Vital Farms (VITL) Financials

$9.36 -0.16 (-1.68%)

As of 11:14 AM Eastern

Annual Income Statements for Vital Farms

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

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	5.80	2.39	8.80	2.43	1.25	26	53	66
Consolidated Net Income / (Loss)	5.63	3.31	8.88	2.38	1.23	26	53	66
Net Income / (Loss) Continuing Operations	5.63	3.31	8.88	2.38	1.23	26	53	66
Total Pre-Tax Income	6.35	4.42	12	0.35	2.83	32	68	91
Total Operating Income	6.77	3.35	12	0.05	2.10	33	64	88
Total Gross Profit	35	43	75	83	109	162	230	286
Total Revenue	107	141	214	261	362	472	606	759
Operating Revenue	107	141	214	261	362	472	606	759
Total Cost of Revenue	72	98	140	178	253	310	376	474
Operating Cost of Revenue	72	98	140	178	253	310	376	474
Total Operating Expenses	28	40	62	83	107	129	166	197
Selling, General & Admin Expense	19	30	47	58	77	102	134	159
Other Operating Expenses / (Income)	8.62	10	15	25	30	27	32	38
Total Other Income / (Expense), net	-0.42	1.07	-0.57	0.30	0.73	-1.05	3.99	2.89
Interest Expense	0.42	0.35	0.49	0.05	0.11	0.78	1.01	0.87
Interest & Investment Income	-	-	0.10	0.38	0.99	2.54	5.25	5.01
Other Income / (Expense), net	0.01	1.42	-0.18	-0.03	-0.15	-2.81	-0.25	-1.25
Income Tax Expense	0.72	1.11	2.77	-2.03	1.60	6.64	14	25
Basic Earnings per Share	$0.22	$0.09	$0.31	$0.06	$0.03	$0.62	$1.25	$1.49
Weighted Average Basic Shares Outstanding	25.81M	25.90M	28.67M	40.03M	40.65M	41.19M	42.85M	44.59M
Diluted Earnings per Share	$0.16	$0.07	$0.27	$0.06	$0.03	$0.59	$1.18	$1.44
Weighted Average Diluted Shares Outstanding	35.26M	36.07M	32.91M	43.32M	43.47M	43.31M	45.13M	46.02M
Weighted Average Basic & Diluted Shares Outstanding	-	-	39.59M	40.53M	40.75M	41.80M	44.26M	44.80M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	6.68	4.52	7.21	19	16	7.45	11	17	17	16	16
Consolidated Net Income / (Loss)	6.68	4.52	7.21	19	16	7.45	11	17	17	16	16
Net Income / (Loss) Continuing Operations	6.68	4.52	7.21	19	16	7.45	11	17	17	16	16
Total Pre-Tax Income	7.91	5.06	9.56	25	18	10	14	22	25	22	22
Total Operating Income	8.04	5.23	9.09	24	17	9.24	13	22	24	21	21
Total Gross Profit	38	37	45	59	58	53	60	63	72	75	76
Total Revenue	106	110	136	148	147	145	166	162	185	199	214
Operating Revenue	106	110	136	148	147	145	166	162	185	199	214
Total Cost of Revenue	69	74	91	89	90	92	106	100	113	124	137
Operating Cost of Revenue	69	74	91	89	90	92	106	100	113	124	137
Total Operating Expenses	30	31	36	35	41	44	47	41	48	54	55
Selling, General & Admin Expense	24	25	29	27	33	36	37	32	39	44	44
Other Operating Expenses / (Income)	5.85	6.36	7.31	7.60	7.20	8.13	9.50	8.84	9.00	9.17	11
Total Other Income / (Expense), net	-0.13	-0.17	0.47	0.56	0.97	1.14	1.32	0.57	0.74	0.57	1.01
Interest Expense	0.14	0.24	0.27	0.26	0.26	0.26	0.24	0.23	0.22	0.21	0.21
Interest & Investment Income	0.45	0.71	1.05	1.09	1.32	1.41	1.44	1.21	1.33	1.27	1.20
Other Income / (Expense), net	-0.44	-0.64	-0.31	-0.28	-0.09	-0.01	0.12	-0.40	-0.38	-0.49	0.02
Income Tax Expense	1.23	0.53	2.35	5.70	1.77	2.94	3.74	5.44	7.89	5.55	6.10
Basic Earnings per Share	$0.16	$0.11	$0.17	$0.46	$0.38	$0.17	$0.24	$0.38	$0.37	$0.37	$0.37
Weighted Average Basic Shares Outstanding	40.95M	41.38M	41.19M	41.79M	42.50M	43.25M	42.85M	44.25M	44.59M	44.72M	44.59M
Diluted Earnings per Share	$0.15	$0.10	$0.18	$0.43	$0.36	$0.16	$0.23	$0.37	$0.36	$0.36	$0.35
Weighted Average Diluted Shares Outstanding	43.29M	43.14M	43.31M	43.85M	45.25M	45.46M	45.13M	45.80M	45.80M	46.21M	46.02M
Weighted Average Basic & Diluted Shares Outstanding	41.24M	41.60M	41.80M	42.18M	43.10M	43.79M	44.26M	-	44.69M	44.77M	44.80M

