VRNOOTCAgricultural Production-CropsFiscal year ends December 31
Verano Holdings Corp.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$4.70−0.19 (-3.89%)
Close on Oct 19, 2026
- Market cap
- $343.17M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
50.3%−9.0 pts over 5 years
Operating margin
-13.0%−54.6 pts over 5 years
Net margin
-31.4%−48.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -6.5% | -2.2% | +29.2% | – | |
| Gross profit | -6.9% | -0.8% | +25.0% | – | |
| Free cash flow | -11.5% | – | +0.3% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -31.1% | |
| Return on assets | – | – | -13.8% | |
| Current ratio | – | – | 2.88 | |
| Debt to equity | – | – | 0.57 | |
| Net debt to EBITDA | – | – | 18.58× | |
| Inventory turnover | – | – | 2.0× | |
| Capex to revenue | – | 26.3% | 5.0% | |
| Diluted shares | – | 54M | 72M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Verano generated $551.98M from operations and spent $437.04M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$551.98M
Used
$437.04M
Capital expenditure$437.04M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-31.4%
×Asset turnover0.44×
×Equity multiplier2.26×
=Return on equity, FY2025-31.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -31.4% | 0.44× | 2.26× | -31.1% |
| FY2024 | -38.9% | 0.41× | 1.97× | -31.2% |
| FY2023 | -12.5% | 0.40× | 1.83× | -9.1% |
| FY2022 | -30.6% | 0.36× | 1.75× | -19.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$257.91M
- Cash generatingOperating cash flow above zero$52.86M
- Return on assets improvedROA up on the prior year-14.7% → -12.9%
- Earnings backed by cashOperating cash flow above net income$52.86M vs -$257.91M
- Less leverageLong-term debt to assets fell19.8% → 22.5%
- Better liquidityCurrent ratio rose1.79 → 2.88
- No dilutionShare count did not rise70M → 72M
- Gross margin improvedGross margin up on the prior year50.53% → 50.33%
- More efficientAsset turnover rose0.38 → 0.41