VFF · Village Farms International, Inc.

Village Farms International, Inc., together with its subsidiaries, produces, markets, and distributes greenhouse grown tomatoes, bell peppers, and cucumbers in North America and Netherlands. It operates in five segments: Cannabis-Canada, Cannabis-U.S., Cannabis Netherlands, Produce, and Clean Energy. It produces and supplies cannabis products to other licensed providers and provincial governments in Canada and internationally; develops and sells cannabinoid-based health and wellness products, including ingestible, edibles, and topical applications; and produces power. The company also markets and distributes its products under the Village Farms brand name to retail supermarkets and fresh food distribution companies. In addition, it produces and supplies cannabis products to designated coffee shops. Village Farms International, Inc. was founded in 1989 and is headquartered in Lake Mary, Florida.

Cap structure and valuation

Cap structure
SP	$2.88
SO	122.3M
Options	5.9M
Warrants	15.3M
FD SO	143.5M
MC	$413.3M

Cash	$72.9M
Total debt	$40.0M ⚠
EV	$380.3M

TTM Multiples
EV / Revenue	1.6x
EV / EBITDA	—
MC / Net Income	18.0x
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	25.3%
Insiders	10.5%
# Institutions	122
Analysts	3
Consensus	—
Avg target	$5.83

Short % float	4.8%
Days to cover	4.52

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-07. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-23 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-31; the float denominator can be unreliable on tiny floats.

Debt figure uncertain — $12.7M of liabilities are neither recognized debt nor a named non-debt item. Verify against the filing before relying on EV.

Financial statements

	6/30/26	3/31/26	12/31/25	9/30/25
Total Revenue	63.98	50.24	49.62	66.74
Revenue YoY %	6.8%	26.6%	9.3%	21.5%
Cost of Revenue	34.00	29.25	30.39	34.80
Gross Profit	29.97	20.99	19.22	31.94
Gross Profit YoY %	34.2%	48.0%	163.0%	134.2%
Gross Margin %	46.8%	41.8%	38.7%	47.9%

SG&A	18.81	15.94	14.66	15.60
Operating Expense	18.81	15.94	—	—

Operating Income	11.16	5.04	—	—
Operating Income YoY %	61.0%	1246.4%	—	—
Operating Margin %	17.4%	10.0%	—	—
EBITDA	15.44	9.35	—	—
EBITDA Margin %	24.1%	18.6%	—	—

Interest Expense	0.48	0.52	0.54	0.65
Pretax Income	10.46	4.40	4.61	15.26
Tax Provision	3.26	1.67	2.17	4.72
Net Income	7.19	2.73	2.44	10.54
Net Income to Common	7.14	2.92	2.43	10.22
Net Margin %	11.2%	5.4%	4.9%	15.8%

Diluted EPS	$0.06	$0.02	$0.01	$0.08
Basic EPS	$0.06	$0.03	$0.02	$0.09
Diluted Avg Shares	124.7	127.1	—	120.6
Basic Avg Shares	116.2	115.3	—	113.0

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	230.57	215.94	195.91	163.11	293.57
Revenue YoY %	6.8%	10.2%	20.1%	(44.4%)	—
Cost of Revenue	128.45	128.25	150.11	115.16	266.07
Gross Profit	102.12	87.68	45.80	47.95	27.50
Gross Profit YoY %	16.5%	91.4%	(4.5%)	74.4%	—
Gross Margin %	44.3%	40.6%	23.4%	29.4%	9.4%

SG&A	65.02	60.29	61.75	56.71	72.27

Interest Expense	2.19	2.70	3.37	4.50	3.24
Pretax Income	34.72	42.48	(37.31)	(27.37)	(96.73)
Tax Provision	11.81	10.37	(1.66)	7.45	4.68
Net Income	22.90	32.10	(35.64)	(34.82)	(101.42)
Net Income to Common	22.71	32.44	(33.85)	(34.80)	(101.15)
Net Margin %	9.9%	14.9%	(18.2%)	(21.3%)	(34.5%)

