Aurora Cannabis (ACB)


Market Price (11/2/2026): $4.06 | Market Cap: $257.0 MilSector: Health Care | Industry: Pharmaceuticals

Aurora Cannabis (ACB)


Market Price (11/2/2026): $4.06
Market Cap: $257.0 Mil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31%

Megatrend and thematic drivers
Megatrends include Health & Wellness Trends. Themes include Nutritional Supplements, Functional Foods & Beverages, and Organic & Natural Products.

Weak multi-year price returns
2Y Excs Rtn is -65%, 3Y Excs Rtn is -90%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -8.8%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9.7%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -55%

Key risks
ACB key risks include [1] significant financial distress, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31%
1 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends. Themes include Nutritional Supplements, Functional Foods & Beverages, and Organic & Natural Products.
2 Weak multi-year price returns
2Y Excs Rtn is -65%, 3Y Excs Rtn is -90%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12%
5 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -8.8%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -9.7%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -18%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -55%
9 Key risks
ACB key risks include [1] significant financial distress, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/31/2026

Aurora Cannabis (ACB) stock has gained about 45% since 7/31/2026 because of the following key factors:

1. Curaleaf's Hostile Takeover Bid and Subsequent Developments.

Aurora Cannabis (ACB) experienced a significant boost from an unsolicited takeover bid launched by Curaleaf Holdings. In August 2026, Curaleaf initiated a hostile takeover, initially proposing an implied US$4.00 per share, which represented a 45% premium to Aurora's unaffected share price as of August 10, 2026. Curaleaf later increased its offer to US$5.00 per share. Aurora's management consistently advised shareholders to reject these bids, stating that they undervalued the company. Adding to the positive sentiment for Aurora, the Alberta Securities Commission dismissed Curaleaf's application against Aurora and ruled in favor of Aurora's At-the-Market Program in October 2026, providing a favorable outcome for Aurora against the hostile attempt.

2. Strong Fiscal Q1 2027 Earnings Beat and International Medical Cannabis Growth.

On August 5, 2026, Aurora Cannabis reported its financial results for fiscal Q1 2027, which ended June 30, 2026. The company posted an earnings per share (EPS) of -$0.05, significantly surpassing analysts' consensus estimate of -$0.13 by 61.54%. Aurora also exceeded revenue expectations, reporting $47.62 million against an estimated $47.45 million. A key highlight was the strong performance in the international medical cannabis segment, with net revenue increasing by 17% year-over-year to CAD 43 million, now accounting for 64% of total sales, underscoring the success of its global medical-first strategy.

Show more
Updated on 10/31/2026

Aurora Cannabis (ACB) stock has gained about 45% since 7/31/2026 because of the following key factors:

1. Curaleaf's Hostile Takeover Bid and Subsequent Developments.

Aurora Cannabis (ACB) experienced a significant boost from an unsolicited takeover bid launched by Curaleaf Holdings. In August 2026, Curaleaf initiated a hostile takeover, initially proposing an implied US$4.00 per share, which represented a 45% premium to Aurora's unaffected share price as of August 10, 2026. Curaleaf later increased its offer to US$5.00 per share. Aurora's management consistently advised shareholders to reject these bids, stating that they undervalued the company. Adding to the positive sentiment for Aurora, the Alberta Securities Commission dismissed Curaleaf's application against Aurora and ruled in favor of Aurora's At-the-Market Program in October 2026, providing a favorable outcome for Aurora against the hostile attempt.

2. Strong Fiscal Q1 2027 Earnings Beat and International Medical Cannabis Growth.

On August 5, 2026, Aurora Cannabis reported its financial results for fiscal Q1 2027, which ended June 30, 2026. The company posted an earnings per share (EPS) of -$0.05, significantly surpassing analysts' consensus estimate of -$0.13 by 61.54%. Aurora also exceeded revenue expectations, reporting $47.62 million against an estimated $47.45 million. A key highlight was the strong performance in the international medical cannabis segment, with net revenue increasing by 17% year-over-year to CAD 43 million, now accounting for 64% of total sales, underscoring the success of its global medical-first strategy.

