Virco Mfg Financials
This page shows Virco Mfg (VIRC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Virco’s cash generation is driven by working-capital swings, and profit is highly sensitive to volume absorption.
Inventory timing, not reported earnings alone, was driving cash conversion: free cash flow swung from-$7.1M to$26.8M even though the business was profitable in both periods. That gap between steadier earnings and volatile cash flow suggests a business whose reported profitability matters, but whose real financial flexibility depends on how much capital gets tied up before sales convert back into cash.
Revenue fell to
The balance sheet now looks underleveraged rather than dependent on lenders, with debt-to-equity at 0.03x and long-term debt only
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Virco Mfg's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Virco Mfg has an operating margin of 1.8%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 36/100, indicating healthy but not exceptional operating efficiency. This is down from 10.5% the prior year.
Virco Mfg's revenue declined 25% year-over-year, from $266.2M to $199.7M. This contraction results in a growth score of 10/100.
Virco Mfg carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Virco Mfg's current ratio of 2.71 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
While Virco Mfg generated -$841K in operating cash flow, capex of $5.9M consumed most of it, leaving -$6.7M in free cash flow. This results in a low score of 32/100, reflecting heavy capital investment rather than weak cash generation.
Virco Mfg's ROE of 2.5% shows moderate profitability relative to equity, earning a score of 38/100. This is down from 20.5% the prior year.
Virco Mfg scores 2.38, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Virco Mfg passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Virco Mfg generates $-0.33 in operating cash flow (-$841K OCF vs $2.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Virco Mfg earns $12.2 in operating income for every $1 of interest expense ($3.7M vs $300K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Virco Mfg generated $199.7M in revenue in fiscal year 2026. This represents a decrease of 25.0% from the prior year.
Virco Mfg's EBITDA was $9.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 70.8% from the prior year.
Virco Mfg reported $2.6M in net income in fiscal year 2026. This represents a decrease of 88.1% from the prior year.
Virco Mfg earned $0.16 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 87.9% from the prior year.
Cash & Balance Sheet
Virco Mfg generated -$6.7M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 125.0% from the prior year.
Virco Mfg held $3.7M in cash against $3.5M in long-term debt as of fiscal year 2026.
Virco Mfg paid $0.10 per share in dividends in fiscal year 2026. This represents an increase of 11.1% from the prior year.
Virco Mfg had 16M shares outstanding in fiscal year 2026. This represents a decrease of 2.0% from the prior year.
Margins & Returns
Virco Mfg's gross margin was 40.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 2.4 percentage points from the prior year.
Virco Mfg's operating margin was 1.8% in fiscal year 2026, reflecting core business profitability. This is down 8.6 percentage points from the prior year.
Virco Mfg's net profit margin was 1.3% in fiscal year 2026, showing the share of revenue converted to profit. This is down 6.8 percentage points from the prior year.
Virco Mfg's ROE was 2.5% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 18.0 percentage points from the prior year.
Capital Allocation
Virco Mfg spent $4.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 5.0% from the prior year.
Virco Mfg invested $5.9M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 7.0% from the prior year.
