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Sndl Inc. (SNDL) stock

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NASDAQ: SNDL Nasdaq Beverages

C+ Fundamentals grade

Sndl Inc. is a US-listed company in the beverages industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 58% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 58% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Sndl Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds46 adding, 46 cuttingOf 13 active managers that changed their stake, 4 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Sndl files

Where Sndl stands after its latest Filing

Revenue for the twelve months was $678m, up 0.8% on a year earlier, against a decline of 0.2% a quarter earlier. Free-cash-flow margin rose to 6.1% from -284.3% a year earlier. Operating margin widened to -0.7% from -239.4%. The diluted share count is down 2.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 3 financial-health checks.

Our model value for Sndl is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Sndl Inc.'s trailing-twelve-month revenue grew 0.8% year on year, with a free-cash-flow margin of 6.1%. Where it stands out: change in share count of -2.3% ranks 2 of 19 beverages companies we cover. Where it lags: gross margin of 27.3% ranks 21 of 26 beverages companies we cover.

Our discounted-cash-flow model values the business at ~$1.6 per share in the base case (~$1.3–$1.8 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 23.0% while net income grew 83.7%: a 61pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 10.6 points on a year ago.
  • Shrinking share count. Diluted shares fell 2.3% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Loss-making. Operating margin is -0.7%: costs exceed revenue.
  • Below peers: gross margin. Gross margin of 27.3% ranks 21 of 26 beverages companies we cover (median 44.2%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results

Earnings per share
-$0.21 against an average estimate of -$0.02: missed by 950.0%
Next report
October 27, 2026

Sndl's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+6.3%
  • 1 week+3.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$678M
Operating margin
-0.7%
Net margin
-1.7%
EPS (TTM, diluted)
$-0.04

Growth

Revenue growth
+0.8%
Change in growth rate
+1.0 pts
Share count change
−2.3%

Cash

Free cash flow (TTM)
$41.6M
FCF margin
6.1%
Stock pay % of revenue
1.5%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for SNDL from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Sndl Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 58% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Our value per share comes from a discounted-cash-flow model of Sndl Inc.'s free cash flow after stock-based pay ( $11.6M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Sndl Inc.: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.02 −$0.21 −950.0%
Jun 2026 −$0.01 −$0.03 −500.0%
Mar 2026 −$0.04 −$0.04 +11.1%
Dec 2025 $0.01 $0.04 +166.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

