# Cronos Group Inc. (CRON)

> Source: Nexqual · https://nexqual.com/CRON · data as of 2026-10-23 17:47 UTC · cite as "Nexqual, Cronos Group Inc. (CRON), nexqual.com/CRON" · informational, not investment advice.

**Price:** USD 3.34 (-3.19% today) · US market open, as of October 23, 2026 at 17:47 UTC; quotes may be delayed. Prev close 3.45 · day 3.3–3.43 · 52w 2.28–3.61 · market cap $1.23B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $179M, net income $70.0M (39.1% margin), free cash flow $49.8M (SEC filings).
- Valuation: P/E 17.6x (avg 19.0x at the last 1 fiscal year-ends).
- Total return with dividends: 1Y +34.5% vs S&P 500 +14.4%; 5Y -35.7% vs S&P 500 +77.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.05, revenue estimate $73.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $64.6M | $86.7M | $87.2M | $118M | $147M | $179M |
| Gross profit | -$17.6M | $15.4M | $11.9M | $25.2M | $62.8M | — |
| Operating income | -$292M | -$111M | -$84.8M | -$76.5M | -$17.4M | -$2.4M |
| Net income | -$396M | -$169M | -$74.0M | $41.1M | -$9.4M | $70.0M |
| EPS (diluted) | -$1.07 | -$0.45 | -$0.19 | $0.11 | -$0.02 | — |
| Free cash flow | -$165M | -$92.4M | -$45.3M | $6.4M | $149K | $49.8M |
| Gross margin | -27.3% | 17.8% | 13.7% | 21.4% | 42.8% | — |
| Operating margin | -452.2% | -128.4% | -97.2% | -65.1% | -11.9% | -1.4% |
| Net margin | -613.5% | -194.5% | -84.8% | 34.9% | -6.4% | 39.1% |
| Revenue growth | +38.2% | +34.4% | +0.6% | +34.8% | +24.6% | — |
| Cash + short-term investments | $1.00B | $878M | $862M | $859M | $832M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.6x · P/S 6.9x · P/FCF 24.7x · P/B 1.1x · FCF yield 4.05% · Earnings yield 5.70% · Buyback yield (TTM) 3.17%
P/E at fiscal year-ends: Dec 2024 19.0x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Zuanic & Associates | Initiated | Overweight |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +34.5% | -35.7% |
| S&P 500 (SPY) | +14.4% | +77.1% |
| Per year | +34.5% | -8.5% |
| Volatility (annualized) | 39.3% | 45.9% |
| Max drawdown | -26.9% (Dec 2025→Mar 2026) | -73.3% (Nov 2021→Jun 2023) |

## Peers (Drug Manufacturers - Specialty & Generic)
BHC (Bausch Health Companies Inc.) USD 6.33 -2.54% · HCM (HUTCHMED (China) Limited) USD 14.35 +0.49% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.65 -3.22% · LQDA (Liquidia Corporation) USD 41.11 +3.58% · INDV (Indivior Pharmaceuticals, Inc.) USD 34.38 -2.70% · RGC (Regencell Bioscience Holdings L) USD 8.2 -16.41%

## More
Full page: https://nexqual.com/CRON · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CRON's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1656472/000165647226000016/cron-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Cronos Growing Company | "•our ability to acquire raw materials from suppliers, including Cronos Growing Company Inc. ("Cronos GrowCo"), and the costs and timing associated therewith;" |
| Partner | Manitoba Liquor & Lotteries | "We have entered into supply arrangements with all provinces in Canada (where the relevant provincial body is the sole wholesale distributor of cannabis products in the province, except for Manitoba where we have also ent…" |
| Partner | Cronos and Ginkgo Bioworks Holdings | "We account for the cannabinoid exclusive licenses originating from the Ginkgo Strategic Partnership as definite-lived intangible assets in accordance with the acquisition method of accounting." |
| Partner | High Tide Inc. (HITI) | "See Note 6 "Loans Receivable, net" for discussion of the loan receivable recognized as part of the agreement with High Tide." |

Other companies that name CRON in their own reports (relationship from CRON's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | High Tide Inc. (HITI) | 40-F 2026-01-29 | "•the intention of the Corporation to complete any additional offering of securities of the Corporation and the aggregate amount of the total proceeds that the Corporation will receive pursuant to a $1…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cannabis flower | $39.2M | 74.0% | +56.7% |
| Cannabis extracts | $13.8M | 26.0% | +64.8% |
| Other | $19,000 | 0.0% | -72.9% |
| Total revenue | $53.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Canada | $28.7M | 54.2% | +49.9% |
| Israel | $15.0M | 28.3% | +60.2% |
| Other countries | $9.3M | 17.5% | +88.3% |
| Total revenue | $53.0M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 43% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-08-06)

- "The Company expects the acquisition to close in the second half of 2026."
- "Beginning in 2025, the Company modified the composition of Adjusted EBITDA to exclude the impact of the provision for expected credit losses recognized under ASC 326 solely with respect to the High Tide Loan (see Note 4 "Loans Receivable, net" to the condensed consolidated financial statements under Item 1 of our Quarterly Report for further information)."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.00 | — | $73.4M | 3 |
| Next quarter (ends 2026-12-31) | $0.06 | $0.00 | — | $89.6M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.24 | $0.00 | — | $301.6M | 5 |
| Next fiscal year (ends 2027-12-31) | $0.26 | $0.00 | — | $390.5M | 5 |