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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Energy Recovery, Inc. (ERII). Click either name above to swap in a different company.
Energy Recovery, Inc. is the larger business by last-quarter revenue ($66.9M vs $54.4M, roughly 1.2× Canopy Growth Corp). Energy Recovery, Inc. runs the higher net margin — 40.2% vs -84.0%, a 124.3% gap on every dollar of revenue. On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -0.3%). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
CGC vs ERII — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $66.9M |
| Net Profit | $-45.7M | $26.9M |
| Gross Margin | 28.8% | 67.2% |
| Operating Margin | -35.3% | 46.8% |
| Net Margin | -84.0% | 40.2% |
| Revenue YoY | -0.3% | -0.3% |
| Net Profit YoY | 48.6% | 14.7% |
| EPS (diluted) | — | $0.49 |
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 | $66.9M | ||
| Q3 25 | $48.7M | $32.0M | ||
| Q2 25 | $52.7M | $28.1M | ||
| Q1 25 | $47.5M | — | ||
| Q4 24 | $54.6M | $67.1M | ||
| Q3 24 | $46.0M | $38.6M | ||
| Q2 24 | $48.3M | $27.2M | ||
| Q1 24 | $53.1M | $12.1M |
| Q4 25 | $-45.7M | $26.9M | ||
| Q3 25 | $-1.2M | $3.9M | ||
| Q2 25 | $-30.3M | $2.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | $-89.0M | $23.5M | ||
| Q3 24 | $-93.7M | $8.5M | ||
| Q2 24 | $-92.8M | $-642.0K | ||
| Q1 24 | — | $-8.3M |
| Q4 25 | 28.8% | 67.2% | ||
| Q3 25 | 32.8% | 64.2% | ||
| Q2 25 | 25.0% | 64.0% | ||
| Q1 25 | 16.2% | — | ||
| Q4 24 | 32.2% | 70.2% | ||
| Q3 24 | 34.7% | 65.1% | ||
| Q2 24 | 34.8% | 64.6% | ||
| Q1 24 | 21.3% | 59.0% |
| Q4 25 | -35.3% | 46.8% | ||
| Q3 25 | -25.3% | 11.4% | ||
| Q2 25 | -31.4% | 5.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | -31.9% | 38.2% | ||
| Q3 24 | -72.9% | 18.3% | ||
| Q2 24 | -44.0% | -7.4% | ||
| Q1 24 | — | -90.4% |
| Q4 25 | -84.0% | 40.2% | ||
| Q3 25 | -2.5% | 12.1% | ||
| Q2 25 | -57.6% | 7.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | -163.0% | 35.0% | ||
| Q3 24 | -203.7% | 22.0% | ||
| Q2 24 | -192.0% | -2.4% | ||
| Q1 24 | — | -68.3% |
| Q4 25 | — | $0.49 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | — | $0.04 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | — | $0.15 | ||
| Q2 24 | — | $-0.01 | ||
| Q1 24 | — | $-0.14 |
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 | $75.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $206.2M |
| Total Assets | $807.5M | $231.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $75.2M | ||
| Q3 25 | $217.6M | $70.4M | ||
| Q2 25 | $104.8M | $79.5M | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $130.2M | $78.0M | ||
| Q3 24 | $168.8M | $118.6M | ||
| Q2 24 | $142.3M | $101.0M | ||
| Q1 24 | $148.5M | $117.4M |
| Q4 25 | $553.5M | $206.2M | ||
| Q3 25 | $537.3M | $180.8M | ||
| Q2 25 | $357.0M | $185.2M | ||
| Q1 25 | $355.7M | — | ||
| Q4 24 | $431.8M | $210.0M | ||
| Q3 24 | $372.1M | $233.9M | ||
| Q2 24 | $389.0M | $218.5M | ||
| Q1 24 | $365.3M | $216.0M |
| Q4 25 | $807.5M | $231.5M | ||
| Q3 25 | $781.0M | $209.6M | ||
| Q2 25 | $660.4M | $212.3M | ||
| Q1 25 | $669.9M | — | ||
| Q4 24 | $849.9M | $242.8M | ||
| Q3 24 | $899.6M | $262.7M | ||
| Q2 24 | $938.9M | $249.0M | ||
| Q1 24 | $949.2M | $244.3M |
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 | — | $7.1M |
| Free Cash FlowOCF − Capex | — | $6.4M |
| FCF MarginFCF / Revenue | — | 9.6% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.1M | ||
| Q3 25 | — | $-3.1M | ||
| Q2 25 | $-7.5M | $4.1M | ||
| Q1 25 | $-121.0M | — | ||
| Q4 24 | — | $9.0M | ||
| Q3 24 | — | $-3.0M | ||
| Q2 24 | $-37.8M | $8.1M | ||
| Q1 24 | $-205.8M | $6.5M |
| Q4 25 | — | $6.4M | ||
| Q3 25 | — | $-3.5M | ||
| Q2 25 | $-8.5M | $4.0M | ||
| Q1 25 | $-128.9M | — | ||
| Q4 24 | — | $8.9M | ||
| Q3 24 | — | $-3.2M | ||
| Q2 24 | $-40.7M | $7.9M | ||
| Q1 24 | $-208.3M | $5.7M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | -10.9% | ||
| Q2 25 | -16.1% | 14.3% | ||
| Q1 25 | -271.5% | — | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | -84.1% | 28.9% | ||
| Q1 24 | -392.1% | 46.9% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | 1.8% | 0.5% | ||
| Q1 25 | 16.6% | — | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | 5.9% | 0.7% | ||
| Q1 24 | 4.7% | 6.8% |
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | -0.81× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | -0.35× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