2 analysts, Nov 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026112

Counts of recommendations published by analysts covering Sndl Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.8%
of tradable shares
Days to cover
1.5
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
22%
of shares
Held by insiders
1.7%
of shares
Employees
2,751
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Sndl Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sndl Inc.
$0 $200M $400M $600M $800M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $47.9M Revenue (TTM), FY20 Q4: $45.4M Revenue (TTM), FY21 Q4: $44.8M Revenue (TTM), FY22 Q4: $547.8M Revenue (TTM), FY23 Q4: $673.7M Revenue (TTM), FY24 Q4: $672.1M Revenue (TTM), FY25 Q4: $677.5M $677.5M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $47.9M
FY20 Q4 $45.4M
FY21 Q4 $44.8M
FY22 Q4 $547.8M
FY23 Q4 $673.7M
FY24 Q4 $672.1M
FY25 Q4 $677.5M
Revenue growth, TTM YoY Sndl Inc.
-500% 0% 500% 1000% 1500% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: -5.2% Revenue growth, TTM YoY, FY21 Q4: -1.4% Revenue growth, TTM YoY, FY22 Q4: 1122.8% Revenue growth, TTM YoY, FY23 Q4: 23.0% Revenue growth, TTM YoY, FY24 Q4: -0.2% Revenue growth, TTM YoY, FY25 Q4: 0.8% 0.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 -5.2%
FY21 Q4 -1.4%
FY22 Q4 1122.8%
FY23 Q4 23.0%
FY24 Q4 -0.2%
FY25 Q4 0.8%
Operating margin (TTM) Sndl Inc.
-400% -300% -200% -100% 0% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: -82.4% Operating margin (TTM), FY20 Q4: -304.4% Operating margin (TTM), FY21 Q4: -239.4% Operating margin (TTM), FY22 Q4: -48.8% Operating margin (TTM), FY23 Q4: -18.0% Operating margin (TTM), FY24 Q4: -11.3% Operating margin (TTM), FY25 Q4: -0.7% -0.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 -82.4%
FY20 Q4 -304.4%
FY21 Q4 -239.4%
FY22 Q4 -48.8%
FY23 Q4 -18.0%
FY24 Q4 -11.3%
FY25 Q4 -0.7%
FCF margin (TTM) Sndl Inc.
-400% -300% -200% -100% 0% 100% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: -350.8% FCF margin (TTM), FY20 Q4: -99.3% FCF margin (TTM), FY21 Q4: -284.3% FCF margin (TTM), FY22 Q4: -2.4% FCF margin (TTM), FY23 Q4: -2.7% FCF margin (TTM), FY24 Q4: 5.0% FCF margin (TTM), FY25 Q4: 6.1% 6.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 -350.8%
FY20 Q4 -99.3%
FY21 Q4 -284.3%
FY22 Q4 -2.4%
FY23 Q4 -2.7%
FY24 Q4 5.0%
FY25 Q4 6.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A, 40-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 48 45 45 548 674 672 678
Gross profit 28 −37 −7 108 141 175 185
EBITDA −39 −135 −103 −236 −76 −36 33
Operating income −39 −138 −107 −267 −121 −76 −5
Net income −205 −174 −181 −258 −128 −69 −11
Diluted EPS — — — −$1.12 −$0.50 −$0.26 −$0.04
Growth (year on year)
Revenue — −5.2% −1.4% +>999% +23.0% −0.2% +0.8%
Margins
Gross margin 57.4% −81.9% −16.0% 19.7% 20.9% 26.1% 27.3%
EBITDA margin −81.5% −296.6% −230.0% −43.1% −11.3% −5.4% 4.8%
Operating margin −82.4% −304.4% −239.4% −48.8% −18.0% −11.3% −0.7%
Net margin −427.1% −382.9% −404.4% −47.1% −19.0% −10.3% −1.7%
Free-cash-flow margin −350.8% −99.3% −284.3% −2.4% −2.7% 5.0% 6.1%
Cash flow
Cash from operations −85 −43 −124 −5 −12 40 51
Capital spending 83 2 3 8 6 6 9
Free cash flow −168 −45 −127 −13 −18 34 42
Stock-based pay 29 6 10 7 11 15 10
Free cash flow after stock pay −197 −52 −137 −21 −30 19 32
Balance sheet
Cash 35 47 437 207 148 152 184
Total debt 137 — 0 0 0 0 0
Net debt (negative = net cash) 102 −47 −437 −207 −148 −152 −184
Diluted shares — — — 230m 259m 264m 258m
Returned to shareholders
Buybacks — 0 0 10 1 10 11
Total returned — 0 0 10 1 10 11

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · December 31, 2025
What it owns · $974m
Short-term assets $328mLonger-term assets $646m
What it owes, and who funded it · $974m
Short-term liabilities $67mLonger-term liabilities $104mShareholders' equity $803m
  • Short-term assets cover short-term liabilities $328m of assets due within a year against $67m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $328m short-term assets against $104m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$5m against $5m of interest.

From Sndl Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$11M
Returned to shareholders
26%
of free cash flow
Buybacks, last 3 fiscal years
$21.8M
Diluted share count
−2.3%
year over year
Total shareholder yield
3.4%
dividends 0.0% + buybacks 3.4% of market value
R&D spending
0.1%
of revenue

