Cash flow remains highly erratic due to seasonal inventory requirements, as evidenced by a significant $21.1M working capital outflow during the 2026Q1 build-up period.
Virco Mfg. Corporation (VIRC) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Cash from Operations | 12.17M | -841K | 33.13M | 26.96M | -3.79M | -401K | 7.8M | 9.76M | 2.36M | 1.68M | 5.86M | 7.51M | 1.66M | -243K | 7.16M | -910K | 5.45M | -2.79M | 11.16M | 16.88M | 10.91M | 304K | 3.68M | -498K | 12.04M | 35.04M | 6.47M | 20.58M | 22.9M | 19.1M | 22.4M |
| Operating CF Margin % | - | -0.42% | 12.44% | 10.02% | -1.64% | -0.22% | 5.1% | 5.06% | 1.18% | 0.89% | 3.38% | 4.45% | 1.01% | -0.16% | 4.54% | -0.55% | 3.01% | -1.47% | 5.26% | 7.35% | 4.89% | 0.14% | 1.84% | -0.26% | 4.93% | 13.61% | 2.25% | 7.68% | 8.32% | 7.4% | 9.48% |
| Operating CF Growth % | 101.55% | -102.54% | 22.88% | 811.72% | -844.64% | -105.14% | -20.08% | 312.99% | 40.49% | -71.31% | -21.91% | 352.5% | 782.72% | -103.39% | 887.14% | -116.69% | 295.06% | -125.04% | -33.9% | 54.69% | 3490.46% | -91.73% | 838.55% | -104.13% | -65.62% | 441.61% | -68.56% | -10.14% | 19.9% | -14.73% | 1078.95% |
| Net Income | -2.51M | 2.57M | 21.64M | 21.91M | 16.55M | -15.14M | -2.23M | 2.38M | -1.61M | -3.21M | 22.76M | 4.55M | 849K | -1.73M | -3.83M | -13.8M | -17.59M | 300K | 1.21M | 22.22M | 7.54M | -9.57M | -13.99M | -21.96M | 282K | 246K | 4.31M | 10.17M | 17.6M | 13.9M | 9.3M |
| Depreciation & Amortization | 5.97M | 6.14M | 5.69M | 5.1M | 4.54M | 4.57M | 5.09M | 5.77M | 5.79M | 5.47M | 5.03M | 4.76M | 4.41M | 4.21M | 4.37M | 5.02M | 5.35M | 5.39M | 5.67M | 6.64M | 7.2M | 8.84M | 9.8M | 11.61M | 13.66M | 15.81M | 13.41M | 9.99M | 7.1M | 7.1M | 6.5M |
| Stock-Based Compensation | 94K | 208K | 395K | 595K | 612K | 1.01M | 1.01M | 924K | 908K | 830K | 609K | 493K | 502K | 523K | 698K | 735K | 799K | 857K | 855K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.52M | 563K | 230K | 800K | -8.71M | 11.32M | -742K | 209K | 419K | 5.82M | -18.12M | 77K | 34K | 97K | 66K | 228K | 9.86M | -916K | -358K | -10.65M | 260K | 0 | 0 | 674K | 555K | -1.72M | -407K | 2.73M | 400K | 200K | 100K |
| Other Non-Cash Items | 141K | 3.39M | -2.12M | -1.91M | -132K | 960K | 2.4M | 1.23M | 1.33M | 1.49M | 2.11M | 3.1M | 1.4M | 908K | -112K | 195K | 72K | 129K | 1.16M | 36K | 73K | 75K | 28K | -5.46M | 128K | 374K | -7.21M | 300K | 100K | 100K | -100K |
| Working Capital Changes | 5.96M | -13.71M | 7.29M | 464K | -16.65M | -3.12M | 2.27M | -759K | -4.47M | -8.71M | -6.52M | -5.47M | -5.53M | -4.25M | 5.97M | 6.71M | 6.96M | -9.14M | 2.62M | -2.04M | -4.92M | 959K | 7.85M | 14.64M | -3M | 20.33M | -3.34M | -2.62M | -2.9M | -1.7M | 6.4M |
| Change in Receivables | -2.93M | -639K | 10.16M | -4.73M | -720K | -8.06M | 2M | 1.41M | -1.87M | -1.47M | 14K | 544K | -2.26M | 376K | 4.06M | -2.48M | 3.59M | -61K | 1.27M | 3.07M | -1.4M | -1.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 6.83M | -1.09M | 2.72M | 9.04M | -20.03M | -9.1M | 5.06M | 3.96M | -5.23M | -6.86M | -1.71M | -8.28M | 1.1M | -2.46M | 2.48M | 7.58M | 8.22M | -3.69M | 10.02M | -5.17M | -6.22M | -5.57M | 2.42M | 14.57M | -4.36M | 19.36M | -981K | -8.59M | 800K | -200K | -600K |
| Change in Payables | 16.34M | 0 | -1.09M | 0 | 4.02M | 13.86M | -4.89M | -6.03M | 2.63M | -748K | -4.15M | 2.84M | -5.29M | -2.06M | -489K | -17.36M | -34.34M | -5.87M | -8.58M | 788K | 2.4M | 5.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.52M | -5.74M | -5.56M | -4.76M | -3.33M | -2.37M | -2.13M | -4.26M | -5.45M | -13.27M | -4.47M | -4.2M | -3.38M | -3.64M | -1.75M | -1.99M | -2.81M | -5.28M | -2.71M | -4.93M | -3.79M | -3.35M | -2.35M | 5.19M | -8.1M | -3.27M | -12.45M | -39.68M | -28.2M | -8.5M | -7.2M |
