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Side-by-side financial comparison of Canopy Growth Corp (CGC) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $54.4M, roughly 1.6× Canopy Growth Corp). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -84.0%, a 102.3% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -0.3%). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
CGC vs OPAL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $88.4M |
| Net Profit | $-45.7M | $16.2M |
| Gross Margin | 28.8% | — |
| Operating Margin | -35.3% | 7.5% |
| Net Margin | -84.0% | 18.3% |
| Revenue YoY | -0.3% | 18.7% |
| Net Profit YoY | 48.6% | 401.5% |
| EPS (diluted) | — | $0.08 |
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 | $88.4M | ||
| Q3 25 | $48.7M | $77.9M | ||
| Q2 25 | $52.7M | $77.4M | ||
| Q1 25 | $47.5M | $83.0M | ||
| Q4 24 | $54.6M | $74.5M | ||
| Q3 24 | $46.0M | $82.6M | ||
| Q2 24 | $48.3M | $69.8M | ||
| Q1 24 | $53.1M | $64.0M |
| Q4 25 | $-45.7M | $16.2M | ||
| Q3 25 | $-1.2M | $11.4M | ||
| Q2 25 | $-30.3M | $7.6M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $-89.0M | $-5.4M | ||
| Q3 24 | $-93.7M | $17.1M | ||
| Q2 24 | $-92.8M | $1.9M | ||
| Q1 24 | — | $677.0K |
| 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% | 7.5% | ||
| Q3 25 | -25.3% | 4.6% | ||
| Q2 25 | -31.4% | -1.1% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | -31.9% | -0.5% | ||
| Q3 24 | -72.9% | 14.9% | ||
| Q2 24 | -44.0% | 8.1% | ||
| Q1 24 | — | 5.6% |
| Q4 25 | -84.0% | 18.3% | ||
| Q3 25 | -2.5% | 14.6% | ||
| Q2 25 | -57.6% | 9.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | -163.0% | -7.2% | ||
| Q3 24 | -203.7% | 20.7% | ||
| Q2 24 | -192.0% | 2.7% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $0.09 | ||
| Q2 24 | — | $-0.01 | ||
| Q1 24 | — | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $553.5M | $-12.9M |
| Total Assets | $807.5M | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $24.4M | ||
| Q3 25 | $217.6M | $29.9M | ||
| Q2 25 | $104.8M | $29.3M | ||
| Q1 25 | $96.0M | $40.1M | ||
| Q4 24 | $130.2M | $24.3M | ||
| Q3 24 | $168.8M | $31.0M | ||
| Q2 24 | $142.3M | $27.6M | ||
| Q1 24 | $148.5M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $553.5M | $-12.9M | ||
| Q3 25 | $537.3M | $7.5M | ||
| Q2 25 | $357.0M | $-25.0M | ||
| Q1 25 | $355.7M | $57.1M | ||
| Q4 24 | $431.8M | $-148.4M | ||
| Q3 24 | $372.1M | $-180.1M | ||
| Q2 24 | $389.0M | $-273.0M | ||
| Q1 24 | $365.3M | $-382.4M |
| Q4 25 | $807.5M | $959.5M | ||
| Q3 25 | $781.0M | $916.7M | ||
| Q2 25 | $660.4M | $905.5M | ||
| Q1 25 | $669.9M | $884.9M | ||
| Q4 24 | $849.9M | $881.1M | ||
| Q3 24 | $899.6M | $831.1M | ||
| Q2 24 | $938.9M | $782.3M | ||
| Q1 24 | $949.2M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | — | $-3.5M |
| Free Cash FlowOCF − Capex | — | $-13.4M |
| FCF MarginFCF / Revenue | — | -15.1% |
| Capex IntensityCapex / Revenue | — | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.5M | ||
| Q3 25 | — | $18.2M | ||
| Q2 25 | $-7.5M | $-7.9M | ||
| Q1 25 | $-121.0M | $29.7M | ||
| Q4 24 | — | $-532.0K | ||
| Q3 24 | — | $17.7M | ||
| Q2 24 | $-37.8M | $533.0K | ||
| Q1 24 | $-205.8M | $13.7M |
| Q4 25 | — | $-13.4M | ||
| Q3 25 | — | $-9.3M | ||
| Q2 25 | $-8.5M | $-29.7M | ||
| Q1 25 | $-128.9M | $18.1M | ||
| Q4 24 | — | $-55.0M | ||
| Q3 24 | — | $-5.4M | ||
| Q2 24 | $-40.7M | $-22.5M | ||
| Q1 24 | $-208.3M | $-13.0M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | — | -11.9% | ||
| Q2 25 | -16.1% | -38.4% | ||
| Q1 25 | -271.5% | 21.8% | ||
| Q4 24 | — | -73.8% | ||
| Q3 24 | — | -6.5% | ||
| Q2 24 | -84.1% | -32.2% | ||
| Q1 24 | -392.1% | -20.4% |
| Q4 25 | — | 11.1% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | 1.8% | 28.2% | ||
| Q1 25 | 16.6% | 13.9% | ||
| Q4 24 | — | 73.1% | ||
| Q3 24 | — | 27.9% | ||
| Q2 24 | 5.9% | 32.9% | ||
| Q1 24 | 4.7% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
