Verano Holdings Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Verano Holdings Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	229	738	879	938	879	822
Cost of revenue	93	407	456	463	435	408
Gross profit	136	331	423	475	444	413
Selling, general and administrative	43.3	271	357	332	353	337
Operating expenses	43.3	271	586	390	681	521
Operating income	95	64.7	-161	84.8	-237	-107
Other non-operating income	-12.5	-15.7	-2.27	-57	-62.7	-59.1
Pre-tax income	82.5	49	-163	27.8	-300	-166
Income tax	42.3	104	105	145	41.9	91.7
Net income to minority interests	1.76	2.51	0.29	0	0
Net income	38.4	-57.5	-269	-117	-342	-258
EBITDA	103	161	-19.7	226	-97.5	17.1
EPS, basic	0.15	-0.20	-0.81	-0.34	-0.98	-0.71
EPS, diluted	0.14	-0.20	-0.81	-0.34	-0.98	-0.71
Shares, basic (weighted)	264	290	331	343	350	361
Shares, diluted (weighted)	271	290	331	343	350	361

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	16.4	99.1	84.9	175	87.8	82.7
Receivables		17.4	16.6	39	40.3	30.9
Inventory		141	165	156	184	230
Other current assets		19.5	48.9	22.7	12.8	21.2
Total current assets		277	318	394	363	405
Property, plant and equipment	144	452	526	501	538	492
Lease right-of-use assets		61.3	82.3	93.5	99.9	93.8
Goodwill	16	368	269	231	246	161
Intangible assets	72.4	1,380	1,181	1,086	734	579
Total assets		2,549	2,396	2,319	1,994	1,742
Accounts payable		45.2	40.5	31.3	39.9	38.7
Accrued liabilities		42.1	41.8	66.8	68.9	69.3
Deferred revenue		2.62	3.58	5.78	7.45	7.51
Short-term debt		13.8	24.5	52	18.2	7.85
Total current liabilities		471	387	412	203	140
Long-term debt		276	389	394	396	392
Lease liabilities		56.8	76.9	87.4	97.9	91.1
Other non-current liabilities		0	5.99	0.26	1.91	1.08
Total liabilities		1,067	1,055	1,079	1,043	1,039
Total debt		290	413	446	414	400
Paid-in capital					1,736	1,746
Retained earnings					-784	-1,042
Treasury stock						0
Other comprehensive income					0.01	0
Shareholders' equity		1,481	1,342	1,240	952	704
Minority interests		1.28	0	0	-1.36	-1.78
Total equity		1,482	1,342	1,240	951	702
Total liabilities and equity		2,549	2,396	2,319	1,994	1,742
Shares outstanding						72.6

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	40.2	-55	-269	-117	-342	-258
Depreciation and amortization	7.87	96.2	141	141	140	124
Stock-based compensation	0	45.3	39.1	13.2	16.9	11.5
Deferred income tax	1.54	-33.1	-62.1	-14.3	-109	-37.5
Change in receivables	-2.51	-6.67	0.82	-22.7	-2.75	5.36
Change in inventory	-22.9	-59.5	-24.2	23.9	-15.9	-46.8
Change in payables	1.78	9.92	-7.58	-8.88	-4.18	5.37
Cash from operations	71.6	183	94.3	110	112	52.9
Capital expenditures	-60.2	-141	-119	-36.3	-99	-41.2
Acquisitions	-21.9	-310	-115	0	-35.9	0
Cash from investing	-86.9	-456	-208	-34.2	-133	-32.6
Debt issued	33.9	225	497	79.1	0	62
Debt repaid	-9.75	-10.8	-374	-49.9	-63.4	-77.9
Dividends paid	-0.05	0	0
Cash from financing	25.3	356	99.2	14.4	-65.9	-25.3
Exchange rate effect		0	-0.01	-0.01	0.02	-0.01
Net change in cash	9.99	82.7	-14.3	89.9	-87	-5.07
Free cash flow	11.5	41.6	-24.8	73.4	13.1	11.6
Interest paid	1.76	18.7	48.2	59.2	52.6	48.2
Income taxes paid	10.2	28	70.7	167	81.5	78.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.99 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.8%	Gross profit / revenue.
Operating margin	-15.8%	Operating income / revenue.
EBITDA margin	-1.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-24.5%	Pre-tax income / revenue.
Net margin	-30.9%	Net income / revenue.
FCF margin	5.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.7%	Cash from operations / revenue.
Return on equity (ROE)	-38.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-15.2%	Net income / average total assets.
Return on invested capital (ROIC)	-10.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	41.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.2%	Capital expenditures / revenue.
D&A / revenue	14.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-30.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-52.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-17.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-11.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	0.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-26.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-19.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-12.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	3.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.70x	Current assets / current liabilities.
Quick ratio	1.04x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.78x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.58x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.1%	Total debt / total assets.
Liabilities / assets	60.3%	Total liabilities / total assets.
Net debt	$307.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$294.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	41.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$34.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	1.72x	Revenue / average property, plant and equipment.
Inventory turnover	1.96x	Cost of revenue / average inventory.
Days inventory	186 days	365 x average inventory / cost of revenue.
Receivables turnover	29.0x	Revenue / average receivables.
Days sales outstanding	13 days	365 x average receivables / revenue.
Days payables	22 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	176 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	48.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.44	Revenue / diluted weighted shares.
FCF per share	$0.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.22	Cash from operations / diluted weighted shares.
Book value per share	$9.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.47	Tangible book value / shares outstanding.
Cash per share	$1.16	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$438.6M	Share price x shares outstanding.
Enterprise value	$746.0M	Market cap + total debt - cash - short-term investments.
P/S	0.52x	Market cap / revenue.
P/B	0.65x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.60x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.91x	Market cap / cash from operations, when positive.
EV/Sales	0.89x	Enterprise value / revenue.
EV/FCF	16.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.4%	Free cash flow / market cap.
Earnings yield	-58.9%	Net income / market cap (the inverse of P/E).

What was Verano Holdings Corp.'s revenue in fiscal 2025?

Verano Holdings Corp. reported revenue of $821.5M for fiscal 2025, 6.5% lower than the year before.

Was Verano Holdings Corp. profitable in fiscal 2025?

No. It reported a net loss of $257.9M.

How much free cash flow did Verano Holdings Corp. generate in fiscal 2025?

Cash from operations of $52.9M minus capital expenditures of $41.2M left free cash flow of $11.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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