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Canopy Growth Corp（CGC）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
Canopy Growth Corp的季度营收约是STEM, INC.的1.2倍（$54.4M vs $47.1M），STEM, INC.净利率更高（-33.9% vs -84.0%，领先50.1%），Canopy Growth Corp同比增速更快（-0.3% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 1.2%）
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。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
CGC vs STEM — 直观对比
营收规模更大
CGC
是对方的1.2倍
$47.1M
营收增速更快
CGC
高出15.3%
-15.6%
净利率更高
STEM
高出50.1%
-84.0%
两年增速更快
STEM
近两年复合增速
1.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $54.4M | $47.1M |
| 净利润 | $-45.7M | $-16.0M |
| 毛利率 | 28.8% | 48.9% |
| 营业利润率 | -35.3% | -17.7% |
| 净利率 | -84.0% | -33.9% |
| 营收同比 | -0.3% | -15.6% |
| 净利润同比 | 48.6% | 68.8% |
| 每股收益（稀释后） | — | $-4.40 |
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CGCSTEM
| 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 |
净利润CGCSTEM
| 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 |
毛利率CGCSTEM
| 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% |
营业利润率CGCSTEM
| 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% |
净利率CGCSTEM
| 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% |
每股收益（稀释后）CGCSTEM
| 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 |
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 | $48.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $553.5M | $-249.4M |
| 总资产 | $807.5M | $308.9M |
| 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CGCSTEM
| 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 |
股东权益CGCSTEM
| 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 |
总资产CGCSTEM
| 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 |
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 | — | $8.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流CGCSTEM
| 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 |
自由现金流CGCSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-8.5M | — | ||
| Q1 25 | $-128.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-40.7M | — | ||
| Q1 24 | $-208.3M | — |
自由现金流率CGCSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -16.1% | — | ||
| Q1 25 | -271.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -84.1% | — | ||
| Q1 24 | -392.1% | — |
资本支出强度CGCSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 16.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 4.7% | — |
现金转化率CGCSTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
STEM
暂无分部数据
