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Virtra, Inc (VTSI) stock

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NASDAQ: VTSI Nasdaq Electronic Equipment & Instruments Next results ~November 12, 2026

C Fundamentals grade

Virtra, Inc is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$2.0

Cash-flow model

Base case. Range ~$1.5–$2.5 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 26% below it.

Price used: $2.65, November 2, 2026

Virtra, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 0 selling52 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds11 adding, 28 cuttingOf 7 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Virtra files

Where Virtra stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $18m, down 35.3% on a year earlier, a steeper fall than the 28.5% decline a quarter earlier. That puts it 41 of 41 for growth among the electronic equipment & instruments companies we cover. Free-cash-flow margin fell to -34.9% from 17.7% a year earlier. Operating margin narrowed to -19.2% from 6.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $1.64 a share, against a share price of $2.72.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Virtra, Inc's trailing-twelve-month revenue fell 35.3% year on year, with a free-cash-flow margin of -34.9%. Where it stands out: stock pay as % of revenue of -1.3% ranks 1 of 49 electronic equipment & instruments companies we cover. Where it lags: revenue growth of -35.3% ranks 52 of 53 electronic equipment & instruments companies we cover.

Our discounted-cash-flow model values the business at ~$2.0 per share in the base case (~$1.5–$2.5 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -35.3% (-6.9pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $2.65 is 27% above our value per share of $2.
  • Revenue shrinking. Revenue fell 35.3% over the last 12 months.
  • Growth slowing. The growth rate is 6.9 points lower than a quarter earlier.
  • Loss-making. Operating margin is -19.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 25.7 points on a year ago.

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
-$0.02 against an average estimate of -$0.10: beat by 80.0%
Revenue
$6m, down 17.4% on a year earlier
Share reaction
-7.7% in the first session after the results on August 14, 2026, against -0.7% for the S&P 500
Next report
November 12, 2026

Virtra's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week-1.1%
  • 1 month-5.0%
  • This year-36.9%
  • 1 year-56.4%
  • 5 years-67.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.5M
Operating margin
-19.2%
Net margin
-15.8%
EPS (TTM, diluted)
$-0.24

Growth

Revenue growth
−35.3%
Change in growth rate
−6.9 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
-$6.1M
FCF margin
-34.9%
Stock pay % of revenue
-1.3%

Earnings

Last results
August 14, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Virtra, Inc valuation models and calculator

What the price is pricing in

The share price implies about 14.1% a year of cash-flow growth for five years.That is faster than the -6.5% a year revenue growth Virtra has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in14.1%
  • Last 12 months-35.3%
  • 3 years a year-19.8%
  • 5 years a year-6.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($2.70, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$1.9
Price used
$2.70close November 3, 2026
Implied change
▼ 28%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Virtra, Inc's free cash flow after stock-based pay with after-tax interest added back ($841,615, FY2026 Q2 TTM), growing 16.9% and 8.7% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$1.5–~$2.5 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Virtra, Inc's free cash flow after stock-based pay ( $841,615, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Virtra, Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.25 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$2.0 ~$1.5–$2.5 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.4 ~$1.6–$3.5 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$2.0 ~$1.8–$2.3 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.1 ~$2.0–$2.4 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Virtra, Inc with Electronic Equipment & Instruments in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $1$2$2$3$4$5
8.5% $1$1$2$2$3$4
10% $1$1$1$2$2$3

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$5.28$5.28$3.07$4.87$3.52$7.00$4.68$9.47$6.75$4.20$2.65
Market value$45m$44m$25m$38m$28m$70m$51m$104m$75m$47m$30m
+ Net debt (− = net cash)−$4m−$5m−$2m−$1m−$6m−$11m−$5m−$11m−$10m−$11m−$3m
Enterprise value$41m$39m$23m$36m$22m$59m$46m$93m$65m$37m$27m
Multiples
Price / sales 2.9x2.7x1.4x2.0x1.4x2.9x1.8x2.7x2.9x2.1x1.7x
Price / earnings 21.8x13.6x31.0x—18.7x27.7x26.0x12.0x55.3x183.2x—
Price / free cash flow 30.9x17.6x16.5x————18.7x—15.4x—
EV / EBITDA 17.7x24.9x17.7x63.7x13.7x29.0x13.1x8.6x20.9x16.6x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard Virtra's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.1% of total assets over 9 years.

