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Canopy Growth Corp（CGC）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Repay Holdings Corp的季度营收约是Canopy Growth Corp的1.4倍（$78.6M vs $54.4M），Canopy Growth Corp净利率更高（-84.0% vs -178.3%，领先94.3%），Repay Holdings Corp同比增速更快（0.4% vs -0.3%），过去两年Canopy Growth Corp的营收复合增速更高（1.2% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
CGC vs RPAY — 直观对比
营收规模更大
RPAY
是对方的1.4倍
$54.4M
营收增速更快
RPAY
高出0.7%
-0.3%
净利率更高
CGC
高出94.3%
-178.3%
两年增速更快
CGC
近两年复合增速
-1.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $54.4M | $78.6M |
| 净利润 | $-45.7M | $-140.1M |
| 毛利率 | 28.8% | 74.2% |
| 营业利润率 | -35.3% | -182.2% |
| 净利率 | -84.0% | -178.3% |
| 营收同比 | -0.3% | 0.4% |
| 净利润同比 | 48.6% | -3304.1% |
| 每股收益（稀释后） | — | $-1.68 |
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CGCRPAY
| Q4 25 | $54.4M | $78.6M | ||
| Q3 25 | $48.7M | $77.7M | ||
| Q2 25 | $52.7M | $75.6M | ||
| Q1 25 | $47.5M | $77.3M | ||
| Q4 24 | $54.6M | $78.3M | ||
| Q3 24 | $46.0M | $79.1M | ||
| Q2 24 | $48.3M | $74.9M | ||
| Q1 24 | $53.1M | $80.7M |
净利润CGCRPAY
| Q4 25 | $-45.7M | $-140.1M | ||
| Q3 25 | $-1.2M | $-6.4M | ||
| Q2 25 | $-30.3M | $-102.3M | ||
| Q1 25 | — | $-7.9M | ||
| Q4 24 | $-89.0M | $-4.1M | ||
| Q3 24 | $-93.7M | $3.2M | ||
| Q2 24 | $-92.8M | $-4.1M | ||
| Q1 24 | — | $-5.2M |
毛利率CGCRPAY
| Q4 25 | 28.8% | 74.2% | ||
| Q3 25 | 32.8% | 74.4% | ||
| Q2 25 | 25.0% | 75.7% | ||
| Q1 25 | 16.2% | 75.9% | ||
| Q4 24 | 32.2% | 76.3% | ||
| Q3 24 | 34.7% | 77.8% | ||
| Q2 24 | 34.8% | 78.2% | ||
| Q1 24 | 21.3% | 76.2% |
营业利润率CGCRPAY
| Q4 25 | -35.3% | -182.2% | ||
| Q3 25 | -25.3% | -3.9% | ||
| Q2 25 | -31.4% | -138.7% | ||
| Q1 25 | — | -4.7% | ||
| Q4 24 | -31.9% | -1.5% | ||
| Q3 24 | -72.9% | -0.9% | ||
| Q2 24 | -44.0% | -4.6% | ||
| Q1 24 | — | -3.1% |
净利率CGCRPAY
| Q4 25 | -84.0% | -178.3% | ||
| Q3 25 | -2.5% | -8.3% | ||
| Q2 25 | -57.6% | -135.2% | ||
| Q1 25 | — | -10.3% | ||
| Q4 24 | -163.0% | -5.3% | ||
| Q3 24 | -203.7% | 4.1% | ||
| Q2 24 | -192.0% | -5.4% | ||
| Q1 24 | — | -6.5% |
每股收益（稀释后）CGCRPAY
| Q4 25 | — | $-1.68 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-1.15 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $0.03 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $553.5M | $484.4M |
| 总资产 | $807.5M | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资CGCRPAY
| Q4 25 | $271.1M | $115.7M | ||
| Q3 25 | $217.6M | $95.7M | ||
| Q2 25 | $104.8M | $162.6M | ||
| Q1 25 | $96.0M | $165.5M | ||
| Q4 24 | $130.2M | $189.5M | ||
| Q3 24 | $168.8M | $168.7M | ||
| Q2 24 | $142.3M | $147.1M | ||
| Q1 24 | $148.5M | $128.3M |
总债务CGCRPAY
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
股东权益CGCRPAY
| Q4 25 | $553.5M | $484.4M | ||
| Q3 25 | $537.3M | $616.9M | ||
| Q2 25 | $357.0M | $633.7M | ||
| Q1 25 | $355.7M | $755.7M | ||
| Q4 24 | $431.8M | $761.3M | ||
| Q3 24 | $372.1M | $754.7M | ||
| Q2 24 | $389.0M | $815.4M | ||
| Q1 24 | $365.3M | $813.8M |
总资产CGCRPAY
| Q4 25 | $807.5M | $1.2B | ||
| Q3 25 | $781.0M | $1.3B | ||
| Q2 25 | $660.4M | $1.4B | ||
| Q1 25 | $669.9M | $1.5B | ||
| Q4 24 | $849.9M | $1.6B | ||
| Q3 24 | $899.6M | $1.6B | ||
| Q2 24 | $938.9M | $1.5B | ||
| Q1 24 | $949.2M | $1.5B |
负债/权益比CGCRPAY
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | — | $23.3M |
| 自由现金流经营现金流 - 资本支出 | — | $23.2M |
| 自由现金流率自由现金流/营收 | — | 29.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 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 | — | $90.7M |
8季度趋势，按日历期对齐
经营现金流CGCRPAY
| Q4 25 | — | $23.3M | ||
| Q3 25 | — | $32.2M | ||
| Q2 25 | $-7.5M | $33.1M | ||
| Q1 25 | $-121.0M | $2.5M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $60.1M | ||
| Q2 24 | $-37.8M | $31.0M | ||
| Q1 24 | $-205.8M | $24.8M |
自由现金流CGCRPAY
| Q4 25 | — | $23.2M | ||
| Q3 25 | — | $32.1M | ||
| Q2 25 | $-8.5M | $33.0M | ||
| Q1 25 | $-128.9M | $2.4M | ||
| Q4 24 | — | $34.0M | ||
| Q3 24 | — | $59.8M | ||
| Q2 24 | $-40.7M | $30.5M | ||
| Q1 24 | $-208.3M | $24.7M |
自由现金流率CGCRPAY
| Q4 25 | — | 29.6% | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | -16.1% | 43.6% | ||
| Q1 25 | -271.5% | 3.0% | ||
| Q4 24 | — | 43.5% | ||
| Q3 24 | — | 75.6% | ||
| Q2 24 | -84.1% | 40.7% | ||
| Q1 24 | -392.1% | 30.6% |
资本支出强度CGCRPAY
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | 1.8% | 0.1% | ||
| Q1 25 | 16.6% | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | 5.9% | 0.6% | ||
| Q1 24 | 4.7% | 0.1% |
现金转化率CGCRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
