Estados financieros detallados de Canopy Growth Corporation (CGC): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Canopy Growth Corporation registró ingresos de $284.6M en el último ejercicio fiscal, con un CAGR de 5 años del -12.2%.
Márgenes de los últimos 12 meses: margen bruto 22.9%, margen operativo -46.9%, margen neto -73.9%.
Al precio actual de $0.92, CGC presenta beneficios negativos (P/E no significativo) y un ROE del -29.85%. La capitalización bursátil es de $387M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Ingresos | $39.9M | $77.9M | $226.3M | $398.8M | $546.6M | $475.7M | $333.3M | $297.1M | $269.0M | $284.6M |
| Coste de Ventas | $2.3M | $3.8M | $137.4M | $430.5M | $479.7M | $663.1M | $396.8M | $216.3M | $189.5M | $214.9M |
| Beneficio Bruto | $38.7M | $74.2M | $88.9M | -$31.7M | $67.0M | -$187.4M | -$63.5M | $80.9M | $79.5M | $69.7M |
| I+D | $810000 | $1.5M | $15.2M | $61.8M | $57.6M | $32.3M | $21.7M | $4.6M | 0 | 0 |
| Generales y Administrativos | $38.6M | $131.1M | $605.8M | $867.7M | $523.8M | $361.1M | $298.0M | $180.6M | $121.7M | $122.9M |
| Gastos Operativos | $52.8M | $153.1M | $642.6M | $1.64B | $1.31B | $831.4M | $2.57B | $309.6M | $196.7M | $142.8M |
| Beneficio Operativo | -$14.1M | -$107.8M | -$615.2M | -$1.67B | -$1.24B | -$1.02B | -$2.63B | -$228.7M | -$117.1M | -$73.1M |
| EBITDA | -$650000 | -$95.7M | -$567.1M | -$1.38B | -$449.7M | -$53.0M | -$2.88B | -$312.8M | -$479.3M | -$188.2M |
| Gastos por Intereses | $66000 | $784000 | $18.4M | $6.7M | $8.5M | $103.9M | $126.2M | $105.4M | $74.6M | $38.2M |
| Beneficio Antes de Impuestos | -$10.3M | -$51.5M | -$709.2M | -$1.51B | -$1.68B | -$267.9M | -$3.09B | -$471.4M | -$597.0M | -$262.9M |
| Impuestos | $2.7M | -$392000 | $4.1M | -$121.6M | -$13.1M | -$8.9M | -$5.7M | $12.3M | $7.1M | $23000 |
| Beneficio Neto | -$7.5M | -$67.3M | -$736.3M | -$1.32B | -$1.74B | -$310.0M | -$3.28B | -$657.3M | -$598.1M | -$262.9M |
| BPA | $-0.14 | $-0.31 | $-1.99 | $-3.96 | $-4.45 | $-7.70 | $-70.70 | $-8.79 | $-5.53 | $-0.88 |
| BPA Diluido | $-0.14 | $-0.31 | $-1.99 | $-3.90 | $-4.45 | $-7.70 | $-70.70 | $-8.79 | $-5.53 | $-0.88 |
| Acciones en Circulación (Diluidas) | $119.0M | $177.3M | $337.5M | $356.1M | $375.7M | $39.1M | $46.4M | $74.8M | $107.6M | $2.98B |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $66.7M | $102.3M | $71.2M | $81.2M |
| Beneficio Bruto | $21.9M | $29.5M | $8.3M | $22.2M |
| Beneficio Operativo | -$16.9M | -$36.2M | -$27.5M | -$22.1M |
| EBITDA | $16.6M | -$63.1M | -$137.0M | -$4.7M |
| Beneficio Neto | -$1.6M | -$85.9M | -$157.1M | -$14.6M |
| BPA | $-0.01 | $-0.25 | $-0.40 | $-0.03 |
| BPA Diluido | $-0.01 | $-0.25 | $-0.40 | $-0.03 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caja y Equivalentes | $101.8M | $322.6M | $2.48B | $915.6M | $1.15B | $776.0M | $667.7M | $170.3M | $113.8M | $364.7M |
| Inversiones a Corto | 0 | 0 | $2.06B | $488.2M | $1.16B | $595.7M | $105.5M | $33.2M | $17.7M | $5.1M |
| Cuentas por Cobrar | $5.8M | $21.4M | $107.0M | $63.3M | $67.1M | $86.6M | $68.5M | $51.8M | $52.8M | $36.3M |
