Verano Hldgs Financials
Verano Hldgs (VRNOF) reported $821.5M in revenue for fiscal year 2025, down 6.5% from the prior fiscal year. This page shows its 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).
Stable gross margins are being offset by falling sales and sticky overhead, leaving only thin free cash flow.
The balance sheet looks more liquid on paper, but that improvement did not come from cash accumulation: cash slipped to$82.7M from$87.8M . Instead, current liabilities fell while inventory rose to$230.0M as revenue fell to$821.5M , meaning more liquidity is tied up in stock than sitting in cash.
Gross margin held near
Operating cash flow remained positive at
Financial Health Signals
Verano Hldgs does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Verano Hldgs scores -0.11, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($476.1M) 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.
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.
Verano Hldgs reported a net loss of $258K while generating $52.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Verano Hldgs generated $821.5M in revenue in fiscal year 2025. This represents a decrease of 6.5% from the prior year.
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.
Verano Hldgs reported -$258K in net income in fiscal year 2025. This represents an increase of 24.6% from the prior year.
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
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.
Verano Hldgs held $82.7M in cash against $391.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Verano Hldgs's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. That is unchanged from the prior year.
Verano Hldgs's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. That is unchanged from the prior year.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
VRNOF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $819.9M | $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 | $407.0M | $408.0M-6.1% | $434.7M-6.2% | $463.2M+1.5% | $456.4M+12.2% | $406.8M+337.6% | $93.0M |
| Gross Profit | $412.9M | $413.5M-6.9% | $443.9M-6.6% | $475.2M+12.3% | $423.1M+27.8% | $331.0M+144.2% | $135.6M |
| SG&A Expenses | $338.6M | $337.3M-4.6% | $353.4M+6.5% | $331.9M-6.9% | $356.6M+31.6% | $270.9M+526.2% | $43.3M |
| Operating Income | -$109.0M | -$107.1M+54.8% | -$237.2M-379.7% | $84.8M+152.6% | -$161.1M-349.0% | $64.7M-31.9% | $95.0M |
| Income Tax | $86.0M | $91.7M+118.6% | $41.9M-71.1% | $145.1M+37.6% | $105.5M+1.4% | $104.0M+145.9% | $42.3M |
| Net Income | -$6.6M | -$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 | -$0.20-242.9% | $0.14 |
Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VRNOF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| 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 |
VRNOF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $69.7M | $52.9M-52.9% | $112.2M+2.3% | $109.7M+16.3% | $94.3M-48.4% | $182.9M+155.3% | $71.6M |
| Capital Expenditures | $42.3M | $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 | $27.4M | $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 | -$42.7M | -$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 | -$37.1M | -$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 | N/A | $0 | $0-100.0% | $46K |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VRNOF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| 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+1.1x | 1.79+0.8x | 0.96+0.1x | 0.82+0.2x | 0.59 | N/A |
| Debt-to-Equity | 0.56+0.1x | 0.42+0.1x | 0.320.0x | 0.29+0.1x | 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% |
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Where Verano Hldgs Ranks
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.
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 -0.11, 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) reported a net loss of $258K while generating $52.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.