Diluted EPS	$0.17	$0.27	-$0.32	-$0.32	-$1.13
Basic EPS	$0.20	$0.29	-$0.32	-$0.32	-$1.13
Diluted Avg Shares	124.7	118.5	111.4	108.7	89.1
Basic Avg Shares	116.2	113.3	111.4	108.7	89.1

	6/30/26	3/31/26	12/31/25	9/30/25
Cash & Equivalents	72.93	50.47	81.19	82.56
Receivables	32.41	26.64	23.15	31.35
Inventory	46.67	44.42	41.52	34.20
Other Current Assets	8.32	10.40	8.58	8.51
Total Current Assets	160.33	131.93	154.44	156.62

Net PPE	190.06	189.56	185.71	179.84
Goodwill	42.77	43.65	44.37	43.70
Intangible Assets	21.14	22.46	23.65	23.75
Other Assets	14.17	13.28	14.94	14.46
Total Assets	428.47	400.88	423.10	418.38

Accounts Payable	17.59	9.95	15.75	9.51
Current Debt	5.25	4.97	4.88	4.84
Other Current Liabilities	27.77	28.18	37.95	42.05
Total Current Liabilities	50.61	43.10	58.59	56.41
Long-term Debt	34.71	30.78	28.77	29.75
Other Liabilities	24.50	23.22	25.68	26.86
Total Liabilities	109.82	97.10	113.03	113.02
Mezzanine Equity	6.45	9.82	10.16	10.00

Retained Earnings	(102.51)	(109.66)	(112.58)	(115.00)
Total Equity	312.20	293.97	299.90	295.37

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	72.93	81.19	24.63	30.29	16.68
Receivables	32.41	23.15	22.16	30.56	27.56
Inventory	46.67	41.52	41.26	78.47	70.58
Other Current Assets	8.32	8.58	27.97	12.44	18.17
Total Current Assets	160.33	154.44	116.02	151.77	132.98

Net PPE	190.06	185.71	175.23	205.61	207.70
Goodwill	42.77	44.37	42.31	55.92	66.22
Intangible Assets	21.14	23.65	25.11	32.27	37.16
Other Assets	14.17	14.94	30.64	18.41	21.22
Total Assets	428.47	423.10	389.31	463.99	465.29

Accounts Payable	17.59	15.75	11.25	21.75	24.89
Current Debt	5.25	4.88	8.14	9.13	9.65
Other Current Liabilities	27.77	37.95	42.82	41.27	37.67
Total Current Liabilities	50.61	58.59	62.22	72.16	72.22
Long-term Debt	34.71	28.77	32.42	38.92	43.82
Other Liabilities	24.50	25.68	30.71	36.97	29.25
Total Liabilities	109.82	113.03	125.35	148.05	145.29
Mezzanine Equity	6.45	10.16	9.95	15.67	16.16

Retained Earnings	(102.51)	(112.58)	(145.02)	(109.17)	(74.37)
Total Equity	312.20	299.90	254.00	300.27	303.83

	6/30/26	3/31/26	12/31/25	9/30/25
Net Income	7.19	2.73	2.44	10.54
D&A	4.28	4.30	3.81	4.16
Stock-Based Comp	0.29	0.38	0.46	1.01

CapEx	(6.24)	(9.23)	(11.10)	(1.83)

Debt Issuance	5.36	3.59	—	—
Debt Repayment	(1.18)	(1.21)	(20.55)	(2.06)
Stock Buyback	(0.42)	(6.37)	—	—

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	22.90	32.10	(35.64)	(34.82)	(101.42)
D&A	16.55	16.38	16.72	14.09	13.05
Stock-Based Comp	2.14	1.74	3.75	3.11	3.99
Δ Working Cap & Other	—	—	25.52	22.93	64.48
Operating Cash Flow	—	—	10.35	5.32	(19.89)

CapEx	(28.39)	(18.22)	(7.17)	(3.60)	(14.29)
Acquisitions	—	—	—	—	(5.87)
Other Investing	—	—	(3.07)	(2.63)	(0.73)
Investing Cash Flow	—	—	(10.24)	(6.23)	(20.90)

