SNDLNasdaqMedicinal Chemicals & Botanical ProductsFiscal year ends December 31
SNDL Inc.
Financials through fiscal 2026, year ended Dec 31, 2025Last filing: 40-F on Mar 12, 2026
$1.25+0.00 (+0.40%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2026
Gross margin
27.3%+109.2 pts over 5 years
Operating margin
-0.7%+303.7 pts over 5 years
Net margin
-1.7%+381.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.8% | +9.9% | +73.1% | – | |
| Gross profit | +7.6% | +22.6% | – | – | |
| Free cash flow | +25.5% | – | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | – | -95.6% | -1.4% | |
| Return on assets | – | -58.0% | -1.2% | |
| Current ratio | – | 4.90 | 4.88 | |
| Interest coverage | – | -48.5× | -0.9× | |
| Inventory turnover | – | 2.6× | 5.4× | |
| Capex to revenue | – | 5.0% | 1.4% | |
| Diluted shares | – | 0M | 0M |
Where the cash went
Fiscal 2022 to 2026, five years combined
SNDL generated C$304.94M from operations and spent C$87.22M on capital expenditure, dividends and share buybacks. 50% of that went back into the business.
Generated
C$304.94M
Used
C$87.22M
Capital expenditureC$43.73M50%DividendsC$00%Share buybacksC$43.49M50%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.7%
×Asset turnover0.70×
×Equity multiplier1.20×
=Return on equity, FY2026-1.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | -1.7% | 0.70× | 1.20× | -1.4% |
| FY2025 | -10.3% | 0.65× | 1.20× | -8.1% |
| FY2024 | -19.0% | 0.60× | 1.20× | -13.7% |
| FY2023 | -47.1% | 0.48× | 1.13× | -25.4% |
| FY2022 | -404.4% | 0.07× | 1.08× | -28.4% |
| FY2021 | -382.9% | 0.15× | 1.65× | -95.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
6of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero-C$15.77M
- Cash generatingOperating cash flow above zeroC$70.92M
- Return on assets improvedROA up on the prior year-6.4% → -1.2%
- Earnings backed by cashOperating cash flow above net incomeC$70.92M vs -C$15.77M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.10 → 4.88
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year26.11% → 27.33%
- More efficientAsset turnover rose0.62 → 0.70