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

Verano Hldgs (VRNOF) reported diluted earnings per share of $-0.71 for fiscal year 2025. This represents a 27.6% 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.

Verano Hldgs Financials

VRNOF

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

This page shows Verano Hldgs (VRNOF) 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 VRNOF FY2025 2026-04-22

Stable gross margins are being overwhelmed by shrinking scale and sticky overhead, leaving only a thin operating cash buffer to support reinvestment.

Over the last two years, gross margin stayed roughly flat even as revenue fell from $938M to $822M, so the weaker results do not look driven mainly by lower product-level profitability. That makes the operating loss look more like a fixed-cost absorption problem than collapsing unit economics, because SG&A remained above $330M while operating margin was still -13.0% in FY2025.

The cash conversion story is better than net income suggests: operating cash flow was $52.9M and free cash flow stayed positive at $11.6M. But that cushion has narrowed sharply from the healthier FY2023 cash profile, which means the business still throws off cash before financing, just with much less room to cover reinvestment and absorb pressure.

Balance-sheet pressure is rising even without a debt surge: liabilities stayed around $1.0B while equity fell to $704M. That leaves debt-to-equity mechanically higher, so the company is becoming more leveraged mainly because recurring losses and asset shrinkage are reducing the equity base rather than because borrowings are materially expanding.

Financial Health Signals

Financial health score pending refresh

We are recalculating Verano Hldgs'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

-0.12

Verano Hldgs scores -0.12, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($457.2M) relative to total liabilities ($1.0B). 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

5/8

Verano Hldgs passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-204.94x

For every $1 of reported earnings, Verano Hldgs generates $-204.94 in operating cash flow ($52.9M OCF vs -$258K 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

$821.5M

YoY-6.5%

5Y CAGR+29.2%

Verano Hldgs generated $821.5M in revenue in fiscal year 2025. This represents a decrease of 6.5% from the prior year.

EBITDA

$17.1M

YoY+117.5%

5Y CAGR-30.2%

Verano Hldgs's EBITDA was $17.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 117.5% from the prior year.

Net Income

-$258K

YoY+24.6%

Verano Hldgs reported -$258K in net income in fiscal year 2025. This represents an increase of 24.6% from the prior year.

EPS (Diluted)

$-0.71

YoY+27.6%

Verano Hldgs earned $-0.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 27.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$11.6M

YoY-11.5%

5Y CAGR+0.3%

Verano Hldgs generated $11.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 11.5% from the prior year.

Cash & Debt

$82.7M

YoY-5.8%

5Y CAGR+38.2%

Verano Hldgs held $82.7M in cash against $391.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

363M

5Y CAGR+415.3%

Verano Hldgs had 363M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

50.3%

YoY-0.2pp

5Y CAGR-9.0pp

Verano Hldgs's gross margin was 50.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.

Operating Margin

-13.0%

YoY+14.0pp

5Y CAGR-54.6pp

Verano Hldgs's operating margin was -13.0% in fiscal year 2025, reflecting core business profitability. This is up 14.0 percentage points from the prior year.

Net Margin

-0.0%

YoY+0.0pp

5Y CAGR-16.8pp

Verano Hldgs's net profit margin was -0.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.0 percentage points from the prior year.

Return on Equity

-0.0%

YoY+0.0pp

Verano Hldgs's ROE was -0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$41.2M

YoY-58.4%

5Y CAGR-7.3%

Verano Hldgs invested $41.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 58.4% from the prior year.

VRNOF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$821.5M-6.5%	$878.6M-6.4%	$938.5M+6.7%	$879.4M+19.2%	$737.9M+222.9%	$228.5M
Cost of Revenue	$408.0M-6.1%	$434.7M-6.2%	$463.2M+1.5%	$456.4M+12.2%	$406.8M+337.6%	$93.0M
Gross Profit	$413.5M-6.9%	$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	N/A
SG&A Expenses	$337.3M-4.6%	$353.4M+6.5%	$331.9M-6.9%	$356.6M+31.6%	$270.9M+526.2%	$43.3M
Operating Income	-$107.1M+54.8%	-$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	N/A
Income Tax	$91.7M+118.6%	$41.9M-71.1%	$145.1M+37.6%	$105.5M+1.4%	$104.0M+145.9%	$42.3M
Net Income	-$258K+24.6%	-$342K-191.3%	-$117K+56.4%	-$269K+99.5%	-$57.5M-249.8%	$38.4M
EPS (Diluted)	$-0.71+27.6%	$-0.98-188.2%	$-0.34+58.0%	$-0.81-305.0%	$-0.20-242.9%	$0.14

