VFF

MKT CAP:$330M

Village Farms International, Inc.

Market Cap

$330M

Consumer Defensive·Agricultural Farm Products·🇨🇦 Canada·NASDAQ

Consumer Def.·Agricultural·🇨🇦·NASDAQ

Stock Price

$2.85-$0.84 (-22.90%)

Apr 23, 2026

Company Details

Village Farms International, Inc., together with its subsidiaries, produces, markets, and distributes greenhouse-grown tomatoes, bell peppers, and cucumbers in North America. It operates through four segments: Produce, Cannabis-Canada, Cann...

CEO

Michael A. DeGiglio

IPO Date

Feb 21, 2019

Website

www.villagefarms.com

Key Metrics TTM

Revenue

$286M

-2.7% YoY

Net Income

-$32M

EPS (Diluted)

-$0.29

Free Cash Flow

-$1M

Revenue / Share

$2.59

Gross Margin

17.3%

Operating Margin

-5.6%

Net Margin

-11.1%

FCF Margin

-0.4%

P/S

1.2x

P/E

—

Earnings Reports

Q1 2024

May 11, 2026

PENDING

FY 2023

Jun 24, 2024

$286M-2.7%EPS -$0.29

Q4 2023

Jun 24, 2024

$74M+6.9%EPS -$0.20

Q3 2023

Nov 8, 2023

$70M-2.2%EPS -$0.01

Q2 2023

Aug 9, 2023

$77M-6.9%EPS -$0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$32M	$765.0K	-$4M
Q2 20	$48M	$4M	-$612.0K
Q3 20	$43M	$6M	$205.0K
Q4 20	$47M	$1M	-$10M
Q1 21	$52M	$2M	-$8M
Q2 21	$70M	$5M	-$6M
Q3 21	$72M	$18M	$3M
Q4 21	$73M	$20M	$2M
Q1 22	$70M	$10M	-$8M
Q2 22	$83M	$6M	-$12M
Q3 22	$71M	$8M	-$9M
Q4 22	$69M	$3M	-$15M
Q1 23	$65M	$12M	-$5M
Q2 23	$77M	$11M	-$5M
Q3 23	$70M	$15M	-$1M
Q4 23	$74M	$11M	-$5M

Valuation

Quarter	P/S	P/E
Q1 20	1.2x	—
Q2 20	1.8x	—
Q3 20	1.8x	—
Q4 20	4.9x	71.8x
Q1 21	4.9x	26103.6x
Q2 21	4.1x	—
Q3 21	3.0x	—
Q4 21	2.2x	—
Q1 22	1.8x	—
Q2 22	0.9x	—
Q3 22	0.6x	—
Q4 22	0.5x	—
Q1 23	0.3x	—
Q2 23	0.2x	—
Q3 23	0.3x	—
Q4 23	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	-$535.0K	-$794.0K
Q2 20	$3M	$2M
Q3 20	$2M	$1M
Q4 20	$2M	-$679.0K
Q1 21	-$14M	-$19M
Q2 21	-$774.0K	-$7M
Q3 21	-$6M	-$10M
Q4 21	-$18M	-$25M
Q1 22	-$10M	-$15M
Q2 22	$616.0K	-$4M
Q3 22	-$4M	-$7M
Q4 22	-$7M	-$8M
Q1 23	-$4M	-$5M
Q2 23	-$2M	-$3M
Q3 23	$12M	$10M
Q4 23	-$1M	-$4M

