One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Vireo Growth Inc.
VREOF · OQX · Healthcare · Drug Manufacturers - Specialty & Generic
Current price
$7.70
52-week range
$7.70 - $21.75
Market cap
$402.83M
Balance sheet
Distressed
0.34x Concerning
Net debt $381.70M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 90.4% last year.
- Risk Net debt grew 61.2% over 3 years.
- Risk Return on equity was -18.9% last year — the company lost money on shareholders' equity.
What this company does
Vireo Growth Inc.
Vireo Growth Inc. is a cannabis company that grows, makes, and sells marijuana products for both medical and adult use. Their money mainly comes from selling these products through their own stores and other sellers in states like New York and Nevada. This matters because it shows where they are making their sales and which states are most important to their business.
How the company got here
Vireo Growth Inc. started in 2014 as Minnesota Medical Solutions, founded by Dr. Kyle Kingsley, who saw medical cannabis as a safer alternative to opioids for patients. The company has gone through several name changes, including Vireo Health and Goodness Growth Holdings, before settling on Vireo Growth Inc. in July 2024. It went public on the Canadian Securities Exchange in 2019. Over the years, Vireo has expanded its operations through both growing its own facilities and acquiring other companies, aiming to build a significant presence in the cannabis market. A major acquisition by Verano Holdings was announced but later terminated. More recently, Vireo has been actively pursuing mergers and acquisitions to expand its national footprint.
What it actually does
Vireo Growth Inc. is a cannabis company involved in every step of the process, from growing the plants to selling the final products. They cultivate cannabis (grow it), manufacture it (turn it into various products), process it (prepare it for sale), and distribute it (get it to customers). They offer products for both medical use by patients and for adult recreational use where it's legally permitted. Vireo sells these products through its own chain of retail stores and also supplies them to other stores.
Cultivation and Manufacturing
This part of Vireo's business is all about growing cannabis and turning it into a wide range of products. They operate greenhouses and labs to produce what they call 'pharmaceutical-grade' cannabis products. This means they focus on quality and consistency in their growing and production processes. The products made here are then sold through Vireo's own retail outlets and to other distributors, forming a core part of how the company makes money.
Retail Operations
Vireo Growth Inc. operates its own retail dispensaries, often under brand names like Green Goods and Vireo Health. These stores are where consumers can directly purchase cannabis products. By having its own retail locations, Vireo can control the customer experience and capture more of the profit from each sale. This segment is crucial for reaching end consumers and building brand loyalty.
Wholesale Distribution
Beyond selling directly to consumers, Vireo also acts as a wholesaler, meaning they sell their cannabis products in larger quantities to other businesses. These businesses are typically other retail dispensaries that don't grow or manufacture their own products. This wholesale segment allows Vireo to reach a wider customer base and increase sales volume by supplying products to a network of third-party stores.
What management is betting on now
Vireo's management is focused on expanding the company's reach across multiple states through strategic acquisitions and mergers. They aim to build a large, diversified cannabis platform rather than relying on just one or two markets. This strategy involves acquiring companies in different states to increase market share and operational capabilities. Management believes that by growing larger and more geographically diverse, Vireo can achieve economies of scale, improve efficiency, and better compete as the cannabis industry matures and potentially consolidates.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-7.48M
FY2024 Q4
$-9.16M
FY2025 Q1
$-4.47M
FY2025 Q2
$-8.49M
FY2025 Q3
$-20.45M
FY2025 Q4
$8.79M
FY2026 Q1
$1.10M
FY2026 Q2
$-105.80M
Revenue
$209.30M
Net income
$-100.00K
Diluted EPS
0.00
Operating cash flow
$2.40M
Free cash flow
$-105.80M
Fetching…
Sources
Revenue
$106.20M
Net income
$-20.30M
Diluted EPS
-0.02
Operating cash flow
$11.90M
Free cash flow
$1.10M
Fetching…
Sources
Revenue
$104.51M
Net income
$-20.37M
Diluted EPS
-0.01
Operating cash flow
$18.66M
Free cash flow
$8.79M
Fetching…
Sources
Revenue
$91.66M
Net income
$-26.30M
Diluted EPS
-0.03
Operating cash flow
$-6.79M
Free cash flow
$-20.45M
Fetching…
Sources
Revenue
$48.06M
Net income
$-14.93M
Diluted EPS
-0.03
Operating cash flow
$-4.83M
Free cash flow
$-8.49M
Fetching…
Sources
Revenue
$24.54M
Net income
$-6.51M
Diluted EPS
-0.02
Operating cash flow
$-3.32M
Free cash flow
$-4.47M
Fetching…
Sources
Revenue
$25.02M
Net income
$-15.70M
Diluted EPS
-0.09
Operating cash flow
$-6.44M
Free cash flow
$-9.16M
Fetching…
Sources
Revenue
$25.17M
Net income
$-4.93M
Diluted EPS
-0.02
Operating cash flow
$-2.59M
Free cash flow
$-7.48M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $7.70
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $381.7M. Interest coverage 0.3x.
Net debt
$381.70M
Interest coverage
0.34x
Vireo Growth Inc. is healthier than 0 of 1 peers on balance-sheet leverage.
Distressed
Worse cushion
Baseline
Better cushion
VREOF
BASELINE
Vireo Growth Inc.
Total debt $485.80M Interest coverage 0.34x This is the baseline the peer rows are being compared against.
What you should know
The case for and against VREOF
1 Reward
2 Risks
Rewards
-
Revenue grew 90.4% last year.
Risks
-
Net debt grew 61.2% over 3 years.
-
Return on equity was -18.9% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
4.03x
P/B
0.80x
P/S
0.79x
EV/EBITDA
12.77x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
48.6%
Operating margin
6.4%
Net margin
-13.1%
ROE
-18.9%
ROA
2.3%
Health
Liquidity and balance-sheet strength
Debt / equity
1.10x
Current ratio
1.01x
Quick ratio
0.48x
Total debt
$485.80M
Total cash
$104.10M
Growth
How the business has been compounding
Revenue TTM
$511.67M
Revenue 5Y CAGR
49.1%
EPS TTM
-1.70
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$26.16M
Free CF TTM
$-24.61M
FCF margin
-4.8%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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