3. European Market Expansion and Enhanced Production Capacity.

Aurora Cannabis completed a major expansion of its European EU-GMP manufacturing facility by October 2026, which is projected to double its annual medical cannabis flower output capacity in Germany. This strategic expansion is crucial for strengthening the company's ability to supply the growing and high-margin international medical cannabis markets, further solidifying its leadership in key regions such as Germany, Poland, Australia, and New Zealand.

4. Broader Cannabis Sector Uplift from US Regulatory News.

The overall cannabis sector experienced a rally in October 2026, driven by reports of a potential federal order in the United States to reclassify marijuana to a less restrictive category. Although Aurora's primary strategy focuses on global medical cannabis markets rather than the U.S. consumer market, this general positive sentiment and renewed optimism within the broader cannabis industry contributed to the upward movement of ACB's stock.

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Stock Movement Drivers

Fundamental Drivers

The 45.5% change in ACB stock from 7/31/2026 to 10/31/2026 was primarily driven by a 59.7% change in the company's P/S Multiple.
(LTM values as of)731202610312026Change
Stock Price ($)2.794.0645.5%
Change Contribution By: 
Total Revenues ($ Mil)297290-2.2%
P/S Multiple0.50.959.7%
Shares Outstanding (Mil)5762-6.9%
Cumulative Contribution45.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 10/31/2026
ReturnCorrelation
ACB45.5% 
Market (SPY)1.2%17.5%
Sector (XLV)13.7%16.0%

Fundamental Drivers

The 18.0% change in ACB stock from 4/30/2026 to 10/31/2026 was primarily driven by a 30.4% change in the company's P/S Multiple.
(LTM values as of)430202610312026Change
Stock Price ($)3.444.0618.0%
Change Contribution By: 
Total Revenues ($ Mil)295290-1.6%
P/S Multiple0.70.930.4%
Shares Outstanding (Mil)5762-8.1%
Cumulative Contribution18.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 10/31/2026
ReturnCorrelation
ACB18.0% 
Market (SPY)5.4%15.9%
Sector (XLV)27.2%14.2%

Fundamental Drivers

The -18.0% change in ACB stock from 10/31/2025 to 10/31/2026 was primarily driven by a -13.3% change in the company's P/S Multiple.
(LTM values as of)1031202510312026Change
Stock Price ($)4.954.06-18.0%
Change Contribution By: 
Total Revenues ($ Mil)2802903.8%
P/S Multiple1.00.9-13.3%
Shares Outstanding (Mil)5662-8.8%
Cumulative Contribution-18.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 10/31/2026
ReturnCorrelation
ACB-18.0% 
Market (SPY)11.7%27.1%
Sector (XLV)29.8%14.0%

Fundamental Drivers

The -8.0% change in ACB stock from 10/31/2023 to 10/31/2026 was primarily driven by a -42.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202310312026Change
Stock Price ($)4.414.06-8.0%
Change Contribution By: 
Total Revenues ($ Mil)23629023.0%
P/S Multiple0.70.930.5%
Shares Outstanding (Mil)3562-42.7%
Cumulative Contribution-8.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 10/31/2026
ReturnCorrelation
ACB-8.0% 
Market (SPY)86.9%22.9%
Sector (XLV)55.5%15.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ACB Return-35%-83%-48%-11%-1%-4%-95%
Peers Return-6%-45%-51%-12%-13%-32%-87%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
ACB Win Rate25%33%50%25%50%40% 
Peers Win Rate25%25%37%37%37%32% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ACB Max Drawdown-71%-86%-63%-56%-41%-42% 
Peers Max Drawdown-79%-51%-66%-53%-57%-45% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TLRY, CGC, CRON, SNDL, OGI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)

How Low Can It Go

EventACBS&P 500
2025 US Tariff Shock
  % Loss-33.0%-18.8%
  % Gain to Breakeven49.2%23.1%
  Time to Breakeven62 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.7%-9.5%
  % Gain to Breakeven17.2%10.5%
  Time to Breakeven39 days24 days
2023 SVB Regional Banking Crisis
  % Loss-44.9%-6.7%
  % Gain to Breakeven81.6%7.1%
  Time to Breakeven103 days31 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-36.6%-19.2%
  % Gain to Breakeven57.8%23.8%
  Time to Breakeven45 days105 days

