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SNDL Inc.

SNDL Nasdaq Medicinal Chemicals & Botanical Products Financials FY2017โ€“FY2025

Revenue Total sales reported in the income statement.
$677M
0.7% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’0.7%
10.6ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$11.3M
Free cash flow Cash from operations minus capital spending.
$41.6M
23.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.04 EPS (TTM)

What SNDL Inc. does

No business description yet.

Legal name
SNDL Inc.
Fiscal year ends
December 31, 2025
Latest annual report
40-F ยท Mar 12, 2026
Accession ยท CIK
0001193125-26-102524
0001766600

Revenue and margins

SNDL Inc. had $677M of revenue in fiscal 2025, up 0.7% on the year before.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $41.6M in fiscal 2025, 6.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

SNDL Inc. returned $11.0M to shareholders in fiscal 2025, 26% of free cash flow. The diluted share count fell 2.3%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably SNDL Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $439M$207M$147M$152M$184M
Interest coverage โˆ’3,360.3xโˆ’1,954.2xโˆ’2,014.9xโˆ’14.5xโˆ’0.9x
Current ratio 11.1x5.6x3.9x5.1x4.9x
Quick ratio 10.6x4.2x2.7x3.7x3.5x
Total assets $1.1B$1.2B$1.1B$938M$976M
Total liabilities $77.2M$171M$184M$150M$171M
Shareholders' equity $1.0B$965M$915M$788M$804M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY17FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ“ โœ“
Return on assets rose โ€” โ€” โœ“ โœ• โœ“ โœ“ โœ“
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ“ โœ“ โœ• โœ• โœ“ โœ•
Share count didn't rise โ€” โ€” โœ• โœ• โœ• โœ• โœ“
Gross margin rose โ€” โ€” โœ“ โœ“ โœ“ โœ“ โœ“
Revenue rose relative to assets โ€” โ€” โœ• โœ“ โœ“ โœ“ โœ•
F-score โ€” / 3โ€” / 44 / 83 / 84 / 86 / 85 / 8
Accruals ratio โ€”โˆ’42.0%โˆ’8.4%โˆ’22.2%โˆ’10.2%โˆ’10.7%โˆ’6.5%
Altman Z'' โ€”3.2414.833.813.053.583.47