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$208.2M+0.8%	$206.6M+1.9%	$202.8M+0.3%	$202.3M-3.6%	$209.8M-3.8%	$218.2M+0.7%	$216.7M-2.6%	$222.4M
Cost of Revenue	$109.2M+8.2%	$100.9M-6.2%	$107.6M+20.5%	$89.3M-19.0%	$110.2M-0.4%	$110.7M+2.9%	$107.6M-0.4%	$108.0M
Gross Profit	$99.0M-6.4%	$105.7M+11.0%	$95.2M-15.7%	$113.0M+13.5%	$99.6M-7.4%	$107.5M-1.4%	$109.1M-4.6%	$114.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$85.9M0.0%	$85.8M+6.6%	$80.6M-6.7%	$86.3M+2.1%	$84.6M+1.0%	$83.7M-9.3%	$92.3M+6.0%	$87.1M
Operating Income	$13.1M+108.3%	-$157.6M-1798.6%	$9.3M-64.6%	$26.2M+74.7%	$15.0M+104.9%	-$303.9M-1912.1%	$16.8M-38.5%	$27.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$11.6M+8.3%	$10.7M-62.3%	$28.4M-19.1%	$35.2M+102.6%	$17.3M+138.1%	-$45.5M-200.1%	$45.5M+49.0%	$30.5M
Net Income	-$17.8M-124.0%	$74.2M+269.4%	-$43.8M-128.9%	-$19.1M-66.3%	-$11.5M-116.7%	$68.8M+261.7%	-$42.6M-95.6%	-$21.8M
EPS (Diluted)	$-0.05	N/A	$-0.12-140.0%	$-0.05-66.7%	$-0.03	N/A	$-0.12-100.0%	$-0.06

VRNOF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.7B-12.7%	$2.0B-14.0%	$2.3B-3.2%	$2.4B-6.0%	$2.5B	N/A
Current Assets	$404.7M+11.6%	$362.7M-8.0%	$394.2M+23.9%	$318.3M+14.9%	$277.0M	N/A
Cash & Equivalents	$82.7M-5.8%	$87.8M-49.8%	$174.8M+106.0%	$84.9M-14.4%	$99.1M+504.3%	$16.4M
Inventory	$230.0M+24.7%	$184.5M+18.4%	$155.8M-5.3%	$164.5M+16.9%	$140.7M	N/A
Accounts Receivable	$30.9M-23.2%	$40.3M+3.3%	$39.0M+135.1%	$16.6M-4.8%	$17.4M	N/A
Goodwill	$161.0M-34.6%	$246.2M+6.5%	$231.3M-14.0%	$269.1M-26.9%	$368.1M+2196.6%	$16.0M
Total Liabilities	$1.0B-0.4%	$1.0B-3.3%	$1.1B+2.3%	$1.1B-1.2%	$1.1B	N/A
Current Liabilities	$140.3M-30.9%	$203.1M-50.7%	$412.2M+6.6%	$386.6M-17.8%	$470.5M	N/A
Long-Term Debt	$391.9M-1.0%	$395.7M+0.5%	$393.6M+1.3%	$388.5M+40.7%	$276.2M	N/A
Total Equity	$704.2M-26.0%	$952.2M-23.2%	$1.2B-7.6%	$1.3B-9.4%	$1.5B	N/A
Retained Earnings	-$1.0B-32.9%	-$783.6M	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
Total Assets	$1.7B-1.9%	$1.7B-9.5%	$1.9B-0.8%	$1.9B-1.4%	$2.0B-1.3%	$2.0B-13.8%	$2.3B+3.4%	$2.2B
Current Assets	$394.5M-2.5%	$404.7M+5.0%	$385.4M+3.8%	$371.4M+2.8%	$361.1M-0.4%	$362.7M+12.7%	$321.7M-10.0%	$357.6M
Cash & Equivalents	$74.0M-10.5%	$82.7M+0.1%	$82.6M+20.5%	$68.6M-18.6%	$84.2M-4.1%	$87.8M+35.1%	$65.0M-50.0%	$130.1M
Inventory	$235.6M+2.4%	$230.0M+4.7%	$219.7M+2.5%	$214.3M+11.5%	$192.3M+4.2%	$184.5M-4.9%	$194.0M+14.6%	$169.4M
Accounts Receivable	$32.1M+3.9%	$30.9M-4.7%	$32.5M+5.5%	$30.8M-23.1%	$40.0M-0.6%	$40.3M-14.2%	$46.9M+8.6%	$43.2M
Goodwill	$161.0M0.0%	$161.0M-35.0%	$247.6M0.0%	$247.6M0.0%	$247.6M+0.6%	$246.2M-2.4%	$252.2M+9.0%	$231.3M
Total Liabilities	$1.0B-1.7%	$1.0B-0.2%	$1.0B+2.5%	$1.0B-1.1%	$1.0B-1.5%	$1.0B-4.9%	$1.1B+7.8%	$1.0B
Current Liabilities	$118.9M-15.2%	$140.3M-2.2%	$143.4M-3.0%	$147.8M-11.8%	$167.6M-17.5%	$203.1M-53.3%	$435.4M+20.7%	$360.6M
Long-Term Debt	$384.2M-1.9%	$391.9M-1.5%	$397.8M-0.5%	$399.8M-1.0%	$403.8M+2.1%	$395.7M-0.5%	$397.6M+1.5%	$391.7M
Total Equity	$688.3M-2.2%	$704.2M-20.5%	$885.9M-4.5%	$927.2M-1.7%	$943.4M-0.9%	$952.2M-21.8%	$1.2B-0.3%	$1.2B
Retained Earnings	-$1.1B-1.7%	-$1.0B	N/A	N/A	N/A	-$783.6M	N/A	N/A

