What is Village Farms International's operating income?

Village Farms International's total operating income in 2025 was $27.17 million, based on the following breakdown: Total Gross Profit: $87.68 million Total Operating Expenses: $60.51 million

Village Farms International (VFF) Financials

$2.04 +0.03 (+1.49%)

Closing price 07/10/2026 04:00 PM Eastern

Extended Trading

$2.06 +0.02 (+0.74%)

As of 07/10/2026 07:36 PM Eastern

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Annual Income Statements for Village Farms International

This table shows Village Farms International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-4.76	-7.69	2.33	12	-9.08	-101	-35	-36	32
Consolidated Net Income / (Loss)	-4.76	-7.34	2.33	12	-9.13	-101	-35	-36	32
Net Income / (Loss) Continuing Operations	-4.29	-7.52	2.33	12	-9.13	-101	-33	-28	21
Total Pre-Tax Income	-5.05	-9.64	-17	7.81	-12	-94	-26	-30	31
Total Operating Income	-0.91	-6.25	-15	-14	-8.74	-88	-23	-28	27
Total Gross Profit	14	9.32	-7.35	11	45	27	48	46	88
Total Revenue	158	150	145	170	268	294	163	196	216
Operating Revenue	158	150	145	170	268	294	163	196	216
Total Cost of Revenue	144	141	152	159	223	266	115	150	128
Operating Cost of Revenue	144	141	152	159	223	266	115	150	128
Total Operating Expenses	15	16	7.91	25	54	116	71	74	61
Selling, General & Admin Expense	15	14	17	19	54	72	57	62	60
Impairment Charge	-	-	-	0.00	0.00	43	14	12	0.22
Total Other Income / (Expense), net	-4.14	-3.40	-2.06	22	-3.61	-6.00	-2.84	-1.28	4.19
Interest Expense	2.70	2.79	2.61	2.06	2.84	3.24	4.50	3.37	2.70
Interest & Investment Income	0.00	0.31	1.04	0.63	0.13	0.21	1.02	0.91	1.16
Other Income / (Expense), net	-1.45	-0.92	-0.48	24	-0.90	-2.96	0.63	1.17	5.73
Income Tax Expense	-0.76	-2.30	-5.87	-2.79	-3.53	4.68	7.45	-1.66	10
Other Gains / (Losses), net	-	0.17	14	1.01	-0.31	-2.67	0.00	0.00	0.00
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-1.74	-7.70	11
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	-0.05	-0.27	-0.02	0.21	-0.34
Basic Earnings per Share	($0.12)	($0.17)	$0.05	$0.20	($0.11)	($1.13)	($0.32)	($0.32)	$0.29
Weighted Average Basic Shares Outstanding	39.14M	44.36M	49.42M	58.53M	82.16M	89.13M	108.73M	111.37M	113.28M
Diluted Earnings per Share	($0.12)	($0.17)	$0.05	$0.19	($0.11)	($1.13)	($0.32)	($0.32)	$0.27
Weighted Average Diluted Shares Outstanding	39.14M	44.36M	51.18M	61.49M	82.16M	89.13M	108.73M	111.37M	118.55M
Weighted Average Basic & Diluted Shares Outstanding	-	47.64M	-	79.60M	110.24M	-	110.25M	112.34M	115.10M

This table shows Village Farms International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.30	-25	-2.85	-24	-0.82	-8.63	-6.70	26	10	2.43	2.92
Consolidated Net Income / (Loss)	-1.25	-26	-2.68	-24	-0.75	-8.66	-7.12	26	11	2.44	2.73
Net Income / (Loss) Continuing Operations	-1.25	-24	-2.68	-17	-0.84	-7.87	-2.11	9.95	11	7.34	2.73
Total Pre-Tax Income	-2.92	-17	-2.36	-16	-0.75	-10	-1.13	12	16	9.51	4.40
Total Operating Income	-1.20	-11	-0.87	-15	-0.93	-11	-0.44	6.93	16	9.34	5.04
Total Gross Profit	15	9.53	16	14	14	3.01	14	22	32	22	21
Total Revenue	70	-48	78	54	55	9.30	40	60	67	12	50
Operating Revenue	70	-48	78	54	55	9.30	40	60	67	12	50
Total Cost of Revenue	55	-58	63	40	41	6.28	26	38	35	-9.84	29
Operating Cost of Revenue	55	-58	63	40	41	6.28	26	38	35	-9.84	29
Total Operating Expenses	16	21	16	29	15	14	15	15	16	13	16
Selling, General & Admin Expense	16	6.73	16	17	15	14	15	15	16	13	16
Impairment Charge	0.00	-	-	12	0.00	-	0.00	0.00	0.00	-	0.00
Total Other Income / (Expense), net	-1.72	-5.36	-1.49	-0.94	0.18	0.96	-0.69	5.52	-0.81	0.17	-0.65
Interest Expense	0.99	0.96	0.92	0.90	0.78	0.77	0.70	0.81	0.65	0.54	0.52
Interest & Investment Income	0.26	0.28	0.21	0.32	0.23	0.16	0.08	0.11	0.36	0.62	0.61
Other Income / (Expense), net	-0.99	-4.68	-0.77	-0.36	0.73	1.57	-0.06	6.22	-0.52	0.09	-0.73
Income Tax Expense	-1.66	7.18	0.32	0.26	0.09	-2.34	0.98	2.50	4.72	2.17	1.67
Other Gains / (Losses), net	-	-	-	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Net Income / (Loss) Discontinued Operations	-	-	-	-7.00	0.09	-	-5.00	16	-0.28	-	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.05	-0.03	0.17	-0.01	0.07	-0.03	-0.41	-0.26	0.32	0.01	-0.19
Basic Earnings per Share	($0.01)	($0.24)	($0.03)	($0.21)	($0.01)	($0.07)	($0.06)	$0.24	$0.09	$0.02	$0.03
Weighted Average Basic Shares Outstanding	110.24M	108.73M	110.25M	110.96M	111.92M	111.37M	112.34M	112.35M	113.04M	113.28M	115.26M
Diluted Earnings per Share	($0.01)	($0.24)	($0.03)	($0.21)	($0.01)	($0.07)	($0.06)	$0.24	$0.08	$0.01	$0.02
Weighted Average Diluted Shares Outstanding	110.24M	108.73M	110.25M	110.96M	111.92M	111.37M	112.34M	112.74M	120.57M	118.55M	127.06M
Weighted Average Basic & Diluted Shares Outstanding	110.24M	110.25M	110.25M	111.73M	112.34M	112.34M	112.34M	112.64M	115.52M	115.10M	114.29M

