# Village Farms International, Inc. (VFF)

> Source: Nexqual · https://nexqual.com/VFF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Village Farms International, Inc. (VFF), nexqual.com/VFF" · informational, not investment advice.

**Price:** USD 2.71 (-1.45% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2.75 · day 2.68–2.75 · 52w 1.81–4.99 · market cap $331M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $231M, net income $22.7M (9.8% margin), free cash flow -$429K (SEC filings).
- Valuation: P/E 14.6x (avg 13.3x at the last 1 fiscal year-ends), net cash $33.0M.
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $207K; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 5.83 (range 4.5–8).
- Total return with dividends: 1Y -14.2% vs S&P 500 +14.9%; 5Y -65.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.05, revenue estimate $64.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $268M | $294M | $163M | $196M | $216M | $231M |
| Gross profit | $45.2M | $27.5M | $48.0M | $45.8M | $87.7M | — |
| Net income | -$9.1M | -$101M | -$34.8M | -$35.9M | $32.4M | $22.7M |
| EPS (diluted) | -$0.11 | -$1.13 | -$0.32 | -$0.32 | $0.27 | — |
| Free cash flow | -$61.2M | -$34.2M | $1.7M | $3.2M | $39.9M | -$429K |
| Gross margin | 16.9% | 9.4% | 29.4% | 23.4% | 40.6% | — |
| Net margin | -3.4% | -34.5% | -21.3% | -18.3% | 15.0% | 9.8% |
| Revenue growth | +57.6% | +9.5% | -44.4% | +20.1% | +10.2% | — |
| Cash + short-term investments | $53.4M | $16.7M | $30.3M | $24.6M | $81.2M | — |
| Total debt | $67.3M | $60.1M | $48.1M | $40.6M | $33.7M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.6x · P/S 1.4x · EV/Sales 1.3x · P/B 1.1x · FCF yield -0.13% · Earnings yield 6.85% · Net cash $33.0M · EV $298M
P/E at fiscal year-ends: Dec 2025 13.3x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $207K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-22 | Woodward Christopher C. | Director | 10,000 | $31K | 3.06 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-22 | Degiglio Michael A | Chief Executive Officer | 35,000 | $101K | 2.89 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-26…2026-06-29 | Degiglio Michael A | Chief Executive Officer | 40,000 | $75K | 1.88 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 5.83 (low 4.5, high 8).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.2% | -65.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.3% | -19.0% |
| Volatility (annualized) | 61.0% | 74.9% |
| Max drawdown | -56.0% (Dec 2025→Jun 2026) | -94.3% (Nov 2021→Apr 2025) |

## Peers (Farm Products)
AFRI (Forafric Global PLC) USD 12.07 +0.84% · VITL (Vital Farms, Inc.) USD 9.41 +15.18% · DOLE (Dole plc) USD 13.52 +3.13% · DMC (Del Monte Corporation) USD 29.93 +7.28% · AGRO (Adecoagro S.A.) USD 9.83 +3.69% · CALM (Cal-Maine Foods, Inc.) USD 63.83 +5.31%

## More
Full page: https://nexqual.com/VFF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VFF's own 10-K filed 2026-03-12 (https://www.sec.gov/Archives/edgar/data/1584549/000119312526104189/vff-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Rose LifeScience | "Rose is a leading vertically integrated, branded cannabis producer, supplier and commercialization expert in the Province of Quebec and is the Quebec operational unit of our Canadian cannabis segment." |
| Customer | Pure Sunfarms | "While the over production of cannabis has been curtailed more recently by Pure Sunfarms and Rose, due to the shelf life of cannabis there is no assurance that Pure Sunfarms or Rose LifeScience would be able to generate s…" |
| Partner | VF Clean Energy | "We have completed the transition of our VFCE operation to a renewable natural gas facility in partnership with Atlanta-based Terreva Renewables." |
| Partner | Leli Holland | "In addition, in 2024 we commenced the Delta RNG Project through our partnership with Terreva Renewables, and we completed construction of one of our operations of the Dutch cannabis facilities owned by Leli." |
| Partner | Amended and Restated | "However, given the capital structure of the Vanguard arrangement, we apply the Hypothetical Liquidation Book Value ("HLBV") method to determine the allocation of profits and losses since our liquidation rights and priori…" |
| Partner | Vanguard Food | "However, given the capital structure of the Vanguard arrangement, we apply the Hypothetical Liquidation Book Value ("HLBV") method to determine the allocation of profits and losses since our liquidation rights and priori…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Cannabis Business | $53.5M | 83.7% | +5.3% | — | — |
| Cannabis | $53.5M | 83.7% | +5.3% | $12.1M | 22.6% |
| All Other Segments | $10.5M | 16.3% | +15.4% | $2.0M | 19.0% |
| Produce Business | $10.2M | 15.9% | +18.8% | — | — |
| Energy Business | $269,000 | 0.4% | -44.3% | — | — |
| Total revenue | $64.0M | 100% | — | $11.2M | 17.4% |
The lines above cover 200% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| International Sales | $20.9M | 32.7% | +74.4% |
| Total revenue | $64.0M | 100% | — |
The lines above cover 32.7% of total revenue.

## Company outlook (8-K filed 2026-08-10)

- "The Delta 2 expansion is expected to yield approximately 15 metric tonnes of dried, trimmed flower during the second half of 2026."
- "The Delta 2 expansion is expected to ramp to its full production capacity of 40 metric tonnes by mid-2027, bringing total production capacity from the Delta campus to approximately 160 metric tonnes of dried, trimmed flower annually."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.05 | +0.0% | $64.4M | 3 |
| Next quarter (ends 2026-12-31) | $0.05 | $0.06 | -11.1% | $64.5M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.16 | $0.20 | -20.0% | $242.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.23 | $0.25 | -8.0% | $291.6M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±23.1%; last 8 reports averaged ±19.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 91.0% | ±23.1% |
| 2026-12-18 | 56 | 70.5% | ±21.3% |
| 2027-01-15 | 84 | 58.7% | ±25.0% |
| 2027-03-19 | 147 | 63.1% | ±34.3% |
| 2027-06-17 | 237 | 63.3% | ±43.5% |