| Capital Expenditures | 2.52M | -5.85M | -6.29M | -5.25M | -3.33M | -3M | -2.15M | -4.22M | -5.39M | -13.41M | -4.41M | -4.26M | -3.31M | -3.63M | -2.05M | -2.16M | -3M | -5.34M | -5.06M | -4.83M | -3.62M | -3.47M | -2.8M | -2.24M | -3.53M | -5.23M | -22.71M | -38.85M | -28.1M | -10.7M | -7.1M |
| CapEx % of Revenue | 1.31% | 2.93% | 2.36% | 1.95% | 1.44% | 1.62% | 1.41% | 2.18% | 2.69% | 7.08% | 2.54% | 2.53% | 2.02% | 2.34% | 1.3% | 1.3% | 1.66% | 2.81% | 2.38% | 2.1% | 1.62% | 1.62% | 1.4% | 1.17% | 1.45% | 2.03% | 7.9% | 14.49% | 10.21% | 4.14% | 3% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -624K | 2.15M | 4.22M | 5.39M | 22K | 2K | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.04M | 119K | 732K | 489K | 2.74M | 624K | -2.07M | -4.2M | -5.39M | 141K | -63K | 64K | -68K | -6K | 297K | 172K | 39K | 27K | 2.34M | -99K | -167K | 124K | 451K | 7.43M | -16K | 1.96M | 10.26M | -828K | 900K | 2.3M | 0 |
| Cash from Financing | -2.05M | -5.85M | -5.98M | -17.97M | 6.82M | 3.73M | -6.41M | -5.09M | 3.29M | 11.33M | -1.42M | -2.96M | 1.14M | 4.08M | -7.45M | 4.27M | -2.15M | 4.74M | -6.13M | -11.78M | -6.72M | 3.34M | -2.2M | -4.27M | -4.01M | -30.41M | 5.26M | 19.09M | 5.2M | -10.1M | -15.2M |
| Debt Issued (Net) | -263K | -258K | -249K | -17.36M | 7.23M | 4.07M | -6.26M | -4.72M | 4.73M | 11.67M | -1.15M | -2.76M | 1.27M | 4.2M | -7.45M | 4.98M | -393K | 6.81M | -3.73M | -11.42M | -11.47M | 3.33M | -2.2M | -3.46M | 1.19M | -27.54M | 7.82M | 24.33M | 10.9M | -9.6M | -14.4M |
| Equity Issued (Net) | -190K | -4M | -3.81M | 0 | 0 | 0 | 0 | 0 | 0 | -339K | -264K | -206K | -129K | -116K | -97K | -126K | -344K | -652K | -950K | 0 | 4.75M | 9K | 6K | -287K | -4.19M | -1.92M | -1.03M | -4.65M | -4.9M | 200K | 0 |
| Dividends Paid | -1.58M | -1.58M | -1.46M | -327K | 0 | 0 | 0 | 0 | -930K | 0 | 0 | 0 | 0 | 0 | 0 | -710K | -1.42M | -1.42M | -1.45M | -361K | 0 | 0 | 0 | -524K | -1.01M | -945K | -866K | -800K | -700K | -700K | -700K |
| Share Repurchases | -190K | -4M | -3.81M | 0 | 0 | 0 | 0 | 0 | 0 | -339K | -264K | -206K | -129K | -116K | -97K | -126K | -344K | -652K | -950K | 0 | 0 | 0 | 0 | -440K | -4.37M | -1.95M | -1.32M | -4.88M | -5.3M | 0 | 0 |
| Other Financing | -20K | -20K | -462K | -285K | -413K | -345K | -156K | -371K | -514K | 0 | 0 | 0 | 0 | 0 | 97K | 126K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -655K | 205K | -100K | 0 | -100K |
| Net Change in Cash | 6.6M | -12.43M | 21.58M | 4.23M | -302K | 957K | -748K | 412K | 204K | -254K | -27K | 345K | -581K | 198K | -2.04M | 1.37M | 483K | -3.34M | 2.32M | 174K | 403K | 297K | -867K | 420K | -65K | 1.35M | -721K | -14K | 5.2M | -10.1M | 0 |
| Free Cash Flow | 14.69M | -6.7M | 26.83M | 21.71M | -7.12M | -3.4M | 5.64M | 5.54M | -3.03M | -11.73M | 1.45M | 3.25M | -1.66M | -3.88M | 5.11M | -3.07M | 2.45M | -8.14M | 6.1M | 12.05M | 7.29M | -3.17M | 879K | -2.73M | 8.51M | 29.81M | -16.24M | -18.27M | -5.2M | 8.4M | 15.3M |
| FCF Margin % | 7.65% | -3.35% | 10.08% | 8.07% | -3.08% | -1.84% | 3.69% | 2.87% | -1.51% | -6.19% | 0.84% | 1.93% | -1.01% | -2.5% | 3.24% | -1.84% | 1.35% | -4.27% | 2.88% | 5.25% | 3.27% | -1.48% | 0.44% | -1.43% | 3.48% | 11.58% | -5.65% | -6.82% | -1.89% | 3.25% | 6.47% |
| FCF Growth % | 594.75% | -124.95% | 23.59% | 404.94% | -109.66% | -160.16% | 1.84% | 282.82% | 74.14% | -906.46% | -55.21% | 296.13% | 57.29% | -175.79% | 266.6% | -225.27% | 130.1% | -233.36% | -49.35% | 65.25% | 330.35% | -460.18% | 132.15% | -132.12% | -71.44% | 283.52% | 11.11% | -251.37% | -161.9% | -45.1% | 266.3% |
| FCF per Share | 0.93 | -0.42 | 1.64 | 1.32 | -0.44 | -0.21 | 0.36 | 0.35 | -0.20 | -0.77 | 0.10 | 0.21 | -0.11 | -0.27 | 0.36 | -0.22 | 0.17 | -0.58 | 0.42 | 0.83 | 0.54 | -0.24 | 0.07 | -0.21 | 0.63 | 2.18 | -1.17 | -1.30 | -0.35 | 0.57 | 1.05 |