  • Pricing power 14 / 20

    Gross margin has been a median 62.2%, moving by 8.5 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.5%; its worst year was -25.8%.

  • Cash conversion 6 / 20

    Free cash flow was positive in 4 of 8 years, at a median 2.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 31.7% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (37 before it).

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

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $4m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.19 −1050% $20m −13%
Next $0.07 +134% $25m +27%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −45.7% on 90 days ago. In the last 30 days, 1 analyst raised Virtra, Inc's forecast and 0 cut it.

Consensus EPS forecast Virtra, Inc, last 90 days
−$0.40 −$0.20 $0.00 $0.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.35 Current fiscal year, 60 days ago: −$0.35 Current fiscal year, 30 days ago: −$0.35 Current fiscal year, 7 days ago: −$0.35 Current fiscal year, Now: −$0.19 −$0.19 Next fiscal year, 90 days ago: −$0.04 Next fiscal year, 60 days ago: −$0.04 Next fiscal year, 30 days ago: −$0.04 Next fiscal year, 7 days ago: −$0.04 Next fiscal year, Now: $0.07 $0.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.35−$0.04
60 days ago −$0.35−$0.04
30 days ago −$0.35−$0.04
7 days ago −$0.35−$0.04
Now −$0.19$0.07

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.10 −$0.02 +80.0%
Mar 2026 −$0.13 −$0.12 +4.0%
Dec 2025 −$0.03 −$0.09 −200.0%
Sept 2025 $0.04 −$0.03 −175.0%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Virtra, Inc's revenue by +16.9% next year and +8.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+27.2%, weight 56%) and the company's own record (+4.0%, weight 44%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202622

Counts of recommendations published by analysts covering Virtra, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.0%
of tradable shares
Days to cover
3.47
at average volume
Short interest, 1 month
+102%
to October 15, 2026
Held by institutions
16%
of shares
Held by insiders
4.4%
of shares
Employees
94
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −56.4%

$6.08 on October 31, 2025 to $2.65

ThenNowEffect
Revenue (last 12 months) $27m $18m −35.3%
P/S multiple 2.5x 1.7x −32.2%
Share count 11m 11m −0.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years −46.5%

$4.95 on November 3, 2023 to $2.65

ThenNowEffect
Revenue (last 12 months) $34m $18m −48.4%
P/S multiple 1.6x 1.7x +7.7%
Share count 11m 11m −3.7%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VTSI+99%−33%+102%−29%−38%−37%
Industry peers (median)−3%−38%+13%+2%−5%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VTSI58%33%42%42%42%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VTSI−50%−42%−48%−65%−47%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 85% from May 9, 2024 to October 30, 2026. Getting back needed a 556% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.61 – $5.82
From 52-week high
−54.5%
vs 50-day average
−6.5%
vs 200-day average
−26.1%
Volatility (1 year)
48%
Beta vs S&P 500
1.24