| Inventario | $60.7M | $118.0M | $190.1M | $274.8M | $369.5M | $204.5M | $83.2M | $77.3M | $96.4M | $154.1M |
| Activos Corrientes | $178.8M | $481.8M | $4.92B | $1.80B | $2.84B | $1.73B | $1.08B | $371.2M | $294.6M | $529.5M |
| Inmovilizado Material | $96.3M | $303.7M | $1.10B | $1.07B | $1.07B | $942.8M | $471.3M | $320.1M | $293.5M | $441.4M |
| Fondo de Comercio | $241.4M | $314.9M | $1.54B | $1.37B | $1.89B | $1.87B | $85.6M | $43.2M | $46.0M | $77.7M |
| Activos Intangibles | $162.3M | $101.5M | $519.6M | $334.7M | $308.2M | $252.7M | $160.8M | $104.1M | $87.2M | $128.9M |
| Activos Totales | $677.6M | $1.44B | $8.73B | $4.82B | $6.82B | $5.61B | $2.44B | $1.30B | $917.7M | $1.12B |
| Cuentas por Pagar | $5.7M | $46.2M | $188.9M | $86.7M | $67.3M | $64.3M | $31.8M | $28.7M | $26.1M | $34.8M |
| Deuda a Corto | $1.7M | $1.6M | $103.7M | $39.9M | $9.8M | $9.3M | $556.9M | $103.9M | $4.3M | $16.2M |
| Pasivos Corrientes | $17.7M | $92.0M | $411.7M | $295.5M | $284.3M | $213.2M | $803.8M | $234.7M | $94.4M | $158.4M |
| Deuda a Largo | $8.6M | $6.9M | $842.3M | $315.5M | $1.57B | $1.49B | $750.0M | $493.3M | $299.8M | $217.1M |
| Pasivos Totales | $62.9M | $193.6M | $1.49B | $1.18B | $3.20B | $1.98B | $1.68B | $799.8M | $430.5M | $421.1M |
| Reservas | -$21.3M | -$91.6M | -$835.1M | -$3.04B | -$6.07B | -$6.38B | -$9.67B | -$10.33B | -$10.93B | -$11.14B |
| Patrimonio Neto | $639.8M | $1.16B | $6.78B | $3.43B | $3.48B | $3.58B | $758.4M | $500.4M | $487.2M | $697.6M |
| Deuda Total | $10.3M | $8.4M | $946.0M | $439.7M | $1.72B | $1.64B | $1.41B | $668.0M | $348.4M | $278.7M |
| Deuda Neta | -$91.5M | -$314.1M | -$3.60B | -$964.1M | -$598.3M | $268.5M | $640.5M | $464.5M | $216.9M | -$92.0M |
| Capital Circulante | $161.1M | $389.7M | $4.51B | $1.51B | $2.55B | $1.51B | $273.4M | $136.5M | $200.2M | $371.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $298.1M | $509.5M | $364.7M | $336.6M |
| Activos Totales | $1.07B | $1.52B | $1.12B | $1.10B |
| Pasivos Totales | $333.8M | $477.5M | $421.1M | $415.3M |
| Patrimonio Neto | $736.0M | $1.04B | $697.6M | $688.6M |
| Deuda Total | $259.3M | $350.1M | $278.7M | $277.3M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Beneficio Neto | -$7.6M | -$54.1M | -$736.3M | -$1.39B | -$1.67B | -$258.9M | -$3.08B | -$483.7M | -$604.1M | -$262.9M |
| Amortizaciones | $6.1M | $20.5M | $46.9M | $125.0M | $127.1M | $110.9M | $80.0M | $53.2M | $43.1M | $36.5M |
| Compensación en Acciones | $10.0M | $51.2M | $278.2M | $320.3M | $91.1M | $46.7M | $25.3M | $14.2M | -$4.2M | $4.3M |
| Cambio en Capital Circulante | -$16.3M | -$28.5M | -$300.1M | -$51.1M | $27.7M | $205.0M | $59.0M | $4.0M | -$32.0M | $20.7M |
| Flujo de Caja Operativo | -$27.1M | -$81.5M | -$535.0M | -$772.6M | -$465.7M | -$545.8M | -$557.5M | -$281.9M | -$165.8M | -$63.8M |
| Inversiones (CapEx) | -$29.5M | -$178.1M | -$718.8M | -$721.9M | -$174.1M | -$48.1M | -$10.5M | -$4.0M | -$11.3M | -$6.0M |
