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Side-by-side financial comparison of Canopy Growth Corp (CGC) and NATURAL RESOURCE PARTNERS LP (NRP). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $51.3M, roughly 1.1× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs -84.0%, a 162.5% gap on every dollar of revenue. On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -21.8%). Over the past eight quarters, Canopy Growth Corp's revenue compounded faster (1.2% CAGR vs -8.3%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Natural Resource Partners LP is a U.S.-headquartered master limited partnership that owns, manages and leases mineral reserve interests. Its asset portfolio covers coal, aggregates, industrial minerals and oil & gas, with operations primarily across North America, deriving most revenue from royalties paid by third-party resource extraction operators.
CGC vs NRP — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $51.3M |
| Net Profit | $-45.7M | $40.3M |
| Gross Margin | 28.8% | — |
| Operating Margin | -35.3% | 83.7% |
| Net Margin | -84.0% | 78.5% |
| Revenue YoY | -0.3% | -21.8% |
| Net Profit YoY | 48.6% | -28.4% |
| EPS (diluted) | — | — |
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 | — | ||
| Q3 25 | $48.7M | — | ||
| Q2 25 | $52.7M | — | ||
| Q1 25 | $47.5M | $51.3M | ||
| Q4 24 | $54.6M | $61.8M | ||
| Q3 24 | $46.0M | $50.4M | ||
| Q2 24 | $48.3M | $54.6M | ||
| Q1 24 | $53.1M | $65.6M |
| Q4 25 | $-45.7M | — | ||
| Q3 25 | $-1.2M | — | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | — | $40.3M | ||
| Q4 24 | $-89.0M | $42.8M | ||
| Q3 24 | $-93.7M | $38.6M | ||
| Q2 24 | $-92.8M | $46.1M | ||
| Q1 24 | — | $56.2M |
| 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% | — | ||
| Q3 25 | -25.3% | — | ||
| Q2 25 | -31.4% | — | ||
| Q1 25 | — | 83.7% | ||
| Q4 24 | -31.9% | 74.9% | ||
| Q3 24 | -72.9% | 84.9% | ||
| Q2 24 | -44.0% | 92.3% | ||
| Q1 24 | — | 91.0% |
| Q4 25 | -84.0% | — | ||
| Q3 25 | -2.5% | — | ||
| Q2 25 | -57.6% | — | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | -163.0% | 69.2% | ||
| Q3 24 | -203.7% | 76.6% | ||
| Q2 24 | -192.0% | 84.4% | ||
| Q1 24 | — | 85.7% |
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 | $30.9M |
| Total DebtLower is stronger | — | $138.8M |
| Stockholders' EquityBook value | $553.5M | — |
| Total Assets | $807.5M | $772.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | — | ||
| Q3 25 | $217.6M | — | ||
| Q2 25 | $104.8M | — | ||
| Q1 25 | $96.0M | $30.9M | ||
| Q4 24 | $130.2M | $30.4M | ||
| Q3 24 | $168.8M | $30.9M | ||
| Q2 24 | $142.3M | $32.3M | ||
| Q1 24 | $148.5M | $11.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $138.8M | ||
| Q4 24 | — | $142.1M | ||
| Q3 24 | — | $197.4M | ||
| Q2 24 | — | $210.3M | ||
| Q1 24 | — | $188.8M |
| Q4 25 | $553.5M | — | ||
| Q3 25 | $537.3M | — | ||
| Q2 25 | $357.0M | — | ||
| Q1 25 | $355.7M | — | ||
| Q4 24 | $431.8M | — | ||
| Q3 24 | $372.1M | — | ||
| Q2 24 | $389.0M | — | ||
| Q1 24 | $365.3M | — |
| Q4 25 | $807.5M | — | ||
| Q3 25 | $781.0M | — | ||
| Q2 25 | $660.4M | — | ||
| Q1 25 | $669.9M | $772.5M | ||
| Q4 24 | $849.9M | $772.9M | ||
| Q3 24 | $899.6M | $772.9M | ||
| Q2 24 | $938.9M | $789.6M | ||
| Q1 24 | $949.2M | $772.9M |
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 | — | $34.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-7.5M | — | ||
| Q1 25 | $-121.0M | $34.4M | ||
| Q4 24 | — | $66.2M | ||
| Q3 24 | — | $54.1M | ||
| Q2 24 | $-37.8M | $56.6M | ||
| Q1 24 | $-205.8M | $71.5M |
| 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 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | 5.9% | 0.0% | ||
| Q1 24 | 4.7% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 1.55× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.23× | ||
| Q1 24 | — | 1.27× |
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% |
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
