SNDL Inc. (SNDL) valuation at a glance
- Price
- $1.38
- Forward P/E
- 46.2×
- Market cap
- $340M
- P/S (TTM)
- 0.5×
CompaniesSNDL
SNDL
SNDL Inc.
Consumer Defensivecannabisliquor retailnet cashreverse split vote
Overview
$1.38+2.2%
Market Cap
$340M
SEC filings
P/E (TTM)
–
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
26.2%
SEC filings
FCF Yield
10.7%
Calculated from SEC filings
Fair Value
Not established
yahoo chart 2026-09-17 (close 2026-09-16 US$1
Conviction
1/5Debt-free Canadian liquor and cannabis retailer priced far below book, but a 1-for-2 to 1-for-10 consolidation vote on 2026-10-15 is a live kill check.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 54/100
Value2/3
Futuren/a
Past2/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
SNDL Inc. operates Canadian liquor retail, cannabis retail, a licensed cannabis producer, and an investments segment run through its 50% SunStream joint venture (MD&A, 6-K filed 2026-07-28). It screens as deep value on the balance sheet: at June 30, 2026 it reported cash of C$183.2M, no debt, and equity of C$1,063.7M against a market value near US$340M (2026-09-16 close of US$1.38, 246.1M shares). Fiscal 2025 net revenue was C$946.4M with a net loss of C$15.8M (40-F filed 2026-03-12). The strongest counter-evidence is operating: Q2 2026 net revenue fell 4% to C$235.8M, gross margin dropped to 23.9% from 27.6%, and the quarter swung to an operating loss of C$7.8M; C$400.4M of equity sits in the SunStream joint venture, whose main asset is Parallel, a U.S. cannabis operator whose restructuring closed 2026-07-27. The board has also asked holders to approve a share consolidation of up to 1-for-10 on 2026-10-15, citing the Nasdaq US$1.00 minimum bid rule. Confirmation would be a return to positive operating income, continued repurchases below book, and a visible value for Parallel; refutation would be further margin erosion or impairment of the SunStream stake.
Bull Case
Balance sheetAt June 30, 2026 SNDL reported cash and cash equivalents of C$183.2M plus restricted cash of C$20.1M and stated it had no outstanding bank debt or other debt (6-K filed 2026-07-28).
Capital returnIn the six months ended June 30, 2026 the company purchased and cancelled 16.2M common shares at a weighted average price of C$2.02 (US$1.46) for C$33.1M under a C$100M repurchase program (MD&A, 6-K filed 2026-07-28).
Asset valueThe Parallel restructuring completed 2026-07-27 gave SNDL indirect majority economic exposure to an operator with 56 U.S. retail locations and three cultivation facilities, with direct control of the Florida, Texas and Massachusetts medical operations expected in coming months (MD&A, 6-K filed 2026-07-28).
Bear Case
OperationsQ2 2026 net revenue declined 4% to C$235.8M, gross profit fell 17% to C$56.3M, and the company posted an operating loss of C$7.8M versus operating income of C$5.0M a year earlier (6-K filed 2026-07-28).
GovernanceThe 2026-10-15 annual and special meeting will vote on a share consolidation of between 1-for-2 and 1-for-10, which the board expects to implement before 2026-10-31 (circular, 6-K filed 2026-09-08).
Asset qualityThe investment in the SunStream joint venture, carried at C$400.4M at June 30, 2026, is comprised of secured debt, hybrid debt, derivatives and convertible instruments issued by U.S. cannabis businesses, and produced a C$2.4M share of loss in Q2 2026 on fair value adjustments (6-K filed 2026-07-28).
Key Metrics
Market Cap
$340M
SEC filings
Enterprise Value
$328M
Calculated from SEC filings
Revenue (TTM)
$664M
SEC filings
P/E (TTM)
–
SEC filings
Forward P/E
46.2×
yahoo chart 2026-09-17 (close 2026-09-16 US$1
P/S (TTM)
0.5×
SEC filings
P/B
0.5×
SEC filings
EV/EBITDA
12.2×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
26.2%
SEC filings
Operating Margin
-1.8%
SEC filings
Net Margin
-2.3%
SEC filings
Free Cash Flow
$36M
SEC filings
FCF Yield
10.7%
Calculated from SEC filings
Debt / Equity
0.2×
SEC filings
Current Ratio
4.8×
SEC filings
Short Interest
0.7%
SEC filings
Institutional Own.