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

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	8.00	-11	28	1.42	-18	71	66	-102
Net Cash From Operating Activities	11	-5.35	12	18	-8.10	51	65	34
Net Cash From Continuing Operating Activities	11	-5.35	12	18	-8.10	51	65	34
Net Income / (Loss) Continuing Operations	5.63	3.31	8.88	2.38	1.23	26	53	66
Consolidated Net Income / (Loss)	5.63	3.31	8.88	2.38	1.23	26	53	66
Depreciation Expense	1.44	1.92	2.55	3.54	5.44	7.93	13	14
Amortization Expense	0.07	0.01	0.21	1.30	0.71	0.35	0.17	-0.51
Non-Cash Adjustments To Reconcile Net Income	0.80	1.52	2.42	4.44	6.40	13	15	28
Changes in Operating Assets and Liabilities, net	3.49	-12	-2.55	6.02	-22	4.11	-17	-74
Net Cash From Investing Activities	-1.91	-5.62	-78	-18	-10	22	-7.03	-134
Net Cash From Continuing Investing Activities	-1.91	-5.62	-78	-18	-10	22	-7.03	-134
Purchase of Property, Plant & Equipment	-1.94	-4.80	-10	-17	-10	-12	-29	-82
Purchase of Investments	0.00	0.00	-77	-52	-34	-2.95	-1.70	-96
Sale of Property, Plant & Equipment	0.03	0.01	0.00	0.00	0.10	1.06	0.00	1.74
Sale and/or Maturity of Investments	-	0.00	9.00	50	34	36	23	42
Other Investing Activities, net	0.00	-0.83	0.85	0.00	-0.20	0.11	0.00	0.27
Net Cash From Financing Activities	-1.51	0.43	94	2.18	0.08	-2.05	8.65	-1.23
Net Cash From Continuing Financing Activities	-1.51	0.43	94	2.18	0.08	-2.05	8.65	-1.23
Repayment of Debt	-0.67	-0.67	-14	0.00	0.00	-7.50	-0.41	0.00
Issuance of Debt	0.00	1.91	6.46	0.00	0.00	7.50	0.00	0.00
Issuance of Common Equity	0.03	14	100	0.00	0.00	0.30	0.42	0.84
Other Financing Activities, net	-0.86	-0.62	2.46	2.18	0.08	-2.35	8.65	-2.07
Cash Interest Paid	0.36	0.34	0.41	0.04	0.11	0.78	0.95	0.78
Cash Income Taxes Paid	0.02	2.26	2.21	-0.10	-0.10	-5.98	-16	-24

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Net Change in Cash & Equivalents	22	9.14	27	30	19	16	1.07	5.70	-48	-14	-45
Net Cash From Operating Activities	14	8.27	24	24	16	9.96	15	5.27	-0.76	23	5.78
Net Cash From Continuing Operating Activities	14	8.27	24	24	16	9.96	15	5.27	-0.76	23	5.78
Net Income / (Loss) Continuing Operations	6.68	4.52	7.21	19	16	7.45	11	17	17	16	16
Consolidated Net Income / (Loss)	6.68	4.52	7.21	19	16	7.45	11	17	17	16	16
Depreciation Expense	1.85	2.05	2.33	2.30	2.35	2.33	6.12	3.26	3.47	3.24	3.88
Amortization Expense	1.66	-1.48	0.01	0.07	-1.64	0.04	0.04	0.03	-0.29	-0.40	0.14
Non-Cash Adjustments To Reconcile Net Income	0.45	4.52	3.45	3.96	6.47	4.86	-16	4.97	5.43	7.65	10
Changes in Operating Assets and Liabilities, net	2.87	-1.35	11	-1.39	-7.39	-4.71	14	-20	-26	-3.48	-25
Net Cash From Investing Activities	8.49	1.34	4.04	7.03	-1.27	2.60	-15	1.60	-48	-38	-50
Net Cash From Continuing Investing Activities	8.49	1.34	4.04	7.03	-1.27	2.60	-15	1.60	-48	-38	-50
Purchase of Property, Plant & Equipment	-2.49	-4.85	-2.40	-1.32	-5.59	-3.57	-18	-3.13	-6.87	-34	-38
Purchase of Investments	-0.44	-1.58	-0.71	-0.67	-	-	-1.03	0.00	-45	-26	-25
Sale of Property, Plant & Equipment	-	0.00	-	0.00	0.00	-	-	0.05	0.56	0.42	0.72
Sale and/or Maturity of Investments	11	7.76	7.04	9.02	4.32	6.17	3.82	4.68	3.62	21	12
Net Cash From Financing Activities	-0.17	-0.46	-0.43	-1.31	4.49	3.80	1.67	-1.17	0.19	0.58	-0.83
Net Cash From Continuing Financing Activities	-0.17	-0.46	-0.43	-1.31	4.49	3.80	1.67	-1.17	0.19	0.58	-0.83
Issuance of Common Equity	-	-	0.16	-	-	-	0.24	-	-	-	0.46
Other Financing Activities, net	-0.30	-0.46	-0.59	-1.31	4.73	3.80	1.43	-1.17	-0.19	0.58	-1.29
Cash Interest Paid	0.13	0.24	0.27	0.26	0.26	0.22	0.22	0.21	0.20	0.19	0.18
Cash Income Taxes Paid	1.07	2.12	-9.19	0.00	11	1.53	-29	0.00	12	5.46	-41

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Total Assets	62	171	190	215	275	359	519
Total Current Assets	35	137	141	150	196	246	263
Cash & Equivalents	1.27	30	31	13	84	151	49
Short-Term Investments	0.00	68	69	66	33	9.69	65
Accounts Receivable	16	21	27	39	40	54	68
Inventories, net	13	13	11	27	33	24	66
Prepaid Expenses	2.71	3.97	3.82	5.14	6.11	7.74	11
Current Deferred & Refundable Income Taxes	1.62	1.55	0.00	-	-	0.00	1.41
Other Current Nonoperating Assets	-	-	-	-	-	0.00	2.14
Plant, Property, & Equipment, net	22	30	45	59	67	85	161
Total Noncurrent Assets	4.84	4.00	4.05	5.90	13	29	96
Goodwill	3.86	3.86	3.86	4.00	3.90	9.15	15
Other Noncurrent Operating Assets	0.15	0.14	0.19	1.90	8.91	20	80
Total Liabilities & Shareholders' Equity	62	171	190	215	275	359	519
Total Liabilities	30	29	38	56	83	90	167
Total Current Liabilities	25	26	38	48	65	79	122
Accounts Payable	14	15	23	26	33	39	55
Accrued Expenses	8.61	9.85	15	18	24	31	55
Current Deferred & Payable Income Tax Liabilities	-	-	0.00	0.43	1.21	0.84	1.27
Other Current Liabilities	-	-	0.33	2.78	6.31	7.78	10
Total Noncurrent Liabilities	5.10	3.07	0.19	8.68	17	12	46
Other Noncurrent Operating Liabilities	0.65	0.21	0.19	8.68	17	12	46
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8.64	142	152	158	193	269	351
Total Preferred & Common Equity	8.56	142	151	158	193	269	351
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00
Total Common Equity	8.56	142	151	158	193	269	351
Common Stock	20	144	149	156	163	186	202
Retained Earnings	5.24	14	2.75	4.16	30	83	149
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.03	-0.28	-1.55	-0.38	0.00	0.04

