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Side-by-side financial comparison of Canopy Growth Corp (CGC) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($58.0M vs $54.4M, roughly 1.1× Canopy Growth Corp). indie Semiconductor, Inc. runs the higher net margin — -53.8% vs -84.0%, a 30.2% gap on every dollar of revenue. On growth, indie Semiconductor, Inc. posted the faster year-over-year revenue change (-0.0% vs -0.3%). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (5.3% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
CGC vs INDI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $58.0M |
| Net Profit | $-45.7M | $-31.2M |
| Gross Margin | 28.8% | 37.3% |
| Operating Margin | -35.3% | -58.5% |
| Net Margin | -84.0% | -53.8% |
| Revenue YoY | -0.3% | -0.0% |
| Net Profit YoY | 48.6% | 9.1% |
| EPS (diluted) | — | $-0.16 |
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 | $58.0M | ||
| Q3 25 | $48.7M | $53.7M | ||
| Q2 25 | $52.7M | $51.6M | ||
| Q1 25 | $47.5M | $54.1M | ||
| Q4 24 | $54.6M | $58.0M | ||
| Q3 24 | $46.0M | $54.0M | ||
| Q2 24 | $48.3M | $52.4M | ||
| Q1 24 | $53.1M | $52.4M |
| Q4 25 | $-45.7M | $-31.2M | ||
| Q3 25 | $-1.2M | $-38.3M | ||
| Q2 25 | $-30.3M | $-39.0M | ||
| Q1 25 | — | $-34.5M | ||
| Q4 24 | $-89.0M | $-34.4M | ||
| Q3 24 | $-93.7M | $-49.7M | ||
| Q2 24 | $-92.8M | $-19.2M | ||
| Q1 24 | — | $-31.2M |
| Q4 25 | 28.8% | 37.3% | ||
| Q3 25 | 32.8% | 40.1% | ||
| Q2 25 | 25.0% | 40.6% | ||
| Q1 25 | 16.2% | 41.7% | ||
| Q4 24 | 32.2% | 42.6% | ||
| Q3 24 | 34.7% | 39.3% | ||
| Q2 24 | 34.8% | 42.2% | ||
| Q1 24 | 21.3% | 42.5% |
| Q4 25 | -35.3% | -58.5% | ||
| Q3 25 | -25.3% | -71.4% | ||
| Q2 25 | -31.4% | -83.3% | ||
| Q1 25 | — | -72.0% | ||
| Q4 24 | -31.9% | -58.4% | ||
| Q3 24 | -72.9% | -92.5% | ||
| Q2 24 | -44.0% | -70.0% | ||
| Q1 24 | — | -94.8% |
| Q4 25 | -84.0% | -53.8% | ||
| Q3 25 | -2.5% | -71.3% | ||
| Q2 25 | -57.6% | -75.6% | ||
| Q1 25 | — | -63.9% | ||
| Q4 24 | -163.0% | -59.2% | ||
| Q3 24 | -203.7% | -92.1% | ||
| Q2 24 | -192.0% | -36.6% | ||
| Q1 24 | — | -59.6% |
| Q4 25 | — | $-0.16 | ||
| Q3 25 | — | $-0.19 | ||
| Q2 25 | — | $-0.20 | ||
| Q1 25 | — | $-0.18 | ||
| Q4 24 | — | $-0.18 | ||
| Q3 24 | — | $-0.28 | ||
| Q2 24 | — | $-0.11 | ||
| Q1 24 | — | $-0.19 |
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 | $145.5M |
| Total DebtLower is stronger | — | $353.4M |
| Stockholders' EquityBook value | $553.5M | $358.0M |
| Total Assets | $807.5M | $840.8M |
| Debt / EquityLower = less leverage | — | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $145.5M | ||
| Q3 25 | $217.6M | $160.9M | ||
| Q2 25 | $104.8M | $192.6M | ||
| Q1 25 | $96.0M | $236.6M | ||
| Q4 24 | $130.2M | $274.2M | ||
| Q3 24 | $168.8M | $96.9M | ||
| Q2 24 | $142.3M | $112.3M | ||
| Q1 24 | $148.5M | $138.2M |
| Q4 25 | — | $353.4M | ||
| Q3 25 | — | $353.5M | ||
| Q2 25 | — | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | — | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $553.5M | $358.0M | ||
| Q3 25 | $537.3M | $369.2M | ||
| Q2 25 | $357.0M | $390.4M | ||
| Q1 25 | $355.7M | $405.6M | ||
| Q4 24 | $431.8M | $417.9M | ||
| Q3 24 | $372.1M | $458.6M | ||
| Q2 24 | $389.0M | $470.7M | ||
| Q1 24 | $365.3M | $432.9M |
| Q4 25 | $807.5M | $840.8M | ||
| Q3 25 | $781.0M | $855.1M | ||
| Q2 25 | $660.4M | $867.6M | ||
| Q1 25 | $669.9M | $909.0M | ||
| Q4 24 | $849.9M | $941.4M | ||
| Q3 24 | $899.6M | $797.5M | ||
| Q2 24 | $938.9M | $797.3M | ||
| Q1 24 | $949.2M | $803.6M |
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | — | $-14.4M |
| Free Cash FlowOCF − Capex | — | $-16.1M |
| FCF MarginFCF / Revenue | — | -27.8% |
| Capex IntensityCapex / Revenue | — | 3.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-71.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-14.4M | ||
| Q3 25 | — | $-6.2M | ||
| Q2 25 | $-7.5M | $-7.6M | ||
| Q1 25 | $-121.0M | $-29.0M | ||
| Q4 24 | — | $-6.7M | ||
| Q3 24 | — | $-22.8M | ||
| Q2 24 | $-37.8M | $-19.7M | ||
| Q1 24 | $-205.8M | $-9.3M |
| Q4 25 | — | $-16.1M | ||
| Q3 25 | — | $-10.3M | ||
| Q2 25 | $-8.5M | $-13.6M | ||
| Q1 25 | $-128.9M | $-31.4M | ||
| Q4 24 | — | $-8.6M | ||
| Q3 24 | — | $-29.3M | ||
| Q2 24 | $-40.7M | $-23.4M | ||
| Q1 24 | $-208.3M | $-11.7M |
| Q4 25 | — | -27.8% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | -16.1% | -26.4% | ||
| Q1 25 | -271.5% | -58.0% | ||
| Q4 24 | — | -14.8% | ||
| Q3 24 | — | -54.3% | ||
| Q2 24 | -84.1% | -44.7% | ||
| Q1 24 | -392.1% | -22.3% |
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | 1.8% | 11.6% | ||
| Q1 25 | 16.6% | 4.4% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 12.1% | ||
| Q2 24 | 5.9% | 7.0% | ||
| Q1 24 | 4.7% | 4.4% |
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% |
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
