The company maintains a conservative capital structure with a debt-to-equity ratio of 0.17 as of 2026Q1, providing a stable foundation despite the contraction of total assets to $63.2M.
| 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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Total Current Assets | 38.9M | 40.65M | 44.47M | 49.74M | 34.1M | 33.51M | 17.53M | 11.53M | 10.38M | 10.09M | 8.63M | 6.62M | 4.28M | 3.6M | 1.27M | 1.47M | 2.12M | 1.7M | 805.51K | 554.45K | 498K | 185.67K | 221.83K | 396.14K | 209.71K | 15.67K | 6.13K | 15.74K |
| Cash & Short-Term Investments | 17.85M | 18.59M | 18.04M | 18.85M | 13.48M | 19.71M | 6.84M | 3.33M | 5.99M | 5.08M | 3.7M | 3.32M | 1.91M | 2.36M | 372.12K | 144.05K | 535.73K | 109.98K | 101.96K | 16.65K | 91.22K | 764 | 160.57K | 80.87K | 98.44K | 15.67K | 6.13K | 15.56K |
| Cash Only | 17.85M | 18.59M | 18.04M | 18.85M | 13.48M | 19.71M | 6.84M | 1.42M | 2.5M | 5.08M | 3.7M | 3.32M | 1.91M | 2.36M | 372.12K | 144.05K | 535.73K | 109.98K | 101.96K | 16.65K | 91.22K | 764 | 160.57K | 80.87K | 98.44K | 15.67K | 6.13K | 15.56K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.92M | 3.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.24M | 6.37M | 10.58M | 17.58M | 10.49M | 7.84M | 6.79M | 5.9M | 2.4M | 2.7M | 3.35M | 2.35M | 1.61M | 786.88K | 462.94K | 365.72K | 1.1M | 1.59M | 703.55K | 187.6K | 406.78K | 184.9K | 61.26K | 315.27K | 111.27K | 0 | 0 | 180 |
| Days Sales Outstanding | 127.98 | 103.79 | 146.49 | 165.43 | 135.27 | 117.16 | 129.78 | 114.99 | 48.47 | 59.64 | 78.17 | 64.18 | 59.61 | 29.25 | 19.14 | 16.98 | 61.13 | 125.47 | 88.33 | 30.5 | 78.65 | 69.05 | 16.84 | 116.89 | 17.81 | - | - | 12.1 |
| Inventory | 14.37M | 13.06M | 14.58M | 12.4M | 9.59M | 5.01M | 3.52M | 1.95M | 1.61M | 1.72M | 1.32M | 902.64K | 702.83K | 407.43K | 370.02K | 804.55K | 179.43K | -289.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 729.45 | 662.11 | 767.18 | 397.93 | 290.62 | 140.49 | 178.56 | 79.08 | 83.69 | 99.82 | 80.7 | 58.29 | 58.94 | 44.24 | 41.17 | 77.33 | 26.77 | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.44M | 2.62M | 1.27M | 906.8K | 531.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 243.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 24.25M | 25.6M | 20.98M | 20.64M | 19.72M | 16.07M | 5.23M | 5.93M | 4.84M | 4.76M | 1.29M | 652.58K | 367.9K | 460.51K | 612.38K | 799.19K | 7.17M | 7.24M | 6.69M | 69.99K | 229.46K | 1.08M | 1.23M | 292.25K | 450.26K | 945.24K | 84.64K | 95.54K |
| Property, Plant & Equipment | 16.23M | 16.54M | 16.64M | 16.2M | 16.48M | 13.65M | 2.48M | 2.42M | 678.25K | 677.27K | 814.32K | 516K | 367.9K | 460.53K | 612.38K | 799.19K | 594.99K | 812.43K | 62.59K | 55.46K | 141.39K | 951.63K | 1.03M | 206.23K | 346.11K | 822.96K | 84.64K | 86.55K |
| Fixed Asset Turnover | 1.13x | 1.35x | 1.58x | 2.39x | 1.72x | 1.79x | 7.71x | 7.74x | 26.66x | 24.40x | 19.22x | 25.86x | 26.80x | 21.32x | 14.42x | 9.84x | 11.08x | 5.68x | 46.45x | 40.48x | 13.35x | 1.03x | 1.28x | 4.77x | 6.59x | 2.99x | 0.00x | 0.06x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.4M | 2.51M | 558.65K | 567.54K | 587.78K | 535.08K | 271.05K | 217.93K | 2.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.54M | 6.42M | 6.6M | 0 | 88.07K | 0 | 0 | 18.13K | 36.26K | 54.39K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 19.71K | 86.5K | 840K | 1.12M | 1.37M | 471.93K | 136.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.21M | 2.41M | 183.87K | 237.36K | 412.15K | 189.73K | 500.11K | 662.06K | 292.3K | 0 | 0 | 0 | 0 | 0 | -612.38K | 0 | 30.39K | 14.17K | 32.2K | 14.53K | 0 | 130.81K | 196.22K | 67.89K | 67.89K | 67.89K | 0 | 8.99K |