This table details how cash moves in and out of Village Farms International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	1.72	4.83	0.07	14	33	-37	14	-11	62
Net Cash From Operating Activities	0.67	-4.68	-14	5.68	-40	-20	7.63	14	58
Net Cash From Continuing Operating Activities	0.67	-4.68	-14	5.68	-40	-20	7.63	14	58
Net Income / (Loss) Continuing Operations	-4.76	-7.52	2.33	12	-9.08	-101	-33	-28	21
Consolidated Net Income / (Loss)	-4.76	-7.52	2.33	12	-9.08	-101	-33	-28	21
Depreciation Expense	7.66	7.03	7.37	6.83	13	13	14	17	16
Amortization Expense	0.00	0.08	0.08	0.12	0.30	0.21	0.14	0.01	0.12
Non-Cash Adjustments To Reconcile Net Income	2.08	1.69	-24	-19	6.47	63	18	27	2.85
Changes in Operating Assets and Liabilities, net	-4.31	-5.96	-0.61	6.61	-50	4.97	8.30	-1.84	18
Net Cash From Investing Activities	-1.70	-13	-17	-51	-63	-21	-3.32	-7.33	-19
Net Cash From Continuing Investing Activities	-1.70	-13	-17	-51	-63	-21	-3.32	-7.33	-19
Purchase of Property, Plant & Equipment	-1.70	-3.09	-2.29	-3.42	-22	-14	-3.60	-7.17	-18
Acquisitions	0.00	0.00	-0.10	-46	-41	-5.87	0.00	-0.16	-0.40
Sale of Property, Plant & Equipment	0.00	0.07	0.05	0.00	0.00	0.00	0.84	0.00	0.00
Other Investing Activities, net	-	-10	-15	-1.40	-1.13	-0.73	-0.55	0.00	0.00
Net Cash From Financing Activities	2.76	23	31	59	136	4.50	14	-9.53	-6.35
Net Cash From Continuing Financing Activities	2.76	23	31	59	136	4.50	14	-9.53	-6.35
Repayment of Debt	-14	-7.78	-7.42	-6.29	-9.45	-9.71	-9.28	-5.71	-28
Repurchase of Common Equity	-	-0.14	-0.34	-3.29	-13	-0.21	-1.44	0.00	-2.97
Payment of Dividends	-	-	-	-	-	0.00	0.00	-3.82	0.00
Issuance of Debt	7.31	7.00	4.00	11	20	7.32	0.00	0.00	19
Issuance of Common Equity	9.77	24	35	57	135	6.90	25	0.00	0.00
Other Financing Activities, net	0.06	0.28	0.12	0.36	3.18	0.19	0.08	0.00	5.03
Effect of Exchange Rate Changes	-0.01	-0.00	-0.09	0.63	0.14	-0.70	0.39	-1.24	2.15
Other Net Changes in Cash	-	-	-	-	-	-	-5.23	-6.30	26
Cash Income Taxes Paid	-0.03	0.29	0.90	0.16	1.80	0.00	0.00	0.00	0.09

This table details how cash moves in and out of Village Farms International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	8.82	-5.19	-3.61	-2.03	-0.96	-4.07	-9.51	50	23	-1.31	-31
Net Cash From Operating Activities	12	0.83	-0.05	-3.66	6.52	11	-3.77	29	24	11	-17
Net Cash From Continuing Operating Activities	12	0.83	-0.05	-3.66	6.52	11	-3.77	29	24	11	-17
Net Income / (Loss) Continuing Operations	-1.30	-24	-2.68	-19	-0.84	-5.71	-2.11	15	11	2.34	2.73
Consolidated Net Income / (Loss)	-1.30	-24	-2.68	-19	-0.84	-5.71	-2.11	15	11	2.34	2.73
Depreciation Expense	4.00	2.36	4.56	3.80	4.58	3.79	4.44	3.44	4.16	3.81	4.30
Amortization Expense	0.03	0.03	0.01	-	-	-	0.00	0.05	0.03	0.04	0.07
Non-Cash Adjustments To Reconcile Net Income	3.29	12	1.02	14	0.87	11	0.30	0.73	1.21	0.93	0.94
Changes in Operating Assets and Liabilities, net	6.03	10	-2.96	-2.47	1.91	1.69	-6.39	9.48	8.23	4.29	-25
Net Cash From Investing Activities	-1.81	0.21	-1.88	-0.94	-2.79	-1.72	-1.55	-2.45	-1.83	-11	-9.23
Net Cash From Continuing Investing Activities	-1.81	0.21	-1.88	-0.94	-2.79	-1.72	-1.55	-2.45	-1.83	-11	-9.23
Purchase of Property, Plant & Equipment	-1.81	0.75	-1.88	-0.86	-2.79	-1.64	-1.25	-2.75	-1.83	-11	-9.23
Acquisitions	-	-	-	-	-	-0.08	0.00	-	-	-0.40	0.00
Other Investing Activities, net	-	-	0.00	-	-	-	-0.30	-	-	-	0.00
Net Cash From Financing Activities	-1.45	-1.42	-1.44	-4.44	-2.23	-1.41	-1.38	-4.60	1.38	-2.74	-3.70
Net Cash From Continuing Financing Activities	-1.45	-1.42	-1.44	-4.44	-2.23	-1.41	-1.38	-4.60	1.38	-2.74	-3.70
Repayment of Debt	-1.45	-1.42	-1.44	-1.43	-1.43	-1.41	-1.38	-3.60	-2.17	-21	-1.39
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-6.37
Payment of Dividends	-	-	-	-	-0.80	-	0.00	-	-	-	0.00
Issuance of Debt	-	-	0.00	-	-	-	0.00	-	-	-	3.59
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	1.49	0.47
Effect of Exchange Rate Changes	0.03	0.43	-0.24	-0.20	0.25	-1.05	0.09	0.38	-2.37	4.05	-1.03
Other Net Changes in Cash	-	-	-	-	-2.70	-11	-2.90	-	0.95	-2.52	0.00

This table presents Village Farms International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	142	141	183	354	465	465	464	389	423
Total Current Assets	38	60	55	102	133	133	152	116	154
Cash & Equivalents	7.09	12	12	22	17	17	30	25	81
Restricted Cash	-	-	0.00	4.04	5.00	5.00	5.00	0.00	5.06
Accounts Receivable	13	12	9.34	23	28	28	31	22	23
Inventories, net	17	25	16	47	71	71	78	41	42
Prepaid Expenses	0.81	0.89	1.26	6.15	5.96	5.96	7.15	2.81	3.19
Other Current Nonoperating Assets	-	-	-	-	-	-	-	25	0.00
Plant, Property, & Equipment, net	0.00	72	63	187	208	208	206	175	186
Total Noncurrent Assets	104	9.00	66	65	122	125	107	98	83
Goodwill	-	-	0.00	24	66	66	56	42	44
Intangible Assets	-	-	0.00	17	37	37	32	25	24
Noncurrent Deferred & Refundable Income Taxes	-	0.27	8.00	13	4.20	4.20	1.20	1.01	0.69
Other Noncurrent Operating Assets	104	2.38	5.42	5.78	15	17	17	9.21	14
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	20	0.00
Total Liabilities & Shareholders' Equity	142	141	183	354	465	465	464	389	423
Total Liabilities	61	57	57	149	145	145	148	125	113
Total Current Liabilities	17	24	22	72	72	72	72	62	59
Short-Term Debt	-	5.41	5.42	12	17	17	13	12	4.89
Accounts Payable	13	15	13	15	25	25	22	11	16
Accrued Expenses	3.79	3.51	3.02	10	15	15	17	10	14
Current Deferred & Payable Income Tax Liabilities	-	-	0.00	4.52	0.00	0.00	0.03	0.05	12
Other Taxes Payable	-	-	-	12	12	12	16	8.74	8.70
Other Current Liabilities	-	0.08	0.94	18	3.43	3.43	4.45	2.11	3.15
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	18	0.00
Total Noncurrent Liabilities	46	33	35	76	73	73	76	63	54
Long-Term Debt	38	32	29	54	44	44	39	32	29
Noncurrent Deferred & Payable Income Tax Liabilities	4.83	0.00	1.87	18	20	20	24	20	18
Other Noncurrent Operating Liabilities	-0.63	1.05	4.08	4.50	9.50	9.50	13	6.40	7.19
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	4.37	0.00
Redeemable Noncontrolling Interest	-	-	-	0.00	16	16	16	9.95	10
Total Equity & Noncontrolling Interests	79	84	126	205	304	304	300	254	300
Total Preferred & Common Equity	79	84	126	205	303	303	300	254	300
Total Common Equity	79	84	126	205	303	303	300	254	300
Common Stock	36	63	103	163	386	386	412	418	422
Retained Earnings	39	22	24	36	-74	-74	-109	-145	-113
Accumulated Other Comprehensive Income / (Loss)	-0.39	-0.56	-0.48	6.26	-8.37	-8.37	-3.54	-19	-9.28

