SNDL Nasdaq Medicinal Chemicals & Botanical Products Financials FY2017βFY2025
SNDL Inc. had $677M of revenue in fiscal 2025, up 0.7% on the year before. Over five years, revenue changed +71.7% a year on average.
Hi! I read SNDL Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+0.7%
Only a little. Sales grew 0.7% last year.
Does it make a profit?
β1.7%
No. It lost money last year.
Does profit turn into cash?
6.1%
Partly. 6.1% of sales ends up as free cash.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· SNDL Inc. had $677M of revenue in fiscal 2025, up 0.7% on the year before. Over five years, revenue changed +71.7% a year on average. Its operating margin was β0.7%, up 10.6Β pts: of every 100 in sales, about β1 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· SNDL Inc. lost $11.3M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $41.6M in fiscal 2025, 6.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
KIRA Β· SNDL Inc. returned $11.0M to shareholders in fiscal 2025, 26% of free cash flow. The diluted share count fell 2.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably SNDL Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $439M | $207M | $147M | $152M | $184M |
| Interest coverage | β3,360.3x | β1,954.2x | β2,014.9x | β14.5x | β0.9x |
| Current ratio | 11.1x | 5.6x | 3.9x | 5.1x | 4.9x |
| Quick ratio | 10.6x | 4.2x | 2.7x | 3.7x | 3.5x |
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· SNDL Inc. passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 4 | 4 / 8 | 3 / 8 | 4 / 8 | 6 / 8 | 5 / 8 |
| Accruals ratio | β | β42.0% | β8.4% | β22.2% | β10.2% | β10.7% | β6.5% |
| Altman Z'' | β | 3.24 | 14.83 | 3.81 | 3.05 | 3.58 | 3.47 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | β | β | $45.4M | $44.8M | $547M | $673M | $672M | $677M |
| Gross profit | β | β | β$37.2M | β$7.2M | $108M | $141M | $175M | $185M |
| Research and development | $0.3M | β | $0.4M | $2.0M | $1.9M | $0.2M | $0.3M | $0.3M |
| Operating income | β$10.0M | β | β$138M | β$107M | β$267M | β$121M | β$75.8M | β$4.5M |
| Interest expense | $0.1M | β | $5.8M | $0.0M | $0.1M | $0.1M | $5.2M | $4.8M |
| Pretax income | β$10.1M | β | β$154M | β$187M | β$292M | β$127M | β$77.1M | β$11.3M |
| Net income | β$10.1M | β | β$174M | β$181M | β$257M | β$128M | β$69.2M | β$11.3M |
| Net income to common | β$10.1M | β | β$174M | β$181M | β$257M | β$128M | β$69.2M | β$11.3M |
| Diluted EPS | β$0.18 | β | β$0.82 | β | β$1.12 | β$0.50 | β$0.26 | β$0.04 |
| Diluted shares | 0.00B | β | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||
| Cash from operations | β$4.1M | β | β$42.9M | β$124M | β$5.2M | β$12.3M | $40.1M | $50.7M |
| Capital expenditure | $5.9M | β | $2.3M | $3.0M | $8.2M | $5.8M | $6.3M | $9.2M |
| Free cash flow | β$10.0M | β | β$45.1M | β$127M | β$13.3M | β$18.1M | $33.8M | $41.6M |
| Depreciation and amortization | $0.3M | β | $3.5M | $4.2M | $31.5M | $44.6M | $39.6M | $37.2M |
| Stock-based compensation | $3.6M | β | $6.4M | $9.8M | $7.4M | $11.4M | $14.6M | $9.9M |
