Latest Ratios: P/E Ratio 7.3x · EV/EBITDA 4.2x · ROE 11.3%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $225M | $440M | $86M | $83M | $119M | $527M | $624M | $319M | $144M | $238M | $38M |
| Enterprise Value | $183M | $398M | $109M | $120M | $164M | $540M | $677M | $349M | $170M | $270M | $78M |
| P/E Ratio → | 7.30 | 13.52 | — | — | — | — | 53.37 | — | — | — | — |
| P/S Ratio | 1.04 | 2.04 | 0.26 | 0.29 | 0.41 | 1.97 | 3.67 | 2.21 | 0.96 | 1.50 | 0.24 |
| P/B Ratio | 0.77 | 1.42 | 0.33 | 0.26 | 0.37 | 1.24 | 3.04 | 2.52 | 1.43 | 2.94 | 0.56 |
| P/FCF | 7.15 | 13.97 | 802.49 | — | — | — | 287.73 | — | — | 150.21 | 5.81 |
| P/OCF | 4.53 | 8.85 | 8.30 | 15.57 | — | — | 109.81 | — | — | 72.61 | 4.34 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.84 | 0.32 | 0.42 | 0.56 | 2.01 | 3.98 | 2.41 | 1.13 | 1.70 | 0.50 |
| EV / EBITDA | 4.17 | 9.08 | — | — | — | 135.96 | — | — | 486.64 | 42.10 | 10.12 |
| EV / EBIT | 6.67 | 11.67 | — | — | — | — | 68.61 | — | — | — | — |
| EV / FCF | — | 12.62 | 1016.12 | — | — | — | 312.46 | — | — | 170.09 | 11.98 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 40.6% | 14.1% | 17.3% | 9.4% | 16.9% | 6.4% | -5.1% | 5.9% | 9.0% | 8.5% |
| Operating Margin | 12.7% | 12.7% | -7.0% | -5.6% | -15.2% | -3.3% | -8.4% | -19.9% | -4.5% | -0.7% | -0.3% |
| Net Profit Margin | 15.0% | 15.0% | -10.7% | -12.2% | -34.5% | -3.4% | 6.8% | 1.6% | -3.4% | 2.4% | -1.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | -12.3% | -10.9% | -27.2% | -2.9% | 7.0% | 2.0% | -5.7% | 5.1% | -3.0% |
| ROA | 8.0% | 8.0% | -8.4% | -7.5% | -19.6% | -2.0% | 4.3% | 1.4% | -3.4% | 2.8% | -1.5% |
| ROIC | 7.4% | 7.4% | -5.5% | -3.3% | -8.4% | -1.9% | -5.2% | -15.3% | -4.2% | -0.8% | -0.3% |
| ROCE | 7.9% | 7.9% | -6.6% | -4.1% | -10.0% | -2.2% | -6.4% | -19.4% | -5.2% | -1.0% | -0.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.18 | 0.21 | 0.19 | 0.16 | 0.37 | 0.33 | 0.38 | 0.48 | 0.67 |
| Debt / EBITDA | 0.88 | 0.88 | — | — | — | 16.58 | — | — | 108.99 | 6.03 | 5.91 |
| Net Debt / Equity | — | -0.14 | 0.09 | 0.12 | 0.14 | 0.03 | 0.26 | 0.24 | 0.26 | 0.39 | 0.59 |
| Net Debt / EBITDA | -0.97 | -0.97 | — | — | — | 3.13 | — | — | 74.84 | 4.92 | 5.21 |
| Debt / FCF | — | -1.35 | 213.64 | — | — | — | 24.73 | — | — | 19.87 | 6.17 |
| Interest Coverage | 12.60 | 12.60 | -10.09 | -5.07 | -28.00 | -3.35 | 4.80 | -5.63 | -2.45 | -0.87 | -0.20 |
Net cash position: cash ($81M) exceeds total debt ($39M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.64 | 2.64 | 1.86 | 2.10 | 1.84 | 2.72 | 1.41 | 2.48 | 2.63 | 2.20 | 1.90 |
| Quick Ratio | 1.93 | 1.93 | 1.01 | 1.02 | 0.86 | 1.65 | 0.76 | 1.76 | 1.68 | 1.31 | 1.08 |
| Cash Ratio | 1.39 | 1.39 | 0.40 | 0.42 | 0.23 | 0.83 | 0.30 | 0.54 | 0.51 | 0.36 | 0.27 |
| Asset Turnover | — | 0.51 | 0.86 | 0.61 | 0.63 | 0.47 | 0.48 | 0.79 | 0.94 | 1.11 | 1.15 |
| Inventory Turnover | 3.09 | 3.09 | 5.43 | 3.01 | 3.77 | 3.24 | 3.41 | 9.54 | 6.28 | 8.33 | 8.83 |
| Days Sales Outstanding | — | 39.68 | 36.91 | 39.43 | 43.23 | 50.94 | 50.18 | 64.31 | 54.74 | 30.51 | 25.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.7% | 7.4% | — | — | — | — | 1.9% | — | — | — | — |
| FCF Yield | 14.0% | 7.2% | 0.1% | — | — | — | 0.3% | — | — | 0.7% | 17.2% |
| Buyback Yield | 1.3% | 0.7% | 0.0% | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.3% | 0.7% | 0.0% | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $121M | $111M | $109M | $89M | $82M | $61M | $51M | $44M | $39M | $39M |
Commodity price and regulatory
According to current market data, VFF trades at a P/E of 7.00 and a P/S of 1.00, suggesting that investors are pricing the firm as a low-growth agricultural entity rather than a high-growth cannabis participant, potentially overlooking the optionality inherent in its extensive North American greenhouse footprint.