| Total Assets | 63.15M | 66.25M | 65.45M | 70.38M | 53.81M | 49.58M | 22.75M | 17.46M | 15.22M | 14.85M | 9.91M | 7.27M | 4.65M | 4.06M | 1.88M | 2.27M | 9.29M | 8.94M | 7.5M | 624.44K | 727.47K | 1.27M | 1.45M | 688.39K | 659.97K | 960.91K | 90.77K | 111.29K |
| Asset Turnover | 0.28x | 0.34x | 0.40x | 0.55x | 0.53x | 0.49x | 0.84x | 1.07x | 1.19x | 1.11x | 1.58x | 1.84x | 2.12x | 2.42x | 4.69x | 3.46x | 0.71x | 0.52x | 0.39x | 3.60x | 2.59x | 0.77x | 0.91x | 1.43x | 3.46x | 2.56x | 0.00x | 0.05x |
| Asset Growth % | -2% | 1.21% | -7% | 30.79% | 8.55% | 117.88% | 30.32% | 14.73% | 2.48% | 49.82% | 36.34% | 56.28% | 14.62% | 115.54% | -17.07% | -75.56% | 3.94% | 19.16% | 1101.13% | -14.16% | -42.63% | -12.72% | 111.07% | 4.31% | -31.32% | 958.61% | -18.43% | - |
| Total Current Liabilities | 9.99M | 10.23M | 9.65M | 15.75M | 9.76M | 7.56M | 7.26M | 4.36M | 3.61M | 4.38M | 3.36M | 2.74M | 1.83M | 2.55M | 1.94M | 2.72M | 489.75K | 1.1M | 2.13M | 4.61M | 4.39M | 4.93M | 4.69M | 9.59M | 9.28M | 5.19M | 1.05M | 1.16M |
| Accounts Payable | 971.96K | 784.07K | 957.38K | 2.28M | 1.25M | 789.39K | 345.57K | 621.13K | 429.95K | 535.79K | 467.68K | 504.42K | 339.37K | 286.89K | 227.33K | 271.73K | 302.75K | 186.51K | 35.62K | 869.73K | 873.34K | 1.32M | 1.04M | 1.12M | 1.2M | 1.02M | 361.62K | 728.85K |
| Days Payables Outstanding | 55.16 | 39.75 | 50.36 | 73.22 | 37.91 | 22.11 | 17.55 | 25.2 | 22.32 | 31.09 | 28.59 | 32.57 | 28.46 | 31.15 | 25.3 | 26.12 | 45.16 | 43.71 | 8.03 | 420.02 | 437.07 | 724.87 | 440.88 | 621.62 | 332.8 | 236.6 | - | 10.87K |
| Short-Term Debt | 423.52K | 424.06K | 230.79K | 226.35K | 232.54K | 236.29K | 266.04K | 0 | 11.25K | 11.25K | 11.25K | 0 | 0 | 0 | 80.5K | 0 | 0 | 0 | 0 | 202.29K | 480.87K | 1.57M | 2.46M | 7.73M | 7.35M | 3.63M | 625.5K | 380.5K |
| Deferred Revenue (Current) | 27.86M | 7.36M | 6.36M | 6.74M | 4.3M | 4.14M | 4.71M | 2.49M | 1.92M | 2.99M | 2.07M | 1.52M | 952.46K | 1.52M | 1.17M | 1.99M | 0 | 12.77K | 36.46K | 2.62M | 2.39M | -475.79K | 0 | 703.5K | 643.88K | 501.71K | 0 | 0 |
| Other Current Liabilities | 1.22M | 1.66M | 1.91M | 0 | 1.92M | 991.74K | 772.88K | 0 | 632.61K | 243.57K | 246K | 242.28K | 147.9K | 1.3M | 118.08K | 307.03K | 65.59K | 619.89K | 1.11M | 726.77K | 648.61K | 713.52K | 0 | 32.34K | 82.61K | 33.17K | 0 | 0 |
| Current Ratio | 3.89x | 3.97x | 4.61x | 3.16x | 3.49x | 4.43x | 2.41x | 2.65x | 2.87x | 2.30x | 2.57x | 2.42x | 2.34x | 1.41x | 0.66x | 0.54x | 4.33x | 1.55x | 0.38x | 0.12x | 0.11x | 0.04x | 0.05x | 0.04x | 0.02x | 0.00x | 0.01x | 0.01x |
| Quick Ratio | 2.45x | 2.70x | 3.10x | 2.37x | 2.51x | 3.77x | 1.93x | 2.20x | 2.43x | 1.91x | 2.18x | 2.09x | 1.95x | 1.25x | 0.47x | 0.25x | 3.97x | 1.81x | 0.38x | 0.12x | 0.11x | 0.04x | 0.05x | 0.04x | 0.02x | 0.00x | 0.01x | 0.01x |
| Cash Conversion Cycle | 802.27 | 726.15 | 863.31 | 490.15 | 387.98 | 235.54 | 290.79 | 168.87 | 109.84 | 128.38 | 130.28 | 89.9 | 90.09 | 42.34 | 35.01 | 68.19 | 42.73 | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 8.85M | 10.43M | 10.12M | 11.26M | 10.38M | 10.78M | 3.84M | 2.92M | 1.01M | 86.69K | 144.63K | 159.94K | 95.38K | 144.99K | 274.99K | 114.02K | 1.86K | 536.86K | 1.86K | 1.86K | 1.86K | 1.86K | 2.03K | 2.45K | 3.89K | 2.52M | 3.89K | 7.53K |
| Long-Term Debt | 7.25M | 7.31M | 7.57M | 7.81M | 8.05M | 8.28M | 1.06M | 0 | 0 | 11.25K | 22.5K | 0 | 0 | 0 | 143.64K | 0 | 0 | 535K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.51M | 0 | 0 |
