Verano Hldgs Financials

VRNO

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Verano Hldgs (VRNO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).

Financial Health Signals

Financial Profile 33/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Verano Hldgs has an operating margin of -27.0%, meaning the company retains $-27 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 9.0% the prior year.

Growth

Verano Hldgs's revenue declined 6.4% year-over-year, from $938.5M to $878.6M. This contraction results in a growth score of 10/100.

Leverage

Verano Hldgs carries a low D/E ratio of 0.42, meaning only $0.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Verano Hldgs's current ratio of 1.81 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Verano Hldgs generated $112.2M in operating cash flow, capex of $99.0M consumed most of it, leaving $13.1M in free cash flow. This results in a low score of 8/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Verano Hldgs passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.33x

For every $1 of reported earnings, Verano Hldgs generates $-0.33 in operating cash flow ($112.2M OCF vs -$341.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Revenue

$878.6M

YoY-6.4%

Verano Hldgs generated $878.6M in revenue in fiscal year 2024. This represents a decrease of 6.4% from the prior year.

EBITDA

-$97.5M

YoY-143.2%

Verano Hldgs's EBITDA was -$97.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 143.2% from the prior year.

Free Cash Flow

$13.1M

YoY-82.1%

Verano Hldgs generated $13.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 82.1% from the prior year.

Net Income

-$341.9M

YoY-191.3%

Verano Hldgs reported -$341.9M in net income in fiscal year 2024. This represents a decrease of 191.3% from the prior year.

EPS (Diluted)

$-0.98

YoY-188.2%

Verano Hldgs earned $-0.98 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 188.2% from the prior year.

Cash & Debt

$87.8M

YoY-49.8%

Verano Hldgs held $87.8M in cash against $395.7M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

50.5%

YoY-0.1pp

Verano Hldgs's gross margin was 50.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.

Operating Margin

-27.0%

YoY-36.0pp

Verano Hldgs's operating margin was -27.0% in fiscal year 2024, reflecting core business profitability. This is down 36.0 percentage points from the prior year.

Net Margin

-38.9%

YoY-26.4pp

Verano Hldgs's net profit margin was -38.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 26.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$99.0M

YoY+172.6%

Verano Hldgs invested $99.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 172.6% from the prior year.

VRNO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$878.6M-6.4%	$938.5M+6.7%	$879.4M+19.2%	$737.9M+222.9%	$228.5M
Cost of Revenue	$434.7M-6.2%	$463.2M+1.5%	$456.4M+12.2%	$406.8M+337.6%	$93.0M
Gross Profit	$443.9M-6.6%	$475.2M+12.3%	$423.1M+27.8%	$331.0M+144.2%	$135.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$353.4M+6.5%	$331.9M-6.9%	$356.6M+31.6%	$270.9M+526.2%	$43.3M
Operating Income	-$237.2M-379.7%	$84.8M+152.6%	-$161.1M-349.0%	$64.7M-31.9%	$95.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$41.9M-71.1%	$145.1M+37.6%	$105.5M+1.4%	$104.0M+145.9%	$42.3M
Net Income	-$341.9M-191.3%	-$117.3M+56.4%	-$269.2M-368.1%	-$57.5M-249.8%	$38.4M
EPS (Diluted)	$-0.98-188.2%	$-0.34+58.0%	$-0.81-305.0%	$-0.20-242.9%	$0.14

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$202.8M+0.3%	$202.3M-3.6%	$209.8M-3.8%	$218.2M+0.7%	$216.7M-2.6%	$222.4M+0.5%	$221.3M-6.7%	$237.2M
Cost of Revenue	$107.6M+20.5%	$89.3M-19.0%	$110.2M-0.4%	$110.7M+2.9%	$107.6M-0.4%	$108.0M-0.3%	$108.3M-9.4%	$119.6M
Gross Profit	$95.2M-15.7%	$113.0M+13.5%	$99.6M-7.4%	$107.5M-1.4%	$109.1M-4.6%	$114.3M+1.2%	$113.0M-4.0%	$117.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$80.6M-6.7%	$86.3M+2.1%	$84.6M+1.0%	$83.7M-9.3%	$92.3M+6.0%	$87.1M-3.6%	$90.3M+5.3%	$85.7M
Operating Income	$9.3M-64.6%	$26.2M+74.7%	$15.0M+104.9%	-$303.9M-1912.1%	$16.8M-38.5%	$27.3M+20.3%	$22.7M+215.0%	-$19.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$28.4M-19.1%	$35.2M+102.6%	$17.3M+138.1%	-$45.5M-200.1%	$45.5M+49.0%	$30.5M+166.0%	$11.5M-74.1%	$44.4M
Net Income	-$43.8M-128.9%	-$19.1M-66.3%	-$11.5M+95.8%	-$272.7M-540.7%	-$42.6M-95.6%	-$21.8M-351.3%	-$4.8M+93.8%	-$77.2M
EPS (Diluted)	$-0.12-140.0%	$-0.05-66.7%	$-0.03	N/A	$-0.12-100.0%	$-0.06-500.0%	$-0.01	N/A

