SNDL Inc. (SNDL) Balance Sheet
SNDL balance sheet, 2025
December 31, 2025 · Canadian dollarsC$1.34B assets = C$235.0M liabilities + C$1.10B equity
Both columns are drawn to the same scale: what SNDL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SNDL financial health
Current ratio4.88
Comfortable · current assets cover current liabilities 4.88×
Debt / equity0.15
Low leverage · C$0.15 of debt for each $1 of equity
Equity / assets82.4%
Equity-funded · of assets funded by shareholders
Cash / debt160.6%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles13.7%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
SNDL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$12.7M2016 | C$1.34B2025 | +67.8%/yr | |
| Total liabilities | C$1.1M2016 | C$235.0M2025 | +80.7%/yr | |
| Shareholders’ equity | C$11.5M2016 | C$1.10B2025 | +66.0%/yr | |
| Cash & short-term investments | C$3.7M2016 | C$273.2M2025 | +61.2%/yr | |
| Total debt | C$25,5642016 | C$170.1M2025 | +165.9%/yr | |
| Net cash (debt) | C$3.7M2016 | C$103.1M2025 | +C$99.4M | |
| Working capital | C$3.1M2016 | C$357.8M2025 | +C$354.7M | |
| Current ratio | 3.712016 | 4.882025 | +1.16 | |
| Debt / equity | 0.002016 | 0.152025 | +0.15 | |
| Shares outstanding | 8.4M2016 | 258.1M2025 | +46.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SNDL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
SNDL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
SNDL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SNDL balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$273.2M | C$248.9M | C$201.6M | C$311.8M | C$649.0M | C$60.4M | C$45.3M | C$14.1M | C$7.7M | C$3.7M |
| Cash & equivalents | C$272.6M | C$218.4M | C$195.0M | C$279.6M | C$558.3M | C$60.4M | C$45.3M | C$14.1M | C$7.7M | C$3.7M |
| Short-term investments | C$568,570 | C$30.5M | C$6.6M | C$32.2M | C$90.8M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Receivables | C$30.4M | C$28.1M | C$27.1M | C$22.6M | C$10.9M | C$15.9M | C$27.6M | C$2.7M | C$269,190 | C$81,551 |
| Inventory | C$130.1M | C$129.1M | C$129.5M | C$131.3M | C$33.9M | C$29.1M | C$74.3M | C$2.1M | C$365,633 | C$0 |
| Other current assets | C$16.3M | C$55.7M | C$48.7M | C$35.8M | C$34.4M | C$13.0M | C$25.4M | C$2.7M | C$600,154 | C$391,300 |
| Total current assets | C$450.1M | C$461.8M | C$406.9M | C$501.5M | C$728.2M | C$118.4M | C$172.6M | C$21.7M | C$8.9M | C$4.2M |
| Property, plant & equipment (net) | C$290.5M | C$261.2M | C$282.6M | C$277.6M | C$63.2M | C$116.9M | C$282.0M | C$0 | C$16.3M | C$8.0M |
| Goodwill & intangible assets | C$183.0M | C$185.6M | C$192.4M | C$142.1M | C$122.6M | C$5.1M | C$55.4M | C$0 | C$522,500 | C$522,500 |
| Long-term investments | C$408.8M | C$436.9M | C$586.4M | C$629.6M | C$505.9M | C$51.9M | C$0 | C$0 | C$0 | C$0 |
| Other non-current assets | C$4.9M | C$3.7M | C$4.8M | C$8.6M | C$7.7M | C$2.6M | C$0 | C$88.5M | C$0 | C$0 |
| Total assets | C$1.34B | C$1.35B | C$1.47B | C$1.56B | C$1.43B | C$294.9M | C$510.0M | C$110.2M | C$25.8M | C$12.7M |
