SNDL Consumer Defensive

SNDL Inc.

$1.35+6.30%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Consumer Defensive
Industry: Beverages - Wineries & Distilleries
Country: Canada
Market cap: 332.3M USD
Enterprise value: 320.2M USD
Full-time employees: 2,751

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 0.96 vs a peer median of 0.41), though less than the overall marketbigger price swings (beta 0.96 vs peers 0.41)

Ranks #491 of 761 consumer defensive companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense CAD 49M vs CAD 30M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years SNDL recorded CAD 49M of stock-based pay expense and spent CAD 30M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years SNDL recorded CAD 49M of stock-based pay expense and spent CAD 30M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating loss narrowing. Operating margin -0.7% in 2025, the smallest loss relative to revenue of the last 6 years.
SNDL still lost money on operations in 2025 (margin -0.7%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 76% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, SNDL looks cheaper than 76% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to December 2025.
SNDL reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

43/ 100

Oct 5 43 → Nov 4 43

Valuation

Is the price right?

16/100

Weak

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-3.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.51Sector median: 0.0453 · MAD: 0.0301

EBITDA yield-2.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · CAD→USD convertedNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.99Sector median: 0.0865 · MAD: 0.0435

Free cash flow yield11.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score 1.22Sector median: 0.0622 · MAD: 0.0441

Other data (not scored)

Book yield219.4%

SEC filings (IFRS mapped) · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5381 · MAD: 0.2865

Growth

Is it growing?

64/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 2.8%

Why

Stronger than most peers on:

▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.0154 · MAD: 0.2529

3-year revenue growth9.1%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 1.15Sector median: 0.0366 · MAD: 0.0470

Revenue growth2.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.01Sector median: 0.0278 · MAD: 0.0585

Profitability

Does it earn well?

13/100

Weak

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Operating margin rose 10.6 points to -0.7%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-0.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.63Sector median: 0.0759 · MAD: 0.0508

Return on assets-1.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.96Sector median: 0.0396 · MAD: 0.0262

Return on invested capital-0.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.23Sector median: 0.0766 · MAD: 0.0673

Other data (not scored)

Gross margin27.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3182 · MAD: 0.1263

Return on equity-1.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0831 · MAD: 0.0675

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why it changed since the Oct 28, 2026 close: Safety percentile 79 → 78

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 29, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.96

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.28Sector median: 0.4070 · MAD: 0.1690

Current ratio4.88×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 5.19Sector median: 1.5250 · MAD: 0.6460

Debt / equity0.16×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.75Sector median: 0.4234 · MAD: 0.3581

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about SNDL

Is SNDL getting weaker?: Its latest SEC filing (Mar 12, 2026) got stronger: operating margin rose 10.6 points to -0.7%. Its overall score is unchanged at 43/100 since Oct 29, 2026.
How is SNDL valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 823 consumer defensive peers. Free cash flow yield 11.6% vs a peer median of 6.2% (stronger than 76% of peers).Free cash flow yield 11.6% vs peers 6.2% (stronger than 76% of peers). Earnings yield -3.1% vs a peer median of 4.5% (weaker than 100% of peers).Earnings yield -3.1% vs peers 4.5% (weaker than 100% of peers).
Is SNDL growing?: Yes, faster than most of its peers. Growth scores 64/100 against 823 consumer defensive peers. 3-year revenue growth 9.1% vs a peer median of 3.7% (stronger than 78% of peers).3-year revenue growth 9.1% vs peers 3.7% (stronger than 78% of peers).
How profitable is SNDL?: Less profitable than most of its peers. Profitability scores 13/100 against 823 consumer defensive peers. Operating margin -0.7% vs a peer median of 7.6% (weaker than 89% of peers).Operating margin -0.7% vs peers 7.6% (weaker than 89% of peers).
How risky is SNDL?: Lower risk relative to 823 consumer defensive peers, judged on debt, liquidity and share-price swings. Current ratio 4.88× vs a peer median of 1.52× (stronger than 93% of peers).Current ratio 4.88× vs peers 1.52× (stronger than 93% of peers). Beta 0.96 vs a peer median of 0.41 (weaker than 92% of peers).Beta 0.96 vs peers 0.41 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 12, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Operating margin rose 10.6 points to -0.7%

