SNDL Inc.

SNDL

SNDL Inc. engages in the production, distribution, and sale of cannabis products for the adult-use market in Canada and internationally. It operates through four segments: Liquor Retail, Cannabis Retail, Cannabis Operations, and Investments.

About the company

Country: CanadaPrice: $1.37Market Cap: $335.3M

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 9

NEUTRAL / FAIL

Median fair value

$1.31

-4.7% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

7 of 10 pass — Marks, Sleep and Oshaughnessy object

Key risk

15 of 16 flag SNDL's profitability — Graham, Buffett, Lynch +12 more

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	FAIL	FAIL	FAIL	FAIL · Rank #1942 (Top 62.7%)	NEUTRAL	FAIL	FAIL	NEUTRAL	FAIL	FAIL	PASS	PASS	PASS	NEUTRAL	FAIL	FAIL	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
Margin of Safety	N/A	-77.9%	N/A	N/A	N/A	N/A	+25.5%	-270.3%	N/A	N/A	+59.3%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-12 Score computed: 2026-11-14

Where It Passes

Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Marks, Sleep and Oshaughnessy object
Free Cash Flow Proxy$17.1M
✓BuffettPositive and growing
FCF Positive and Growing$42.4M
✓LynchPositive and growing
Operating Cash Flow$51.8M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=5.31%, ROA=-1.18%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)7.0x
✓Dreman< 8x
P/E or FCF YieldFCF Yield=12.7%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive2/8 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap11.8%
✓Ackman>= 4%
Price / FCF per Share8.5x
✓Ackman<= 25
Positive Operating Cash Flow frequency2/8 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$42.4M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+12.65%; #521/4519 (top 11.5%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Profitability6% pass✓ 7✗ 28▾
15 of 16 flag SNDL's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/10 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗Graham>= 33% growth
Net Income Positive (10+ years)0/10 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-13.4%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-0.7% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$17.1M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)N/A (negative mean EPS)
✗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-1.4%
✗Lynch> 15%
EBIT / Enterprise Value-3.1%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-3.1%, ROC=-2.5%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-1.18%
✗PiotroskiROA > 0
ROA Change YoY-7.03% -> -1.18% (delta: +5.85%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=5.31%, ROA=-1.18%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY26.1% -> 27.3%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue-1.7%
✗Dreman>= 8%
Net Income / Shareholders' Equity-1.4%
✗Dreman> 12%
Margin of SafetyP/B=0.4x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity-8.0% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency0/8 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-0.7%
✗Ackman>= 15%
Net Income / Shareholders Equity-1.4%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-18.0% (2023) -> -0.7% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 20.9% -> 27.3%, operating margin -18.0% -> -0.7%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-3.43%; #3716/6340 (top 58.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+19.36%; #2086/3702 (top 56.3%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-1.43%; #3012/5226 (top 57.6%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0701; #3025/5884 (top 51.4%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years0/7 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Debt & Leverage8% pass✓ 3✗ 12▾
11 of 12 flag SNDL's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest Coverage
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities4.88
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-0.9x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)
✗AsnessTop 30% of eligible cross-section
Growth13% pass✓ 4✗ 9▾
7 of 8 flag SNDL's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
✗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: 3.9% vs Rev: 7.7%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$-0.18 (2017) -> $-0.04 (2025)
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency0/8 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth7.7%
✓Ackman>= 5%
Positive EPS Growth Frequency3/3 years with positive EPS growth
✓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 20.9% -> 27.3%, operating margin -18.0% -> -0.7%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR70.6%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Valuation15% pass✓ 11✗ 17▾
11 of 13 flag SNDL's valuation — Graham, Lynch, Greenblatt +8 more
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio0.4x
✓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-3.1%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-3.1%, ROC=-2.5%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)7.0x
✓Dreman< 8x
Price / Book Value per Share0.4x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=4.7%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=12.7%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=0.4x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share8.5x
✓Ackman<= 25
Price vs. Trailing Low113% of trailing low ($1.21)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-3.43%; #3716/6340 (top 58.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+2.3978; #573/6449 (top 8.9%)
✓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 Share0.54x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-25.5%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+2.0608; #1060/5247 (top 20.2%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+12.65%; #521/4519 (top 11.5%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-3.52%; #3046/6202 (top 49.1%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts23% pass✓ 3✗ 10▾
Split decision: 9 FAIL · 4 NEUTRAL · 3 PASS
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (2/9)✗LynchFAIL (2/7)✗GreenblattRank #1942•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✗MungerFAIL (0/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag SNDL's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio4.88
✓Graham>= 2.0
ROIC (3-5 yr avg)-45.0%
✗Buffett> 10%
ROIC - WACC-55.0%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-2.5%
✗Greenblatt> 25%
Current Ratio Change YoY5.10 -> 4.88
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.68x -> 0.71x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities4.88
✓Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years
Valuation models50% pass✓ 2✗ 2▾
Models split on SNDL at $1.37 — fair values range $0.37–$3.37
Buffett fair value$0.77
✗Buffett-77.9% margin vs $1.37
Munger fair value$1.84
✓Munger+25.5% margin vs $1.37
Pabrai fair value$0.37
✗Pabrai-270.3% margin vs $1.37
Ackman fair value$3.37
✓Ackman+59.3% margin vs $1.37