| Liabilities | ||||||||||
| Accounts payable | C$28.0M | C$27.1M | C$22.0M | C$9.8M | C$4.2M | C$4.8M | C$20.2M | C$11.1M | C$4.9M | C$1.1M |
| Short-term debt | C$35.5M | C$34.3M | C$30.5M | C$30.2M | C$5.7M | C$409,000 | C$178.6M | C$25.4M | C$7.0M | C$7.0M |
| Deferred revenue | — | — | C$46.2M | — | C$34.3M | C$18.5M | C$37.9M | — | — | — |
| Total current liabilities | C$92.3M | C$90.6M | C$103.1M | C$89.4M | C$65.9M | C$24.1M | C$269.2M | C$69.7M | C$11.9M | C$1.1M |
| Long-term debt | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$16.2M | C$48.4M | C$116,330 | C$17,120 |
| Lease obligations | C$169.9M | C$152.3M | C$167.0M | C$169.8M | C$33.5M | C$1.4M | C$722,000 | C$0 | C$141,251 | C$25,564 |
| Other long-term liabilities | C$142.7M | C$125.3M | C$140.7M | C$142.3M | C$32.3M | C$1.0M | C$3.4M | C$0 | C$0 | C$4 |
| Total liabilities | C$235.0M | C$215.9M | C$243.8M | C$231.7M | C$98.1M | C$25.2M | C$288.8M | C$118.1M | C$12.0M | C$1.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$2.31B | C$2.35B | C$2.38B | C$2.29B | C$2.04B | C$762.0M | C$509.7M | C$65.1M | C$25.8M | C$15.1M |
| Retained earnings (deficit) | −C$1.30B | −C$1.32B | −C$1.26B | −C$1.09B | −C$785.1M | −C$558.1M | −C$360.3M | −C$88.9M | −C$16.6M | −C$3.6M |
| Treasury stock | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Accumulated other comprehensive income | C$39.2M | C$52.8M | C$19.4M | C$32.2M | C$7.6M | C$8.4M | C$6.9M | C$0 | −C$486,345 | −C$123,363 |
| Minority interest | C$0 | C$0 | C$17.3M | C$21.2M | — | — | C$0 | C$0 | C$0 | C$0 |
| Total shareholders' equity | C$1.10B | C$1.13B | C$1.21B | C$1.31B | C$1.33B | C$271.7M | C$216.5M | −C$7.9M | C$13.7M | C$11.5M |
| Key figures | ||||||||||
| Total debt | C$170.1M | C$152.3M | C$167.0M | C$169.8M | C$33.5M | C$1.4M | C$211.1M | C$73.9M | C$7.1M | C$25,564 |
| Net cash (debt) | C$103.1M | C$96.6M | C$34.6M | C$141.9M | C$615.6M | C$58.9M | −C$165.8M | −C$59.8M | C$536,910 | C$3.7M |
| Working capital | C$357.8M | C$371.3M | C$303.8M | C$412.1M | C$662.3M | C$94.2M | −C$96.6M | −C$47.9M | −C$3.0M | C$3.1M |
| Tangible book value | C$919.4M | C$947.8M | C$1.02B | C$1.16B | C$1.21B | C$266.6M | C$161.0M | −C$7.9M | C$13.2M | C$11.0M |
| Shares outstanding | 258.1M | 264.2M | 259.4M | 229.9M | 186.0M | 21.9M | 8.6M | — | 8.4M | 8.4M |
| Current ratio | 4.88 | 5.10 | 3.94 | 5.61 | 11.06 | 4.90 | 0.64 | 0.31 | 0.75 | 3.71 |
| Quick ratio | 3.29 | 3.06 | 2.22 | 3.74 | 10.02 | 3.16 | 0.27 | 0.24 | 0.67 | 3.37 |
| Debt / equity | 0.15 | 0.13 | 0.14 | 0.13 | 0.03 | 0.01 | 0.98 | — | 0.52 | 0.00 |
| Equity / assets | 82.4% | 84.0% | 82.3% | 83.8% | 93.1% | 92.1% | 42.4% | −7.2% | 53.2% | 91.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | C$186.6M | C$233.9M | C$273.2M | C$241.3M | C$211.7M | C$224.3M | C$248.9M | C$289.3M | C$214.4M | C$205.0M | C$201.6M | C$209.3M |
| Cash & equivalents | C$183.2M | C$233.4M | C$272.6M | C$240.6M | C$208.2M | C$220.9M | C$218.4M | C$263.0M | C$182.9M | C$189.0M | C$195.0M | C$202.0M |