| Capital Lease Obligations | 441.35K | 89.05K | 265.11K | 432.18K | 720.02K | 505.38K | 853.15K | 1.17M | 0 | 0 | 0 | 159.94K | 95.38K | 144.99K | 131.36K | 114.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.11M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 5.44K | 0 | 0 | 46.52K | 75.44K | 122.13K | 0 | 0 | 0 | 0 | 0 | 1.86K | 1.86K | 1.86K | 1.86K | 1.86K | 1.86K | 2.03K | 2.45K | 3.89K | 3.89K | 3.89K | 7.53K |
| Total Liabilities | 18.84M | 20.66M | 19.76M | 27.01M | 20.13M | 18.35M | 11.09M | 7.28M | 4.62M | 4.46M | 3.5M | 2.9M | 1.93M | 2.69M | 2.21M | 2.83M | 491.61K | 1.63M | 2.13M | 4.61M | 4.39M | 4.93M | 4.69M | 9.59M | 9.28M | 7.7M | 1.05M | 1.17M |
| Total Debt | 7.71M | 7.83M | 8.26M | 8.79M | 9.56M | 9.37M | 2.5M | 1.47M | 11.25K | 97.94K | 33.75K | 159.94K | 95.38K | 144.99K | 224.13K | 114.02K | 0 | 535K | 0 | 202.29K | 480.87K | 1.57M | 2.46M | 7.73M | 7.35M | 6.14M | 625.5K | 380.5K |
| Net Debt | -10.14M | -10.77M | -9.78M | -10.06M | -3.92M | -10.34M | -4.34M | 57.03K | -2.49M | -4.98M | -3.67M | -3.16M | -1.82M | -2.21M | -147.98K | -30.03K | -535.73K | 425.02K | -101.96K | 185.64K | 389.65K | 1.57M | 2.3M | 7.65M | 7.25M | 6.13M | 619.37K | 364.94K |
| Debt / Equity | 0.17x | 0.17x | 0.18x | 0.20x | 0.28x | 0.30x | 0.21x | 0.14x | 0.00x | 0.01x | 0.01x | 0.04x | 0.04x | 0.11x | - | - | - | 0.07x | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -10.03x | 3.31x | 2.42x | 0.74x | 2.46x | 4.59x | 1.32x | 1.72x | 0.01x | 0.06x | 0.01x | 0.10x | 0.07x | 0.08x | 0.61x | - | - | 0.27x | - | - | - | - | - | 33.80x | - | - | - | - |
| Net Debt / EBITDA | 13.18x | -4.55x | -2.87x | -0.85x | -1.01x | -5.06x | -2.28x | 0.07x | -1.93x | -3.16x | -1.58x | -1.88x | -1.25x | -1.22x | -0.40x | - | -0.25x | 0.21x | -0.18x | - | - | - | - | 33.45x | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 21.39x | 22.17x | 41.81x | -2.48x | -3.12x | -1.70x | -2.46x | -0.80x | -0.69x | -1.07x | -2.89x | - |
| Total Equity | 44.31M | 45.59M | 45.69M | 43.37M | 33.68M | 31.23M | 11.66M | 10.18M | 10.6M | 10.39M | 6.41M | 4.37M | 2.72M | 1.37M | -327.21K | -560.74K | 8.8M | 7.3M | 5.37M | -3.99M | -3.67M | -3.66M | -3.24M | -8.9M | -8.62M | -6.74M | -962.26K | -1.06M |
| Equity Growth % | -0.19% | -0.22% | 5.35% | 28.76% | 7.85% | 167.86% | 14.51% | -3.93% | 2.03% | 62.02% | 46.63% | 60.61% | 99.39% | 517.19% | 41.65% | -106.37% | 20.45% | 36.1% | 234.64% | -8.69% | -0.11% | -13.02% | 63.59% | -3.27% | -27.84% | -600.72% | 8.83% | - |
| Book Value per Share | 3.92 | 4.04 | 4.09 | 3.96 | 3.10 | 3.10 | 1.49 | 1.31 | 1.28 | 1.31 | 0.81 | 0.55 | 0.34 | 0.17 | -0.04 | -0.07 | 1.15 | 1.04 | 0.83 | -0.74 | -0.90 | -1.18 | -1.24 | -4.20 | -4.88 | -4.25 | -1.52 | -1.95 |
| Total Shareholders' Equity | 44.31M | 45.59M | 45.69M | 43.37M | 33.68M | 31.23M | 11.66M | 10.18M | 10.6M | 10.39M | 6.41M | 4.37M | 2.72M | 1.37M | -327.21K | -560.74K | 8.8M | 7.3M | 5.37M | -3.99M | -3.67M | -3.66M | -3.24M | -8.9M | -8.62M | -6.74M | -962.26K | -1.06M |
| Common Stock | 1.13K | 1.13K | 1.13K | 1.11K | 1.09K | 1.08K | 778 | 775 | 783 | 793 | 1.59K | 791.47K | 791.64K | 791.64K | 791.64K | 791.64K | 791.64K | 731.66K | 681.02K | 635.77K | 483.66K | 329.92K | 302.19K | 242.84K | 186.66K | 164.66K | 61.95K | 51.58K |