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/25/2022	3/26/2023	6/25/2023	9/24/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025
Total Assets	207	227	236	250	300	320	345	377	431	482
Total Current Assets	151	163	172	177	218	234	252	260	275	272
Cash & Equivalents	19	26	48	57	114	133	150	156	108	94
Short-Term Investments	68	57	46	39	24	20	13	5.02	47	51
Accounts Receivable	33	40	30	37	44	43	48	52	68	58
Inventories, net	25	34	42	38	31	31	33	35	43	52
Prepaid Expenses	5.57	5.34	6.19	5.03	6.18	4.53	6.45	8.91	6.43	12
Current Deferred & Refundable Income Taxes	-	-	-	-	-	2.66	0.99	-	-	1.91
Other Current Nonoperating Assets	-	-	-	-	-	-	-	3.19	2.67	2.88
Plant, Property, & Equipment, net	48	59	59	68	66	68	69	81	111	121
Total Noncurrent Assets	7.28	5.45	5.10	5.42	16	18	24	36	44	88
Goodwill	3.86	3.90	3.90	3.90	4.92	5.47	6.48	11	13	13
Other Noncurrent Operating Assets	3.42	1.55	1.20	1.51	11	12	17	25	31	75
Total Liabilities & Shareholders' Equity	207	227	236	250	300	320	345	377	431	482
Total Liabilities	52	59	60	67	87	82	91	88	121	150
Total Current Liabilities	51	51	52	53	70	67	78	78	111	103
Accounts Payable	26	27	22	22	33	33	36	39	66	35
Accrued Expenses	24	19	25	27	22	26	33	23	34	55
Current Deferred & Payable Income Tax Liabilities	0.11	2.51	2.35	0.46	6.91	0.00	0.00	6.04	0.69	0.00
Other Current Liabilities	1.45	2.57	2.35	3.80	8.06	7.71	8.52	9.55	9.77	12
Total Noncurrent Liabilities	1.22	8.73	8.57	14	16	15	14	10	10	48
Other Noncurrent Operating Liabilities	0.21	8.73	8.57	14	16	15	14	10	10	48
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	155	168	176	183	213	238	253	289	310	331
Total Preferred & Common Equity	155	0.00	176	183	213	238	253	289	310	331
Preferred Stock	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	155	168	176	183	213	238	253	289	310	331
Common Stock	154	157	159	161	165	174	181	189	193	198
Retained Earnings	2.29	11	18	23	49	65	73	100	117	133
Accumulated Other Comprehensive Income / (Loss)	-1.80	-1.13	-0.96	-0.73	-0.27	-0.17	-0.06	0.02	0.00	0.04