This table presents Village Farms International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	478	458	425	418	377	404	418	401
Total Current Assets	153	151	134	128	105	138	157	132
Cash & Equivalents	35	27	30	29	15	60	83	50
Restricted Cash	5.00	5.00	0.00	0.00	-	5.00	5.00	5.06
Accounts Receivable	29	39	41	34	35	28	32	28
Inventories, net	77	74	59	60	51	39	34	44
Prepaid Expenses	6.75	6.20	4.68	5.22	3.30	4.55	2.93	3.97
Other Current Nonoperating Assets	-	-	-	-	-	0.51	0.00	0.00
Plant, Property, & Equipment, net	202	201	198	200	190	182	180	190
Total Noncurrent Assets	122	107	93	90	82	84	82	79
Goodwill	66	55	44	45	42	45	44	44
Intangible Assets	35	31	28	27	24	25	24	22
Noncurrent Deferred & Refundable Income Taxes	4.20	4.20	4.20	1.20	0.92	0.80	0.72	0.61
Other Noncurrent Operating Assets	17	17	16	16	15	14	14	13
Other Noncurrent Nonoperating Assets	-	-	-	-	-	0.00	0.00	0.00
Total Liabilities & Shareholders' Equity	478	458	425	418	377	404	418	401
Total Liabilities	141	146	139	133	119	110	113	97
Total Current Liabilities	69	73	68	63	55	52	56	43
Short-Term Debt	13	13	13	13	9.82	7.90	4.84	4.97
Accounts Payable	19	20	20	18	15	11	9.51	9.95
Accrued Expenses	18	14	15	14	16	15	11	17
Current Deferred & Payable Income Tax Liabilities	-	0.05	0.00	0.00	1.67	5.39	8.54	0.00
Other Taxes Payable	14	21	16	13	8.39	8.83	12	7.41
Other Current Liabilities	4.48	4.80	4.69	4.18	3.58	1.97	8.52	3.65
Other Current Nonoperating Liabilities	-	-	-	-	-	1.62	2.61	0.00
Total Noncurrent Liabilities	72	73	71	70	65	58	57	54
Long-Term Debt	40	37	36	35	34	31	30	31
Noncurrent Deferred & Payable Income Tax Liabilities	19	24	24	24	19	20	20	18
Other Noncurrent Operating Liabilities	14	13	12	12	11	6.73	6.70	5.51
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	0.00	0.00	0.00
Redeemable Noncontrolling Interest	15	16	10	11	9.62	9.86	10.00	9.82
Total Equity & Noncontrolling Interests	321	297	276	274	248	284	295	294
Total Preferred & Common Equity	320	296	275	274	248	284	295	294
Total Common Equity	320	296	275	274	248	284	295	294
Common Stock	412	413	417	418	418	418	423	416
Retained Earnings	-84	-109	-133	-136	-152	-125	-115	-110
Accumulated Other Comprehensive Income / (Loss)	-8.19	-7.50	-9.39	-6.95	-18	-8.67	-12	-13