| Short-term investments | C$3.4M | C$500,647 | C$568,570 | C$734,000 | C$3.4M | C$3.5M | C$30.5M | C$26.3M | C$31.5M | C$16.0M | C$6.6M | C$7.3M |
| Receivables | C$33.0M | C$31.9M | C$30.4M | C$29.1M | C$29.4M | C$29.8M | C$28.1M | C$24.6M | C$22.4M | C$20.5M | C$27.1M | C$25.5M |
| Inventory | C$136.2M | C$137.9M | C$130.1M | C$128.8M | C$137.6M | C$135.9M | C$129.1M | C$128.8M | C$133.8M | C$135.6M | C$129.5M | C$143.1M |
| Other current assets | C$36.0M | C$15.9M | C$16.3M | C$33.1M | C$36.1M | C$30.7M | C$55.7M | C$54.8M | C$58.3M | C$60.8M | C$48.7M | C$45.9M |
| Total current assets | C$391.8M | C$419.5M | C$450.1M | C$432.3M | C$414.7M | C$420.8M | C$461.8M | C$497.4M | C$428.9M | C$421.9M | C$406.9M | C$423.7M |
| Property, plant & equipment (net) | C$279.7M | C$286.0M | C$290.5M | C$275.2M | C$271.6M | C$269.4M | C$261.2M | C$246.7M | C$251.8M | C$252.0M | C$282.6M | C$309.9M |
| Goodwill & intangible assets | C$184.4M | C$185.0M | C$183.0M | C$183.5M | C$184.2M | C$184.9M | C$185.6M | C$200.9M | C$198.5M | C$191.9M | C$192.4M | C$222.1M |
| Long-term investments | C$425.6M | C$421.0M | C$408.8M | C$422.6M | C$418.7M | C$433.4M | C$436.9M | C$494.3M | C$588.6M | C$598.3M | C$586.4M | C$597.8M |
| Other non-current assets | C$2.5M | C$2.2M | C$4.9M | C$4.5M | C$4.2M | C$3.9M | C$3.7M | C$3.7M | C$6.2M | C$7.3M | C$4.8M | C$9.7M |
| Total assets | C$1.28B | C$1.31B | C$1.34B | C$1.32B | C$1.29B | C$1.31B | C$1.35B | C$1.44B | C$1.47B | C$1.47B | C$1.47B | C$1.56B |
| Liabilities | ||||||||||||
| Accounts payable | — | C$51.8M | C$56.8M | C$50.7M | C$49.2M | — | C$27.1M | — | C$45.6M | C$45.3M | C$22.0M | C$42.3M |
| Short-term debt | C$36.1M | C$35.0M | C$35.5M | C$35.2M | C$33.4M | C$33.3M | C$34.3M | C$34.5M | C$32.6M | C$33.0M | C$30.5M | C$33.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | C$46.2M | −C$57.2M |
| Total current liabilities | C$82.3M | C$86.7M | C$92.3M | C$85.8M | C$82.5M | C$91.2M | C$90.6M | C$88.6M | C$98.9M | C$100.0M | C$103.1M | C$97.8M |
| Long-term debt | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Lease obligations | C$166.4M | C$168.4M | C$169.9M | C$155.1M | C$150.5M | C$147.9M | C$152.3M | C$157.5M | C$157.6M | C$161.8M | C$167.0M | C$171.0M |
| Other long-term liabilities | C$137.9M | C$140.2M | C$142.7M | C$133.0M | C$122.8M | C$120.9M | C$125.3M | C$130.2M | C$131.2M | C$134.7M | C$140.7M | C$144.1M |
| Total liabilities | C$220.2M | C$226.9M | C$235.0M | C$218.8M | C$205.3M | C$212.1M | C$215.9M | C$218.8M | C$230.1M | C$234.8M | C$243.8M | C$241.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$2.17B | C$2.27B | C$2.31B | C$2.30B | C$2.30B | C$2.30B | C$2.35B | C$2.38B | C$2.38B | C$2.38B | C$2.38B | C$2.37B |
| Retained earnings (deficit) | −C$1.21B | −C$1.28B | −C$1.30B | −C$1.31B | −C$1.30B | −C$1.30B | −C$1.32B | −C$1.29B | −C$1.27B | −C$1.26B | −C$1.26B | −C$1.18B |
| Accumulated other comprehensive income | C$48.5M | C$42.9M | C$39.2M | C$49.3M | C$28.6M | C$47.2M | C$52.8M | C$28.9M | C$33.8M | C$29.5M | C$19.4M | C$31.3M |
