Verano Holdings Corp. (VRNO) intrinsic value & 10-year financials
Verano Holdings Corp. (VRNO) has a Graham intrinsic value of $4.65 per share. At $4.89 on Oct 17, 2026, the stock trades 5% above that value. Over the last 7 fiscal years revenue grew 29.2% a year to $821.5M, with an average return on invested capital of -5.9%.
- Graham intrinsic value
- $4.65
- Share price (Oct 17, 2026)
- $4.89
- Price vs Graham value
- 5% above
- Market cap
- $1.8B
- Revenue (FY2025)
- $821.5M
- Revenue growth (7-yr CAGR)
- 29.2%
- ROIC (10-yr avg)
- -5.9%
- Free cash flow (FY2025)
- $11.6M
VRNO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $821.5M | -$257.9M | -$0.71 | $11.6M | -13.0% | -8.6% |
| FY2024 | $878.6M | -$341.9M | -$0.98 | $13.1M | -27.0% | -15.9% |
| FY2023 | $938.5M | -$117.3M | -$0.34 | $73.4M | 9.0% | 2.5% |
| FY2022 | $879.4M | -$269.2M | -$0.81 | -$24.8M | -18.3% | -9.3% |
| FY2021 | $737.9M | -$57.5M | -$0.20 | $41.6M | 8.8% | 1.9% |
| FY2020 | $228.5M | $38.4M | $0.14 | $11.5M | 41.6% | — |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Verano Holdings Corp. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Verano Holdings Corp. has historically struggled to out-earn its cost of capital, averaging just -5.9% ROIC.
Verano Holdings Corp. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Verano Holdings Corp. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.65 per share.