This table displays calculated financial ratios and metrics derived from Village Farms International's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	47,642,672.00	47,642,672.00	66,059,810.00	85,705,649.00	90,852,829.00	110,238,929.00	112,337,049.00	115,517,766.00
DEI Adjusted Shares Outstanding	0.00	47,642,672.00	47,642,672.00	66,059,810.00	85,705,649.00	90,852,829.00	110,238,929.00	112,337,049.00	115,517,766.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.16	0.05	0.18	-0.11	-1.11	-0.32	-0.32	0.28
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-5.31%	-3.62%	17.65%	57.58%	9.53%	-44.44%	20.11%	10.22%
EBITDA Growth	0.00%	-101.09%	-14,206.90%	295.03%	-79.15%	-2,404.03%	89.81%	-31.53%	574.04%
EBIT Growth	0.00%	-203.82%	-119.80%	158.73%	-204.22%	-844.87%	75.67%	-22.60%	221.17%
NOPAT Growth	0.00%	-586.26%	-144.31%	-81.30%	68.41%	-907.86%	74.13%	-24.33%	191.72%
Net Income Growth	0.00%	-54.38%	131.66%	399.27%	-178.61%	-1,011.40%	65.67%	-2.37%	190.07%
EPS Growth	0.00%	-41.67%	129.41%	280.00%	-157.89%	-927.27%	71.68%	0.00%	184.38%
Operating Cash Flow Growth	0.00%	-799.10%	-207.61%	139.47%	-796.85%	49.73%	138.38%	79.85%	323.31%
Free Cash Flow Firm Growth	0.00%	0.00%	-338.05%	-996.35%	-24.97%	106.50%	-16.05%	388.32%	-58.59%
Invested Capital Growth	0.00%	-9.06%	3.44%	127.35%	77.40%	-17.14%	-7.40%	-21.60%	-1.29%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	9.18%	10.49%	-1.13%	-41.92%	-24.89%	-38.88%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	362.47%	-65.31%	-70.59%	62.56%	42.15%	99.71%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	173.59%	-335.34%	-51.15%	36.76%	22.84%	432.53%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-77.25%	58.93%	-53.03%	43.31%	20.65%	3,506.48%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	289.02%	-1,535.30%	-100.87%	40.18%	32.10%	52.82%
EPS Q/Q Growth	0.00%	0.00%	0.00%	480.00%	-120.00%	-109.26%	49.21%	34.69%	42.11%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	328.40%	-103.51%	37.21%	5,682.58%	945.54%	7.11%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	28.61%	116.51%	-43.28%	154.52%	-56.02%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	143.10%	20.71%	-9.23%	-4.65%	-14.06%	0.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	8.82%	6.21%	-5.08%	6.44%	16.86%	9.37%	29.40%	23.38%	40.61%
EBITDA Margin	3.35%	-0.04%	-5.74%	9.52%	1.26%	-26.49%	-4.86%	-5.32%	22.87%
Operating Margin	-0.57%	-4.16%	-10.55%	-8.39%	-3.26%	-30.00%	-13.97%	-14.46%	12.58%
EBIT Margin	-1.49%	-4.77%	-10.89%	5.43%	-3.59%	-31.01%	-13.58%	-13.86%	15.24%
Profit (Net Income) Margin	-3.00%	-4.90%	1.61%	6.82%	-3.40%	-34.55%	-21.35%	-18.19%	14.87%
Tax Burden Percent	94.16%	76.15%	-13.43%	148.57%	73.93%	107.81%	135.88%	120.40%	102.38%
Interest Burden Percent	214.34%	134.67%	110.03%	84.52%	128.12%	103.34%	115.70%	109.03%	95.32%
Effective Tax Rate	0.00%	0.00%	0.00%	-35.71%	0.00%	0.00%	0.00%	0.00%	33.07%
Return on Invested Capital (ROIC)	-0.56%	-4.01%	-10.10%	-11.00%	-1.80%	-15.55%	-4.61%	-6.68%	7.02%
ROIC Less NNEP Spread (ROIC-NNEP)	-12.33%	-14.91%	4,458.94%	295.04%	-14.34%	-180.77%	-71.90%	-238.58%	-42.94%
Return on Net Nonoperating Assets (RNNOA)	-5.44%	-4.96%	12.31%	18.00%	-1.09%	-11.68%	-6.34%	-5.61%	4.17%
Return on Equity (ROE)	-6.00%	-8.97%	2.20%	7.00%	-2.90%	-27.23%	-10.95%	-12.29%	11.19%
Cash Return on Invested Capital (CROIC)	0.00%	5.49%	-13.48%	-88.81%	-57.61%	3.20%	3.08%	17.54%	8.32%
Operating Return on Assets (OROA)	-1.66%	-5.05%	-9.69%	3.44%	-2.09%	-17.64%	-4.77%	-6.36%	8.10%
Return on Assets (ROA)	-3.34%	-5.18%	1.43%	4.32%	-1.98%	-19.65%	-7.49%	-8.35%	7.90%
Return on Common Equity (ROCE)	-6.00%	-8.97%	2.20%	7.00%	-2.82%	-26.01%	-10.38%	-11.74%	10.79%
Return on Equity Simple (ROE_SIMPLE)	-6.00%	-8.70%	1.84%	5.65%	-2.23%	-33.46%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.64	-4.37	-11	-19	-6.12	-62	-16	-20	18
NOPAT Margin	-0.40%	-2.91%	-7.39%	-11.38%	-2.28%	-21.00%	-9.78%	-10.12%	8.42%
Net Nonoperating Expense Percent (NNEP)	11.77%	10.91%	-4,469.04%	-306.04%	12.54%	165.22%	67.29%	231.90%	49.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-16.90%	-4.53%	-6.64%	5.45%
Cost of Revenue to Revenue	91.18%	93.79%	105.08%	93.56%	83.14%	90.63%	70.60%	76.62%	59.39%
SG&A Expenses to Revenue	9.39%	9.41%	11.59%	11.22%	20.12%	24.62%	34.77%	31.52%	27.92%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.40%	10.37%	5.47%	14.83%	20.12%	39.36%	43.37%	37.84%	28.02%
Earnings before Interest and Taxes (EBIT)	-2.36	-7.16	-16	9.24	-9.63	-91	-22	-27	33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.30	-0.06	-8.30	16	3.38	-78	-7.92	-10	49
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.35	3.26	1.35	0.40	0.28	0.34	1.41
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.35	4.09	2.08	0.61	0.40	0.46	1.82
Price to Revenue (P/Rev)	0.00	0.00	2.05	3.94	2.05	0.41	0.51	0.44	1.95
Price to Earnings (P/E)	0.00	0.00	127.66	57.71	0.00	0.00	0.00	0.00	13.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.78%	1.73%	0.00%	0.00%	0.00%	0.00%	7.69%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	2.58	2.90	1.33	0.50	0.35	0.45	1.47
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.92	4.17	2.16	0.61	0.72	0.59	1.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	43.81	171.14	0.00	0.00	0.00	7.68
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	76.70	0.00	0.00	0.00	0.00	11.53
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.85
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	124.87	0.00	0.00	15.32	8.49	6.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	14.02	10.97	2.24	17.59
