SNDL

Drug Manufacturers - Specialty & Generic · Healthcare

Price

$1.28

-0.01 (-0.78%)

Market Cap

$333.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+38.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 186.0M (2021) → 258.1M (2025)

SNDL Inc. engages in the production, distribution, and sale of cannabis products in Canada. The company operates through Cannabis Operations and Retail Operations segments. It engages in the cultivation, distribution, and sale of cannabis for the adult-use markets; and private sale of recreational cannabis through corporate owned and franchised retail cannabis stores. The company also produces and distributes inhalable products, such as flower, pre-rolls, and vapes. It offers its products under

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+32.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$489,000/ year

↑ Rising (+41% vs prior year)

0.1% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

13.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$233M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

SNDL's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

27.0%

Modest — 27.0% gross margin

Operating Margin

-5.7%

Losing money on operations — -5.7%

ROCE

-1.0%

Weak — -1.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+1.1%

Nearly flat sales (1.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

5.6%

Thin free cash flow (5.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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