Vital Farms, Inc. VITL
Vital Farms' aspiration is to become America's most trusted food company. Every day, we aim to raise the standards in the food industry and disrupt industrial, factory food norms. Our eggs and butter are sourced through a distributed supply chain of small farms that uphold our high animal welfare standards and produce exceptional products. We believe this approach creates a more resilient business that has enabled us to continue growing through a dynamic chapter in our industry.
Our purpose is to improve the lives of people, animals and the planet through food. We are committed to Conscious Capitalism, which prioritizes positive, long-term outcomes for all of our stakeholders – farmers and suppliers, customers and consumers, communities and the environment, employees, who we refer to as crew members, and stockholders.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $759.4M | $606.3M | $471.9M | $362.1M | $260.9M | $214.3M | $140.7M | $106.7M | — |
| Cost of revenue | $473.8M | $376.4M | $309.5M | $252.6M | $178.0M | $139.8M | $97.9M | $71.9M | — |
| Gross profit | $285.7M | $229.9M | $162.3M | $109.4M | $82.9M | $74.5M | $42.9M | $34.8M | — |
| SG&A | $159.4M | $133.9M | $101.7M | $77.2M | $57.9M | $47.4M | $29.5M | $19.4M | — |
| Total operating expenses | $197.3M | $166.4M | $129.1M | $107.3M | $82.8M | $62.3M | $39.5M | $28.1M | — |
| Operating income | $88.4M | $63.6M | $33.3M | $2.1M | $52.0K | $12.2M | $3.4M | $6.8M | — |
| Interest expense | $874.0K | $1.0M | $782.0K | $114.0K | $52.0K | $488.0K | — | — | — |
| Pre-tax income | $91.3M | $67.5M | $32.2M | $2.8M | $354.0K | $11.7M | $4.4M | $6.4M | — |
| Income tax | $25.0M | $14.2M | $6.6M | $1.6M | $2.0M | $2.8M | $1.1M | $723.0K | — |
| Net income | $66.3M | $53.4M | $25.6M | $1.2M | $2.4M | $8.8M | $2.4M | $5.8M | — |
| EPS, basic | 1.49 | 1.25 | 0.62 | 0.03 | 0.06 | 0.31 | 0.09 | 0.22 | — |
| EPS, diluted | 1.44 | 1.18 | 0.59 | 0.03 | 0.06 | 0.27 | 0.07 | 0.16 | — |
| Shares, diluted (wtd. avg.) | $46.0M | $45.1M | $43.3M | $43.5M | $43.3M | $32.9M | $36.1M | $35.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $48.8M | $150.6M | $84.1M | $12.9M | $31.0M | $29.5M | $1.3M | — | — |
| Receivables | $67.8M | $54.3M | $39.7M | $38.9M | $26.9M | $20.9M | $16.1M | — | — |
| Inventory | $66.5M | $23.7M | $32.9M | $26.8M | $10.9M | $12.9M | $12.9M | — | — |
| Total current assets | $262.6M | $246.0M | $195.5M | $149.6M | $141.3M | $137.3M | $34.6M | — | — |
| Property, plant and equipment | $160.6M | $84.5M | $66.8M | $59.2M | $44.6M | $30.1M | $22.5M | — | — |
| Goodwill | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | — | — |
| Total assets | $518.7M | $359.3M | $275.2M | $214.7M | $189.9M | $171.4M | $61.9M | — | — |
| Accounts payable | $55.1M | $38.6M | $33.5M | $26.0M | $22.5M | $15.5M | $13.5M | — | — |
| Short-term debt | — | — | — | — | — | — | $2.2M | — | — |
| Total current liabilities | $121.6M | $78.5M | $65.2M | $47.7M | $38.0M | $25.9M | $25.0M | — | — |
| Long-term debt | — | — | — | — | — | — | $2.9M | — | — |
| Total liabilities | $167.5M | $90.0M | $82.5M | $56.3M | $38.2M | $29.0M | $30.1M | — | — |
| Retained earnings | $149.4M | $83.1M | $29.7M | $4.2M | $2.7M | $14.0M | $5.2M | — | — |
| Total equity | $351.3M | $269.3M | $192.7M | $158.3M | $151.6M | $142.2M | $8.6M | $4.3M | -$2.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $33.7M | $64.8M | $50.9M | -$8.1M | $17.7M | $11.5M | -$5.4M | $11.4M | — |
| Depreciation and amortisation | $9.3M | $9.3M | $7.9M | $5.4M | $3.5M | $2.5M | $1.9M | $1.4M | — |
| Stock-based compensation | $12.4M | $10.3M | $7.4M | $6.0M | $4.4M | $2.5M | $1.0M | $600.0K | — |
| Capital expenditure | $82.0M | $28.6M | $11.5M | $10.5M | $16.7M | $10.3M | $4.8M | $1.9M | — |
| Investing cash flow | -$134.3M | -$7.0M | $22.4M | -$10.0M | -$18.4M | -$77.7M | -$5.6M | -$1.9M | — |
| Financing cash flow | -$1.2M | $8.7M | -$2.1M | $83.0K | $2.2M | $94.4M | $434.0K | -$1.5M | — |
| Buybacks | — | — | — | — | — | — | $14.3M | — | — |
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 0001193125-26-182023.
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