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Verano Holdings Corp., a Nevada corporation ( Verano, the Company, we, us, or our ), one of the U.S. cannabis industry s leading companies based on historical revenue, geographical scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. As an operator of licensed cannabis cul…
The business is unprofitable at the operating level (-13.04% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 6.5% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 12% versus the prior year, cash generation momentum has weakened. Net debt of $420M represents 36.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$820M
▼ -6.5% YoY
Net Income (TTM)
-$264M
▲ +24.6% YoY
Op. Margin
-13.29%
▲ +14.0pp YoY
ROIC
-6.60%
▲ +5.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$27M
▼ -11.5% YoY
Op. Cash Flow (TTM)
$70M
▼ -52.9% YoY
Net Debt
$422M
Cash & Equiv.
$74M
5Y CAGR: +29.2%
5Y CAGR: +0.3%
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