Village Farms International, Inc. key statistics and ratios

In fiscal 2025, Village Farms International, Inc. had return on equity of 11.7%, a net margin of 15.0%, debt equal to 11.2% of equity and a current ratio of 2.64. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Village Farms International, Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	8.8%	6.2%	−5.1%	6.4%	16.9%	9.4%	29.4%	23.4%	40.6%	44.3%
Net margin	−3.0%	−5.0%	1.6%	6.8%	−3.4%	−34.5%	−21.3%	−18.3%	15.0%	9.8%
Free-cash-flow margin	−0.6%	−5.2%	−11.5%	1.3%	−22.8%	−11.6%	1.0%	1.6%	18.5%	−0.2%
Return on equity	−7.1%	−9.9%	2.2%	7.0%	−3.0%	−28.4%	−11.5%	−13.0%	11.7%	7.4%
Return on assets	—	−5.3%	1.4%	4.3%	−2.0%	−19.6%	−7.5%	−8.4%	8.0%	5.3%
Asset turnover	—	1.06	0.89	0.63	0.58	0.57	0.35	0.46	0.53	0.54
Current ratio	—	2.55	2.48	1.41	2.72	1.84	2.10	1.86	2.64	3.17
Debt to equity	0.0%	44.6%	27.2%	34.4%	18.4%	22.3%	17.4%	17.5%	11.2%	12.8%
Effective tax rate	—	—	—	−31.6%	—	—	—	—	33.1%	33.9%
SG&A as % of revenue	9.4%	9.4%	11.6%	11.2%	20.1%	24.6%	34.8%	31.5%	27.9%	28.2%
Capital spending as % of revenue	1.1%	2.1%	1.6%	2.0%	8.1%	4.9%	2.2%	3.7%	8.4%	12.3%
Free cash flow ÷ net income	—	—	−717.2%	19.5%	—	—	—	—	123.0%	−1.9%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	7.4%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Village Farms International, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	24.8%	16.1%	35.7%	37.3%	47.9%	38.7%	41.8%	46.8%
Operating margin	3.8%	—	−1.1%	11.6%	—	—	10.0%	17.4%
Net margin	−1.5%	−19.0%	−16.9%	44.2%	15.3%	4.9%	5.8%	11.2%
Free-cash-flow margin	2.7%	−2.7%	−19.2%	41.1%	33.9%	0.6%	−51.7%	4.1%
Current ratio	2.04	1.86	1.92	2.65	2.78	2.64	3.06	3.17
Debt to equity	15.8%	16.0%	15.8%	13.8%	11.7%	11.2%	12.2%	12.8%
SG&A as % of revenue	26.5%	35.0%	36.8%	25.7%	23.4%	29.6%	31.7%	29.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 6 checks passed · June 30, 2026

What it owns · $428m

Short-term assets $160mLonger-term assets $268m

What it owes, and who funded it · $422m

Short-term liabilities $51mLonger-term liabilities $59mShareholders' equity $312m

Short-term assets cover short-term liabilities $160m of assets due within a year against $51m of liabilities due within a year.
Short-term assets cover long-term liabilities $160m short-term assets against $59m of longer-dated liabilities.
More cash than debt $73m of cash against $40m of debt.
Debt below 40% of shareholders' equity Debt is 13% of equity.
Debt burden no higher than five years ago Debt to equity moved from 12% to 13% over five years.
A year's operating cash flow covers at least 20% of debt $28m of operating cash flow against $40m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Village Farms International, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

23 /100

Weak moat

How hard Village Farms International's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Cash operating profit has been a median -2.9% of total assets over 6 years.
Pricing power 0 / 20

Gross margin has been a median 18.0%, moving by 14.8 percentage points (standard deviation) across 7 years.
Durability 10 / 20

Net margin has been a median -2.5%; its worst year was -34.8%.
Cash conversion 3 / 20

Free cash flow was positive in 2 of 7 years, at a median -3.2% of revenue.
Discipline 10 / 20

The diluted share count rose 71.2% over five years; stock-based pay has been a median 1.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Village Farms International, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Village Farms International, Inc.