VRNOF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$52.9M-52.9%	$112.2M+2.3%	$109.7M+16.3%	$94.3M-48.4%	$182.9M+155.3%	$71.6M
Capital Expenditures	$41.2M-58.4%	$99.0M+172.6%	$36.3M-69.5%	$119.2M-15.6%	$141.3M+134.8%	$60.2M
Free Cash Flow	$11.6M-11.5%	$13.1M-82.1%	$73.4M+395.6%	-$24.8M-159.7%	$41.6M+262.6%	$11.5M
Investing Cash Flow	-$32.6M+75.5%	-$133.3M-290.2%	-$34.1M+83.6%	-$207.9M+54.4%	-$455.8M-424.5%	-$86.9M
Financing Cash Flow	-$25.3M+61.6%	-$65.9M-559.3%	$14.4M-85.5%	$99.2M-72.1%	$355.7M+1307.7%	$25.3M
Dividends Paid	N/A	N/A	N/A	$0	$0-100.0%	$46K
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	$18.6M+34.5%	$13.8M-47.6%	$26.4M+141.8%	$10.9M+510.3%	$1.8M-95.9%	$43.5M+46.3%	$29.7M+275.4%	$7.9M
Capital Expenditures	$14.9M+58.3%	$9.4M+26.5%	$7.5M-28.8%	$10.5M-24.5%	$13.9M-2.7%	$14.2M-74.8%	$56.6M+205.6%	$18.5M
Free Cash Flow	$3.6M-16.7%	$4.4M-76.8%	$18.9M+4284.0%	$431K+103.6%	-$12.1M-141.3%	$29.3M+208.9%	-$26.9M-153.5%	-$10.6M
Investing Cash Flow	-$14.9M-49.6%	-$10.0M-33.8%	-$7.5M+28.4%	-$10.4M-118.2%	-$4.8M+61.5%	-$12.4M+86.6%	-$92.6M-400.3%	-$18.5M
Financing Cash Flow	-$12.4M-230.6%	-$3.7M+22.8%	-$4.8M+69.9%	-$16.1M-2630.3%	-$591K+92.9%	-$8.3M-283.0%	-$2.2M+95.9%	-$53.2M
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