| Retained Earnings | 11.21M | 12.53M | 12.77M | 11.41M | 2.26M | 304.24K | -2.24M | -3.71M | -3.64M | -4.46M | -7.72M | -9.77M | -11.31M | -12.57M | -14.15M | -14.26M | -4.16M | -5.18M | -6.6M | -15.85M | -15.22M | -13.75M | -11.75M | -13.32M | -11.73M | -9.04M | -2.53M | -2.34M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -37.31K | -112.11K | 0 | -2.98K | -2.98K | -2.98K | -2.98K | -2.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.93M | -1.64M | -1.37M | -1.14M | -951.18K | -759.04K | -540.97K | -764.57K | -657.35K | -518.56K | -429.34K | -411.22K | 150K | -489.71K | -391.89K | -222.11K | -1.78M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lumpy government procurement cycles
As reported in recent financial filings, VirTra's total assets have trended downward from $70.4M in 2023Q4 to $63.2M in 2026Q1, reflecting a contraction in the balance sheet that mirrors the company's struggle to maintain consistent revenue growth within its lumpy government-focused business model.
The reduction in total assets suggests that the company is not currently deploying capital toward aggressive expansion, likely due to the recent revenue headwinds. Investors should monitor whether this shrinkage represents a disciplined consolidation of resources or a loss of competitive momentum in the simulation market.
Based on the provided balance sheet data, VirTra maintains a highly conservative capital structure with a debt-to-equity ratio of 0.17 as of 2026Q1, indicating that the firm has successfully avoided reliance on external financing to fund its operations during periods of revenue contraction.
The minimal debt load provides a significant buffer against interest rate volatility and suggests that the company is not facing immediate solvency risks. This low-leverage profile appears to be a strategic choice, allowing the firm to navigate the unpredictable timing of municipal and federal contract awards without the pressure of debt service obligations.
According to the latest quarterly data, VirTra maintains a current ratio of 3.89, which, while slightly lower than the 5.02 peak observed in 2024Q3, continues to provide a substantial liquidity cushion against the inherent unpredictability of government procurement cycles and potential revenue recognition delays.
The company's ability to hold $17.9M in cash against relatively low liabilities suggests a strong defensive posture. This liquidity position appears sufficient to support ongoing R&D and the transition to the STEP subscription model, even if top-line performance remains under pressure in the near term.
As indicated by the balance sheet, deferred revenue has fluctuated significantly, reaching $8.4M in 2026Q1, which warrants careful investigation as it may obscure the true pace of the company's transition toward the recurring STEP subscription model versus traditional one-time hardware sales.
The volatility in deferred revenue suggests that headline growth figures may be distorted by the timing of contract renewals and installations. Analysts should interpret these balances as a potential leading indicator of future service delivery, rather than a direct reflection of current period operational success.
Quick answers to the most common questions about buying VTSI stock.
As of 2025, VirTra, Inc. (VTSI) had total assets of $66.2M including $40.6M in current assets.
VirTra, Inc. (VTSI) carries total debt of $7.8M, offset by $18.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VirTra, Inc. (VTSI) has total shareholders' equity (book value) of $45.6M ($4.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VirTra, Inc. (VTSI) reported a current ratio of 3.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.