Debt Issuance	28.25	19.30	—	—	7.32
Debt Repayment	(24.99)	(27.16)	(5.71)	(9.28)	(9.71)
Stock Buyback	(9.76)	(2.97)	—	—	—
Other Financing	—	—	(3.82)	23.42	6.88
Financing Cash Flow	—	—	(9.53)	14.14	4.50

Free Cash Flow	—	—	3.18	1.71	(34.18)

	6/30/26	3/31/26	12/31/25	9/30/25
Current Ratio	3.17	3.06	2.64	2.78
Quick Ratio	2.25	2.03	1.93	2.17
Debt / Equity	0.13	0.12	0.11	0.12
EBITDA Margin %	24.1%	18.6%	—	—
Working Capital	109.72	88.83	95.85	100.22
Net Debt	(32.97)	(14.72)	(47.53)	(47.97)
ROE %	2.3%	0.9%	0.8%	3.6%
ROA %	1.7%	0.7%	0.6%	2.5%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	3.17	2.64	1.86	2.10	1.84
Quick Ratio	2.25	1.93	1.20	1.02	0.86
Debt / Equity	0.13	0.11	0.16	0.16	0.18
EBITDA Margin %	—	—	—	—	—
Working Capital	109.72	95.85	53.80	79.61	60.77
Net Debt	(32.97)	(47.53)	15.93	17.77	36.79
ROE %	7.3%	10.7%	(14.0%)	(11.6%)	(33.4%)
ROA %	5.3%	7.6%	(9.2%)	(7.5%)	(21.8%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-09-22	Woodward Christopher C.	Director	2026-09-22	P	10,000	$3.06	$30,580
2026-09-22	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-09-22	P	35,000	$2.89	$101,258
2026-08-25	Bovenschen Orville	Officer (Global President Operations)	2026-08-21	A	30,000	—	$0
2026-08-25	Bovenschen Orville	Officer (Global President Operations)	2026-08-21	F	(7,500)	$2.57	-$19,275
2026-07-10	Woodward Christopher C.	Director	2026-07-09	M	75,757	—	$0
2026-07-10	Woodward Christopher C.	Director	2026-07-09	F	(15,151)	$1.99	-$30,150
2026-07-10	Woodward Christopher C.	Director	2026-07-09	M	(75,757)	—	$-0
2026-07-10	McLernon John R.	Director	2026-07-09	M	75,757	—	$0
2026-07-10	McLernon John R.	Director	2026-07-09	F	(15,151)	$1.99	-$30,150
2026-07-10	McLernon John R.	Director	2026-07-09	M	(75,757)	—	$-0
2026-07-10	Mahoney Kathleen M	Director	2026-07-09	M	75,757	—	$0
2026-07-10	Mahoney Kathleen M	Director	2026-07-09	M	(75,757)	—	$-0
2026-07-10	Henry John Patrick	Director	2026-07-09	M	75,757	—	$0
2026-07-10	Henry John Patrick	Director	2026-07-09	M	(75,757)	—	$-0
2026-07-10	Hauger Carolyn	Director	2026-07-09	M	75,757	—	$0
2026-07-10	Hauger Carolyn	Director	2026-07-09	M	(75,757)	—	$-0
2026-07-10	Holewinski David	Director	2026-07-09	M	75,757	—	$0
2026-07-10	Holewinski David	Director	2026-07-09	M	(75,757)	—	$-0
2026-07-07	Mahoney Kathleen M	Director	2026-07-01	A	57,500	—	$0
2026-07-07	Henry John Patrick	Director	2026-07-01	A	57,500	—	$0
2026-07-07	Holewinski David	Director	2026-07-01	A	57,500	—	$0
2026-07-07	McLernon John R.	Director	2026-07-01	A	57,500	—	$0
2026-07-07	Woodward Christopher C.	Director	2026-07-01	A	57,500	—	$0
2026-07-07	Hauger Carolyn	Director	2026-07-01	A	57,500	—	$0
2026-07-07	Ruffini Stephen C	Officer (Chief Financial Officer)	2026-07-01	A	83,430	—	$0
2026-07-07	Bovenschen Orville	Officer (President of Canadian Cannabis)	2026-07-01	A	37,500	—	$0
2026-07-07	Trupiano Yvonne	Officer (Executive VP, Global CHRO)	2026-07-01	A	60,000	—	$0
2026-07-07	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-07-01	A	224,238	—	$0
2026-06-29	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-06-29	P	13,600	$1.87	$25,432
2026-06-29	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-06-26	P	26,400	$1.89	$49,896
