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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Clarus Corp (CLAR). Click either name above to swap in a different company.
Clarus Corp is the larger business by last-quarter revenue ($65.4M vs $54.4M, roughly 1.2× Canopy Growth Corp). Clarus Corp runs the higher net margin — -47.8% vs -84.0%, a 36.2% gap on every dollar of revenue. On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -8.4%). Over the past eight quarters, Canopy Growth Corp's revenue compounded faster (1.2% CAGR vs -2.9%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Clarus Corp is a global designer, manufacturer, and distributor of high-performance outdoor recreation, climbing, camping, and lifestyle products. It manages a portfolio of leading consumer brands, serving outdoor enthusiasts, professional athletes, and retail partners across North America, Europe, and the Asia-Pacific region, with a focus on innovative, durable gear for active lifestyles.
CGC vs CLAR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $65.4M |
| Net Profit | $-45.7M | $-31.3M |
| Gross Margin | 28.8% | 27.7% |
| Operating Margin | -35.3% | -59.6% |
| Net Margin | -84.0% | -47.8% |
| Revenue YoY | -0.3% | -8.4% |
| Net Profit YoY | 48.6% | 52.3% |
| EPS (diluted) | — | $-0.81 |
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 | $54.4M | $65.4M | ||
| Q3 25 | $48.7M | $69.3M | ||
| Q2 25 | $52.7M | $55.2M | ||
| Q1 25 | $47.5M | $60.4M | ||
| Q4 24 | $54.6M | $71.4M | ||
| Q3 24 | $46.0M | $67.1M | ||
| Q2 24 | $48.3M | $56.5M | ||
| Q1 24 | $53.1M | $69.3M |
| Q4 25 | $-45.7M | $-31.3M | ||
| Q3 25 | $-1.2M | $-1.6M | ||
| Q2 25 | $-30.3M | $-8.4M | ||
| Q1 25 | — | $-5.2M | ||
| Q4 24 | $-89.0M | $-65.5M | ||
| Q3 24 | $-93.7M | $-3.2M | ||
| Q2 24 | $-92.8M | $-5.5M | ||
| Q1 24 | — | $21.9M |
| Q4 25 | 28.8% | 27.7% | ||
| Q3 25 | 32.8% | 35.1% | ||
| Q2 25 | 25.0% | 35.6% | ||
| Q1 25 | 16.2% | 34.4% | ||
| Q4 24 | 32.2% | 33.4% | ||
| Q3 24 | 34.7% | 35.0% | ||
| Q2 24 | 34.8% | 36.1% | ||
| Q1 24 | 21.3% | 35.9% |
| Q4 25 | -35.3% | -59.6% | ||
| Q3 25 | -25.3% | -4.4% | ||
| Q2 25 | -31.4% | -19.7% | ||
| Q1 25 | — | -11.2% | ||
| Q4 24 | -31.9% | -70.2% | ||
| Q3 24 | -72.9% | -8.0% | ||
| Q2 24 | -44.0% | -14.4% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | -84.0% | -47.8% | ||
| Q3 25 | -2.5% | -2.3% | ||
| Q2 25 | -57.6% | -15.3% | ||
| Q1 25 | — | -8.7% | ||
| Q4 24 | -163.0% | -91.8% | ||
| Q3 24 | -203.7% | -4.7% | ||
| Q2 24 | -192.0% | -9.7% | ||
| Q1 24 | — | 31.6% |
| Q4 25 | — | $-0.81 | ||
| Q3 25 | — | $-0.04 | ||
| Q2 25 | — | $-0.22 | ||
| Q1 25 | — | $-0.14 | ||
| Q4 24 | — | $-1.72 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $0.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $271.1M | $36.7M |
| Total DebtLower is stronger | — | $0 |
| Stockholders' EquityBook value | $553.5M | $196.4M |
| Total Assets | $807.5M | $249.0M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $36.7M | ||
| Q3 25 | $217.6M | $29.5M | ||
| Q2 25 | $104.8M | $28.5M | ||
| Q1 25 | $96.0M | $41.3M | ||
| Q4 24 | $130.2M | $45.4M | ||
| Q3 24 | $168.8M | $36.4M | ||
| Q2 24 | $142.3M | $46.2M | ||
| Q1 24 | $148.5M | $47.5M |
| Q4 25 | — | $0 | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $1.9M | ||
| Q1 25 | — | $1.9M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $37.0K |
| Q4 25 | $553.5M | $196.4M | ||
| Q3 25 | $537.3M | $225.8M | ||
| Q2 25 | $357.0M | $225.1M | ||
| Q1 25 | $355.7M | $229.3M | ||
| Q4 24 | $431.8M | $233.1M | ||
| Q3 24 | $372.1M | $308.5M | ||
| Q2 24 | $389.0M | $307.3M | ||
| Q1 24 | $365.3M | $310.4M |
| Q4 25 | $807.5M | $249.0M | ||
| Q3 25 | $781.0M | $283.1M | ||
| Q2 25 | $660.4M | $286.5M | ||
| Q1 25 | $669.9M | $292.8M | ||
| Q4 24 | $849.9M | $294.1M | ||
| Q3 24 | $899.6M | $375.3M | ||
| Q2 24 | $938.9M | $369.4M | ||
| Q1 24 | $949.2M | $377.0M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.00× |
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 | — | $12.5M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 17.7% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $12.5M | ||
| Q3 25 | — | $-5.7M | ||
| Q2 25 | $-7.5M | $-9.4M | ||
| Q1 25 | $-121.0M | $-2.1M | ||
| Q4 24 | — | $16.6M | ||
| Q3 24 | — | $-8.3M | ||
| Q2 24 | $-37.8M | $834.0K | ||
| Q1 24 | $-205.8M | $-16.4M |
| Q4 25 | — | $11.6M | ||
| Q3 25 | — | $-7.0M | ||
| Q2 25 | $-8.5M | $-11.3M | ||
| Q1 25 | $-128.9M | $-3.3M | ||
| Q4 24 | — | $14.4M | ||
| Q3 24 | — | $-9.4M | ||
| Q2 24 | $-40.7M | $-744.0K | ||
| Q1 24 | $-208.3M | $-18.3M |
| Q4 25 | — | 17.7% | ||
| Q3 25 | — | -10.0% | ||
| Q2 25 | -16.1% | -20.4% | ||
| Q1 25 | -271.5% | -5.4% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | -14.0% | ||
| Q2 24 | -84.1% | -1.3% | ||
| Q1 24 | -392.1% | -26.3% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | 1.8% | 3.4% | ||
| Q1 25 | 16.6% | 2.0% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | 5.9% | 2.8% | ||
| Q1 24 | 4.7% | 2.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CGC
| Other | $24.0M | 44% |
| Canadian Adult Use Cannabis | $22.9M | 42% |
| International Markets Cannabis | $6.2M | 11% |
| Other Geographical Area | $1.2M | 2% |
CLAR
| Other | $37.1M | 57% |
| Outdoor Segment | $25.3M | 39% |
| Adventure Segment | $3.0M | 5% |