Compare to TLRY, CGC, CRON, SNDL, OGI

In The Past

Aurora Cannabis's stock fell -33.0% during the 2025 US Tariff Shock. Such a loss loss requires a 49.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventACBS&P 500
2025 US Tariff Shock
  % Loss-33.0%-18.8%
  % Gain to Breakeven49.2%23.1%
  Time to Breakeven62 days79 days
2023 SVB Regional Banking Crisis
  % Loss-44.9%-6.7%
  % Gain to Breakeven81.6%7.1%
  Time to Breakeven103 days31 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-36.6%-19.2%
  % Gain to Breakeven57.8%23.8%
  Time to Breakeven45 days105 days

Compare to TLRY, CGC, CRON, SNDL, OGI

In The Past

Aurora Cannabis's stock fell -33.0% during the 2025 US Tariff Shock. Such a loss loss requires a 49.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Aurora Cannabis (ACB)

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Aurora Cannabis Inc. (ACB) is a Canadian-headquartered company primarily engaged in the production, distribution, and sale of cannabis and cannabis derivative products within Canada and internationally. The company operates across the entire cannabis value chain, from initial facility engineering, design, and cannabis breeding to research, production, derivatives development, wholesale, and retail distribution activities.

Aurora's core product offerings include various strains of dried cannabis, cannabis oils, capsules, and topical kits, primarily serving medical patients. The company also provides ancillary products such as vaporizers, consumable vaporizer accessories, and herb mills. In addition to products, Aurora offers patient counseling services, cannabis facility design and construction services, and analytical product testing. Through a diverse brand portfolio including Aurora, Aurora Drift, San Rafael '71, and MedReleaf, the company primarily serves both the medical and adult-use cannabis markets in Canada, alongside international medical cannabis markets.

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AI Analysis | Feedback

Like Anheuser-Busch InBev, but for cannabis products.

A consumer goods giant similar to Procter & Gamble, but specializing in cannabis and related accessories.

A diversified beverage company akin to Constellation Brands, but entirely dedicated to cannabis.

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  • Dried Cannabis: Aurora Cannabis offers various strains of dried cannabis for medical and recreational markets.
  • Cannabis Oils & Capsules: The company produces concentrated cannabis oils and capsules for medical patients.
  • Topical Cannabis Kits: Aurora develops and sells topical cannabis kits designed for external application.
  • Advanced Medical Cannabis Products: The company is involved in the development of oral, topical, edible, and inhalable medical cannabis products.
  • Cannabis Accessories: Aurora sells a variety of accessories including vaporizers, herb mills, grinders, and lockable containers.
  • Facility Engineering & Design Services: Aurora provides design and construction services for cannabis cultivation and processing facilities.
  • Cannabis Breeding & Research: The company engages in activities focused on cannabis breeding and scientific research.
  • Wholesale & Retail Distribution: Aurora handles both wholesale and retail distribution of its cannabis and derivative products.
  • Patient Counseling Services: Through CanvasRX, the company offers counseling and outreach services to cannabis patients.
  • Cannabis Analytical Product Testing: Aurora provides services for analytical testing of cannabis products to ensure quality and safety.
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AI Analysis | Feedback

Aurora Cannabis (ACB) sells primarily to individuals. Its major customer categories are:

  • Medical Patients: Individuals who purchase various forms of cannabis, including dried flower, cannabis oil, capsules, and topical kits, for therapeutic purposes. These patients often access products directly from Aurora or through its affiliated network of cannabis counseling and outreach centers, such as CanvasRX, and benefit from patient counselling services.

  • Recreational Consumers (Adult-Use Market): Adults in Canada who purchase Aurora's wide range of cannabis and cannabis derivative products for recreational purposes. These products, sold under various brands like Aurora, Aurora Drift, San Rafael '71, and Daily Special, are typically distributed through provincially regulated retail channels.

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Miguel Martin, Chief Executive Officer, Executive Chairman

Miguel Martin was appointed Chief Executive Officer of Aurora Cannabis in September 2020 and took on the additional role of Executive Chairman in September 2024. He previously served as Chief Commercial Officer for Aurora since July 2020. Prior to joining Aurora, Mr. Martin was the President and CEO of Reliva, a prominent CBD company. His career also includes serving as President / General Manager of Logic Technology Development LLC, a manufacturer of electronic cigarettes, and as VP and General Manager of Altria Consumer Engagement Services. He has a 25-year background in consumer packaged goods and highly regulated industries. Mr. Martin has been instrumental in leading Aurora's "transformation" with a focus on high-margin global medical cannabis.

