VRNO - Verano Holdings Corp.
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| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Revenue | 835.9 | 878.6 | 938.5 | 879.4 | 731.4 | 240.6 | 0 | 0 | 0 |
| Cost of Revenue | 407.2 | 434.7 | 463.2 | 456.4 | 411.0 | 117.4 | 0 | 0 | 0 |
| Gross Profit | 428.7 | 443.9 | 475.2 | 423.1 | 320.4 | 123.2 | 0 | 0 | 0 |
| Operating Expenses | |||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 333.3 | 353.4 | 331.9 | 356.6 | 270.9 | 26.1 | 0.1 | 0.1 | 0.1 |
| Other Expenses | 0 | 327.7 | 58.5 | 227.6 | (742.5) | 0 | 0 | 0 | 0 |
| Operating Expenses | 333.3 | 681.1 | 390.4 | 584.2 | (471.5) | 26.1 | 0.1 | 0.1 | 0.1 |
| Operating Income | |||||||||
| Operating Income | 95.4 | (237.2) | 84.8 | (161.1) | 59.6 | 97.2 | (0.1) | (0.1) | (0.1) |
| Interest Expense | 54.5 | 54.8 | 59.8 | 49.4 | 24.1 | 11.0 | 0.0 | 0.0 | 0.0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | |||||||||
| EBITDA | 221.7 | (94.3) | 239.2 | 36.4 | 169.5 | 103.3 | (0.1) | (0.1) | (1.0) |
| EBIT | 95.4 | (245.2) | 87.6 | (114.0) | 73.3 | 95.0 | (0.1) | (0.1) | (1.0) |
| Income Before Tax | (169.1) | (299.9) | 27.8 | (163.4) | 51.6 | 86.8 | (0.1) | (0.1) | (1.0) |
| Income Tax Expense | 93.3 | 41.9 | 145.1 | 105.5 | 104.0 | 44.5 | (0.0) | (0.0) | 0 |
| Net Income | (262.4) | (341.9) | (117.3) | (269.2) | (57.5) | 40.4 | (0.1) | (0.1) | (1.0) |
| Per Share Data | |||||||||
| EPS (Basic) | -0.72 | -0.95 | -0.35 | -0.81 | -0.20 | 0.14 | – | – | – |
| EPS (Diluted) | -0.72 | -0.95 | -0.35 | -0.81 | -0.20 | 0.14 | – | – | – |
| Shares Outstanding | 363.2 | 358.7 | 344.1 | 331.4 | 290.4 | 290.1 | 290.1 | 16,559.3 | 16,559.3 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 |
|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||
| Cash & Cash Equivalents | 82.6 | 87.8 | 174.8 | 84.9 | 99.1 | 16.4 | 0.0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 42.8 | 40.3 | 39.0 | 16.6 | 17.7 | 11.3 | 0.0 | 0.0 |
| Inventory | 0 | 184.5 | 140.7 | 164.5 | 0 | 37.4 | 0 | 0 |
| Other Current Assets | 278.5 | 45.0 | 39.8 | 52.3 | 140.3 | 6.2 | 0 | 0 |
| Total Current Assets | 403.9 | 357.5 | 394.2 | 318.3 | 276.7 | 71.2 | 0.0 | 0.0 |
| Non-Current Assets | ||||||||
| Property, Plant & Equipment | 491.6 | 637.9 | 594.8 | 608.2 | 513.6 | 156.0 | 0 | 0 |
| Goodwill | 160.7 | 246.2 | 231.3 | 269.1 | 368.1 | 16.0 | 0 | 0 |
| Intangible Assets | 578.0 | 734.0 | 1,086.1 | 1,180.8 | 1,379.9 | 72.4 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0.1 | 7.0 | 7.5 | 11.5 | 0 | 0 |
| Other Non-Current Assets | 126.0 | 13.3 | 12.2 | 12.8 | 1.5 | 2.4 | 0 | 0.5 |
| Total Non-Current Assets | 1,356.3 | 1,631.4 | 1,924.5 | 2,077.8 | 2,270.6 | 258.4 | 0 | 0.5 |
| Total Assets | 1,760.2 | 1,989.0 | 2,318.7 | 2,396.1 | 2,547.2 | 329.7 | 0.0 | 0.5 |
| Current Liabilities | ||||||||
| Account Payables | 38.7 | 39.9 | 31.3 | 40.5 | 45.2 | 18.3 | 0 | 0 |
| Short-Term Debt | 19.8 | 18.2 | 52.0 | 24.5 | 13.8 | 9.6 | 0.1 | 0.5 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0.1 | 0 | 0 | 0 | 250.1 | 47.2 | 0.0 | 0.1 |
| Total Current Liabilities | 140.0 | 198.0 | 412.2 | 386.6 | 469.9 | 116.3 | 0.1 | 0.6 |
| Non-Current Liabilities | ||||||||
| Long-Term Debt | 391.2 | 395.7 | 393.6 | 388.5 | 276.2 | 32.5 | 0.0 | 0 |
| Deferred Tax Liabilities | 58.4 | 344.7 | 182.2 | 196.5 | 263.9 | 14.8 | 0 | 0 |
| Other Non-Current Liabilities | 378.7 | 1.9 | 3.2 | 5.7 | 0 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 919.1 | 840.2 | 666.5 | 667.9 | 597.6 | 60.0 | 0.0 | 0 |
