Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -44.4%. (2009–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $395M | $2.8B | $98M | $645M | $812M | $3.0B | $120.3B | $51.4B | $146.4B | $46.3B | $9.5B |
| Enterprise Value | $334M | $2.7B | $332M | $1.1B | $1.6B | $3.8B | $120.9B | $50.9B | $144.8B | $46.0B | $9.4B |
| P/E Ratio → | -1.50 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.96 | 9.94 | 0.36 | 2.17 | 2.44 | 6.24 | 220.14 | 128.79 | 646.72 | 594.20 | 238.61 |
| P/B Ratio | 5.64 | 4.06 | 0.20 | 1.29 | 1.07 | 0.82 | 33.23 | 14.12 | 20.21 | 37.25 | 15.48 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.64 | 1.24 | 3.85 | 4.67 | 8.05 | 221.18 | 127.59 | 639.93 | 590.17 | 236.31 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.5% | 24.5% | 29.6% | 27.2% | -19.1% | -39.4% | 12.2% | -7.9% | 39.3% | 95.2% | 97.0% |
| Operating Margin | -25.7% | -25.7% | -43.5% | -77.0% | -789.3% | -214.2% | -227.5% | -418.5% | -271.8% | -138.3% | -35.3% |
| Net Profit Margin | -92.4% | -92.4% | -222.4% | -221.2% | -983.7% | -65.2% | -319.2% | -331.3% | -325.3% | -86.3% | -18.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -44.4% | -44.4% | -121.1% | -104.3% | -149.7% | -8.6% | -48.1% | -24.3% | -17.4% | -7.2% | -2.0% |
| ROA | -25.8% | -25.8% | -53.9% | -35.1% | -81.5% | -5.0% | -30.0% | -19.5% | -14.5% | -6.4% | -1.8% |
| ROIC | -8.2% | -8.2% | -10.2% | -13.7% | -65.9% | -17.6% | -25.4% | -28.2% | -13.9% | -11.1% | -3.3% |
| ROCE | -8.2% | -8.2% | -12.4% | -16.9% | -74.9% | -17.1% | -22.5% | -26.0% | -12.7% | -10.8% | -3.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.40 | 0.40 | 0.72 | 1.33 | 1.86 | 0.45 | 0.47 | 0.12 | 0.13 | 0.01 | 0.02 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.12 | 0.48 | 0.99 | 0.98 | 0.24 | 0.16 | -0.13 | -0.21 | -0.25 | -0.15 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -5.88 | -5.88 | -7.01 | -3.47 | -23.46 | -1.58 | -68.18 | -223.70 | -33.35 | -148.20 | -101.73 |
Net cash position: cash ($365M) exceeds total debt ($279M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.34 | 3.34 | 3.12 | 1.58 | 1.34 | 8.10 | 9.98 | 6.10 | 11.95 | 5.24 | 10.12 |
| Quick Ratio | 2.37 | 2.37 | 2.10 | 1.25 | 1.24 | 7.14 | 8.68 | 5.17 | 11.49 | 3.95 | 6.68 |
| Cash Ratio | 2.33 | 2.33 | 1.39 | 0.87 | 0.96 | 6.43 | 8.15 | 4.75 | 11.04 | 3.51 | 5.76 |
| Asset Turnover | — | 0.25 | 0.29 | 0.23 | 0.14 | 0.08 | 0.08 | 0.08 | 0.03 | 0.05 | 0.06 |
| Inventory Turnover | 1.39 | 1.39 | 1.97 | 2.80 | 4.77 | 3.24 | 1.30 | 1.57 | 0.72 | 0.03 | 0.04 |
| Days Sales Outstanding | — | 46.54 | 71.62 | 63.69 | 74.98 | 66.43 | 44.81 | 57.98 | 172.51 | 100.32 | 53.20 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $3.0B | $108M | $75M | $46M | $39M | $376M | $356M | $338M | $177M | $119M |
Includes 30+ ratios · 18 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CGC stock.
Canopy Growth Corporation's current P/E ratio is -1.5x. This places it at the 50th percentile of its historical range.
Canopy Growth Corporation's return on equity (ROE) is -44.4%. The historical average is -35.6%.
Based on historical data, Canopy Growth Corporation is trading at a P/E of -1.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Canopy Growth Corporation has 24.5% gross margin and -25.7% operating margin.
Key Metrics
Top Statement Risk
Regulatory and liquidity constraints
Metrics are mathematically derived from official filings.
Valuation Disconnected From Operational Reality
According to recent market data, CGC trades at a price-to-sales ratio of 1.82, which appears to reflect a speculative premium rather than fundamental earnings power, especially when compared to the negative P/E of -1.53 and the absence of meaningful forward-looking profitability metrics in current analyst consensus.
The current valuation multiple suggests that investors are pricing in significant optionality regarding U.S. market entry rather than the underlying performance of the Canadian cannabis business. This premium warrants caution, as the lack of a positive forward P/E ratio indicates that the market is struggling to anchor the stock price to any tangible cash-generating milestone.
Persistent Destruction of Invested Capital
Based on reported financial figures, the company's ROIC has remained consistently negative, reaching -2.8% in 2025Q4, which highlights a structural inability to generate returns above the cost of capital and underscores the long-term erosion of shareholder value caused by historical over-investment in underutilized cultivation assets.
The negative ROIC trend suggests that the company's pivot toward an asset-light model has yet to yield the efficiency gains required to turn capital allocation into a value-accretive endeavor. Investors should monitor whether the ongoing rationalization of the asset base can eventually stabilize these returns, though current trends indicate a continued struggle to achieve profitability.
Working Capital Inefficiency Hinders Liquidity
As indicated by recent quarterly filings, the cash conversion cycle has remained elevated at 189 days in 2025Q4, driven largely by a bloated inventory turnover period of 182 days, which suggests that the company is struggling to convert its product into cash in a highly competitive market.
The extended DIO indicates that the company may be holding excessive or slow-moving inventory, which ties up critical liquidity that could otherwise be used to fund operations. This inefficiency, when combined with the volatility in DSO, implies that the company lacks the leverage to optimize its working capital cycle against its provincial and retail partners.
Liquidity Buffer Facing Structural Pressure
Based on the most recent financial statements, the current ratio of 3.34 appears superficially healthy, yet this figure is heavily influenced by inventory levels that may be subject to future write-downs, leaving the company's actual cash-based liquidity position vulnerable to ongoing operating losses and debt service requirements.
While the quick ratio of 2.64 provides a more conservative view of liquidity, the rapid depletion of cash reserves suggests that the company remains in a precarious position. The reliance on equity issuance to maintain this liquidity buffer indicates that the company's solvency is highly sensitive to capital market sentiment and the timing of regulatory shifts.
Misapplication of Price-to-Book Ratio
The price-to-book ratio of 5.73 is frequently misapplied by market participants to gauge value, yet this metric obscures the reality that the company's book value is heavily comprised of intangible assets and goodwill that may not reflect the true liquidation value of the underlying cannabis operations.
Investors should instead focus on the cash burn rate and the net revenue trajectory, as these metrics provide a more accurate assessment of the company's survival runway. Relying on P/B in this context is misleading because it ignores the potential for further impairment charges that could rapidly erode the reported equity base.