Simona King, Chief Financial Officer

Simona King was appointed Chief Financial Officer of Aurora Cannabis, effective February 21, 2024. She brings over 25 years of progressive finance leadership experience. Before joining Aurora, Ms. King served nearly 20 years at Bristol Myers-Squibb, a multinational pharmaceutical company, where she held increasingly senior finance roles, including divisional CFO of enterprise services and head of finance, corporate financial planning and analysis. Most recently, she was the CFO of Passage Bio from 2021 through July 2023. Her experience includes growing businesses, improving operational efficiencies, and leading global financial organizations.

Alex Miller, Executive Vice President, Operations & Supply Chain

Alex Miller serves as the Executive Vice President of Operations & Supply Chain at Aurora Cannabis. This role is crucial for managing the company's supply chain, particularly given its strategic focus on high-margin global medical cannabis.

Andre Jerome, Executive Vice President, Global Business Development

Andre Jerome is the Executive Vice President of Global Business Development at Aurora Cannabis. His role involves driving growth and expanding the company's presence in international markets.

Jillian Swainson, Chief Legal Officer

Jillian Swainson holds the position of Chief Legal Officer at Aurora Cannabis. She is responsible for the company's legal affairs, ensuring compliance and guiding legal strategy in the evolving cannabis industry.

AI Analysis | Feedback

The key risks to Aurora Cannabis (ACB) are primarily its financial health, the evolving and challenging regulatory landscape, and intense competition, particularly from the illicit market.
  • Financial Health and Profitability Challenges: Aurora Cannabis has faced significant financial challenges, including consistent net losses, declining revenue growth, and a substantial drop in its stock value. The company's Altman Z-Score indicates financial distress, implying a potential risk of bankruptcy within the next two years. While the company has pivoted to focus on high-margin medical cannabis sales, it operates in a challenging financial environment with negative profitability metrics.
  • Regulatory Risks: The company is exposed to regulatory changes both internationally and domestically. Upcoming regulatory changes in Germany, which is Aurora's largest international market, pose a direct threat that could significantly impact sales in its core growth engine. In Canada, the broader cannabis industry, including Aurora, has contended with over-regulation, onerous taxation policies, and restrictions on marketing and advertising, which hinder market development and profitability. Furthermore, Aurora has a negligible presence in the U.S. market, limiting its ability to capitalize on potential regulatory changes there.
  • Competition from the Illicit Market and Price Compression: The legal cannabis market in Canada struggles to compete effectively with a thriving illicit market. Legal products often face higher prices due to taxes and regulatory compliance costs, and consumers sometimes perceive the quality to be lower than black market alternatives. This intense competition has led to significant price compression in the Canadian adult-use market, eroding profit margins for companies like Aurora.

AI Analysis | Feedback

The emerging threat to Aurora Cannabis is the development and scaling of **bio-engineered cannabinoids (e.g., produced through yeast fermentation or other synthetic biology methods)**. This technology has the potential to fundamentally disrupt the traditional plant-based cannabis cultivation model by offering a potentially cheaper, more consistent, and purer source of cannabinoids for a wide range of products (like edibles, beverages, oils, and pharmaceuticals). If successful at a commercial scale, this could make large-scale agricultural cannabis cultivation, which Aurora heavily relies on, less competitive or even obsolete for certain product categories, similar to how new manufacturing processes can displace older, more resource-intensive ones.

AI Analysis | Feedback

Aurora Cannabis Inc. operates in significant and growing addressable markets for its main products and services, primarily focused on cannabis and cannabis derivative products for both medical and recreational use across Canada and internationally.

Global Addressable Markets

  • The global legal cannabis market was estimated at USD 69.78 billion in 2024 and is projected to reach USD 216.76 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 13.49% from 2025 to 2033. Another estimate valued the global cannabis market at USD 49.8 billion in 2024, with projections to reach USD 173.68 billion by 2032, growing at a CAGR of 16.9% between 2025 and 2032.
  • The global medical cannabis market size was estimated at USD 14.34 billion in 2024 and is anticipated to reach approximately USD 52.23 billion by 2034, with a CAGR of 13.8% from 2025 to 2034. Another report valued it at USD 25.86 billion in 2024, expecting it to reach USD 133.73 billion by 2032, with a CAGR of 22.8% from 2025 to 2032.
  • The global recreational cannabis market is expected to grow from USD 20 billion in 2022 to USD 123.83 billion by 2032, at a CAGR of 20% from 2023-2032.

