What is Vireo Growth Inc's earnings per share (EPS)?

Vireo Growth Inc (VREOF) reported diluted earnings per share of $-0.09 for fiscal year 2025. This represents a 43.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Vireo Growth Inc Financials

VREOF

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Vireo Growth Inc (VREOF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VREOF FY2025 2026-04-22

Rapid scale-up has created a much larger cost and asset base, while everyday operations only recently stopped consuming cash.

Operating cash flow turned positive at $3.7M even as net loss widened to -$68.1M. That gap between profit and cash suggests reported losses are being driven more by noncash and below-operating burdens than by day-to-day demand, but capital spending still drove free cash flow to -$24.6M after $28.3M of capex.

Revenue scale jumped to $268.8M, yet operating margin slipped from 13.6% to roughly break-even. Because gross margin stayed near 47.3% while SG&A expanded to $81.2M, the weaker operating result looks more like a heavier overhead base than a collapse in product economics.

Liquidity is better than the income statement alone implies, with $122.5M of cash and a current ratio of 1.6x. But the balance sheet is still obligation-heavy: liabilities total $509.7M and debt-to-equity sits at 1.7x, so expansion has relied more on financing than on retained earnings.

Financial Health Signals

Financial health score pending refresh

We are recalculating Vireo Growth Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

0.56

Vireo Growth Inc scores 0.56, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($490.7M) relative to total liabilities ($509.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

3/7

Vireo Growth Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-0.05x

For every $1 of reported earnings, Vireo Growth Inc generates $-0.05 in operating cash flow ($3.7M OCF vs -$68.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$268.8M

YoY+170.4%

5Y CAGR+40.4%

Vireo Growth Inc generated $268.8M in revenue in fiscal year 2025. This represents an increase of 170.4% from the prior year.

EBITDA

$15.1M

YoY-6.5%

Vireo Growth Inc's EBITDA was $15.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.5% from the prior year.

Net Income

-$68.1M

YoY-143.2%

Vireo Growth Inc reported -$68.1M in net income in fiscal year 2025. This represents a decrease of 143.2% from the prior year.

EPS (Diluted)

$-0.09

YoY+43.8%

Vireo Growth Inc earned $-0.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 43.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$24.6M

YoY-12.2%

Vireo Growth Inc generated -$24.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 12.2% from the prior year.

Cash & Debt

$122.5M

YoY+33.7%

5Y CAGR+35.2%

Vireo Growth Inc held $122.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

47.3%

YoY-3.8pp

5Y CAGR+12.5pp

Vireo Growth Inc's gross margin was 47.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.8 percentage points from the prior year.

Operating Margin

-0.4%

YoY-14.0pp

5Y CAGR+46.4pp

Vireo Growth Inc's operating margin was -0.4% in fiscal year 2025, reflecting core business profitability. This is down 14.0 percentage points from the prior year.

Net Margin

-25.3%

YoY+2.8pp

5Y CAGR+21.3pp

Vireo Growth Inc's net profit margin was -25.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.8 percentage points from the prior year.

Return on Equity

-22.2%

YoY+28.2pp

5Y CAGR+14.6pp

Vireo Growth Inc's ROE was -22.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 28.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$28.3M

YoY+142.2%

5Y CAGR+27.4%

Vireo Growth Inc invested $28.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 142.2% from the prior year.

VREOF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$268.8M+170.4%	$99.4M+12.8%	$88.1M+18.1%	$74.6M+37.1%	$54.4M+10.6%	$49.2M
Cost of Revenue	N/A	N/A	N/A	$39.4M+23.2%	$32.0M+2.9%	$31.1M
Gross Profit	$127.1M+150.3%	$50.8M+15.1%	$44.1M+42.7%	$30.9M+56.1%	$19.8M+15.6%	$17.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$81.2M+189.3%	$28.1M-0.5%	$28.2M-16.6%	$33.8M+0.5%	$33.7M+27.7%	$26.4M
Operating Income	-$1.0M-107.7%	$13.6M+28.2%	$10.6M+252.5%	-$6.9M+66.1%	-$20.5M+11.1%	-$23.0M
Interest Expense	N/A	$31.2M-0.2%	$31.3M+38.4%	$22.6M+113.6%	$10.6M+107.5%	$5.1M
Income Tax	$28.2M+154.0%	$11.1M+43.9%	$7.7M+31.1%	$5.9M+43.0%	$4.1M-53.1%	$8.8M
Net Income	-$68.1M-143.2%	-$28.0M-9.6%	-$25.5M+39.8%	-$42.5M-26.0%	-$33.7M-46.8%	-$22.9M
EPS (Diluted)	$-0.09+43.8%	$-0.16+15.8%	$-0.19+42.4%	$-0.33-22.2%	$-0.27-12.5%	$-0.24

