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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $54.4M, roughly 1.8× Canopy Growth Corp). Safehold Inc. runs the higher net margin — 28.5% vs -84.0%, a 112.5% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -0.3%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
CGC vs SAFE — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $97.9M |
| Net Profit | $-45.7M | $27.9M |
| Gross Margin | 28.8% | 98.6% |
| Operating Margin | -35.3% | 27.4% |
| Net Margin | -84.0% | 28.5% |
| Revenue YoY | -0.3% | 6.5% |
| Net Profit YoY | 48.6% | 7.1% |
| EPS (diluted) | — | $0.38 |
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 | $97.9M | ||
| Q3 25 | $48.7M | $96.2M | ||
| Q2 25 | $52.7M | $93.8M | ||
| Q1 25 | $47.5M | $97.7M | ||
| Q4 24 | $54.6M | $91.9M | ||
| Q3 24 | $46.0M | $90.7M | ||
| Q2 24 | $48.3M | $89.9M | ||
| Q1 24 | $53.1M | $93.2M |
| Q4 25 | $-45.7M | $27.9M | ||
| Q3 25 | $-1.2M | $29.3M | ||
| Q2 25 | $-30.3M | $27.9M | ||
| Q1 25 | — | $29.4M | ||
| Q4 24 | $-89.0M | $26.0M | ||
| Q3 24 | $-93.7M | $19.3M | ||
| Q2 24 | $-92.8M | $29.7M | ||
| Q1 24 | — | $30.7M |
| Q4 25 | 28.8% | 98.6% | ||
| Q3 25 | 32.8% | 98.5% | ||
| Q2 25 | 25.0% | 99.1% | ||
| Q1 25 | 16.2% | 98.8% | ||
| Q4 24 | 32.2% | 98.8% | ||
| Q3 24 | 34.7% | 98.8% | ||
| Q2 24 | 34.8% | 98.8% | ||
| Q1 24 | 21.3% | 98.8% |
| Q4 25 | -35.3% | 27.4% | ||
| Q3 25 | -25.3% | 25.9% | ||
| Q2 25 | -31.4% | 25.5% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | -31.9% | 24.6% | ||
| Q3 24 | -72.9% | 17.5% | ||
| Q2 24 | -44.0% | 26.7% | ||
| Q1 24 | — | 26.4% |
| Q4 25 | -84.0% | 28.5% | ||
| Q3 25 | -2.5% | 30.5% | ||
| Q2 25 | -57.6% | 29.8% | ||
| Q1 25 | — | 30.1% | ||
| Q4 24 | -163.0% | 28.3% | ||
| Q3 24 | -203.7% | 21.3% | ||
| Q2 24 | -192.0% | 33.0% | ||
| Q1 24 | — | 33.0% |
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.41 | ||
| Q2 25 | — | $0.39 | ||
| Q1 25 | — | $0.41 | ||
| Q4 24 | — | $0.36 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $553.5M | $2.4B |
| Total Assets | $807.5M | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $21.7M | ||
| Q3 25 | $217.6M | $12.1M | ||
| Q2 25 | $104.8M | $13.9M | ||
| Q1 25 | $96.0M | $17.3M | ||
| Q4 24 | $130.2M | $8.3M | ||
| Q3 24 | $168.8M | $15.6M | ||
| Q2 24 | $142.3M | $13.4M | ||
| Q1 24 | $148.5M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $553.5M | $2.4B | ||
| Q3 25 | $537.3M | $2.4B | ||
| Q2 25 | $357.0M | $2.4B | ||
| Q1 25 | $355.7M | $2.4B | ||
| Q4 24 | $431.8M | $2.3B | ||
| Q3 24 | $372.1M | $2.3B | ||
| Q2 24 | $389.0M | $2.3B | ||
| Q1 24 | $365.3M | $2.3B |
| Q4 25 | $807.5M | $7.2B | ||
| Q3 25 | $781.0M | $7.1B | ||
| Q2 25 | $660.4M | $7.1B | ||
| Q1 25 | $669.9M | $6.9B | ||
| Q4 24 | $849.9M | $6.9B | ||
| Q3 24 | $899.6M | $6.8B | ||
| Q2 24 | $938.9M | $6.8B | ||
| Q1 24 | $949.2M | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | — | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $47.8M | ||
| Q3 25 | — | $-1.4M | ||
| Q2 25 | $-7.5M | $28.0M | ||
| Q1 25 | $-121.0M | $8.9M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | — | $8.3M | ||
| Q2 24 | $-37.8M | $24.8M | ||
| Q1 24 | $-205.8M | $-3.1M |
| 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 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
