# Vital Farms, Inc. (VITL)

> Source: Nexqual · https://nexqual.com/VITL · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Vital Farms, Inc. (VITL), nexqual.com/VITL" · informational, not investment advice.

**Price:** USD 9.14 (-2.87% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 9.41 · day 9.03–9.52 · 52w 7.95–38.64 · market cap $392M · NGM

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $766M, net income $156K (0.0% margin), free cash flow -$126M (SEC filings).
- Valuation: P/E 2515.3x (avg 26.9x at the last 3 fiscal year-ends), EV/EBITDA 40.8x, net debt $8.8M.
- 1 of 80 tracked superinvestors hold VITL (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 11 Form 4 filings, $422K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -76.2% vs S&P 500 +13.4%; 5Y -44.3% vs S&P 500 +76.9%.
- Next earnings: 2026-11-03, EPS estimate USD -0.09, revenue estimate $184M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $261M | $362M | $472M | $606M | $759M | $766M |
| Gross profit | $82.9M | $109M | $162M | $230M | $286M | — |
| Operating income | $52K | $2.1M | $33.3M | $63.6M | $88.4M | $331K |
| Net income | $2.4M | $1.3M | $25.6M | $53.4M | $66.3M | $156K |
| EPS (diluted) | $0.06 | $0.03 | $0.59 | $1.18 | $1.44 | — |
| Free cash flow | $971K | -$18.6M | $39.4M | $36.2M | -$48.2M | -$126M |
| Gross margin | 31.8% | 30.2% | 34.4% | 37.9% | 37.6% | — |
| Operating margin | 0.0% | 0.6% | 7.0% | 10.5% | 11.6% | 0.0% |
| Net margin | 0.9% | 0.3% | 5.4% | 8.8% | 8.7% | 0.0% |
| Revenue growth | +21.8% | +38.8% | +30.3% | +28.5% | +25.3% | — |
| Cash + short-term investments | $31.0M | $12.9M | $84.1M | $151M | $48.8M | — |
| Total debt | — | — | — | — | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 2515.3x · P/S 0.5x · EV/EBITDA 40.8x · EV/Sales 0.5x · P/B 1.4x · FCF yield -32.14% · Earnings yield 0.04% · Net debt $8.8M · EV $401M
P/E at fiscal year-ends: Dec 2025 22.2x, Dec 2024 31.9x, Dec 2023 26.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VITL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $7.0M | Added +13.7% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
11 purchases, $422K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-19 | Van Hoven Reena Chauhan | Chief People Officer | 2,242 | $20K | 8.92 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Flanagan Glenda J | Director | 6,100 | $51K | 8.33 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-15 | Coon Stephanie | Chief Strategy Officer | 5,895 | $50K | 8.42 | Too little history (no open-market trades in 2023) |
| 2026-05-15 | Amoo-Gottfried Kofi Owusu | Director | 2,375 | $20K | 8.45 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Kennedy Kelly J. | Director | 2,500 | $21K | 8.4 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-14 | McKeon Kathryn | CMO and GM, Butter | 604 | $5K | 8.28 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-14 | Cyr William B. | Director | 6,000 | $51K | 8.52 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Pappas Peter Nicholas | CSO and President, Eggs | 3,500 | $30K | 8.51 | Too little history (no open-market trades in 2023) |
| 2026-05-14 | Holland Joseph Michael | Chief Supply Chain Officer | 12,484 | $100K | 8 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13 | Ruiz Gisel | Director | 6,151 | $50K | 8.13 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13 | Post Denny Marie | Director | 3,000 | $25K | 8.23 | Too little history (no open-market trades in 2023) |
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
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Stifel | Target lowered | Hold | $11 → $9 |
| 2026-10-13 | TD Cowen | Target lowered | Hold | $11 → $8 |
| 2026-09-17 | Needham | Reiterated | Buy | $14 |
| 2026-08-08 | DA Davidson | Target lowered | Neutral | $16 → $14 |
| 2026-08-07 | TD Cowen | Target raised | Hold | $10 → $11 |
| 2026-08-07 | Needham | Target raised | Buy | $13 → $14 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -76.2% | -44.3% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -76.3% | -11.1% |
| Volatility (annualized) | 65.5% | 57.8% |
| Max drawdown | -78.7% (Oct 2025→Oct 2026) | -83.6% (Sep 2025→Oct 2026) |

## Peers (Farm Products)
LND (Brasilagro Brazilian Agric Real) USD 3.6 +0.00% · AFRI (Forafric Global PLC) USD 11.82 -2.07% · VFF (Village Farms International, In) USD 2.58 -4.98% · DOLE (Dole plc) USD 13.44 -0.59% · DMC (Del Monte Corporation) USD 29.51 -1.40% · AGRO (Adecoagro S.A.) USD 10.12 +2.95%

## More
Full page: https://nexqual.com/VITL · 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 VITL's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1579733/000119312526073423/vitl-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Kroger (KR) | "The loss of Whole Foods, Kroger or any other large retail customer, or the reduction of purchasing levels or the cancellation of any business from any such customer for an extended length of time, could negatively impact…" |
| Customer | UNITED NATURAL FOODS INC (UNFI) | "We serve the majority of natural channel customers through food distributors, such as United Natural Foods, Inc., or UNFI, which purchase, store, sell and deliver our products to retailer customers." |
| Partner | Albertsons Companies, Inc. (ACI) | "We have reached a broad set of consumers through a variety of retail partners, including Albertsons, Kroger, Publix, Target, Walmart, Sprouts and Whole Foods." |
| Partner | Publix Super Markets | "We have reached a broad set of consumers through a variety of retail partners, including Albertsons, Kroger, Publix, Target, Walmart, Sprouts and Whole Foods." |
| Partner | Target (TGT) | "We have reached a broad set of consumers through a variety of retail partners, including Albertsons, Kroger, Publix, Target, Walmart, Sprouts and Whole Foods." |
| Partner | Walmart (WMT) | "We have reached a broad set of consumers through a variety of retail partners, including Albertsons, Kroger, Publix, Target, Walmart, Sprouts and Whole Foods." |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Eggs & Egg Related Products | $160.4M | 96.6% | -10.1% |
| Butter & Butter Related Products | $5.6M | 3.4% | -11.9% |
| Total revenue | $166.0M | 100% | — |

## Customer concentration

Period ended 2026-06-28: 21%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "Outlook of $775 Million to $800 Million and Adjusted EBITDA Outlook of $0 Million to $10 Million AUSTIN, TX – August 6, 2026 – Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its second quarter ended June 28, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.09 | $-0.07 | +35.8% | $184.5M | 4 |
| Next quarter (ends 2026-12-31) | $0.20 | $0.13 | +58.4% | $228.6M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.38 | $-0.42 | -9.5% | $766.2M | 4 |
| Next fiscal year (ends 2027-12-31) | $0.30 | $0.44 | -33.0% | $821.1M | 4 |