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.45	0.27	0.32	0.16	0.19	0.16	0.17	0.11
Long-Term Debt to Equity	0.49	0.38	0.23	0.26	0.12	0.14	0.12	0.12	0.09
Financial Leverage	0.44	0.33	0.00	0.06	0.08	0.06	0.09	0.02	-0.10
Leverage Ratio	1.79	1.73	1.54	1.62	1.46	1.39	1.46	1.47	1.42
Compound Leverage Factor	3.85	2.33	1.69	1.37	1.87	1.43	1.69	1.60	1.35
Debt to Total Capital	32.75%	30.91%	21.38%	24.35%	14.08%	16.01%	14.15%	14.44%	9.79%
Short-Term Debt to Total Capital	0.00%	4.43%	3.37%	4.48%	3.88%	4.51%	3.57%	3.94%	1.42%
Long-Term Debt to Total Capital	32.75%	26.48%	18.01%	19.87%	10.20%	11.50%	10.58%	10.51%	8.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	3.32%	4.44%	4.43%	3.23%	2.96%
Common Equity to Total Capital	67.25%	69.09%	78.62%	75.65%	82.60%	79.55%	81.42%	82.33%	87.25%
Debt to EBITDA	7.29	-651.33	-4.14	4.08	20.62	-0.78	-6.57	-4.28	0.68
Net Debt to EBITDA	5.95	-336.48	2.28	2.42	3.24	-0.51	-2.12	-1.91	-1.06
Long-Term Debt to EBITDA	7.29	-557.98	-3.49	3.33	14.94	-0.56	-4.91	-3.11	0.58
Debt to NOPAT	-60.65	-8.64	-3.22	-3.41	-11.38	-0.99	-3.26	-2.25	1.85
Net Debt to NOPAT	-49.51	-4.46	1.77	-2.02	-1.79	-0.64	-1.05	-1.01	-2.89
Long-Term Debt to NOPAT	-60.65	-7.40	-2.71	-2.78	-8.24	-0.71	-2.44	-1.64	1.58
Altman Z-Score	0.00	0.00	4.03	3.51	3.04	0.42	0.41	0.33	2.90
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	2.61%	4.48%	5.23%	4.53%	3.50%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	2.30	2.55	2.48	1.41	2.72	1.84	2.10	1.86	2.64
Quick Ratio	1.19	1.00	0.97	0.62	1.37	0.62	0.85	0.76	1.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	5.99	-14	-156	-195	13	11	52	22
Operating Cash Flow to CapEx	39.45%	-154.46%	-643.71%	166.07%	-182.71%	-139.16%	275.66%	191.52%	318.96%
Free Cash Flow to Firm to Interest Expense	0.00	2.14	-5.45	-76.02	-68.89	3.91	2.37	15.47	7.97
Operating Cash Flow to Interest Expense	0.25	-1.67	-5.50	2.76	-13.96	-6.13	1.70	4.08	21.49
Operating Cash Flow Less CapEx to Interest Expense	-0.38	-2.76	-6.36	1.10	-21.60	-10.54	1.08	1.95	14.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	1.11	1.06	0.89	0.63	0.58	0.57	0.35	0.46	0.53
Accounts Receivable Turnover	12.35	12.27	13.79	10.40	9.19	9.34	5.56	7.36	9.41
Inventory Turnover	8.34	6.66	7.43	5.09	3.87	3.82	1.55	2.51	3.10
Fixed Asset Turnover	0.00	0.00	2.14	1.36	1.33	1.39	0.79	1.03	1.20
Accounts Payable Turnover	11.15	10.21	11.15	11.48	11.83	11.21	4.94	9.10	9.50
Days Sales Outstanding (DSO)	29.56	29.75	26.46	35.09	39.73	39.07	65.70	49.62	38.78
Days Inventory Outstanding (DIO)	43.74	54.83	49.10	71.70	94.41	95.52	236.22	145.57	117.78
Days Payable Outstanding (DPO)	32.73	35.74	32.74	31.79	30.84	32.57	73.93	40.13	38.42
Cash Conversion Cycle (CCC)	40.57	48.84	42.83	75.00	103.29	102.01	228.00	155.05	118.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	114	104	108	244	434	359	333	261	257
Invested Capital Turnover	1.39	1.37	1.37	0.97	0.79	0.74	0.47	0.66	0.83
Increase / (Decrease) in Invested Capital	0.00	-10	3.58	137	189	-74	-27	-72	-3.37
Enterprise Value (EV)	0.00	0.00	278	709	578	178	117	116	379
Market Capitalization	0.00	0.00	297	670	550	122	84	87	422
Book Value per Share	$2.03	$1.90	$2.65	$3.11	$4.77	$3.34	$2.72	$2.26	$2.60
Tangible Book Value per Share	$2.03	$1.90	$2.65	$2.48	$3.09	$2.20	$1.92	$1.66	$2.01
Total Capital	118	122	161	271	494	381	368	309	344
Total Debt	39	38	34	66	70	61	52	45	34
Total Long-Term Debt	39	32	29	54	50	44	39	32	29
Net Debt	32	20	-19	39	11	39	17	20	-53
Capital Expenditures (CapEx)	1.70	3.03	2.24	3.42	22	14	2.77	7.17	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	15	30	26	16	71	56	57	41	14
Debt-free Net Working Capital (DFNWC)	22	42	38	42	130	78	93	66	101
Net Working Capital (NWC)	22	37	33	30	111	61	80	54	96
Net Nonoperating Expense (NNE)	4.12	2.97	-13	-31	3.01	40	19	16	-14
Net Nonoperating Obligations (NNO)	35	20	-19	39	8.82	39	17	-3.13	-53
Total Depreciation and Amortization (D&A)	7.66	7.10	7.44	6.94	13	13	14	17	16
Debt-free, Cash-free Net Working Capital to Revenue	9.23%	20.10%	18.01%	9.42%	26.55%	19.17%	35.22%	21.09%	6.71%
Debt-free Net Working Capital to Revenue	13.70%	28.05%	26.31%	24.51%	48.44%	26.55%	56.86%	33.66%	46.65%
Net Working Capital to Revenue	13.70%	24.44%	22.55%	17.36%	41.28%	20.70%	48.81%	27.46%	44.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.05	$0.00	$0.00	$0.00	$0.00	($0.32)	$0.29
Adjusted Weighted Average Basic Shares Outstanding	0.00	47.64M	49.42M	0.00	0.00	0.00	0.00	111.37M	113.28M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.05	$0.00	$0.00	$0.00	$0.00	($0.32)	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	0.00	47.64M	51.18M	0.00	0.00	0.00	0.00	111.37M	118.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	47.64M	0.00	0.00	0.00	0.00	0.00	112.34M	115.10M
Normalized Net Operating Profit after Tax (NOPAT)	-0.63	-4.37	-20	-9.99	-6.12	-31	-6.13	-11	18
Normalized NOPAT Margin	-0.40%	-2.91%	-13.96%	-5.87%	-2.28%	-10.67%	-3.76%	-5.70%	8.49%
Pre Tax Income Margin	-3.19%	-6.43%	-11.98%	4.59%	-4.61%	-32.04%	-15.71%	-15.11%	14.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.87	-2.56	-6.02	4.50	-3.40	-28.06	-4.93	-8.07	12.17
NOPAT to Interest Expense	-0.24	-1.56	-4.09	-9.42	-2.16	-19.00	-3.55	-5.89	6.73
EBIT Less CapEx to Interest Expense	-1.50	-3.65	-6.88	2.83	-11.04	-32.47	-5.54	-10.20	5.43
NOPAT Less CapEx to Interest Expense	-0.87	-2.65	-4.94	-11.08	-9.80	-23.41	-4.16	-8.02	-0.01
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-10.71%	0.00%
Augmented Payout Ratio	0.00%	-1.95%	14.54%	28.37%	-137.11%	-0.20%	-4.13%	-10.71%	9.25%