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$106.2M+1.6%	$104.6M+14.1%	$91.7M+90.7%	$48.1M+96.2%	$24.5M-2.1%	$25.0M-0.6%	$25.2M+0.2%	$25.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$59.3M+4.2%	$56.9M+52.2%	$37.4M+83.1%	$20.4M+64.7%	$12.4M-2.0%	$12.7M+2.7%	$12.3M-9.1%	$13.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$30.8M-2.7%	$31.7M+6.6%	$29.7M+138.3%	$12.5M+68.3%	$7.4M+13.2%	$6.5M-5.4%	$6.9M-8.6%	$7.6M
Operating Income	$9.0M+589.5%	-$1.8M-327.3%	$809K+140.1%	-$2.0M-200.9%	$2.0M+337.7%	-$842K-121.9%	$3.9M-33.5%	$5.8M
Interest Expense	N/A	N/A	$6.9M-9.7%	$7.6M+0.6%	$7.6M+0.2%	$7.6M+3.0%	$7.4M-2.1%	$7.5M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$20.3M+0.4%	-$20.4M+22.5%	-$26.3M-76.1%	-$14.9M-129.8%	-$6.5M+58.6%	-$15.7M-218.7%	-$4.9M-637.0%	-$668K
EPS (Diluted)	$-0.02	N/A	$-0.030.0%	$-0.03-50.0%	$-0.02	N/A	$-0.02	$0.00

VREOF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$817.2M+193.0%	$278.9M+52.2%	$183.3M+15.1%	$159.2M-4.7%	$167.0M+62.7%	$102.6M
Current Assets	$305.1M+32.4%	$230.4M+54.8%	$148.9M+218.5%	$46.7M+12.2%	$41.6M-11.5%	$47.0M
Cash & Equivalents	$122.5M+33.7%	$91.6M+473.8%	$16.0M+5.4%	$15.1M0.0%	$15.2M-44.1%	$27.1M
Inventory	$60.0M+176.9%	$21.7M+12.3%	$19.3M-6.0%	$20.5M+0.4%	$20.4M+61.5%	$12.6M
Accounts Receivable	$12.7M+342.5%	$2.9M+27.2%	$2.3M-47.3%	$4.3M-4.8%	$4.5M+546.0%	$697K
Goodwill	$87.5M	$0	$0-100.0%	$184K0.0%	$184K-94.1%	$3.1M
Total Liabilities	$509.8M+128.3%	$223.3M+12.0%	$199.3M+28.0%	$155.7M+25.6%	$124.0M+207.7%	$40.3M
Current Liabilities	$191.7M+41.5%	$135.5M-24.5%	$179.5M+504.1%	$29.7M+81.1%	$16.4M-17.7%	$19.9M
Long-Term Debt	N/A	N/A	N/A	$46.2M+69.2%	$27.3M	$0
Total Equity	$307.4M+452.9%	$55.6M+446.6%	-$16.0M-566.3%	$3.4M-92.0%	$43.0M-31.0%	$62.3M
Retained Earnings	-$299.6M-29.5%	-$231.4M-13.8%	-$203.4M-14.4%	-$177.9M-31.4%	-$135.4M-33.1%	-$101.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$928.8M+13.7%	$817.2M+20.4%	$678.9M+3.0%	$659.3M+138.0%	$277.0M-0.7%	$278.9M+43.8%	$193.9M-0.4%	$194.7M
Current Assets	$258.3M-15.3%	$305.1M-0.9%	$308.0M-1.5%	$312.8M+36.9%	$228.4M-0.8%	$230.4M+60.0%	$144.0M-3.1%	$148.6M
Cash & Equivalents	$137.8M+12.5%	$122.5M+4.2%	$117.5M+10.7%	$106.2M+23.2%	$86.2M-5.9%	$91.6M+1158.3%	$7.3M-35.2%	$11.2M
Inventory	$76.1M+26.8%	$60.0M+11.3%	$53.9M-14.5%	$63.0M+170.0%	$23.3M+7.7%	$21.7M+9.2%	$19.8M-1.2%	$20.1M
Accounts Receivable	$14.1M+11.0%	$12.7M+13.5%	$11.2M+22.4%	$9.1M+277.1%	$2.4M-15.5%	$2.9M+0.8%	$2.8M+26.0%	$2.3M
Goodwill	$123.8M+41.5%	$87.5M-10.1%	$97.3M+33.9%	$72.6M	N/A	$0	N/A	$0
Total Liabilities	$634.7M+24.5%	$509.8M+17.8%	$432.6M+10.7%	$390.8M+72.4%	$226.6M+1.5%	$223.3M+9.0%	$204.9M-5.7%	$217.2M
Current Liabilities	$215.8M+12.6%	$191.7M-18.4%	$234.9M-3.5%	$243.5M+76.9%	$137.7M+1.6%	$135.5M+5.2%	$128.8M-31.1%	$186.8M
Long-Term Debt	$218.8M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$294.1M-4.3%	$307.4M+24.8%	$246.3M-8.3%	$268.6M+431.8%	$50.5M-9.2%	$55.6M+605.3%	-$11.0M+51.2%	-$22.6M
Retained Earnings	-$319.9M-6.8%	-$299.6M-7.3%	-$279.2M-10.4%	-$252.9M-6.3%	-$237.9M-2.8%	-$231.4M-7.3%	-$215.7M-2.3%	-$210.8M

