Sndl Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Sndl Inc (SNDL) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Sndl Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 678M vs 76M combined for its competitors (89.9% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+328.0% annualized vs trailing 12 months), vs decelerating (-6.6%) for its tracked peer group.
- Growth: Sndl Inc generated 2.8% revenue growth year over year in Q4 2025, vs -19.2% for its competitors combined.
- Profitability: Its -1.7% net margin compares with -149.3% for the peer group.
- Scale: Sndl Inc ranks #4 of 37 companies by market capitalization in the Legal Cannabis industry, holding 3.7% of industry market cap.
- Peer revenue share: Sndl Inc accounted for 97.6% of combined revenue among its tracked peer group, up from 97.0% a year earlier.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
SNDL Sales vs. its Competitors, Q4 2025
Sndl Inc reported revenue growth of 2.82 % year on year in Q4 2025, above its competitors' combined revenue change of -19.20 %.
With a net margin of -1.67 %, Sndl Inc achieved higher profitability than its competitors (-149.25 %).
Sndl Inc generated 97.61 % of the combined sales of its peer group, up from 96.98 % a year earlier.
Sndl Inc vs. its Competitors, Q4 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Sndl Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Sndl Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Sndl Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Sndl Inc's competitor groups requires a Commercial License.
For context: the Legal Cannabis industry grew revenue 21.4% year over year, combined, vs 2.8% for Sndl Inc. Sndl Inc's share of combined industry revenue moved from 27.30% to 23.13%, a loss of 4.17 percentage points.
Sndl Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Sndl Inc | No | Yes | No | No |
| Competitors combined (7) | ||||
| High-Confidence Competitors (1) | ||||
| Similar-Size Competitors (8) | ||||
| Similar Growth & Profitability (8) | 12.50 % (1 of 8) | 75.00 % (6 of 8) | 75.00 % (6 of 8) | 14.30 % (1 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
SNDL Stock Performance relative to its Competitors
SNDL Stock Performance relative to High-Confidence Competitors
SNDL Stock Performance relative to Similar-Size Competitors
SNDL Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Lexaria Bioscience Corp | 282.9% | Outperformed |
| 2 | Organigram Global Inc | 282.9% | Outperformed |
| 3 | Zerostack Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Sndl Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Sndl Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Sndl Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Sndl Inc |
356.11 | 677.55 |
 Zerostack Corp |
25.60 | 40.03 |
 Right On Brands Inc |
10.20 | 1.40 |
 Lexaria Bioscience Corp |
6.90 | 0.71 |
 General Cannabis Corp |
1.85 | 14.50 |
 Lftd Partners Inc |
1.63 | 35.34 |
| SUBTOTAL | 402.32 | 968.11 |
Sign in to see all competitors of Sndl Inc .
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Sndl Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Sndl Inc's Competitors Named by the Company
Competitive relationships identified from Sndl Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Sobeys | Company report | 85% |
| Real Canadian Superstore | Company report | 85% |
| 7-Eleven | Company report | 85% |
| Safeway Canada | Company report | 85% |
| Costco | Company report | 85% |
| Organigram Global Inc | Company report | 85% |
| General Cannabis Corp | Company report | 85% |
Company report basis, confidence, active dates and source counts for Sndl Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Sndl Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| General Cannabis Corp | Retail Segment 99.66 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Sndl Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Sndl Inc | 356 | - | - |
| Zerostack Corp | 26 | - | - |
| Right On Brands Inc | 10 | 140,351 | -13,232 |
| Lexaria Bioscience Corp | 7 | 100,846 | -1,105,778 |
| General Cannabis Corp | 2 | 426,528 | -158,174 |
| Lftd Partners Inc | 2 | 353,350 | -298,849 |
| PEERS TOTAL | 46 | 305,538 | -61,042 |
Sndl Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Zerostack Corp | DE 92.55 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Sndl Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 24 companies in Sndl Inc's industry classification, broader than the peer set above. Market cap in millions of $.Sndl Inc ranks #4 of 24 companies by market capitalization in its industry, holding 3.68 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,315, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Definium Therapeutics Inc | 3,360 | 35.67 % |
| 2 | Regencell Bioscience Holdings Limited | 2,606 | 27.66 % |
| 3 | Cronos Group Inc | 1,395 | 14.81 % |
| 4 | Sndl Inc | 346 | 3.68 % |
| 5 | Tilray Brands Inc | 1,234 | 5.2% |
| 6 | Aurora Cannabis Inc | 1,234 | 5.2% |
| 7 | Canopy Growth Corporation | 1,234 | 5.2% |
| 8 | Usana Health Sciences Inc | 1,234 | 5.2% |
| 9 | Niagen Bioscience Inc | 1,234 | 5.2% |
| 10 | Mediwound Ltd | 1,234 | 5.2% |
Market cap and industry share for the rest of Sndl Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-05.
