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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $54.4M, roughly 1.6× Canopy Growth Corp). Commerce.com, Inc. runs the higher net margin — -9.3% vs -84.0%, a 74.7% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -0.3%). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
CGC vs CMRC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $89.5M |
| Net Profit | $-45.7M | $-8.4M |
| Gross Margin | 28.8% | 78.3% |
| Operating Margin | -35.3% | -7.4% |
| Net Margin | -84.0% | -9.3% |
| Revenue YoY | -0.3% | 2.9% |
| Net Profit YoY | 48.6% | -250.0% |
| EPS (diluted) | — | $-0.11 |
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 | $89.5M | ||
| Q3 25 | $48.7M | $86.0M | ||
| Q2 25 | $52.7M | $84.4M | ||
| Q1 25 | $47.5M | $82.4M | ||
| Q4 24 | $54.6M | $87.0M | ||
| Q3 24 | $46.0M | $83.7M | ||
| Q2 24 | $48.3M | $81.8M | ||
| Q1 24 | $53.1M | $80.4M |
| Q4 25 | $-45.7M | $-8.4M | ||
| Q3 25 | $-1.2M | $-2.2M | ||
| Q2 25 | $-30.3M | $-8.4M | ||
| Q1 25 | — | $-353.0K | ||
| Q4 24 | $-89.0M | $-2.4M | ||
| Q3 24 | $-93.7M | $-7.0M | ||
| Q2 24 | $-92.8M | $-11.3M | ||
| Q1 24 | — | $-6.4M |
| Q4 25 | 28.8% | 78.3% | ||
| Q3 25 | 32.8% | 78.4% | ||
| Q2 25 | 25.0% | 79.0% | ||
| Q1 25 | 16.2% | 79.4% | ||
| Q4 24 | 32.2% | 77.6% | ||
| Q3 24 | 34.7% | 76.3% | ||
| Q2 24 | 34.8% | 75.8% | ||
| Q1 24 | 21.3% | 77.1% |
| Q4 25 | -35.3% | -7.4% | ||
| Q3 25 | -25.3% | -0.5% | ||
| Q2 25 | -31.4% | -8.0% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | -31.9% | -0.9% | ||
| Q3 24 | -72.9% | -23.0% | ||
| Q2 24 | -44.0% | -16.5% | ||
| Q1 24 | — | -10.2% |
| Q4 25 | -84.0% | -9.3% | ||
| Q3 25 | -2.5% | -2.6% | ||
| Q2 25 | -57.6% | -9.9% | ||
| Q1 25 | — | -0.4% | ||
| Q4 24 | -163.0% | -2.7% | ||
| Q3 24 | -203.7% | -8.4% | ||
| Q2 24 | -192.0% | -13.8% | ||
| Q1 24 | — | -8.0% |
| Q4 25 | — | $-0.11 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.10 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | — | $-0.09 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-0.08 |
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 | $141.1M |
| Total DebtLower is stronger | — | $157.0M |
| Stockholders' EquityBook value | $553.5M | $39.4M |
| Total Assets | $807.5M | $308.8M |
| Debt / EquityLower = less leverage | — | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $141.1M | ||
| Q3 25 | $217.6M | $142.0M | ||
| Q2 25 | $104.8M | $134.5M | ||
| Q1 25 | $96.0M | $120.7M | ||
| Q4 24 | $130.2M | $178.2M | ||
| Q3 24 | $168.8M | $168.4M | ||
| Q2 24 | $142.3M | $275.8M | ||
| Q1 24 | $148.5M | $265.2M |
| Q4 25 | — | $157.0M | ||
| Q3 25 | — | $157.3M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | — | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M | ||
| Q1 24 | — | $340.5M |
| Q4 25 | $553.5M | $39.4M | ||
| Q3 25 | $537.3M | $42.8M | ||
| Q2 25 | $357.0M | $38.8M | ||
| Q1 25 | $355.7M | $38.1M | ||
| Q4 24 | $431.8M | $33.4M | ||
| Q3 24 | $372.1M | $29.0M | ||
| Q2 24 | $389.0M | $26.1M | ||
| Q1 24 | $365.3M | $26.9M |
| Q4 25 | $807.5M | $308.8M | ||
| Q3 25 | $781.0M | $309.5M | ||
| Q2 25 | $660.4M | $302.5M | ||
| Q1 25 | $669.9M | $286.3M | ||
| Q4 24 | $849.9M | $340.3M | ||
| Q3 24 | $899.6M | $335.1M | ||
| Q2 24 | $938.9M | $452.5M | ||
| Q1 24 | $949.2M | $442.5M |
| Q4 25 | — | 3.99× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | — | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | — | 6.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 13.06× | ||
| Q1 24 | — | 12.65× |
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 | — | $980.0K |
| Free Cash FlowOCF − Capex | — | $-2.2M |
| FCF MarginFCF / Revenue | — | -2.4% |
| Capex IntensityCapex / Revenue | — | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $980.0K | ||
| Q3 25 | — | $10.6M | ||
| Q2 25 | $-7.5M | $13.6M | ||
| Q1 25 | $-121.0M | $401.0K | ||
| Q4 24 | — | $12.4M | ||
| Q3 24 | — | $5.6M | ||
| Q2 24 | $-37.8M | $11.7M | ||
| Q1 24 | $-205.8M | $-3.4M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | $-8.5M | $11.9M | ||
| Q1 25 | $-128.9M | $-424.0K | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | $-40.7M | $10.7M | ||
| Q1 24 | $-208.3M | $-4.2M |
| Q4 25 | — | -2.4% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | -16.1% | 14.1% | ||
| Q1 25 | -271.5% | -0.5% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | -84.1% | 13.0% | ||
| Q1 24 | -392.1% | -5.3% |
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | 1.8% | 2.0% | ||
| Q1 25 | 16.6% | 1.0% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | 5.9% | 1.3% | ||
| Q1 24 | 4.7% | 1.0% |
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% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
