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Canopy Growth Corp（CGC）与弗雷斯特研究公司（FORR）财务数据对比。点击上方公司名可切换其他公司
弗雷斯特研究公司的季度营收约是Canopy Growth Corp的1.9倍（$101.1M vs $54.4M），弗雷斯特研究公司净利率更高（-33.5% vs -84.0%，领先50.5%），Canopy Growth Corp同比增速更快（-0.3% vs -6.5%），过去两年Canopy Growth Corp的营收复合增速更高（1.2% vs 0.5%）
Canopy Growth Corp前身为Tweed Marijuana Inc，是一家总部位于加拿大安大略省史密斯福尔斯的大麻企业，在北美大麻行业拥有较高知名度，主要从事大麻相关产品的研发、生产与销售业务。
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
CGC vs FORR — 直观对比
营收规模更大
FORR
是对方的1.9倍
$54.4M
营收增速更快
CGC
高出6.2%
-6.5%
净利率更高
FORR
高出50.5%
-84.0%
两年增速更快
CGC
近两年复合增速
0.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $54.4M | $101.1M |
| 净利润 | $-45.7M | $-33.9M |
| 毛利率 | 28.8% | 56.7% |
| 营业利润率 | -35.3% | -36.6% |
| 净利率 | -84.0% | -33.5% |
| 营收同比 | -0.3% | -6.5% |
| 净利润同比 | 48.6% | -7941.4% |
| 每股收益（稀释后） | — | $-1.75 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CGCFORR
| Q4 25 | $54.4M | $101.1M | ||
| Q3 25 | $48.7M | $94.3M | ||
| Q2 25 | $52.7M | $111.7M | ||
| Q1 25 | $47.5M | $89.9M | ||
| Q4 24 | $54.6M | $108.0M | ||
| Q3 24 | $46.0M | $102.5M | ||
| Q2 24 | $48.3M | $121.8M | ||
| Q1 24 | $53.1M | $100.1M |
净利润CGCFORR
| Q4 25 | $-45.7M | $-33.9M | ||
| Q3 25 | $-1.2M | $-2.1M | ||
| Q2 25 | $-30.3M | $3.9M | ||
| Q1 25 | — | $-87.3M | ||
| Q4 24 | $-89.0M | $432.0K | ||
| Q3 24 | $-93.7M | $-5.8M | ||
| Q2 24 | $-92.8M | $6.3M | ||
| Q1 24 | — | $-6.7M |
毛利率CGCFORR
| Q4 25 | 28.8% | 56.7% | ||
| Q3 25 | 32.8% | 60.0% | ||
| Q2 25 | 25.0% | 55.5% | ||
| Q1 25 | 16.2% | 55.9% | ||
| Q4 24 | 32.2% | 58.8% | ||
| Q3 24 | 34.7% | 60.5% | ||
| Q2 24 | 34.8% | 57.3% | ||
| Q1 24 | 21.3% | 54.9% |
营业利润率CGCFORR
| Q4 25 | -35.3% | -36.6% | ||
| Q3 25 | -25.3% | 4.7% | ||
| Q2 25 | -31.4% | 6.2% | ||
| Q1 25 | — | -97.5% | ||
| Q4 24 | -31.9% | -0.5% | ||
| Q3 24 | -72.9% | -0.7% | ||
| Q2 24 | -44.0% | 9.3% | ||
| Q1 24 | — | -9.3% |
净利率CGCFORR
| Q4 25 | -84.0% | -33.5% | ||
| Q3 25 | -2.5% | -2.3% | ||
| Q2 25 | -57.6% | 3.5% | ||
| Q1 25 | — | -97.1% | ||
| Q4 24 | -163.0% | 0.4% | ||
| Q3 24 | -203.7% | -5.7% | ||
| Q2 24 | -192.0% | 5.2% | ||
| Q1 24 | — | -6.7% |
每股收益（稀释后）CGCFORR
| Q4 25 | — | $-1.75 | ||
| Q3 25 | — | $-0.11 | ||
| Q2 25 | — | $0.20 | ||
| Q1 25 | — | $-4.62 | ||
| Q4 24 | — | $0.02 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.33 | ||
| Q1 24 | — | $-0.35 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $271.1M | $63.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $553.5M | $126.5M |
| 总资产 | $807.5M | $404.0M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CGCFORR
| Q4 25 | $271.1M | $63.3M | ||
| Q3 25 | $217.6M | $65.1M | ||
| Q2 25 | $104.8M | $67.8M | ||
| Q1 25 | $96.0M | $75.6M | ||
| Q4 24 | $130.2M | $56.1M | ||
| Q3 24 | $168.8M | $62.8M | ||
| Q2 24 | $142.3M | $58.9M | ||
| Q1 24 | $148.5M | $61.4M |
股东权益CGCFORR
| Q4 25 | $553.5M | $126.5M | ||
| Q3 25 | $537.3M | $157.7M | ||
| Q2 25 | $357.0M | $159.5M | ||
| Q1 25 | $355.7M | $147.4M | ||
| Q4 24 | $431.8M | $229.5M | ||
| Q3 24 | $372.1M | $234.3M | ||
| Q2 24 | $389.0M | $237.1M | ||
| Q1 24 | $365.3M | $230.9M |
总资产CGCFORR
| Q4 25 | $807.5M | $404.0M | ||
| Q3 25 | $781.0M | $414.2M | ||
| Q2 25 | $660.4M | $436.0M | ||
| Q1 25 | $669.9M | $439.8M | ||
| Q4 24 | $849.9M | $503.9M | ||
| Q3 24 | $899.6M | $505.3M | ||
| Q2 24 | $938.9M | $524.2M | ||
| Q1 24 | $949.2M | $555.7M |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $-3.2M |
| 自由现金流经营现金流 - 资本支出 | — | $-4.3M |
| 自由现金流率自由现金流/营收 | — | -4.2% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $18.1M |
8季度趋势，按日历期对齐
经营现金流CGCFORR
| Q4 25 | — | $-3.2M | ||
| Q3 25 | — | $1.2M | ||
| Q2 25 | $-7.5M | $-3.6M | ||
| Q1 25 | $-121.0M | $26.7M | ||
| Q4 24 | — | $-1.8M | ||
| Q3 24 | — | $264.0K | ||
| Q2 24 | $-37.8M | $-2.9M | ||
| Q1 24 | $-205.8M | $611.0K |
自由现金流CGCFORR
| Q4 25 | — | $-4.3M | ||
| Q3 25 | — | $524.0K | ||
| Q2 25 | $-8.5M | $-4.2M | ||
| Q1 25 | $-128.9M | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | — | $-223.0K | ||
| Q2 24 | $-40.7M | $-3.7M | ||
| Q1 24 | $-208.3M | $-815.0K |
自由现金流率CGCFORR
| Q4 25 | — | -4.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | -16.1% | -3.8% | ||
| Q1 25 | -271.5% | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | -84.1% | -3.1% | ||
| Q1 24 | -392.1% | -0.8% |
资本支出强度CGCFORR
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | 1.8% | 0.5% | ||
| Q1 25 | 16.6% | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | 5.9% | 0.7% | ||
| Q1 24 | 4.7% | 1.4% |
现金转化率CGCFORR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CGC
| Other | $24.0M | 44% |
| Canadian Adult Use Cannabis | $22.9M | 42% |
| International Markets Cannabis | $6.2M | 11% |
| Other Geographical Area | $1.2M | 2% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