| Acquisitions | β | β | $0.0M | $66.0M | $22.0M | β$2.7M | $28.9M | $2.1M |
| Share buybacks | β | β | $0.0M | $0.0M | $10.3M | $1.1M | $9.6M | $11.0M |
| Dividends and buybacks | β | β | $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 | β | β | β | β | β | β |
| Current assets | β | $133M | $92.9M | $573M | $370M | $307M | $321M | $328M |
| Current liabilities | β | $207M | $19.0M | $51.8M | $66.0M | $77.8M | $62.9M | $67.3M |
| Inventory | β | $46.1M | $20.1M | $23.2M | $94.4M | $97.4M | $88.9M | $92.7M |
| Property and equipment, net | β | $217M | $91.8M | $44.4M | $106M | $115M | $101M | $111M |
| Goodwill | β | $8.8M | β | $57.0M | $49.7M | $90.0M | $86.4M | $90.7M |
| Intangible assets | β | $33.9M | $4.0M | $39.5M | $55.3M | $55.2M | $42.6M | $42.7M |
| Total assets | β | $393M | $231M | $1.1B | $1.2B | $1.1B | $938M | $976M |
| Total liabilities | β | $222M | $19.8M | $77.2M | $171M | $184M | $150M | $171M |
| Shareholders' equity | $10.7M | $167M | $213M | $1.0B | $965M | $915M | $788M | $804M |
| Margins | ||||||||
| Gross margin | β | β | β81.9% | β16.0% | 19.7% | 20.9% | 26.1% | 27.3% |
| Operating margin | β | β | β304.4% | β239.4% | β48.8% | β18.0% | β11.3% | β0.7% |
| EBITDA margin | β | β | β296.6% | β230.0% | β43.1% | β11.3% | β5.4% | 4.8% |
| Net margin | β | β | β382.9% | β404.4% | β47.1% | β19.0% | β10.3% | β1.7% |
| FCF margin | β | β | β99.3% | β284.3% | β2.4% | β2.7% | 5.0% | 6.1% |
| Returns | ||||||||
| Return on capital | β77.5% | β | β | β | β | β | β | β |
| Return on capital employed | β | β | β65.0% | β10.0% | β24.6% | β11.7% | β8.7% | β0.5% |
| Return on equity | β94.1% | β | β91.6% | β28.8% | β25.6% | β13.6% | β8.1% | β1.4% |
| Return on assets | β | β | β55.7% | β26.7% | β22.6% | β11.3% | β6.8% | β1.2% |
| Return on tangible equity | β94.1% | β | β83.1% | β19.1% | β29.9% | β16.6% | β10.5% | β1.7% |
| Growth | ||||||||
| Revenue growth | β | β | β | β1.4% | 1,121.8% | 23.1% | β0.2% | 0.7% |
| FCF growth | β | β | β | β | β | β | β | 23.0% |
| Share count change | β | β | β | 749.3% | 23.6% | 12.8% | 1.9% | β2.3% |
| Financial health | ||||||||
| Debt / equity | 0.5x | 0.8x | β | β | β | β | β | β |
| Interest coverage | β171.7x | β | β23.9x | β3,360.3x | β1,954.2x | β2,014.9x | β14.5x | β0.9x |
| Current ratio | β | 0.6x | 4.9x | 11.1x | 5.6x | 3.9x | 5.1x | 4.9x |
| Quick ratio | β | 0.4x | 3.8x | 10.6x | 4.2x | 2.7x | 3.7x | 3.5x |
| Capital allocation | ||||||||
| Capex / revenue | β | β | 5.0% | 6.8% | 1.5% | 0.9% | 0.9% | 1.4% |
| Stock comp / revenue | β | β | 14.1% | 21.9% | 1.4% | 1.7% | 2.2% | 1.5% |
| Payouts / FCF | β | β | β | β | β | β | 28.6% | 26.4% |
| Quality scores | ||||||||
| Piotroski F-score | β | β | β | 4.0 | 3.0 | 4.0 | 6.0 | 5.0 |
| Altman Z'' | β | β | 3.2 | 14.8 | 3.8 | 3.1 | 3.6 | 3.5 |
| Accruals ratio | β | β | β42.0% | β8.4% | β22.2% | β10.2% | β10.7% | β6.5% |
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 β not investment advice. Check the original filings before relying on any figure.
