp

$11.4B

Company Financials

Latest TTM and quarters alongside annual years

Values marked CAD retain their reported currency.

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-02-06 10-K · 2026-06-15 10-Q · 2026-08-07 10-Q · 2026-11-06 Derived from cumulative filings: operating cash flow, capex, revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense.	Q2 FY 2027 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-06 Derived from cumulative filings: operating cash flow, capex.	Q1 · 2026-06-30 2026-04-01 – 2026-06-30 Sources 10-Q · 2026-08-07	FY 2025 Sources 10-K · 2026-06-15	FY 2024 Sources 10-K · 2025-05-30	FY 2023 Sources 10-K · 2024-05-30	FY 2022 Sources 10-K · 2023-06-22	FY 2021 Sources 10-K · 2022-05-31
Market Cap	$252.3Mcurrent	--	--	$460.1Mest.	$214.0Mest.	$355.8Mest.	$15.7Best.	$31.7Best.
Revenue	CAD 308.3M↑11%	CAD 81.4M↑22%	CAD 81.2M↑13%	$204.1M↑4%	$196.6M↓9%	$216.9M↓14%	$252.3M↓32%	$369.2M
Operating Income	-CAD 167.2M↓105%	-CAD 23.0M↓36%	-CAD 22.1M↑2%	-$115.9M↓35%	-$85.6M↑49%	-$167.0M↑92%	-$2.0B↓152%	-$790.8M
Net Income	-CAD 272.6M↑29%	-CAD 40.7M↓2383%	-CAD 14.6M↑65%	-$188.5M↑49%	-$371.9M↑27%	-$506.4M↑80%	-$2.5B↓931%	-$240.7M
EPS (Diluted)	--	CAD -0.10↓900%	CAD -0.03↑86%	$-0.63↑84%	$-4.06↑37%	$-6.42↓20%	$-5.35↓773%	$-0.61
Gross Margin	24.4%↓9%	28.7%↓13%	27.4%↑10%	24.5%↓17%	29.6%↑9%	27.2%↑243%	-19.1%↑52%	-39.4%
Operating Margin	-54.2%↓85%	-28.2%↓11%	-27.2%↑13%	-56.8%↓30%	-43.5%↑43%	-77.0%↑90%	-789.3%↓269%	-214.2%
ROE	-41.9%↑20%	—	—	-37.7%↑65%	-106.3%↑28%	-148.5%↑66%	-432.2%↓2181%	-19.0%
Total Debt	CAD 245.9M↑8%	CAD 245.9M↑8%	CAD 240.2M↓19%	$167.3M↓25%	$222.2M↓49%	$436.0M↓56%	$989.3M↓15%	$1.2B
Shareholders' Equity	CAD 650.3M↓12%	CAD 650.3M↓12%	CAD 688.6M↑41%	$500.2M↑43%	$349.8M↑3%	$341.0M↓41%	$574.2M↓55%	$1.3B
Current Ratio	2.82↓49%	2.82↓49%	3.04↓1%	3.34↑26%	2.66↑67%	1.60↑19%	1.34↓66%	3.90
Debt / Equity	0.38↑22%	0.38↑22%	0.35↓42%	0.33↓47%	0.64↓50%	1.28↓26%	1.72↑88%	0.92
Operating Cash Flow	-CAD 73.1M↑17%	-CAD 12.6M↑30%	-CAD 25.0M↓142%	-$45.7M↑62%	-$121.1M↑41%	-$205.8M↑51%	-$422.1M	-$423.7M
Free Cash Flow	-CAD 79.6M↑16%	-CAD 15.5M↑19%	-CAD 25.7M↓121%	-$49.6M↑62%	-$129.1M↑38%	-$208.3M↑51%	-$429.0M↑5%	-$452.1M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

CGC vs Peers — Financial Grading

Revenue$204.1MBottom 25%

Net Income$188.5MBottom 25%

ROE-37.7%Bottom 25%

D/E0.33Median

Op. Margin-56.8%Bottom 25%

Curr. Ratio3.34Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
Merck & Co., Inc.MRK	$364.3B	$147.76	$65.0B	$18.3B	34.7%	0.94	—	1.54	2/9	5/9	4/7	0/3	F-Score 4	1/11
ABBOTT LABORATORIESABT	$188.0B	$108.52	$44.3B	$6.5B	12.5%	0.25	18.2%	1.58	3/9	4/9	2/7	1/3	F-Score 5	3/11
BRISTOL MYERS SQUIBB COBMY	$129.7B	$63.43	$48.2B	$7.1B	38.2%	2.44	19.4%	1.26	2/9	1/9	3/7	1/3	F-Score 8	5/11
BIO-TECHNE CorpTECH	$11.4B	$72.80	$1.2B	$73.4M	3.8%	—	8.4%	3.46	4/9	3/9	3/7	0/3	F-Score 5	4/11
REPLIGEN CORPRGEN	$10.7B	$167.79	$738.3M	$48.9M	2.3%	0.26	7.5%	8.37	3/9	2/9	3/7	0/3	F-Score 7	5/11
IONIS PHARMACEUTICALS INCIONS	$4.8B	$29.06	$943.7M	$381.4M	-78.0%	3.60	-40.4%	3.83	3/9	1/9	1/7	0/3	F-Score 4	3/11
NEOGEN CORPNEOG	$2.5B	$11.23	$870.4M	$7.9M	-0.4%	0.76	-2.5%	3.82	3/9	1/9	2/7	0/3	F-Score 6	4/11
Pharvaris N.V.PHVS	$2.4B	$33.36	—	$206.4M	-64.8%	0.00	—	—	0/9	0/9	2/7	0/3	F-Score 2	2/11