VIRCO MFG CORPORATION financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VIRCO MFG CORPORATION 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	173	189	201	193	153	185	231	269	266	200
Cost of revenue	111	124	134	121	97.9	124	146	153	152	118
Gross profit	62.5	65.5	67.1	71.7	54.9	60.9	85.3	116	115	81.2
Selling, general and administrative	56.6	60.3	64.8	65.7	54.2	61.3	74.7	84.2	86.8	77.6
Operating income	5.94	5.14	2.33	5.92	0.74	-0.34	10.6	31.9	27.9	3.66
Interest expense	1.22	1.55	2.19	2.46	1.54	1.2	1.98	2.68	0.35	0.3
Pre-tax income	4.73	2.41	-1.12	2.73	-2.98	-3.73	8.04	29.2	28.4	3.46
Income tax	-18	5.62	0.5	0.35	-0.74	11.4	-8.5	7.33	6.78	0.9
Net income	22.8	-3.21	-1.61	2.38	-2.23	-15.1	16.5	21.9	21.6	2.57
EBITDA	11	10.6	8.12	11.7	5.83	4.23	15.2	37	33.5	9.8
EPS, basic	1.51	-0.21	-0.10	0.15	-0.14	-0.95	1.03	1.34	1.32	0.16
EPS, diluted	1.49	-0.21	-0.10	0.15	-0.14	-0.95	1.02	1.34	1.32	0.16
Shares, basic (weighted)	15.1	15.2	15.4	15.6	15.8	16	16.1	16.3	16.4	15.8
Shares, diluted (weighted)	15.3	15.2	15.4	15.7	15.8	16	16.2	16.4	16.4	15.8
Dividend per share							0.00	0.02	0.09	0.10

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	0.79	0.53	0.74	1.15	0.4	1.36	1.06	5.3	26.9	14.4
Receivables	9.92	11.4	13.3	11.8	9.76	17.8	18.4	23.2	13	13.6
Inventory	35.7	42.1	47.3	43.3	38.3	47.4	67.4	58.4	55.6	56.7
Other current assets	1.61	1.54	1.62	1.75	2.31	2.08	2.08	2.21	2.6	10.1
Total current assets	48.5	55.7	63.1	58.3	51	68.8	89.1	89	102	98.7
Property, plant and equipment	34.3	42.4	41.9	39.9	36.8	35.3	34.6	34.6	36.4	34.6
Lease right-of-use assets			0	21.3	17.6	13.9	10.1	6.51	35.6	30.4
Other non-current assets	8.36	8.38	8.48	8.2	7.93	8	8.58	9.71	11.9	5.02
Total assets	108	117	123	139	125	126	150	146	192	174
Accounts payable	12.4	14.1	17.8	10.6	8.42	19.8	19.4	12.9	11.6	7.39
Accrued liabilities	5.14	4.78	4.57	6.39	4.58	5.6	9.55	10.9	11.1	11.4
Short-term debt	0.07	4.68	5.5	0.88	0.89	0.34	7.36	0.25	0.26	0.27
Total current liabilities	21.6	27.7	32.1	25.1	22.1	36.3	48.5	38.5	34.3	32
Long-term debt	4.94	12	15.9	15.8	9.55	14.2	14.4	4.14	3.88	3.61
Lease liabilities			0	19.8	15.6	11.4	6.8	1.83	36	30
Other non-current liabilities		2.06	2.33	0.66	0.68	0.64	0.56	0.56	0.8	0.86
Total liabilities	48.8	57.9	66.1	84.2	70.8	79	82.1	55.3	82.7	68.2
Total debt	5.01	16.7	21.4	16.7	10.4	14.5	21.7	4.38	4.14	3.88
Paid-in capital	117	117	118	119	120	120	121	121	118	114
Retained earnings	-46.4	-49.6	-52.2	-49.8	-52	-67.2	-50.6	-29	-8.87	-7.88
Other comprehensive income	-11.4	-9.26	-9.04	-14.3	-13.6	-6.03	-2.36	-1.31	0.42	-0.11
Shareholders' equity	59.4	58.7	57	54.8	54.2	47.4	68.1	91.2	109	106
Total equity	59.4	58.7	57	54.8	54.2	47.4	68.1	91.2	109	106
Total liabilities and equity	108	117	123	139	125	126	150	146	192	174
Shares outstanding	15.2	15.4	15.5	15.7	15.9	16.1	16.2	16.3	16.1	15.8