2026-06-16	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-06-15	M	33,334	$1.08	$36,001
2026-06-16	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-06-15	M	(33,334)	—	$-0
2026-04-21	Gillin Ann Lefever	Officer (Chief Operating Officer)	2024-05-07	A	200,000	—	$0
2026-04-08	Holewinski David	Director	2026-01-20	M	25,000	$1.09	$27,250
2026-04-08	Holewinski David	Director	2026-01-20	M	(25,000)	—	$-0
2026-04-08	Henry John Patrick	Director	2026-01-07	M	25,000	$1.09	$27,250
2026-04-08	Henry John Patrick	Director	2026-01-07	M	(25,000)	—	$-0
2026-04-02	Ruffini Stephen C	Director, Officer (Chief Financial Officer)	2026-04-01	M	26,781	—	$0
2026-04-02	Ruffini Stephen C	Director, Officer (Chief Financial Officer)	2026-04-01	F	(7,353)	$2.84	-$20,883
2026-04-02	Ruffini Stephen C	Director, Officer (Chief Financial Officer)	2026-04-01	M	(26,781)	—	$-0
2026-04-02	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-04-01	M	51,968	—	$0
2026-04-02	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-04-01	F	(12,654)	$2.84	-$35,937
2026-04-02	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2026-04-01	M	(51,968)	—	$-0
2026-04-02	Gillin Ann Lefever	Officer (Chief Operating Officer)	2026-04-01	M	23,558	—	$0
2026-04-02	Gillin Ann Lefever	Officer (Chief Operating Officer)	2026-04-01	F	(9,386)	$2.84	-$26,656
2026-04-02	Gillin Ann Lefever	Officer (Chief Operating Officer)	2026-04-01	M	(23,558)	—	$-0
2026-04-02	Bovenschen Orville	Officer (President of Canadian Cannabis)	2026-04-01	M	15,547	—	$0
2026-04-02	Bovenschen Orville	Officer (President of Canadian Cannabis)	2026-04-01	F	(4,118)	$2.84	-$11,695
2026-04-02	Bovenschen Orville	Officer (President of Canadian Cannabis)	2026-04-01	M	(15,547)	—	$-0
2026-04-02	Ruffini Stephen C	Director, Officer (Chief Financial Officer)	2025-04-01	A	89,271	—	$0
2026-04-02	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-04-01	A	173,225	—	$0
2026-04-02	Gillin Ann Lefever	Officer (Chief Operating Officer)	2025-04-01	A	78,525	—	$0
2026-03-26	Bovenschen Orville	Officer (President of Canadian Cannabis)	2026-03-25	S	(50,000)	$2.89	-$144,500
2026-03-23	McLernon John R.	Director	2026-03-19	M	25,000	$1.09	$27,250
2026-03-23	McLernon John R.	Director	2026-03-19	M	(25,000)	—	$-0
2025-12-29	McLernon John R.	Director	2025-12-23	M	65,790	—	$0
2025-12-29	McLernon John R.	Director	2025-12-23	F	(17,168)	$3.61	-$61,976
2025-12-29	McLernon John R.	Director	2025-12-23	M	(65,790)	—	$-0
2025-12-29	Holewinski David	Director	2025-12-23	M	65,790	—	$0
2025-12-29	Holewinski David	Director	2025-12-23	M	(65,790)	—	$-0
2025-12-29	Mahoney Kathleen M	Director	2025-12-23	M	65,790	—	$0
2025-12-29	Mahoney Kathleen M	Director	2025-12-23	M	(65,790)	—	$-0
2025-12-29	Woodward Christopher C.	Director	2025-12-23	M	65,790	—	$0
2025-12-29	Woodward Christopher C.	Director	2025-12-23	F	(17,163)	$3.61	-$61,958
2025-12-29	Woodward Christopher C.	Director	2025-12-23	M	(65,790)	—	$-0
2025-12-29	Henry John Patrick	Director	2025-12-23	M	65,790	—	$0
2025-12-29	Henry John Patrick	Director	2025-12-23	F	(17,168)	$3.61	-$61,976
2025-12-29	Henry John Patrick	Director	2025-12-23	M	(65,790)	—	$-0