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±20.7%
After a week
4 up, 8 down
typical move ±20.8%
After a month
5 up, 7 down
typical move ±26.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 14, 2026 −7.7% −0.7% −7.1% −13.9%
May 11, 2026 −17.1% +0.1% −18.6% −17.6%
March 26, 2026 −17.4% −3.5% −16.4% +1.5%
November 10, 2025 −7.4% +1.8% −7.8% −10.0%
August 11, 2025 −22.1% +0.9% −19.3% −20.4%
May 12, 2025 +42.4% +4.0% +28.4% +39.8%
March 27, 2025 −19.4% −2.3% −16.6% −21.1%
November 12, 2024 +17.1% −0.3% +5.9% +0.1%
August 12, 2024 −8.6% +1.7% −7.7% −18.6%
May 14, 2024 −31.4% +1.7% −42.3% −51.4%
April 1, 2024 +27.8% −0.8% +30.4% +53.3%
November 14, 2023 +30.0% +2.2% +49.1% +68.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Virtra, Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Virtra, Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Virtra, Inc
$10M $20M $30M $40M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $36.6M Revenue (TTM), FY23 Q4: $38.3M Revenue (TTM), FY24 Q1: $35.6M Revenue (TTM), FY24 Q2: $31.4M Revenue (TTM), FY24 Q3: $31.3M Revenue (TTM), FY24 Q4: $26.4M Revenue (TTM), FY25 Q1: $26.2M Revenue (TTM), FY25 Q2: $27.1M Revenue (TTM), FY25 Q3: $24.9M Revenue (TTM), FY25 Q4: $22.4M Revenue (TTM), FY26 Q1: $18.7M Revenue (TTM), FY26 Q2: $17.5M $17.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $36.6M
FY23 Q4 $38.3M
FY24 Q1 $35.6M
FY24 Q2 $31.4M
FY24 Q3 $31.3M
FY24 Q4 $26.4M
FY25 Q1 $26.2M
FY25 Q2 $27.1M
FY25 Q3 $24.9M
FY25 Q4 $22.4M
FY26 Q1 $18.7M
FY26 Q2 $17.5M
Revenue growth, TTM YoY Virtra, Inc
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 29.2% Revenue growth, TTM YoY, FY23 Q4: 35.3% Revenue growth, TTM YoY, FY24 Q1: 12.8% Revenue growth, TTM YoY, FY24 Q2: -7.6% Revenue growth, TTM YoY, FY24 Q3: -14.5% Revenue growth, TTM YoY, FY24 Q4: -31.2% Revenue growth, TTM YoY, FY25 Q1: -26.5% Revenue growth, TTM YoY, FY25 Q2: -13.7% Revenue growth, TTM YoY, FY25 Q3: -20.3% Revenue growth, TTM YoY, FY25 Q4: -15.0% Revenue growth, TTM YoY, FY26 Q1: -28.5% Revenue growth, TTM YoY, FY26 Q2: -35.3% -35.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 29.2%
FY23 Q4 35.3%
FY24 Q1 12.8%
FY24 Q2 -7.6%
FY24 Q3 -14.5%
FY24 Q4 -31.2%
FY25 Q1 -26.5%
FY25 Q2 -13.7%
FY25 Q3 -20.3%
FY25 Q4 -15.0%
FY26 Q1 -28.5%
FY26 Q2 -35.3%
Operating margin (TTM) Virtra, Inc
-20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 24.6% Operating margin (TTM), FY23 Q4: 25.8% Operating margin (TTM), FY24 Q1: 19.8% Operating margin (TTM), FY24 Q2: 20.0% Operating margin (TTM), FY24 Q3: 17.1% Operating margin (TTM), FY24 Q4: 4.7% Operating margin (TTM), FY25 Q1: 7.5% Operating margin (TTM), FY25 Q2: 6.5% Operating margin (TTM), FY25 Q3: 2.2% Operating margin (TTM), FY25 Q4: 2.0% Operating margin (TTM), FY26 Q1: -12.1% Operating margin (TTM), FY26 Q2: -19.2% -19.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 24.6%
FY23 Q4 25.8%
FY24 Q1 19.8%
FY24 Q2 20.0%
FY24 Q3 17.1%
FY24 Q4 4.7%
FY25 Q1 7.5%
FY25 Q2 6.5%
FY25 Q3 2.2%
FY25 Q4 2.0%
FY26 Q1 -12.1%
FY26 Q2 -19.2%
FCF margin (TTM) Virtra, Inc
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 4.7% FCF margin (TTM), FY23 Q4: 14.5% FCF margin (TTM), FY24 Q1: 23.4% FCF margin (TTM), FY24 Q2: 16.7% FCF margin (TTM), FY24 Q3: 7.0% FCF margin (TTM), FY24 Q4: -2.2% FCF margin (TTM), FY25 Q1: -17.4% FCF margin (TTM), FY25 Q2: 17.7% FCF margin (TTM), FY25 Q3: 16.5% FCF margin (TTM), FY25 Q4: 13.7% FCF margin (TTM), FY26 Q1: 10.8% FCF margin (TTM), FY26 Q2: -34.9% -34.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 4.7%
FY23 Q4 14.5%
FY24 Q1 23.4%
FY24 Q2 16.7%
FY24 Q3 7.0%
FY24 Q4 -2.2%
FY25 Q1 -17.4%
FY25 Q2 17.7%
FY25 Q3 16.5%
FY25 Q4 13.7%
FY26 Q1 10.8%
FY26 Q2 -34.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Virtra took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $22.4M
  2. Cost of revenue $7.2M · 32.1%
  3. Gross profit $15.2M · 67.9%
  4. Research and development $2.4M · 10.6%
  5. Selling, general and admin $12.4M · 55.3%
  6. Operating income $437,495 · 2.0%
  7. Interest and other $179,049 · 0.8%
  8. Net income $258,446 · 1.2%

