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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Lifeway Foods, Inc. (LWAY). Click either name above to swap in a different company.
Lifeway Foods, Inc. is the larger business by last-quarter revenue ($55.4M vs $54.4M, roughly 1.0× Canopy Growth Corp). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs -84.0%, a 88.6% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs -0.3%). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.
CGC vs LWAY — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $55.4M |
| Net Profit | $-45.7M | $2.5M |
| Gross Margin | 28.8% | 27.8% |
| Operating Margin | -35.3% | 6.8% |
| Net Margin | -84.0% | 4.6% |
| Revenue YoY | -0.3% | 18.0% |
| Net Profit YoY | 48.6% | 1688.1% |
| EPS (diluted) | — | $0.15 |
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 | $55.4M | ||
| Q3 25 | $48.7M | $57.1M | ||
| Q2 25 | $52.7M | $53.9M | ||
| Q1 25 | $47.5M | $46.1M | ||
| Q4 24 | $54.6M | $46.9M | ||
| Q3 24 | $46.0M | $46.1M | ||
| Q2 24 | $48.3M | $49.2M | ||
| Q1 24 | $53.1M | $44.6M |
| Q4 25 | $-45.7M | $2.5M | ||
| Q3 25 | $-1.2M | $3.5M | ||
| Q2 25 | $-30.3M | $4.2M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | $-89.0M | $-160.0K | ||
| Q3 24 | $-93.7M | $3.0M | ||
| Q2 24 | $-92.8M | $3.8M | ||
| Q1 24 | — | $2.4M |
| Q4 25 | 28.8% | 27.8% | ||
| Q3 25 | 32.8% | 28.7% | ||
| Q2 25 | 25.0% | 28.6% | ||
| Q1 25 | 16.2% | 23.9% | ||
| Q4 24 | 32.2% | 25.3% | ||
| Q3 24 | 34.7% | 25.7% | ||
| Q2 24 | 34.8% | 27.0% | ||
| Q1 24 | 21.3% | 25.8% |
| Q4 25 | -35.3% | 6.8% | ||
| Q3 25 | -25.3% | 8.8% | ||
| Q2 25 | -31.4% | 10.8% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | -31.9% | 1.5% | ||
| Q3 24 | -72.9% | 9.1% | ||
| Q2 24 | -44.0% | 11.0% | ||
| Q1 24 | — | 8.0% |
| Q4 25 | -84.0% | 4.6% | ||
| Q3 25 | -2.5% | 6.2% | ||
| Q2 25 | -57.6% | 7.9% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | -163.0% | -0.3% | ||
| Q3 24 | -203.7% | 6.5% | ||
| Q2 24 | -192.0% | 7.7% | ||
| Q1 24 | — | 5.4% |
| Q4 25 | — | $0.15 | ||
| Q3 25 | — | $0.23 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | — | $0.00 | ||
| Q3 24 | — | $0.19 | ||
| Q2 24 | — | $0.25 | ||
| Q1 24 | — | $0.16 |
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 | $5.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $85.8M |
| Total Assets | $807.5M | $105.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $5.6M | ||
| Q3 25 | $217.6M | $23.0M | ||
| Q2 25 | $104.8M | $21.2M | ||
| Q1 25 | $96.0M | $19.4M | ||
| Q4 24 | $130.2M | $16.7M | ||
| Q3 24 | $168.8M | $20.6M | ||
| Q2 24 | $142.3M | $14.6M | ||
| Q1 24 | $148.5M | $12.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.5M |
| Q4 25 | $553.5M | $85.8M | ||
| Q3 25 | $537.3M | $82.8M | ||
| Q2 25 | $357.0M | $78.7M | ||
| Q1 25 | $355.7M | $74.2M | ||
| Q4 24 | $431.8M | $71.9M | ||
| Q3 24 | $372.1M | $71.5M | ||
| Q2 24 | $389.0M | $68.0M | ||
| Q1 24 | $365.3M | $63.5M |
| Q4 25 | $807.5M | $105.6M | ||
| Q3 25 | $781.0M | $109.5M | ||
| Q2 25 | $660.4M | $98.3M | ||
| Q1 25 | $669.9M | $93.7M | ||
| Q4 24 | $849.9M | $90.5M | ||
| Q3 24 | $899.6M | $91.3M | ||
| Q2 24 | $938.9M | $84.9M | ||
| Q1 24 | $949.2M | $82.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.04× |
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 | — | $267.0K |
| Free Cash FlowOCF − Capex | — | $-17.4M |
| FCF MarginFCF / Revenue | — | -31.5% |
| Capex IntensityCapex / Revenue | — | 31.9% |
| Cash ConversionOCF / Net Profit | — | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $267.0K | ||
| Q3 25 | — | $6.9M | ||
| Q2 25 | $-7.5M | $3.9M | ||
| Q1 25 | $-121.0M | $-150.0K | ||
| Q4 24 | — | $-2.6M | ||
| Q3 24 | — | $7.5M | ||
| Q2 24 | $-37.8M | $6.5M | ||
| Q1 24 | $-205.8M | $1.5M |
| Q4 25 | — | $-17.4M | ||
| Q3 25 | — | $1.8M | ||
| Q2 25 | $-8.5M | $1.6M | ||
| Q1 25 | $-128.9M | $-2.4M | ||
| Q4 24 | — | $-3.8M | ||
| Q3 24 | — | $5.9M | ||
| Q2 24 | $-40.7M | $5.1M | ||
| Q1 24 | $-208.3M | $-923.0K |
| Q4 25 | — | -31.5% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | -16.1% | 3.0% | ||
| Q1 25 | -271.5% | -5.1% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | — | 12.8% | ||
| Q2 24 | -84.1% | 10.4% | ||
| Q1 24 | -392.1% | -2.1% |
| Q4 25 | — | 31.9% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | 1.8% | 4.3% | ||
| Q1 25 | 16.6% | 4.8% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | 5.9% | 2.9% | ||
| Q1 24 | 4.7% | 5.5% |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 1.96× | ||
| Q2 25 | — | 0.92× | ||
| Q1 25 | — | -0.04× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 0.64× |
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% |
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