VRNOF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	50.3%-0.2pp	50.5%-0.1pp	50.6%+2.5pp	48.1%+3.3pp	44.9%-14.5pp	59.3%
Operating Margin	-13.0%+14.0pp	-27.0%-36.0pp	9.0%+27.4pp	-18.3%-27.1pp	8.8%-32.8pp	41.6%
Net Margin	-0.0%+0.0pp	-0.0%-0.0pp	-0.0%+0.0pp	-0.0%+7.8pp	-7.8%-24.6pp	16.8%
Return on Equity	-0.0%0.0pp	-0.0%-0.0pp	-0.0%+0.0pp	-0.0%+3.9pp	-3.9%	N/A
Return on Assets	-0.0%+0.0pp	-0.0%-0.0pp	-0.0%0.0pp	-0.0%+2.3pp	-2.3%	N/A
Current Ratio	2.88+1.1	1.79+0.8	0.96+0.1	0.82+0.2	0.59	N/A
Debt-to-Equity	0.56+0.1	0.42+0.1	0.32+0.0	0.29+0.1	0.19	N/A
FCF Margin	1.4%-0.1pp	1.5%-6.3pp	7.8%+10.6pp	-2.8%-8.5pp	5.6%+0.6pp	5.0%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	47.5%-3.6pp	51.2%+4.2pp	47.0%-8.9pp	55.9%+8.4pp	47.5%-1.8pp	49.3%-1.1pp	50.3%-1.1pp	51.4%
Operating Margin	6.3%+82.6pp	-76.3%-80.8pp	4.6%-8.4pp	13.0%+5.8pp	7.1%+146.4pp	-139.3%-147.0pp	7.7%-4.5pp	12.3%
Net Margin	-8.6%-44.5pp	35.9%+57.5pp	-21.6%-12.1pp	-9.5%-4.0pp	-5.5%-37.0pp	31.5%+51.2pp	-19.6%-9.8pp	-9.8%
Return on Equity	-2.6%-13.1pp	10.5%+15.5pp	-5.0%-2.9pp	-2.1%-0.8pp	-1.2%-8.5pp	7.2%+10.7pp	-3.5%-1.7pp	-1.8%
Return on Assets	-1.0%-5.3pp	4.3%+6.5pp	-2.3%-1.3pp	-1.0%-0.4pp	-0.6%-4.0pp	3.5%+5.3pp	-1.8%-0.9pp	-1.0%
Current Ratio	3.32+0.4	2.88+0.2	2.69+0.2	2.51+0.4	2.15+0.4	1.79+1.0	0.74-0.3	0.99
Debt-to-Equity	0.560.0	0.56+0.1	0.45+0.0	0.430.0	0.43+0.0	0.42+0.1	0.330.0	0.32
FCF Margin	1.8%-0.4pp	2.1%-7.2pp	9.3%+9.1pp	0.2%+6.0pp	-5.8%-19.2pp	13.4%+25.8pp	-12.4%-7.6pp	-4.8%

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Frequently Asked Questions

What is Verano Hldgs's annual revenue?

Verano Hldgs (VRNOF) reported $821.5M in total revenue for fiscal year 2025. This represents a -6.5% 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 (VRNOF) revenue declined by 6.5% year-over-year, from $878.6M to $821.5M in fiscal year 2025.

Is Verano Hldgs profitable?

No, Verano Hldgs (VRNOF) reported a net income of -$258K in fiscal year 2025, with a net profit margin of -0.0%.

What is Verano Hldgs's EBITDA?

Verano Hldgs (VRNOF) had EBITDA of $17.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Verano Hldgs have?

As of fiscal year 2025, Verano Hldgs (VRNOF) had $82.7M in cash and equivalents against $391.9M in long-term debt.

What is Verano Hldgs's gross margin?

Verano Hldgs (VRNOF) had a gross margin of 50.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Verano Hldgs's operating margin?

Verano Hldgs (VRNOF) had an operating margin of -13.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Verano Hldgs's net profit margin?

Verano Hldgs (VRNOF) had a net profit margin of -0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Verano Hldgs's return on equity (ROE)?

Verano Hldgs (VRNOF) has a return on equity of -0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Verano Hldgs's free cash flow?

Verano Hldgs (VRNOF) generated $11.6M in free cash flow during fiscal year 2025. This represents a -11.5% 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 (VRNOF) generated $52.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Verano Hldgs's total assets?

Verano Hldgs (VRNOF) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Verano Hldgs's capital expenditures?

Verano Hldgs (VRNOF) invested $41.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Verano Hldgs have outstanding?

Verano Hldgs (VRNOF) had 363M shares outstanding as of fiscal year 2025.

What is Verano Hldgs's current ratio?

Verano Hldgs (VRNOF) had a current ratio of 2.88 as of fiscal year 2025, which is generally considered healthy.

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

Verano Hldgs (VRNOF) had a debt-to-equity ratio of 0.56 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Verano Hldgs (VRNOF) had a return on assets of -0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Verano Hldgs's Altman Z-Score?

Verano Hldgs (VRNOF) has an Altman Z-Score of -0.12, 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 Verano Hldgs's Piotroski F-Score?

Verano Hldgs (VRNOF) has a Piotroski F-Score of 5 out of 8 computable signals; 1 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 Verano Hldgs's earnings high quality?

Verano Hldgs (VRNOF) has an earnings quality ratio of -204.94x, 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.