Shares of revenue. Source: Virtra's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 16 17 18 19 19 24 28 38 26 22 18
Gross profit 10 10 11 10 12 11 16 27 19 15 11
EBITDA 2 2 1 1 2 2 3 11 3 2 −1
Operating income 2 1 1 0 1 1 3 10 2 0 −3
Net income 2 3 1 −0 1 3 2 9 1 0 −3
Diluted EPS $0.24 $0.39 $0.10 −$0.01 $0.19 $0.25 $0.18 $0.85 $0.12 $0.02 −$0.24
Growth (year on year)
Revenue — +5.6% +9.4% +3.5% +2.0% +28.0% +15.8% +35.3% −31.2% −15.0% −35.3%
EBITDA — −32.0% −18.1% −55.9% +181.7% +27.2% +70.4% +210.7% −71.0% −29.8% −145.0%
Operating income — −38.6% −23.5% −73.8% — +18.6% +78.4% +281.1% −79.8% −78.1% −292.1%
Net income — +59.1% −74.9% −109.2% — +71.8% −23.0% +342.4% −84.2% −81.0% −344.3%
Diluted EPS — +62.5% −74.4% −110.0% — +31.6% −28.0% +372.2% −85.9% −83.3% −343.1%
Margins
Gross margin 61.9% 61.9% 61.1% 51.9% 62.3% 46.7% 57.4% 70.3% 73.7% 67.9% 61.4%
EBITDA margin 14.8% 9.5% 7.1% 3.0% 8.4% 8.4% 12.3% 28.2% 11.9% 9.8% −8.2%
Operating margin 13.6% 7.9% 5.5% 1.4% 6.4% 6.0% 9.2% 25.8% 7.6% 2.0% −19.2%
Net margin 13.1% 19.7% 4.5% −0.4% 7.7% 10.4% 6.9% 22.6% 5.2% 1.2% −15.8%
Free-cash-flow margin 9.2% 15.2% 8.5% −11.1% — −14.6% −20.9% 14.5% −2.2% 13.7% −23.9%
Cash flow
Cash from operations 2 3 2 −2 2 −0 −3 7 1 5 −4
Capital spending 0 0 0 0 — 3 3 1 2 2 0
Free cash flow 1 3 2 −2 — −4 −6 6 −1 3 −4
Stock-based pay 0 0 0 0 0 0 0 0 1 0 −0
Free cash flow after stock pay 1 2 2 −2 — −4 −6 5 −1 3 −4
Balance sheet
Cash 4 5 3 1 7 20 13 19 18 19 14
Total debt 0 0 0 0 1 9 8 8 8 8 11
Net debt (negative = net cash) −4 −5 −2 −1 −6 −11 −5 −11 −10 −11 −3
Diluted shares 8m 8m 8m 8m 8m 10m 11m 11m 11m 11m 11m
Returned to shareholders
Buybacks — — 0 0 0 — — — — — —
Total returned — — 0 0 0 — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · June 30, 2026
What it owns · $66m
Short-term assets $38mLonger-term assets $28m
What it owes, and who funded it · $66m
Short-term liabilities $10mLonger-term liabilities $12mShareholders' equity $44m
  • Short-term assets cover short-term liabilities $38m of assets due within a year against $10m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $38m short-term assets against $12m of longer-dated liabilities.
  • More cash than debt $14m of cash against $11m of debt.
  • Debt below 40% of shareholders' equity Debt is 25% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 27% to 25% over five years.
  • A year's operating cash flow covers at least 20% of debt −$4m of operating cash flow against $11m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Virtra, 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.