VRNO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.0B-14.2%	$2.3B-3.2%	$2.4B-6.0%	$2.5B	N/A
Current Assets	$357.5M-9.3%	$394.2M+23.9%	$318.3M+14.9%	$277.0M	N/A
Cash & Equivalents	$87.8M-49.8%	$174.8M+106.0%	$84.9M-14.4%	$99.1M+504.3%	$16.4M
Inventory	$184.5M+18.4%	$155.8M-5.3%	$164.5M+16.9%	$140.7M	N/A
Accounts Receivable	$40.3M+3.3%	$39.0M+135.1%	$16.6M-4.8%	$17.4M	N/A
Goodwill	$246.2M+6.5%	$231.3M-14.0%	$269.1M-26.9%	$368.1M+2196.6%	$16.0M
Total Liabilities	$1.0B-3.8%	$1.1B+2.3%	$1.1B-1.2%	$1.1B	N/A
Current Liabilities	$198.0M-52.0%	$412.2M+6.6%	$386.6M-17.8%	$470.5M	N/A
Long-Term Debt	$395.7M+0.5%	$393.6M+1.3%	$388.5M+40.7%	$276.2M	N/A
Total Equity	$952.2M-23.2%	$1.2B-7.6%	$1.3B-9.4%	$1.5B	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$1.9B-0.8%	$1.9B-1.4%	$2.0B-1.0%	$2.0B-14.1%	$2.3B+3.4%	$2.2B-3.3%	$2.3B-0.2%	$2.3B
Current Assets	$385.4M+3.8%	$371.4M+2.8%	$361.1M+1.0%	$357.5M+11.1%	$321.7M-10.0%	$357.6M-14.6%	$418.8M+6.2%	$394.2M
Cash & Equivalents	$82.6M+20.5%	$68.6M-18.6%	$84.2M-4.1%	$87.8M+35.1%	$65.0M-50.0%	$130.1M-32.9%	$193.8M+10.9%	$174.8M
Inventory	$219.7M+2.5%	$214.3M+11.5%	$192.3M+4.2%	$184.5M-4.9%	$194.0M+14.6%	$169.4M+1.9%	$166.2M+6.7%	$155.8M
Accounts Receivable	$32.5M+5.5%	$30.8M-23.1%	$40.0M-0.6%	$40.3M-14.2%	$46.9M+8.6%	$43.2M+3.1%	$41.9M+7.6%	$39.0M
Goodwill	$247.6M0.0%	$247.6M0.0%	$247.6M+0.6%	$246.2M-2.4%	$252.2M+9.0%	$231.3M0.0%	$231.3M0.0%	$231.3M
Total Liabilities	$1.0B+2.5%	$1.0B-1.1%	$1.0B-1.0%	$1.0B-5.4%	$1.1B+7.8%	$1.0B-5.4%	$1.1B-0.2%	$1.1B
Current Liabilities	$143.4M-3.0%	$147.8M-11.8%	$167.6M-15.3%	$198.0M-54.5%	$435.4M+20.7%	$360.6M-13.1%	$415.0M+0.7%	$412.2M
Long-Term Debt	$397.8M-0.5%	$399.8M-1.0%	$403.8M+2.1%	$395.7M-0.5%	$397.6M+1.5%	$391.7M+0.1%	$391.3M-0.6%	$393.6M
Total Equity	$885.9M-4.5%	$927.2M-1.7%	$943.4M-0.9%	$952.2M-21.8%	$1.2B-0.3%	$1.2B-1.4%	$1.2B-0.1%	$1.2B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VRNO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$112.2M+2.3%	$109.7M+16.3%	$94.3M-48.4%	$182.9M+155.3%	$71.6M
Capital Expenditures	$99.0M+172.6%	$36.3M-69.5%	$119.2M-15.6%	$141.3M+134.8%	$60.2M
Free Cash Flow	$13.1M-82.1%	$73.4M+395.6%	-$24.8M-159.7%	$41.6M+262.6%	$11.5M
Investing Cash Flow	-$133.3M-290.2%	-$34.1M+83.6%	-$207.9M+54.4%	-$455.8M-424.5%	-$86.9M
Financing Cash Flow	-$65.9M-559.3%	$14.4M-85.5%	$99.2M-72.1%	$355.7M+1307.7%	$25.3M
Dividends Paid	N/A	N/A	$0	$0-100.0%	$46K
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$26.4M+141.8%	$10.9M+510.3%	$1.8M-95.9%	$43.5M+46.3%	$29.7M+275.4%	$7.9M-74.5%	$31.0M-4.0%	$32.3M
Capital Expenditures	$7.5M-28.8%	$10.5M-24.5%	$13.9M-2.7%	$14.2M-74.8%	$56.6M+205.6%	$18.5M+90.9%	$9.7M-1.3%	$9.8M
Free Cash Flow	$18.9M+4284.0%	$431K+103.6%	-$12.1M-141.3%	$29.3M+208.9%	-$26.9M-153.5%	-$10.6M-149.6%	$21.3M-5.2%	$22.5M
Investing Cash Flow	-$7.5M+28.4%	-$10.4M-118.2%	-$4.8M+61.5%	-$12.4M+86.6%	-$92.6M-400.3%	-$18.5M-90.9%	-$9.7M+1.3%	-$9.8M
Financing Cash Flow	-$4.8M+69.9%	-$16.1M-2630.3%	-$591K+92.9%	-$8.3M-283.0%	-$2.2M+95.9%	-$53.2M-2193.0%	-$2.3M-110.4%	$22.3M
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