Capital Expenditures

Quarter	CapEx
Q1 20	$259.0K
Q2 20	$193.0K
Q3 20	$624.0K
Q4 20	$2M
Q1 21	$5M
Q2 21	$7M
Q3 21	$4M
Q4 21	$7M
Q1 22	$5M
Q2 22	$5M
Q3 22	$3M
Q4 22	$1M
Q1 23	$1M
Q2 23	$1M
Q3 23	$2M
Q4 23	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	+0.7%	-3.5%
Q2 20	+15.1%	-0.6%
Q3 20	+12.4%	-2.9%
Q4 20	+43.3%	+31.6%
Q1 21	+63.2%	+68.1%
Q2 21	+47.9%	+57.8%
Q3 21	+68.3%	+62.6%
Q4 21	+53.7%	+23.2%
Q1 22	+33.9%	+29.9%
Q2 22	+17.8%	+25.1%
Q3 22	-1.9%	+15.6%
Q4 22	-4.6%	+19.3%
Q1 23	-7.8%	-10.8%
Q2 23	-6.9%	-13.3%
Q3 23	-2.2%	-12.1%
Q4 23	+6.9%	-6.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$529.0K	1.6%
Q2 20	$328.0K	0.7%
Q3 20	$472.0K	1.1%
Q4 20	$5M	10.2%
Q1 21	$2M	3.8%
Q2 21	$2M	2.7%
Q3 21	$2M	2.5%
Q4 21	$2M	2.5%
Q1 22	$964.0K	1.4%
Q2 22	$2M	2.9%
Q3 22	$926.0K	1.3%
Q4 22	$983.0K	1.4%
Q1 23	$2M	2.7%
Q2 23	$656.0K	0.8%
Q3 23	$747.0K	1.1%
Q4 23	-$24.0K	-0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 20	$4M	—
Q2 20	$4M	—
Q3 20	$5M	—
Q4 20	—	$11M
Q1 21	$10M	—
Q2 21	$11M	—
Q3 21	$15M	—
Q4 21	$18M	—
Q1 22	$18M	—
Q2 22	$19M	—
Q3 22	$18M	—
Q4 22	$18M	—
Q1 23	$17M	—
Q2 23	$17M	—
Q3 23	$16M	—
Q4 23	$16M	—

Revenue Segments

Quarter	Cannabis Business	Energy Business	Produce Business	Cannabis Canada Segment	Cannabis United States Segment
Q1 21	$17M	$69.0K	$35M	—	—
Q2 21	$25M	$74.0K	$46M	—	—
Q3 21	—	$176.0K	$41M	$27M	$4M
Q4 21	—	$144.0K	$38M	$27M	$8M
Q1 22	—	-$5.0K	$41M	$22M	$7M
Q2 22	—	$141.0K	$47M	$30M	$6M
Q3 22	—	—	$36M	$30M	$5M
Q4 22	—	—	$36M	$28M	$5M
Q1 23	—	—	$35M	$25M	$5M
Q2 23	—	—	$44M	$28M	$5M
Q3 23	—	—	$36M	$29M	$5M
Q4 23	—	—	$37M	$32M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$35M	$0	$35M
Q2 22	$33M	$0	$33M
Q3 22	$18M	$0	$18M
Q4 22	$17M	$0	$17M
Q1 23	$30M	$0	$30M
Q2 23	$32M	$0	$32M
Q3 23	$35M	$0	$35M
Q4 23	$30M	$0	$30M
Q1 24	$27M	$0	$27M
Q2 24	$30M	$0	$30M
Q3 24	$29M	$0	$29M
Q4 24	$25M	$0	$25M
Q1 25	$15M	$0	$15M
Q2 25	$60M	$0	$60M
Q3 25	$88M	$0	$88M
Q4 25	$81M	$0	$81M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	54M	0.0%	+9.4%
Q2 20	56M	+4.0%	+11.1%
Q3 20	60M	+7.3%	+23.7%
Q4 20	76M	+25.8%	+40.3%
Q1 21	76M	-0.0%	+40.3%
Q2 21	81M	+6.7%	+43.9%
Q3 21	87M	+7.2%	+43.8%
Q4 21	82M	-5.5%	+8.1%
Q1 22	88M	+7.6%	+16.3%
Q2 22	89M	+0.2%	+9.2%
Q3 22	89M	+0.1%	+2.0%
Q4 22	91M	+3.0%	+11.2%
Q1 23	104M	+14.0%	+17.8%
Q2 23	110M	+5.9%	+24.5%
Q3 23	110M	0.0%	+24.3%
Q4 23	110M	+0.0%	+20.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$32.1K	1K
Q2 20	$47.6K	1K
Q3 20	$43.0K	1K
Q4 20	$52.6K	900
Q1 21	$58.2K	900
Q2 21	$78.2K	900
Q3 21	$80.5K	900
Q4 21	$40.4K	2K
Q1 22	$39.0K	2K
Q2 22	$46.1K	2K
Q3 22	$39.5K	2K
Q4 22	$38.6K	2K
Q1 23	$35.9K	2K
Q2 23	$42.9K	2K
Q3 23	$38.6K	2K
Q4 23	$53.0K	1K

Revenue / Employee