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Multi Ways vs VirTra: revenue, profit, margins and growth compared

Multi Ways brought in $44.8M of revenue in fiscal 2025, VirTra $22.4M in fiscal 2025. Revenue changed by +44.1% at Multi Ways and -15.0% at VirTra on the year before, so Multi Ways grew faster. Multi Ways kept -1.0% of its revenue as net profit, VirTra 1.2%. Free cash flow was $6.2M at Multi Ways and $3.1M at VirTra.

Side by side, latest fiscal year

MWGVTSI
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$44.8M$22.4M
Revenue growth+44.1%-15.0%
Net income-$433K$258.4K
Net margin-1.0%1.2%
Free cash flow$6.2M$3.1M
Free cash flow margin13.7%13.7%
Earnings per share (diluted)-$0.11$0.02
Cash$1.9M$18.6M
Debtn/a$7.5M
Price to earningsn/a143.0
Market value$6.5M$32.4M
Dividend yieldn/an/a
Rank by revenue in sector#776 of 955 · Consumer discretionary#821 of 955 · Consumer discretionary

Over the years

Revenue
MWG FY2020: $29.9MMWG FY2022: $33.4MMWG FY2022: $38.4MMWG FY2023: $36MMWG FY2024: $31.1MMWG FY2025: $44.8MVTSI FY2018: $18.1MVTSI FY2019: $18.7MVTSI FY2020: $19.1MVTSI FY2021: $24.4MVTSI FY2022: $28.3MVTSI FY2023: $38.3MVTSI FY2024: $26.4MVTSI FY2025: $22.4MFY18FY19FY20FY21FY22FY23FY24FY25
MWG $44.8MVTSI $22.4M
Net income
MWG FY2020: $1.3MMWG FY2022: $1.8MMWG FY2022: $978KMWG FY2023: $1.8MMWG FY2024: -$2.9MMWG FY2025: -$433KVTSI FY2018: $818.1KVTSI FY2019: -$75.3KVTSI FY2020: $1.5MVTSI FY2021: $2.5MVTSI FY2022: $2MVTSI FY2023: $8.7MVTSI FY2024: $1.4MVTSI FY2025: $258.4KFY18FY19FY20FY21FY22FY23FY24FY25
MWG -$433KVTSI $258.4K
Net margin
MWG FY2020: 4.4%MWG FY2022: 5.4%MWG FY2022: 2.5%MWG FY2023: 5.0%MWG FY2024: -9.2%MWG FY2025: -1.0%VTSI FY2018: 4.5%VTSI FY2019: -0.4%VTSI FY2020: 7.7%VTSI FY2021: 10.4%VTSI FY2022: 6.9%VTSI FY2023: 22.6%VTSI FY2024: 5.2%VTSI FY2025: 1.2%FY18FY19FY20FY21FY22FY23FY24FY25
MWG -1.0%VTSI 1.2%
Revenue growth
MWG FY2022: +11.8%MWG FY2022: +14.8%MWG FY2023: -6.1%MWG FY2024: -13.7%MWG FY2025: +44.1%VTSI FY2019: +3.5%VTSI FY2020: +2.0%VTSI FY2021: +28.0%VTSI FY2022: +15.8%VTSI FY2023: +35.3%VTSI FY2024: -31.2%VTSI FY2025: -15.0%FY19FY20FY21FY22FY23FY24FY25
MWG +44.1%VTSI -15.0%
Free cash flow
MWG FY2020: $1MMWG FY2022: $93KMWG FY2023: -$1.9MMWG FY2024: -$13.5MMWG FY2025: $6.2MVTSI FY2018: $1.5MVTSI FY2019: -$2.1MVTSI FY2021: -$3.6MVTSI FY2022: -$5.9MVTSI FY2023: $5.6MVTSI FY2024: -$588.3KVTSI FY2025: $3.1MFY18FY19FY20FY21FY22FY23FY24FY25
MWG $6.2MVTSI $3.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Multi Ways and VirTra

Which is bigger by revenue, Multi Ways or VirTra?

Multi Ways is bigger by revenue: $44.8M in fiscal 2025, against $22.4M for VirTra in fiscal 2025.

Which keeps more of its revenue as profit, Multi Ways or VirTra?

Multi Ways had a net margin of -1.0% in fiscal 2025; VirTra had 1.2% in fiscal 2025.

Which grew revenue faster, Multi Ways or VirTra?

In their latest fiscal years revenue changed by +44.1% at Multi Ways and -15.0% at VirTra.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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