Worth watching: SNDL is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous year	Latest year	Change
Revenue (12 months)	920.4M CAD	946.4M CAD	+2.8%
Net income (12 months)	−94.8M CAD	−15.8M CAD	−83.4%
Operating margin	-11.3%	-0.7%	+10.6 pts
Free cash flow (12 months)	46.3M CAD	58.1M CAD	+25.5%
Cash	218.4M CAD	252.2M CAD	+15.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	-13.4%	19.2%	20.9%	26.1%	27.3%	▲ 1.2 pts
Operating margin	-199.7%	-47.7%	-18.0%	-11.3%	-0.7%	▲ 11 pts
Net margin	-337.4%	-45.9%	-19.0%	-10.3%	-1.7%	▲ 8.6 pts
Return on assets (ROA)	-15.9%	-21.5%	-11.7%	-7.0%	-1.2%	▲ 5.8 pts
Return on equity (ROE)	-17.1%	-25.6%	-14.2%	-8.4%	-1.4%	▲ 6.9 pts
Free cash flow margin	-237.1%	-2.4%	-2.7%	5.0%	6.1%	▲ 1.1 pts
Current ratio	11.06×	5.61×	3.94×	5.10×	4.88×	▼ 4.4%
Quick ratio	10.61×	4.18×	2.69×	3.69×	3.50×	▼ 5.1%
Interest coverage	-3359.40×	-1953.79×	-2014.46×	-14.50×	-0.95×	▲ 93%

SNDL price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 0.96 vs a peer median of 0.41), though less than the overall marketbigger price swings (beta 0.96 vs peers 0.41)

Ranks #491 of 761 consumer defensive companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense CAD 49M vs CAD 30M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years SNDL recorded CAD 49M of stock-based pay expense and spent CAD 30M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years SNDL recorded CAD 49M of stock-based pay expense and spent CAD 30M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Operating loss narrowing. Operating margin -0.7% in 2025, the smallest loss relative to revenue of the last 6 years.

SNDL still lost money on operations in 2025 (margin -0.7%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 76% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, SNDL looks cheaper than 76% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to December 2025.

SNDL reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about SNDL

Is SNDL getting weaker?

Its latest SEC filing (Mar 12, 2026) got stronger: operating margin rose 10.6 points to -0.7%. Its overall score is unchanged at 43/100 since Oct 29, 2026.

How is SNDL valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 823 consumer defensive peers. Free cash flow yield 11.6% vs a peer median of 6.2% (stronger than 76% of peers).Free cash flow yield 11.6% vs peers 6.2% (stronger than 76% of peers). Earnings yield -3.1% vs a peer median of 4.5% (weaker than 100% of peers).Earnings yield -3.1% vs peers 4.5% (weaker than 100% of peers).

Is SNDL growing?

Yes, faster than most of its peers. Growth scores 64/100 against 823 consumer defensive peers. 3-year revenue growth 9.1% vs a peer median of 3.7% (stronger than 78% of peers).3-year revenue growth 9.1% vs peers 3.7% (stronger than 78% of peers).

How profitable is SNDL?

Less profitable than most of its peers. Profitability scores 13/100 against 823 consumer defensive peers. Operating margin -0.7% vs a peer median of 7.6% (weaker than 89% of peers).Operating margin -0.7% vs peers 7.6% (weaker than 89% of peers).

How risky is SNDL?

Lower risk relative to 823 consumer defensive peers, judged on debt, liquidity and share-price swings. Current ratio 4.88× vs a peer median of 1.52× (stronger than 93% of peers).Current ratio 4.88× vs peers 1.52× (stronger than 93% of peers). Beta 0.96 vs a peer median of 0.41 (weaker than 92% of peers).Beta 0.96 vs peers 0.41 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

920.4M CAD

946.4M CAD

+2.8%

Net income (12 months)

−94.8M CAD

−15.8M CAD

−83.4%

Operating margin

-11.3%

-0.7%

+10.6 pts

Free cash flow (12 months)

46.3M CAD

58.1M CAD

+25.5%

Cash

218.4M CAD

252.2M CAD

+15.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

-13.4%

19.2%

20.9%

26.1%

27.3%

▲ 1.2 pts

Operating margin

-199.7%

-47.7%

-18.0%

-11.3%

-0.7%

▲ 11 pts

Net margin

-337.4%

-45.9%

-19.0%

-10.3%

-1.7%

▲ 8.6 pts

Return on assets (ROA)

-15.9%

-21.5%

-11.7%

-7.0%

-1.2%

▲ 5.8 pts

Return on equity (ROE)

-17.1%

-25.6%

-14.2%

-8.4%

-1.4%

▲ 6.9 pts

Free cash flow margin

-237.1%

-2.4%

-2.7%

5.0%

6.1%

▲ 1.1 pts

Current ratio

11.06×

5.61×

3.94×

5.10×

4.88×

▼ 4.4%

Quick ratio

10.61×

4.18×

2.69×

3.69×

3.50×

▼ 5.1%

Interest coverage

-3359.40×

-1953.79×

-2014.46×

-14.50×

-0.95×

▲ 93%