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Side-by-side financial comparison of Canopy Growth Corp (CGC) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Smart Sand, Inc. is the larger business by last-quarter revenue ($86.0M vs $54.4M, roughly 1.6× Canopy Growth Corp). Smart Sand, Inc. runs the higher net margin — 1.4% vs -84.0%, a 85.4% gap on every dollar of revenue. On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -5.8%). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
CGC vs SND — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $86.0M |
| Net Profit | $-45.7M | $1.2M |
| Gross Margin | 28.8% | 13.0% |
| Operating Margin | -35.3% | -3.1% |
| Net Margin | -84.0% | 1.4% |
| Revenue YoY | -0.3% | -5.8% |
| Net Profit YoY | 48.6% | -68.5% |
| EPS (diluted) | — | $0.03 |
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 | $86.0M | ||
| Q3 25 | $48.7M | $92.8M | ||
| Q2 25 | $52.7M | $85.8M | ||
| Q1 25 | $47.5M | $65.6M | ||
| Q4 24 | $54.6M | $91.4M | ||
| Q3 24 | $46.0M | $63.2M | ||
| Q2 24 | $48.3M | $73.8M | ||
| Q1 24 | $53.1M | $83.1M |
| Q4 25 | $-45.7M | $1.2M | ||
| Q3 25 | $-1.2M | $3.0M | ||
| Q2 25 | $-30.3M | $21.4M | ||
| Q1 25 | — | $-24.2M | ||
| Q4 24 | $-89.0M | $3.7M | ||
| Q3 24 | $-93.7M | $-98.0K | ||
| Q2 24 | $-92.8M | $-430.0K | ||
| Q1 24 | — | $-216.0K |
| Q4 25 | 28.8% | 13.0% | ||
| Q3 25 | 32.8% | 16.1% | ||
| Q2 25 | 25.0% | 10.4% | ||
| Q1 25 | 16.2% | 4.2% | ||
| Q4 24 | 32.2% | 14.7% | ||
| Q3 24 | 34.7% | 10.3% | ||
| Q2 24 | 34.8% | 17.7% | ||
| Q1 24 | 21.3% | 14.2% |
| Q4 25 | -35.3% | -3.1% | ||
| Q3 25 | -25.3% | 5.8% | ||
| Q2 25 | -31.4% | -0.1% | ||
| Q1 25 | — | -10.8% | ||
| Q4 24 | -31.9% | 3.9% | ||
| Q3 24 | -72.9% | -7.8% | ||
| Q2 24 | -44.0% | 4.8% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | -84.0% | 1.4% | ||
| Q3 25 | -2.5% | 3.2% | ||
| Q2 25 | -57.6% | 24.9% | ||
| Q1 25 | — | -37.0% | ||
| Q4 24 | -163.0% | 4.1% | ||
| Q3 24 | -203.7% | -0.2% | ||
| Q2 24 | -192.0% | -0.6% | ||
| Q1 24 | — | -0.3% |
| Q4 25 | — | $0.03 | ||
| Q3 25 | — | $0.08 | ||
| Q2 25 | — | $0.54 | ||
| Q1 25 | — | $-0.62 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $0.00 | ||
| 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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $553.5M | $239.7M |
| Total Assets | $807.5M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $22.6M | ||
| Q3 25 | $217.6M | $5.1M | ||
| Q2 25 | $104.8M | $4.3M | ||
| Q1 25 | $96.0M | $5.1M | ||
| Q4 24 | $130.2M | $1.6M | ||
| Q3 24 | $168.8M | $7.2M | ||
| Q2 24 | $142.3M | $6.3M | ||
| Q1 24 | $148.5M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $553.5M | $239.7M | ||
| Q3 25 | $537.3M | $239.9M | ||
| Q2 25 | $357.0M | $240.5M | ||
| Q1 25 | $355.7M | $219.9M | ||
| Q4 24 | $431.8M | $243.8M | ||
| Q3 24 | $372.1M | $243.6M | ||
| Q2 24 | $389.0M | $242.9M | ||
| Q1 24 | $365.3M | $242.5M |
| Q4 25 | $807.5M | $340.0M | ||
| Q3 25 | $781.0M | $343.1M | ||
| Q2 25 | $660.4M | $345.8M | ||
| Q1 25 | $669.9M | $326.9M | ||
| Q4 24 | $849.9M | $341.5M | ||
| Q3 24 | $899.6M | $335.8M | ||
| Q2 24 | $938.9M | $341.8M | ||
| Q1 24 | $949.2M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | — | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | — | $18.2M | ||
| Q2 25 | $-7.5M | $-5.1M | ||
| Q1 25 | $-121.0M | $8.7M | ||
| Q4 24 | — | $1.0M | ||
| Q3 24 | — | $5.8M | ||
| Q2 24 | $-37.8M | $14.9M | ||
| Q1 24 | $-205.8M | $-3.9M |
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | $-8.5M | $-7.8M | ||
| Q1 25 | $-128.9M | $5.2M | ||
| Q4 24 | — | $-840.0K | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | $-40.7M | $13.5M | ||
| Q1 24 | $-208.3M | $-5.5M |
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | -16.1% | -9.1% | ||
| Q1 25 | -271.5% | 7.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | -84.1% | 18.3% | ||
| Q1 24 | -392.1% | -6.6% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | 1.8% | 3.1% | ||
| Q1 25 | 16.6% | 5.4% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | 5.9% | 1.8% | ||
| Q1 24 | 4.7% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
