# VERANO HOLDINGS CORP. (VRNO) · Edgar & Edgarette company card

> Verano Holdings (VRNO) saw revenue fall 6.5% in FY2025 to $822 million, operating margin -13.0%, equity 40.4% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1848416 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/VRNO) · [JSON](https://www.pops4.com/boards/company/VRNO.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $822M |
| Revenue growth, 1 year | -6.5% |
| Revenue growth per year | 2.7% |
| Operating margin | -13.0% (prior year -27.0%) |
| Net margin | -31.4% |
| Operating cash flow | $53M |
| Capital spending | $41M |
| Free cash flow | $12M |
| Cash | $83M |
| Long-term debt | $400M |
| Total assets | $1.7B |
| Total equity | $704M |
| Equity ÷ assets | 40.4% |
| Return on equity | -36.6% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -0.66 (distress zone)
- Piotroski F: 5 of 9 (middling)
- Beneish M: -3.59 (below the −1.78 line)
- Health Harbor boat: Sound ship · one warning sign · operating loss: a margin of -13.0% in FY2025
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $821.5M (FY2025), total debt $399.7M. Experience: revenue down 6.5% on the year, up 2.7% a year over 4 years; operating margin -13.0%, up from -27.0%. Soundness: equity 40.4% of assets, return on equity -36.6%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $643.6M and $922.4M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $587.6M to $1.0B. A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, agricultural production-crops): growth -6.5% against -0.9%.

Range logged 2026-10-31, receipt 5b2f8899a6c49b6d, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-06-02 ([filing](https://www.sec.gov/Archives/edgar/data/1848416/000149315226026906/0001493152-26-026906-index.htm))

## Recent filings

- 10-Q · filed 2026-10-29 · [filing](https://www.sec.gov/Archives/edgar/data/1848416/000184841626000005/0001848416-26-000005-index.htm)
- 8-K · filed 2026-10-29 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1848416/000184841626000003/0001848416-26-000003-index.htm)
- 10-Q · filed 2026-08-05 · [filing](https://www.sec.gov/Archives/edgar/data/1848416/000162828026052919/0001628280-26-052919-index.htm)
- 8-K · filed 2026-08-05 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1848416/000162828026052918/0001628280-26-052918-index.htm)
- 8-K · filed 2026-06-23 · 5.05 Amendments to the Code of Ethics; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1848416/000149315226029797/0001493152-26-029797-index.htm)
- 8-K · filed 2026-06-18 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1848416/000149315226029332/0001493152-26-029332-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001848416.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1848416

## Cite

POPS4, Edgar & Edgarette: VERANO HOLDINGS CORP. (VRNO) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/VRNO. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.