VREOF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.7M+136.3%	-$10.2M-959.6%	-$966K+94.7%	-$18.1M+40.8%	-$30.5M-179.1%	-$10.9M
Capital Expenditures	$28.3M+142.2%	$11.7M+135.6%	$5.0M-10.8%	$5.6M-69.2%	$18.0M+113.6%	$8.4M
Free Cash Flow	-$24.6M-12.2%	-$21.9M-269.9%	-$5.9M+74.9%	-$23.6M+51.3%	-$48.6M-150.6%	-$19.4M
Investing Cash Flow	$8.8M+207.7%	-$8.1M-134.0%	-$3.5M+38.1%	-$5.6M+22.1%	-$7.2M-155.7%	$12.9M
Financing Cash Flow	$18.4M-80.4%	$94.0M+1688.5%	$5.3M-77.8%	$23.7M-8.1%	$25.8M+62.5%	$15.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$11.9M-36.2%	$18.7M+374.6%	-$6.8M-43.0%	-$4.8M-39.7%	-$3.4M+47.2%	-$6.4M-148.6%	-$2.6M-27057.6%	-$10K
Capital Expenditures	$10.8M+9.5%	$9.9M-27.8%	$13.7M+268.7%	$3.7M+236.8%	$1.1M-59.6%	$2.7M-44.3%	$4.9M+53.2%	$3.2M
Free Cash Flow	$1.1M-87.5%	$8.8M+143.0%	-$20.5M-141.8%	-$8.5M-87.9%	-$4.5M+50.9%	-$9.2M-22.5%	-$7.5M-133.7%	-$3.2M
Investing Cash Flow	$8.0M+184.9%	-$9.4M+36.2%	-$14.8M-143.4%	$34.0M+3194.4%	-$1.1M+57.8%	-$2.6M-102.7%	-$1.3M+59.7%	-$3.2M
Financing Cash Flow	-$4.6M-7.5%	-$4.3M-113.0%	$32.9M+453.7%	-$9.3M-933.6%	-$900K-101.0%	$93.4M+129983.7%	-$72K-103.9%	$1.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VREOF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	47.3%-3.8pp	51.1%+1.1pp	50.0%+8.6pp	41.4%+5.1pp	36.4%+1.6pp	34.8%
Operating Margin	-0.4%-14.0pp	13.7%+1.7pp	12.0%+21.3pp	-9.3%+28.3pp	-37.6%+9.2pp	-46.8%
Net Margin	-25.3%+2.8pp	-28.2%+0.8pp	-29.0%+27.9pp	-56.9%+5.0pp	-61.9%-15.3pp	-46.6%
Return on Equity	-22.2%+28.2pp	-50.4%	N/A	-1233.9%-1155.6pp	-78.3%-41.5pp	-36.8%
Return on Assets	-8.3%+1.7pp	-10.0%+3.9pp	-13.9%+12.7pp	-26.7%-6.5pp	-20.2%+2.2pp	-22.4%
Current Ratio	1.59-0.1	1.70+0.9	0.83-0.7	1.57-1.0	2.54+0.2	2.36
Debt-to-Equity	1.66-2.4	4.02+16.4	-12.42-25.9	13.44+12.8	0.64+0.6	0.00
FCF Margin	-9.2%+12.9pp	-22.1%-15.3pp	-6.7%+24.9pp	-31.7%+57.5pp	-89.2%-49.8pp	-39.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	55.8%+1.4pp	54.4%+13.6pp	40.8%-1.7pp	42.5%-8.1pp	50.6%+0.0pp	50.6%+1.6pp	49.0%-5.0pp	54.0%
Operating Margin	8.5%+10.2pp	-1.8%-2.6pp	0.9%+5.1pp	-4.2%-12.4pp	8.2%+11.5pp	-3.4%-18.7pp	15.3%-7.8pp	23.1%
Net Margin	-19.1%+0.4pp	-19.5%+9.2pp	-28.7%+2.4pp	-31.1%-4.5pp	-26.5%+36.2pp	-62.7%-43.2pp	-19.6%-16.9pp	-2.7%
Return on Equity	-6.9%-0.3pp	-6.6%+4.0pp	-10.7%-5.1pp	-5.6%+7.3pp	-12.9%+15.4pp	-28.2%	N/A	N/A
Return on Assets	-2.2%+0.3pp	-2.5%+1.4pp	-3.9%-1.6pp	-2.3%+0.1pp	-2.4%+3.3pp	-5.6%-3.1pp	-2.5%-2.2pp	-0.3%
Current Ratio	1.20-0.4	1.59+0.3	1.31+0.0	1.28-0.4	1.66-0.0	1.70+0.6	1.12+0.3	0.80
Debt-to-Equity	2.16+0.5	1.66-0.1	1.76+0.3	1.45-3.0	4.49+0.5	4.02+22.6	-18.62-9.0	-9.63
FCF Margin	1.0%-7.4pp	8.4%+30.7pp	-22.3%-4.7pp	-17.6%+0.8pp	-18.4%+18.3pp	-36.6%-6.9pp	-29.7%-17.0pp	-12.7%

