Verano - Public Comps and Valuation Multiples

Verano Overview

About Verano

Verano Holdings Corp is a vertically integrated multi-state cannabis operator in the United States. The Company has two reportable segments: (i) cultivation (wholesale) and (ii) retail. The company's consumer brands include Encore, Avexia, MUV, Savvy, BITS and Verano. The company's retail dispensaries operate under brands including Zen Leaf and MUV. The company derives its revenues from Retail segment.

Founded

2014

HQ

Employees

3.8K+

Website

veranogrown.com

Sectors

Cannabis
CannaTech
BioTech
ViceTech

Financials

LTM Revenue $1.2B

LTM EBITDA $351M

EV

$956M

Valuation Multiples

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Verano Financials

As of September 2025, Verano reported last 12-month revenue of $1.2B and EBITDA of $351M.

In the same period, Verano generated $620M in LTM gross profit and -$165M in net income.

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Verano P&L

In the most recent fiscal year, Verano reported revenue of $626M and EBITDA of -$67.2M.

Verano expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.2B	XXX	$626M	XXX	XXX	XXX
Gross Profit	$620M	XXX	$316M	XXX	XXX	XXX
Gross Margin	53%	XXX	51%	XXX	XXX	XXX
EBITDA	$351M	XXX	-$67.2M	XXX	XXX	XXX
EBITDA Margin	30%	XXX	-11%	XXX	XXX	XXX
EBIT	$33.9M	XXX	$64.5M	XXX	XXX	XXX
EBIT Margin	3%	XXX	10%	XXX	XXX	XXX
Net Profit	-$165M	XXX	-$243M	XXX	XXX	XXX
Net Margin	-14%	XXX	-39%	XXX	XXX	XXX
Net Debt	XXX	XXX	$232M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Verano including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.2B. EBITDA for the last twelve months was $351M. In the most recent fiscal year, Verano achieved $626M in revenue and -$67.2M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.2B	Analyst estimates available to subscribers	$626M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$620M	Analyst estimates available to subscribers	$316M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	52.6% gross margin	Analyst estimates available to subscribers	50.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$351M	Analyst estimates available to subscribers	-$67.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	29.8% EBITDA margin	Analyst estimates available to subscribers	-10.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$33.9M	Analyst estimates available to subscribers	$64.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	2.9% EBIT margin	Analyst estimates available to subscribers	10.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$165M	Analyst estimates available to subscribers	-$243M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-14.0% net profit margin	Analyst estimates available to subscribers	-38.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$232M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Verano

This financial data table provides comprehensive performance metrics for Verano, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Verano generated $1.2B in revenue over the last twelve months.
The company achieved $351M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $620M.
Net income over the last twelve months reached -$165M.

Fiscal Year Performance

In the most recent fiscal year, Verano reported $626M in total revenue.
Fiscal year EBITDA was -$67.2M.
The company maintained a gross profit margin of 50.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was -10.7%.
Net profit margin reached -38.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Verano. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Verano Stock Performance

Verano has current market cap of CAD 724M (or $515M), and EV of CAD 1.3B (or $956M).

Market Cap Evolution

Verano Stock Data

As of October 17, 2025, Verano's stock price is CAD 2 (or $1).

See Verano trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$956M	$515M	XXX	XXX	XXX	XXX	$-0.31

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Verano Valuation Multiples

Verano's trades at 1.5x EV/Revenue multiple, and -14.2x EV/EBITDA.

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Verano Financial Valuation Multiples

As of October 17, 2025, Verano has market cap of $515M and EV of $956M.

Equity research analysts estimate Verano's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Verano has a P/E ratio of -4.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$515M	XXX	$515M	XXX	XXX	XXX
EV (current)	$956M	XXX	$956M	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	1.5x	XXX	XXX	XXX
EV/EBITDA	3.8x	XXX	-14.2x	XXX	XXX	XXX
EV/EBIT	39.5x	XXX	14.8x	XXX	XXX	XXX
EV/Gross Profit	2.2x	XXX	n/a	XXX	XXX	XXX
P/E	-4.4x	XXX	-2.1x	XXX	XXX	XXX
EV/FCF	22.5x	XXX	102.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Verano Margins & Growth Rates

Verano's last 12 month revenue growth is 2%

Verano's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Verano's rule of 40 is 27% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Verano's rule of X is 34% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Verano Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	17%	XXX	XXX	XXX
EBITDA Margin	30%	XXX	-11%	XXX	XXX	XXX
EBITDA Growth	2%	XXX	20%	XXX	XXX	XXX
Rule of 40	27%	XXX	-9%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	34%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	40%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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