Verano Holdings Corp.

Moat Score
Safety Score

Market Cap $471.55M
PE -3
Debt $442.68M
Cash $64.98M
EV $849.25M
FCF $6.41M

Earnings

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Sales & Net Margins

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Earnings	-$146.36M
EBIT	$47.00M
ROE	-12%
ROA	2%
FCF	$6.41M
Equity	$1.22B
Growth Stability	1
PE	-3.22
PB	0.39
P/FCF	73.53
P/S	0.53
Price/Cash	0.14
Debt/Equity	0.36
Debt/FCF	69.03
Net Margins	-10%
Gross Margins	51%
Op. Margins	5%
Sales Growth YoY	-10%
Sales Growth QoQ	-3%
Sales CAGR	7%
FCF CAGR	32%
Equity CAGR	-5%
Earnings Growth YoY	139%
Earnings Growth QoQ	96%

Sales CAGR 5Y	7%
FCF CAGR 5Y	32%
Equity CAGR 5Y	-5%
Earnings CAGR 3Y	7%
Sales CAGR 3Y	7%
FCF CAGR 3Y	57%
Equity CAGR 3Y	-9%
Market Cap	$471.55M
Revenue	$897.57M
Assets	$2.31B
Total Debt	$442.68M
Cash	$64.98M
Shares Outstanding	346.73M
EV	849.25M
Moat Score	11%
Safety Score	72%
Working Capital	-113.65M
Current Ratio	0.74
Gross Profit	$454.01M
Shares Growth 3y	4%
Equity Growth QoQ	-0%
Equity Growth YoY	-7%

Assets & ROA

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Stockholders Equity & ROE

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Verano Holdings Corp is a vertically integrated multi-state cannabis operator in the United States.

SEC Filings

Direct access to Verano Holdings Corp. (VRNOF) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30

Sector Comparison

How does Verano Holdings Corp. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Verano Holdings Corp. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Verano Holdings Corp. Discounted Cash Flow

Fully customizable DCF calculator online for Verano Holdings Corp..

Years

Calculation mode

= $580M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$6.4M	$8.4M	$11M	$15M	$19M	$25M	$33M	$44M	$58M	$76M	$100M	$998M
DCF		$7.7M	$9.2M	$11M	$13M	$16M	$19M	$22M	$27M	$32M	$38M	$385M
Value	$580M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	17%	-8%	-31%	-13%	-10%
ROA	-	-	-7%	4%	2%
ROE	-	-	-20%	-9%	-12%

Bad Net Margins (-10.47%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-18.45	7.02	69.03
Debt over Equity	-	0.2	0.34	0.42	0.36
Growth Stability	-	-	-	-	1

Bad Debt/FCF ratio (69.03)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.36)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	223%	19%	7%	7%
Earnings YoY growth	-	-250%	368%	-56%	-
Equity YoY growth	-	-	-9%	-8%	-5%
FCF YoY growth	-	263%	-160%	-396%	32%