This table displays calculated financial ratios and metrics derived from Village Farms International's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	110,238,929.00	110,238,929.00	220,497,858.00	110,248,929.00	111,727,953.00	112,337,049.00	112,337,049.00	112,337,049.00	112,644,169.00	115,517,766.00	115,104,420.00
DEI Adjusted Shares Outstanding	110,238,929.00	110,238,929.00	220,497,858.00	110,248,929.00	111,727,953.00	112,337,049.00	112,337,049.00	112,337,049.00	112,644,169.00	115,517,766.00	115,104,420.00
DEI Earnings Per Adjusted Shares Outstanding	-0.01	-0.23	-0.01	-0.21	-0.01	-0.08	-0.06	0.24	0.09	0.02	0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.18%	-169.49%	20.76%	-30.58%	-20.96%	119.26%	-49.18%	11.76%	21.48%	31.50%	26.61%
EBITDA Growth	127.80%	49.51%	359.79%	-345.08%	138.10%	57.02%	34.83%	239.60%	356.81%	328.73%	120.65%
EBIT Growth	80.77%	44.75%	67.96%	-1,547.15%	91.01%	39.67%	69.54%	183.69%	8,129.95%	198.30%	958.96%
NOPAT Growth	87.25%	60.80%	82.88%	-192.31%	22.73%	0.51%	49.66%	151.51%	1,851.42%	192.27%	1,116.42%
Net Income Growth	86.28%	47.83%	60.10%	-1,656.75%	40.14%	66.06%	-165.58%	211.38%	1,505.33%	128.20%	138.36%
EPS Growth	90.00%	56.36%	50.00%	-2,000.00%	0.00%	70.83%	-100.00%	214.29%	900.00%	114.29%	133.33%
Operating Cash Flow Growth	387.29%	112.41%	98.64%	-131.98%	-45.93%	1,219.44%	-7,434.00%	881.90%	275.15%	4.37%	-345.00%
Free Cash Flow Firm Growth	206.65%	-65.47%	-66.06%	25.83%	-2.81%	241.65%	49.86%	-19.14%	33.72%	-83.49%	-85.85%
Invested Capital Growth	-11.85%	-7.40%	-8.22%	-16.76%	-13.02%	-21.60%	-13.23%	-11.61%	-15.98%	-1.29%	-1.05%
Revenue Q/Q Growth	-9.98%	-169.44%	5.19%	-31.35%	2.50%	-83.08%	326.90%	-22.28%	11.42%	-81.69%	311.01%
EBITDA Q/Q Growth	-62.16%	-833.75%	121.80%	-508.15%	136.76%	-232.46%	167.84%	3,250.95%	20.29%	-33.68%	-34.55%
EBIT Q/Q Growth	-301.75%	-625.65%	90.65%	-853.64%	98.75%	-4,769.04%	94.77%	339.10%	20.27%	-40.39%	-54.27%
NOPAT Q/Q Growth	77.14%	-834.39%	95.28%	-1,657.21%	93.96%	-1,103.13%	96.06%	245.44%	105.46%	-36.61%	-56.59%
Net Income Q/Q Growth	6.56%	-1,935.91%	89.50%	-779.36%	96.82%	-1,054.27%	17.81%	468.78%	-59.83%	-76.84%	11.80%
EPS Q/Q Growth	0.00%	-2,300.00%	87.50%	-600.00%	95.24%	-600.00%	14.29%	500.00%	-66.67%	-87.50%	100.00%
Operating Cash Flow Q/Q Growth	863.27%	-93.13%	96.64%	-7,226.00%	277.89%	67.66%	-134.48%	549.20%	-14.65%	-53.36%	-247.02%
Free Cash Flow Firm Q/Q Growth	14.57%	-59.31%	112.82%	74.44%	-11.50%	43.04%	-32.13%	2.37%	46.33%	-82.33%	-41.84%
Invested Capital Q/Q Growth	-4.70%	-4.65%	-0.57%	-7.86%	-0.42%	-14.06%	10.04%	-6.14%	-5.35%	0.96%	10.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.03%	0.00%	19.87%	25.44%	24.82%	32.43%	35.73%	37.30%	47.85%	180.50%	41.77%
EBITDA Margin	2.65%	0.00%	3.74%	-22.24%	7.97%	-62.43%	9.92%	27.78%	29.99%	108.59%	17.29%
Operating Margin	-1.73%	0.00%	-1.12%	-28.65%	-1.69%	-120.12%	-1.11%	11.57%	24.48%	76.42%	10.04%
EBIT Margin	-3.15%	0.00%	-2.11%	-29.32%	-0.36%	-103.20%	-1.27%	21.96%	23.70%	77.14%	8.58%
Profit (Net Income) Margin	-1.80%	0.00%	-3.43%	-43.95%	-1.37%	-93.14%	-17.93%	43.81%	15.79%	19.97%	5.43%
Tax Burden Percent	42.96%	153.81%	113.57%	144.57%	100.40%	84.85%	630.76%	210.79%	67.86%	25.67%	62.07%
Interest Burden Percent	133.14%	104.31%	143.14%	103.68%	379.19%	106.37%	224.70%	94.64%	98.19%	100.86%	101.97%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.11%	30.37%	22.80%	37.94%
Return on Invested Capital (ROIC)	-0.91%	0.00%	-0.68%	-16.47%	-0.95%	-55.51%	-0.40%	11.00%	21.57%	49.16%	4.94%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.59%	0.00%	-11.13%	-77.32%	-1.59%	-67.84%	-29.07%	-677.22%	26.83%	66.28%	-3.69%
Return on Net Nonoperating Assets (RNNOA)	-0.18%	0.00%	-0.68%	-5.18%	-0.08%	-1.60%	-2.42%	7.02%	-1.45%	-6.43%	-0.06%
Return on Equity (ROE)	-1.10%	0.00%	-1.35%	-21.64%	-1.03%	-57.10%	-2.82%	18.02%	20.12%	42.73%	4.88%
Cash Return on Invested Capital (CROIC)	5.05%	3.08%	3.33%	10.78%	6.27%	17.54%	7.85%	7.86%	17.55%	8.32%	9.07%
Operating Return on Assets (OROA)	-1.79%	0.00%	-1.35%	-17.66%	-0.21%	-47.39%	-0.48%	18.09%	20.03%	41.01%	5.00%
Return on Assets (ROA)	-1.02%	0.00%	-2.20%	-26.48%	-0.80%	-42.77%	-6.76%	36.08%	13.34%	10.62%	3.16%
Return on Common Equity (ROCE)	-1.04%	0.00%	-1.28%	-20.69%	-0.98%	-54.51%	-2.69%	17.37%	19.42%	41.23%	4.71%
Return on Equity Simple (ROE_SIMPLE)	-18.16%	0.00%	-10.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.84	-7.86	-0.61	-11	-0.65	-7.82	-0.31	5.54	11	7.21	3.13
NOPAT Margin	-1.21%	0.00%	-0.78%	-20.06%	-1.18%	-84.08%	-0.78%	9.24%	17.05%	59.00%	6.23%
Net Nonoperating Expense Percent (NNEP)	1.67%	62.95%	10.46%	60.86%	0.64%	12.34%	28.68%	688.22%	-5.27%	-17.12%	8.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.23%	-0.18%	-3.32%	-0.20%	-2.62%	-0.11%	1.71%	3.45%	2.16%	0.95%
Cost of Revenue to Revenue	78.97%	0.00%	80.13%	74.56%	75.18%	67.57%	64.27%	62.70%	52.15%	-80.50%	58.23%
SG&A Expenses to Revenue	22.76%	0.00%	20.99%	31.82%	26.51%	147.82%	36.84%	25.73%	23.37%	102.30%	31.73%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.76%	0.00%	20.99%	54.10%	26.51%	152.54%	36.84%	25.73%	23.37%	104.07%	31.73%
Earnings before Interest and Taxes (EBIT)	-2.19	-16	-1.65	-16	-0.20	-9.59	-0.50	13	16	9.43	4.31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.84	-14	2.92	-12	4.38	-5.80	3.94	17	20	13	8.69
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.27	0.28	0.46	0.41	0.38	0.34	0.27	0.43	1.19	1.41	1.11
Price to Tangible Book Value (P/TBV)	0.40	0.40	0.65	0.55	0.51	0.46	0.37	0.58	1.55	1.82	1.43
Price to Revenue (P/Rev)	0.31	0.51	0.46	0.41	0.40	0.44	0.43	0.36	1.00	1.95	1.44
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.95	16.49	13.00	7.77
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.37%	6.06%	7.69%	12.87%
Enterprise Value to Invested Capital (EV/IC)	0.33	0.35	0.52	0.47	0.44	0.45	0.37	0.40	1.21	1.47	1.12
Enterprise Value to Revenue (EV/Rev)	0.41	0.72	0.57	0.52	0.51	0.59	0.68	0.31	0.88	1.76	1.40
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.82	12.52	7.68	5.85
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.11	11.53	8.40
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	613.99	20.85	13.86
Enterprise Value to Operating Cash Flow (EV/OCF)	881.68	15.32	19.18	20.75	101.35	8.49	10.65	2.96	5.71	6.53	7.02
Enterprise Value to Free Cash Flow (EV/FCFF)	6.19	10.97	14.87	3.93	6.51	2.24	4.40	4.76	6.32	17.59	12.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.16	0.16	0.17	0.17	0.17	0.17	0.13	0.11	0.11	0.12