VRNO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	50.5%-0.1pp	50.6%+2.5pp	48.1%+3.3pp	44.9%-14.5pp	59.3%
Operating Margin	-27.0%-36.0pp	9.0%+27.4pp	-18.3%-27.1pp	8.8%-32.8pp	41.6%
Net Margin	-38.9%-26.4pp	-12.5%+18.1pp	-30.6%-22.8pp	-7.8%-24.6pp	16.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-17.2%-12.1pp	-5.1%+6.2pp	-11.2%-9.0pp	-2.3%	N/A
Current Ratio	1.81+0.8	0.96+0.1	0.82+0.2	0.59	N/A
Debt-to-Equity	0.42+0.1	0.32+0.0	0.29+0.1	0.19	N/A
FCF Margin	1.5%-6.3pp	7.8%+10.6pp	-2.8%-8.5pp	5.6%+0.6pp	5.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	47.0%-8.9pp	55.9%+8.4pp	47.5%-1.8pp	49.3%-1.1pp	50.3%-1.1pp	51.4%+0.4pp	51.0%+1.5pp	49.6%
Operating Margin	4.6%-8.4pp	13.0%+5.8pp	7.1%+146.4pp	-139.3%-147.0pp	7.7%-4.5pp	12.3%+2.0pp	10.2%+18.6pp	-8.3%
Net Margin	-21.6%-12.1pp	-9.5%-4.0pp	-5.5%+119.5pp	-125.0%-105.3pp	-19.6%-9.8pp	-9.8%-7.6pp	-2.2%+30.4pp	-32.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.3%-1.3pp	-1.0%-0.4pp	-0.6%+13.1pp	-13.7%-11.9pp	-1.8%-0.9pp	-1.0%-0.8pp	-0.2%+3.1pp	-3.3%
Current Ratio	2.69+0.2	2.51+0.4	2.15+0.3	1.81+1.1	0.74-0.3	0.99-0.0	1.01+0.1	0.96
Debt-to-Equity	0.45+0.0	0.430.0	0.43+0.0	0.42+0.1	0.330.0	0.320.0	0.320.0	0.32
FCF Margin	9.3%+9.1pp	0.2%+6.0pp	-5.8%-19.2pp	13.4%+25.8pp	-12.4%-7.6pp	-4.8%-14.4pp	9.6%+0.1pp	9.5%

Frequently Asked Questions

What is Verano Hldgs's annual revenue?

Verano Hldgs (VRNO) reported $878.6M in total revenue for fiscal year 2024. This represents a -6.4% 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 Verano Hldgs's revenue growing?

Verano Hldgs (VRNO) revenue declined by 6.4% year-over-year, from $938.5M to $878.6M in fiscal year 2024.

Is Verano Hldgs profitable?

No, Verano Hldgs (VRNO) reported a net income of -$341.9M in fiscal year 2024, with a net profit margin of -38.9%.

What is Verano Hldgs's earnings per share (EPS)?

Verano Hldgs (VRNO) reported diluted earnings per share of $-0.98 for fiscal year 2024. This represents a -188.2% 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.

What is Verano Hldgs's EBITDA?

Verano Hldgs (VRNO) had EBITDA of -$97.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Verano Hldgs have?

As of fiscal year 2024, Verano Hldgs (VRNO) had $87.8M in cash and equivalents against $395.7M in long-term debt.

What is Verano Hldgs's gross margin?

Verano Hldgs (VRNO) had a gross margin of 50.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Verano Hldgs's operating margin?

Verano Hldgs (VRNO) had an operating margin of -27.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Verano Hldgs's net profit margin?

Verano Hldgs (VRNO) had a net profit margin of -38.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Verano Hldgs's free cash flow?

Verano Hldgs (VRNO) generated $13.1M in free cash flow during fiscal year 2024. This represents a -82.1% 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 Verano Hldgs's operating cash flow?

Verano Hldgs (VRNO) generated $112.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Verano Hldgs's total assets?

Verano Hldgs (VRNO) had $2.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Verano Hldgs's capital expenditures?

Verano Hldgs (VRNO) invested $99.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Verano Hldgs's current ratio?

Verano Hldgs (VRNO) had a current ratio of 1.81 as of fiscal year 2024, which is generally considered healthy.

What is Verano Hldgs's debt-to-equity ratio?

Verano Hldgs (VRNO) had a debt-to-equity ratio of 0.42 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Verano Hldgs's return on assets (ROA)?

Verano Hldgs (VRNO) had a return on assets of -17.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Verano Hldgs's Piotroski F-Score?

Verano Hldgs (VRNO) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Verano Hldgs's earnings high quality?

Verano Hldgs (VRNO) has an earnings quality ratio of -0.33x, 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.

How financially healthy is Verano Hldgs?

Verano Hldgs (VRNO) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.