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Canopy Growth Corp（CGC）与优莎娜（USNA）财务数据对比。点击上方公司名可切换其他公司
优莎娜的季度营收约是Canopy Growth Corp的3.9倍（$213.7M vs $54.4M）。优莎娜净利率更高（-3.1% vs -84.0%，领先81.0%）。优莎娜同比增速更快（6.7% vs -0.3%）。过去两年Canopy Growth Corp的营收复合增速更高（1.2% vs -1.7%）
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。
USANA是总部位于美国犹他州盐湖城的多层次营销企业，以 revenue 计位列2021年全球第14大直销企业。公司主打营养产品、膳食补充剂与护肤产品，大部分产品在盐湖城自有工厂生产，产品通过独立经销商网络销往全球24个国家。
CGC vs USNA — 直观对比
营收规模更大
USNA
是对方的3.9倍
$54.4M
营收增速更快
USNA
高出7.0%
-0.3%
净利率更高
USNA
高出81.0%
-84.0%
两年增速更快
CGC
近两年复合增速
-1.7%
损益表 — Q3 2026 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $54.4M | $213.7M |
| 净利润 | $-45.7M | $-6.5M |
| 毛利率 | 28.8% | 77.2% |
| 营业利润率 | -35.3% | 0.6% |
| 净利率 | -84.0% | -3.1% |
| 营收同比 | -0.3% | 6.7% |
| 净利润同比 | 48.6% | -161.5% |
| 每股收益（稀释后） | — | $-0.36 |
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CGCUSNA
| Q4 25 | $54.4M | — | ||
| Q3 25 | $48.7M | $213.7M | ||
| Q2 25 | $52.7M | $235.8M | ||
| Q1 25 | $47.5M | $249.5M | ||
| Q4 24 | $54.6M | $213.6M | ||
| Q3 24 | $46.0M | $200.2M | ||
| Q2 24 | $48.3M | $212.9M | ||
| Q1 24 | $53.1M | $227.8M |
净利润CGCUSNA
| Q4 25 | $-45.7M | — | ||
| Q3 25 | $-1.2M | $-6.5M | ||
| Q2 25 | $-30.3M | $9.7M | ||
| Q1 25 | — | $9.4M | ||
| Q4 24 | $-89.0M | $4.5M | ||
| Q3 24 | $-93.7M | $10.6M | ||
| Q2 24 | $-92.8M | $10.4M | ||
| Q1 24 | — | $16.5M |
毛利率CGCUSNA
| Q4 25 | 28.8% | — | ||
| Q3 25 | 32.8% | 77.2% | ||
| Q2 25 | 25.0% | 78.7% | ||
| Q1 25 | 16.2% | 79.0% | ||
| Q4 24 | 32.2% | 82.0% | ||
| Q3 24 | 34.7% | 80.4% | ||
| Q2 24 | 34.8% | 81.1% | ||
| Q1 24 | 21.3% | 81.1% |
营业利润率CGCUSNA
| Q4 25 | -35.3% | — | ||
| Q3 25 | -25.3% | 0.6% | ||
| Q2 25 | -31.4% | 7.1% | ||
| Q1 25 | — | 6.3% | ||
| Q4 24 | -31.9% | 3.8% | ||
| Q3 24 | -72.9% | 7.8% | ||
| Q2 24 | -44.0% | 8.4% | ||
| Q1 24 | — | 10.8% |
净利率CGCUSNA
| Q4 25 | -84.0% | — | ||
| Q3 25 | -2.5% | -3.1% | ||
| Q2 25 | -57.6% | 4.1% | ||
| Q1 25 | — | 3.8% | ||
| Q4 24 | -163.0% | 2.1% | ||
| Q3 24 | -203.7% | 5.3% | ||
| Q2 24 | -192.0% | 4.9% | ||
| Q1 24 | — | 7.3% |
每股收益（稀释后）CGCUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.36 | ||
| Q2 25 | — | $0.52 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | — | $0.23 | ||
| Q3 24 | — | $0.56 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.86 |
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 | $145.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $553.5M | $528.1M |
| 总资产 | $807.5M | $726.6M |
| 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CGCUSNA
| Q4 25 | $271.1M | — | ||
| Q3 25 | $217.6M | $145.3M | ||
| Q2 25 | $104.8M | $151.3M | ||
| Q1 25 | $96.0M | $179.6M | ||
| Q4 24 | $130.2M | $181.8M | ||
| Q3 24 | $168.8M | $364.9M | ||
| Q2 24 | $142.3M | $332.4M | ||
| Q1 24 | $148.5M | $328.3M |
股东权益CGCUSNA
| Q4 25 | $553.5M | — | ||
| Q3 25 | $537.3M | $528.1M | ||
| Q2 25 | $357.0M | $531.1M | ||
| Q1 25 | $355.7M | $529.8M | ||
| Q4 24 | $431.8M | $532.1M | ||
| Q3 24 | $372.1M | $533.1M | ||
| Q2 24 | $389.0M | $512.2M | ||
| Q1 24 | $365.3M | $500.0M |
总资产CGCUSNA
| Q4 25 | $807.5M | — | ||
| Q3 25 | $781.0M | $726.6M | ||
| Q2 25 | $660.4M | $734.5M | ||
| Q1 25 | $669.9M | $746.6M | ||
| Q4 24 | $849.9M | $748.2M | ||
| Q3 24 | $899.6M | $671.3M | ||
| Q2 24 | $938.9M | $631.4M | ||
| Q1 24 | $949.2M | $629.3M |
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 | — | $-2.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-5.2M |
| 自由现金流率自由现金流/营收 | — | -2.4% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 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 | — | $18.7M |
8季度趋势，按日历期对齐
经营现金流CGCUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.0M | ||
| Q2 25 | $-7.5M | $12.2M | ||
| Q1 25 | $-121.0M | $15.5M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | — | $29.5M | ||
| Q2 24 | $-37.8M | $8.0M | ||
| Q1 24 | $-205.8M | $17.7M |
自由现金流CGCUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | $-5.2M | ||
| Q2 25 | $-8.5M | $7.2M | ||
| Q1 25 | $-128.9M | $12.7M | ||
| Q4 24 | — | $4.0M | ||
| Q3 24 | — | $27.1M | ||
| Q2 24 | $-40.7M | $5.3M | ||
| Q1 24 | $-208.3M | $14.5M |
自由现金流率CGCUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | -2.4% | ||
| Q2 25 | -16.1% | 3.0% | ||
| Q1 25 | -271.5% | 5.1% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | -84.1% | 2.5% | ||
| Q1 24 | -392.1% | 6.4% |
资本支出强度CGCUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | 1.8% | 2.1% | ||
| Q1 25 | 16.6% | 1.1% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | 5.9% | 1.3% | ||
| Q1 24 | 4.7% | 1.4% |
现金转化率CGCUSNA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.27× | ||
| Q1 25 | — | 1.65× | ||
| Q4 24 | — | 1.29× | ||
| Q3 24 | — | 2.78× | ||
| Q2 24 | — | 0.77× | ||
| Q1 24 | — | 1.07× |
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
| CA | $45.4M | 84% |
| International Markets Cannabis | $6.2M | 11% |
| Other | $1.5M | 3% |
| Other Geographical Area | $1.2M | 2% |
USNA
| Direct Selling | $175.8M | 82% |
| Hiya | $30.8M | 14% |
| All Other | $7.0M | 3% |