| Adquisiciones | $11.2M | -$29.9M | -$388.0M | -$504.0M | $7.0M | $103.2M | $14.9M | -$955000 | -$7.0M | -$41.5M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$56.6M | -$259.6M | -$1.25B | -$1.49B | -$639.9M | -$593.9M | -$568.0M | -$285.9M | -$177.0M | -$69.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$18.0M | -$17.2M | -$18.3M | -$25.0M |
| Inversiones (CapEx) | -$1.5M | -$1.9M | -$1.1M | -$737000 |
| Flujo de Caja Libre | -$19.4M | -$19.1M | -$19.4M | -$25.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.0M | $888000 | $1.5M | $1.4M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crecimiento Ingresos (anual) | | +95.4% | +190.4% | +76.2% | +37.1% | -13.0% | -29.9% | -10.8% | -9.5% | +5.8% |
| Crecimiento Beneficio Neto (anual) | | -794.6% | -994.3% | -79.5% | -32.1% | +82.2% | -957.3% | +80.0% | +9.0% | +56.0% |
| Crecimiento BPA (anual) | | -121.4% | -541.9% | -99.0% | -12.4% | -73.0% | -818.2% | +87.6% | +37.1% | +84.1% |
| Cambio en Acciones (anual) | | +49.0% | +90.4% | +5.5% | +5.5% | -89.6% | +18.5% | +61.3% | +43.8% | +2671.1% |
| Crecimiento FCF (anual) | | -358.5% | -383.0% | -19.2% | +57.2% | +7.2% | +4.4% | +49.7% | +38.1% | +60.6% |
| Margen Bruto | 97.0% | 95.2% | 39.3% | -7.9% | 12.2% | -39.4% | -19.1% | 27.2% | 29.6% | 24.5% |
| Margen Operativo | -35.3% | -138.3% | -271.8% | -418.5% | -227.5% | -214.2% | -789.3% | -77.0% | -43.5% | -25.7% |
| Margen EBITDA | -1.6% | -122.8% | -250.6% | -345.4% | -82.3% | -11.1% | -864.2% | -105.3% | -178.2% | -66.1% |
| Margen Neto | -18.9% | -86.3% | -325.3% | -331.3% | -319.2% | -65.2% | -983.7% | -221.2% | -222.4% | -92.4% |
| Margen FCF | -141.9% | -333.0% | -554.0% | -374.8% | -117.1% | -124.9% | -170.4% | -96.2% | -65.8% | -24.5% |
| Tasa Impositiva Efectiva | -26.3% | 0.8% | -0.6% | 8.1% | 0.8% | 3.3% | 0.2% | -2.6% | -1.2% | -0.0% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Acción | $-0.48 | $-1.46 | $-3.71 | $-4.20 | $-1.70 | $-15.18 | $-12.25 | $-3.82 | $-1.65 | $-0.02 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $119.0M | $177.3M | $337.5M | $350.0M | $375.3M | $39.1M | $46.4M | $74.8M | $107.6M | $2.98B |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -29.85% |
| Rentabilidad sobre capital invertido | -15.31% |
| Rentabilidad sobre activos | -21.43% |
| Margen bruto | 22.87% |
| Margen operativo | -46.89% |
| Margen neto | -73.95% |
Salud financiera
| Deuda / Patrimonio | 0.40 |
| Ratio corriente | 3.04 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -761.01 | -1086.67 | -284.91 | -51.19 | -90.42 | -12.31 | -0.33 | -1.16 | -0.24 | -1.50 |
| P/VC | 19.82 | 51.54 | 28.22 | 20.67 | 43.37 | 1.03 | 1.45 | 1.52 | 0.29 | 5.64 |
| P/V | 317.77 | 766.24 | 845.46 | 177.94 | 276.22 | 7.80 | 3.29 | 2.56 | 0.52 | 13.83 |
| Margen Bruto | 97.0% | 95.2% | 39.3% | -7.9% | 12.2% | -39.4% | -19.1% | 27.2% | 29.6% | 24.5% |
| Margen Operativo | -35.3% | -138.3% | -271.8% | -418.5% | -227.5% | -214.2% | -789.3% | -77.0% | -43.5% | -25.7% |
| Margen Neto | -18.9% | -86.3% | -325.3% | -331.3% | -319.2% | -65.2% | -983.7% | -221.2% | -222.4% | -92.4% |