Village Farms International, Inc. VFF
Our mission is to apply decades of innovation in intensive agriculture to build a sustainable path forward for the global cannabis industry. To achieve this, we are building upon over three decades of leadership in Controlled Environment Agriculture ("CEA"), asset development and management, marketing of plant-based consumer packaged goods to deliver a full suite of recreational and medicinal products and brands to regulated cannabis markets across the world.
We have leveraged our expertise as a pioneer in CEA to contribute meaningfully to the development of the global legal cannabis industry. Pure Sunfarms Corp. ("Pure Sunfarms" or "PSF") and Rose LifeScience Inc. ("Rose LifeScience" or "Rose") comprise our Canadian cannabis businesses. Pure Sunfarms is one of the largest and most respected cannabis growers in the world and the leading flower brand in Canada. Rose is a leading vertically integrated, branded cannabis producer, supplier and commercialization expert in the Province of Quebec.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.9M | $195.9M | $163.1M | $293.6M | $268.0M | $170.1M | $144.6M | $150.0M | $158.4M | — |
| Cost of revenue | $128.3M | $150.1M | $115.2M | $266.1M | $222.8M | $159.1M | $151.9M | $140.7M | $144.4M | — |
| Gross profit | $87.7M | $45.8M | $48.0M | $27.5M | $45.2M | $11.0M | -$7.3M | $9.3M | $14.0M | — |
| SG&A | $60.3M | $61.7M | $56.7M | $72.3M | $53.9M | $19.1M | $16.8M | $14.1M | $14.9M | — |
| Operating income | — | — | — | — | — | — | — | -$6.7M | -$1.2M | — |
| Interest expense | $2.7M | $3.4M | $4.5M | $3.2M | $2.8M | $2.1M | $2.6M | $2.8M | $2.7M | — |
| Pre-tax income | $31.4M | -$29.6M | -$25.6M | -$96.7M | -$12.7M | $8.8M | -$3.5M | -$9.8M | -$5.5M | — |
| Income tax | $10.4M | $1.7M | $7.5M | $4.7M | $3.5M | $2.8M | $5.9M | $2.3M | $763.0K | — |
| Net income | $32.4M | -$33.9M | -$34.8M | -$101.1M | -$9.1M | $11.6M | $2.3M | -$7.5M | -$4.8M | — |
| EPS, basic | 0.29 | -0.32 | -0.32 | -1.13 | -0.11 | 0.20 | 0.05 | -0.17 | -0.12 | — |
| EPS, diluted | 0.27 | -0.32 | -0.32 | -1.13 | -0.11 | 0.19 | 0.05 | -0.17 | -0.12 | — |
| Shares, diluted (wtd. avg.) | $118.5M | $111.4M | $108.7M | $89.1M | $82.2M | $61.5M | $51.2M | $44.4M | $39.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $81.2M | $24.6M | $35.3M | $21.7M | $58.7M | $25.7M | $12.0M | $11.9M | $7.1M | $5.4M |
| Receivables | $23.2M | $22.2M | $30.6M | $27.6M | $34.4M | $23.2M | $9.0M | $11.3M | — | — |
| Inventory | $41.5M | $41.3M | $78.5M | $70.6M | $68.7M | $46.6M | $15.9M | $25.0M | — | — |
| Total current assets | $154.4M | $116.0M | $151.8M | $133.0M | $175.0M | $101.8M | $54.6M | $60.3M | — | — |
| Property, plant and equipment | $185.7M | $175.2M | $205.6M | $207.7M | $215.7M | $187.0M | $63.2M | $72.2M | — | — |
| Goodwill | $44.4M | $42.3M | $55.9M | $66.2M | $117.5M | $24.0M | — | — | — | — |
| Other intangibles | $23.6M | $25.1M | $32.3M | $37.2M | $26.4M | $17.3M | — | — | — | — |
| Total assets | $423.1M | $389.3M | $464.0M | $465.3M | $566.9M | $354.0M | $183.4M | $141.4M | $142.3M | — |
| Accounts payable | $15.7M | $11.3M | $21.8M | $24.9M | $22.6M | $15.1M | $12.7M | $14.6M | — | — |
| Short-term debt | $4.9M | $8.1M | $9.1M | $9.6M | $11.4M | $10.2M | $3.4M | $3.4M | — | — |
| Total current liabilities | $58.6M | $62.2M | $72.2M | $72.2M | $64.3M | $72.3M | $22.0M | $23.6M | — | — |
| Long-term debt | $28.8M | $32.4M | $38.9M | $43.8M | $50.4M | $53.9M | $29.0M | $32.3M | — | — |
| Total liabilities | $113.0M | $125.3M | $148.0M | $145.3M | $142.1M | $148.7M | $56.9M | $57.0M | — | — |
| Retained earnings | -$112.6M | -$145.0M | -$109.2M | -$74.4M | $26.8M | $35.9M | $24.2M | $21.9M | — | — |
| Total equity | $299.9M | $254.0M | $300.3M | $303.8M | $408.4M | $205.3M | $126.5M | $84.4M | $66.9M | $60.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $58.1M | $13.7M | $7.6M | -$19.9M | -$39.6M | $5.7M | -$14.4M | -$4.7M | $669.0K | — |
| Depreciation and amortisation | $16.4M | $16.7M | $14.1M | $13.1M | $12.7M | $6.8M | $7.4M | $7.0M | $7.7M | — |
| Stock-based compensation | $1.7M | $3.7M | $3.1M | $4.0M | $7.5M | $6.1M | $4.7M | $1.5M | $1.5M | — |
| Capital expenditure | $18.2M | $7.2M | $3.6M | $14.3M | $21.7M | $3.4M | $2.3M | $3.1M | $1.7M | — |
| Investing cash flow | -$18.6M | -$7.3M | -$3.3M | -$20.9M | -$63.5M | -$51.2M | -$16.8M | -$13.5M | -$1.7M | — |
| Financing cash flow | -$6.4M | -$9.5M | $14.1M | $4.5M | $135.9M | $58.6M | $31.4M | $23.0M | $2.8M | — |
| Buybacks | $3.0M | — | — | — | $5.0M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-192149.
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