Vital Farms, Inc. key statistics and ratios

In fiscal 2025, Vital Farms, Inc. had return on equity of 21.4%, an operating margin of 11.6%, debt equal to 0.0% of equity and a current ratio of 2.16. 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.

Vital Farms, Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	32.6%	30.5%	34.8%	31.8%	30.2%	34.4%	37.9%	37.6%	24.4%
Operating margin	6.3%	2.4%	5.7%	0.0%	0.6%	7.0%	10.5%	11.6%	−3.8%
Net margin	5.4%	1.7%	4.1%	0.9%	0.3%	5.4%	8.8%	8.7%	−3.0%
Free-cash-flow margin	8.9%	−7.2%	0.6%	0.4%	−5.1%	8.3%	6.0%	−6.4%	−18.5%
Return on equity	135.9%	37.2%	11.7%	1.7%	0.8%	14.6%	23.1%	21.4%	−7.2%
Return on assets	—	3.9%	7.5%	1.3%	0.6%	10.4%	16.8%	15.1%	−4.2%
Asset turnover	—	2.27	1.84	1.44	1.79	1.93	1.91	1.73	1.38
Current ratio	—	1.39	5.30	3.72	3.14	3.00	3.13	2.16	1.56
Debt to equity	—	59.1%	0.6%	0.3%	0.0%	0.0%	0.0%	0.0%	42.0%
Interest cover (operating income ÷ interest)	16.0x	9.6x	25.1x	1.0x	18.5x	42.5x	62.9x	101.1x	n/m
Effective tax rate	11.4%	25.0%	23.8%	—	56.6%	20.6%	21.0%	27.4%	—
SG&A as % of revenue	18.2%	21.0%	22.1%	22.2%	21.3%	21.6%	22.1%	21.0%	22.3%
Capital spending as % of revenue	1.8%	3.4%	4.8%	6.4%	2.9%	2.4%	4.7%	10.8%	12.0%
Free cash flow ÷ net income	163.6%	−425.6%	13.8%	40.0%	<−999%	154.0%	67.8%	−72.8%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Vital Farms, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	36.1%	38.5%	38.9%	37.7%	35.8%	28.3%	6.6%	23.1%
Operating margin	7.8%	13.4%	12.9%	10.8%	10.0%	−1.2%	−24.2%	−4.2%
Net margin	6.4%	10.4%	9.0%	8.3%	7.6%	−0.8%	−18.7%	−3.5%
Free-cash-flow margin	−2.0%	1.3%	−4.1%	−5.3%	−15.1%	−21.0%	−26.5%	−12.5%
Current ratio	3.13	3.35	2.48	2.65	2.16	1.77	1.10	1.56
Debt to equity	—	—	—	—	0.0%	—	10.6%	42.0%
SG&A as % of revenue	22.5%	19.7%	21.1%	22.3%	20.7%	23.7%	24.3%	20.9%

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

2 of 6 checks passed · September 27, 2026

What it owns · $570m

Short-term assets $214mLonger-term assets $356m

What it owes, and who funded it · $570m

Short-term liabilities $137mLonger-term liabilities $153mShareholders' equity $280m

Short-term assets cover short-term liabilities $214m of assets due within a year against $137m of liabilities due within a year.
Short-term assets cover long-term liabilities $214m short-term assets against $153m of longer-dated liabilities.
More cash than debt $84m of cash against $118m of debt.
Debt below 40% of shareholders' equity Debt is 42% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$49m of operating cash flow against $118m of debt.
Operating profit covers interest at least five times over Operating income of −$29m against $4m of interest.

From Vital Farms, 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

47 /100

Moderate moat

How hard Vital Farms'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 18 / 20

Cash operating profit has been a median 13.6% of total assets over 6 years.
Pricing power 10 / 20

Gross margin has been a median 33.7%, moving by 4.4 percentage points (standard deviation) across 7 years.
Durability 0 / 20

Operating margin has been a median 4.2%; its worst year was -3.8%.
Cash conversion 4 / 20

Free cash flow was positive in 3 of 7 years, at a median -2.6% of revenue.
Discipline 15 / 20

The diluted share count rose 6.1% over five years; stock-based pay has been a median 1.6% 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.

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Figures from Vital Farms, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vital Farms, Inc.