SNDL (SNDL)


Market Price (11/8/2026): $1.41 | Market Cap: $345.1 MilSector: Consumer Staples | Industry: Distillers & Vintners

SNDL (SNDL)


Market Price (11/8/2026): $1.41
Market Cap: $345.1 Mil
Sector: Consumer Staples
Industry: Distillers & Vintners

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

0

Attractive yield
FCF Yield is 12%

Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, and Experience Economy & Premiumization. Themes include Cannabis & Wellness Products, and Specialized Alcohol & Cannabis Retail.

Weak multi-year price returns
2Y Excs Rtn is -62%, 3Y Excs Rtn is -76%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -9.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.0%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%, Rev Chg QQuarterly Revenue Change % is -2.5%

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 -22%

Key risks
SNDL key risks include [1] strategic uncertainty from the review of its U.S. Show more.

0 Attractive yield
FCF Yield is 12%
1 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, and Experience Economy & Premiumization. Themes include Cannabis & Wellness Products, and Specialized Alcohol & Cannabis Retail.
2 Weak multi-year price returns
2Y Excs Rtn is -62%, 3Y Excs Rtn is -76%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -9.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.0%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%, Rev Chg QQuarterly Revenue Change % is -2.5%
5 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 -22%
6 Key risks
SNDL key risks include [1] strategic uncertainty from the review of its U.S. Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/6/2026

SNDL (SNDL) stock has gained about 15% since 7/31/2026 because of the following key factors:

1. SNDL reported stronger-than-expected fiscal Q3 2026 financial results. The company announced its third quarter results on October 27, 2026, for the period ended September 30, 2026. SNDL reported earnings per share (EPS) of $0.01, which significantly beat analysts' consensus estimate of -$0.02 by 130.00%. Additionally, the company's revenue of $167.18 million surpassed analysts' expectations of $164.18 million.

2. The company advanced its capital return strategy through substantial share repurchases. On October 15, 2026, SNDL announced it repurchased approximately 5.4 million common shares during fiscal Q3 2026. This contributed to total repurchases of approximately 21.8 million common shares for roughly C$43.4 million (approximately US$31.7 million) over the 12 months ending September 30, 2026, effectively reducing its outstanding share count. Furthermore, the Board directed management to explore a potential substantial issuer bid for up to C$50 million (approximately US$36.5 million).

Show more
Updated on 11/6/2026

SNDL (SNDL) stock has gained about 15% since 7/31/2026 because of the following key factors:

1. SNDL reported stronger-than-expected fiscal Q3 2026 financial results. The company announced its third quarter results on October 27, 2026, for the period ended September 30, 2026. SNDL reported earnings per share (EPS) of $0.01, which significantly beat analysts' consensus estimate of -$0.02 by 130.00%. Additionally, the company's revenue of $167.18 million surpassed analysts' expectations of $164.18 million.

2. The company advanced its capital return strategy through substantial share repurchases. On October 15, 2026, SNDL announced it repurchased approximately 5.4 million common shares during fiscal Q3 2026. This contributed to total repurchases of approximately 21.8 million common shares for roughly C$43.4 million (approximately US$31.7 million) over the 12 months ending September 30, 2026, effectively reducing its outstanding share count. Furthermore, the Board directed management to explore a potential substantial issuer bid for up to C$50 million (approximately US$36.5 million).

3. Strategic U.S. cannabis market expansion and positive industry developments boosted investor confidence. SNDL solidified its presence in the U.S. cannabis market by closing the acquisition of Surterra Holdings on July 27, 2026, gaining indirect majority exposure to 43 Surterra Wellness retail locations in Florida. This expansion was complemented by broader positive shifts in the U.S. cannabis industry during fiscal Q3 2026, including market consolidation, steady demand with August legal sales around $2.55 billion nationally, and the ongoing federal rescheduling of medical cannabis from Schedule I to Schedule III, which is viewed as a significant step forward for the sector.