2025-12-29	Hauger Carolyn	Director	2025-12-23	M	65,790	—	$0
2025-12-29	Hauger Carolyn	Director	2025-12-23	M	(65,790)	—	$-0
2025-12-19	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-12-19	S	(118,574)	$4.01	-$475,482
2025-12-19	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-12-19	M	(66,666)	—	$-0
2025-12-19	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-12-18	M	100,000	$1.09	$109,000
2025-12-19	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-12-18	F	(28,818)	$4.18	-$120,459
2025-12-19	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-12-18	M	66,666	$1.08	$71,999
2025-12-19	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-12-18	F	(19,274)	$4.18	-$80,565
2025-12-19	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-12-18	S	(200,000)	$4.05	-$810,000
2025-12-19	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-12-18	M	(100,000)	—	$-0
2025-12-10	Bovenschen Orville	Officer (President of Canadian Cannabis)	2025-12-08	S	(61,586)	$3.30	-$203,234
2025-12-03	Bovenschen Orville	Officer (President of Canadian Cannabis)	2025-12-01	S	(65,200)	$3.92	-$255,584
2025-11-21	Hauger Carolyn	Director	2025-11-20	S	(22,000)	$3.75	-$82,500
2025-07-11	Woodward Christopher C.	Director	2025-07-09	A	75,757	—	$0
2025-07-11	McLernon John R.	Director	2025-07-09	A	75,757	—	$0
2025-07-11	Hauger Carolyn	Director	2025-07-09	A	75,757	—	$0
2025-07-11	Henry John Patrick	Director	2025-07-09	A	75,757	—	$0
2025-07-11	Mahoney Kathleen M	Director	2025-07-09	A	75,757	—	$0
2025-07-11	Holewinski David	Director	2025-07-09	A	75,757	—	$0
2025-06-03	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-05-30	P	25,000	$1.21	$30,150
2025-06-02	DEGIGLIO MICHAEL A	Director, Officer (Chief Financial Officer)	2025-05-30	P	25,000	$1.21	$30,150
2025-06-02	Ruffini Stephen C	Director, Officer (Chief Financial Officer)	2025-05-30	P	25,000	$1.21	$30,150
2025-05-30	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-05-29	P	100,000	$1.21	$120,500
2025-05-29	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-05-28	P	25,000	$1.21	$30,250
2025-05-28	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-05-23	P	20,000	$1.25	$24,960
2025-05-23	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-05-21	P	10,000	$1.12	$11,200
2025-05-21	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-05-20	P	30,000	$1.14	$34,131
2025-05-20	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-05-19	P	5,000	$1.03	$5,175
2025-05-20	Ruffini Stephen C	Director, Officer (Chief Financial Officer)	2025-05-16	A	200,000	$0.93	$186,000
2025-05-20	DEGIGLIO MICHAEL A	Director, Officer (Chief Executive Officer)	2025-05-16	P	10,000	$1.04	$10,381
2025-01-03	Mahoney Kathleen M	Director	2024-12-31	A	65,790	—	$0
2025-01-03	McLernon John R.	Director	2024-12-31	A	65,790	—	$0
2025-01-03	Holewinski David	Director	2024-12-31	A	65,790	—	$0
2025-01-03	Henry John Patrick	Director	2024-12-31	A	65,790	—	$0
2025-01-03	Hauger Carolyn	Director	2024-12-31	A	65,790	—	$0
2025-01-03	Woodward Christopher C.	Director	2024-12-31	A	65,790	—	$0
2024-09-27	Ruffini Stephen C	Director, Officer (Chief Financial Officer)	2024-09-26	P	20,000	$0.92	$18,400