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Side-by-side financial comparison of Canopy Growth Corp (CGC) and RING ENERGY, INC. (REI). Click either name above to swap in a different company.
RING ENERGY, INC. is the larger business by last-quarter revenue ($66.9M vs $54.4M, roughly 1.2× Canopy Growth Corp). On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -19.8%). Over the past eight quarters, Canopy Growth Corp's revenue compounded faster (1.2% CAGR vs -15.9%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Siemens Energy AG is a German publicly traded energy corporation formed through the spin-off of the former Gas and Power division of Siemens, and it includes full ownership of Siemens Gamesa.
CGC vs REI — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $66.9M |
| Net Profit | $-45.7M | — |
| Gross Margin | 28.8% | — |
| Operating Margin | -35.3% | -37.6% |
| Net Margin | -84.0% | — |
| Revenue YoY | -0.3% | -19.8% |
| Net Profit YoY | 48.6% | — |
| EPS (diluted) | — | $-0.07 |
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 | $66.9M | ||
| Q3 25 | $48.7M | $78.6M | ||
| Q2 25 | $52.7M | $82.6M | ||
| Q1 25 | $47.5M | $79.1M | ||
| Q4 24 | $54.6M | $83.4M | ||
| Q3 24 | $46.0M | $89.2M | ||
| Q2 24 | $48.3M | $99.1M | ||
| Q1 24 | $53.1M | $94.5M |
| Q4 25 | $-45.7M | — | ||
| Q3 25 | $-1.2M | $-51.6M | ||
| Q2 25 | $-30.3M | $20.6M | ||
| Q1 25 | — | $9.1M | ||
| Q4 24 | $-89.0M | — | ||
| Q3 24 | $-93.7M | $33.9M | ||
| Q2 24 | $-92.8M | $22.4M | ||
| Q1 24 | — | $5.5M |
| 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% | -37.6% | ||
| Q3 25 | -25.3% | -70.0% | ||
| Q2 25 | -31.4% | 28.4% | ||
| Q1 25 | — | 28.3% | ||
| Q4 24 | -31.9% | 28.3% | ||
| Q3 24 | -72.9% | 33.4% | ||
| Q2 24 | -44.0% | 42.2% | ||
| Q1 24 | — | 39.8% |
| Q4 25 | -84.0% | — | ||
| Q3 25 | -2.5% | -65.7% | ||
| Q2 25 | -57.6% | 25.0% | ||
| Q1 25 | — | 11.5% | ||
| Q4 24 | -163.0% | — | ||
| Q3 24 | -203.7% | 38.0% | ||
| Q2 24 | -192.0% | 22.6% | ||
| Q1 24 | — | 5.8% |
| Q4 25 | — | $-0.07 | ||
| Q3 25 | — | $-0.25 | ||
| Q2 25 | — | $0.10 | ||
| Q1 25 | — | $0.05 | ||
| Q4 24 | — | $0.03 | ||
| Q3 24 | — | $0.17 | ||
| Q2 24 | — | $0.11 | ||
| Q1 24 | — | $0.03 |
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 | $902.9K |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $836.3M |
| Total Assets | $807.5M | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $902.9K | ||
| Q3 25 | $217.6M | $286.9K | ||
| Q2 25 | $104.8M | — | ||
| Q1 25 | $96.0M | $1.1M | ||
| Q4 24 | $130.2M | $1.9M | ||
| Q3 24 | $168.8M | — | ||
| Q2 24 | $142.3M | $1.2M | ||
| Q1 24 | $148.5M | $1.4M |
| Q4 25 | $553.5M | $836.3M | ||
| Q3 25 | $537.3M | $847.7M | ||
| Q2 25 | $357.0M | $897.9M | ||
| Q1 25 | $355.7M | $876.0M | ||
| Q4 24 | $431.8M | $858.6M | ||
| Q3 24 | $372.1M | $851.3M | ||
| Q2 24 | $389.0M | $817.4M | ||
| Q1 24 | $365.3M | $793.0M |
| Q4 25 | $807.5M | $1.4B | ||
| Q3 25 | $781.0M | $1.4B | ||
| Q2 25 | $660.4M | $1.5B | ||
| Q1 25 | $669.9M | $1.5B | ||
| Q4 24 | $849.9M | $1.4B | ||
| Q3 24 | $899.6M | $1.4B | ||
| Q2 24 | $938.9M | $1.4B | ||
| Q1 24 | $949.2M | $1.4B |
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 | — | $44.7M |
| 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 | — | $44.7M | ||
| Q3 25 | — | $44.5M | ||
| Q2 25 | $-7.5M | $33.3M | ||
| Q1 25 | $-121.0M | $28.4M | ||
| Q4 24 | — | $47.3M | ||
| Q3 24 | — | $51.3M | ||
| Q2 24 | $-37.8M | $50.6M | ||
| Q1 24 | $-205.8M | $45.2M |
| 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 | — | 1.61× | ||
| Q1 25 | — | 3.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.52× | ||
| Q2 24 | — | 2.26× | ||
| Q1 24 | — | 8.19× |
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% |
REI
Segment breakdown not available.