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Stock Movement Drivers

Fundamental Drivers

The 15.0% change in SNDL stock from 7/31/2026 to 11/7/2026 was primarily driven by a 11.4% change in the company's P/S Multiple.
(LTM values as of)731202611072026Change
Stock Price ($)1.231.4215.0%
Change Contribution By: 
Total Revenues ($ Mil)928922-0.7%
P/S Multiple0.30.411.4%
Shares Outstanding (Mil)2572473.9%
Cumulative Contribution15.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026
ReturnCorrelation
SNDL15.0% 
Market (SPY)-1.6%16.7%
Sector (XLP)5.9%10.0%

Fundamental Drivers

The 4.0% change in SNDL stock from 4/30/2026 to 11/7/2026 was primarily driven by a 5.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)430202611072026Change
Stock Price ($)1.361.424.0%
Change Contribution By: 
Total Revenues ($ Mil)937922-1.6%
P/S Multiple0.40.40.4%
Shares Outstanding (Mil)2602475.3%
Cumulative Contribution4.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026
ReturnCorrelation
SNDL4.0% 
Market (SPY)2.6%13.9%
Sector (XLP)7.6%2.8%

Fundamental Drivers

The -34.2% change in SNDL stock from 10/31/2025 to 11/7/2026 was primarily driven by a -35.3% change in the company's P/S Multiple.
(LTM values as of)1031202511072026Change
Stock Price ($)2.151.42-34.2%
Change Contribution By: 
Total Revenues ($ Mil)944922-2.3%
P/S Multiple0.60.4-35.3%
Shares Outstanding (Mil)2572474.2%
Cumulative Contribution-34.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026
ReturnCorrelation
SNDL-34.2% 
Market (SPY)8.7%20.2%
Sector (XLP)20.5%3.6%

Fundamental Drivers

The -1.7% change in SNDL stock from 10/31/2023 to 11/7/2026 was primarily driven by a -9.6% change in the company's P/S Multiple.
(LTM values as of)1031202311072026Change
Stock Price ($)1.441.42-1.7%
Change Contribution By: 
Total Revenues ($ Mil)8949223.2%
P/S Multiple0.40.4-9.6%
Shares Outstanding (Mil)2602475.4%
Cumulative Contribution-1.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026
ReturnCorrelation
SNDL-1.7% 
Market (SPY)81.9%21.7%
Sector (XLP)43.0%7.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SNDL Return22%-64%-22%9%-7%-15%-70%
Peers Return993%-51%-43%-3%-15%-10%126%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
SNDL Win Rate25%42%42%50%25%36% 
Peers Win Rate22%25%40%35%40%44% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
SNDL Max Drawdown-81%-75%-48%-37%-44%-34% 
Peers Max Drawdown-73%-56%-63%-54%-52%-42% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TLRY, CGC, HITI, ACB, CRON.
[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 11/6/2026 (YTD)

How Low Can It Go

EventSNDLS&P 500
2025 US Tariff Shock
  % Loss-28.2%-18.8%
  % Gain to Breakeven39.4%23.1%
  Time to Breakeven125 days79 days
2023 SVB Regional Banking Crisis
  % Loss-38.4%-6.7%
  % Gain to Breakeven62.4%7.1%
  Time to Breakeven80 days31 days
2020 COVID-19 Crash
  % Loss-65.1%-33.7%
  % Gain to Breakeven186.4%50.9%
  Time to Breakeven312 days140 days

Compare to TLRY, CGC, HITI, ACB, CRON

In The Past

SNDL's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.4% 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.

EventSNDLS&P 500
2025 US Tariff Shock
  % Loss-28.2%-18.8%
  % Gain to Breakeven39.4%23.1%
  Time to Breakeven125 days79 days
2023 SVB Regional Banking Crisis
  % Loss-38.4%-6.7%
  % Gain to Breakeven62.4%7.1%
  Time to Breakeven80 days31 days
2020 COVID-19 Crash
  % Loss-65.1%-33.7%
  % Gain to Breakeven186.4%50.9%
  Time to Breakeven312 days140 days

Compare to TLRY, CGC, HITI, ACB, CRON

In The Past

SNDL's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.4% 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 SNDL (SNDL)

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SNDL (Sundial Growers Inc.) is a Canadian company primarily engaged in the production, distribution, and sale of cannabis products. The company operates through two main segments: Cannabis Operations, which handles the cultivation and distribution of cannabis, and Retail Operations, focused on the private sale of recreational cannabis.

SNDL serves Canada's adult-use cannabis market, offering a variety of products including inhalables such as dried flower, pre-rolls, and vapes. These products are distributed under established brands like Top Leaf, Sundial Cannabis, Palmetto, and Grasslands. The company reaches its primary customers through both its distribution network and a chain of corporate-owned and franchised retail cannabis stores.