8 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY17FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue โ€” โ€” $45.4M $44.8M $547M $673M $672M $677M
Gross profit โ€” โ€” โˆ’$37.2M โˆ’$7.2M $108M $141M $175M $185M
Research and development $0.3M โ€” $0.4M $2.0M $1.9M $0.2M $0.3M $0.3M
Operating income โˆ’$10.0M โ€” โˆ’$138M โˆ’$107M โˆ’$267M โˆ’$121M โˆ’$75.8M โˆ’$4.5M
Interest expense $0.1M โ€” $5.8M $0.0M $0.1M $0.1M $5.2M $4.8M
Pretax income โˆ’$10.1M โ€” โˆ’$154M โˆ’$187M โˆ’$292M โˆ’$127M โˆ’$77.1M โˆ’$11.3M
Net income โˆ’$10.1M โ€” โˆ’$174M โˆ’$181M โˆ’$257M โˆ’$128M โˆ’$69.2M โˆ’$11.3M
Net income to common โˆ’$10.1M โ€” โˆ’$174M โˆ’$181M โˆ’$257M โˆ’$128M โˆ’$69.2M โˆ’$11.3M
Diluted EPS โˆ’$0.18 โ€” โˆ’$0.82 โ€” โˆ’$1.12 โˆ’$0.50 โˆ’$0.26 โˆ’$0.04
Diluted shares 0.00B โ€” 0.00B 0.00B 0.00B 0.00B 0.00B 0.00B
Cash flow
Cash from operations โˆ’$4.1M โ€” โˆ’$42.9M โˆ’$124M โˆ’$5.2M โˆ’$12.3M $40.1M $50.7M
Capital expenditure $5.9M โ€” $2.3M $3.0M $8.2M $5.8M $6.3M $9.2M
Free cash flow โˆ’$10.0M โ€” โˆ’$45.1M โˆ’$127M โˆ’$13.3M โˆ’$18.1M $33.8M $41.6M
Depreciation and amortization $0.3M โ€” $3.5M $4.2M $31.5M $44.6M $39.6M $37.2M
Stock-based compensation $3.6M โ€” $6.4M $9.8M $7.4M $11.4M $14.6M $9.9M
Acquisitions โ€” โ€” $0.0M $66.0M $22.0M โˆ’$2.7M $28.9M $2.1M
Share buybacks โ€” โ€” $0.0M $0.0M $10.3M $1.1M $9.6M $11.0M
Dividends and buybacks โ€” โ€” $0.0M $0.0M $10.3M $1.1M $9.6M $11.0M
Balance sheet
Cash and short-term investments $6.0M $34.9M $47.4M $439M $207M $147M $152M $184M
Total debt $5.5M $137M โ€” โ€” โ€” โ€” โ€” โ€”
Current assets โ€” $133M $92.9M $573M $370M $307M $321M $328M
Current liabilities โ€” $207M $19.0M $51.8M $66.0M $77.8M $62.9M $67.3M
Inventory โ€” $46.1M $20.1M $23.2M $94.4M $97.4M $88.9M $92.7M
Property and equipment, net โ€” $217M $91.8M $44.4M $106M $115M $101M $111M
Goodwill โ€” $8.8M โ€” $57.0M $49.7M $90.0M $86.4M $90.7M
Intangible assets โ€” $33.9M $4.0M $39.5M $55.3M $55.2M $42.6M $42.7M
Total assets โ€” $393M $231M $1.1B $1.2B $1.1B $938M $976M
Total liabilities โ€” $222M $19.8M $77.2M $171M $184M $150M $171M
Shareholders' equity $10.7M $167M $213M $1.0B $965M $915M $788M $804M
Margins
Gross margin โ€” โ€” โˆ’81.9% โˆ’16.0% 19.7% 20.9% 26.1% 27.3%
Operating margin โ€” โ€” โˆ’304.4% โˆ’239.4% โˆ’48.8% โˆ’18.0% โˆ’11.3% โˆ’0.7%
EBITDA margin โ€” โ€” โˆ’296.6% โˆ’230.0% โˆ’43.1% โˆ’11.3% โˆ’5.4% 4.8%
Net margin โ€” โ€” โˆ’382.9% โˆ’404.4% โˆ’47.1% โˆ’19.0% โˆ’10.3% โˆ’1.7%
FCF margin โ€” โ€” โˆ’99.3% โˆ’284.3% โˆ’2.4% โˆ’2.7% 5.0% 6.1%
Returns
Return on capital โˆ’77.5% โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Return on capital employed โ€” โ€” โˆ’65.0% โˆ’10.0% โˆ’24.6% โˆ’11.7% โˆ’8.7% โˆ’0.5%
Return on equity โˆ’94.1% โ€” โˆ’91.6% โˆ’28.8% โˆ’25.6% โˆ’13.6% โˆ’8.1% โˆ’1.4%
Return on assets โ€” โ€” โˆ’55.7% โˆ’26.7% โˆ’22.6% โˆ’11.3% โˆ’6.8% โˆ’1.2%
Return on tangible equity โˆ’94.1% โ€” โˆ’83.1% โˆ’19.1% โˆ’29.9% โˆ’16.6% โˆ’10.5% โˆ’1.7%
Growth
Revenue growth โ€” โ€” โ€” โˆ’1.4% 1,121.8% 23.1% โˆ’0.2% 0.7%
FCF growth โ€” โ€” โ€” โ€” โ€” โ€” โ€” 23.0%
Share count change โ€” โ€” โ€” 749.3% 23.6% 12.8% 1.9% โˆ’2.3%
Financial health
Debt / equity 0.5x 0.8x โ€” โ€” โ€” โ€” โ€” โ€”
Interest coverage โˆ’171.7x โ€” โˆ’23.9x โˆ’3,360.3x โˆ’1,954.2x โˆ’2,014.9x โˆ’14.5x โˆ’0.9x
Current ratio โ€” 0.6x 4.9x 11.1x 5.6x 3.9x 5.1x 4.9x
Quick ratio โ€” 0.4x 3.8x 10.6x 4.2x 2.7x 3.7x 3.5x
Capital allocation
Capex / revenue โ€” โ€” 5.0% 6.8% 1.5% 0.9% 0.9% 1.4%
Stock comp / revenue โ€” โ€” 14.1% 21.9% 1.4% 1.7% 2.2% 1.5%
Payouts / FCF โ€” โ€” โ€” โ€” โ€” โ€” 28.6% 26.4%
Quality scores
Piotroski F-score โ€” โ€” โ€” 4.0 3.0 4.0 6.0 5.0
Altman Z'' โ€” โ€” 3.2 14.8 3.8 3.1 3.6 3.5
Accruals ratio โ€” โ€” โˆ’42.0% โˆ’8.4% โˆ’22.2% โˆ’10.2% โˆ’10.7% โˆ’6.5%

Source: SEC EDGAR XBRL filings (CIK 0001766600). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CAD under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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