vs
Side-by-side financial comparison of Canopy Growth Corp (CGC) and TELOS CORP (TLS). Click either name above to swap in a different company.
Canopy Growth Corp is the larger business by last-quarter revenue ($54.4M vs $46.8M, roughly 1.2× TELOS CORP). TELOS CORP runs the higher net margin — -34.9% vs -84.0%, a 49.1% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs -0.3%). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
CGC vs TLS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $46.8M |
| Net Profit | $-45.7M | $-16.3M |
| Gross Margin | 28.8% | 35.0% |
| Operating Margin | -35.3% | -39.6% |
| Net Margin | -84.0% | -34.9% |
| Revenue YoY | -0.3% | 77.4% |
| Net Profit YoY | 48.6% | -74.8% |
| EPS (diluted) | — | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $48.7M | $51.4M | ||
| Q2 25 | $52.7M | $36.0M | ||
| Q1 25 | $47.5M | $30.6M | ||
| Q4 24 | $54.6M | $26.4M | ||
| Q3 24 | $46.0M | $23.8M | ||
| Q2 24 | $48.3M | $28.5M | ||
| Q1 24 | $53.1M | $29.6M |
| Q4 25 | $-45.7M | $-16.3M | ||
| Q3 25 | $-1.2M | $-2.1M | ||
| Q2 25 | $-30.3M | $-9.5M | ||
| Q1 25 | — | $-8.6M | ||
| Q4 24 | $-89.0M | $-9.3M | ||
| Q3 24 | $-93.7M | $-28.1M | ||
| Q2 24 | $-92.8M | $-7.8M | ||
| Q1 24 | — | $-7.4M |
| Q4 25 | 28.8% | 35.0% | ||
| Q3 25 | 32.8% | 39.9% | ||
| Q2 25 | 25.0% | 33.2% | ||
| Q1 25 | 16.2% | 39.8% | ||
| Q4 24 | 32.2% | 40.3% | ||
| Q3 24 | 34.7% | 13.2% | ||
| Q2 24 | 34.8% | 34.1% | ||
| Q1 24 | 21.3% | 37.0% |
| Q4 25 | -35.3% | -39.6% | ||
| Q3 25 | -25.3% | -4.8% | ||
| Q2 25 | -31.4% | -27.5% | ||
| Q1 25 | — | -29.5% | ||
| Q4 24 | -31.9% | -37.6% | ||
| Q3 24 | -72.9% | -121.4% | ||
| Q2 24 | -44.0% | -30.3% | ||
| Q1 24 | — | -28.5% |
| Q4 25 | -84.0% | -34.9% | ||
| Q3 25 | -2.5% | -4.1% | ||
| Q2 25 | -57.6% | -26.5% | ||
| Q1 25 | — | -28.1% | ||
| Q4 24 | -163.0% | -35.4% | ||
| Q3 24 | -203.7% | -118.0% | ||
| Q2 24 | -192.0% | -27.2% | ||
| Q1 24 | — | -24.9% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | — | $-0.39 | ||
| Q2 24 | — | $-0.11 | ||
| Q1 24 | — | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $553.5M | $96.0M |
| Total Assets | $807.5M | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $53.2M | ||
| Q3 25 | $217.6M | $59.0M | ||
| Q2 25 | $104.8M | $57.0M | ||
| Q1 25 | $96.0M | $57.8M | ||
| Q4 24 | $130.2M | $54.6M | ||
| Q3 24 | $168.8M | $69.8M | ||
| Q2 24 | $142.3M | $80.1M | ||
| Q1 24 | $148.5M | $93.9M |
| Q4 25 | $553.5M | $96.0M | ||
| Q3 25 | $537.3M | $119.7M | ||
| Q2 25 | $357.0M | $118.4M | ||
| Q1 25 | $355.7M | $126.1M | ||
| Q4 24 | $431.8M | $127.1M | ||
| Q3 24 | $372.1M | $129.5M | ||
| Q2 24 | $389.0M | $149.1M | ||
| Q1 24 | $365.3M | $154.4M |
| Q4 25 | $807.5M | $139.9M | ||
| Q3 25 | $781.0M | $164.3M | ||
| Q2 25 | $660.4M | $165.0M | ||
| Q1 25 | $669.9M | $158.1M | ||
| Q4 24 | $849.9M | $158.2M | ||
| Q3 24 | $899.6M | $166.3M | ||
| Q2 24 | $938.9M | $182.4M | ||
| Q1 24 | $949.2M | $195.4M |
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 | — | $8.0M |
| Free Cash FlowOCF − Capex | — | $8.0M |
| FCF MarginFCF / Revenue | — | 17.0% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $9.1M | ||
| Q2 25 | $-7.5M | $7.0M | ||
| Q1 25 | $-121.0M | $6.1M | ||
| Q4 24 | — | $-10.5M | ||
| Q3 24 | — | $-7.1M | ||
| Q2 24 | $-37.8M | $-8.0M | ||
| Q1 24 | $-205.8M | $-350.0K |
| Q4 25 | — | $8.0M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | $-8.5M | $6.8M | ||
| Q1 25 | $-128.9M | $6.0M | ||
| Q4 24 | — | $-12.4M | ||
| Q3 24 | — | $-7.1M | ||
| Q2 24 | $-40.7M | $-8.2M | ||
| Q1 24 | $-208.3M | $-447.0K |
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | -16.1% | 19.0% | ||
| Q1 25 | -271.5% | 19.5% | ||
| Q4 24 | — | -47.0% | ||
| Q3 24 | — | -30.0% | ||
| Q2 24 | -84.1% | -28.9% | ||
| Q1 24 | -392.1% | -1.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | 1.8% | 0.4% | ||
| Q1 25 | 16.6% | 0.4% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | 5.9% | 0.8% | ||
| Q1 24 | 4.7% | 0.3% |
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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