Long-Term Debt to Equity	0.12	0.12	0.12	0.12	0.12	0.12	0.13	0.11	0.10	0.09	0.10
Financial Leverage	0.07	0.09	0.06	0.07	0.05	0.02	0.08	-0.01	-0.05	-0.10	0.02
Leverage Ratio	1.42	1.46	1.43	1.45	1.44	1.47	1.46	1.43	1.42	1.42	1.39
Compound Leverage Factor	1.89	1.52	2.05	1.51	5.47	1.57	3.29	1.35	1.39	1.43	1.41
Debt to Total Capital	13.63%	14.15%	13.82%	14.48%	14.22%	14.44%	14.63%	11.73%	10.18%	9.79%	10.53%
Short-Term Debt to Total Capital	3.41%	3.57%	3.55%	3.79%	3.81%	3.94%	3.25%	2.37%	1.42%	1.42%	1.46%
Long-Term Debt to Total Capital	10.22%	10.58%	10.27%	10.68%	10.42%	10.51%	11.38%	9.36%	8.75%	8.37%	9.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.07%	4.43%	4.47%	3.25%	3.19%	3.23%	3.18%	2.96%	2.94%	2.96%	2.89%
Common Equity to Total Capital	82.30%	81.42%	81.71%	82.27%	82.58%	82.33%	82.19%	85.31%	86.88%	87.25%	86.58%
Debt to EBITDA	-2.51	-6.57	-13.28	-2.36	-2.62	-4.28	-4.70	4.30	1.40	0.68	0.66
Net Debt to EBITDA	-0.60	-2.12	-4.88	-0.91	-1.03	-1.91	-3.09	-2.84	-2.14	-1.06	-0.37
Long-Term Debt to EBITDA	-1.88	-4.91	-9.87	-1.74	-1.92	-3.11	-3.66	3.43	1.20	0.58	0.57
Debt to NOPAT	-1.89	-3.26	-2.77	-1.92	-1.89	-2.25	-2.26	-3.05	68.60	1.85	1.56
Net Debt to NOPAT	-0.45	-1.05	-1.02	-0.75	-0.74	-1.01	-1.49	2.02	-105.04	-2.89	-0.86
Long-Term Debt to NOPAT	-1.42	-2.44	-2.06	-1.42	-1.38	-1.64	-1.76	-2.44	59.00	1.58	1.35
Altman Z-Score	0.91	0.46	1.07	0.76	0.82	0.48	0.35	1.45	2.74	2.72	2.50
Noncontrolling Interest Sharing Ratio	4.65%	0.00%	5.07%	4.42%	4.26%	4.53%	4.53%	3.57%	3.49%	3.50%	3.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.22	2.10	2.08	1.97	2.05	1.86	1.92	2.65	2.78	2.64	3.06
Quick Ratio	0.93	0.85	0.90	1.04	1.00	0.76	0.92	1.70	2.03	1.79	1.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	46	19	29	51	45	64	43	41	60	11	6.15
Operating Cash Flow to CapEx	665.86%	0.00%	-2.67%	-427.42%	233.21%	665.75%	-301.60%	1,041.49%	1,337.25%	102.70%	-181.67%
Free Cash Flow to Firm to Interest Expense	46.64	19.47	31.64	56.17	57.49	83.41	62.02	50.28	92.70	19.66	11.76
Operating Cash Flow to Interest Expense	12.20	0.86	-0.05	-4.07	8.36	14.23	-5.37	35.19	37.84	21.19	-32.05
Operating Cash Flow Less CapEx to Interest Expense	10.37	1.64	-2.10	-5.02	4.78	12.09	-7.16	31.81	35.01	0.56	-49.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.35	0.64	0.60	0.58	0.46	0.38	0.82	0.84	0.53	0.58
Accounts Receivable Turnover	9.02	5.56	9.06	6.80	8.28	7.36	4.26	9.90	10.70	9.41	7.19
Inventory Turnover	3.17	1.55	3.31	3.32	3.02	2.51	1.80	5.88	6.01	3.10	2.75
Fixed Asset Turnover	1.37	0.79	1.47	1.36	1.30	1.03	0.81	1.80	1.86	1.20	1.19
Accounts Payable Turnover	10.68	4.94	12.83	10.85	10.95	9.10	6.42	18.49	20.26	9.50	10.45
Days Sales Outstanding (DSO)	40.48	65.70	40.28	53.66	44.08	49.62	85.66	36.88	34.12	38.78	50.77
Days Inventory Outstanding (DIO)	115.15	236.22	110.41	109.82	120.83	145.57	202.59	62.09	60.75	117.78	132.55
Days Payable Outstanding (DPO)	34.16	73.93	28.44	33.64	33.32	40.13	56.89	19.74	18.01	38.42	34.91
Cash Conversion Cycle (CCC)	121.47	228.00	122.26	129.84	131.58	155.05	231.36	79.23	76.86	118.14	148.41
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	349	333	331	305	304	261	287	269	255	257	284
Invested Capital Turnover	0.75	0.47	0.87	0.82	0.80	0.66	0.51	1.19	1.27	0.83	0.79
Increase / (Decrease) in Invested Capital	-47	-27	-30	-61	-45	-72	-44	-35	-49	-3.37	-3.02
Enterprise Value (EV)	116	117	171	142	133	116	107	108	310	379	317
Market Capitalization	88	84	137	112	104	87	68	124	353	422	327
Book Value per Share	$2.91	$2.72	$2.69	$2.50	$2.46	$2.26	$2.21	$2.53	$2.62	$2.60	$2.55
Tangible Book Value per Share	$1.99	$1.92	$1.91	$1.84	$1.81	$1.66	$1.62	$1.91	$2.02	$2.01	$1.98
Total Capital	389	368	362	334	332	309	302	333	340	344	340
Total Debt	53	52	50	48	47	45	44	39	35	34	36
Total Long-Term Debt	40	39	37	36	35	32	34	31	30	29	31
Net Debt	13	17	18	19	19	20	29	-26	-53	-53	-20
Capital Expenditures (CapEx)	1.81	-0.75	1.88	0.86	2.79	1.64	1.25	2.75	1.83	11	9.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	57	57	59	49	49	41	45	29	17	14	38
Debt-free Net Working Capital (DFNWC)	98	93	91	79	78	66	60	94	105	101	94
Net Working Capital (NWC)	84	80	78	66	65	54	50	86	100	96	89
Net Nonoperating Expense (NNE)	0.41	18	2.07	13	0.10	0.84	6.81	-21	0.84	4.77	0.40
Net Nonoperating Obligations (NNO)	13	17	18	19	19	-3.13	29	-25	-50	-53	-20
Total Depreciation and Amortization (D&A)	4.03	2.40	4.57	3.80	4.58	3.79	4.44	3.48	4.19	3.84	4.38
Debt-free, Cash-free Net Working Capital to Revenue	20.32%	35.22%	19.85%	17.85%	18.94%	21.09%	28.57%	8.39%	4.95%	6.71%	16.90%
Debt-free Net Working Capital to Revenue	34.74%	56.86%	30.45%	28.62%	29.94%	33.66%	38.18%	27.42%	29.74%	46.65%	41.41%
Net Working Capital to Revenue	30.01%	48.81%	26.14%	24.01%	25.09%	27.46%	31.94%	25.11%	28.37%	44.39%	39.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	($0.24)	($0.03)	($0.21)	($0.01)	($0.07)	($0.06)	$0.24	$0.09	$0.02	$0.03
Adjusted Weighted Average Basic Shares Outstanding	110.24M	108.73M	110.25M	110.96M	111.92M	111.37M	112.34M	112.35M	113.04M	113.28M	115.26M
Adjusted Diluted Earnings per Share	($0.01)	($0.24)	($0.03)	($0.21)	($0.01)	($0.07)	($0.06)	$0.24	$0.08	$0.01	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	110.24M	108.73M	110.25M	110.96M	111.92M	111.37M	112.34M	112.74M	120.57M	118.55M	127.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	110.24M	110.25M	110.25M	111.73M	112.34M	112.34M	112.34M	112.64M	115.52M	115.10M	114.29M
Normalized Net Operating Profit after Tax (NOPAT)	-0.84	-7.86	-0.61	-2.39	-0.65	-7.82	-0.31	5.54	11	7.21	3.13
Normalized NOPAT Margin	-1.21%	0.00%	-0.78%	-4.47%	-1.18%	-84.08%	-0.78%	9.24%	17.05%	59.00%	6.23%
Pre Tax Income Margin	-4.20%	0.00%	-3.02%	-30.40%	-1.36%	-109.77%	-2.84%	20.78%	23.27%	77.80%	8.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.22	-16.51	-1.80	-17.44	-0.25	-12.49	-0.72	16.16	24.49	17.53	8.24
NOPAT to Interest Expense	-0.85	-8.16	-0.67	-11.93	-0.83	-10.18	-0.44	6.80	17.61	13.40	5.99
EBIT Less CapEx to Interest Expense	-4.05	-15.73	-3.84	-18.39	-3.84	-14.63	-2.50	12.78	21.66	-3.11	-9.40
NOPAT Less CapEx to Interest Expense	-2.68	-7.37	-2.71	-12.88	-4.42	-12.31	-2.22	3.42	14.78	-7.23	-11.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	-7.27%	-10.71%	0.00%	8.24%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.82%	-4.13%	0.00%	0.00%	-7.27%	-10.71%	0.00%	8.24%	0.00%	9.25%	22.26%