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AI Analysis | Feedback

Here are 1-2 brief analogies for SNDL:

  • Canada's Altria, but for cannabis.
  • Like Anheuser-Busch InBev or Diageo, but for cannabis in Canada.

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  • Adult-use Cannabis Products: SNDL cultivates, distributes, and sells various cannabis products, including flower, pre-rolls, and vapes, for the adult-use market.
  • Recreational Cannabis Retail: SNDL operates and franchises retail stores for the private sale of recreational cannabis to consumers.

AI Analysis | Feedback

Sundial Growers Inc. (SNDL) primarily sells its cannabis products directly to individual consumers through its corporate-owned and franchised retail cannabis stores across Canada, as well as through provincial distribution channels serving the broader adult-use markets.

The categories of individual customers that SNDL serves typically include:

  • Recreational Adult Users: These are individuals who purchase cannabis products for personal, non-medical enjoyment and leisure. This demographic makes up the core of the "adult-use markets" mentioned in the company description.
  • Cannabis Connoisseurs and Enthusiasts: A segment of the market that seeks out premium, specific strains, or high-quality branded products (such as those under SNDL's Top Leaf brand). These customers are often knowledgeable about cannabis varietals, consumption methods, and desired effects.
  • New and Casual Users: Individuals who are exploring cannabis for the first time, or those who use it occasionally. They may seek approachable products, clear information, and guidance from retail staff in SNDL's stores.

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Zachary George

Chief Executive Officer

Zachary George joined SNDL as Chief Executive Officer in January 2020. He has over 20 years of experience in alternative investments and evaluating opportunities across the capital structure of North American companies, with a focus on real assets. Mr. George has worked in management and board capacities concentrating on restructurings, operational turnarounds, effecting corporate action, and implementing governance policies to maximize shareholder value. Educated as a lawyer and trained as a credit analyst, he guided turnarounds and restructuring of several public entities in board and C-suite positions. Prior to SNDL, he held leadership roles at Cominar Real Estate Investment Trust and Trez Capital Junior MIC. His previous roles also include President, CEO, Director & Head-Investor Relations at Huntingdon Real Estate Investment Trust, Analyst at Pirate Capital LLC, Analyst at Mizuho Corporate Bank Ltd., Analyst at CIBC World Markets Corp. (Old), Chairman at Huntingdon Capital Corp., President & CEO at IAT Air Cargo Facilities Income Fund, Lead Director at PW Eagle, Inc., Chairman at Slate Office REIT, and CEO at The Valens Co., Inc. He has served on over a dozen public company boards.

Alberto Paredero-Quiros

Chief Financial Officer

Alberto Paredero-Quiros joined SNDL as Chief Financial Officer in July 2023. He brings over 25 years of management experience in the consumer goods and pharmaceutical industries, demonstrating leadership and financial expertise in global organizations. Mr. Paredero-Quiros has held senior management roles for companies such as Mondelez International Inc., Novartis, Newell Brands Inc., and Procter & Gamble Company. His expertise includes public company reporting, mergers and acquisitions, internal controls, and general financial and operational management.

Tyler Robson

President of Cannabis

Tyler Robson has worked extensively over the last decade in cannabis science, with a focus on research and development, proprietary extraction processing, and medical application. He co-founded Valens in 2012, moving from the role of COO to CEO in 2017, and has demonstrated expertise in plant genetics and extraction processes. Valens was acquired by SNDL Inc.

Ryan Hellard

Chief Strategy Officer

Ryan Hellard joined SNDL as Chief Marketing and Product Officer in March 2018 and became Chief Strategy Officer in May 2021. He has overseen the development of the company's brand and product portfolio. Before joining SNDL, he spent five years as the President of AppColony, a digital marketing and product development agency.

Matthew Husson

General Counsel & Corporate Secretary

Matthew Husson began his legal career at a prominent Bay Street firm, specializing in Corporate & Commercial law. He later transitioned to an in-house legal position at Scotiabank. Prior to joining SNDL, Mr. Husson served as General Counsel for two other licensed producers in the cannabis sector.