Canadian Addressable Markets

  • The Canadian legal cannabis market, encompassing both medical and recreational sales, was valued at USD 3.25 billion in 2024 and is projected to reach USD 5.79 billion by 2030, with a CAGR of 12.0% from 2025 to 2030. Total cannabis sales in Canada reached approximately C$5.5 billion in the fiscal year ending March 31, 2025, and C$5.62 billion for the full calendar year 2025.
  • The Canadian medical cannabis industry was worth an estimated CA$573 million in 2023-24, comprising CA$355 million in domestic sales and approximately CA$218 million in exports. The market is projected to reach USD 4,569.5 million (approximately C$6.26 billion at current exchange rates) by 2030, growing at a CAGR of 15.5% from 2024 to 2030.
  • Canadian recreational cannabis sales were worth CA$5.07 billion (approximately $3.8 billion USD) in 2023. Recreational sales were approximately C$5.4 billion in both 2023 and 2024, and exceeded C$5.6 billion in 2025. Projections also suggest recreational cannabis sales could reach C$7.9 billion in 2025 and C$12.2 billion in 2030.

Cannabis Derivatives Market (Canada)

  • In the fiscal year ending March 31, 2025, "Inhaled Cannabis Extracts," including vape pens, hash, wax, and rosin, grew to C$1.7 billion in Canada.
  • Ingested cannabis extracts, such as oils, capsules, and sprays, reached C$170.4 million in Canada for the fiscal year ending March 31, 2025.
  • By 2025, extracts are anticipated to grow from 10% to 37% of the Canadian direct cannabis market, while edibles are expected to rise from 5% to 12%. The CBD segment held the largest market share in 2025 within the Canadian legal cannabis market.

AI Analysis | Feedback

Aurora Cannabis Inc. (NASDAQ: ACB) is strategically positioning itself for future revenue growth over the next 2-3 years by focusing on the high-margin global medical cannabis market and enhancing operational efficiencies. The company's primary drivers of future revenue growth include:

  1. International Medical Cannabis Market Expansion: Aurora Cannabis is heavily focused on expanding its presence and market share in key international medical cannabis markets. This includes established strongholds and growth initiatives in Europe, particularly Germany and Poland, and the Asia-Pacific region, specifically Australia and New Zealand. For example, Aurora maintains a leading position in Germany, where cannabis imports are estimated to double in 2025, and holds the number one market position in Poland. The company continues to strengthen its position in the Australian medical cannabis market, including the 2024 acquisition of MedReleaf Australia and recent portfolio expansions. Aurora is also exploring potential new markets such as Ukraine and Turkey. This international expansion is driven by the higher margins and more stable pricing found in regulated medical cannabis markets compared to recreational markets.
  2. Product Innovation and Proprietary Genetics: Aurora is investing in its science and innovation program, particularly through its Aurora Coast breeding facility, to develop new proprietary cannabis genetics (cultivars). These efforts aim to create high-potency, high-yield, and uniquely profiled cultivars that cater to patient demands and reduce production costs. The introduction of new high-potency cultivars has already contributed to medical cannabis growth in European markets. The company is also expanding its product formats, such as new cannabis oil ranges in Australia, to meet diverse patient needs.
  3. Operational Efficiency and Strategic Portfolio Optimization: The company is enhancing its operational efficiency and optimizing its production facilities to reduce costs and improve scalability, which directly contributes to higher adjusted gross margins. A significant part of this strategy involves divesting from lower-margin segments, such as certain Canadian consumer cannabis markets and its plant propagation business, to reallocate resources towards its higher-margin global medical cannabis operations. This strategic shift allows Aurora to focus on its core profitable medical cannabis business, which currently accounts for a significant portion of its total revenue and adjusted gross profit.
  4. Strategic Partnerships and Mergers & Acquisitions (M&A): Aurora considers strategic partnerships and potential mergers and acquisitions as crucial to its long-term growth strategy. These initiatives enable the company to access new technologies, distribution networks, or market segments. The company has established an at-the-market equity program of up to $100 million USD to fund strategic and accretive purposes, including increasing cultivation capacity and potential M&A opportunities within the global medical cannabis sector.

