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Side-by-side financial comparison of Canopy Growth Corp (CGC) and MFA FINANCIAL, INC. (MFA). Click either name above to swap in a different company.
MFA FINANCIAL, INC. is the larger business by last-quarter revenue ($55.5M vs $54.4M, roughly 1.0× Canopy Growth Corp). On growth, MFA FINANCIAL, INC. posted the faster year-over-year revenue change (9.2% vs -0.3%). Over the past eight quarters, MFA FINANCIAL, INC.'s revenue compounded faster (7.7% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
MFA Financial, Inc. is a U.S.-headquartered real estate investment trust (REIT) specializing in investing in and managing residential and commercial mortgage-backed securities, mortgage loans, and other real estate-related financial assets. It caters primarily to institutional and individual investors across the U.S., focusing on delivering stable risk-adjusted returns via rigorous asset screening and risk management frameworks.
CGC vs MFA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $55.5M |
| Net Profit | $-45.7M | — |
| Gross Margin | 28.8% | — |
| Operating Margin | -35.3% | 97.9% |
| Net Margin | -84.0% | — |
| Revenue YoY | -0.3% | 9.2% |
| Net Profit YoY | 48.6% | — |
| EPS (diluted) | — | $0.43 |
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 | $55.5M | ||
| Q3 25 | $48.7M | $56.8M | ||
| Q2 25 | $52.7M | $61.3M | ||
| Q1 25 | $47.5M | $57.5M | ||
| Q4 24 | $54.6M | $50.8M | ||
| Q3 24 | $46.0M | $50.6M | ||
| Q2 24 | $48.3M | $53.5M | ||
| Q1 24 | $53.1M | $47.8M |
| Q4 25 | $-45.7M | — | ||
| Q3 25 | $-1.2M | $48.1M | ||
| Q2 25 | $-30.3M | $33.2M | ||
| Q1 25 | — | $41.2M | ||
| Q4 24 | $-89.0M | — | ||
| Q3 24 | $-93.7M | $48.2M | ||
| Q2 24 | $-92.8M | $41.9M | ||
| Q1 24 | — | $23.2M |
| Q4 25 | 28.8% | — | ||
| Q3 25 | 32.8% | — | ||
| Q2 25 | 25.0% | — | ||
| Q1 25 | 16.2% | — | ||
| Q4 24 | 32.2% | — | ||
| Q3 24 | 34.7% | — | ||
| Q2 24 | 34.8% | — | ||
| Q1 24 | 21.3% | — |
| Q4 25 | -35.3% | 97.9% | ||
| Q3 25 | -25.3% | 84.5% | ||
| Q2 25 | -31.4% | 54.5% | ||
| Q1 25 | — | 70.0% | ||
| Q4 24 | -31.9% | 6.8% | ||
| Q3 24 | -72.9% | 98.2% | ||
| Q2 24 | -44.0% | 79.1% | ||
| Q1 24 | — | 50.7% |
| Q4 25 | -84.0% | — | ||
| Q3 25 | -2.5% | 84.7% | ||
| Q2 25 | -57.6% | 54.2% | ||
| Q1 25 | — | 71.6% | ||
| Q4 24 | -163.0% | — | ||
| Q3 24 | -203.7% | 95.2% | ||
| Q2 24 | -192.0% | 78.4% | ||
| Q1 24 | — | 48.5% |
| Q4 25 | — | $0.43 | ||
| Q3 25 | — | $0.35 | ||
| Q2 25 | — | $0.21 | ||
| Q1 25 | — | $0.31 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $0.37 | ||
| Q2 24 | — | $0.32 | ||
| 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 | $213.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $1.8B |
| Total Assets | $807.5M | $13.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $213.2M | ||
| Q3 25 | $217.6M | $305.2M | ||
| Q2 25 | $104.8M | $275.7M | ||
| Q1 25 | $96.0M | $253.7M | ||
| Q4 24 | $130.2M | $338.9M | ||
| Q3 24 | $168.8M | $305.6M | ||
| Q2 24 | $142.3M | $289.4M | ||
| Q1 24 | $148.5M | $306.3M |
| Q4 25 | $553.5M | $1.8B | ||
| Q3 25 | $537.3M | $1.8B | ||
| Q2 25 | $357.0M | $1.8B | ||
| Q1 25 | $355.7M | $1.8B | ||
| Q4 24 | $431.8M | $1.8B | ||
| Q3 24 | $372.1M | $1.9B | ||
| Q2 24 | $389.0M | $1.9B | ||
| Q1 24 | $365.3M | $1.9B |
| Q4 25 | $807.5M | $13.0B | ||
| Q3 25 | $781.0M | $12.1B | ||
| Q2 25 | $660.4M | $11.7B | ||
| Q1 25 | $669.9M | $11.5B | ||
| Q4 24 | $849.9M | $11.4B | ||
| Q3 24 | $899.6M | $11.2B | ||
| Q2 24 | $938.9M | $11.1B | ||
| Q1 24 | $949.2M | $10.9B |
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 | — | $76.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $76.2M | ||
| Q3 25 | — | $14.7M | ||
| Q2 25 | $-7.5M | $38.5M | ||
| Q1 25 | $-121.0M | $-14.6M | ||
| Q4 24 | — | $200.1M | ||
| Q3 24 | — | $-11.3M | ||
| Q2 24 | $-37.8M | $46.5M | ||
| Q1 24 | $-205.8M | $53.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-8.5M | — | ||
| Q1 25 | $-128.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-40.7M | — | ||
| Q1 24 | $-208.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -16.1% | — | ||
| Q1 25 | -271.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -84.1% | — | ||
| Q1 24 | -392.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 16.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 4.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | -0.35× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.23× | ||
| Q2 24 | — | 1.11× | ||
| Q1 24 | — | 2.30× |
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% |
MFA
Segment breakdown not available.