AI Analysis | Feedback

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For SNDL, a company engaged in the production, distribution, and sale of cannabis products, alongside its retail liquor operations, several key risks impact its business. These include:

  1. Market Saturation and Intense Competition: SNDL faces significant challenges from market saturation in key cannabis retail markets, particularly in Alberta and Ontario. This is coupled with intensifying competition across both its cannabis and liquor segments, which can lead to price reductions and impact revenue growth.

  2. Regulatory Landscape and U.S. Market Access Uncertainty: The company operates within a rapidly evolving and often restrictive regulatory environment in the Canadian cannabis market. Furthermore, its strategic objectives, including increasing involvement in U.S. cannabis markets and the performance of its SunStream investments, are subject to significant regulatory uncertainty and timing risks. The lack of forthcoming U.S. cannabis regulations and the execution and recovery risks related to SunStream and other investee restructurings pose material challenges.

  3. Underperformance of the Liquor Retail Segment and Investment Execution Risk: While SNDL's cannabis segment has shown growth, its liquor retail segment has experienced market slowdowns and declining revenues, negatively impacting overall financial performance. Additionally, the company faces execution and timing risks associated with various investments and restructuring efforts, including the recovery of investee notes.

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The increasing likelihood and ongoing legislative efforts towards federal cannabis legalization in the United States. This development would significantly alter the competitive landscape for Canadian cannabis producers and retailers like SNDL by potentially introducing much larger, better-capitalized US multi-state operators into the North American market, intensifying pricing pressures, and potentially redirecting investment and talent away from the smaller Canadian market towards the larger US opportunities.

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The addressable market for SNDL's main cannabis products is the legal adult-use cannabis market in Canada. This market includes products such as flower, pre-rolls, and vapes.

The Canada legal cannabis market was valued at approximately USD 3.25 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 12.0% from 2025 to 2030, reaching USD 7.19 billion by 2030. Another estimate indicates recreational cannabis sales reached CA$5.5 billion in the fiscal year ending March 31, 2025.

Specifically for SNDL's product categories:

  • Dried Flower (including pre-rolls): This category remains dominant within the Canadian adult-use market. In the fiscal year ending March 31, 2025, sales of dried flower (including pre-rolls) reached CA$3.3 billion, representing 59.7% of total sales. In 2022, dried flower accounted for 55% of total legal expenditures.
  • Vapes (Inhaled Cannabis Extracts): The "Inhaled Cannabis Extracts" category, which includes vape pens, grew to CA$1.7 billion and accounted for 31.1% of total sales in the fiscal year ending March 31, 2025, making it the fastest-growing major category. Vaping liquids alone accounted for 10% of legal expenditures in 2022.

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SNDL's future revenue growth over the next 2-3 years is expected to be driven by several key factors:
  1. Expansion of Cannabis Retail Footprint and Same-Store Sales Growth: SNDL is actively expanding its cannabis retail presence through both organic new store openings and strategic acquisitions. The company completed the privatization of Nova Cannabis Inc. in October 2024 and acquired an additional 32 cannabis retail stores across Ontario, Alberta, and Saskatchewan as of April 9, 2025, aiming to capture new customers and increase market share. Furthermore, the cannabis retail business has shown organic growth with same-store sales increasing by 6.3% in Q4 2024 and 5.2% in Q1 2025.
  2. Growth in Cannabis Operations through Strategic Acquisitions and Product Diversification: The company is prioritizing growth within its cannabis operations segment, which experienced substantial net revenue growth of 53.2% in Q1 2025. A significant driver for this has been strategic acquisitions, such as Indiva Inc. in Q4 2024, which enhanced SNDL's Canadian cannabis operations and positioned it as the leading edibles manufacturer in the country. This also contributes to increased wholesale sales.
  3. International Expansion of Cannabis Sales: International growth is identified as a top priority for future capital deployment. SNDL reported international cannabis sales of $3.8 million in Q2 2025, and the company is expecting to complete its EU GMP certification process by the summer, which would facilitate further expansion into European markets.
  4. Strategic Capital Deployment and Investments in the North American Cannabis Industry: SNDL maintains a strong balance sheet with substantial unrestricted cash, which provides strategic flexibility for both organic and inorganic investments. The company has actively deployed strategic capital through direct and indirect investments and partnerships aimed at driving growth and innovation in the broader North American cannabis industry, including significant investments in the U.S. cannabis market.