VIRC Income Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $30.7M+17.3% | $26.2M-45.0% | $47.6M-48.3% | $92.1M+172.8% | $33.8M+18.6% | $28.5M-65.5% | $82.6M-23.8% | $108.4M |
| Cost of Revenue | $18.0M-9.7% | $19.9M-32.6% | $29.5M-42.3% | $51.2M+188.8% | $17.7M-15.6% | $21.0M-54.3% | $45.9M-21.1% | $58.2M |
| Gross Profit | $12.7M+103.0% | $6.3M-65.4% | $18.1M-55.7% | $40.9M+155.1% | $16.0M+115.0% | $7.5M-79.7% | $36.7M-27.0% | $50.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $16.4M+1.1% | $16.2M-18.2% | $19.8M-22.4% | $25.5M+58.3% | $16.1M+3.5% | $15.6M-39.1% | $25.6M-9.7% | $28.3M |
| Operating Income | -$3.7M+63.1% | -$9.9M-486.2% | -$1.7M-111.0% | $15.4M+16452.1% | -$94K+98.8% | -$8.1M-173.1% | $11.1M-49.2% | $21.9M |
| Interest Expense | $106K+2220.0% | -$5K-112.5% | $40K-80.5% | $205K+241.7% | $60K+138.2% | -$157K-554.2% | -$24K-107.5% | $322K |
| Income Tax | -$927K+67.7% | -$2.9M-492.6% | -$484K-112.1% | $4.0M+1421.0% | $262K+112.7% | -$2.1M-171.5% | $2.9M-45.0% | $5.2M |
| Net Income | -$2.8M+60.5% | -$7.0M-430.2% | -$1.3M-113.0% | $10.2M+1291.5% | $732K+112.8% | -$5.7M-168.2% | $8.4M-50.1% | $16.8M |
| EPS (Diluted) | $-0.18 | N/A | $-0.08-112.3% | $0.65+1200.0% | $0.05 | N/A | $0.52-50.0% | $1.04 |
VIRC Balance Sheet
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $175.5M+0.7% | $174.2M-4.1% | $181.5M-8.6% | $198.6M+8.1% | $183.8M-4.3% | $191.9M-8.7% | $210.1M-2.9% | $216.3M |
| Current Assets | $102.3M+3.6% | $98.7M+2.0% | $96.8M-13.5% | $111.9M+18.7% | $94.3M-7.7% | $102.2M-14.5% | $119.5M-4.7% | $125.3M |
| Cash & Equivalents | $3.7M-74.1% | $14.4M-45.7% | $26.5M+915.7% | $2.6M+179.1% | $935K-96.5% | $26.9M-30.9% | $38.9M+400.0% | $7.8M |
| Inventory | $68.3M+20.4% | $56.7M+6.9% | $53.1M-11.3% | $59.9M-19.1% | $74.0M+33.0% | $55.6M+13.7% | $48.9M-16.4% | $58.6M |
| Accounts Receivable | $15.0M+10.6% | $13.6M-1.5% | $13.8M-70.5% | $46.8M+281.3% | $12.3M-5.6% | $13.0M-53.8% | $28.2M-49.8% | $56.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $73.1M+7.1% | $68.2M+0.5% | $67.9M-18.5% | $83.3M+6.5% | $78.2M-5.4% | $82.7M-12.3% | $94.3M-13.1% | $108.5M |
| Current Liabilities | $37.8M+18.2% | $32.0M+31.5% | $24.3M-35.6% | $37.7M+21.0% | $31.2M-9.0% | $34.3M-17.5% | $41.5M-25.2% | $55.5M |
| Long-Term Debt | $3.5M-1.9% | $3.6M-1.9% | $3.7M-1.8% | $3.7M-1.8% | $3.8M-1.7% | $3.9M-1.6% | $3.9M-1.6% | $4.0M |
| Total Equity | $102.4M-3.3% | $105.9M-6.8% | $113.6M-1.5% | $115.4M+9.3% | $105.6M-3.4% | $109.3M-5.7% | $115.9M+7.5% | $107.8M |
| Retained Earnings | -$11.0M-40.3% | -$7.9M-1627.0% | -$456K-136.1% | $1.3M+114.8% | -$8.5M+3.8% | -$8.9M-224.3% | -$2.7M+74.5% | -$10.7M |
VIRC Cash Flow Statement
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.4M+13.6% | -$10.8M-141.9% | $25.8M+705.2% | $3.2M+116.8% | -$19.0M-129.5% | -$8.3M-124.8% | $33.5M+168.3% | $12.5M |
| Capital Expenditures | $699K-9.0% | $768K-39.5% | $1.3M-7.4% | $1.4M-43.9% | $2.4M+162.8% | $930K-62.5% | $2.5M+37.9% | $1.8M |
| Free Cash Flow | -$10.1M+13.3% | -$11.6M-147.2% | $24.5M+1238.7% | $1.8M+108.5% | -$21.5M-132.9% | -$9.2M-129.8% | $31.0M+190.3% | $10.7M |
| Investing Cash Flow | -$699K+9.0% | -$768K+47.1% | -$1.5M-35.4% | -$1.1M+56.1% | -$2.4M-165.4% | -$921K+51.6% | -$1.9M-5.6% | -$1.8M |
| Financing Cash Flow | -$650K-35.1% | -$481K-5.0% | -$458K0.0% | -$458K+89.7% | -$4.5M-60.4% | -$2.8M-492.3% | -$469K+86.8% | -$3.5M |
| Dividends Paid | $394K-0.3% | $395K+0.3% | $394K0.0% | $394K+0.3% | $393K-2.5% | $403K-1.0% | $407K+24.8% | $326K |
| Share Buybacks | $190K | $0 | $0 | $0-100.0% | $4.0M+73.1% | $2.3M | $0 | $0 |
VIRC Financial Ratios
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.4%+17.5pp | 23.9%-14.1pp | 38.0%-6.4pp | 44.4%-3.1pp | 47.5%+21.3pp | 26.2%-18.2pp | 44.4%-1.9pp | 46.3% |
| Operating Margin | -11.9%+26.0pp | -37.9%-34.4pp | -3.5%-20.2pp | 16.7%+17.0pp | -0.3%+28.2pp | -28.5%-42.0pp | 13.5%-6.7pp | 20.2% |