21.4%
SEC filings
Insider Own.
1.7%
SEC filings
Shares Out.
246.1M
SEC filings
Float
214.1M
SEC filings
Valuation
Price vs Fair Value
Now $1.38
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| SNDL | $340M | – | 0.4× | – | -4.0% | 26.0% | -2.0% |
| TLRY | $559M | – | 0.6× | 45.4× | +26.0% | 29.0% | -13.0% |
| CGC | $416M | – | 1.4× | – | +12.0% | 29.0% | -79.0% |
| ACB | $245M | – | 0.8× | – | -9.0% | 44.0% | -38.0% |
| CRON | $1.22B | 17.5× | 6.8× | 39.2× | +58.0% | 43.0% | 39.0% |
| HITI | $238M | – | 0.3× | 7.6× | +33.0% | 26.0% | -5.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 712.2 | 909.0 | 920.4 | 946.4 |
| Cost of Revenue | 571.8 | 718.6 | 680.1 | 687.8 |
| Gross Profit | 140.4 | 190.4 | 240.3 | 258.6 |
| Operating Income | (61.3) | (100.3) | (33.5) | (4.4) |
| EBITDA | (326.5) | (99.1) | (41.2) | 48.0 |
| Net Income | (335.1) | (172.7) | (94.8) | (15.8) |
| Diluted EPS | -1.46 | -0.67 | -0.36 | -0.06 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 279.6 | 195.0 | 218.4 | 252.2 |
| Total Assets | 1,559 | 1,473 | 1,349 | 1,336 |
| Total Debt | 169.8 | 167.0 | 152.3 | 169.9 |
| Total Liabilities | 231.7 | 243.8 | 215.9 | 234.7 |
| Shareholders' Equity | 1,306 | 1,212 | 1,133 | 1,101 |
| Shares Out. (M) | 235.2 | 262.8 | 263.0 | 263.4 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | (6.7) | (16.6) | 54.9 | 70.9 |
| Capital Expenditure | (10.9) | (7.9) | (11.0) | (12.8) |
| Free Cash Flow | (17.6) | (24.6) | 43.9 | 58.1 |
| Investing Cash Flow | (230.2) | (24.8) | 17.8 | 17.5 |
| Financing Cash Flow | (41.8) | (43.1) | (49.4) | (54.5) |
Figures normalized from SNDL Inc.'s SEC 40-F filed 2026-03-12. CAD millions; EPS and share count per their units. Annual periods. Source: 40-F filed 2026-03-12 ↗
Catalysts
Vote result and chosen ratio; implementation expected before 2026-10-31
Governancehigh relevance
Annual and special meeting: share consolidation resolution (1-for-2 to 1-for-10)
The circular states the company is currently in compliance with the Nasdaq US$1.00 minimum bid price and frames the consolidation as supporting continued compliance and institutional eligibility. Record date was 2026-08-26 with 246,120,843 shares outstanding. https://www.sec.gov/Archives/edgar/data/1766600/000119312526385027/d152044dex991.htm
Q3 2026 results, early November if the Q2 cadence holds (Q2 was reported 2026-07-28)
Earnings
Q3 2026 results
Watch gross margin (23.9% in Q2 2026 vs 27.6% in Q2 2025), operating income, repurchase pace, and any first consolidation of Parallel. Date is an estimate from the U3 research file; not announced.