| Minority interest | — | — | C$0 | C$0 | C$0 | — | — | — | — | — | — | — |
| Total shareholders' equity | C$1.06B | C$1.09B | C$1.10B | C$1.10B | C$1.09B | C$1.10B | C$1.13B | C$1.21B | C$1.23B | C$1.22B | C$1.21B | C$1.30B |
| Key figures | ||||||||||||
| Total debt | C$166.4M | C$168.3M | C$170.1M | C$155.1M | C$150.5M | C$147.9M | C$152.3M | C$157.5M | C$157.6M | C$161.8M | C$167.0M | C$171.0M |
| Net cash (debt) | C$20.2M | C$65.6M | C$103.1M | C$86.2M | C$61.1M | C$76.4M | C$96.6M | C$131.8M | C$56.8M | C$43.2M | C$34.6M | C$38.2M |
| Working capital | C$309.5M | C$332.8M | C$357.8M | C$346.5M | C$332.2M | C$329.6M | C$371.3M | C$408.8M | C$330.0M | C$321.9M | C$303.8M | C$325.9M |
| Tangible book value | C$879.3M | C$901.8M | C$919.4M | C$915.8M | C$904.0M | C$915.3M | C$947.8M | C$1.01B | C$1.03B | C$1.03B | C$1.02B | C$1.08B |
| Shares outstanding | 256.7M | 260.2M | 263.4M | 257.4M | 263.3M | 259.1M | 263.0M | 265.1M | 263.8M | 263.0M | 262.8M | 260.4M |
| Current ratio | 4.76 | 4.84 | 4.88 | 5.04 | 5.03 | 4.62 | 5.10 | 5.61 | 4.34 | 4.22 | 3.94 | 4.33 |
| Quick ratio | 2.67 | 3.06 | 3.29 | 3.15 | 2.92 | 2.79 | 3.06 | 3.54 | 2.39 | 2.25 | 2.22 | 2.40 |
| Debt / equity | 0.16 | 0.15 | 0.15 | 0.14 | 0.14 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.13 |
| Equity / assets | 82.8% | 82.7% | 82.4% | 83.4% | 84.1% | 83.8% | 84.0% | 83.7% | 83.3% | 83.0% | 82.3% | 83.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
SNDL financial position
At the end of fiscal 2025 (December 31, 2025), SNDL had total assets of C$1.3 billion (down 0.9% from a year earlier), total liabilities of C$235.0 million and shareholders' equity of C$1.1 billion. It held C$273.2 million in cash and short-term investments against C$170.1 million of debt, a net cash position of C$103.1 million. Its current ratio was 4.88. In the latest quarter (ended June 30, 2026) total assets were C$1.3 billion and equity C$1.1 billion.
Related: SNDL income statement, SNDL cash flow statement, SNDL key metrics. See the SNDL stock overview for the latest quote and news.
SNDL balance sheet FAQ
What are SNDL's total assets?
SNDL reported total assets of C$1.3 billion at the end of fiscal 2025 (December 31, 2025), compared with C$1.3 billion a year earlier.
How much debt does SNDL have?
SNDL had C$170.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.15.
How much cash does SNDL have?
SNDL held C$273.2 million in cash and short-term investments at the end of fiscal 2025; with C$170.1 million of debt that is net cash of C$103.1 million.
What is SNDL's book value?
SNDL's shareholders' equity (book value) was C$1.1 billion at the end of fiscal 2025.
What is SNDL's current ratio?
SNDL had current assets of C$450.1 million and current liabilities of C$92.3 million, a current ratio of 4.88 (it can cover its short-term obligations).
How much goodwill does SNDL have?
SNDL carried C$183.0 million of goodwill and intangible assets, 13.7% of total assets, at the end of fiscal 2025.