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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Net Lease Office Properties (NLOP). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $30.7M, roughly 1.8× Net Lease Office Properties). Net Lease Office Properties runs the higher net margin — -0.2% vs -84.0%, a 83.8% gap on every dollar of revenue. On growth, Net Lease Office Properties posted the faster year-over-year revenue change (10.9% vs -0.3%). Over the past eight quarters, Canopy Growth Corp's revenue compounded faster (1.2% CAGR vs -16.4%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Net Lease Office Properties is a real estate investment entity focused on acquiring, owning, and operating high-quality single-tenant net lease office assets, primarily located across the United States. It delivers stable, long-term income streams to investors through its curated portfolio of commercial real estate holdings.
CGC vs NLOP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $30.7M |
| Net Profit | $-45.7M | $-53.0K |
| Gross Margin | 28.8% | — |
| Operating Margin | -35.3% | -0.2% |
| Net Margin | -84.0% | -0.2% |
| Revenue YoY | -0.3% | 10.9% |
| Net Profit YoY | 48.6% | 99.9% |
| EPS (diluted) | — | $-0.01 |
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 | $30.7M | ||
| Q3 25 | $48.7M | $29.8M | ||
| Q2 25 | $52.7M | $29.2M | ||
| Q1 25 | $47.5M | $29.2M | ||
| Q4 24 | $54.6M | $27.7M | ||
| Q3 24 | $46.0M | $31.5M | ||
| Q2 24 | $48.3M | $39.0M | ||
| Q1 24 | $53.1M | $44.0M |
| Q4 25 | $-45.7M | $-53.0K | ||
| Q3 25 | $-1.2M | $-64.2M | ||
| Q2 25 | $-30.3M | $-81.5M | ||
| Q1 25 | — | $492.0K | ||
| Q4 24 | $-89.0M | $-35.8M | ||
| Q3 24 | $-93.7M | $-40.3M | ||
| Q2 24 | $-92.8M | $12.5M | ||
| 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% | -0.2% | ||
| Q3 25 | -25.3% | -215.2% | ||
| Q2 25 | -31.4% | -279.1% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | -31.9% | -140.7% | ||
| Q3 24 | -72.9% | -126.4% | ||
| Q2 24 | -44.0% | 32.3% | ||
| Q1 24 | — | -62.7% |
| Q4 25 | -84.0% | -0.2% | ||
| Q3 25 | -2.5% | -215.4% | ||
| Q2 25 | -57.6% | -279.5% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | -163.0% | -129.0% | ||
| Q3 24 | -203.7% | -128.0% | ||
| Q2 24 | -192.0% | 31.9% | ||
| Q1 24 | — | -63.3% |
| Q4 25 | — | $-0.01 | ||
| Q3 25 | — | $-4.33 | ||
| Q2 25 | — | $-5.50 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | — | $-2.41 | ||
| Q3 24 | — | $-2.73 | ||
| Q2 24 | — | $0.84 | ||
| Q1 24 | — | $-1.88 |
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 | $119.6M |
| Total DebtLower is stronger | — | $21.9M |
| Stockholders' EquityBook value | $553.5M | $293.9M |
| Total Assets | $807.5M | $453.4M |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $119.6M | ||
| Q3 25 | $217.6M | $38.7M | ||
| Q2 25 | $104.8M | $54.1M | ||
| Q1 25 | $96.0M | $28.2M | ||
| Q4 24 | $130.2M | $25.1M | ||
| Q3 24 | $168.8M | $36.1M | ||
| Q2 24 | $142.3M | $36.1M | ||
| Q1 24 | $148.5M | $39.8M |
| Q4 25 | — | $21.9M | ||
| Q3 25 | — | $47.1M | ||
| Q2 25 | — | $117.2M | ||
| Q1 25 | — | $148.5M | ||
| Q4 24 | — | $169.2M | ||
| Q3 24 | — | $239.4M | ||
| Q2 24 | — | $327.4M | ||
| Q1 24 | — | $515.2M |
| Q4 25 | $553.5M | $293.9M | ||
| Q3 25 | $537.3M | $430.3M | ||
| Q2 25 | $357.0M | $500.0M | ||
| Q1 25 | $355.7M | $582.1M | ||
| Q4 24 | $431.8M | $581.2M | ||
| Q3 24 | $372.1M | $621.9M | ||
| Q2 24 | $389.0M | $660.3M | ||
| Q1 24 | $365.3M | $647.2M |
| Q4 25 | $807.5M | $453.4M | ||
| Q3 25 | $781.0M | $522.6M | ||
| Q2 25 | $660.4M | $668.7M | ||
| Q1 25 | $669.9M | $784.1M | ||
| Q4 24 | $849.9M | $805.1M | ||
| Q3 24 | $899.6M | $919.9M | ||
| Q2 24 | $938.9M | $1.0B | ||
| Q1 24 | $949.2M | $1.2B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.50× | ||
| Q1 24 | — | 0.80× |
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 | — | $64.1M |
| 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 | — | $64.1M | ||
| Q3 25 | — | $16.3M | ||
| Q2 25 | $-7.5M | $11.7M | ||
| Q1 25 | $-121.0M | $14.1M | ||
| Q4 24 | — | $71.9M | ||
| Q3 24 | — | $20.3M | ||
| Q2 24 | $-37.8M | $14.7M | ||
| Q1 24 | $-205.8M | $26.4M |
| 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 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.70× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.18× | ||
| 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% |
NLOP
Segment breakdown not available.
