Village Farms International, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Village Farms International, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	158	150	145	170	268	294	163	196	216
Cost of revenue	144	141	152	159	223	266	115	150	128
Gross profit	14	9.32	-7.35	11	45.2	27.5	48	45.8	87.7
Selling, general and administrative	14.9	14.1	16.8	19.1	53.9	72.3	56.7	61.7	60.3
General and administrative	1.67	1.68
Operating income	-1.18	-6.68
Interest expense	2.7	2.79	2.61	2.06	2.84	3.24	4.5	3.37	2.7
Interest income		0.31	1.04	0.63	0.13	0.21	1.02	0.91	1.16
Other non-operating income	0.05	0.13	0.27	-0.87	-0.42	-0.12	0.03	4.02	4.17
Pre-tax income	-5.52	-9.82	-3.54	8.82	-12.7	-96.7	-27.4	-37.3	31.4
Income tax	-0.76	-2.3	-5.87	-2.79	-3.53	4.68	7.45	-1.66	10.4
Income from continuing operations							-33.1	-27.9	21
Net income to minority interests					-0.05	-0.27	-0.02	0.21	-0.34
Net income	-4.76	-7.52	2.33	11.6	-9.08	-101	-34.8	-35.9	32.4
EBITDA	6.48	0.35
EPS, basic	-0.12	-0.17	0.05	0.20	-0.11	-1.13	-0.32	-0.32	0.29
EPS, diluted	-0.12	-0.17	0.05	0.19	-0.11	-1.13	-0.32	-0.32	0.27
Shares, basic (weighted)	39.1	44.4	49.4	58.5	82.2	89.1	109	111	113
Shares, diluted (weighted)	39.1	44.4	51.2	61.5	82.2	89.1	109	111	119

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	7.09	11.9	12	21.6	53.4	16.7	30.3	24.6	81.2
Receivables	0.07	11.3	9	23.2	34.4	27.6	30.6	22.2	23.2
Inventory	17.3	25	15.9	46.6	68.7	70.6	78.5	41.3	41.5
Other current assets		0.89	1.26	6.15	10.2	5.96	7.15	2.81	3.19
Total current assets	42.9	60.3	54.6	102	175	133	152	116	154
Property, plant and equipment	81.8	72.2	63.2	187	216	208	206	175	186
Lease right-of-use assets			3.49	3.8
Goodwill				24	118	66.2	55.9	42.3	44.4
Intangible assets				17.3	26.4	37.2	32.3	25.1	23.6
Other non-current assets		2.21	1.83	1.95	2.58	5.78	1.96	2.18	3.9
Total assets	142	141	183	354	567	465	464	389	423
Accounts payable		14.6	12.7	15.1	22.6	24.9	21.8	11.3	15.7
Accrued liabilities		3.51	3.02	10.4	14.2	13.1	15.1	8.97	14
Short-term debt		3.41	3.42	10.2	11.4	9.65	9.13	8.14	4.89
Total current liabilities	19.4	23.6	22	72.3	64.3	72.2	72.2	62.2	58.6
Long-term debt		32.3	29	53.9	50.4	43.8	38.9	32.4	28.8
Lease liabilities			2.69	2.86
Other non-current liabilities		1.05	1.36	1.63	1.97	1.71	1.9	2.2	3.33
Total liabilities	61.3	57	56.9	149	142	145	148	125	113
Total debt	38.4	35.9	32.4	68.6	67.3	60.1	48.1	40.6	33.7
Paid-in capital		2.2	4.35	17.5	9.37	13.4	25.6	30.6	29.4
Retained earnings	39.3	21.9	24.3	35.9	26.8	-74.4	-109	-145	-113
Other comprehensive income		-0.56	-0.48	6.26	6.7	-8.37	-3.54	-18.9	-9.28
Shareholders' equity	66.9	84.4	126	205	408	303	300	254
Minority interests						0.77	0.65	0
Total equity	81	101	126	205	408	304	300	254	300
Total liabilities and equity	142	141	183	354	567	465	464	389	423
Shares outstanding		47.6	52.7	66.9	88.2	91.8	110	112	116

