Management maintains a conservative financial profile with a debt-to-equity ratio of 0.13 as of 2026Q1, providing a necessary buffer against the firm's accumulated deficit of $109.7M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 131.93M | 154.44M | 116.02M | 151.77M | 132.98M | 174.96M | 101.81M | 54.64M | 62.02M | 42.86M | 37.3M | 34.2M | 35.8M | 40.67M | 28.21M | 30.15M | 33.17M | 25.65M | 26.35M | 25.72M | 31.4M | 6.24M | 6.09M |
| Cash & Short-Term Investments | 50.47M | 81.19M | 24.63M | 30.29M | 16.68M | 53.42M | 21.64M | 11.99M | 11.92M | 7.09M | 5.37M | 4.96M | 6.34M | 18.67M | 2.8M | 2.87M | 9.73M | 2.61M | 4.1M | 1.62M | 7.3M | 42.79K | 1.46M |
| Cash Only | 50.47M | 81.19M | 24.63M | 30.29M | 16.68M | 53.42M | 21.64M | 11.99M | 11.92M | 7.09M | 5.37M | 4.96M | 6.34M | 18.67M | 2.8M | 2.87M | 9.73M | 2.61M | 4.1M | 1.62M | 7.3M | 42.79K | 1.46M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 28.02M | 23.48M | 33.99M | 30.86M | 34.77M | 37.41M | 23.39M | 25.47M | 22.5M | 13.24M | 10.7M | 9.57M | 10.11M | 7.47M | 8.43M | 9.09M | 9.42M | 10.19M | 9.92M | 12.43M | 9.76M | 10.66M | 905.8K |
| Days Sales Outstanding | 44.91 | 39.68 | 36.91 | 39.43 | 43.23 | 50.94 | 50.18 | 64.31 | 54.74 | 30.51 | 25.11 | 24.61 | 27 | 19.81 | 22.98 | 20.18 | 23.74 | 28.48 | 27.21 | 39.89 | 43.25 | 72.3 | 7.63 |
| Inventory | 44.42M | 41.52M | 53.14M | 78.47M | 70.58M | 68.68M | 46.6M | 15.92M | 22.48M | 17.31M | 16.11M | 13.3M | 14.42M | 10.63M | 11.97M | 11.62M | 12.81M | 11.95M | 11.44M | 11.21M | 11.09M | 3.84M | 3.31M |
| Days Inventory Outstanding | 110.34 | 118.16 | 67.16 | 121.27 | 96.82 | 112.49 | 106.89 | 38.25 | 58.16 | 43.82 | 41.32 | 38.45 | 42.85 | 32.18 | 34.54 | 30.17 | 37.82 | 37.67 | 39.26 | 42.83 | 59.28 | 33.83 | 30.9 |
| Other Current Assets | 9.02M | 8.25M | 0 | 5M | 5M | 5.25M | 4.04M | 0 | 0 | 4.41M | 4.45M | 6.08M | 4.7M | 3.73M | 4.76M | 5.98M | 407K | 0 | 344K | 0 | 2.84M | 216.7K | 424.25K |
| Total Non-Current Assets | 268.95M | 268.66M | 273.29M | 315.22M | 332.3M | 391.95M | 252.22M | 128.77M | 97.79M | 99.48M | 97.67M | 95.81M | 103.09M | 99.24M | 101.93M | 100.87M | 68.36M | 73.43M | 72.82M | 75.27M | 83.22M | 86.08M | 81.7M |
| Property, Plant & Equipment | 193.38M | 189.78M | 200.03M | 218.21M | 216.83M | 223.31M | 190.85M | 66.74M | 77.48M | 81.75M | 96.14M | 94.28M | 101.43M | 96.71M | 99.37M | 97.6M | 62.97M | 66.6M | 70.49M | 71.7M | 78.09M | 81.16M | 76.9M |
| Fixed Asset Turnover | 1.20x | 1.14x | 1.68x | 1.31x | 1.35x | 1.20x | 0.89x | 2.17x | 1.94x | 1.94x | 1.62x | 1.51x | 1.35x | 1.42x | 1.35x | 1.68x | 2.30x | 1.96x | 1.89x | 1.59x | 1.05x | 0.66x | 0.56x |
| Goodwill | 43.65M | 44.37M | 42.31M | 55.92M | 66.22M | 117.53M | 24.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 22.46M | 23.65M | 25.11M | 32.27M | 37.16M | 26.39M | 17.31M | 10.87M | 0 | 0 | 0 | 0 | 0 | 991K | 1.09M | 1.2M | 1.3M | 1.4M | 1.51M | 2.69M | 4.08M | 3.85M | 4.34M |
| Long-Term Investments | 25.1M | 6.28M | 2.66M | 2.66M | 2.11M | 2.11M | 1.23M | 41.33M | 18.49M | 16.16M | 437K | 437K | 437K | 437K | 437K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.58M | 3.9M | 2.18M | 1.96M | 5.78M | 5.84M | 5.5M | 1.83M | 1.82M | 1.57M | 1.09M | 1.08M | 1.23M | 659K | 527K | 1.38M | 1.13M | 877K | 821K | 885.11K | 1.05M | 420.81K | 458.55K |
