Weekly Valuation Tracker
Viridian highlights a specific industry sector and provides a deep dive into valuation metrics and comparable company valuations for public companies operating in that sector. The Weekly Valuation Tracker provides proprietary, actionable valuation data.
Weekly Valuation Report – Valuation Metrics for U.S. MSOs with Market Caps >$100M
- The table below shows valuation metrics for the eleven US MSOs with market caps over $100M
- The median EV/2026 EBITDA ratio is 5.1x, and the Viridian bespoke measure of Adj EV/2026 EBITDAR is not much higher at 5.72x. The Viridian measure takes into account both excess tax liabilities and operating leases in the definition of enterprise value.
- The uncertainty regarding regulatory/legislative outcomes is weighing on both the cannabis equity market and the cannabis capital markets. Cannabis equities enjoyed an early week pop on news that hemp was being outlawed and expectations that revenues lost to hemp would flow back into MSO coffers. The one-year delay and doubt about how much hemp revenue would be recaptured hit the stocks midweek.
- Despite the volatility, we expect 2026 to be a strong year for plant-touching valuations. Revenue growth is expected to rebound as several new states are getting closer to passing recreational cannabis laws.
- S3 still has the potential to produce a 50-100% pop in cannabis stocks.
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Valuation Tracker By Sector
The Viridian Value Tracker is the most comprehensive valuation product in the industry.
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- A broad set of 12 valuation measures assures applicability, regardless of whether the company has analyst coverage or revenues. The typically presented EV/ Projected Revenues and EV/ Projected EBITDA are available for less than 1/3 of the cannabis companies we track.
- Most valuation studies present only the average valuation measures, while the Tracker goes one step further and shows the distribution of values (the quartiles, median, and dispersion) for each measure. This gives users a more complete view of how companies in the cohort group are valued.
Sector Valuation Report – Agriculture Technology Sector as of 11/7/25
- Of the 14 companies in the sector, only 6 have analyst estimates for 2026. Median EV/ 2026 EBITDA is 9.27x, reflecting EBITDA turning positive for the first time in two years. The median EV / 2026 revenues is now 1.5x, but the median EV/annualized revenue is much higher at 2.45x, reflecting higher revenue valuations in the unrated cohort.
- We expect Ag Tech to be a significant beneficiary of the cultivation sector’s projected return to revenue growth, even without considering the positive impacts of 280E on the sector’s primary customers.
- Market to book ratios are now 1.06x, reflecting a market belief that significant writedowns are likely in the past.
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Sector Valuation Report – Agriculture Technology Sector as of 11/7/25
- Of the 14 companies in the sector, only 6 have analyst estimates for 2026. Median EV/ 2026 EBITDA is 9.27x, reflecting EBITDA turning positive for the first time in two years. The median EV / 2026 revenues is now 1.5x, but the median EV/annualized revenue is much higher at 2.45x, reflecting higher revenue valuations in the unrated cohort.
- We expect Ag Tech to be a significant beneficiary of the cultivation sector’s projected return to revenue growth, even without considering the positive impacts of 280E on the sector’s primary customers.
- Market to book ratios are now 1.06x, reflecting a market belief that significant writedowns are likely in the past.