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Side-by-side financial comparison of Canopy Growth Corp (CGC) and ON24 INC. (ONTF). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $34.6M, roughly 1.6× ON24 INC.). ON24 INC. runs the higher net margin — -18.8% vs -84.0%, a 65.3% gap on every dollar of revenue. On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -5.6%). Over the past eight quarters, Canopy Growth Corp's revenue compounded faster (1.2% CAGR vs -4.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
ON24 Inc., a San Francisco-based company, is a cloud-based platform that develops and sells web-based webinar, virtual conferencing, content hub, and landing page applications as a service for marketing and sales teams in B2B organizations. In 2023 it expanded its offerings to include generative AI services.
CGC vs ONTF — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $34.6M |
| Net Profit | $-45.7M | $-6.5M |
| Gross Margin | 28.8% | 74.9% |
| Operating Margin | -35.3% | -23.5% |
| Net Margin | -84.0% | -18.8% |
| Revenue YoY | -0.3% | -5.6% |
| Net Profit YoY | 48.6% | 26.8% |
| 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 | $34.6M | ||
| Q3 25 | $48.7M | $34.6M | ||
| Q2 25 | $52.7M | $35.3M | ||
| Q1 25 | $47.5M | $34.7M | ||
| Q4 24 | $54.6M | $36.7M | ||
| Q3 24 | $46.0M | $36.3M | ||
| Q2 24 | $48.3M | $37.3M | ||
| Q1 24 | $53.1M | $37.7M |
| Q4 25 | $-45.7M | $-6.5M | ||
| Q3 25 | $-1.2M | $-6.4M | ||
| Q2 25 | $-30.3M | $-7.3M | ||
| Q1 25 | — | $-8.7M | ||
| Q4 24 | $-89.0M | $-8.9M | ||
| Q3 24 | $-93.7M | $-11.4M | ||
| Q2 24 | $-92.8M | $-11.2M | ||
| Q1 24 | — | $-10.7M |
| Q4 25 | 28.8% | 74.9% | ||
| Q3 25 | 32.8% | 74.7% | ||
| Q2 25 | 25.0% | 75.1% | ||
| Q1 25 | 16.2% | 73.8% | ||
| Q4 24 | 32.2% | 74.5% | ||
| Q3 24 | 34.7% | 74.3% | ||
| Q2 24 | 34.8% | 74.5% | ||
| Q1 24 | 21.3% | 74.1% |
| Q4 25 | -35.3% | -23.5% | ||
| Q3 25 | -25.3% | -23.1% | ||
| Q2 25 | -31.4% | -26.0% | ||
| Q1 25 | — | -30.1% | ||
| Q4 24 | -31.9% | -32.1% | ||
| Q3 24 | -72.9% | -36.7% | ||
| Q2 24 | -44.0% | -35.0% | ||
| Q1 24 | — | -33.1% |
| Q4 25 | -84.0% | -18.8% | ||
| Q3 25 | -2.5% | -18.4% | ||
| Q2 25 | -57.6% | -20.6% | ||
| Q1 25 | — | -25.1% | ||
| Q4 24 | -163.0% | -24.2% | ||
| Q3 24 | -203.7% | -31.4% | ||
| Q2 24 | -192.0% | -29.9% | ||
| Q1 24 | — | -28.4% |
| Q4 25 | — | $-0.15 | ||
| Q3 25 | — | $-0.15 | ||
| Q2 25 | — | $-0.17 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-0.21 | ||
| Q3 24 | — | $-0.27 | ||
| Q2 24 | — | $-0.27 | ||
| Q1 24 | — | $-0.26 |
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 | $37.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $139.4M |
| Total Assets | $807.5M | $228.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $37.0M | ||
| Q3 25 | $217.6M | $47.2M | ||
| Q2 25 | $104.8M | $37.7M | ||
| Q1 25 | $96.0M | $26.8M | ||
| Q4 24 | $130.2M | $14.9M | ||
| Q3 24 | $168.8M | $11.0M | ||
| Q2 24 | $142.3M | $15.5M | ||
| Q1 24 | $148.5M | $18.3M |
| Q4 25 | $553.5M | $139.4M | ||
| Q3 25 | $537.3M | $144.3M | ||
| Q2 25 | $357.0M | $150.0M | ||
| Q1 25 | $355.7M | $153.7M | ||
| Q4 24 | $431.8M | $159.4M | ||
| Q3 24 | $372.1M | $164.9M | ||
| Q2 24 | $389.0M | $170.8M | ||
| Q1 24 | $365.3M | $174.4M |
| Q4 25 | $807.5M | $228.4M | ||
| Q3 25 | $781.0M | $224.8M | ||
| Q2 25 | $660.4M | $235.1M | ||
| Q1 25 | $669.9M | $245.8M | ||
| Q4 24 | $849.9M | $251.0M | ||
| Q3 24 | $899.6M | $250.9M | ||
| Q2 24 | $938.9M | $259.0M | ||
| Q1 24 | $949.2M | $269.2M |
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 | — | $-1.1M |
| Free Cash FlowOCF − Capex | — | $-2.2M |
| FCF MarginFCF / Revenue | — | -6.4% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-1.1M | ||
| Q3 25 | — | $2.5M | ||
| Q2 25 | $-7.5M | $2.6M | ||
| Q1 25 | $-121.0M | $3.4M | ||
| Q4 24 | — | $985.0K | ||
| Q3 24 | — | $295.0K | ||
| Q2 24 | $-37.8M | $1.4M | ||
| Q1 24 | $-205.8M | $2.1M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $2.2M | ||
| Q2 25 | $-8.5M | $2.1M | ||
| Q1 25 | $-128.9M | $1.9M | ||
| Q4 24 | — | $424.0K | ||
| Q3 24 | — | $143.0K | ||
| Q2 24 | $-40.7M | $898.0K | ||
| Q1 24 | $-208.3M | $1.1M |
| Q4 25 | — | -6.4% | ||
| Q3 25 | — | 6.2% | ||
| Q2 25 | -16.1% | 5.9% | ||
| Q1 25 | -271.5% | 5.6% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | -84.1% | 2.4% | ||
| Q1 24 | -392.1% | 2.9% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | 1.8% | 1.4% | ||
| Q1 25 | 16.6% | 4.2% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | 5.9% | 1.3% | ||
| Q1 24 | 4.7% | 2.8% |
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% |
ONTF
Segment breakdown not available.
