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Side-by-side financial comparison of Canopy Growth Corp (CGC) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $54.4M, roughly 1.9× Canopy Growth Corp). FORRESTER RESEARCH, INC. runs the higher net margin — -33.5% vs -84.0%, a 50.5% gap on every dollar of revenue. On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -6.5%). Over the past eight quarters, Canopy Growth Corp's revenue compounded faster (1.2% CAGR vs 0.5%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
CGC vs FORR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $101.1M |
| Net Profit | $-45.7M | $-33.9M |
| Gross Margin | 28.8% | 56.7% |
| Operating Margin | -35.3% | -36.6% |
| Net Margin | -84.0% | -33.5% |
| Revenue YoY | -0.3% | -6.5% |
| Net Profit YoY | 48.6% | -7941.4% |
| EPS (diluted) | — | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $48.7M | $94.3M | ||
| Q2 25 | $52.7M | $111.7M | ||
| Q1 25 | $47.5M | $89.9M | ||
| Q4 24 | $54.6M | $108.0M | ||
| Q3 24 | $46.0M | $102.5M | ||
| Q2 24 | $48.3M | $121.8M | ||
| Q1 24 | $53.1M | $100.1M |
| Q4 25 | $-45.7M | $-33.9M | ||
| Q3 25 | $-1.2M | $-2.1M | ||
| Q2 25 | $-30.3M | $3.9M | ||
| Q1 25 | — | $-87.3M | ||
| Q4 24 | $-89.0M | $432.0K | ||
| Q3 24 | $-93.7M | $-5.8M | ||
| Q2 24 | $-92.8M | $6.3M | ||
| Q1 24 | — | $-6.7M |
| Q4 25 | 28.8% | 56.7% | ||
| Q3 25 | 32.8% | 60.0% | ||
| Q2 25 | 25.0% | 55.5% | ||
| Q1 25 | 16.2% | 55.9% | ||
| Q4 24 | 32.2% | 58.8% | ||
| Q3 24 | 34.7% | 60.5% | ||
| Q2 24 | 34.8% | 57.3% | ||
| Q1 24 | 21.3% | 54.9% |
| Q4 25 | -35.3% | -36.6% | ||
| Q3 25 | -25.3% | 4.7% | ||
| Q2 25 | -31.4% | 6.2% | ||
| Q1 25 | — | -97.5% | ||
| Q4 24 | -31.9% | -0.5% | ||
| Q3 24 | -72.9% | -0.7% | ||
| Q2 24 | -44.0% | 9.3% | ||
| Q1 24 | — | -9.3% |
| Q4 25 | -84.0% | -33.5% | ||
| Q3 25 | -2.5% | -2.3% | ||
| Q2 25 | -57.6% | 3.5% | ||
| Q1 25 | — | -97.1% | ||
| Q4 24 | -163.0% | 0.4% | ||
| Q3 24 | -203.7% | -5.7% | ||
| Q2 24 | -192.0% | 5.2% | ||
| Q1 24 | — | -6.7% |
| Q4 25 | — | $-1.75 | ||
| Q3 25 | — | $-0.11 | ||
| Q2 25 | — | $0.20 | ||
| Q1 25 | — | $-4.62 | ||
| Q4 24 | — | $0.02 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.33 | ||
| Q1 24 | — | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $126.5M |
| Total Assets | $807.5M | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $63.3M | ||
| Q3 25 | $217.6M | $65.1M | ||
| Q2 25 | $104.8M | $67.8M | ||
| Q1 25 | $96.0M | $75.6M | ||
| Q4 24 | $130.2M | $56.1M | ||
| Q3 24 | $168.8M | $62.8M | ||
| Q2 24 | $142.3M | $58.9M | ||
| Q1 24 | $148.5M | $61.4M |
| Q4 25 | $553.5M | $126.5M | ||
| Q3 25 | $537.3M | $157.7M | ||
| Q2 25 | $357.0M | $159.5M | ||
| Q1 25 | $355.7M | $147.4M | ||
| Q4 24 | $431.8M | $229.5M | ||
| Q3 24 | $372.1M | $234.3M | ||
| Q2 24 | $389.0M | $237.1M | ||
| Q1 24 | $365.3M | $230.9M |
| Q4 25 | $807.5M | $404.0M | ||
| Q3 25 | $781.0M | $414.2M | ||
| Q2 25 | $660.4M | $436.0M | ||
| Q1 25 | $669.9M | $439.8M | ||
| Q4 24 | $849.9M | $503.9M | ||
| Q3 24 | $899.6M | $505.3M | ||
| Q2 24 | $938.9M | $524.2M | ||
| Q1 24 | $949.2M | $555.7M |
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 | — | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.2M | ||
| Q3 25 | — | $1.2M | ||
| Q2 25 | $-7.5M | $-3.6M | ||
| Q1 25 | $-121.0M | $26.7M | ||
| Q4 24 | — | $-1.8M | ||
| Q3 24 | — | $264.0K | ||
| Q2 24 | $-37.8M | $-2.9M | ||
| Q1 24 | $-205.8M | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | — | $524.0K | ||
| Q2 25 | $-8.5M | $-4.2M | ||
| Q1 25 | $-128.9M | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | — | $-223.0K | ||
| Q2 24 | $-40.7M | $-3.7M | ||
| Q1 24 | $-208.3M | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | -16.1% | -3.8% | ||
| Q1 25 | -271.5% | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | -84.1% | -3.1% | ||
| Q1 24 | -392.1% | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | 1.8% | 0.5% | ||
| Q1 25 | 16.6% | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | 5.9% | 0.7% | ||
| Q1 24 | 4.7% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
