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Side-by-side financial comparison of Canopy Growth Corp (CGC) and STEM, INC. (STEM). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $47.1M, roughly 1.2× STEM, INC.). STEM, INC. runs the higher net margin — -33.9% vs -84.0%, a 50.1% gap on every dollar of revenue. On growth, Canopy Growth Corp posted the faster year-over-year revenue change (-0.3% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
CGC vs STEM — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $47.1M |
| Net Profit | $-45.7M | $-16.0M |
| Gross Margin | 28.8% | 48.9% |
| Operating Margin | -35.3% | -17.7% |
| Net Margin | -84.0% | -33.9% |
| Revenue YoY | -0.3% | -15.6% |
| Net Profit YoY | 48.6% | 68.8% |
| EPS (diluted) | — | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $48.7M | $38.2M | ||
| Q2 25 | $52.7M | $38.4M | ||
| Q1 25 | $47.5M | $32.5M | ||
| Q4 24 | $54.6M | $55.8M | ||
| Q3 24 | $46.0M | $29.3M | ||
| Q2 24 | $48.3M | $34.0M | ||
| Q1 24 | $53.1M | $25.5M |
| Q4 25 | $-45.7M | $-16.0M | ||
| Q3 25 | $-1.2M | $-23.8M | ||
| Q2 25 | $-30.3M | $202.5M | ||
| Q1 25 | — | $-25.0M | ||
| Q4 24 | $-89.0M | $-51.1M | ||
| Q3 24 | $-93.7M | $-148.3M | ||
| Q2 24 | $-92.8M | $-582.3M | ||
| Q1 24 | — | $-72.3M |
| Q4 25 | 28.8% | 48.9% | ||
| Q3 25 | 32.8% | 35.5% | ||
| Q2 25 | 25.0% | 33.4% | ||
| Q1 25 | 16.2% | 32.4% | ||
| Q4 24 | 32.2% | -4.4% | ||
| Q3 24 | 34.7% | 21.2% | ||
| Q2 24 | 34.8% | 27.6% | ||
| Q1 24 | 21.3% | -95.0% |
| Q4 25 | -35.3% | -17.7% | ||
| Q3 25 | -25.3% | -33.6% | ||
| Q2 25 | -31.4% | -34.8% | ||
| Q1 25 | — | -65.0% | ||
| Q4 24 | -31.9% | -84.4% | ||
| Q3 24 | -72.9% | -493.2% | ||
| Q2 24 | -44.0% | -1705.5% | ||
| Q1 24 | — | -267.0% |
| Q4 25 | -84.0% | -33.9% | ||
| Q3 25 | -2.5% | -62.2% | ||
| Q2 25 | -57.6% | 527.8% | ||
| Q1 25 | — | -76.9% | ||
| Q4 24 | -163.0% | -91.6% | ||
| Q3 24 | -203.7% | -506.3% | ||
| Q2 24 | -192.0% | -1712.6% | ||
| Q1 24 | — | -283.9% |
| Q4 25 | — | $-4.40 | ||
| Q3 25 | — | $-2.84 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $-15.29 | ||
| Q3 24 | — | $-18.24 | ||
| Q2 24 | — | $-71.81 | ||
| Q1 24 | — | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $-249.4M |
| Total Assets | $807.5M | $308.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $48.9M | ||
| Q3 25 | $217.6M | $43.1M | ||
| Q2 25 | $104.8M | $40.8M | ||
| Q1 25 | $96.0M | $58.6M | ||
| Q4 24 | $130.2M | $56.3M | ||
| Q3 24 | $168.8M | $75.4M | ||
| Q2 24 | $142.3M | $89.6M | ||
| Q1 24 | $148.5M | $112.8M |
| Q4 25 | $553.5M | $-249.4M | ||
| Q3 25 | $537.3M | $-235.7M | ||
| Q2 25 | $357.0M | $-214.1M | ||
| Q1 25 | $355.7M | $-417.5M | ||
| Q4 24 | $431.8M | $-398.4M | ||
| Q3 24 | $372.1M | $-344.1M | ||
| Q2 24 | $389.0M | $-203.2M | ||
| Q1 24 | $365.3M | $371.6M |
| Q4 25 | $807.5M | $308.9M | ||
| Q3 25 | $781.0M | $362.6M | ||
| Q2 25 | $660.4M | $379.2M | ||
| Q1 25 | $669.9M | $405.1M | ||
| Q4 24 | $849.9M | $437.4M | ||
| Q3 24 | $899.6M | $537.8M | ||
| Q2 24 | $938.9M | $691.5M | ||
| Q1 24 | $949.2M | $1.3B |
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 | — | $8.2M |
| 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 | — | $8.2M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | $-7.5M | $-21.3M | ||
| Q1 25 | $-121.0M | $8.5M | ||
| Q4 24 | — | $-14.7M | ||
| Q3 24 | — | $-9.4M | ||
| Q2 24 | $-37.8M | $-11.9M | ||
| Q1 24 | $-205.8M | $-621.0K |
| 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 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% |
STEM
Segment breakdown not available.
