Canopy Growth Corporation
CGC Healthcare Drug Manufacturers Specialty & Generic
Canopy Growth Corporation’s revenue for fiscal 2026 (year ended March 2026) was $206.0 million, up 6.55% from fiscal 2025. In the quarter to June 2026, revenue grew 12.4%, EPS grew 87.5%, free cash flow fell 117.6% and total debt fell 18.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years, operating cash flow growth for three.
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Canopy Growth Corporation (CGC) Altman Z-score
Canopy Growth Corporation's Altman Z-score for fiscal 2026 is −13.21, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −13.21 | 3.14 |
| FY2025 | −16.35 | (5.65) |
| FY2024 | −10.69 | (1.97) |
| FY2023 | −8.72 | (8.02) |
| FY2022 | −0.70 | (2.21) |
| FY2021 | 1.51 | 0.47 |
| FY2020 | 1.04 | (5.41) |
| FY2019 | 6.45 | (12.12) |
| FY2018 | 18.57 | 6.35 |
| FY2017 | 12.22 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.40 | |
| Retained earnings / total assets | (9.96) | — | −13.94 | |
| EBIT / total assets | (0.14) | — | −0.48 | |
| Market value of equity / total liabilities | 0.93 | — | 0.56 | |
| Sales / total assets | 0.25 | — | 0.25 | |
| Altman Z-score | Distress zone | −13.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −29.51 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SIGA Siga Technologies Inc. compare | 14.3× |
| BIOA BioAge Labs, Inc. compare | 11.0× |
| KMDA Kamada Ltd. compare | 3.3× |
| ANIK Anika Therapeutics Inc. compare | 3.1× |
| TKNO Alpha Teknova, Inc. compare | 1.8× |
| EBS Emergent Biosolutions Inc. compare | 1.6× |
| LFCR Lifecore Biomedical, Inc. compare | 0.1× |
| ACB Aurora Cannabis Inc. compare | −12.3× |
| CGC Canopy Growth Corporation | −13.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets