SunOpta Inc. — Cyborg Score 5/10

Mixed
Plant-Based Food & Beverage Manufacturing / Food Contract Manufacturing

Strategic Profile

SunOpta reported Q3 2025 revenues of $205.4M (up 16.8% YoY) with adjusted EBITDA rising 13.4% to $23.6M, cited 17% volume growth. The company agreed to be acquired by Refresco for $6.50 per share, with the transaction expected to close in Q2 2026.

Cyborg Score Rationale

SunOpta demonstrated mixed financial fundamentals with modest profitability metrics: EBIT margin of 3.4% and EBITDA margin of 8.4%. Total assets of $694.1M against total debt of $265.8M with net leverage of ~2.8x. Strong revenue growth offset by operational challenges and pending acquisition uncertainty.

Top Insights

  • New aseptic line in Midlothian, TX coming online late 2026, plus fruit snack line in Omak
  • Temporary wastewater limitations at Midlothian facility caused increased downtime and costs, forcing delay of margin expansion initiatives despite strong demand surge, resulting in 60 bps gross margin compression to 12.4%
  • FY2025 guidance raised to $816-818M revenue (13% growth) and $94-95M adjusted EBITDA (6-7% growth)
  • 2026 outlook of $865-880M revenue and $102-108M adjusted EBITDA

Named Competitors

  • Plant-Based Beverages — Oat-based plant beverage manufacturer
  • Plant-Based Beverages — Multi-category plant-based and dairy products
  • Beverage Solutions — Contract beverage manufacturer and solutions provider

Recent Developments

  • (February 2026) Refresco acquisition agreement at $6.50 per share; expected Q2 2026 close
  • (January 2026) Raised FY2025 guidance to $816-818M revenue and $94-95M adjusted EBITDA
  • (Q3 2025) Reported 16.8% YoY revenue growth to $205.4M with 13.4% adjusted EBITDA growth

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