Verano Holdings Corp. (VRNO) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Verano Holdings Corp. stock $6.35, price $4.75, upside +33.7%, quality 39 out of 100. Rating: undervalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
60‑month range $2.39 – $79.25 · fair‑value band $2.86 – $11.43 · the $4.75 price screens below the $6.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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Verano Holdings Corp. engages in the cannabis business in the United States. It is involved in the cultivation, processing, wholesale, and retail distribution of cannabis. The company also designs, builds, and operates cannabis dispensaries.
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It sells its products under the Encore, Avexia, MÜV, Savvy, Essence, BITS, HYPHEN, Swift Lifts, Verano, and Zen Leaf brand names to medical and adult use markets. The company is headquartered in Chicago, Illinois.
Stock analysis
Verano Holdings Corp. (VRNO) currently trades at $4.75, while our model-based Fair Value estimate is $6.35, implying the stock looks roughly 25% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $13.41 per share, and 7 of the 12 models we run sit above the $4.75 price.
Bear case: the Earnings-Based group reads lowest at $2.32, and 5 of the 12 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $2.86 (bear) to $11.43 (bull), the price of $4.75 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Healthcare sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Verano Holdings Corp. reported revenue of $822M in FY2025 versus $738M in FY2021, a compound +2.7%/yr. Reported net income was −$258M in FY2025.
Key figures
Market cap $365M Small · P/S ratio 0.43 · EPS (TTM) $−2.98 · Net margin −25.9% · Return on equity −28.2% · Return on assets (EBIT) 4.0% (5-year average) · Operating margin 7.3% · Revenue (TTM) $845M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 15 out of 100 (low confidence).
What moves the price
The share trades about 45% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at 34%, VRNO screens cheaper than that median.
Fair Value models
Bear$2.86Fair Value $6.35Bull$11.43
Price $4.75 · Upside +33.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
SaleDavid SpreckmanChief Marketing Officer4,903 shares at $0.9500$4,658Dec 2, 202510b5-1 plan
SaleEdward Aloysious McDermott IIIChief Operating Officer3,451 shares at $0.9500$3,278Dec 2, 202510b5-1 plan
SaleAaron Nathaniel MilesChief Investment Officer5,018 shares at $0.9500$4,767Dec 2, 202510b5-1 plan
SaleLaura Marie KalesnikOfficer5,850 shares at $0.9500$5,558Dec 2, 202510b5-1 plan
Plus 19 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.18/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.2%
’21
’22
’23
’24
’25
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+63.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +59.2% a year for the price and +2.8% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 605 stocks
Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+33.7% · Top 25%
Profitability
Return on assets−14.8% · Bottom 25%
Net margin (12 months)−25.9% · Bottom 25%
Operating margin (12 months)7.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)4.8% · Below median
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/B0.49× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.41× · Cheapest 25%
Price / free cash flow (fiscal year)29.6× · Pricier than median
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Is Verano Holdings Corp. (VRNO) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of $6.35 versus a price of $4.75, about +34% upside (undervalued).
What is the fair value of VRNO?
Our model-based fair value for Verano Holdings Corp. is $6.35 (as of Nov 10, 2026), built from audited fundamentals. The current price: $4.75.
What is the quality score of VRNO?
Verano Holdings Corp. has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Verano Holdings Corp. (VRNO)?
Our model-based price target is the fair value of $6.35 (as of Nov 10, 2026) from 12 valuation models. Cautious scenario $2.86, optimistic scenario $11.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Verano Holdings Corp. stock forecast for 2026?
Our models put fair value at $6.35, about +34% upside versus a price of $4.75 (undervalued). Cautious scenario $2.86, optimistic scenario $11.43. The calculation is refreshed regularly with new filings.
What is the revenue of Verano Holdings Corp. (VRNO)?
Verano Holdings Corp. reported trailing-twelve-month revenue of about $845M (latest available figure, as of Nov 10, 2026).
What growth is priced into Verano Holdings Corp. (VRNO)?