Regulatory and Nasdaq clearance for direct control of Parallel's Florida, Texas and Massachusetts medical operations
Corporate
Direct control of Parallel medical cannabis operations
MD&A (6-K filed 2026-07-28) says SNDL expects to assume direct control in the coming months, subject to legal, regulatory, financial-reporting and Nasdaq requirements; this would be the first direct U.S. plant-touching consolidation by a Nasdaq-listed issuer.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Share consolidation of up to 1-for-10 approved and implemented, with the small-cap pattern of weak post-consolidation trading | Governance | High | High | Mechanically neutral to value but historically associated with negative drift and forced index or fund turnover; the circular itself notes no assurance the post-consolidation price holds. |
| Continued gross margin compression in liquor and cannabis retail | Competition | Medium | Medium | Q2 2026 gross margin of 23.9% vs 27.6% a year earlier turned operating income negative; another year at this level would erode the cash pile that underpins the value case. |
| Impairment or illiquidity of the SunStream and Parallel exposure | Financial | High | Medium | C$400.4M of the C$1,063.7M equity base is a joint venture holding U.S. cannabis credit and derivative instruments; a write-down would remove much of the book value discount. |
| U.S. plant-touching consolidation conflicts with Nasdaq listing rules | Regulatory | High | Medium | Direct control of Parallel is explicitly conditioned on Nasdaq requirements in the MD&A; a refusal would strand the largest asset in the investments segment as an indirect stake. |
| Cash drawdown from repurchases plus negative free cash flow | Liquidity | Low | Medium | Cash fell C$69.0M in H1 2026 (C$252.2M to C$183.2M) with free cash flow of negative C$14.3M and C$33.1M of repurchases; management states resources cover at least 12 months. |
Technical Snapshot
52-Week Range
–$1.38–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
No controlling holder: the circular dated 2026-09-03 states that to the knowledge of directors and officers no person beneficially controls 10% or more of the votes. The five director nominees, including CEO Zachary George (the only non-independent nominee), together beneficially control about 4,205,291 shares, roughly 1.62% of the 246,120,843 shares outstanding at the 2026-08-26 record date. Foreign private issuers do not file Form 4; the company itself filed Form 144 notices in December 2025 and a Schedule 13G/A in October 2025 reporting a 4.0% stake in High Tide Inc. The company is the main net purchaser of its own stock, having cancelled 16.2M shares in H1 2026.
Detailed insider transactions unavailable
This research record does not include a transaction-level table.
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| SNDL | $340M | – | 0.4× | – | -4.0% | 26.0% | -2.0% |
| TLRY | $559M | – | 0.6× | 45.4× | +26.0% | 29.0% | -13.0% |
| CGC | $416M | – | 1.4× | – | +12.0% | 29.0% | -79.0% |
| ACB | $245M | – | 0.8× | – | -9.0% | 44.0% | -38.0% |
| CRON | $1.22B | 17.5× | 6.8× | 39.2× | +58.0% | 43.0% | 39.0% |
| HITI | $238M | – | 0.3× | 7.6× | +33.0% | 26.0% | -5.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 8-K
6-K filed 2026-09-08: circular for 2026-10-15 meeting with share consolidation resolution
Holders will vote on amending the articles to consolidate shares at a ratio between 1-for-2 and 1-for-10, at board discretion, expected to be implemented before 2026-10-31 and in any event within one year of the meeting. The circular says the company is currently compliant with the Nasdaq US$1.00 minimum bid price and cites institutional eligibility, marketability and capital flexibility as reasons. This is treated as a live kill check pending the vote and the chosen ratio.
2026-09-17SEC 10-Q
Q2 2026 interim results (6-K filed 2026-07-28)
Net revenue was C$235.8M (down 4%), gross profit C$56.3M (down 17%), operating loss C$7.8M and net loss C$7.8M, or C$0.03 per share. Liquor retail contributed C$134.7M of Q2 net revenue and cannabis retail C$83.2M. Adjusted EBITDA was C$12.5M versus C$19.4M in Q2 2025. Cash ended at C$183.2M with no debt; 11.7M shares were cancelled in the quarter for C$23.5M.
2026-09-17Research
Valuation frame
At the 2026-09-16 Yahoo close of US$1.38 and 246.1M shares, market value is about US$340M against June 30, 2026 shareholders' equity of C$1,063.7M, of which C$400.4M is the SunStream joint venture and C$127.3M is goodwill. Fiscal 2025 revenue was C$946.4M and net loss C$15.8M (40-F filed 2026-03-12).
Sources
SNDL Inc. valuation questions
What is SNDL Inc.'s forward P/E ratio?
SNDL Inc. (SNDL) trades at a forward P/E of 46.2×, and 0.5× trailing sales.
What is SNDL Inc.'s market cap?
SNDL Inc. (SNDL) has a market capitalization (its market value, often searched as "net worth") of $340M, and an enterprise value of $328M.