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Share Repurchases

  • Between December 2021 and December 2022, Aurora Cannabis repurchased approximately CA$316.5 million (US$235 million) principal amount of its convertible senior notes, resulting in annual cash interest savings of about CA$17.4 million (US$12.9 million).
  • In March 2023, the company repurchased an additional CA$46.6 million (US$34.3 million) of its convertible senior notes, which saved CA$2.6 million in annualized interest payments.

Share Issuance

  • Aurora Cannabis's shares outstanding significantly increased from 0.017 billion in December 2020 to an estimated 0.057 billion in December 2025, indicating substantial share issuance.
  • The company executed a 1-for-10 reverse stock split in February 2024.
  • On February 4, 2026, Aurora Cannabis established an "at-the-market" (ATM) offering program to issue up to U.S.$100 million of common shares from treasury, with proceeds aimed at strategic uses including increased cultivation capacity and M&A.

Outbound Investments

  • Aurora Cannabis acquired MedReleaf Australia for $44.7 million (AUS$51.0 million), contributing to global medical cannabis growth in Q3 FY25 (quarter ending December 31, 2024).

Capital Expenditures

  • In the last 12 months, capital expenditures were -$15.81 million.
  • The average capital expenditures over the past five years have been approximately $54.01 million.
  • A primary focus of capital allocation has been on investing in European and Australian GMP certified manufacturing and distribution facilities to support international growth.

Better Bets vs. Aurora Cannabis (ACB)

Peer Outperformance in Pharmaceuticals

ACB has trailed 80% of its 60 Pharmaceuticals peers over 5Y. Among the peers that beat it are AMRX, MRK and JNJ. Pharmaceuticals ranks 6th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Pharmaceuticals constituents that ACB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
47%
of 70 industry peers · -18.0% return
3Y
39%
of 66 industry peers · -10.3% return
5Y
20%
of 60 industry peers · -93.9% return
Pharmaceuticals peers with revenue growth within 4pp of ACB's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
ACB Aurora Cannabis 7.4% -2.0x -18.0%-10.3%-93.9% —
AMRX Amneal Pharmaceuticals 10.5% 43.6x 98.8%453.0%291.8% +386pp
MRK Merck 4.5% 116.4x 79.0%59.3%97.9% +192pp
JNJ Johnson & Johnson 5.9% 40.9x 47.9%100.1%92.9% +187pp
JAZZ Jazz Pharmaceuticals 7.0% 14.5x 56.9%69.6%62.3% +156pp
ALKS Alkermes 4.6% 114.5x 47.7%98.7%61.0% +155pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Pharmaceuticals is ACB's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 10.9%56.8%98.5% CAH 480% · MCK 390% · COR 186%
Health Care Services 20 33.8%44.0%12.4% HIMS 255% · RDNT 136% · DGX 89%
Managed Health Care 8 34.4%-1.2%-3.6% OSCR 76% · HQY 55% · ELV 4%
Health Care Facilities 25 12.1%18.2%-5.4% THC 281% · NHC 236% · EHC 182%
Health Care Equipment 50 0.7%10.2%-17.8% GKOS 420% · UFPT 360% · PLSE 148%
Pharmaceuticals ← 61 -15.0%9.2%-34.9% LQDA 1102% · KNSA 788% · LLY 482%
Health Care Supplies 11 15.5%2.3%-39.9% LNTH 329% · HAE 74% · MMSI 28%
Life Sciences Tools & Services 107 -8.1%-1.9%-66.4% NTRA 262% · AXGN 225% · MEDP 188%
Biotechnology 363 -25.0%-26.2%-81.1% DNTH 1187% · ELVN 1129% · TRVI 1054%
Health Care Technology 21 -23.8%-48.9%-82.4% VEEV -1% · DOCS -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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Financials

ACBTLRYCGCCRONSNDLOGIMedian
NameAurora C.Tilray B.Canopy G.Cronos SNDL Organigr. 
Mkt Price4.072.520.673.311.250.941.89
Mkt Cap0.30.30.31.20.30.10.3
Rev LTM290963294179922309301
Op Inc LTM-35-61-73-5-10-7-22
FCF LTM-51-119-844941-31-41
FCF 3Y Avg-38-99-1361744-24-31
CFO LTM-28-84-786051-29-28
CFO 3Y Avg-20-65-1293255-12-16