Dividends, buybacks and capital spending

Diluted share count
+0.5%
year over year
R&D spending
12.0%
of revenue
Days sales outstanding
93 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated VTSI DAIO BCHT KSCP AEVA LINK Median
Revenue, last 12 months $18m $18m $19m $21m $22m $13m $104m
Revenue growth, last 12 months −35.3% −21.8% 11.0% 88.0% 56.2% 7.8% 9.8%
Revenue growth, 3-year average −19.8% −15.2% −1.8% 27.0% 84.2% 5.5% 7.2%
Revenue growth, latest quarter −17.4% −13.4% 16.5% 228.3% 11.3% 10.4% 16.5%
Gross margin 61.4% 50.6% 39.7% −9.9% 27.2% 40.7% 38.5%
Operating margin −19.2% −43.7% −17.1% −213.5% −610.9% −9.9% −7.3%
Operating margin, 3-year average 2.4% −20.5% −39.6% −236.7% <−999% −12.9% −5.1%
Net margin −15.8% −50.1% −21.7% −217.3% −150.1% −7.9% −5.3%
Cash from operations / revenue −23.9% −40.3% −19.3% −200.8% −516.1% −4.2% −1.6%
Free-cash-flow margin −34.9% −42.8% −20.1% −205.0% −540.2% −8.4% −2.5%
Free-cash-flow margin, 3-year average −0.1% −16.8% 16.9% −386.6% <−999% −5.5% 3.7%
Stock pay / revenue −1.3% 2.8% 0.2% 6.5% 134.9% 0.3% 3.0%
Change in share count 0.5% −1.6% 7.1% — 12.9% −0.1% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth -35.3% 9.8% 52 of 53
Change in growth rate Growth -6.9pp +2.3pp 43 of 53
Gross margin Profitability 61.4% 39.7% 5 of 48
Operating margin Profitability -19.2% -7.3% 33 of 53
Net margin Profitability -15.8% -5.3% 33 of 53
Free-cash-flow margin Cash generation -34.9% -2.1% 36 of 52
Stock pay as % of revenue Cash generation -1.3% 3.0% 1 of 49
Long-term debt as % of assets Balance sheet 16.8% 15.2% 18 of 31
Change in share count Balance sheet 0.5% 1.9% 16 of 46
Days sales outstanding Balance sheet 93 days 68 days 41 of 52

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Net Sales $22.4M 100.0% ▼ 15.0%
Simulators and Accessories $12M 53.7% ▼ 13.7%
Subscription Training Equipment Partnership $4.2M 18.7% ▲ 9.9%
Extended Servicetype Warranties $3.8M 17.1% ▼ 7.8%
Design Prototyping $1.3M 5.8% ▼ 53.9%
Installation and Training $875,897 3.9% ▼ 5.2%
Customized Software and Content $184,033 0.8% ▼ 74.0%
Geography
Region Revenue Share YoY
Geographic Distribution Government $17.8M 79.4% ▼ 22.2%
Geographic Distribution Foreign $4.2M 18.9% ▲ 35.5%
Geographic Distribution Commercial $381,799 1.7% ▲ 1.5%

From Virtra, Inc's 10-K filed March 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.6M
Institutions reporting
32
Shares held vs prior quarter
▼ 5.5%
Positions opened / closed
4 / 13