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Share Repurchases

  • SNDL renewed its share repurchase program on November 21, 2025, authorizing repurchases of up to C$100 million of its common shares.
  • Under a prior program that concluded on November 20, 2025, the company repurchased 9,478,671 shares.
  • Between December 2025 and March 9, 2026, SNDL repurchased 4.3 million common shares for cancellation, contributing to a total of 15.1 million shares repurchased since the fourth quarter of 2024.

Share Issuance

  • SNDL's shares outstanding have fluctuated between 2020 and 2025, with data showing ranges from 0 to 0.265 in one view and 0 to 745.45 in another.
  • As of November, SNDL had 257.50 million shares outstanding.

Outbound Investments

  • SNDL has made three investments primarily in the Cannabis Brands and Retailers, Cannabis CRO Services, and Cannabis Services sectors.
  • Notable investments include stakes in Parallel, Skymint, and The Valens Company.
  • On January 6, 2026, SNDL completed the acquisition of five Cost Cannabis retail stores in Alberta and Saskatchewan from 1CM Inc., with plans to support regulatory approval for an additional 27 stores in Ontario.

Capital Expenditures

  • Capital expenditures for SNDL increased from $8.6 million in 2024 to $12.8 million in 2025, including $4.0 million in the fourth quarter of 2025.
  • The majority of these capital investments were directed towards opening new stores within the Cannabis and Liquor Retail segments.
  • In the most recent quarter, capital expenditures totaled -5.1850 million CAD.

Better Bets vs. SNDL (SNDL)

Peer Outperformance in Distillers & Vintners

SNDL has trailed 75% of its 4 Distillers & Vintners peers over 5Y. Among the peers that beat it are STZ and BF-B. Distillers & Vintners ranks 11th of 12 industries in Consumer Staples by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Distillers & Vintners constituents that SNDL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
60%
of 5 industry peers · -20.5% return
3Y
100%
of 5 industry peers · -3.7% return
5Y
25%
of 4 industry peers · -78.0% return
Distillers & Vintners peers with revenue growth within 4pp of SNDL'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
SNDL SNDL 0.8% -5.9x -20.5%-3.7%-78.0% —
STZ Constellation Brands -1.9% 12.6x 14.5%-37.0%-29.7% +48pp
BF-B Brown-Forman -2.8% 19.5x 19.0%-43.7%-52.8% +25pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Staples sector, ranked by 5Y. Distillers & Vintners is SNDL'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
Consumer Staples Merchandise Retail 12 22.7%58.8%55.7% WMT 167% · PSMT 128% · COST 117%
Tobacco 6 -28.4%-8.3%37.2% PM 164% · MO 147%
Food Retail 6 6.9%65.0%34.5% CASY 251% · SFM 103% · KR 78%
Soft Drinks & Non-alcoholic Beverages 13 23.3%-5.9%12.7% COKE 402% · COCO 358% · MNST 100%
Food Distributors 9 5.2%24.9%8.0% CHEF 183% · USFD 177% · PFGC 121%
Brewers 3 10.3%-23.8%2.1% BUD 48% · TAP 2% · SAM -56%
Personal Care Products 4 21.5%9.0%-13.8% ELF 271% · PG 29% · COTY -56%
Household Products 19 19.7%1.7%-19.8% IPAR 61% · CL 40% · CHD 31%
Packaged Foods & Meats 48 -24.0%-32.8%-36.2% CALM 127% · TR 43% · SJM 24%
Agricultural Products & Services 11 -9.8%-9.5%-40.8% ADM 25% · BG 22% · INGR 8%
Distillers & Vintners ← 5 -24.4%-56.5%-75.0% STZ -30% · BF-B -53%
Drug Retail 3 -67.8%-83.3%-95.5%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SNDLTLRYCGCHITIACBCRONMedian
NameSNDL Tilray B.Canopy G.High TideAurora C.Cronos  
Mkt Price1.412.940.652.645.153.612.79
Mkt Cap0.30.40.30.20.31.30.3
Rev LTM922963308720286206514
Op Inc LTM-10-61-7729-359-22
FCF LTM41-119-8215-2565-5
FCF 3Y Avg44-99-11520-3425-7
CFO LTM51-84-7325-38111
CFO 3Y Avg55-65-10730-14448