Competitors: side by side with peers

Closest by revenue in beverages
Last 12 months unless stated SNDL COCO MGPI BRCC FIZZ WEST Median
Revenue, last 12 months $678m $768m $487m $437m $1.2bn $1.3bn $723m
Revenue growth, last 12 months 0.8% 26.0% −15.9% 11.7% −1.8% 38.6% 6.6%
Revenue growth, 3-year average — 17.0% −15.7% 5.7% 0.0% 13.8% 4.3%
Revenue growth, latest quarter — 33.7% −9.9% 7.3% 0.0% 8.8% 6.4%
Gross margin 27.3% 41.0% 34.7% 34.1% 36.2% 12.5% 42.6%
Operating margin −0.7% 19.9% −57.2% −2.8% 18.4% −1.2% −0.9%
Operating margin, 3-year average — 15.9% −11.8% −3.1% 19.0% −3.7% 11.9%
Net margin −1.7% 15.7% −51.4% −1.5% 14.8% −4.9% −1.6%
Cash from operations / revenue 7.5% 19.3% 4.2% 0.4% 15.8% 1.9% 9.9%
Free-cash-flow margin 6.1% 18.8% 0.1% −0.1% 13.7% −1.2% 9.0%
Free-cash-flow margin, 3-year average — 14.0% 5.5% 0.4% 13.7% −15.8% 8.8%
Stock pay / revenue 1.5% 1.8% 1.1% 2.5% 0.0% 0.7% 1.2%
Change in share count −2.3% 1.2% −0.2% 26.2% −0.0% 4.1% 0.0%

Median of all 26 companies we cover in beverages. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 beverages companies
Measure Company Peer median Rank
Revenue growth Growth 0.8% 6.9% 15 of 26
Change in growth rate Growth +1.0pp +0.6pp 11 of 26
Gross margin Profitability 27.3% 44.2% 21 of 26
Operating margin Profitability -0.7% -0.7% 13 of 26
Net margin Profitability -1.7% -1.5% 14 of 26
Free-cash-flow margin Cash generation 6.1% 9.6% 14 of 24
Stock pay as % of revenue Cash generation 1.5% 1.2% 14 of 23
Change in share count Balance sheet -2.3% 0.0% 2 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$66.1M
Institutions reporting
105
Shares held vs prior quarter
▼ 9.4%
Positions opened / closed
15 / 18

Top buyers and sellers, Q2 2026: 46 institutions bought and 46 sold ; the biggest buyer was Jane Street Group, LLC (+842K shares) and the biggest seller Advisorshares Investments LLC (−3.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Morgan Stanley $13.8M 10.2M 20.9% ▼ 10.5%
Cannell Capital LLC $11.7M 8.6M 17.7% ▼ 1.4%
Tidal Investments LLC $7.2M 5.3M 10.9% ▼ 3.2%
Arrowstreet Capital, Limited Partnership $3.2M 2.4M 4.8% ▼ 21.3%
Citadel Advisors LLC $2.9M 2.2M 4.4% ▲ 15.3%
Mirae Asset Global Etfs Holdings Ltd. $2.9M 2.1M 4.3% ▼ 5.6%
Goldman Sachs Group Inc $2.7M 2.0M 4.0% ▲ 66.7%
Susquehanna International Group, LLP $2.6M 1.9M 3.9% ▲ 22.5%
Ewing Morris & Co. Investment Partners Ltd. $2M 1.5M 3.0% ▲ 13.8%
Jpmorgan Chase & Co $1.7M 1.3M 2.6% ▼ 9.7%
Jane Street Group, LLC $1.6M 1.2M 2.4% ▲ 260.2%
Renaissance Technologies LLC $1.4M 1.1M 2.1% ▲ 74.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sndl Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Sndl Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sndl Inc. in brief

What does Sndl Inc. do?
Sndl Inc. is a US-listed company in the beverages industry. Its financial year ends in December.
What is Sndl Inc.'s stock ticker?
Sndl Inc. trades under the ticker SNDL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sndl Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sndl Inc. reported revenue of $678M, 0.8% higher than a year earlier, according to its SEC filings.
What is Sndl Inc.'s free cash flow?
Sndl Inc.'s free-cash-flow margin is 6.1% of revenue over the trailing twelve months, ranking 14 of the 24 beverages companies we cover.
Who are Sndl Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Morgan Stanley, Cannell Capital LLC and Tidal Investments LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Sndl Inc. buying back stock, and does it pay a dividend?
Sndl Inc. spent $11M on share repurchases over the trailing twelve months, and its diluted share count fell 2.3% over the year.
Who are Sndl Inc.'s competitors?
In our Beverages peer group, the companies closest to Sndl Inc. are Vita Coco Company, Inc., MGP Ingredients Inc, BRC Inc., National Beverage Corp and Westrock Coffee Co. The side-by-side comparison below sets their revenue, margins and growth against Sndl Inc.'s.