The forward P/E of 12.00 implies a market expectation of earnings recovery, yet the current P/B of 0.73 indicates that the market remains skeptical of the book value of its fixed assets. This valuation gap warrants further investigation into whether the market is correctly discounting the potential for U.S. regulatory shifts to unlock the value of the Texas-based greenhouse assets.
Based on reported figures, the company's ROIC has struggled to maintain positive momentum, fluctuating between -2.9% and 4.6% over the last ten quarters, which suggests that the firm is still in the process of optimizing its capital-intensive greenhouse infrastructure for consistent, long-term value creation.
The inconsistency in ROIC appears to be driven by the volatility in net margins rather than asset turnover, which has remained relatively stable. Investors should monitor whether management can sustain the higher ROIC levels observed in 2025Q3 as the company continues to navigate the cyclicality of the Canadian cannabis market.
As reported in recent financial statements, the cash conversion cycle has remained elevated, peaking at 139 days in 2026Q1, which reflects the inherent challenges of managing inventory across both perishable produce and regulated cannabis products within a highly competitive and seasonally sensitive North American agricultural landscape.
The high days inventory outstanding (DIO) of 132 days in the most recent quarter suggests that inventory management remains a critical bottleneck for cash flow. This inefficiency appears to be a structural byproduct of the company's dual-segment model, which requires holding significant stock to meet provincial cannabis demand and retail produce contracts.
According to the latest balance sheet data, the company maintains a disciplined debt-to-equity ratio of 0.13, which is significantly lower than many of its Canadian cannabis peers and provides a robust liquidity cushion to navigate ongoing market volatility and potential regulatory shifts in the cannabis sector.
The interest coverage ratio of 9.64 in 2026Q1 suggests that debt service remains comfortable, even during periods of operational stress. This conservative capital structure appears to be a deliberate management choice to avoid the dilutive financing traps that have forced several competitors into insolvency over the past few years.
As indicated by the company's unique business model, the most commonly misapplied metric is the P/E ratio, which fails to account for the significant non-cash swings caused by IFRS-mandated biological asset adjustments that distort the true underlying earning power of the firm's agricultural and cannabis operations.
Analysts should prioritize adjusted EBITDA and operating cash flow over net income-based multiples to bypass these accounting complexities. Relying on standard P/E ratios likely obscures the company's actual operational progress, as these non-cash adjustments can create artificial volatility that does not reflect the firm's ability to generate cash from its greenhouse assets.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying VFF stock.
Village Farms International, Inc.'s current P/E ratio is 7.3x. The historical average is 15.2x. This places it at the 29th percentile of its historical range.
Village Farms International, Inc.'s current EV/EBITDA is 4.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.8x.
Village Farms International, Inc.'s return on equity (ROE) is 11.3%. The historical average is 2.8%.
Based on historical data, Village Farms International, Inc. is trading at a P/E of 7.3x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Village Farms International, Inc. has 40.6% gross margin and 12.7% operating margin. Operating margin between 10-20% is typical for established companies.
Village Farms International, Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.