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	-4.76	-7.34	2.33	11.6	-9.13	-101	-34.8	-35.6	32.1
Depreciation and amortization	7.66	7.03	7.37	6.83	12.7	13.1	14.1	16.7	16.4
Stock-based compensation	1.52	1.45	4.71	6.14	7.53	3.99	3.11	3.75	1.74
Deferred income tax	-0.79	-2.73	-5.86	-6.46	-2.87	9.83	7.05	-1.74	-2.07
Change in receivables	-1.06	-0.03	2.3	-3.2	-9.91	3.31	-2.16	-3.48	-3.75
Change in inventory	-0.9	-5.44	9.04	3	-16.8	-14.6	-5.01	8.46	1.14
Change in payables	0.24	1.65	-1.95	-1.67	6.33	6.7	-1.73	1.43	6.7
Cash from operations	0.67	-4.68	-14.4	5.68	-39.6	-19.9	5.32	10.3	58.1
Capital expenditures	-1.7	-3.09	-2.29	-3.42	-21.7	-14.3	-3.6	-7.17	-18.2
Acquisitions				-34.6	-40.7	-5.87
Cash from investing	-1.7	-13.5	-16.8	-51.2	-63.5	-20.9	-6.23	-10.2	-18.6
Debt issued	7.31	7	4	10.6	19.7	7.32			19.3
Debt repaid	-14.3	-7.71	-7.42	-6.29	-9.45	-9.71	-9.28	-5.71	-27.2
Stock issued	9.77	23.5	35	57.2	135	0.19	0.08	0
Share buybacks					-5				-2.97
Cash from financing	2.76	23	31.4	58.6	136	4.5	14.1	-9.53	-6.35
Exchange rate effect	-0.01	-0	-0.09	0.63	0.14
Net change in cash	1.72	4.83	0.07	13.7	33	-37	13.6	-10.7	61.6
Free cash flow	-1.03	-7.77	-16.7	2.26	-61.2	-34.2	1.71	3.18	39.9
Income taxes paid		0.29	0.9	0.16	1.8				0.09

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.3%	Gross profit / revenue.
Pre-tax margin	15.1%	Pre-tax income / revenue.
Net margin	9.8%	Net income / revenue.
FCF margin	-0.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.1%	Cash from operations / revenue.
Effective tax rate	33.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.3%	Net income / average total assets.
SG&A / revenue	28.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.3%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	91.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	47.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	51.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	22.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	7.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	461.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	59.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1,154.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	77.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.17x	Current assets / current liabilities.
Quick ratio	2.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.44x	(Cash + short-term investments) / current liabilities.
Debt / assets	9.3%	Total debt / total assets.
Liabilities / assets	25.6%	Total liabilities / total assets.
Net debt	-$33.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$109.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.9%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	1.21x	Revenue / average property, plant and equipment.
Inventory turnover	2.75x	Cost of revenue / average inventory.
Days inventory	133 days	365 x average inventory / cost of revenue.
Receivables turnover	7.12x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	50 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	134 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-1.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	101.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.85	Revenue / diluted weighted shares.
FCF per share	-$0.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.22	Cash from operations / diluted weighted shares.
Cash per share	$0.60	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$387.6M	Share price x shares outstanding.
Enterprise value	$354.7M	Market cap + total debt - cash - short-term investments.
P/E	17.1x	Market cap / net income. Only when net income is positive.
P/S	1.68x	Market cap / revenue.
P/OCF	13.9x	Market cap / cash from operations, when positive.
EV/Sales	1.54x	Enterprise value / revenue.
FCF yield	-0.1%	Free cash flow / market cap.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).

What was Village Farms International, Inc.'s revenue in fiscal 2025?

Village Farms International, Inc. reported revenue of $215.9M for fiscal 2025, 10.2% higher than the year before.

Was Village Farms International, Inc. profitable in fiscal 2025?

Yes. Net income was $32.4M, a net margin of 15%.

How much free cash flow did Village Farms International, Inc. generate in fiscal 2025?

Cash from operations of $58.1M minus capital expenditures of $18.2M left free cash flow of $39.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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