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: Small Cap($335.3M)

Revenue: $691.1M+7.7% YoY

Net Income: $11.5M+82.6% YoY

Financial Snapshot

Operating Margin-0.7%

Return on Equity-1.4%

Debt / Equity--

Current Ratio4.88

EPS (Diluted)$-0.04

Buybacks (1y)$11.2M

Buybacks (2y)$20.4M

Shares Retired−0.1% / −0.2% 2y

Similar Companies

MRKMerck & Co., Inc.

$364.3B

ABTABBOTT LABORATORIES

$188.0B

BMYBRISTOL MYERS SQUIBB CO

$129.7B

TECHBIO-TECHNE Corp

$11.4B

Shareholder Return

Fiscal 2025

Issued 0.1% of shares last year, 0.2% issued over two.

Buybacks: $11.2M
Dividends: —

Company Financials

Latest TTM and quarters alongside annual years

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.

Metric	FY 2025 Sources 40-F · 2026-03-12	FY 2024 Sources 40-F · 2025-03-18	FY 2023 Sources 40-F · 2024-03-21	FY 2022 Sources 20-F · 2023-04-24	FY 2021 Sources 20-F · 2022-04-28
Market Cap	$335.3Mcurrent	$457.7Mest.	$349.5Mest.	$540.9Mest.	--
Revenue	$691.1M↑8%	$641.4M↓7%	$687.1M↑31%	$525.5M↑1093%	$44.0M
Operating Income	-$4.6M↑94%	-$72.3M↑41%	-$123.3M↑52%	-$256.6M↓143%	-$105.4M
Net Income	-$11.5M↑83%	-$66.1M↑49%	-$130.5M↑47%	-$247.3M↓39%	-$178.1M
EPS (Diluted)	$-0.04↑83%	$-0.25↑50%	$-0.51↑53%	$-1.08	--
Gross Margin	27.3%↑5%	26.1%↑25%	20.9%↑6%	19.7%↑223%	-16.0%
Operating Margin	-0.7%↑94%	-11.3%↑37%	-18.0%↑63%	-48.8%↑80%	-239.4%
ROE	-1.4%↑83%	-8.4%↑41%	-14.2%↑44%	-25.6%↓50%	-17.1%
Total Debt	--	--	--	--	--
Shareholders' Equity	$804.1M↑2%	$789.8M↓14%	$916.2M↓5%	$964.1M↓8%	$1.0B
Current Ratio	4.88↓4%	5.10↑29%	3.94↓30%	5.61↓49%	11.06
Debt / Equity	—	—	—	—	—
Operating Cash Flow	$51.8M↑35%	$38.3M↑404%	-$12.6M↓154%	-$5.0M↑96%	-$122.2M
Free Cash Flow	$42.4M↑32%	$32.3M↑274%	-$18.5M↓44%	-$12.8M↑90%	-$125.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

SNDL vs Peers — Financial Grading

Revenue$691.1MBottom 25%

Net Income$11.5MBottom 25%

ROE-1.4%Bottom 25%

D/E—

Op. Margin-0.7%Median

Curr. Ratio4.88Top 25%

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