| Net Margin | -9.0%+17.8pp | -26.8%-24.1pp | -2.8%-13.8pp | 11.1%+8.9pp | 2.2%+22.3pp | -20.1%-30.3pp | 10.2%-5.4pp | 15.5% |
| Return on Equity | -2.7%+3.9pp | -6.6%-5.5pp | -1.2%-10.0pp | 8.8%+8.1pp | 0.7%+5.9pp | -5.2%-12.5pp | 7.2%-8.4pp | 15.6% |
| Return on Assets | -1.6%+2.5pp | -4.0%-3.3pp | -0.7%-5.9pp | 5.1%+4.7pp | 0.4%+3.4pp | -3.0%-7.0pp | 4.0%-3.8pp | 7.8% |
| Current Ratio | 2.71-0.4 | 3.09-0.9 | 3.98+1.0 | 2.96-0.1 | 3.02+0.0 | 2.98+0.1 | 2.88+0.6 | 2.26 |
| Debt-to-Equity | 0.030.0 | 0.030.0 | 0.030.0 | 0.030.0 | 0.040.0 | 0.040.0 | 0.030.0 | 0.04 |
| FCF Margin | -32.8%+11.5pp | -44.3%-95.8pp | 51.5%+49.5pp | 2.0%+65.6pp | -63.6%-31.2pp | -32.4%-69.9pp | 37.5%+27.7pp | 9.8% |
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Frequently Asked Questions
What is Virco Mfg's annual revenue?
Virco Mfg (VIRC) reported $199.7M in total revenue for fiscal year 2026. This represents a -25.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Virco Mfg's revenue growing?
Virco Mfg (VIRC) revenue declined by 25% year-over-year, from $266.2M to $199.7M in fiscal year 2026.
Is Virco Mfg profitable?
Yes, Virco Mfg (VIRC) reported a net income of $2.6M in fiscal year 2026, with a net profit margin of 1.3%.
What is Virco Mfg's EBITDA?
Virco Mfg (VIRC) had EBITDA of $9.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Virco Mfg have?
As of fiscal year 2026, Virco Mfg (VIRC) had $3.7M in cash and equivalents against $3.5M in long-term debt.
What is Virco Mfg's gross margin?
Virco Mfg (VIRC) had a gross margin of 40.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Virco Mfg's operating margin?
Virco Mfg (VIRC) had an operating margin of 1.8% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Virco Mfg's net profit margin?
Virco Mfg (VIRC) had a net profit margin of 1.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Virco Mfg pay dividends?
Yes, Virco Mfg (VIRC) paid $0.10 per share in dividends during fiscal year 2026.
What is Virco Mfg's return on equity (ROE)?
Virco Mfg (VIRC) has a return on equity of 2.5% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Virco Mfg's free cash flow?
Virco Mfg (VIRC) generated -$6.7M in free cash flow during fiscal year 2026. This represents a -125.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Virco Mfg's operating cash flow?
Virco Mfg (VIRC) generated -$841K in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Virco Mfg's total assets?
Virco Mfg (VIRC) had $175.5M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Virco Mfg's capital expenditures?
Virco Mfg (VIRC) invested $5.9M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Virco Mfg's current ratio?
Virco Mfg (VIRC) had a current ratio of 2.71 as of fiscal year 2026, which is generally considered healthy.
What is Virco Mfg's debt-to-equity ratio?
Virco Mfg (VIRC) had a debt-to-equity ratio of 0.03 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Virco Mfg's return on assets (ROA)?
Virco Mfg (VIRC) had a return on assets of 1.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Virco Mfg's cash runway?
Based on fiscal year 2026 data, Virco Mfg (VIRC) had $3.7M in cash against an annual operating cash burn of $841K. This gives an estimated cash runway of approximately 53 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Virco Mfg's Altman Z-Score?
Virco Mfg (VIRC) has an Altman Z-Score of 2.38, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Virco Mfg's Piotroski F-Score?
Virco Mfg (VIRC) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Virco Mfg's earnings high quality?
Virco Mfg (VIRC) has an earnings quality ratio of -0.33x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Virco Mfg cover its interest payments?
Virco Mfg (VIRC) has an interest coverage ratio of 12.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Virco Mfg?
Virco Mfg (VIRC) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.