This table displays calculated financial ratios and metrics derived from Vital Farms' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/30/2018	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	31.88%	52.26%	21.76%	38.77%	30.33%	28.49%	25.26%
EBITDA Growth	0.00%	-19.16%	121.07%	-67.13%	66.56%	377.66%	97.77%	31.20%
EBIT Growth	0.00%	-29.65%	152.67%	-99.79%	7,712.00%	1,458.68%	107.95%	37.63%
NOPAT Growth	0.00%	-58.12%	271.18%	-96.25%	161.26%	2,788.19%	90.28%	27.76%
Net Income Growth	0.00%	-41.16%	168.24%	-73.19%	-48.36%	1,978.54%	108.82%	24.15%
EPS Growth	0.00%	-56.25%	285.71%	-77.78%	-50.00%	1,866.67%	100.00%	22.03%
Operating Cash Flow Growth	0.00%	-146.85%	315.10%	53.60%	-145.80%	728.62%	27.34%	-47.99%
Free Cash Flow Firm Growth	0.00%	0.00%	103.11%	-697.37%	-312.32%	213.68%	-43.31%	-466.18%
Invested Capital Growth	0.00%	0.00%	22.20%	14.94%	52.58%	-4.70%	43.70%	116.28%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	9.86%	9.92%	5.77%	5.24%	6.68%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-18.22%	767.77%	22.88%	11.92%	9.88%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-98.98%	132.23%	21.27%	7.36%	10.54%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-92.81%	123.39%	24.56%	5.73%	10.26%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-55.79%	128.68%	26.43%	6.74%	9.49%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-62.50%	130.00%	28.26%	4.42%	9.09%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	20.05%	80.93%	-901.78%	126.78%	-12.13%	-21.07%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-64.16%	889.72%	-61.14%	-80.22%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-7.52%	15.94%	-12.61%	20.66%	28.64%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	32.63%	30.47%	34.78%	31.77%	30.23%	34.40%	37.92%	37.62%
EBITDA Margin	7.76%	4.76%	6.91%	1.87%	2.24%	8.20%	12.63%	13.23%
Operating Margin	6.34%	2.38%	5.71%	0.02%	0.58%	7.05%	10.48%	11.64%
EBIT Margin	6.35%	3.39%	5.62%	0.01%	0.54%	6.45%	10.44%	11.47%
Profit (Net Income) Margin	5.27%	2.35%	4.15%	0.91%	0.34%	5.42%	8.81%	8.73%
Tax Burden Percent	88.62%	74.97%	76.23%	672.88%	43.45%	79.40%	79.05%	72.63%
Interest Burden Percent	93.74%	92.68%	96.75%	1,416.00%	144.96%	105.78%	106.69%	104.75%
Effective Tax Rate	11.38%	25.03%	23.77%	-572.88%	56.55%	20.61%	20.95%	27.37%
Return on Invested Capital (ROIC)	0.00%	13.52%	22.59%	0.72%	1.39%	33.97%	54.35%	37.23%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	43.75%	23.54%	-1.35%	1.03%	34.82%	52.07%	35.71%
Return on Net Nonoperating Assets (RNNOA)	0.00%	7.28%	-12.39%	0.90%	-0.59%	-19.40%	-31.24%	-15.87%
Return on Equity (ROE)	0.00%	20.80%	10.20%	1.62%	0.79%	14.57%	23.11%	21.36%
Cash Return on Invested Capital (CROIC)	0.00%	-186.48%	2.61%	-13.18%	-40.25%	38.78%	18.49%	-36.30%
Operating Return on Assets (OROA)	0.00%	7.70%	10.32%	0.01%	0.97%	12.43%	19.95%	19.84%
Return on Assets (ROA)	0.00%	5.35%	7.62%	1.32%	0.61%	10.44%	16.83%	15.10%
Return on Common Equity (ROCE)	0.00%	5.59%	8.81%	1.62%	0.79%	14.57%	23.11%	21.36%
Return on Equity Simple (ROE_SIMPLE)	0.00%	38.70%	6.25%	1.57%	0.78%	13.27%	19.82%	0.00%
Net Operating Profit after Tax (NOPAT)	6.00	2.51	9.32	0.35	0.91	26	50	64
NOPAT Margin	5.62%	1.78%	4.35%	0.13%	0.25%	5.60%	8.29%	8.45%
Net Nonoperating Expense Percent (NNEP)	0.00%	-30.22%	-0.95%	2.07%	0.35%	-0.86%	2.27%	1.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	0.58%	13.70%	18.65%	18.27%
Cost of Revenue to Revenue	67.37%	69.53%	65.22%	68.23%	69.77%	65.60%	62.08%	62.38%
SG&A Expenses to Revenue	18.21%	20.98%	22.12%	22.18%	21.33%	21.56%	22.09%	20.99%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.29%	28.09%	29.07%	31.75%	29.65%	27.35%	27.44%	25.98%
Earnings before Interest and Taxes (EBIT)	6.78	4.77	12	0.03	1.95	30	63	87
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.28	6.70	15	4.87	8.11	39	77	100
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	14.60	7.40	4.61	3.98	3.39	6.07	4.04
Price to Tangible Book Value (P/TBV)	0.00	26.59	7.61	4.73	4.09	3.46	6.29	4.23
Price to Revenue (P/Rev)	1.17	0.89	4.91	2.67	1.74	1.38	2.70	1.87
Price to Earnings (P/E)	21.56	52.41	119.46	287.23	504.02	25.53	30.63	21.43
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.64%	1.91%	0.84%	0.35%	0.20%	3.92%	3.26%	4.67%
Enterprise Value to Invested Capital (EV/IC)	0.00	4.13	21.03	11.47	6.93	7.06	13.53	5.55
Enterprise Value to Revenue (EV/Rev)	0.00	1.09	4.45	2.29	1.52	1.14	2.43	1.72
Enterprise Value to EBITDA (EV/EBITDA)	0.00	22.93	64.48	122.97	68.08	13.84	19.27	13.01
Enterprise Value to EBIT (EV/EBIT)	0.00	32.22	79.25	23,935.47	282.54	17.61	23.30	15.01
Enterprise Value to NOPAT (EV/NOPAT)	0.00	61.16	102.41	1,710.17	603.63	20.30	29.36	20.37
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	82.92	33.84	0.00	10.53	22.75	38.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	886.71	0.00	0.00	17.78	86.31	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.21	0.01	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.12	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.17	-0.53	-0.67	-0.58	-0.56	-0.60	-0.44
Leverage Ratio	0.00	1.95	1.34	1.23	1.30	1.40	1.37	1.42
Compound Leverage Factor	0.00	1.80	1.30	17.39	1.89	1.48	1.47	1.48
Debt to Total Capital	0.00%	17.11%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	7.49%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	9.61%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	60.62%	0.24%	0.19%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	22.28%	99.13%	99.81%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.98	0.06	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.79	-6.55	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.55	0.02	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	2.62	0.10	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	2.11	-10.41	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	1.47	0.04	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	5.32	24.14	13.01	9.03	7.55	14.05	7.84
Noncontrolling Interest Sharing Ratio	0.00%	73.13%	13.56%	0.21%	0.09%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.39	5.30	3.72	3.14	3.00	3.13	2.16
Quick Ratio	0.00	0.70	4.59	3.33	2.47	2.40	2.73	1.49
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-35	1.08	-6.43	-27	30	17	-63
Operating Cash Flow to CapEx	597.80%	-111.69%	111.77%	105.81%	-78.11%	485.65%	226.30%	42.04%
Free Cash Flow to Firm to Interest Expense	0.00	-99.24	2.21	-123.68	-232.60	38.55	16.92	-71.60
Operating Cash Flow to Interest Expense	26.94	-15.34	23.59	340.04	-71.04	65.10	64.18	38.58
Operating Cash Flow Less CapEx to Interest Expense	22.44	-29.07	2.48	18.67	-161.98	51.69	35.82	-53.19
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	2.27	1.84	1.44	1.79	1.93	1.91	1.73
Accounts Receivable Turnover	0.00	8.74	11.57	10.90	11.00	12.01	12.89	12.43
Inventory Turnover	0.00	7.56	10.81	14.93	13.37	10.36	13.31	10.51
Fixed Asset Turnover	0.00	6.27	8.15	6.98	6.98	7.49	8.01	6.20
Accounts Payable Turnover	0.00	7.24	9.64	9.37	10.42	10.41	10.45	10.11
Days Sales Outstanding (DSO)	0.00	41.78	31.55	33.49	33.18	30.40	28.31	29.36
Days Inventory Outstanding (DIO)	0.00	48.29	33.76	24.45	27.31	35.23	27.43	34.73
Days Payable Outstanding (DPO)	0.00	50.39	37.87	38.97	35.03	35.06	34.94	36.10
Cash Conversion Cycle (CCC)	0.00	39.68	27.43	18.97	25.46	30.57	20.79	27.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	37	45	52	80	76	109	236
Invested Capital Turnover	0.00	7.58	5.19	5.35	5.49	6.07	6.56	4.41
Increase / (Decrease) in Invested Capital	0.00	37	8.25	6.78	27	-3.74	33	127
Enterprise Value (EV)	0.00	154	955	598	552	536	1,475	1,307
Market Capitalization	125	125	1,051	698	631	653	1,635	1,421
Book Value per Share	$0.00	$0.33	$3.60	$3.76	$3.89	$4.63	$6.15	$7.85
Tangible Book Value per Share	$0.00	$0.18	$3.50	$3.66	$3.79	$4.54	$5.94	$7.51
Total Capital	0.00	38	143	152	158	193	269	351
Total Debt	0.00	6.57	0.91	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	3.69	0.33	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	5.30	-97	-100	-79	-117	-160	-113
Capital Expenditures (CapEx)	1.91	4.79	10	17	10	10	29	80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	11	14	3.71	23	13	7.22	28
Debt-free Net Working Capital (DFNWC)	0.00	13	112	103	102	130	168	141
Net Working Capital (NWC)	0.00	9.65	111	103	102	130	168	141
Net Nonoperating Expense (NNE)	0.37	-0.80	0.44	-2.03	-0.32	0.84	-3.15	-2.10
Net Nonoperating Obligations (NNO)	0.00	5.30	-97	-100	-79	-117	-160	-115
Total Depreciation and Amortization (D&A)	1.51	1.93	2.76	4.84	6.15	8.27	13	13
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	8.00%	6.54%	1.42%	6.42%	2.86%	1.19%	3.64%
Debt-free Net Working Capital to Revenue	0.00%	8.90%	52.23%	39.59%	28.16%	27.61%	27.63%	18.56%
Net Working Capital to Revenue	0.00%	6.86%	51.96%	39.59%	28.16%	27.61%	27.63%	18.56%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.06	$0.03	$0.62	$1.25	$1.49
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	40.03M	40.65M	41.19M	42.85M	44.59M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.06	$0.03	$0.59	$1.18	$1.44
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	43.32M	43.47M	43.31M	45.13M	46.02M
Adjusted Basic & Diluted Earnings per Share	$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	0.00	0.00	40.53M	40.75M	41.80M	44.26M	44.80M
Normalized Net Operating Profit after Tax (NOPAT)	6.00	2.51	9.32	0.04	1.47	26	50	64
Normalized NOPAT Margin	5.62%	1.78%	4.35%	0.01%	0.41%	5.60%	8.29%	8.45%
Pre Tax Income Margin	5.95%	3.14%	5.44%	0.14%	0.78%	6.82%	11.14%	12.02%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.98	13.66	24.68	0.48	17.13	38.93	62.68	99.69
NOPAT to Interest Expense	14.14	7.20	19.10	6.73	8.02	33.76	49.74	73.44
EBIT Less CapEx to Interest Expense	11.47	-0.07	3.58	-320.88	-73.82	25.52	34.31	7.92
NOPAT Less CapEx to Interest Expense	9.64	-6.53	-2.01	-314.64	-82.93	20.36	21.38	-18.33
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	431.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Vital Farms' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	28.45%	19.98%	23.37%	24.13%	38.46%	31.31%	22.22%	9.64%	25.36%	37.20%	28.66%
EBITDA Growth	319.93%	32.29%	184.16%	146.55%	59.95%	124.82%	73.30%	-6.08%	24.97%	88.39%	55.00%
EBIT Growth	1,035.73%	144.51%	155.01%	152.26%	124.43%	101.31%	49.39%	-10.58%	37.33%	126.47%	63.30%
NOPAT Growth	4,177.28%	607.32%	294.54%	130.86%	127.71%	41.67%	40.16%	-11.44%	4.38%	141.33%	62.24%
Net Income Growth	3,380.73%	536.15%	286.60%	166.06%	144.49%	64.63%	46.74%	-11.15%	1.83%	120.51%	54.29%
EPS Growth	0.00%	400.00%	260.00%	168.75%	140.00%	60.00%	27.78%	-13.95%	0.00%	125.00%	52.17%
Operating Cash Flow Growth	598.45%	2,377.14%	601.67%	343.25%	19.43%	20.51%	-37.71%	-77.98%	-104.72%	135.14%	-60.90%
Free Cash Flow Firm Growth	24.09%	-16.31%	141.25%	258.32%	201.16%	122.93%	-322.12%	-217.83%	-510.08%	-2,590.04%	-372.26%
Invested Capital Growth	29.73%	26.44%	-4.70%	-10.30%	3.89%	4.07%	43.70%	64.19%	77.46%	102.86%	116.28%
Revenue Q/Q Growth	-10.68%	3.74%	22.98%	8.92%	-0.37%	-1.62%	14.47%	-2.29%	13.92%	7.67%	7.35%
EBITDA Q/Q Growth	-1.98%	-53.51%	115.46%	235.06%	-36.41%	-34.65%	66.08%	27.93%	7.87%	-10.73%	7.21%
EBIT Q/Q Growth	-19.78%	-39.63%	91.52%	171.96%	-28.63%	-45.85%	42.13%	62.79%	9.60%	-10.70%	2.48%
NOPAT Q/Q Growth	-15.70%	-31.11%	46.54%	171.27%	-16.85%	-57.14%	44.98%	71.40%	-2.00%	-0.90%	-2.54%
Net Income Q/Q Growth	-6.53%	-32.32%	59.41%	163.84%	-14.11%	-54.43%	42.09%	59.74%	-1.56%	-1.32%	-0.58%
EPS Q/Q Growth	-6.25%	-33.33%	80.00%	138.89%	-16.28%	-55.56%	43.75%	60.87%	-2.70%	0.00%	-2.78%
Operating Cash Flow Q/Q Growth	150.01%	-38.81%	187.07%	0.93%	-32.64%	-38.26%	48.39%	-64.32%	-114.43%	3,177.79%	-75.32%
Free Cash Flow Firm Q/Q Growth	29.72%	-11.20%	178.66%	157.55%	-55.10%	-74.79%	-861.83%	-36.61%	-56.28%	-53.09%	-44.49%
Invested Capital Q/Q Growth	-2.31%	5.21%	-12.61%	-0.13%	13.14%	5.40%	20.66%	14.11%	22.29%	20.49%	28.64%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.51%	33.20%	33.28%	39.81%	39.13%	36.88%	36.07%	38.54%	38.85%	37.68%	35.79%
EBITDA Margin	10.43%	4.67%	8.19%	18.88%	12.05%	8.00%	11.61%	15.20%	14.40%	11.94%	11.92%
Operating Margin	7.55%	4.74%	6.69%	16.34%	11.63%	6.37%	7.83%	13.42%	12.88%	10.76%	10.03%
EBIT Margin	7.14%	4.15%	6.47%	16.15%	11.57%	6.37%	7.91%	13.17%	12.67%	10.51%	10.04%
Profit (Net Income) Margin	6.28%	4.10%	5.31%	12.86%	11.09%	5.14%	6.37%	10.42%	9.00%	8.25%	7.64%
Tax Burden Percent	84.47%	89.46%	75.41%	76.94%	90.22%	71.72%	73.88%	75.65%	67.82%	74.74%	72.80%
Interest Burden Percent	104.13%	110.22%	108.83%	103.49%	106.21%	112.43%	109.11%	104.57%	104.76%	105.05%	104.62%
Effective Tax Rate	15.53%	10.54%	24.59%	23.06%	9.78%	28.28%	26.12%	24.35%	32.18%	25.26%	27.20%
Return on Invested Capital (ROIC)	37.35%	24.31%	30.64%	78.55%	67.54%	29.73%	37.97%	62.96%	48.33%	41.83%	32.16%
ROIC Less NNEP Spread (ROIC-NNEP)	37.47%	24.48%	30.28%	78.17%	66.83%	29.09%	37.26%	62.67%	48.01%	41.56%	31.62%
Return on Net Nonoperating Assets (RNNOA)	-20.81%	-13.20%	-16.87%	-45.28%	-39.71%	-17.28%	-22.35%	-37.70%	-27.18%	-22.11%	-14.05%
Return on Equity (ROE)	16.54%	11.11%	13.77%	33.27%	27.84%	12.45%	15.61%	25.27%	21.15%	19.73%	18.10%
Cash Return on Invested Capital (CROIC)	-2.51%	3.92%	38.78%	56.87%	50.40%	49.65%	18.49%	-0.51%	-14.76%	-25.38%	-36.30%
Operating Return on Assets (OROA)	13.99%	8.12%	12.46%	30.69%	22.51%	12.34%	15.11%	24.15%	22.20%	18.12%	17.36%
Return on Assets (ROA)	12.30%	8.00%	10.23%	24.43%	21.56%	9.95%	12.18%	19.10%	15.77%	14.22%	13.22%
Return on Common Equity (ROCE)	16.54%	11.11%	13.77%	33.27%	27.84%	12.45%	15.61%	25.27%	21.15%	19.73%	18.10%
Return on Equity Simple (ROE_SIMPLE)	9.32%	11.06%	0.00%	17.55%	19.75%	19.74%	0.00%	17.74%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.79	4.68	6.85	19	15	6.63	9.61	16	16	16	16
NOPAT Margin	6.38%	4.24%	5.05%	12.57%	10.49%	4.57%	5.79%	10.15%	8.73%	8.04%	7.30%
Net Nonoperating Expense Percent (NNEP)	-0.12%	-0.17%	0.36%	0.39%	0.71%	0.63%	0.70%	0.29%	0.32%	0.27%	0.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.56%	-	-	-	3.57%	5.70%	5.21%	4.83%	4.44%
Cost of Revenue to Revenue	64.49%	66.80%	66.72%	60.19%	60.87%	63.12%	63.93%	61.46%	61.15%	62.32%	64.21%
SG&A Expenses to Revenue	22.46%	22.71%	21.20%	18.34%	22.62%	24.90%	22.51%	19.67%	21.10%	22.32%	20.67%
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	27.96%	28.47%	26.58%	23.48%	27.51%	30.51%	28.24%	25.12%	25.97%	26.92%	25.76%
Earnings before Interest and Taxes (EBIT)	7.60	4.59	8.79	24	17	9.23	13	21	23	21	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	5.16	11	28	18	12	19	25	27	24	25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.06	2.64	3.39	4.56	8.27	5.98	6.07	4.55	5.55	5.71	4.04
Price to Tangible Book Value (P/TBV)	3.13	2.69	3.46	4.66	8.47	6.13	6.29	4.73	5.79	5.95	4.23
Price to Revenue (P/Rev)	1.26	1.08	1.38	1.94	3.64	2.63	2.70	2.12	2.61	2.66	1.87
Price to Earnings (P/E)	32.79	23.84	25.53	25.96	41.89	30.27	30.63	25.66	33.33	31.22	21.43
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	3.05%	4.19%	3.92%	3.85%	2.39%	3.30%	3.26%	3.90%	3.00%	3.20%	4.67%
Enterprise Value to Invested Capital (EV/IC)	5.39	4.45	7.06	11.01	21.23	14.95	13.53	9.28	10.28	9.52	5.55
Enterprise Value to Revenue (EV/Rev)	1.04	0.87	1.14	1.67	3.36	2.35	2.43	1.86	2.38	2.45	1.72
Enterprise Value to EBITDA (EV/EBITDA)	14.71	12.25	13.84	15.08	29.37	19.75	19.27	15.39	19.48	19.09	13.01
Enterprise Value to EBIT (EV/EBIT)	19.87	15.38	17.61	18.60	33.51	22.91	23.30	18.99	23.29	22.14	15.01
Enterprise Value to NOPAT (EV/NOPAT)	26.06	18.21	20.30	22.63	39.91	28.43	29.36	23.98	32.01	29.98	20.37
Enterprise Value to Operating Cash Flow (EV/OCF)	32.19	17.20	10.53	12.01	25.25	18.31	22.75	25.01	53.44	40.86	38.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	126.73	17.78	18.31	42.93	30.72	86.31	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.56	-0.54	-0.56	-0.58	-0.59	-0.59	-0.60	-0.60	-0.57	-0.53	-0.44
Leverage Ratio	1.33	1.35	1.40	1.38	1.34	1.36	1.37	1.35	1.37	1.41	1.42
Compound Leverage Factor	1.38	1.49	1.52	1.43	1.43	1.53	1.50	1.41	1.44	1.48	1.48
Debt 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%
Short-Term Debt 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%
Long-Term Debt 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%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	7.99	6.87	7.29	9.46	17.20	12.61	13.59	11.76	11.07	9.98	7.42
Noncontrolling Interest Sharing Ratio	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.32	3.34	3.00	3.10	3.50	3.24	3.13	3.35	2.48	2.65	2.16
Quick Ratio	2.39	2.52	2.40	2.57	2.92	2.71	2.73	2.75	2.02	1.98	1.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-12	-13	11	27	12	3.09	-24	-32	-50	-77	-111
Operating Cash Flow to CapEx	542.49%	170.64%	988.71%	1,808.84%	288.66%	279.18%	81.38%	171.29%	-12.07%	69.68%	15.53%
Free Cash Flow to Firm to Interest Expense	-89.09	-56.61	39.40	107.04	47.69	11.93	-98.50	-137.43	-230.55	-361.23	-531.92
Operating Cash Flow to Interest Expense	99.32	34.73	88.21	93.92	62.77	38.46	61.85	22.54	-3.49	109.96	27.66
Operating Cash Flow Less CapEx to Interest Expense	81.01	14.38	79.29	88.73	41.03	24.68	-14.15	9.38	-32.42	-47.84	-150.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.96	1.95	1.93	1.90	1.95	1.94	1.91	1.83	1.75	1.72	1.73
Accounts Receivable Turnover	13.99	12.65	12.01	11.94	14.86	13.53	12.89	12.99	11.83	13.43	12.43
Inventory Turnover	9.30	9.28	10.36	9.95	9.33	10.07	13.31	11.85	11.07	10.39	10.51
Fixed Asset Turnover	7.98	7.69	7.49	8.01	8.48	8.40	8.01	8.40	7.33	7.48	6.20
Accounts Payable Turnover	12.08	12.44	10.41	10.79	12.43	12.48	10.45	10.77	8.23	12.41	10.11
Days Sales Outstanding (DSO)	26.09	28.85	30.40	30.56	24.57	26.97	28.31	28.09	30.86	27.18	29.36
Days Inventory Outstanding (DIO)	39.27	39.34	35.23	36.69	39.12	36.24	27.43	30.81	32.99	35.12	34.73
Days Payable Outstanding (DPO)	30.22	29.34	35.06	33.83	29.36	29.26	34.94	33.89	44.35	29.40	36.10
Cash Conversion Cycle (CCC)	35.14	38.85	30.57	33.42	34.33	33.96	20.79	25.01	19.50	32.90	27.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	83	87	76	76	86	90	109	124	152	183	236
Invested Capital Turnover	5.85	5.74	6.07	6.25	6.44	6.50	6.56	6.20	5.53	5.20	4.41
Increase / (Decrease) in Invested Capital	19	18	-3.74	-8.70	3.21	3.54	33	49	66	93	127
Enterprise Value (EV)	445	386	536	834	1,820	1,351	1,475	1,154	1,564	1,745	1,307
Market Capitalization	538	482	653	972	1,973	1,514	1,635	1,315	1,719	1,890	1,421
Book Value per Share	$4.31	$4.43	$4.63	$5.10	$5.65	$5.88	$6.15	$6.53	$6.95	$7.41	$7.85
Tangible Book Value per Share	$4.21	$4.34	$4.54	$4.99	$5.52	$5.73	$5.94	$6.28	$6.65	$7.11	$7.51
Total Capital	176	183	193	213	238	253	269	289	310	331	351
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-94	-96	-117	-138	-153	-163	-160	-161	-155	-145	-113
Capital Expenditures (CapEx)	2.49	4.84	2.40	1.32	5.59	3.57	18	3.08	6.31	34	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	27	28	13	10	15	11	7.22	21	9.36	24	28
Debt-free Net Working Capital (DFNWC)	120	124	130	148	167	174	168	182	164	169	141
Net Working Capital (NWC)	120	124	130	148	167	174	168	182	164	169	141
Net Nonoperating Expense (NNE)	0.11	0.15	-0.36	-0.43	-0.88	-0.82	-0.97	-0.43	-0.50	-0.43	-0.74
Net Nonoperating Obligations (NNO)	-94	-96	-117	-138	-153	-163	-160	-165	-158	-148	-115
Total Depreciation and Amortization (D&A)	3.51	0.58	2.34	4.04	0.71	2.37	6.15	3.29	3.18	2.83	4.03
Debt-free, Cash-free Net Working Capital to Revenue	6.23%	6.22%	2.86%	2.05%	2.68%	1.88%	1.19%	3.38%	1.42%	3.42%	3.64%
Debt-free Net Working Capital to Revenue	28.10%	27.75%	27.61%	29.52%	30.88%	30.18%	27.63%	29.38%	24.98%	23.79%	18.56%
Net Working Capital to Revenue	28.10%	27.75%	27.61%	29.52%	30.88%	30.18%	27.63%	29.38%	24.98%	23.79%	18.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.16	$0.11	$0.17	$0.46	$0.38	$0.17	$0.24	$0.38	$0.37	$0.37	$0.37
Adjusted Weighted Average Basic Shares Outstanding	40.95M	41.38M	41.19M	41.79M	42.50M	43.25M	42.85M	44.25M	44.59M	44.72M	44.59M
Adjusted Diluted Earnings per Share	$0.15	$0.10	$0.18	$0.43	$0.36	$0.16	$0.23	$0.37	$0.36	$0.36	$0.35
Adjusted Weighted Average Diluted Shares Outstanding	43.29M	43.14M	43.31M	43.85M	45.25M	45.46M	45.13M	45.80M	45.80M	46.21M	46.02M
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	41.24M	41.60M	41.80M	42.18M	43.10M	43.79M	44.26M	0.00	44.69M	44.77M	44.80M
Normalized Net Operating Profit after Tax (NOPAT)	6.79	4.68	6.85	19	15	6.63	9.61	16	16	16	16
Normalized NOPAT Margin	6.38%	4.24%	5.05%	12.57%	10.49%	4.57%	5.79%	10.15%	8.73%	8.04%	7.30%
Pre Tax Income Margin	7.43%	4.58%	7.04%	16.71%	12.29%	7.16%	8.63%	13.78%	13.28%	11.04%	10.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	55.87	19.27	32.66	93.69	66.35	35.65	54.91	91.30	107.42	98.18	102.54
NOPAT to Interest Expense	49.93	19.65	25.48	72.92	60.16	25.59	40.20	70.37	74.03	75.08	74.58
EBIT Less CapEx to Interest Expense	37.56	-1.08	23.74	88.50	44.60	21.88	-21.09	78.15	78.49	-59.62	-75.49
NOPAT Less CapEx to Interest Expense	31.62	-0.70	16.56	67.73	38.42	11.81	-35.80	57.22	45.10	-82.72	-103.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here is MarketBeat's quick take on Vital Farms (VITL) using the last four years of quarterly financial data. The company shows a multi-year growth backdrop, with stronger profitability and improving balance-sheet liquidity as it scales its operations.

Strong revenue growth trend: Operating revenue rose from roughly $110.1M in 2022 Q4 to about $213.6M in 2025 Q4, nearly doubling over four years. This reflects a sustained top-line expansion as the business scales.
Gross-margin expansion: Gross margin climbed from about 24.5% in 2023 Q4 to around 36% in 2024 Q4 and roughly 35.8% in 2025 Q4, signaling improving product profitability and pricing power.
Net income growth and EPS improvement: Net income attributable to common shareholders rose to approximately $16.324M in 2025 Q4, with a diluted EPS of $0.35. This follows lower levels in 2024 (e.g., 2024 Q4 net income of about $10.58M and diluted EPS around $0.23), indicating rising profitability per share as revenue scales.
Improving liquidity position: Cash balances have trended higher across 2025, with cash & equivalents around $156.3M in 2025 Q1 and remaining well above near-term liabilities in subsequent quarters (current liabilities generally in the $77–$110M range). This supports a solid liquidity runway while funding growth initiatives.
Ongoing capacity expansion via capital investment: The company has continued to invest in PPE as part of capacity expansion, with PPE purchases totaling roughly $34M–$38M in 2025 quarters (e.g., Q3 PPE about $34.0M, Q4 PPE about $37.9M), underscoring an explicit growth capex plan to support higher production volumes.
Seasonality and margin stability: Revenue typically peaks in the year-end quarter (Q4), consistent with holiday demand, while margins have remained in the mid-to-high 30s percentage-wise in the late-year periods, suggesting sustainable profitability as the business scales.
Solid but modest leverage with a strong equity base: Across 2024–2025, total liabilities remained modest relative to shareholders’ equity (e.g., total liabilities around $60–120M vs. total equity around $250–331M), implying a prudent balance-sheet posture with limited perceived debt risk.
Shareholder-friendly earnings per share stability: Weighted-average shares outstanding have been in the mid-40s millions (roughly 44–46M), with basic and diluted EPS generally in the low-to-mid 0.3s per quarter as profitability scales.
Significant investing cash outflows: 2025 quarters show sizable investing cash outflows (PPE purchases and investments), contributing to material net cash used in investing activities (for example, roughly $37–$50M in quarterly PPE and investment outlays).
Cash flow from operations can be volatile: While many quarters show positive operating cash flow, there are periods of smaller or negative net cash from continuing operating activities (e.g., a negative quarterly reading in some mid-2025 quarters), indicating working-capital-driven volatility that investors should watch.

05/08/26 09:48 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Vital Farms' Financials

When does Vital Farms' financial year end?

According to the most recent income statement we have on file, Vital Farms' fiscal year ends in December. Their fiscal year 2025 ended on December 28, 2025.

How has Vital Farms' net income changed over the last 7 years?

Vital Farms' net income appears to be on an upward trend, with a most recent value of $66.28 million in 2025, rising from $5.63 million in 2018. The previous period was $53.39 million in 2024. Check out Vital Farms' forecast to explore projected trends and price targets.

What is Vital Farms' operating income?

Vital Farms' total operating income in 2025 was $88.37 million, based on the following breakdown:

Total Gross Profit: $285.68 million
Total Operating Expenses: $197.31 million

How has Vital Farms' revenue changed over the last 7 years?

Over the last 7 years, Vital Farms' total revenue changed from $106.71 million in 2018 to $759.44 million in 2025, a change of 611.7%.

How much debt does Vital Farms have?

Vital Farms' total liabilities were at $167.48 million at the end of 2025, a 86.0% increase from 2024, and a 456.4% increase since 2019.

How much cash does Vital Farms have?

In the past 6 years, Vital Farms' cash and equivalents has ranged from $1.27 million in 2019 to $150.60 million in 2024, and is currently $48.83 million as of their latest financial filing in 2025.

How has Vital Farms' book value per share changed over the last 7 years?

Over the last 7 years, Vital Farms' book value per share changed from 0.00 in 2018 to 7.85 in 2025, a change of 784.5%.

Related Companies

Financial statements for NASDAQ:VITL last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Vital Farms (VITL) Financials

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Vital Farms (VITL) Financials

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