Financials Breakdown Chart

Key Financial Trends

Village Farms International (NASDAQ: VFF) showed a much stronger first quarter in 2026 than it did a year ago, but the balance sheet and cash flow trends still point to a business with uneven execution and meaningful leverage. Revenue rose sharply year over year, profitability stayed positive, and operating cash flow remained negative but improved dramatically versus the prior quarter. At the same time, debt remains elevated, retained earnings are still deeply negative, and cash fell from the prior quarter.

Revenue rebounded strongly in Q1 2026. Total revenue was $50.2 million, up from $39.7 million in Q1 2025 and $12.2 million in Q4 2025 on a sequential basis.
Gross profit improved meaningfully year over year. Q1 2026 gross profit was $21.0 million versus $14.2 million in Q1 2025.
Operating income was positive. Village Farms generated $5.0 million of operating income in Q1 2026, a major improvement from the $0.4 million operating loss in Q1 2025.
Bottom-line profitability returned. Net income attributable to common shareholders reached $2.9 million in Q1 2026, compared with a loss of $6.7 million in Q1 2025.
Operating cash flow improved sharply versus the prior quarter. Q1 2026 operating cash flow was a negative $16.8 million, better than Q4 2025’s negative $1.3 million after seasonal swings and working-capital changes, but still weaker than the positive $11.4 million generated in Q4 2025.
The company ended Q1 2026 with substantial liquidity. Cash and equivalents were $50.5 million, plus $5.1 million of restricted cash.
SG&A remains fairly steady as a percentage of revenue. SG&A was $15.9 million in Q1 2026 versus $14.6 million in Q1 2025, suggesting some cost discipline, though not a dramatic reduction.
Capital spending stayed modest. PP&E purchases were $9.2 million in Q1 2026, up from $1.8 million in Q3 2025 and $11.1 million in Q4 2025, indicating continued reinvestment.
Cash fell from the prior quarter. Cash and equivalents dropped from $82.6 million in Q3 2025 to $50.5 million in Q1 2026.
Leverage remains a key risk. Total debt was about $35.7 million in Q1 2026, including $5.0 million short-term debt and $30.8 million long-term debt.

Looking at the broader pattern, the business has clearly improved from the weak period seen in 2024 and early 2025. In 2024, VFF posted repeated quarterly losses, including a deep Q2 2024 impairment hit and negative operating results. By late 2025 and into Q1 2026, the company had turned operating income positive again and posted a quarterly profit.

Balance-sheet trends are mixed. Total assets were $400.9 million in Q1 2026, down from $418.4 million in Q3 2025. Equity was $294.0 million, but retained earnings remained negative at $109.7 million, reflecting a long history of accumulated losses. That means the recent turnaround is encouraging, but investors should still view the recovery as fragile.

Overall, VFF’s Q1 2026 report suggests improving fundamentals, but not yet a clean turnaround. The company appears to be making progress on sales and operating profitability, yet cash generation remains inconsistent and debt is still a concern. For retail investors, the key question going forward is whether Village Farms can sustain positive operating income and convert that into durable free cash flow.

07/11/26 07:20 AM ETAI Generated. May Contain Errors.

Village Farms International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Village Farms International's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Village Farms International's net income appears to be on an upward trend, with a most recent value of $32.11 million in 2025, falling from -$4.76 million in 2017. The previous period was -$35.64 million in 2024. Check out Village Farms International's forecast to explore projected trends and price targets.

Village Farms International's total operating income in 2025 was $27.17 million, based on the following breakdown:

Total Gross Profit: $87.68 million
Total Operating Expenses: $60.51 million

Over the last 8 years, Village Farms International's total revenue changed from $158.41 million in 2017 to $215.94 million in 2025, a change of 36.3%.

Village Farms International's total liabilities were at $113.03 million at the end of 2025, a 9.8% decrease from 2024, and a 84.4% increase since 2017.

In the past 8 years, Village Farms International's cash and equivalents has ranged from $7.09 million in 2017 to $81.19 million in 2025, and is currently $81.19 million as of their latest financial filing in 2025.

Over the last 8 years, Village Farms International's book value per share changed from 2.03 in 2017 to 2.60 in 2025, a change of 28.1%.

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Financial statements for NASDAQ:VFF last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Village Farms International (VFF) Financials

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Village Farms International (VFF) Financials

Annual Income Statements for Village Farms International

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How has Village Farms International's revenue changed over the last 8 years?

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