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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and Canopy Growth Corp (CGC). Click either name above to swap in a different company.
Apollo Commercial Real Estate Finance, Inc. is the larger business by last-quarter revenue ($73.3M vs $54.4M, roughly 1.3× Canopy Growth Corp). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -84.0%, a 123.9% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs -0.3%). Over the past eight quarters, Canopy Growth Corp's revenue compounded faster (1.2% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
ARI vs CGC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $54.4M |
| Net Profit | $29.2M | $-45.7M |
| Gross Margin | — | 28.8% |
| Operating Margin | 39.7% | -35.3% |
| Net Margin | 39.9% | -84.0% |
| Revenue YoY | 4.0% | -0.3% |
| Net Profit YoY | -28.2% | 48.6% |
| EPS (diluted) | $0.19 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $73.3M | $54.4M | ||
| Q3 25 | $61.6M | $48.7M | ||
| Q2 25 | $70.9M | $52.7M | ||
| Q1 25 | $65.8M | $47.5M | ||
| Q4 24 | $70.5M | $54.6M | ||
| Q3 24 | $71.6M | $46.0M | ||
| Q2 24 | $81.1M | $48.3M | ||
| Q1 24 | $80.5M | $53.1M |
| Q4 25 | $29.2M | $-45.7M | ||
| Q3 25 | $50.8M | $-1.2M | ||
| Q2 25 | $20.7M | $-30.3M | ||
| Q1 25 | $26.0M | — | ||
| Q4 24 | $40.7M | $-89.0M | ||
| Q3 24 | $-91.5M | $-93.7M | ||
| Q2 24 | $35.8M | $-92.8M | ||
| Q1 24 | $-104.5M | — |
| Q4 25 | — | 28.8% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 25.0% | ||
| Q1 25 | — | 16.2% | ||
| Q4 24 | — | 32.2% | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 34.8% | ||
| Q1 24 | — | 21.3% |
| Q4 25 | 39.7% | -35.3% | ||
| Q3 25 | 82.8% | -25.3% | ||
| Q2 25 | 29.4% | -31.4% | ||
| Q1 25 | 39.7% | — | ||
| Q4 24 | 57.9% | -31.9% | ||
| Q3 24 | -127.8% | -72.9% | ||
| Q2 24 | 44.2% | -44.0% | ||
| Q1 24 | -129.6% | — |
| Q4 25 | 39.9% | -84.0% | ||
| Q3 25 | 82.4% | -2.5% | ||
| Q2 25 | 29.3% | -57.6% | ||
| Q1 25 | 39.5% | — | ||
| Q4 24 | 57.7% | -163.0% | ||
| Q3 24 | -127.9% | -203.7% | ||
| Q2 24 | 44.1% | -192.0% | ||
| Q1 24 | -129.8% | — |
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.12 | — | ||
| Q1 25 | $0.16 | — | ||
| Q4 24 | $0.25 | — | ||
| Q3 24 | $-0.69 | — | ||
| Q2 24 | $0.23 | — | ||
| Q1 24 | $-0.76 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $271.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $553.5M |
| Total Assets | $9.9B | $807.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $271.1M | ||
| Q3 25 | $245.9M | $217.6M | ||
| Q2 25 | $177.6M | $104.8M | ||
| Q1 25 | $166.4M | $96.0M | ||
| Q4 24 | $317.4M | $130.2M | ||
| Q3 24 | $194.3M | $168.8M | ||
| Q2 24 | $174.7M | $142.3M | ||
| Q1 24 | $161.2M | $148.5M |
| Q4 25 | $1.9B | $553.5M | ||
| Q3 25 | $1.9B | $537.3M | ||
| Q2 25 | $1.8B | $357.0M | ||
| Q1 25 | $1.9B | $355.7M | ||
| Q4 24 | $1.9B | $431.8M | ||
| Q3 24 | $1.9B | $372.1M | ||
| Q2 24 | $2.0B | $389.0M | ||
| Q1 24 | $2.0B | $365.3M |
| Q4 25 | $9.9B | $807.5M | ||
| Q3 25 | $9.5B | $781.0M | ||
| Q2 25 | $9.8B | $660.4M | ||
| Q1 25 | $8.8B | $669.9M | ||
| Q4 24 | $8.4B | $849.9M | ||
| Q3 24 | $9.1B | $899.6M | ||
| Q2 24 | $9.3B | $938.9M | ||
| Q1 24 | $9.2B | $949.2M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $142.5M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | — | ||
| Q3 25 | $31.7M | — | ||
| Q2 25 | $63.2M | $-7.5M | ||
| Q1 25 | $39.3M | $-121.0M | ||
| Q4 24 | $200.3M | — | ||
| Q3 24 | $47.2M | — | ||
| Q2 24 | $50.2M | $-37.8M | ||
| Q1 24 | $52.8M | $-205.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-8.5M | ||
| Q1 25 | — | $-128.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-40.7M | ||
| Q1 24 | — | $-208.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -16.1% | ||
| Q1 25 | — | -271.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -84.1% | ||
| Q1 24 | — | -392.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | 4.7% |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
CGC
| Other | $24.0M | 44% |
| Canadian Adult Use Cannabis | $22.9M | 42% |
| International Markets Cannabis | $6.2M | 11% |
| Other Geographical Area | $1.2M | 2% |