Sndl Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Definium Therapeutics Inc | 3,360 | 160.04 % |
| 2 | Regencell Bioscience Holdings Limited | 2,606 | -58.87 % |
| 3 | Cronos Group Inc | 1,395 | 54.29 % |
| 4 | Sndl Inc | 346 | -25.27 % |
| 5 | Tilray Brands Inc | 1,234 | 12.3% |
| 6 | Aurora Cannabis Inc | 1,234 | 12.3% |
| 7 | Canopy Growth Corporation | 1,234 | 12.3% |
| 8 | Usana Health Sciences Inc | 1,234 | 12.3% |
| 9 | Niagen Bioscience Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Sndl Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-05. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Sndl Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Legal Cannabis industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (43 companies). See the full Legal Cannabis industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 29.24 % | 37.68 % (avg) | -8.4 pp |
| Operating Margin | -0.67 % | industry median | +3.1 pp |
| EBITDA Margin | -1.67 % | -1.95 % (avg) | +0.3 pp |
| Capital Intensity (Capex / Revenue) | 1.35 % | 5.10 % (avg) | -3.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Sndl Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | 23.00 % | -0.24 % | 0.81 % |
| Operating Margin | -17.91 % | -11.28 % | -0.67 % |
| Return on Invested Capital | -6.13 % | -4.54 % | -0.26 % |
| P/E | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Sndl Inc's Strategic Group Map
Sndl Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Sndl Inc's trailing-12-month revenue growth of 0.8% and operating margin of -0.7% compares with an average of 4.8% growth and -0.6% margin across its 8 closest peers by combined growth, margin and ROIC -- Sndl Inc sits below that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Sndl Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Sndl Inc falls in the Dog quadrant: relative market share of 0.10x vs its largest competitor, in an industry growing revenue 0.8% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Definium Therapeutics Inc alone holds 36% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
Sndl Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 2,315 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.35 % vs industry average 5.10 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Sndl Inc's dedicated Suppliers and Customers pages, not here.
Sndl Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Sndl Inc falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Sndl Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Return on equity 44.8 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+328.0% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.10x).
Opportunities
- A meaningful share of competitors (33.30 %) show financial-distress signals, a possible opening to gain share.
Threats
- Industry dominated by Definium Therapeutics Inc , holding 35.67 % of industry market cap.
- Losing revenue share to the broader industry (-4.2 points over the past year).
- Tracked peer group's revenue run-rate is broadly decelerating (-6.6% annualized).
Methodology: see Methodology: SWOT Analysis.
Sndl Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Sndl Inc | 2.74 | 4.88 | 0.01 |
| Zerostack Corp | 0.67 | 1.33 | 0.38 |
| Right On Brands Inc | 0.03 | 0.21 | - |
| Lexaria Bioscience Corp | 0.98 | 4.68 | - |
| General Cannabis Corp | 0.10 | 0.23 | - |
| Lftd Partners Inc | 0.23 | 2.75 | 0.06 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Sndl Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Sndl Inc | Q4 2025 | +0.8 % | - |
| Zerostack Corp | Q2 2026 | +40.7 % | - |
| Right On Brands Inc | Q4 2023 | +31.7 % | - |
| Lexaria Bioscience Corp | Q2 2026 | - | - |
| General Cannabis Corp | Q3 2024 | -19.5 % | - |
| Lftd Partners Inc | Q2 2026 | -15.7 % | - |
| PEERS TOTAL | +10.8 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Sndl Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Sndl Inc | Q4 2025 | -0.9 % | +45.8 % |
| Zerostack Corp | Q2 2026 | +32.5 % | - |
| Right On Brands Inc | Q4 2023 | +5.8 % | - |
| Lexaria Bioscience Corp | Q2 2026 | - | -56.6 % |
| General Cannabis Corp | Q3 2024 | -19.9 % | - |
| Lftd Partners Inc | Q2 2026 | +13.8 % | +160.9 % |
Sndl Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Sndl Inc | - | - | - |
| Zerostack Corp | - | - | - |
| Right On Brands Inc | - | - | - |
| Lexaria Bioscience Corp | - | - | - |
| General Cannabis Corp | - | - | - |
| Lftd Partners Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Sndl Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Sndl Inc | - | 0.53 |
| Zerostack Corp | - | 0.64 |
| Right On Brands Inc | - | 7.27 |
| Lexaria Bioscience Corp | - | 9.77 |
| General Cannabis Corp | - | 0.13 |
| Lftd Partners Inc | - | 0.05 |
| PEERS AVERAGE | - | 0.42 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.