VIRCO MFG CORPORATION VIRC
Designing, producing, and distributing high-value furniture for a diverse family of customers is a 76-year tradition at Virco Mfg. Corporation ("Virco" or the "Company", or in the first person, "we", "us" or "our"). Virco was incorporated in California in February 1950 and reincorporated in Delaware in April 1984. Virco started as a local manufacturer of chairs and desks for Los Angeles area schools, and over the years has become the largest manufacturer and supplier of movable educational furniture and equipment for the preschool through 12th grade market in the United States. As the market for school furniture has evolved, the Company has developed significant selling and service capabilities. The Company employs interior designers, CAD layout specialists, and project management specialists to support its direct sales force. These resources utilize proprietary PlanSCAPE® software which enables our selling and service professionals to provide project management from design and layout to full-service campus delivery and set up. The Company manufactures a wide assortment of products offering the breadth and depth to furnish all areas of a campus, including mobile tables, mobile storage equipment, student and teacher desks, technology tables, 4-leg and mobile chairs and stools, activity tables, folding chairs and folding tables. Virco has worked with accomplished designers - such as Peter Glass and Bob Mills - to develop additional products for contemporary
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 | $199.7M | $266.2M | $269.1M | $231.1M | $184.8M | $152.8M | $193.0M | $200.7M | $189.3M | $173.4M |
| Cost of revenue | $118.4M | $151.5M | $153.1M | $145.7M | $123.9M | $97.9M | $121.3M | $133.6M | $123.8M | $110.9M |
| Gross profit | $81.2M | $114.7M | $116.1M | $85.3M | $60.9M | $54.9M | $71.7M | $67.1M | $65.5M | $62.5M |
| SG&A | $77.6M | $86.8M | $84.2M | $74.7M | $61.3M | $54.2M | $65.7M | $64.8M | $60.3M | $56.6M |
| Operating income | $3.7M | $27.9M | $31.9M | $10.6M | -$336.0K | $735.0K | $5.9M | $2.3M | $5.1M | $5.9M |
| Interest expense | $300.0K | $349.0K | $2.7M | $2.0M | $1.2M | $1.5M | $2.5M | $2.2M | $1.5M | $1.2M |
| Pre-tax income | $3.5M | $28.4M | $29.2M | $8.0M | -$3.7M | -$3.0M | $2.7M | -$1.1M | $2.4M | $4.7M |
| Income tax | $895.0K | $6.8M | $7.3M | $8.5M | $11.4M | $744.0K | $345.0K | $497.0K | $5.6M | $18.0M |
| Net income | $2.6M | $21.6M | $21.9M | $16.5M | -$15.1M | -$2.2M | $2.4M | -$1.6M | -$3.2M | $22.8M |
| EPS, basic | 0.16 | 1.32 | 1.34 | 1.03 | -0.95 | -0.14 | 0.15 | -0.10 | -0.21 | 1.51 |
| EPS, diluted | 0.16 | 1.32 | 1.34 | 1.02 | -0.95 | -0.14 | 0.15 | -0.10 | -0.21 | 1.49 |
| Shares, diluted (wtd. avg.) | $15.8M | $16.4M | $16.4M | $16.2M | $16.0M | $15.8M | $15.7M | $15.4M | $15.2M | $15.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.4M | $26.9M | $5.3M | $1.1M | $1.4M | $402.0K | $1.1M | — | — | — |
| Receivables | $13.6M | $13.0M | $23.2M | $18.4M | $17.8M | $9.8M | $11.8M | $13.3M | $11.4M | $9.9M |
| Inventory | $56.7M | $55.6M | $58.4M | $67.4M | $47.4M | $38.3M | $43.3M | $47.3M | $42.1M | $35.7M |
| Total current assets | $98.7M | $102.2M | $89.0M | $89.1M | $68.8M | $51.0M | $58.3M | $63.1M | $55.7M | $48.5M |
| Property, plant and equipment | $34.6M | $36.4M | $34.6M | $34.6M | $35.3M | $36.8M | $39.9M | $41.9M | $42.4M | $34.3M |
| Total assets | $174.2M | $191.9M | $146.4M | $150.1M | $126.4M | $125.0M | $139.0M | $123.1M | $116.6M | $108.2M |
| Accounts payable | $7.4M | $11.6M | $12.9M | $19.4M | $19.8M | $8.4M | $10.6M | $17.8M | $14.1M | $12.4M |
| Short-term debt | $269.0K | $258.0K | $248.0K | $7.4M | $340.0K | $887.0K | $878.0K | $5.5M | $4.7M | $68.0K |
| Total current liabilities | $32.0M | $34.3M | $38.5M | $48.5M | $36.3M | $22.1M | $25.1M | $32.1M | $27.7M | $21.6M |
| Long-term debt | $3.6M | $3.9M | $4.1M | $14.4M | $14.2M | $9.6M | $15.8M | $15.9M | $12.0M | $4.9M |
| Retained earnings | -$7.9M | -$8.9M | -$29.0M | -$50.6M | -$67.2M | -$52.0M | -$49.8M | -$52.2M | -$49.6M | -$46.4M |
| Total equity | $105.9M | $109.3M | $91.2M | $68.1M | $47.4M | $54.2M | $54.8M | $57.0M | $58.7M | $59.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$841.0K | $33.1M | $27.0M | -$3.8M | -$401.0K | $7.8M | $9.8M | $2.4M | $1.7M | $5.9M |
| Depreciation and amortisation | $6.1M | $5.7M | $5.1M | $4.5M | $4.6M | $5.1M | $5.8M | $5.8M | $5.5M | $5.0M |
| Stock-based compensation | $208.0K | $395.0K | $595.0K | $612.0K | $1.0M | $1.0M | $924.0K | $908.0K | $830.0K | $609.0K |
| Capital expenditure | $5.9M | $6.3M | $5.2M | $3.3M | $3.0M | $2.2M | $4.2M | $5.4M | $6.2M | $4.4M |
| Investing cash flow | -$5.7M | -$5.6M | -$4.8M | -$3.3M | -$2.4M | -$2.1M | -$4.3M | -$5.4M | -$13.3M | -$4.5M |
| Financing cash flow | -$5.9M | -$6.0M | -$18.0M | $6.8M | $3.7M | -$6.4M | -$5.1M | $3.3M | $11.3M | -$1.4M |
| Dividends paid | $1.6M | $1.5M | $327.0K | $0 | — | — | $0 | $930.0K | $0 | — |
| Buybacks | $4.0M | $3.8M | $0 | $213.0K | $176.0K | $156.0K | $246.0K | $265.0K | $339.0K | $264.0K |
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 0001628280-26-029844.