| FCF Conversion (FCF/Net Income) | -5.84x | -0.33x | 1.53x | 1.23x | -0.23x | 0.03x | -3.49x | 4.10x | -1.46x | -0.52x | 0.26x | 1.65x | 1.95x | 0.14x | -1.87x | 0.07x | -0.31x | -9.32x | 9.22x | 0.76x | 1.45x | -0.03x | -0.26x | 0.02x | 42.71x | 142.43x | 1.61x | 2.02x | 1.30x | 1.37x | 2.41x |
| Interest Paid | -265K | 300K | 349K | 2.68M | 1.98M | 1.2M | 0 | 2.46M | 2.19M | 1.54M | 1.22M | 1.28M | 1.45M | 1.3M | 1.56M | 1.12M | 1.08M | 1.13M | 1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -104K | 108K | 10.71M | 6.32M | 67K | 37K | 0 | 81K | 96K | 46K | 49K | 72K | 46K | 74K | 12K | 32K | 68K | 176K | 464K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VIRC stock.
Virco Mfg. Corporation (VIRC) generated $-0.8M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Virco Mfg. Corporation (VIRC) reported negative free cash flow of $6.7M in 2026, indicating capital requirements exceeded cash from operations.
Virco Mfg. Corporation (VIRC) spent $5.9M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Virco Mfg. Corporation (VIRC) returned $1.6M to shareholders via cash dividends and spent $4.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Seasonal liquidity exhaustion
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Seasonality
As reported in financial statements, VIRC's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching extreme levels such as -26.00 in 2026Q1, illustrating that accounting profits are often disconnected from the actual cash timing of the K-12 procurement cycle.
The wide variance between net income and operating cash flow suggests that accrual-based earnings are highly sensitive to the timing of project completions. Investors should monitor this gap closely, as it indicates that reported profitability may not reflect the underlying cash-generating capacity of the business during off-peak quarters.
FCF Volatility Reflects Cyclical Demand
Based on VIRC's reported figures, free cash flow trajectory is highly erratic, swinging from a peak of $31.0M in 2025Q3 to a low of -$21.5M in 2026Q1, which highlights the company's vulnerability to the extreme seasonality inherent in the institutional furniture market.
The inability to generate consistent positive free cash flow outside of the third quarter suggests that the company relies heavily on seasonal working capital inflows to fund operations. This pattern may indicate that the firm's cash position is structurally fragile and susceptible to any disruption in the summer delivery window.
Inventory Build-up Strains Cash Reserves
According to recent SEC filings, working capital changes are the primary driver of cash flow volatility, with a significant $21.1M outflow in 2026Q1 reflecting the aggressive inventory accumulation required to meet the anticipated summer demand for school furniture installations.
This heavy reliance on inventory pre-positioning suggests that the company is effectively betting its liquidity on the accuracy of its sales forecasts. If demand fails to materialize as expected, the resulting inventory overhang could lead to prolonged cash burn and potential margin pressure from discounting.
Conservative Capital Allocation Amidst Contraction
As indicated by historical data, VIRC maintains a defensive capital deployment strategy, with dividend payments totaling approximately $394K per quarter and minimal share repurchases, suggesting management prioritizes balance sheet preservation over aggressive growth or capital returns during this period of revenue contraction.
The company's decision to maintain dividends despite negative operating cash flow in several quarters appears to be a signal of management's confidence in the long-term viability of the business. However, this approach warrants further investigation into whether these funds could be better utilized to diversify the revenue base away from the volatile K-12 cycle.