Cronos Group

CRON

Drug Manufacturers - Specialty & Generic · Healthcare

Also trades as: CRON.TO

Price

$3.31

+0.09 (+2.80%)

Market Cap

$1.24B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Strong

Stability

Exceptional

Valuation

Mixed

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Share count rising — dilution

+4.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 370.4M (2021) → 385.3M (2025)

Winston Score History

The full picture

Cronos Group is a Canadian cannabis company that grows and sells marijuana products for both medical and recreational use. Its brands include Spinach and PEACE NATURALS, and it sells to adult consumers in Canada as well as medical patients in several international markets. It is one of the larger publicly traded cannabis companies, with a notable investment from tobacco giant Altria Group.

Cronos earns revenue by selling dried cannabis flower, vapes, oils, and other cannabis products through retail channels and direct medical sales. It operates primarily in Canada but has a presence in markets like Israel, Germany, and Australia. The company has struggled to reach consistent profitability, as shown by its negative operating margin, and the broader cannabis industry faces ongoing pressure from oversupply and pricing competition. The key risk is whether legal cannabis markets can mature fast enough to support sustainable profits before cash reserves run thin.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+111.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+183.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$4M/ year

↑ Rising (+5% vs prior year)

3.0% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

48.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$802M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Cronos Group grew revenue 111% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

40.3%

Healthy — 40.3% gross margin

Profit after running costs

Operating Margin

10.5%

Modest — 10.5% operating margin

Return on the money invested

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+86.4%

Fast-growing sales (+86.4% YoY)

Profit growth

EPS YoY

+214.2%

Earnings growing fast (+214.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

86%

Modest — 86% of profit becomes cash

Spare cash per sale

FCF Margin

20.5%

Converts sales into free cash efficiently (20.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.3x

Fair value — P/E 18.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-6.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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