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Frequently Asked Questions

What is Vireo Growth Inc's annual revenue?

Vireo Growth Inc (VREOF) reported $268.8M in total revenue for fiscal year 2025. This represents a 170.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Vireo Growth Inc's revenue growing?

Vireo Growth Inc (VREOF) revenue grew by 170.4% year-over-year, from $99.4M to $268.8M in fiscal year 2025.

Is Vireo Growth Inc profitable?

No, Vireo Growth Inc (VREOF) reported a net income of -$68.1M in fiscal year 2025, with a net profit margin of -25.3%.

What is Vireo Growth Inc's EBITDA?

Vireo Growth Inc (VREOF) had EBITDA of $15.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Vireo Growth Inc's gross margin?

Vireo Growth Inc (VREOF) had a gross margin of 47.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Vireo Growth Inc's operating margin?

Vireo Growth Inc (VREOF) had an operating margin of -0.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Vireo Growth Inc's net profit margin?

Vireo Growth Inc (VREOF) had a net profit margin of -25.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Vireo Growth Inc's return on equity (ROE)?

Vireo Growth Inc (VREOF) has a return on equity of -22.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Vireo Growth Inc's free cash flow?

Vireo Growth Inc (VREOF) generated -$24.6M in free cash flow during fiscal year 2025. This represents a -12.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Vireo Growth Inc's operating cash flow?

Vireo Growth Inc (VREOF) generated $3.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Vireo Growth Inc's total assets?

Vireo Growth Inc (VREOF) had $817.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Vireo Growth Inc's capital expenditures?

Vireo Growth Inc (VREOF) invested $28.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Vireo Growth Inc's current ratio?

Vireo Growth Inc (VREOF) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.

What is Vireo Growth Inc's debt-to-equity ratio?

Vireo Growth Inc (VREOF) had a debt-to-equity ratio of 1.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vireo Growth Inc's return on assets (ROA)?

Vireo Growth Inc (VREOF) had a return on assets of -8.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Vireo Growth Inc's Altman Z-Score?

Vireo Growth Inc (VREOF) has an Altman Z-Score of 0.56, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Vireo Growth Inc's Piotroski F-Score?

Vireo Growth Inc (VREOF) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Vireo Growth Inc's earnings high quality?

Vireo Growth Inc (VREOF) has an earnings quality ratio of -0.05x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.