Growth & Margins

ACBTLRYCGCCRONSNDLOGIMedian
NameAurora C.Tilray B.Canopy G.Cronos SNDL Organigr. 
Rev Chg LTM3.8%15.9%6.8%37.5%-3.1%38.1%11.4%
Rev Chg 3Y Avg7.4%14.3%-2.3%30.4%0.8%26.1%10.9%
Rev Chg Q-8.8%22.7%12.5%58.4%-2.5%49.4%17.6%
QoQ Delta Rev Chg LTM-2.2%5.2%3.2%12.3%-0.7%12.8%4.2%
Op Inc Chg LTM-7,610.8%32.1%-15.7%86.4%15.8%58.5%23.9%
Op Inc Chg 3Y Avg-2,474.9%29.8%33.0%52.7%49.0%-8.1%31.4%
Op Mgn LTM-12.0%-6.3%-24.8%-2.9%-1.0%-2.2%-4.6%
Op Mgn 3Y Avg-7.6%-10.1%-32.2%-33.0%-2.7%-17.6%-13.8%
QoQ Delta Op Mgn LTM0.8%-0.2%0.9%8.0%0.6%3.0%0.9%
CFO/Rev LTM-9.7%-8.8%-26.7%33.5%5.5%-9.2%-9.0%
CFO/Rev 3Y Avg-7.0%-7.4%-45.5%21.6%5.9%-5.0%-6.0%
FCF/Rev LTM-17.6%-12.3%-28.5%27.6%4.5%-10.0%-11.2%
FCF/Rev 3Y Avg-13.5%-11.4%-47.8%10.4%4.8%-11.1%-11.2%

Valuation

ACBTLRYCGCCRONSNDLOGIMedian
NameAurora C.Tilray B.Canopy G.Cronos SNDL Organigr. 
Mkt Cap0.30.30.31.20.30.10.3
P/S0.90.31.06.90.30.40.6
P/Op Inc-7.2-5.6-3.9-234.4-31.9-19.0-13.1
P/EBIT-6.2-3.5-1.4-234.4-5.5-19.0-5.9
P/E-2.0-2.0-1.217.7-5.21.5-1.6
P/CFO-8.9-4.0-3.620.66.0-4.5-3.8
Total Yield-49.8%-48.7%-86.0%5.7%-19.3%68.9%-34.0%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-14.1%-43.2%-40.2%1.5%9.1%-15.4%-14.7%
D/E0.11.11.00.00.50.20.4
Net D/E-0.30.5-0.2-0.60.10.2-0.1

Returns

ACBTLRYCGCCRONSNDLOGIMedian
NameAurora C.Tilray B.Canopy G.Cronos SNDL Organigr. 
1M Rtn4.4%-29.4%-24.1%3.1%-0.8%-3.9%-2.3%
3M Rtn45.9%-44.5%-27.0%17.0%1.6%0.5%1.1%
6M Rtn17.0%-59.1%-40.7%25.4%-11.3%-33.5%-22.4%
12M Rtn-17.8%-81.2%-46.0%31.9%-41.9%-41.7%-41.8%
3Y Rtn-10.1%-85.4%-87.9%90.2%-13.2%-8.3%-11.7%
1M Excs Rtn3.3%-30.4%-25.1%2.1%-1.8%-4.9%-3.3%
3M Excs Rtn41.9%-47.6%-32.0%15.1%0.1%-4.0%-1.9%
6M Excs Rtn9.8%-66.2%-48.0%18.3%-18.5%-40.7%-29.6%
12M Excs Rtn-30.2%-93.8%-59.1%22.1%-54.6%-53.5%-54.1%
3Y Excs Rtn-89.7%-170.5%-174.8%0.7%-94.4%-96.9%-95.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Cannabis321289  160
Canadian Cannabis  225153 
Corporate  000
Plant Propagation  45210
European (EU) Cannabis    61
Total321289270174221


Operating Income by Segment
$ Mil2017
Patient Counselling-2
Medical Cannabis-10
Total-11