| Total Assets | 400.88M | 423.1M | 389.31M | 466.99M | 465.29M | 566.91M | 354.03M | 183.41M | 159.81M | 142.34M | 134.97M | 130.01M | 138.89M | 139.91M | 130.13M | 131.02M | 101.53M | 99.08M | 99.17M | 100.99M | 114.62M | 92.32M | 87.79M |
| Asset Turnover | 0.55x | 0.51x | 0.86x | 0.61x | 0.63x | 0.47x | 0.48x | 0.79x | 0.94x | 1.11x | 1.15x | 1.09x | 0.98x | 0.98x | 1.03x | 1.26x | 1.43x | 1.32x | 1.34x | 1.13x | 0.72x | 0.58x | 0.49x |
| Asset Growth % | 10.03% | 8.68% | -16.63% | 0.37% | -17.93% | 60.13% | 93.03% | 14.76% | 12.28% | 5.47% | 3.81% | -6.39% | -0.73% | 7.51% | -0.67% | 29.04% | 2.47% | -0.09% | -1.8% | -11.89% | 24.16% | 5.16% | - |
| Total Current Liabilities | 43.1M | 58.59M | 62.22M | 72.16M | 72.22M | 64.31M | 72.28M | 22.03M | 23.6M | 19.44M | 19.62M | 16.56M | 20.32M | 15.4M | 16.17M | 19.22M | 13.3M | 13.11M | 13.16M | 17.81M | 16.66M | 47.66M | 13.04M |
| Accounts Payable | 9.95M | 15.75M | 24.5M | 21.75M | 24.89M | 22.6M | 15.06M | 12.65M | 14.6M | 12.95M | 12.71M | 8.86M | 11.79M | 7.06M | 10.01M | 10.44M | 6.28M | 0 | 0 | 10.73M | 11.54M | 6.47M | 5.58M |
| Days Payables Outstanding | 32.08 | 44.82 | 30.97 | 33.62 | 34.15 | 37.01 | 34.55 | 30.4 | 37.77 | 32.79 | 32.61 | 25.61 | 35.04 | 21.38 | 28.88 | 27.1 | 18.54 | - | - | 40.99 | 61.66 | 57 | 52.08 |
| Short-Term Debt | 6.17M | 6.08M | 4M | 15.24M | 7.53M | 7.76M | 17.31M | 6.36M | 5.41M | 2.62M | 3.29M | 4.39M | 4.42M | 4.17M | 3.41M | 4.31M | 3.26M | 3.26M | 3.23M | 6.46M | 5.12M | 3.38M | 7.46M |
| Deferred Revenue (Current) | 0 | 0 | 2.64M | 0 | 6.25M | 3.47M | 0 | 0 | 0 | 0 | 0 | 662K | 426K | 917K | 2.62M | 3.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 26.98M | 24.6M | 9.2M | 29.82M | 11.1M | 12.83M | 11.81M | 1.78M | 3.26M | 0 | 0 | 0 | 0 | 0 | 106K | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 3.06x | 2.64x | 1.86x | 2.10x | 1.84x | 2.72x | 1.41x | 2.48x | 2.63x | 2.20x | 1.90x | 2.07x | 1.76x | 2.64x | 1.74x | 1.57x | 2.49x | 1.96x | 2.00x | 1.44x | 1.88x | 0.13x | 0.47x |
| Quick Ratio | 2.03x | 1.93x | 1.01x | 1.02x | 0.86x | 1.65x | 0.76x | 1.76x | 1.68x | 1.31x | 1.08x | 1.26x | 1.05x | 1.95x | 1.00x | 0.96x | 1.53x | 1.05x | 1.13x | 0.81x | 1.22x | 0.05x | 0.21x |
| Cash Conversion Cycle | 123.17 | 113.02 | 73.1 | 127.09 | 105.9 | 126.42 | 122.52 | 72.15 | 75.13 | 41.54 | 33.82 | 37.46 | 34.81 | 30.61 | 28.63 | 23.25 | 43.02 | - | - | 41.73 | 40.86 | 49.14 | -13.55 |
| Total Non-Current Liabilities | 54M | 54.45M | 63.13M | 75.89M | 73.08M | 77.76M | 76.47M | 34.92M | 35.52M | 41.86M | 47.96M | 50.52M | 57.57M | 63.41M | 63.51M | 69.53M | 54.04M | 57.41M | 62.89M | 61.56M | 74.27M | 22.47K | 34.92M |
| Long-Term Debt | 30.78M | 28.77M | 32.42M | 38.92M | 43.82M | 50.42M | 53.91M | 31.69M | 32.26M | 35.76M | 41.93M | 44.43M | 48.95M | 50.69M | 54.9M | 65.54M | 48.21M | 51.47M | 54.73M | 57.96M | 70.34M | 16.46M | 33.32M |
| Capital Lease Obligations | 14.49M | 3.85M | 8.57M | 11.34M | 7.79M | 6.71M | 2.86M | 2.72M | 102K | 179K | 87K | 7K | 35K | 61K | 86K | 0 | 14K | 262K | 472K | 865K | 1.07M | 139.31K | 52.16K |
| Deferred Tax Liabilities | 76.17M | 18.49M | 19.94M | 23.73M | 19.76M | 18.66M | 18.06M | 1.87M | 1.92M | 4.83M | 4.99M | 5.18M | 7.77M | 11.97M | 8.04M | 3.93M | 3.47M | 3.59M | 4.88M | 2.73M | 2.85M | 0 | 1.55M |
