CGC
Canopy Growth Corporation
CGC offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NVO
Novo Nordisk A/S
NVO has a slight edge over CGC overall, supported by stronger fundamentals and lower modeled downside.
CGC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Under pressure | |
| Unavailable |
CGC's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
CGC PE Valuation
CGC has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
CGC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
CGC has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
CGC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.53 | +$1.38 |
| Q2 2026 | -$0.47 | +$2.47 |
| Q1 2026 | -$0.60 | +$3.31 |
| Q4 2025 | -$1.25 | +$2.52 |
| Q3 2025 | -$1.91 | +$2.92 |
| Q2 2025 | -$2.94 | +$3.87 |
| Q1 2025 | -$3.91 | +$2.27 |
| Q4 2024 | -$3.77 | +$6.37 |
CGC is still losing money, but far less than before: $0.53 per share over the past year, against $53.01 at its worst in late 2022.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over CGC on earnings quality, reporting a profit while its opponent remains loss making.
CGC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $57.2M | +22% |
| Q2 2026 | $57.1M | +13% |
| Q1 2026 | $50.1M | +9.6% |
| Q4 2025 | $52.4M | -0.3% |
| Q3 2025 | $46.9M | +5.9% |
| Q2 2025 | $50.7M | +8.9% |
| Q1 2025 | $45.7M | -11% |
| Q4 2024 | $52.6M | -4.8% |
CGC's revenue is recovering but still below its 2020 peak: $57M last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -28% | -2.9 points |
| Q2 2026 | -27% | +4.1 points |
| Q1 2026 | -134% | -106 points |
| Q4 2025 | -35% | -3.5 points |
| Q3 2025 | -25% | +48 points |
| Q2 2025 | -31% | +13 points |
| Q1 2025 | -28% | +119 points |
| Q4 2024 | -32% | +45 points |
CGC's operating margin was −28% last quarter, down 2.9 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over CGC on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over CGC on profitability, with a higher operating margin.
CGC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$10.9M | +$2.6M |
| Q2 2026 | -$18.1M | -$9.9M |
| Q1 2026 | -$13.5M | +$11.9M |
| Q4 2025 | -$13.4M | +$6.4M |
| Q3 2025 | -$13.5M | +$26.2M |
| Q2 2025 | -$8.2M | +$31M |
| Q1 2025 | -$25.5M | -$9.8M |
| Q4 2024 | -$19.8M | +$3.5M |
CGC has burned cash in almost every quarter: −$56M over the past year, against −$67M the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over CGC on cash generation, producing positive trailing cash flow while its opponent burns cash.
CGC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +846K shares |
| 1 year | +125% | +235M shares |
| 3 years | +770% | +374M shares |
| 5 years | +1035% | +386M shares |
CGC has 423M diluted shares, up 125% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over CGC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
CGC Net Leverage
CGC's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
CGC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 24.5 | Oversold |
| Stochastic | 6.6 | Oversold |
CGC's weekly RSI is 25 (oversold) and its Stochastic is 7 (oversold).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
CGC PE vs Healthcare Sector
| Metric | CGC | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
CGC has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
CGC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.74 | 23% below |
| 20 week MA | $0.88 | 35% below |
| 50 week MA | $1.02 | 44% below |
| 100 week MA | $1.25 | 54% below |
| 200 week MA | $4.80 | 88% below |
CGC is in a downtrend: it's below all five of its weekly moving averages, and 88% below its 200-week average.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has the edge over CGC on trend strength, trading above more of its moving averages.
CGC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $192.1 | $258.6 | +35% |
| 2021 | $258.6 | $96.2 | -63% |
| 2022 | $96.2 | $23.3 | -76% |
| 2023 | $23.3 | $5.11 | -78% |
| 2024 | $5.11 | $2.78 | -46% |
| 2025 | $2.78 | $1.19 | -57% |
| 2026 YTD | $1.19 | $0.57 | -52% |
CGC has finished five years in a row lower, and it's down 52% so far in 2026.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has the edge over CGC on returns for 2026, with the stronger performance.