For today's price to be fair in a discounted-cash-flow model, Verano Holdings Corp. would have to grow free cash flow by +63.0 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +2.7 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of VRNO use?
Our models discount Verano Holdings Corp. at 12.6 %: a base by market capitalisation (small), damped by beta 1.48, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Verano Holdings Corp. that is +63.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has Verano Holdings Corp. (VRNO) delivered so far?
Over the past 4 years revenue at Verano Holdings Corp. grew +2.7 % a year. The price currently implies free-cash-flow growth of +63.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Verano Holdings Corp. (VRNO) growing?
The median revenue growth in the sector is +5.9 % a year. That is the yardstick for the growth priced into Verano Holdings Corp. (+63.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Verano Holdings Corp. (VRNO)?
The free-cash-flow yield on the price is 0.68 %: that much free cash flow Verano Holdings Corp. produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Verano Holdings Corp. (VRNO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Verano Holdings Corp. it is $6.35 per share (as of Nov 10, 2026), against a price of $4.75. It is the blended result of 12 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit).
Is Verano Holdings Corp. stock overvalued or undervalued in 2026?
As of Nov 10, 2026, VRNO trades below its calculated fair value: price $4.75, fair value $6.35, a gap of about +34% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VRNO?
No. The price is what the market pays today ($4.75); the fair value is what the company's own numbers justify ($6.35). For Verano Holdings Corp. the two are $1.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Verano Holdings Corp. worth?
The market values Verano Holdings Corp. at about $365M (market capitalisation, as of Nov 10, 2026). Per share that is $4.75; our models calculate a fair value of $6.35 per share.
What do the bullish and bearish scenarios say about VRNO?
Our models span a range for Verano Holdings Corp.: cautious scenario $2.86, base $6.35, optimistic $11.43 per share (as of Nov 10, 2026, price $4.75). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Verano Holdings Corp. (VRNO)?
Balance-sheet figures for Verano Holdings Corp. (as of Nov 10, 2026): return on equity −28.2%, debt of 0.56 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is VRNO from its 52-week high?
Verano Holdings Corp. trades at $4.75, about 45% below its 52-week high of $8.70 and 20% above the low of $3.95 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $6.35 is for.
Which stocks are comparable to Verano Holdings Corp.?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Verano Holdings Corp. stock attractive at the current price?
The data as of Nov 10, 2026: price $4.75, calculated fair value $6.35 (+34%), Quality Score 39/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VRNO calculated?
We run Verano Holdings Corp. through 12 models from 5 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $6.35 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Verano Holdings Corp. currently trades 25% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Verano Holdings Corp. (VRNO)?
The closing price on Nov 10, 2026 was $4.75. Our model-based fair value is $6.35, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Verano Holdings Corp. right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide ($2.86 to $11.43). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Verano Holdings Corp.
How large is the market capitalisation of Verano Holdings Corp. (VRNO)?
The market capitalisation of Verano Holdings Corp. is $365M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Verano Holdings Corp. (VRNO)?
The price-to-sales ratio of Verano Holdings Corp. is 0.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Verano Holdings Corp. (VRNO)?
Earnings per share at Verano Holdings Corp. are $−2.98. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Verano Holdings Corp. (VRNO)?
The net margin of Verano Holdings Corp. is −25.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Verano Holdings Corp. (VRNO)?
The return on equity (ROE) of Verano Holdings Corp. is −28.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Verano Holdings Corp. (VRNO)?
On an EBIT basis the return on assets of Verano Holdings Corp. is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Verano Holdings Corp. (VRNO)?
The operating margin of Verano Holdings Corp. is 7.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Verano Holdings Corp. (VRNO)?
Revenue at Verano Holdings Corp. is growing +4.8% versus a year earlier (3y avg −2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Verano Holdings Corp. (VRNO) carry?
The net debt of Verano Holdings Corp. is $317M (fiscal year 2025, ≈ 27.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 10, 2026