| Other Non-Current Liabilities | 1.98M | 3.33M | 2.2M | 1.9M | 1.71M | 1.97M | 1.63M | -1.37M | 1.05M | 1.1M | 954K | 902K | 817K | 684K | 490K | 51K | 2.34M | 2.09M | 2.8M | 0 | 0 | -18.92M | 0 |
| Total Liabilities | 97.1M | 113.03M | 125.35M | 148.05M | 145.29M | 142.07M | 148.75M | 56.95M | 59.12M | 61.3M | 67.58M | 67.08M | 77.89M | 78.81M | 79.68M | 88.75M | 67.33M | 70.52M | 76.05M | 79.37M | 90.93M | 47.68M | 47.95M |
| Total Debt | 40.48M | 38.71M | 47.49M | 67.62M | 61.1M | 65.85M | 75.22M | 41.71M | 38.04M | 38.63M | 45.34M | 48.85M | 53.43M | 54.95M | 58.42M | 69.86M | 51.75M | 55.28M | 58.66M | 65.55M | 76.54M | 42.93M | 40.83M |
| Net Debt | -9.99M | -42.48M | 22.86M | 37.33M | 44.43M | 12.44M | 53.58M | 29.72M | 26.12M | 31.54M | 39.97M | 43.89M | 47.09M | 36.28M | 55.62M | 66.99M | 42.01M | 52.67M | 54.56M | 63.93M | 69.23M | 42.89M | 39.37M |
| Debt / Equity | 0.13x | 0.12x | 0.18x | 0.21x | 0.19x | 0.16x | 0.37x | 0.33x | 0.38x | 0.48x | 0.67x | 0.78x | 0.88x | 0.90x | 1.16x | 1.65x | 1.51x | 1.94x | 2.54x | 3.03x | 3.23x | 0.96x | 1.02x |
| Debt / EBITDA | 0.83x | 0.88x | - | - | - | 16.58x | - | - | 108.99x | 6.03x | 5.91x | 4.10x | 6.46x | 2.05x | 2.58x | 4.58x | 3.76x | 6.55x | 3.11x | 5.32x | 8.03x | 6.04x | - |
| Net Debt / EBITDA | -0.21x | -0.97x | - | - | - | 3.13x | - | - | 74.84x | 4.92x | 5.21x | 3.68x | 5.70x | 1.35x | 2.45x | 4.40x | 3.05x | 6.24x | 2.89x | 5.19x | 7.26x | 6.03x | - |
| Interest Coverage | 15.66x | 12.60x | -10.09x | -5.07x | -28.00x | -3.35x | 4.80x | -5.63x | -2.45x | -0.87x | -0.20x | 1.41x | -0.35x | 0.95x | 3.82x | 3.55x | 2.39x | 1.12x | 2.86x | 1.55x | 4.06x | 2.80x | - |
| Total Equity | 303.79M | 310.06M | 263.96M | 318.94M | 319.99M | 424.84M | 205.28M | 126.46M | 100.7M | 81.04M | 67.39M | 62.93M | 61M | 61.1M | 50.45M | 42.27M | 34.2M | 28.56M | 23.12M | 21.62M | 23.69M | 44.64M | 39.84M |
| Equity Growth % | 45.25% | 17.47% | -17.24% | -0.33% | -24.68% | 106.95% | 62.33% | 25.58% | 24.25% | 20.27% | 7.08% | 3.17% | -0.16% | 21.11% | 19.35% | 23.61% | 19.74% | 23.51% | 6.95% | -8.73% | -46.93% | 12.07% | - |
| Book Value per Share | 2.52 | 2.57 | 2.37 | 2.93 | 3.59 | 5.17 | 3.34 | 2.47 | 2.27 | 2.07 | 1.72 | 1.62 | 1.56 | 1.57 | 1.30 | 1.09 | 0.88 | 0.74 | 0.60 | 0.56 | 0.86 | 1.74 | 5.64 |
| Total Shareholders' Equity | 293.97M | 299.9M | 254M | 302.63M | 303.06M | 408.4M | 205.28M | 126.46M | 100.7M | 81.04M | 67.39M | 62.93M | 61M | 61.1M | 50.45M | 42.27M | 34.2M | 28.56M | 23.12M | 18.01M | 20.08M | 35.92M | 30.69M |
| Common Stock | 392.9M | 392.38M | 387.35M | 386.72M | 372.43M | 365.56M | 145.67M | 98.33M | 63.07M | 37.84M | 26.35M | 26.1M | 25.87M | 25.6M | 25.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -109.66M | -112.58M | -145.02M | -106.17M | -74.37M | 26.78M | 35.86M | 24.25M | 33.87M | 39.27M | 35.45M | 37.43M | 35.34M | 35.45M | 24.96M | 17.06M | 9.25M | 3.66M | 6.39M | -2.23M | -111.6K | -21.76M | -25.21M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.1M | 0 |
| Accumulated OCI | -12.65M | -9.28M | -18.93M | -3.54M | -8.37M | 6.7M | 6.25M | -475K | 3.76M | 3.93M | 5.59M | -602K | -210K | 55K | 55K | 55K | 55K | 55K | 55K | 55.38K | -17.2M | -5.14M | -2.28M |