Top buyers and sellers, Q2 2026: 11 institutions bought and 28 sold ; the biggest buyer was Qube Research & Technologies Ltd (+27K shares) and the biggest seller Dimensional Fund Advisors LP (−47K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $1.4M 460K 25.8% ▲ 3.1%
Dimensional Fund Advisors LP $893,404 285K 15.9% ▼ 14.2%
Geode Capital Management, LLC $424,281 135K 7.6% ▲ 15.1%
Blackrock, Inc. $401,600 128K 7.2% ▲ 0.7%
Archon Capital Management LLC $387,052 123K 6.9% 0.0%
Millennium Management LLC $254,346 81K 4.5% ▼ 21.6%
Ars Investment Partners, LLC $253,326 81K 4.5% ▲ 39.2%
Vanguard Fiduciary Trust Co $198,467 63K 3.5% ▲ 0.7%
United Advisor Group, LLC $187,505 60K 3.3% ▼ 3.2%
LPL Financial LLC $147,718 47K 2.6% ▼ 6.0%
State Street Corp $139,181 44K 2.5% 0.0%
Susquehanna International Group, LLP $135,890 43K 2.4% ▼ 26.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Virtra, Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $138,659 52 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $138,659 net buying
Insider Date Trade Shares Price Value
Barber Grant Director September 14, 2026 Buy 1,500 $2.95 $4,425
Barber Grant Director August 28, 2026 Buy 1,350 $2.99 $4,037
Barber Grant Director August 27, 2026 Buy 2,000 $3.05 $6,100
Barber Grant Director May 29, 2026 Buy 2,500 $3.39 $8,475
Barber Grant Director May 15, 2026 Buy 2,150 $3.37 $7,246
Barber Grant Director May 15, 2026 Buy 2,750 $3.35 $9,212
Boudreau Alanna Chief Financial Officer May 15, 2026 Buy 5,000 $3.36 $16,800
Barber Grant Director May 14, 2026 Buy 1,102 $3.35 $3,692
Barber Grant Director May 14, 2026 Buy 23 $3.37 $78
Brown Jeffrey Dale Director February 12, 2026 Buy 100 $4.49 $449
Brown Jeffrey Dale Director February 12, 2026 Buy 400 $4.50 $1,800
Brown Jeffrey Dale Director February 12, 2026 Buy 201 $4.52 $909

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 14, 2026
  • May 11, 2026
  • March 26, 2026
  • November 10, 2025
  • August 11, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Virtra, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Virtra, Inc in brief

What does Virtra, Inc do?
Virtra, Inc is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.
What is Virtra, Inc's stock ticker?
Virtra, Inc trades under the ticker VTSI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Virtra, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Virtra, Inc reported revenue of $17.5M, 35.3% lower than a year earlier, according to its SEC filings.
What is Virtra, Inc's free cash flow?
Virtra, Inc's free-cash-flow margin is -34.9% of revenue over the trailing twelve months, ranking 36 of the 52 electronic equipment & instruments companies we cover.
What is Virtra, Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Virtra, Inc's free cash flow after stock-based pay gives ~$2.0 per share in the base case, and ~$1.5–$2.5 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Virtra, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Dimensional Fund Advisors LP and Geode Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Virtra, Inc's market cap?
On November 2, 2026, Virtra, Inc's market capitalisation was about $30M and net debt of -$2.9M. Market figures come from third-party market data and may be delayed.
How much debt does Virtra, Inc have?
Virtra, Inc's debt-to-equity ratio is 25.2%, from its latest balance sheet (26.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Virtra, Inc's competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Virtra, Inc are Data I/o Corp, Birchtech Corp., Knightscope, Inc., Aeva Technologies, Inc. and Interlink Electronics Inc. The side-by-side comparison below sets their revenue, margins and growth against Virtra, Inc's.
Are insiders buying or selling Virtra, Inc stock?
Over the last 12 months, Virtra, Inc's directors and officers reported 52 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Virtra, Inc's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Virtra, Inc announces its own schedule.