Net Income by Segment
$ Mil2020201920182017
Horizontally Integrated Businesses4-9  
Corporate-234-12578 
Cannabis-3,154-164  
Horizontally Integrated Businesses and Other  -7 
Medical Cannabis  -2-11
Patient Counselling   -2
Total-3,384-29869-13


Assets by Segment
$ Mil2017
Medical Cannabis322
Patient Counselling1
Total323


Price Behavior

Price Behavior
Market Price$4.06 
Market Cap ($ Bil)0.3 
First Trading Date10/23/2018 
Distance from 52W High-27.1% 
   50 Days200 Days
DMA Price$4.04$3.54
DMA Trendupdown
Distance from DMA0.4%14.7%
 3M1YR
Volatility63.8%56.5%
Downside Capture21.98177.03
Upside Capture229.70129.38
Correlation (S&P 500)17.5%28.6%
ACB Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.191.481.030.671.201.25
Up Beta11.441.99-0.76-0.380.820.81
Down Beta-0.640.671.380.940.991.01
Up Capture368%178%256%101%136%381%
Bmk +ve Days12182862130427
Stock +ve Days8183057116342
Down Capture227%145%19%75%135%112%
Bmk -ve Days10253664121325
Stock -ve Days12222962126391

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ACB
ACB-18.0%56.5%-0.15-
Sector ETF (XLV)30.2%16.4%1.4113.8%
Equity (SPY)10.9%12.8%0.5227.4%
Gold (GLD)-2.0%28.6%-0.0826.0%
Commodities (DBC)48.2%20.6%1.79-4.7%
Real Estate (VNQ)10.2%13.7%0.4511.8%
Bitcoin (BTCUSD)-30.0%43.5%-0.7030.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ACB
ACB-43.5%89.9%-0.26-
Sector ETF (XLV)8.7%15.3%0.3719.1%
Equity (SPY)12.2%17.1%0.5331.1%
Gold (GLD)16.2%19.0%0.688.8%
Commodities (DBC)9.2%19.5%0.357.4%
Real Estate (VNQ)0.9%18.9%-0.0624.3%
Bitcoin (BTCUSD)4.9%51.6%0.2819.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ACB
ACB-41.8%98.6%-0.26-
Sector ETF (XLV)12.0%16.8%0.5919.2%
Equity (SPY)15.2%17.9%0.7229.1%
Gold (GLD)11.4%16.5%0.565.9%
Commodities (DBC)8.2%18.1%0.3712.3%
Real Estate (VNQ)5.3%20.7%0.2123.8%
Bitcoin (BTCUSD)61.8%66.2%1.0215.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity8.2 Mil
Short Interest: % Change Since 93020267.2%
Average Daily Volume1.4 Mil
Days-to-Cover Short Interest5.9 days
Basic Shares Quantity61.7 Mil
Short % of Basic Shares13.3%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/20266-K
03/31/202606/11/202640-F
12/31/202502/04/20266-K
09/30/202511/05/20256-K
06/30/202508/06/20256-K
03/31/202506/18/202540-F
12/31/202402/05/20256-K
09/30/202411/06/20246-K
06/30/202408/07/20246-K
03/31/202406/20/202440-F
12/31/202302/08/20246-K
09/30/202311/09/20236-K
06/30/202308/10/20236-K
03/31/202306/14/202340-F
12/31/202202/10/20236-K
09/30/202211/14/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/20266-K
03/31/202606/11/202640-F
12/31/202502/04/20266-K
09/30/202511/05/20256-K
06/30/202508/06/20256-K
03/31/202506/18/202540-F
12/31/202402/05/20256-K
09/30/202411/06/20246-K
06/30/202408/07/20246-K
03/31/202406/20/202440-F
12/31/202302/08/20246-K
09/30/202311/09/20236-K
06/30/202308/10/20236-K
03/31/202306/14/202340-F
12/31/202202/10/20236-K
09/30/202211/14/20226-K
06/30/202209/21/202240-F
03/31/202205/13/20226-K
12/31/202102/11/20226-K
09/30/202111/10/20216-K
06/30/202109/27/202140-F
03/31/202105/14/20216-K
12/31/202002/11/20216-K
09/30/202011/09/20206-K
06/30/202009/25/202040-F
03/31/202005/15/20206-K
12/31/201902/13/20206-K
09/30/201911/14/20196-K
Core Cache Last Updated: 10/31/2026