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The Moat Index

Verano Holdings Corp.

VRNO · Agriculture · $2.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

32/ 100
No moat

The four filters

Pricing power78

Median gross margin 50.4% over 6y, stable.

Returns on capital0

Median ROIC -7.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 18.6x, interest coverage 0x.

Capital discipline44

Owner earnings trend unclear, share count flat.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$5.89
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

7 years of fundamentals

The business, in plain English

Verano Holdings Corp. booked $821.5M of revenue in FY2025 in the Agriculture sector and kept 50.3% of it as gross profit — a solid-margin business by that measure. After every other cost, −31.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $228.5M (FY2020) to $821.5M (FY2025) — about 29.2% a year compounded over 5 years.

It earned −8.3% on invested capital in FY2025, with a median of −7.6% across 5 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $399.7M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 363145.5% between FY2020 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Pricing Power is the strongest of the four filters (78/100) and Returns on Capital the weakest (0/100), which is how VRNO lands at 32/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2019–FY2025 · 7 fiscal years, normalized from VRNO’s SEC filings

RevenueSales, as filed$821.5M FY2025
$0$500M$1B2019202120232025
Gross marginRevenue kept after cost of goods50.3% FY2025
0%25%50%2019202120232025
Return on invested capitalOperating profit on the capital employed−8.3% FY2025
−10%0%2019202120232025
Owner earningsCash an owner could take out−$175.0M FY2025
−$200M$02019202120232025

Gaps in a line mean that item isn’t in VRNO’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale32.2 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — VRNO has read No moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How Verano Holdings Corp.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of scores 2022–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored VRNO on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score102050100Indexed price · log scale (2022 = 100)20222023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, VRNO did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Agriculture context

#6 of 18 scored Agriculture companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #4DOLE Dole plc32.8No moat
  2. #5CWBHF Charlotte's Web Holdings, Inc.32.7No moat
  3. #7ALCO ALICO, INC.27.1No moat
  4. #8ITHUF IANTHUS CAPITAL HOLDINGS, INC.26.7No moat

Compare VRNO with its nearest peers →All Agriculture companies on the Index →

Common questions about VRNO

Does Verano Holdings Corp. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Verano Holdings Corp. (VRNO) 32.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 78, returns on capital 0, balance-sheet safety 0, capital discipline 44.
How has VRNO's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 32.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VRNO. See the disclaimer.