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Side-by-side financial comparison of Canopy Growth Corp (CGC) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $54.4M, roughly 1.9× Canopy Growth Corp). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -84.0%, a 122.8% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -0.3%). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
CGC vs NIC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $104.0M |
| Net Profit | $-45.7M | $40.3M |
| Gross Margin | 28.8% | — |
| Operating Margin | -35.3% | 48.3% |
| Net Margin | -84.0% | 38.8% |
| Revenue YoY | -0.3% | 12.5% |
| Net Profit YoY | 48.6% | 16.9% |
| EPS (diluted) | — | $2.63 |
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 | $104.0M | ||
| Q3 25 | $48.7M | $102.9M | ||
| Q2 25 | $52.7M | $95.7M | ||
| Q1 25 | $47.5M | $89.4M | ||
| Q4 24 | $54.6M | $92.4M | ||
| Q3 24 | $46.0M | $90.7M | ||
| Q2 24 | $48.3M | $85.0M | ||
| Q1 24 | $53.1M | $82.2M |
| Q4 25 | $-45.7M | $40.3M | ||
| Q3 25 | $-1.2M | $41.7M | ||
| Q2 25 | $-30.3M | $36.0M | ||
| Q1 25 | — | $32.6M | ||
| Q4 24 | $-89.0M | $34.5M | ||
| Q3 24 | $-93.7M | $32.5M | ||
| Q2 24 | $-92.8M | $29.3M | ||
| Q1 24 | — | $27.8M |
| 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% | 48.3% | ||
| Q3 25 | -25.3% | 50.4% | ||
| Q2 25 | -31.4% | 46.8% | ||
| Q1 25 | — | 44.9% | ||
| Q4 24 | -31.9% | 46.8% | ||
| Q3 24 | -72.9% | 45.0% | ||
| Q2 24 | -44.0% | 43.3% | ||
| Q1 24 | — | 41.8% |
| Q4 25 | -84.0% | 38.8% | ||
| Q3 25 | -2.5% | 40.6% | ||
| Q2 25 | -57.6% | 37.6% | ||
| Q1 25 | — | 36.4% | ||
| Q4 24 | -163.0% | 37.3% | ||
| Q3 24 | -203.7% | 35.8% | ||
| Q2 24 | -192.0% | 34.5% | ||
| Q1 24 | — | 33.8% |
| Q4 25 | — | $2.63 | ||
| Q3 25 | — | $2.73 | ||
| Q2 25 | — | $2.34 | ||
| Q1 25 | — | $2.08 | ||
| Q4 24 | — | $2.21 | ||
| Q3 24 | — | $2.10 | ||
| Q2 24 | — | $1.92 | ||
| Q1 24 | — | $1.82 |
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 | — |
| Total DebtLower is stronger | — | $134.9M |
| Stockholders' EquityBook value | $553.5M | $1.3B |
| Total Assets | $807.5M | $9.2B |
| Debt / EquityLower = less leverage | — | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | — | ||
| Q3 25 | $217.6M | — | ||
| Q2 25 | $104.8M | — | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $130.2M | — | ||
| Q3 24 | $168.8M | — | ||
| Q2 24 | $142.3M | — | ||
| Q1 24 | $148.5M | — |
| Q4 25 | — | $134.9M | ||
| Q3 25 | — | $134.6M | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $156.6M | ||
| Q4 24 | — | $161.4M | ||
| Q3 24 | — | $161.2M | ||
| Q2 24 | — | $162.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $553.5M | $1.3B | ||
| Q3 25 | $537.3M | $1.2B | ||
| Q2 25 | $357.0M | $1.2B | ||
| Q1 25 | $355.7M | $1.2B | ||
| Q4 24 | $431.8M | $1.2B | ||
| Q3 24 | $372.1M | $1.1B | ||
| Q2 24 | $389.0M | $1.1B | ||
| Q1 24 | $365.3M | $1.1B |
| Q4 25 | $807.5M | $9.2B | ||
| Q3 25 | $781.0M | $9.0B | ||
| Q2 25 | $660.4M | $8.9B | ||
| Q1 25 | $669.9M | $9.0B | ||
| Q4 24 | $849.9M | $8.8B | ||
| Q3 24 | $899.6M | $8.6B | ||
| Q2 24 | $938.9M | $8.6B | ||
| Q1 24 | $949.2M | $8.4B |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | — | $153.5M |
| Free Cash FlowOCF − Capex | — | $149.4M |
| FCF MarginFCF / Revenue | — | 143.7% |
| Capex IntensityCapex / Revenue | — | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $153.5M | ||
| Q3 25 | — | $45.9M | ||
| Q2 25 | $-7.5M | $38.9M | ||
| Q1 25 | $-121.0M | $41.8M | ||
| Q4 24 | — | $133.7M | ||
| Q3 24 | — | $39.6M | ||
| Q2 24 | $-37.8M | $37.3M | ||
| Q1 24 | $-205.8M | $23.4M |
| Q4 25 | — | $149.4M | ||
| Q3 25 | — | $45.9M | ||
| Q2 25 | $-8.5M | $38.4M | ||
| Q1 25 | $-128.9M | $41.3M | ||
| Q4 24 | — | $116.8M | ||
| Q3 24 | — | $34.7M | ||
| Q2 24 | $-40.7M | $34.4M | ||
| Q1 24 | $-208.3M | $20.1M |
| Q4 25 | — | 143.7% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | -16.1% | 40.1% | ||
| Q1 25 | -271.5% | 46.2% | ||
| Q4 24 | — | 126.4% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | -84.1% | 40.5% | ||
| Q1 24 | -392.1% | 24.4% |
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | 1.8% | 0.6% | ||
| Q1 25 | 16.6% | 0.5% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | 5.9% | 3.5% | ||
| Q1 24 | 4.7% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
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% |
NIC
Segment breakdown not available.
