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Chart of the Week

Chart of the Week

The Viridian Capital Chart of the Week highlights key investment, valuation and M&A trends taken from that week’s Deal Tracker that we believe are impactful for investors, companies and acquirers.

Week ended 10/24/2025

Viridian Capital Chart of the Week: Which Companies are Exhibiting the Best Cost Controls?

  • The Viridian Chart of the Week explores consensus analyst estimates for upcoming Q3’25 releases, which begin in the first week of November.
  • The chart contains two columns for each of the ten MSOs portrayed. The left column is q3’24 data, while the right column is q3’25 data. The top of the bars represents revenues for the quarter; the green bar represents EBITDA; the orange bar depicts cash SG&A expenses; and the blue bars show cash COGS. In each case, revenue equals COGS + SG&A + EBITDA. The numbers in the boxes show EBITDA Margins, SG&A%, and COGS%.
  • Five of the companies in the chart, including Curaleaf, GTI, Trulieve, Vireo, and Jushi, are expected to report Q3 y/o/y revenue gains. Of these five gainers, only one, Jushi, is expected to have higher EBITDA margins in 2025 vs 2024. Conversely, among the five companies with lower revenue expectations— Verano, Cresco, Ascend, Cannabist, and TerrAscend — three (Verano, Ascend, and TerrAscend) are expecting higher EBITDA margins. Companies are working to improve margins by eliminating unprofitable business segments.
  • The companies on the chart continue to cut operating expenses. Seven of the ten companies are expected to have lower SG&A ratios.
  • Despite better expense control, seven of the 10 companies expect lower gross margins, reflecting continued price compression across most markets.
  • Investors should resist becoming mesmerized by the slow-motion rescheduling drama and instead focus on which companies are able to eke out gains through rigorous expense controls. Revenue growth is challenging in 2025, but some companies on the chart are still increasing EBITDA by cutting operating expenses.
  • On the positive side, analysts expect revenue and EBITDA growth in 2026, beginning in the second quarter.