Growth & Margins

SNDLTLRYCGCHITIACBCRONMedian
NameSNDL Tilray B.Canopy G.High TideAurora C.Cronos  
Rev Chg LTM-3.1%15.9%10.7%26.8%3.1%55.8%13.3%
Rev Chg 3Y Avg0.8%14.3%1.3%15.7%5.2%35.0%9.8%
Rev Chg Q-2.5%22.7%22.0%32.8%9.2%74.6%22.4%
QoQ Delta Rev Chg LTM-0.7%5.2%5.0%7.3%2.6%15.1%5.1%
Op Inc Chg LTM15.8%32.1%-36.7%121.2%-130.7%135.4%23.9%
Op Inc Chg 3Y Avg49.0%29.8%24.6%126.9%-4.7%74.6%39.4%
Op Mgn LTM-1.0%-6.3%-25.0%4.0%-12.1%4.2%-3.7%
Op Mgn 3Y Avg-2.7%-10.1%-31.1%2.9%-8.3%-24.6%-9.2%
QoQ Delta Op Mgn LTM0.6%-0.2%-0.2%0.5%-0.0%7.1%0.2%
CFO/Rev LTM5.5%-8.8%-23.7%3.4%-0.9%39.3%1.3%
CFO/Rev 3Y Avg5.9%-7.4%-37.5%5.2%-4.9%27.0%0.2%
FCF/Rev LTM4.5%-12.3%-26.5%2.0%-8.9%31.6%-3.4%
FCF/Rev 3Y Avg4.8%-11.4%-40.2%3.5%-11.6%14.1%-3.9%

Valuation

SNDLTLRYCGCHITIACBCRONMedian
NameSNDL Tilray B.Canopy G.High TideAurora C.Cronos  
Mkt Cap0.30.40.30.20.31.30.3
P/S0.40.40.90.31.26.50.6
P/Op Inc-36.1-6.5-3.68.0-9.7153.6-5.0
P/EBIT-6.3-4.1-1.2-14.6-22.8153.6-5.2
P/E-5.9-2.4-1.0-7.0-3.623.0-3.0
P/CFO6.8-4.6-3.89.4-127.816.41.5
Total Yield-16.9%-42.2%-100.0%-14.4%-27.7%4.3%-22.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg9.1%-43.2%-28.5%10.8%-11.1%2.3%-4.4%
D/E0.50.91.00.70.10.00.6
Net D/E0.10.4-0.10.5-0.2-0.6-0.0

Returns

SNDLTLRYCGCHITIACBCRONMedian
NameSNDL Tilray B.Canopy G.High TideAurora C.Cronos  
1M Rtn15.6%-18.1%-23.2%2.3%16.3%12.1%7.2%
3M Rtn14.6%-35.7%-33.0%14.8%72.2%16.5%14.7%
6M Rtn-1.7%-47.1%-41.4%5.2%51.0%42.1%1.7%
12M Rtn-20.8%-76.3%-44.4%-10.8%13.2%45.6%-15.8%
3Y Rtn-4.1%-83.1%-88.8%91.3%9.9%80.5%2.9%
1M Excs Rtn20.6%-13.1%-18.2%7.3%21.2%17.1%12.2%
3M Excs Rtn20.4%-28.6%-26.9%19.7%83.0%25.2%20.0%
6M Excs Rtn-1.4%-46.8%-41.1%5.5%51.3%42.4%2.0%
12M Excs Rtn-32.3%-85.6%-51.5%-20.9%7.1%38.8%-26.6%
3Y Excs Rtn-75.9%-157.6%-162.2%2.8%-59.1%33.4%-67.5%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Liquor Retail540555579462 
Cannabis Retail33031229020616
Cannabis operations145109874440
Corporate00-470 
Investments0000 
Intersegment Eliminations-68-56   
Total94692090971256


Operating Income by Segment
$ Mil20252024202320222019
Liquor Retail37352521 
Cannabis Retail30-25-181 
Investments4-5012-91 
Intersegment Eliminations00   
Cannabis operations-23-113-29-27
Corporate-76-90-92-67-27
Ornamental Flowers    -105
Total-6-104-163-348-159