| Total Liabilities | 1,059.1 | 1,038.1 | 1,078.7 | 1,054.5 | 1,067.4 | 176.3 | 0.1 | 0.6 |
| Stockholders' Equity | ||||||||
| Common Stock | 1,742.5 | 1,735.8 | 1,681.8 | 1,666.0 | 1,533.7 | 137.9 | 1.1 | 0.9 |
| Retained Earnings | (1,039.6) | (783.6) | (441.7) | (324.4) | (55.2) | 9.2 | (1.3) | (1.2) |
| Accumulated Other Comprehensive Income | 0 | 0.0 | (0.0) | (0.0) | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 702.9 | 952.2 | 1,240.1 | 1,341.5 | 1,478.5 | 147.2 | (0.1) | (0.1) |
| Total Liabilities & Equity | 1,760.2 | 1,989.0 | 2,318.7 | 2,396.1 | 2,547.2 | 329.7 | 0.0 | 0.5 |
| Debt Metrics | ||||||||
| Total Debt | 501.9 | 523.0 | 542.8 | 498.7 | 353.3 | 52.7 | 0.1 | 0.5 |
| Net Debt | 419.3 | 435.2 | 368.0 | 413.9 | 254.2 | 36.3 | 0.1 | 0.5 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | (262.4) | (341.9) | (117.3) | (268.9) | (57.0) | 40.4 | (0.1) | (0.1) |
| Depreciation & Amortization | 138.5 | 150.9 | 151.6 | 150.3 | 95.4 | 8.3 | 0 | 0 |
| Stock-Based Compensation | 0 | 16.9 | 13.2 | 39.1 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 3.3 | (61.3) | (0.2) | (39.0) | 17.2 | 19.9 | 0.0 | 0.1 |
| Other Non-Cash Items | 212.5 | 347.5 | 62.4 | 212.8 | 135.9 | 11.2 | 0.0 | 0.0 |
| Operating Cash Flow | 53.8 | 112.2 | 109.7 | 94.3 | 191.4 | 79.2 | (0.1) | (0.0) |
| Investing Activities | ||||||||
| Capital Expenditure | (41.9) | (99.0) | (36.3) | (119.2) | (140.0) | (63.3) | 0 | 0 |
| Acquisitions | 0.4 | (35.9) | 0 | (94.9) | (313.0) | (23.1) | 0 | 0 |
| Purchases of Investments | 0 | 0 | 0 | 0 | (3.3) | 0 | 0 | 0 |
| Sales/Maturities of Investments | 9.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | (0.8) | 1.7 | 2.2 | 6.2 | 4.3 | 0.3 | 0 | 0 |
| Investing Cash Flow | (33.2) | (133.3) | (34.1) | (207.9) | (460.3) | (93.5) | 0 | 0 |
| Financing Activities | ||||||||
| Net Debt Issuance | (18.9) | (63.4) | 29.2 | 123.5 | 203.4 | 24.3 | 0.1 | 0.0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (6.8) | (2.5) | (14.9) | (24.2) | 73.1 | (0.0) | (0.0) | 0 |
| Financing Cash Flow | (25.8) | (65.9) | 14.4 | 99.2 | 350.9 | 26.6 | 0.1 | 0.0 |
| Cash Position | ||||||||
| Net Change in Cash | (5.2) | (87.0) | 89.9 | (14.3) | 82.6 | 16.4 | 0.0 | 0.0 |
| Cash at Beginning | 87.7 | 174.8 | 84.9 | 99.1 | 16.4 | 0.0 | 0.0 | 0 |
| Cash at End | 82.6 | 87.8 | 174.8 | 84.9 | 99.0 | 16.4 | 0.0 | 0.0 |
| Free Cash Flow | 11.8 | 13.1 | 73.4 | (24.8) | 51.4 | 15.9 | (0.1) | (0.0) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 835.9 | 878.6 | 938.5 | 879.4 | 731.4 | 240.6 | 0 | 0 | 0 |
| Gross Profit | 428.7 | 443.9 | 475.2 | 423.1 | 320.4 | 123.2 | 0 | 0 | 0 |
| Operating Income | 95.4 | (237.2) | 84.8 | (161.1) | 59.6 | 97.2 | (0.1) | (0.1) | (0.1) |
| Net Income | (262.4) | (341.9) | (117.3) | (269.2) | (57.5) | 40.4 | (0.1) | (0.1) | (1.0) |
| EPS (Diluted) | -0.72 | -0.95 | -0.35 | -0.81 | -0.20 | 0.14 | – | – | – |
| Balance Sheet | |||||||||
| Cash & Equivalents | 82.6 | 87.8 | 174.8 | 84.9 | 99.1 | 16.4 | 0.0 | 0 | |
| Total Assets | 1,760.2 | 1,989.0 | 2,318.7 | 2,396.1 | 2,547.2 | 329.7 | 0.0 | 0.5 | |
| Total Debt | 501.9 | 523.0 | 542.8 | 498.7 | 353.3 | 52.7 | 0.1 | 0.5 | |
| Stockholders' Equity | 702.9 | 952.2 | 1,240.1 | 1,341.5 | 1,478.5 | 147.2 | (0.1) | (0.1) | |
| Cash Flow | |||||||||
| Operating Cash Flow | 53.8 | 112.2 | 109.7 | 94.3 | 191.4 | 79.2 | (0.1) | (0.0) | |
| Capital Expenditure | (41.9) | (99.0) | (36.3) | (119.2) | (140.0) | (63.3) | 0 | 0 | |
| Free Cash Flow | 11.8 | 13.1 | 73.4 | (24.8) | 51.4 | 15.9 | (0.1) | (0.0) | |