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) Beneish M-score
Canopy Growth Corporation's Beneish M-score for fiscal 2026 is −3.49; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.49 | 1.23 |
| FY2025 | −4.71 | (0.23) |
| FY2024 | −4.49 | (0.12) |
| FY2021 | −4.36 | (3.71) |
| FY2019 | −0.66 | 0.58 |
| FY2018 | −1.24 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.65 | — | 0.60 | |
| Gross margin index | 1.21 | — | 0.64 | |
| Asset quality index | 0.68 | — | 0.27 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 1.24 | — | 0.14 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.18) | — | −0.83 | |
| Leverage index | 0.78 | — | −0.26 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.49 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SIGA Siga Technologies Inc. compare | −4.0× |
| EBS Emergent Biosolutions Inc. compare | −3.6× |
| CGC Canopy Growth Corporation | −3.5× |
| LFCR Lifecore Biomedical, Inc. compare | −3.2× |
| TKNO Alpha Teknova, Inc. compare | −3.0× |
| ANIK Anika Therapeutics Inc. compare | −2.8× |
| ACB Aurora Cannabis Inc. compare | −2.5× |
| KMDA Kamada Ltd. compare | −2.4× |
| BIOA BioAge Labs, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI