What is VirTra's operating income?

VirTra's total operating income in 2025 was $437.50 thousand, based on the following breakdown: Total Gross Profit: $15.20 million Total Operating Expenses: $14.77 million

VirTra (VTSI) Financials

$3.11 +0.05 (+1.63%)

Closing price 04:00 PM Eastern

Extended Trading

$3.13 +0.02 (+0.64%)

As of 04:10 PM Eastern

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Annual Income Statements for VirTra

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	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	2.05	3.26	0.82	-0.08	1.48	2.54	1.96	8.65	1.36	0.26
Consolidated Net Income / (Loss)	2.05	3.26	0.82	-0.08	1.48	2.54	1.96	8.65	1.36	0.26
Net Income / (Loss) Continuing Operations	2.05	3.26	0.82	-0.08	1.48	2.54	1.96	8.65	1.36	0.26
Total Pre-Tax Income	2.15	0.76	1.13	0.37	1.26	2.79	2.53	10	2.25	0.15
Total Operating Income	2.13	1.31	1.00	0.26	1.23	1.45	2.59	9.89	2.00	0.44
Total Gross Profit	9.68	10	11	9.71	12	11	16	27	19	15
Total Revenue	16	17	18	19	19	24	28	38	26	22
Operating Revenue	16	17	18	19	19	24	28	38	26	22
Total Cost of Revenue	5.97	6.29	7.03	9.00	7.19	13	12	11	6.94	7.20
Operating Cost of Revenue	5.97	6.29	7.03	9.00	7.19	13	12	11	6.94	7.20
Total Operating Expenses	7.56	8.93	10	9.45	11	9.95	14	17	17	15
Selling, General & Admin Expense	6.47	7.64	8.69	8.11	9.07	8.09	11	14	14	12
Research & Development Expense	1.08	1.29	1.36	1.35	1.60	1.87	2.61	2.79	3.00	2.38
Total Other Income / (Expense), net	0.03	-0.55	0.13	0.11	0.03	1.33	-0.07	0.59	0.25	-0.29
Other Income / (Expense), net	0.03	-0.55	0.13	0.11	0.03	1.33	-0.07	0.59	0.25	-0.29
Income Tax Expense	0.10	-2.51	0.31	0.45	-0.22	0.25	0.57	1.82	0.89	-0.11
Basic Earnings per Share	$0.26	$0.41	$0.10	($0.01)	$0.19	$0.25	$0.18	$0.00	$0.12	$0.02
Weighted Average Basic Shares Outstanding	7.92M	7.92M	7.90M	7.75M	7.76M	10.01M	10.86M	0.00	11.16M	11.27M
Diluted Earnings per Share	$0.24	$0.39	$0.10	($0.01)	$0.19	$0.25	$0.18	$0.00	$0.12	$0.02
Weighted Average Diluted Shares Outstanding	8.47M	8.40M	8.25M	7.75M	7.84M	10.06M	10.87M	0.00	11.16M	11.27M
Weighted Average Basic & Diluted Shares Outstanding	-	7.90M	7.75M	7.75M	7.78M	-	10.92M	11.11M	11.26M	11.30M

This table shows VirTra'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	1.63	3.04	0.47	1.20	0.58	-0.89	1.26	0.18	-0.39	-0.79	-1.33
Consolidated Net Income / (Loss)	1.63	3.04	0.47	1.20	0.58	-0.89	1.26	0.18	-0.39	-0.79	-1.33
Net Income / (Loss) Continuing Operations	1.63	3.04	0.47	1.20	0.58	-0.89	1.26	0.18	-0.39	-0.79	-1.33
Total Pre-Tax Income	1.88	3.00	0.98	1.29	0.79	-0.81	1.37	0.17	-0.36	-1.02	-1.27
Total Operating Income	1.67	2.82	0.65	1.13	0.76	-0.54	1.37	0.91	-0.45	-1.39	-1.33
Total Gross Profit	5.39	8.66	4.71	5.52	5.50	3.68	5.20	4.81	3.52	1.68	2.13
Total Revenue	7.56	10	7.35	6.08	7.48	5.45	7.16	6.98	5.35	2.91	3.47
Operating Revenue	7.56	10	7.35	6.08	7.48	5.45	7.16	6.98	5.35	2.91	3.47
Total Cost of Revenue	2.18	1.71	2.63	0.55	1.99	1.77	1.96	2.17	1.83	1.24	1.34
Operating Cost of Revenue	2.18	1.71	2.63	0.55	1.99	1.77	1.96	2.17	1.83	1.24	1.34
Total Operating Expenses	3.72	5.84	4.06	4.39	4.74	4.22	3.83	3.90	3.97	3.07	3.46
Selling, General & Admin Expense	3.23	5.01	3.37	3.54	3.62	3.89	3.22	3.29	3.28	2.59	2.96
Research & Development Expense	0.49	0.83	0.69	0.86	1.13	0.33	0.61	0.61	0.69	0.48	0.50
Total Other Income / (Expense), net	0.21	0.18	0.33	0.16	0.04	-0.27	-0.00	-0.75	0.09	0.37	0.05
Other Income / (Expense), net	0.21	-0.02	0.33	0.16	0.04	-0.27	-0.00	-0.75	0.09	0.37	0.05
Income Tax Expense	0.24	-0.04	0.51	0.09	0.21	0.08	0.10	-0.01	0.03	-0.23	0.05
Basic Earnings per Share	$0.15	($0.51)	$0.04	$0.11	$0.05	($0.08)	$0.11	$0.02	($0.03)	($0.08)	($0.12)
Weighted Average Basic Shares Outstanding	10.93M	0.00	10.96M	11.06M	11.18M	11.16M	11.16M	11.26M	11.27M	11.27M	11.30M
Diluted Earnings per Share	$0.15	($0.51)	$0.04	$0.11	$0.05	($0.08)	$0.11	$0.02	($0.03)	($0.08)	($0.12)
Weighted Average Diluted Shares Outstanding	10.94M	0.00	10.96M	11.07M	11.18M	11.16M	11.16M	11.26M	11.27M	11.27M	11.30M
Weighted Average Basic & Diluted Shares Outstanding	11.09M	11.11M	11.11M	11.17M	11.24M	11.26M	11.26M	11.26M	11.30M	11.30M	11.31M

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	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	0.39	1.38	-2.58	-1.09	5.43	13	-6.22	5.37	-0.81	0.55
Net Cash From Operating Activities	1.75	2.65	1.83	-1.91	2.25	-0.13	-2.69	6.68	1.26	4.59
Net Cash From Continuing Operating Activities	1.75	2.65	1.83	-1.91	2.25	-0.13	-2.69	6.68	1.26	4.59
Net Income / (Loss) Continuing Operations	2.05	3.26	0.82	-0.08	1.48	2.54	1.96	9.15	1.36	0.26
Consolidated Net Income / (Loss)	2.05	3.26	0.82	-0.08	1.48	2.54	1.96	9.15	1.36	0.26
Depreciation Expense	0.19	0.27	0.29	0.31	0.38	0.59	0.89	0.93	1.14	1.76
Amortization Expense	-	-	0.00	0.28	0.30	0.31	0.41	0.50	0.28	0.17
Non-Cash Adjustments To Reconcile Net Income	0.53	-0.17	0.70	0.15	0.84	-1.11	-3.50	6.64	-0.98	1.67
Changes in Operating Assets and Liabilities, net	-1.01	-0.71	0.02	-2.58	-0.75	-2.46	-2.45	-11	-0.54	0.73
Net Cash From Investing Activities	-0.83	-0.13	-3.78	1.18	1.85	-3.74	-3.34	-1.13	-1.85	-3.78
Net Cash From Continuing Investing Activities	-0.83	-0.13	-3.78	1.18	1.85	-3.74	-3.34	-1.13	-1.85	-3.78
Purchase of Property, Plant & Equipment	-0.49	-0.13	-0.29	-0.17	0.00	-3.45	-3.22	-1.13	-1.85	-1.52
Acquisitions	-	-	0.00	-0.23	-0.06	-0.29	-0.12	0.00	0.00	-2.27
Net Cash From Financing Activities	-0.54	-1.14	-0.63	-0.35	1.33	17	-0.19	-0.19	-0.22	-0.25
Net Cash From Continuing Financing Activities	-0.54	-1.14	-0.63	-0.35	1.33	17	-0.19	-0.19	-0.22	-0.25
Repayment of Debt	0.00	-0.01	-0.01	-0.01	0.00	-0.08	-0.23	-0.24	-0.24	-0.25
Other Financing Activities, net	0.02	-0.11	-0.37	-0.31	0.03	0.01	0.04	0.05	0.02	0.00
Cash Interest Paid	-	-	-	0.00	0.01	0.09	0.13	0.25	0.24	0.23
Cash Income Taxes Paid	0.10	0.08	0.01	-0.16	-0.12	0.10	0.11	0.00	5.51	0.22

This table details how cash moves in and out of VirTra'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	3.86	1.65	3.57	-4.00	1.26	-1.63	-0.43	3.08	0.07	-2.17	-0.74
Net Cash From Operating Activities	4.05	2.32	5.14	-3.87	0.90	-0.91	0.07	5.98	0.04	-1.50	-0.58
Net Cash From Continuing Operating Activities	4.05	2.32	5.14	-3.87	0.90	-0.91	0.07	5.98	0.04	-1.50	-0.58
Net Income / (Loss) Continuing Operations	1.63	3.54	0.47	1.20	0.58	-0.89	1.26	0.18	-0.39	-0.79	-1.33
Consolidated Net Income / (Loss)	1.63	3.54	0.47	1.20	0.58	-0.89	1.26	0.18	-0.39	-0.79	-1.33
Depreciation Expense	0.22	0.23	0.24	0.29	0.31	0.30	0.32	0.51	0.12	0.81	0.47
Amortization Expense	0.13	0.13	0.13	0.07	0.04	0.04	0.04	0.04	0.04	0.04	0.04
Non-Cash Adjustments To Reconcile Net Income	-0.25	1.81	-0.32	0.19	-1.08	0.23	0.43	0.68	-0.17	0.73	0.53
Changes in Operating Assets and Liabilities, net	2.32	-3.39	4.63	-5.62	1.04	-0.59	-1.99	4.58	0.43	-2.29	-0.30
Net Cash From Investing Activities	-0.17	-0.62	-1.55	-0.06	-0.08	-0.15	-0.43	-2.83	0.10	-0.62	-0.10
Net Cash From Continuing Investing Activities	-0.17	-0.62	-1.55	-0.06	-0.08	-0.15	-0.43	-2.83	0.10	-0.62	-0.10
Purchase of Property, Plant & Equipment	-0.17	-0.62	-1.55	-0.06	-0.08	-0.15	-0.43	-0.57	0.10	-0.62	-0.10
Net Cash From Financing Activities	-0.03	-0.05	-0.02	-0.07	0.44	-0.57	-0.07	-0.06	-0.06	-0.06	-0.07
Net Cash From Continuing Financing Activities	-0.03	-0.05	-0.02	-0.07	0.44	-0.57	-0.07	-0.06	-0.06	-0.06	-0.07
Repayment of Debt	-0.06	-0.07	-0.04	-0.08	-0.07	-0.06	-0.07	-0.06	-0.06	-0.06	-0.07
Cash Interest Paid	-0.13	0.25	0.06	0.02	0.10	0.06	0.06	0.06	0.06	0.06	0.06
Cash Income Taxes Paid	-	-	0.02	5.29	0.00	0.19	0.02	0.70	-0.12	-0.37	-1.04

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	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
Total Assets	9.91	15	15	17	23	50	54	70	65	65
Total Current Assets	8.63	10	10	12	18	34	34	50	44	41
Cash & Equivalents	3.70	5.08	2.50	1.42	6.84	20	13	19	18	19
Accounts Receivable	3.35	2.70	2.38	5.89	6.79	7.84	10	18	10	6.37
Inventories, net	1.32	1.72	1.61	1.95	3.52	5.01	9.59	12	15	13
Prepaid Expenses	0.25	0.59	0.38	0.35	0.38	0.94	0.53	0.91	1.27	2.62
Other Current Assets	-	-	-	-	-	-	-	-	0.00	0.37
Plant, Property, & Equipment, net	0.81	0.68	0.68	1.03	1.38	13	15	15	16	16
Total Noncurrent Assets	0.47	1.34	4.16	4.90	3.84	3.20	4.45	5.15	4.78	7.85
Intangible Assets	-	-	0.00	0.22	0.27	0.54	0.59	0.57	0.56	2.51
Noncurrent Deferred & Refundable Income Taxes	0.00	2.71	2.40	1.79	1.89	1.67	2.24	3.63	3.60	4.14
Other Noncurrent Operating Assets	0.47	1.37	1.75	2.60	1.68	0.99	1.62	0.95	0.62	1.20
Total Liabilities & Shareholders' Equity	9.91	15	15	17	23	50	54	70	65	65
Total Liabilities	3.50	4.46	4.62	7.28	11	18	20	27	20	20
Total Current Liabilities	3.36	4.38	3.61	4.36	7.26	7.56	9.76	16	9.65	10
Short-Term Debt	0.01	0.01	0.01	0.00	0.27	0.24	0.23	0.23	0.23	0.23
Accounts Payable	0.47	0.78	1.06	0.96	1.12	1.78	3.17	6.25	1.61	1.98
Current Deferred Revenue	2.07	2.99	1.92	2.49	4.71	4.14	4.30	6.74	6.36	7.36
Current Employee Benefit Liabilities	0.62	0.59	0.61	0.61	0.84	1.06	1.49	2.22	1.25	0.46
Other Current Liabilities	-	-	0.00	0.30	0.32	0.35	0.56	0.32	0.19	0.20
Total Noncurrent Liabilities	0.14	0.09	1.01	2.92	3.84	11	10	11	10	9.32
Long-Term Debt	0.02	0.01	-	0.00	1.06	8.28	8.05	7.81	7.57	7.31
Noncurrent Deferred Revenue	0.12	0.08	1.01	1.75	1.92	1.99	1.61	3.01	2.28	1.91
Other Noncurrent Operating Liabilities	-	-	0.00	1.17	0.85	0.51	0.72	0.43	0.27	0.09
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	6.41	10	11	10	12	31	34	43	45	46
Total Preferred & Common Equity	6.41	10	11	10	12	31	34	43	45	46
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6.41	10	11	10	12	31	34	43	45	46
Common Stock	14	15	14	14	14	31	31	32	33	33
Retained Earnings	-7.72	-4.46	-3.64	-3.71	-2.24	0.30	2.26	11	12	13

This table presents VirTra'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	69	69	66	66	67	67	66	63
Total Current Assets	46	48	44	45	45	44	43	39
Cash & Equivalents	17	22	18	20	18	21	21	18
Accounts Receivable	17	12	11	9.48	11	8.03	6.60	5.24
Inventories, net	11	12	13	14	15	13	12	14
Prepaid Expenses	1.31	0.83	1.95	1.89	1.62	2.61	2.55	1.44
Other Current Assets	-	-	-	-	-	-	0.34	0.37
Plant, Property, & Equipment, net	15	17	17	16	16	16	16	16
Total Noncurrent Assets	7.01	4.85	5.10	4.77	5.25	6.77	7.26	7.87
Intangible Assets	0.57	0.57	0.56	0.56	0.56	2.74	2.63	2.40
Noncurrent Deferred & Refundable Income Taxes	5.36	3.66	3.78	3.50	4.11	3.51	3.48	4.42
Other Noncurrent Operating Assets	1.08	0.62	0.76	0.72	0.58	0.52	1.15	1.06
Total Liabilities & Shareholders' Equity	69	69	66	66	67	67	66	63
Total Liabilities	29	25	21	20	20	20	19	19
Total Current Liabilities	17	14	9.55	8.96	9.97	10	9.68	9.99
Short-Term Debt	0.21	0.23	0.23	0.23	0.23	0.23	0.23	0.23
Accounts Payable	7.32	6.08	1.59	1.83	2.22	1.59	1.67	2.19
Current Deferred Revenue	7.74	5.54	5.62	4.80	6.24	7.01	6.67	6.81
Current Employee Benefit Liabilities	1.38	2.18	1.92	1.91	1.09	1.01	0.92	0.57
Other Current Liabilities	0.58	0.32	0.19	0.19	0.19	0.19	0.20	0.20
Total Noncurrent Liabilities	12	11	11	11	9.84	10.00	9.69	8.85
Long-Term Debt	7.87	7.75	7.69	7.63	7.50	7.44	7.38	7.25
Noncurrent Deferred Revenue	3.45	3.00	3.02	3.02	2.11	2.38	2.18	1.56
Other Noncurrent Operating Liabilities	0.31	0.29	0.35	0.31	0.22	0.17	0.14	0.04
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	40	44	45	46	47	47	47	44
Total Preferred & Common Equity	40	44	45	46	47	47	47	44
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	40	44	45	46	47	47	47	44
Common Stock	32	32	32	32	33	33	33	33
Retained Earnings	7.87	12	13	14	14	14	14	11

This table displays calculated financial ratios and metrics derived from VirTra's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	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	0.00	7,911,807.00	7,745,030.00	7,767,530.00	10,807,130.00	10,898,259.00	11,094,689.00	11,242,925.00	11,300,607.00
DEI Adjusted Shares Outstanding	0.00	0.00	7,911,807.00	7,745,030.00	7,767,530.00	10,807,130.00	10,898,259.00	11,094,689.00	11,242,925.00	11,300,607.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.10	-0.01	0.19	0.24	0.18	0.78	0.12	0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	5.57%	9.42%	3.49%	2.01%	28.01%	15.83%	35.30%	-31.19%	-14.98%
EBITDA Growth	0.00%	-56.17%	38.14%	-32.15%	100.97%	90.35%	3.84%	210.85%	-69.17%	-43.34%
EBIT Growth	0.00%	-64.84%	49.02%	-67.07%	239.11%	121.19%	-9.28%	314.30%	-78.50%	-93.46%
NOPAT Growth	0.00%	178.07%	-87.12%	-107.33%	2,807.50%	-7.90%	51.41%	306.98%	-85.19%	-36.48%
Net Income Growth	0.00%	59.13%	-74.92%	-109.20%	2,063.95%	71.81%	-23.00%	342.39%	-84.24%	-81.05%
EPS Growth	0.00%	62.50%	-74.36%	-110.00%	2,000.00%	31.58%	-28.00%	-100.00%	0.00%	-83.33%
Operating Cash Flow Growth	0.00%	51.13%	-31.07%	-204.72%	217.31%	-105.60%	-2,041.95%	348.12%	-81.19%	264.92%
Free Cash Flow Firm Growth	0.00%	0.00%	-52.83%	-259.29%	193.81%	-685.92%	48.77%	163.54%	-128.89%	199.79%
Invested Capital Growth	0.00%	94.43%	-13.33%	48.35%	-10.29%	226.02%	42.14%	14.32%	7.34%	-1.18%
Revenue Q/Q Growth	0.00%	0.00%	0.88%	21.88%	3.66%	9.29%	0.02%	4.70%	-17.06%	-10.16%
EBITDA Q/Q Growth	0.00%	0.00%	28.29%	173.57%	110.07%	-28.09%	118.52%	9.06%	-52.88%	16.40%
EBIT Q/Q Growth	0.00%	0.00%	37.15%	120.43%	369.56%	-35.89%	406.62%	10.35%	-64.59%	-59.55%
NOPAT Q/Q Growth	0.00%	0.00%	-82.58%	96.15%	969.86%	-53.43%	259.85%	20.64%	-76.61%	33.27%
Net Income Q/Q Growth	0.00%	0.00%	-68.02%	94.12%	884.98%	-38.47%	240.65%	23.57%	-76.47%	59.08%
EPS Q/Q Growth	0.00%	0.00%	-67.74%	93.75%	733.33%	-45.65%	260.00%	-100.00%	-77.78%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	52.84%	-43.25%	-89.97%	194.97%	-103.33%	8.42%	113.84%	-71.95%	-11.35%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-30.19%	186.70%	-55.88%	-4.58%	265.57%	-185.53%	-5.67%
Invested Capital Q/Q Growth	0.00%	0.00%	0.47%	37.79%	-15.58%	10.17%	14.38%	6.57%	1.77%	2.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.86%	61.93%	61.12%	51.91%	62.35%	46.68%	57.43%	70.29%	73.67%	67.86%
EBITDA Margin	14.98%	6.22%	7.85%	5.15%	10.14%	15.08%	13.52%	31.07%	13.92%	9.28%
Operating Margin	13.58%	7.91%	5.53%	1.40%	6.42%	5.95%	9.16%	25.82%	7.58%	1.95%
EBIT Margin	13.75%	4.58%	6.24%	1.99%	6.60%	11.40%	8.93%	27.35%	8.54%	0.66%
Profit (Net Income) Margin	13.10%	19.74%	4.52%	-0.40%	7.75%	10.40%	6.91%	22.60%	5.18%	1.15%
Tax Burden Percent	95.23%	430.95%	72.52%	-20.27%	117.37%	91.17%	77.38%	82.63%	60.58%	175.59%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	4.77%	-330.95%	27.48%	120.27%	-17.37%	8.83%	22.62%	17.37%	39.42%	-75.59%
Return on Invested Capital (ROIC)	73.89%	139.56%	14.58%	-0.93%	22.15%	10.13%	8.27%	26.76%	3.58%	2.21%
ROIC Less NNEP Spread (ROIC-NNEP)	73.20%	193.83%	12.90%	-0.45%	21.26%	-4.41%	8.90%	20.71%	2.12%	7.00%
Return on Net Nonoperating Assets (RNNOA)	-41.91%	-100.72%	-6.78%	0.20%	-8.61%	1.72%	-2.25%	-4.30%	-0.50%	-1.64%
Return on Equity (ROE)	31.98%	38.84%	7.80%	-0.72%	13.54%	11.85%	6.03%	22.46%	3.08%	0.57%
Cash Return on Invested Capital (CROIC)	0.00%	75.42%	28.86%	-39.86%	33.00%	-95.98%	-26.53%	13.40%	-3.50%	3.39%
Operating Return on Assets (OROA)	21.72%	6.11%	7.50%	2.27%	6.26%	7.70%	4.89%	16.86%	3.33%	0.23%
Return on Assets (ROA)	20.68%	26.35%	5.44%	-0.46%	7.35%	7.02%	3.78%	13.93%	2.02%	0.40%
Return on Common Equity (ROCE)	31.98%	38.84%	7.80%	-0.72%	13.54%	11.85%	6.03%	22.46%	3.08%	0.57%
Return on Equity Simple (ROE_SIMPLE)	31.98%	31.41%	7.72%	-0.74%	12.68%	8.13%	5.81%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	2.02	5.63	0.73	-0.05	1.44	1.33	2.01	8.17	1.21	0.77
NOPAT Margin	12.94%	34.07%	4.01%	-0.28%	7.54%	5.43%	7.09%	21.33%	4.59%	3.43%
Net Nonoperating Expense Percent (NNEP)	0.69%	-54.27%	1.68%	-0.48%	0.88%	14.54%	-0.62%	6.05%	1.47%	-4.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	15.89%	2.28%	1.45%
Cost of Revenue to Revenue	38.14%	38.07%	38.88%	48.09%	37.65%	53.32%	42.57%	29.71%	26.33%	32.14%
SG&A Expenses to Revenue	41.34%	46.25%	48.07%	43.32%	47.52%	33.09%	39.06%	37.17%	54.70%	55.27%
R&D to Revenue	6.93%	7.78%	7.51%	7.19%	8.40%	7.64%	9.21%	7.30%	11.40%	10.64%
Operating Expenses to Revenue	48.27%	54.02%	55.59%	50.51%	55.92%	40.73%	48.27%	44.47%	66.09%	65.91%
Earnings before Interest and Taxes (EBIT)	2.15	0.76	1.13	0.37	1.26	2.79	2.53	10	2.25	0.15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2.35	1.03	1.42	0.96	1.94	3.69	3.83	12	3.67	2.08
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.29	3.70	2.35	2.42	1.51	2.42	1.68	1.04
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.29	3.79	2.40	2.46	1.54	2.45	1.70	1.10
Price to Revenue (P/Rev)	0.00	0.00	1.34	2.02	1.43	3.10	1.80	2.74	2.88	2.12
Price to Earnings (P/E)	0.00	0.00	29.69	0.00	18.49	29.78	26.08	12.14	55.65	183.65
Dividend Yield	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%	3.37%	0.00%	5.41%	3.36%	3.83%	8.24%	1.80%	0.54%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	3.96	5.02	3.55	3.22	1.61	2.89	1.88	1.05
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.01	1.84	1.14	2.64	1.62	2.46	2.49	1.63
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	12.89	35.70	11.27	17.49	11.97	7.92	17.90	17.52
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	16.23	92.58	17.33	23.14	18.12	9.00	29.16	247.37
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	25.25	0.00	15.17	48.62	22.82	11.54	54.28	47.40
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	10.02	0.00	9.72	0.00	0.00	14.10	52.21	7.94
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	12.76	0.00	10.18	0.00	0.00	23.05	0.00	30.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.00	0.00	0.00	0.11	0.27	0.25	0.19	0.17	0.17
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.09	0.27	0.24	0.18	0.17	0.16
Financial Leverage	-0.57	-0.52	-0.53	-0.45	-0.40	-0.39	-0.25	-0.21	-0.24	-0.23
Leverage Ratio	1.55	1.47	1.43	1.57	1.84	1.69	1.59	1.61	1.53	1.43
Compound Leverage Factor	1.55	1.47	1.43	1.57	1.84	1.69	1.59	1.61	1.53	1.43
Debt to Total Capital	0.52%	0.22%	0.11%	0.00%	10.23%	21.43%	19.74%	15.64%	14.72%	14.19%
Short-Term Debt to Total Capital	0.17%	0.11%	0.11%	0.00%	2.05%	0.59%	0.55%	0.44%	0.44%	0.43%
Long-Term Debt to Total Capital	0.35%	0.11%	0.00%	0.00%	8.19%	20.83%	19.18%	15.20%	14.28%	13.77%
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%
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%
Common Equity to Total Capital	99.48%	99.78%	99.89%	100.00%	89.77%	78.57%	80.26%	84.36%	85.28%	85.81%
Debt to EBITDA	0.01	0.02	0.01	0.00	0.69	2.31	2.16	0.68	2.13	3.63
Net Debt to EBITDA	-1.56	-4.92	-4.21	0.00	-2.85	-3.04	-1.36	-0.91	-2.79	-5.32
Long-Term Debt to EBITDA	0.01	0.01	0.00	0.00	0.55	2.25	2.10	0.66	2.06	3.52
Debt to NOPAT	0.02	0.00	0.02	0.00	0.92	6.42	4.13	0.98	6.45	9.82
Net Debt to NOPAT	-1.81	-0.90	-8.25	0.00	-3.83	-8.44	-2.59	-1.32	-8.47	-14.39
Long-Term Debt to NOPAT	0.01	0.00	0.00	0.00	0.74	6.25	4.01	0.96	6.26	9.52
Altman Z-Score	0.00	0.00	4.79	4.45	2.90	3.79	2.80	4.18	3.72	2.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.57	2.30	2.87	2.65	2.41	4.43	3.49	3.16	4.56	4.01
Quick Ratio	2.10	1.78	2.32	2.12	1.88	3.64	2.46	2.31	2.91	2.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	3.04	1.44	-2.29	2.14	-13	-6.44	4.09	-1.18	1.18
Operating Cash Flow to CapEx	354.53%	1,981.68%	624.29%	-1,140.74%	0.00%	-3.65%	-83.61%	592.33%	68.12%	302.79%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.58	1.33	1.20	1.15	0.95	0.68	0.55	0.62	0.39	0.34
Accounts Receivable Turnover	4.67	5.46	7.12	4.53	3.01	3.34	3.09	2.73	1.91	2.72
Inventory Turnover	4.52	4.14	4.22	5.05	2.63	3.05	1.65	1.03	0.51	0.52
Fixed Asset Turnover	19.22	22.16	26.68	21.93	15.84	3.43	2.01	2.49	1.66	1.38
Accounts Payable Turnover	12.77	10.09	7.63	8.92	6.93	8.99	4.87	2.42	1.76	4.01
Days Sales Outstanding (DSO)	78.17	66.84	51.27	80.63	121.19	109.27	118.21	133.78	191.56	133.99
Days Inventory Outstanding (DIO)	80.70	88.20	86.51	72.23	138.78	119.50	221.28	352.82	709.88	700.73
Days Payable Outstanding (DPO)	28.59	36.18	47.81	40.94	52.67	40.62	74.99	151.13	206.94	91.13
Cash Conversion Cycle (CCC)	130.28	118.87	89.97	111.93	207.29	188.15	264.50	335.48	694.50	743.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2.74	5.33	4.62	6.85	6.15	20	28	33	35	35
Invested Capital Turnover	5.71	4.10	3.64	3.26	2.94	1.87	1.17	1.25	0.78	0.64
Increase / (Decrease) in Invested Capital	0.00	2.59	-0.71	2.23	-0.71	14	8.44	4.08	2.39	-0.41
Enterprise Value (EV)	0.00	0.00	18	34	22	64	46	94	66	36
Market Capitalization	0.00	0.00	24	38	27	76	51	105	76	47
Book Value per Share	$0.81	$1.31	$1.34	$1.31	$1.50	$2.89	$3.09	$3.91	$4.02	$4.03
Tangible Book Value per Share	$0.81	$1.31	$1.34	$1.29	$1.47	$2.84	$3.04	$3.86	$3.97	$3.81
Total Capital	6.44	10	11	10	13	40	42	51	53	53
Total Debt	0.03	0.02	0.01	0.00	1.33	8.52	8.28	8.04	7.80	7.54
Total Long-Term Debt	0.02	0.01	0.00	0.00	1.06	8.28	8.05	7.81	7.57	7.31
Net Debt	-3.67	-5.06	-5.98	-3.33	-5.51	-11	-5.20	-11	-10	-11
Capital Expenditures (CapEx)	0.49	0.13	0.29	0.17	0.00	3.45	3.22	1.13	1.85	1.52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.58	0.64	0.79	3.84	3.69	6.47	11	15	17	12
Debt-free Net Working Capital (DFNWC)	5.28	5.72	6.78	7.17	11	26	25	34	35	31
Net Working Capital (NWC)	5.27	5.71	6.77	7.17	10	26	24	34	34	31
Net Nonoperating Expense (NNE)	-0.03	2.37	-0.09	0.02	-0.04	-1.21	0.05	-0.48	-0.15	0.51
Net Nonoperating Obligations (NNO)	-3.67	-5.06	-5.98	-3.33	-5.51	-11	-5.20	-11	-10	-11
Total Depreciation and Amortization (D&A)	0.19	0.27	0.29	0.59	0.68	0.90	1.30	1.42	1.42	1.93
Debt-free, Cash-free Net Working Capital to Revenue	10.07%	3.88%	4.37%	20.54%	19.35%	26.49%	39.18%	40.12%	62.69%	55.47%
Debt-free Net Working Capital to Revenue	33.73%	34.63%	37.50%	38.34%	55.20%	107.15%	86.82%	89.35%	131.15%	138.48%
Net Working Capital to Revenue	33.66%	34.56%	37.44%	38.34%	53.80%	106.18%	86.00%	88.76%	130.28%	137.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	$0.41	$0.10	($0.01)	$0.19	$0.25	$0.18	$0.77	$0.12	$0.02
Adjusted Weighted Average Basic Shares Outstanding	7.92M	7.92M	7.90M	7.75M	7.76M	10.01M	10.86M	10.96M	11.16M	11.27M
Adjusted Diluted Earnings per Share	$0.24	$0.39	$0.10	($0.01)	$0.19	$0.25	$0.18	$0.77	$0.12	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	8.47M	8.40M	8.25M	7.75M	7.84M	10.06M	10.87M	10.96M	11.16M	11.27M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	7.90M	7.75M	7.75M	7.78M	0.00	10.92M	11.11M	11.26M	11.30M
Normalized Net Operating Profit after Tax (NOPAT)	2.02	0.91	0.73	0.18	0.86	1.33	2.01	8.17	1.21	0.31
Normalized NOPAT Margin	12.94%	5.53%	4.01%	0.98%	4.50%	5.43%	7.09%	21.33%	4.59%	1.37%
Pre Tax Income Margin	13.75%	4.58%	6.24%	1.99%	6.60%	11.40%	8.93%	27.35%	8.54%	0.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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%
Augmented Payout Ratio	0.00%	31.21%	29.66%	-45.27%	2.11%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from VirTra'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	10,926,774.00	11,094,689.00	11,109,730.00	11,109,730.00	11,168,273.00	11,242,925.00	11,260,209.00	11,261,588.00	11,261,588.00	11,300,607.00	11,303,885.00
DEI Adjusted Shares Outstanding	10,926,774.00	11,094,689.00	11,109,730.00	11,109,730.00	11,168,273.00	11,242,925.00	11,260,209.00	11,261,588.00	11,261,588.00	11,300,607.00	11,303,885.00
DEI Earnings Per Adjusted Shares Outstanding	0.15	0.27	0.04	0.11	0.05	-0.08	0.11	0.02	-0.03	-0.07	-0.12
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	54.21%	19.88%	-26.73%	-41.23%	-1.02%	-47.48%	-2.53%	14.88%	-28.52%	-46.50%	-51.48%
EBITDA Growth	426.74%	45.61%	-66.43%	-34.47%	-48.72%	-114.72%	28.31%	-56.14%	-117.26%	63.03%	-144.13%
EBIT Growth	283.23%	54.03%	-73.20%	-39.72%	-57.90%	-128.86%	39.45%	-87.09%	-145.57%	-26.81%	-193.31%
NOPAT Growth	293.59%	94.79%	-89.10%	6.74%	-61.66%	-113.25%	307.19%	-8.60%	-156.58%	-157.73%	-173.45%
Net Income Growth	303.62%	118.38%	-84.11%	16.96%	-64.33%	-129.17%	169.99%	-85.40%	-166.64%	10.80%	-205.11%
EPS Growth	314.29%	-492.31%	-85.19%	22.22%	-66.67%	84.31%	175.00%	-81.82%	-160.00%	0.00%	-209.09%
Operating Cash Flow Growth	205.68%	286.73%	424.88%	-481.58%	-77.85%	-139.22%	-98.72%	254.64%	-95.95%	-64.62%	-983.52%
Free Cash Flow Firm Growth	43.73%	82.50%	151.50%	79.68%	23.03%	-126.80%	-488.84%	243.77%	111.08%	79.59%	134.59%
Invested Capital Growth	22.70%	14.32%	-4.42%	6.55%	12.40%	7.34%	26.42%	-1.73%	-1.96%	-1.18%	-8.55%
Revenue Q/Q Growth	-26.85%	37.11%	-32.39%	-17.31%	23.20%	-27.25%	31.50%	-2.53%	-23.34%	-45.55%	19.26%
EBITDA Q/Q Growth	-11.40%	41.68%	-63.19%	22.48%	-30.67%	-140.68%	471.38%	-58.13%	-127.29%	12.88%	-343.38%
EBIT Q/Q Growth	-12.08%	49.02%	-70.30%	31.51%	-38.59%	-202.14%	269.05%	-87.83%	-316.74%	-184.26%	-24.39%
NOPAT Q/Q Growth	47.03%	96.73%	-90.74%	239.26%	-47.18%	-168.00%	434.16%	-23.85%	-132.69%	-209.78%	4.77%
Net Income Q/Q Growth	59.24%	86.26%	-86.79%	156.46%	-51.44%	-252.35%	242.29%	-86.13%	-321.64%	-103.92%	-67.68%
EPS Q/Q Growth	66.67%	-440.00%	-88.24%	175.00%	-54.55%	-260.00%	237.50%	-81.82%	-250.00%	-166.67%	-50.00%
Operating Cash Flow Q/Q Growth	709.24%	-42.83%	121.70%	-175.31%	123.21%	-201.22%	107.23%	9,005.87%	-99.39%	-4,215.47%	61.20%
Free Cash Flow Firm Q/Q Growth	21.82%	70.92%	330.91%	-165.42%	-196.12%	14.32%	-134.28%	124.19%	-77.17%	-257.78%	496.99%
Invested Capital Q/Q Growth	-6.78%	6.57%	-9.86%	18.98%	-1.66%	1.77%	6.16%	-7.52%	-1.88%	2.59%	-1.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.23%	83.52%	64.17%	90.94%	73.46%	67.51%	72.58%	68.96%	65.76%	57.51%	61.42%
EBITDA Margin	29.44%	30.42%	18.30%	27.10%	15.25%	-8.53%	24.09%	10.35%	-3.68%	-5.89%	-21.91%
Operating Margin	22.08%	27.16%	8.85%	18.62%	10.10%	-9.94%	19.10%	13.10%	-8.41%	-47.87%	-38.23%
EBIT Margin	24.85%	27.01%	13.33%	21.21%	10.57%	-14.84%	19.08%	2.38%	-6.74%	-35.18%	-36.69%
Profit (Net Income) Margin	21.62%	29.37%	6.37%	19.76%	7.79%	-16.31%	17.65%	2.51%	-7.26%	-27.20%	-38.24%
Tax Burden Percent	87.00%	101.48%	47.79%	93.20%	73.71%	109.94%	92.53%	105.41%	107.79%	77.33%	104.24%
Interest Burden Percent	100.00%	107.15%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	13.00%	-1.48%	52.21%	6.80%	26.29%	0.00%	7.47%	-5.41%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	25.34%	34.58%	5.09%	16.33%	7.29%	-5.43%	13.92%	10.80%	-4.32%	-21.61%	-14.10%
ROIC Less NNEP Spread (ROIC-NNEP)	23.13%	32.24%	3.57%	14.47%	7.04%	-0.59%	13.93%	17.50%	-3.73%	-23.33%	-10.16%
Return on Net Nonoperating Assets (RNNOA)	-5.30%	-6.70%	-0.91%	-2.72%	-1.72%	0.14%	-3.76%	-4.44%	1.00%	5.47%	2.25%
Return on Equity (ROE)	20.04%	27.88%	4.17%	13.62%	5.57%	-5.29%	10.16%	6.36%	-3.32%	-16.13%	-11.85%
Cash Return on Invested Capital (CROIC)	4.03%	13.40%	24.62%	11.56%	4.26%	-3.50%	-16.65%	7.15%	3.68%	3.39%	4.49%
Operating Return on Assets (OROA)	15.20%	16.66%	7.53%	10.19%	4.99%	-5.78%	7.33%	0.97%	-2.54%	-12.12%	-10.57%
Return on Assets (ROA)	13.22%	18.11%	3.60%	9.50%	3.68%	-6.35%	6.78%	1.02%	-2.74%	-9.37%	-11.02%
Return on Common Equity (ROCE)	20.04%	27.88%	4.17%	13.62%	5.57%	-5.29%	10.16%	6.36%	-3.32%	-16.13%	-11.85%
Return on Equity Simple (ROE_SIMPLE)	17.65%	0.00%	15.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1.45	2.86	0.31	1.05	0.56	-0.38	1.27	0.96	-0.32	-0.98	-0.93
NOPAT Margin	19.21%	27.56%	4.23%	17.36%	7.44%	-6.96%	17.68%	13.81%	-5.89%	-33.51%	-26.76%
Net Nonoperating Expense Percent (NNEP)	2.21%	2.34%	1.52%	1.87%	0.25%	-4.84%	-0.01%	-6.71%	-0.59%	1.73%	-3.94%
Return On Investment Capital (ROIC_SIMPLE)	-	5.56%	0.60%	1.98%	1.03%	-0.71%	2.31%	1.75%	-0.58%	-1.84%	-1.80%
Cost of Revenue to Revenue	28.77%	16.48%	35.83%	9.06%	26.54%	32.49%	27.42%	31.04%	34.24%	42.49%	38.58%
SG&A Expenses to Revenue	42.70%	48.37%	45.88%	58.24%	48.31%	71.41%	44.97%	47.14%	61.28%	89.01%	85.23%
R&D to Revenue	6.45%	7.99%	9.44%	14.08%	15.05%	6.03%	8.51%	8.71%	12.89%	16.37%	14.41%
Operating Expenses to Revenue	49.15%	56.36%	55.32%	72.32%	63.36%	77.44%	53.48%	55.86%	74.17%	105.38%	99.65%
Earnings before Interest and Taxes (EBIT)	1.88	2.80	0.98	1.29	0.79	-0.81	1.37	0.17	-0.36	-1.02	-1.27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2.23	3.15	1.34	1.65	1.14	-0.46	1.72	0.72	-0.20	-0.17	-0.76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.54	2.42	2.59	1.88	1.51	1.68	0.98	1.68	1.26	1.04	0.95
Price to Tangible Book Value (P/TBV)	1.56	2.45	2.63	1.91	1.52	1.70	0.99	1.79	1.34	1.10	1.00
Price to Revenue (P/Rev)	1.67	2.74	3.16	2.68	2.19	2.88	1.75	2.94	2.38	2.12	2.24
Price to Earnings (P/E)	8.71	12.14	17.09	12.48	11.99	55.65	21.22	70.20	364.61	183.65	0.00
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	11.48%	8.24%	5.85%	8.01%	8.34%	1.80%	4.71%	1.42%	0.27%	0.54%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.70	2.89	3.39	2.15	1.68	1.88	0.97	1.94	1.37	1.05	0.93
Enterprise Value to Revenue (EV/Rev)	1.42	2.46	2.76	2.35	1.81	2.49	1.37	2.46	1.85	1.63	1.69
Enterprise Value to EBITDA (EV/EBITDA)	4.75	7.92	10.23	8.45	7.41	17.90	8.88	21.32	25.81	17.52	0.00
Enterprise Value to EBIT (EV/EBIT)	5.46	9.00	12.01	10.07	9.07	29.16	13.63	43.94	126.63	247.37	0.00
Enterprise Value to NOPAT (EV/NOPAT)	7.66	11.54	16.51	12.37	11.15	54.28	16.18	35.64	79.93	47.40	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	16.59	14.10	9.19	9.81	12.86	52.21	0.00	11.03	8.90	7.94	8.01
Enterprise Value to Free Cash Flow (EV/FCFF)	46.35	23.05	13.47	19.16	41.74	0.00	0.00	26.92	36.86	30.88	19.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.19	0.18	0.17	0.17	0.17	0.16	0.16	0.16	0.17	0.17
Long-Term Debt to Equity	0.20	0.18	0.18	0.17	0.17	0.17	0.16	0.16	0.16	0.16	0.16
Financial Leverage	-0.23	-0.21	-0.26	-0.19	-0.24	-0.24	-0.27	-0.25	-0.27	-0.23	-0.22
Leverage Ratio	1.66	1.61	1.58	1.59	1.57	1.53	1.50	1.44	1.42	1.43	1.42
Compound Leverage Factor	1.66	1.73	1.58	1.59	1.57	1.53	1.50	1.44	1.42	1.43	1.42
Debt to Total Capital	16.92%	15.64%	15.35%	14.85%	14.55%	14.72%	14.13%	13.94%	13.97%	14.19%	14.44%
Short-Term Debt to Total Capital	0.43%	0.44%	0.44%	0.43%	0.43%	0.44%	0.42%	0.41%	0.42%	0.43%	0.44%
Long-Term Debt to Total Capital	16.49%	15.20%	14.92%	14.42%	14.13%	14.28%	13.71%	13.53%	13.55%	13.77%	14.00%
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	83.08%	84.36%	84.65%	85.15%	85.45%	85.28%	85.87%	86.06%	86.03%	85.81%	85.56%
Debt to EBITDA	0.74	0.68	0.82	0.89	1.01	2.13	1.91	2.46	4.26	3.63	-18.33
Net Debt to EBITDA	-0.84	-0.91	-1.48	-1.18	-1.52	-2.79	-2.44	-4.17	-7.37	-5.32	25.44
Long-Term Debt to EBITDA	0.72	0.66	0.80	0.87	0.98	2.06	1.85	2.38	4.13	3.52	-17.78
Debt to NOPAT	1.19	0.98	1.32	1.31	1.52	6.45	3.48	4.10	13.19	9.82	-4.73
Net Debt to NOPAT	-1.35	-1.32	-2.39	-1.73	-2.28	-8.47	-4.45	-6.97	-22.83	-14.39	6.56
Long-Term Debt to NOPAT	1.16	0.96	1.28	1.27	1.48	6.26	3.38	3.98	12.80	9.52	-4.59
Altman Z-Score	2.56	3.82	4.08	3.94	3.56	3.57	2.77	3.70	3.08	2.59	2.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.69	3.16	3.31	4.65	5.02	4.56	4.54	4.40	4.40	4.01	3.93
Quick Ratio	1.99	2.31	2.40	3.03	3.25	2.91	2.87	2.87	2.83	2.44	2.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4.20	-1.22	1.67	-1.09	-3.23	-2.77	-6.49	1.57	0.36	-0.57	2.24
Operating Cash Flow to CapEx	2,432.21%	376.15%	332.08%	-6,236.55%	1,075.71%	-592.64%	15.34%	1,052.97%	0.00%	-242.71%	-599.11%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.62	0.56	0.48	0.47	0.39	0.38	0.41	0.38	0.34	0.29
Accounts Receivable Turnover	3.11	2.73	2.94	2.06	2.39	1.91	2.28	2.92	3.10	2.72	2.30
Inventory Turnover	1.27	1.03	0.95	0.60	0.56	0.51	0.46	0.60	0.59	0.52	0.45
Fixed Asset Turnover	2.46	2.49	2.26	2.01	2.02	1.66	1.58	1.64	1.53	1.38	1.16
Accounts Payable Turnover	2.84	2.42	1.98	1.69	1.50	1.76	1.51	4.97	4.41	4.01	2.98
Days Sales Outstanding (DSO)	117.55	133.78	124.26	176.88	152.84	191.56	160.40	125.06	117.69	133.99	158.50
Days Inventory Outstanding (DIO)	288.21	352.82	384.62	605.30	655.10	709.88	794.11	608.16	619.64	700.73	814.63
Days Payable Outstanding (DPO)	128.32	151.13	183.97	216.34	242.89	206.94	241.61	73.49	82.74	91.13	122.44
Cash Conversion Cycle (CCC)	277.43	335.48	324.91	565.83	565.05	694.50	712.89	659.73	654.59	743.59	850.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	31	33	29	35	34	35	37	34	34	35	34
Invested Capital Turnover	1.32	1.25	1.20	0.94	0.98	0.78	0.79	0.78	0.73	0.64	0.53
Increase / (Decrease) in Invested Capital	5.65	4.08	-1.36	2.15	3.79	2.39	7.75	-0.61	-0.67	-0.41	-3.17
Enterprise Value (EV)	52	94	100	75	58	66	36	67	46	36	32
Market Capitalization	61	105	114	85	69	76	46	80	59	47	42
Book Value per Share	$3.63	$3.91	$3.96	$4.09	$4.13	$4.02	$4.17	$4.20	$4.16	$4.03	$3.92
Tangible Book Value per Share	$3.58	$3.86	$3.91	$4.04	$4.08	$3.97	$4.12	$3.96	$3.93	$3.81	$3.71
Total Capital	48	51	52	53	54	53	55	55	54	53	52
Total Debt	8.08	8.04	7.98	7.92	7.86	7.80	7.73	7.67	7.61	7.54	7.47
Total Long-Term Debt	7.87	7.81	7.75	7.69	7.63	7.57	7.50	7.44	7.38	7.31	7.25
Net Debt	-9.12	-11	-14	-10	-12	-10	-9.88	-13	-13	-11	-10
Capital Expenditures (CapEx)	0.17	0.62	1.55	0.06	0.08	0.15	0.43	0.57	-0.10	0.62	0.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	15	11	17	17	17	18	14	12	12	12
Debt-free Net Working Capital (DFNWC)	29	34	33	35	36	35	35	34	33	31	30
Net Working Capital (NWC)	29	34	33	35	36	34	35	34	33	31	29
Net Nonoperating Expense (NNE)	-0.18	-0.19	-0.16	-0.15	-0.03	0.51	0.00	0.79	0.07	-0.18	0.40
Net Nonoperating Obligations (NNO)	-9.12	-11	-15	-10	-12	-10	-9.88	-13	-13	-11	-10
Total Depreciation and Amortization (D&A)	0.35	0.35	0.36	0.36	0.35	0.34	0.36	0.56	0.16	0.85	0.51
Debt-free, Cash-free Net Working Capital to Revenue	33.35%	40.12%	30.44%	52.19%	52.08%	62.69%	68.31%	50.43%	49.62%	55.47%	62.26%
Debt-free Net Working Capital to Revenue	80.38%	89.35%	92.51%	110.00%	113.99%	131.15%	135.63%	126.89%	132.91%	138.48%	157.63%
Net Working Capital to Revenue	79.82%	88.76%	91.88%	109.28%	113.26%	130.28%	134.75%	126.05%	132.00%	137.46%	156.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.15	($0.51)	$0.11	$0.11	$0.05	($0.08)	$0.11	$0.02	($0.03)	($0.08)	($0.12)
Adjusted Weighted Average Basic Shares Outstanding	10.93M	0.00	10.96M	11.06M	11.18M	11.16M	11.16M	11.26M	11.27M	11.27M	11.30M
Adjusted Diluted Earnings per Share	$0.15	($0.51)	$0.11	$0.11	$0.05	($0.08)	$0.11	$0.02	($0.03)	($0.08)	($0.12)
Adjusted Weighted Average Diluted Shares Outstanding	10.94M	0.00	10.96M	11.07M	11.18M	11.16M	11.16M	11.26M	11.27M	11.27M	11.30M
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	11.09M	11.11M	11.11M	11.17M	11.24M	11.26M	11.26M	11.26M	11.30M	11.30M	11.31M
Normalized Net Operating Profit after Tax (NOPAT)	1.45	1.97	0.46	1.05	0.56	-0.38	1.27	0.64	-0.32	-0.98	-0.93
Normalized NOPAT Margin	19.21%	19.01%	6.20%	17.36%	7.44%	-6.96%	17.68%	9.17%	-5.89%	-33.51%	-26.76%
Pre Tax Income Margin	24.85%	28.94%	13.33%	21.21%	10.57%	-14.84%	19.08%	2.38%	-6.74%	-35.18%	-36.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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

VirTra’s latest quarter shows a meaningful deterioration in profitability and cash generation versus the prior year, even though the company still holds a strong cash position and a solid equity base. In Q1 2026, revenue fell to $3.47 million from $7.16 million in Q1 2025, and the company posted a net loss of $1.33 million versus a profit of $1.26 million a year ago. Operating cash flow also turned negative, which is a key watch item for investors.

Strong cash balance: VirTra ended Q1 2026 with $17.9 million in cash and equivalents, giving it a meaningful liquidity cushion.
Debt is manageable relative to equity: Total liabilities were $18.8 million versus $44.3 million in shareholders’ equity, so the balance sheet still looks capitalized.
Deferred revenue remains a support: Current deferred revenue was $6.8 million, which indicates some revenue has already been collected for future delivery.
Gross margin remains healthy in the latest quarter: Gross profit was $2.13 million on $3.47 million of revenue, suggesting the core product still carries attractive gross profitability.
Working capital remains positive: Current assets of $39.3 million exceeded current liabilities of $10.0 million, which is a favorable near-term liquidity profile.
Long-term debt is stable but still material: Long-term debt was $7.25 million in Q1 2026, which is not excessive but still worth monitoring given the recent earnings pressure.
Capital spending is modest: Q1 2026 capex was only about $97 thousand, so the company is not currently in a heavy investment phase.
Revenue declined sharply year over year: Q1 2026 revenue dropped 51% from $7.16 million in Q1 2025 to $3.47 million.
Margins compressed sharply: Operating income swung from a $1.37 million profit in Q1 2025 to a $1.33 million loss in Q1 2026.
Cash from operations turned negative: Q1 2026 operating cash flow was -$580 thousand, compared with positive operating cash flow in the prior-year quarter.

Looking at the broader trend over the last four years, VirTra has become much less consistent. In 2023, the company produced multiple profitable quarters and strong operating cash flow. By 2024, results became more uneven, with some profitable quarters but also weaker ones. In 2025 and into Q1 2026, the trend clearly worsened, with revenue volatility, margin pressure, and a return to losses.

The most important takeaway for retail investors: VirTra’s balance sheet still provides some protection, but the business performance trend is weak right now. The company is not in immediate financial distress, but it needs to stabilize revenue and restore positive operating cash flow to improve investor confidence.

Key figures from Q1 2026: revenue of $3.47 million, net loss of $1.33 million, operating cash outflow of $580 thousand, cash of $17.9 million, and total equity of $44.3 million.

08/04/26 03:44 PM ETAI Generated. May Contain Errors.

VirTra Financials - Frequently Asked Questions

According to the most recent income statement we have on file, VirTra's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

VirTra's net income appears to be on an upward trend, with a most recent value of $258.45 thousand in 2025, falling from $2.05 million in 2016. The previous period was $1.36 million in 2024. See VirTra's forecast for analyst expectations on what's next for the company.

VirTra's total operating income in 2025 was $437.50 thousand, based on the following breakdown:

Total Gross Profit: $15.20 million
Total Operating Expenses: $14.77 million

Over the last 9 years, VirTra's total revenue changed from $15.65 million in 2016 to $22.40 million in 2025, a change of 43.1%.

VirTra's total liabilities were at $19.54 million at the end of 2025, a 1.1% decrease from 2024, and a 458.1% increase since 2016.

In the past 9 years, VirTra's cash and equivalents has ranged from $1.42 million in 2019 to $19.71 million in 2021, and is currently $18.59 million as of their latest financial filing in 2025.

Over the last 9 years, VirTra's book value per share changed from 0.81 in 2016 to 4.03 in 2025, a change of 398.3%.

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Financial statements for NASDAQ:VTSI last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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VirTra (VTSI) Financials

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