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	22.8	-3.21	-1.61	2.38	-2.23	-15.1	16.5	21.9	21.6	2.57
Depreciation and amortization	5.03	5.47	5.79	5.77	5.09	4.57	4.54	5.1	5.69	6.14
Stock-based compensation	0.61	0.83	0.91	0.92	1.01	1.01	0.61	0.6	0.4	0.21
Deferred income tax	-18.1	5.82	0.42	0.21	-0.74	11.3	-8.71	0.8	0.23	0.56
Change in receivables	0.01	-1.47	-1.87	1.41	2	-8.06	-0.72	-4.73	10.2	-0.64
Change in inventory	-1.71	-6.37	-5.23	3.96	5.06	-9.1	-20	9.04	2.72	-1.09
Change in payables	-4.15	-0.75	2.72	-6.23	-4.69	13.9	4.02	-4.01	-1.09	-11.5
Cash from operations	5.86	1.68	2.36	9.76	7.8	-0.4	-3.79	27	33.1	-0.84
Capital expenditures	-4.41	-6.21	-5.4	-4.22	-2.15	-3	-3.33	-5.25	-6.3	-5.85
Purchases of investments						0	-7.28	0	-1.29	0
Sales and maturities of investments						0	4.54	0	1.29	0
Cash from investing	-4.47	-13.3	-5.45	-4.26	-2.14	-2.37	-3.33	-4.76	-5.56	-5.74
Debt issued	37.4	36.7	54.7	39.8	32.2	29.8	49.6	42	23.2	0
Debt repaid	-38.6	-25.1	-50	-44.5	-38.5	-25.7	-42.3	-59.4	-23.4	-0.26
Share buybacks	-0.26	-0.34	-0.27	-0.25	-0.16	-0.18	-0.21	0	-3.81	-4
Dividends paid		0	-0.93	0			0	-0.33	-1.46	-1.58
Cash from financing	-1.42	11.3	3.29	-5.09	-6.41	3.73	6.82	-18	-5.98	-5.85
Net change in cash	-0.03	-0.25	0.2	0.41	-0.75	0.96	-0.3	4.23	21.6	-12.4
Free cash flow	1.45	-4.53	-3.03	5.54	5.65	-3.4	-7.12	21.7	26.8	-6.7
Interest paid	1.22	1.55	2.19	2.46	1.54	1.2	1.98	2.68	0.35	0.3
Income taxes paid	0.05	0.05	0.1	0.08	-0.31	0.04	0.07	6.32	10.7	0.11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $6.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.5%	Gross profit / revenue.
Operating margin	-2.5%	Operating income / revenue.
EBITDA margin	0.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.2%	Pre-tax income / revenue.
Net margin	-1.3%	Net income / revenue.
FCF margin	4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.3%	Cash from operations / revenue.
Return on equity (ROE)	-2.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.3%	Net income / average total assets.
Return on invested capital (ROIC)	-3.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	40.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-25.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-29.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.6%	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	8.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-86.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-29.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	37.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-70.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-13.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-88.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-46.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-87.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-46.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-102.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-125.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	11.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-3.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	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	6.9%	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	-3.7%	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	-0.9%	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	0.0%	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	2.53x	Current assets / current liabilities.
Quick ratio	1.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.03x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.9%	Total debt / total assets.
Liabilities / assets	42.5%	Total liabilities / total assets.
Net debt	-$5.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-4.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-15.2x	Operating income / interest expense.
Working capital	$74.1M	Current assets - current liabilities.
Tangible book value	$110.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	5.75x	Revenue / average property, plant and equipment.
Inventory turnover	2.26x	Cost of revenue / average inventory.
Days inventory	161 days	365 x average inventory / cost of revenue.
Receivables turnover	4.21x	Revenue / average receivables.
Days sales outstanding	87 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	187 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	27.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.16	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	$12.20	Revenue / diluted weighted shares.
FCF per share	$0.56	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.77	Cash from operations / diluted weighted shares.
Book value per share	$7.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.01	Tangible book value / shares outstanding.
Cash per share	$0.58	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	17.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	2.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$102.2M	Share price x shares outstanding.
Enterprise value	$96.8M	Market cap + total debt - cash - short-term investments.
P/S	0.53x	Market cap / revenue.
P/B	0.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.93x	Market cap / tangible book value, when positive.
P/FCF	11.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.40x	Market cap / cash from operations, when positive.
EV/Sales	0.50x	Enterprise value / revenue.
EV/EBITDA	78.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.6%	Free cash flow / market cap.
Earnings yield	-2.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was VIRCO MFG CORPORATION's revenue in fiscal 2026?

VIRCO MFG CORPORATION reported revenue of $199.7M for fiscal 2026, 25% lower than the year before.

Was VIRCO MFG CORPORATION profitable in fiscal 2026?

Yes. Net income was $2.6M, a net margin of 1.3%.

How much free cash flow did VIRCO MFG CORPORATION generate in fiscal 2026?

Cash from operations of $841.0K minus capital expenditures of $5.9M left free cash flow of -$6.7M.

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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