| Minority Interest | 9.82M | 10.16M | 9.95M | 16.32M | 16.93M | 16.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.61M | 3.61M | 8.72M | 9.14M |
Commodity price and regulatory
According to recent balance sheet data, total assets have declined from $464.0M in 2023Q4 to $400.9M in 2026Q1, signaling a strategic reduction in the company's footprint as management prioritizes capital efficiency over the broad, asset-heavy expansion strategies that characterized the firm's earlier growth phases.
The reduction in total assets appears to be a deliberate effort to shed underperforming capacity and optimize the balance sheet for a more focused cannabis-centric model. Investors should monitor whether this contraction represents a permanent downsizing of the produce segment or merely a temporary consolidation of greenhouse assets.
As reported in financial statements, the company maintains a disciplined debt-to-equity ratio of 0.13 as of 2026Q1, which is a significant improvement from the 0.18 level observed in 2023Q4, providing a robust buffer against the inherent volatility of the Canadian cannabis and agricultural markets.
This low leverage profile suggests that Village Farms is well-positioned to navigate periods of industry-wide price compression without the immediate threat of insolvency. The modest debt load provides management with the optionality to pursue strategic opportunities should U.S. federal regulatory conditions shift in their favor.
Based on the most recent quarterly filings, the company holds $50.5M in cash, maintaining a current ratio of 3.06, which indicates a strong ability to meet short-term obligations despite the significant working capital outflows observed in the most recent fiscal period.
While the cash position has fluctuated from a high of $87.6M in 2025Q3, the current liquidity level appears adequate to support ongoing operations and maintenance capex. The high current ratio suggests that the company is not currently reliant on external financing to sustain its day-to-day business activities.
As indicated by the company's reported figures, the retained earnings balance remains deeply negative at -$109.7M, a persistent legacy of historical losses that continues to weigh on the equity section despite recent improvements in operating income and the successful integration of the Pure Sunfarms cannabis segment.
This negative retained earnings balance serves as a reminder of the capital-intensive nature of the company's historical expansion and the challenges of achieving consistent profitability in the cannabis sector. Investors should interpret this figure as a reflection of past operational hurdles rather than a direct indicator of current cash-generating capability.
Quick answers to the most common questions about buying VFF stock.
As of 2025, Village Farms International, Inc. (VFF) had total assets of $423.1M including $154.4M in current assets.
Village Farms International, Inc. (VFF) carries total debt of $38.7M, offset by $81.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Village Farms International, Inc. (VFF) has total shareholders' equity (book value) of $299.9M ($2.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Village Farms International, Inc. (VFF) reported a current ratio of 2.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.