SNDL Inc. (SNDL)

Nasdaq: SNDL · Medicinal Chemicals & Botanical Products · Edmonton · filing with the SEC since 2019

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Grade5.9

◀ Past 6.3● Present 6.5▶ Future 4.6

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of SNDL Inc.

Nine metrics read from its own filings, by tense

Headline grade

5.9/10

◀ Past6.330% of the headline

● Present6.540% of the headline

▶ Future4.630% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.3/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed

8.3/10

Has it survived what it has been through?

No warning events in its filings since 2019.

weight 33% of this tense · 83rd percentile among 20 sector filers · read for itself

From the record

SNDL Inc.'s filings since 2019 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

4.8/10

What has it actually done, year after year?

+56.8% a year over 7 filed years; profitable in 0 of 7.

weight 45% of this tense · 48th percentile among 18 sector filers · read for its customers

From the record

SNDL Inc.'s 7 filed years say what it did: revenue went from CAD 64 million in fiscal 2019 to CAD 946 million in fiscal 2025, up 56.8% a year; it rose in 4 of 6 years; the deepest fall was 12% from fiscal 2019 to fiscal 2021; net income was positive in 0 of 7 of those years (its annual reports).

What it rests on

revenue growth over the filed span56.8%top 19% of its family
the share of years revenue rosebottom 44% of its family
the share of filed years with a profitbottom 14% of its family
the deepest fall from a revenue peak11.7%top 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

6.5/10

How has it treated the people who own it?

Share count grew 3.9% a year. 28% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 65th percentile among 9 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, SNDL Inc.'s diluted share count grew about 3.9% a year, and dividends and buybacks returned about 28% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 42% of its family
cash returned against operating cash flowtop 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

7.2/10

Is it financially healthy right now?

ROE -1%: lost 1¢ per shareholder dollar. Leverage 18%: owes 18¢ per asset dollar.

weight 45% of this tense · 72nd percentile among 20 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, SNDL Inc. lost about 1 cents for every dollar of shareholders' money, and gross profitability: its products earned about 19 cents per dollar of everything the company owns. Leverage: it owed about 18 cents per dollar of assets, and net share issuance: its share count shrank 2.3% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 12% of its family
return on equitytop 34% of its family
gross profit against assetsbottom 44% of its family
the share count against the year beforetop 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

6.7/10

How strong is its position in its industry?

top 33% of 18 in its family; net margin -1.7%.

weight 33% of this tense · 67th percentile among 18 sector filers · read for its customers

From the record

SNDL Inc.'s standing among 18 graded names in its industry family: revenue of CAD 946 million in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -1.7% ranks in the top 31%; revenue growth of 9.9% a year over the last 3 filed years ranks in the top 36% (its annual reports).

What it rests on

net margin-1.7%top 31% of its family
three-year revenue growth9.9%top 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 12 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 12 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 12 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: SNDL Inc.'s leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 12 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.6/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.7/10

How much room does it have to grow?

bottom 47% of 18 in its family for room to expand.

weight 45% of this tense · 47th percentile among 18 sector filers · read for itself

From the record

SNDL Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of CAD 252 million against no long-term debt tagged leaves 18.9% of its assets as net cash, top 34% of its family; cash from operations less capital spending is 6.1% of revenue (top 31%); a gross margin of 27.3% (bottom 38%); research spending of 0.1% of revenue (bottom 14%) (its annual report).

What it rests on

cash less debt against assets18.9%top 34% of its family
cash from operations less capital spending against revenue6.1%top 31% of its family
gross margin27.3%bottom 38% of its family
research spending against revenue0.1%bottom 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

3.5/10

What could actually drive growth from here?

bottom 34% of 18 in its family for growth drivers.

weight 33% of this tense · 34th percentile among 18 sector filers · read for its customers

From the record

SNDL Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 9.9% a year over the last three filed years against 56.8% over all 7, slowing (bottom 14% of its family); the newest year grew 2.8% (bottom 47%); research spending grew -41.5% a year (bottom 21%); capital spending grew 6.3% a year (top 44%) (its annual reports). SNDL Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-46.9 points a yearbottom 14% of its family
the newest year's revenue growth2.8%bottom 47% of its family
three-year growth of research spending-41.5%bottom 21% of its family
three-year growth of capital spending6.3%top 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

6.0/10

Did its newest year beat what its own record pointed to?

top 40% of 18 in its family for expectations against reality.

weight 22% of this tense · 60th percentile among 18 sector filers · read for its shareholders

From the record

SNDL Inc.'s newest year against its own record: revenue of CAD 946 million in fiscal 2025 came in 9.5% below the CAD 1.0 billion its prior three years' pace pointed to (bottom 36% of its family); net income of CAD 16 million against a prior three-year average of CAD 215 million (top 19%); a net margin of -1.7% against -27.4% before (top 36%) (its annual reports).

What it rests on

revenue against the prior three years' pace-9.5%bottom 36% of its family
net income against the prior three years' average+93%top 19% of its family
net margin against its prior average+25.7 pointstop 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton SNDL · research, not advice