Assets by Segment
$ Mil20252024202320222021
Investments3985787188251,094
Liquor Retail324326320351 
Cannabis Retail219196207200157
Cannabis operations212230208163148
Corporate18320201929
Intersegment Eliminations00   
Total1,3361,3491,4731,5591,428


Price Behavior

Price Behavior
Market Price$1.42 
Market Cap ($ Bil)0.4 
First Trading Date08/01/2019 
Distance from 52W High-36.0% 
   50 Days200 Days
DMA Price$1.32$1.39
DMA Trendindeterminatedown
Distance from DMA7.3%2.0%
 3M1YR
Volatility40.8%53.4%
Downside Capture39.27112.42
Upside Capture136.7469.79
Correlation (S&P 500)20.2%19.6%
SNDL Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.490.460.210.270.830.87
Up Beta-3.09-1.75-1.73-0.041.020.81
Down Beta0.270.570.660.260.460.82
Up Capture45%41%56%14%43%56%
Bmk +ve Days12182862130427
Stock +ve Days916265099314
Down Capture98%113%59%59%122%103%
Bmk -ve Days10253664121325
Stock -ve Days10202959124364

[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 SNDL
SNDL-23.6%53.4%-0.33-
Sector ETF (XLP)21.2%15.8%1.014.5%
Equity (SPY)9.5%13.6%0.4018.5%
Gold (GLD)1.6%28.7%0.0517.9%
Commodities (DBC)38.4%21.2%1.42-14.0%
Real Estate (VNQ)11.3%14.2%0.519.5%
Bitcoin (BTCUSD)-27.2%43.6%-0.6125.2%

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 SNDL
SNDL-26.2%69.7%-0.15-
Sector ETF (XLP)7.5%14.0%0.3112.9%
Equity (SPY)11.3%17.3%0.4832.0%
Gold (GLD)17.5%19.1%0.749.3%
Commodities (DBC)8.1%19.6%0.306.5%
Real Estate (VNQ)1.3%18.9%-0.0425.9%
Bitcoin (BTCUSD)4.0%51.6%0.2620.2%

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 SNDL
SNDL-33.5%111.5%-0.03-
Sector ETF (XLP)8.4%15.0%0.428.9%
Equity (SPY)15.0%18.0%0.7021.1%
Gold (GLD)11.9%16.5%0.594.4%
Commodities (DBC)7.5%18.1%0.337.1%
Real Estate (VNQ)5.9%20.7%0.2419.6%
Bitcoin (BTCUSD)60.0%66.3%1.0013.6%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity2.0 Mil
Short Interest: % Change Since 930202612.0%
Average Daily Volume1.4 Mil
Days-to-Cover Short Interest1.5 days
Basic Shares Quantity247.0 Mil
Short % of Basic Shares0.8%

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

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Report DateFiling DateFiling
09/30/202610/27/20266-K
03/31/202604/29/20266-K
12/31/202503/12/202640-F
09/30/202511/04/20256-K
06/30/202507/31/20256-K
03/31/202505/01/20256-K
12/31/202403/18/202540-F
09/30/202411/05/20246-K
06/30/202408/01/20246-K
03/31/202405/09/20246-K
12/31/202303/21/202440-F
09/30/202311/13/20236-K
06/30/202308/14/20236-K
03/31/202305/15/20236-K
12/31/202204/24/202320-F
09/30/202211/14/20226-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/27/20266-K
03/31/202604/29/20266-K
12/31/202503/12/202640-F
09/30/202511/04/20256-K
06/30/202507/31/20256-K
03/31/202505/01/20256-K
12/31/202403/18/202540-F
09/30/202411/05/20246-K
06/30/202408/01/20246-K
03/31/202405/09/20246-K
12/31/202303/21/202440-F
09/30/202311/13/20236-K
06/30/202308/14/20236-K
03/31/202305/15/20236-K
12/31/202204/24/202320-F
09/30/202211/14/20226-K
06/30/202208/12/20226-K
03/31/202205/16/20226-K
12/31/202104/28/202220-F
09/30/202111/12/20216-K
06/30/202108/12/20216-K
03/31/202105/12/20216-K
12/31/202003/18/202120-F
09/30/202011/12/20206-K
06/30/202008/14/20206-K
03/31/202005/15/20206-K
12/31/201903/31/202020-F
09/30/201911/13/20196-K
Core Cache Last Updated: 11/7/2026