A Business at a Glance
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Item 1. Business Designing, producing, and distributing high-value furniture for a diverse family of customers is a 75-year tradition at Virco Mfg. Corporation (“Virco” or the “Company”, or in the first person, “we”, “us” or “our”). Virco was incorporated in California in February 1950 and reincorporated in Delaware in April 1984. Virco started as a local manufacturer of chairs and desks for Los Angeles-area schools, and over the years has become the largest manufacturer and supplier of moveable educational furniture and equipment for the preschool through 12th grade market in the United States. As the market for school furniture has evolved, the Company has developed significant selling and service capabilities. The Company employs interior designers, CAD layout specialists, and project management specialists to support its direct sales force.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 202M | 266M | 269M | 231M | 185M | 153M |
| Net Income | 3.9M | 22M | 22M | 17M | -15M | -2.2M |
| EPS | $0.26 | $1.32 | $1.34 | $1.02 | $-0.95 | $-0.14 |
| Free Cash Flow | -4.3M | 27M | 22M | -7.1M | -3.4M | 5.6M |
| ROIC | 3.2% | 20.3% | 25.0% | 24.4% | -4.1% | 1.1% |
| Gross Margin | 40.8% | 43.1% | 43.1% | 36.9% | 33.0% | 35.9% |
| Debt/Equity | 0.03 | 0.04 | 0.05 | 0.32 | 0.31 | 0.19 |
| Dividends/Share | $0.10 | $0.09 | $0.02 | $0.00 | - | - |
| Operating Income | 5.5M | 28M | 32M | 11M | -2.5M | 735K |
| Operating Margin | 2.7% | 10.5% | 11.8% | 4.6% | -1.4% | 0.5% |
| ROE | 3.4% | 21.6% | 24.0% | 24.3% | -31.9% | -4.1% |
| Shares Outstanding | 16M | 16M | 16M | 16M | 16M | 16M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 201M | 193M | 153M | 185M | 231M | 269M | 266M | 202M |
| Gross Margin | 33.4% | 37.1% | 35.9% | 33.0% | 36.9% | 43.1% | 43.1% | 40.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 2.3M | 5.9M | 735K | -2.5M | 11M | 32M | 28M | 5.5M |
| Op. Margin | 1.2% | 3.1% | 0.5% | -1.4% | 4.6% | 11.8% | 10.5% | 2.7% |
| Net Income | -1.6M | 2.4M | -2.2M | -15M | 17M | 22M | 22M | 3.9M |
| Net Margin | -0.8% | 1.2% | -1.5% | -8.2% | 7.2% | 8.1% | 8.1% | 1.9% |
| Non-Recurring | 1K | -34K | 7K | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 3.0% | 7.2% | 1.1% | -4.1% | 24.4% | 25.0% | 20.3% | 3.2% |
| ROE | -2.8% | 4.3% | -4.1% | -31.9% | 24.3% | 24.0% | 21.6% | 3.4% |
| ROA | -1.3% | 1.7% | -1.8% | -12.0% | 11.0% | 15.0% | 12.8% | 2.1% |
| Cash Flow | ||||||||
| Op. Cash Flow | 2.4M | 9.8M | 7.8M | -401K | -3.8M | 27M | 33M | 1.7M |
| Free Cash Flow | -3.0M | 5.5M | 5.6M | -3.4M | -7.1M | 22M | 27M | -4.3M |
| Owner Earnings | -4.3M | 3.1M | 1.7M | -6.0M | -8.9M | 21M | 27M | -4.4M |
| CapEx | 5.4M | 4.2M | 2.2M | 3.0M | 3.3M | 5.2M | 6.3M | 6.0M |
| Maint. CapEx | 5.8M | 5.8M | 5.1M | 4.6M | 4.5M | 5.1M | 5.7M | 5.7M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 151K | 605K | 326K |
| D&A | 5.8M | 5.8M | 5.1M | 4.6M | 4.5M | 5.1M | 5.7M | 5.7M |
| CapEx/OCF | 228.3% | 43.2% | 27.6% | N/A | N/A | 19.5% | 19.0% | 356.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 930K | 0 | 0 | 0 | 0 | 327K | 1.5M | 1.6M |
| Dividend Yield | 1.3% | N/A | N/A | N/A | N/A | 0.4% | 0.7% | 1.7% |
| Share Buybacks | 265K | 246K | 156K | 176K | 213K | 0 | 3.8M | 3.8M |
| Buyback Yield | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | N/A | 2.1% | 4.0% |
| Stock-Based Comp | 908K | 924K | 1.0M | 1.0M | 612K | 595K | 395K | 395K |
| Debt Repayment | 50M | 44M | 38M | 26M | 42M | 59M | 23M | 23M |
| Balance Sheet | ||||||||
| Net Debt | 21M | 17M | 10M | 15M | 22M | 4.4M | 4.1M | 3.9M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | 16M | 16M | 9.6M | 14M | 14M | 4.1M | 3.9M | 3.9M |
| Debt/Equity | 0.38 | 0.30 | 0.19 | 0.31 | 0.32 | 0.05 | 0.04 | 0.03 |
| Interest Coverage | 1.1 | 2.4 | 0.5 | -2.1 | 5.4 | 11.9 | 79.8 | 79.8 |
| Equity | 57M | 55M | 54M | 47M | 68M | 91M | 109M | 114M |
| Total Assets | 123M | 139M | 125M | 126M | 150M | 146M | 192M | 182M |
| Total Liabilities | 66M | 84M | 71M | 79M | 82M | 55M | 83M | 6.1M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -52M | -50M | -52M | -67M | -51M | -29M | -8.9M | -8.9M |
| Working Capital | 31M | 33M | 29M | 33M | 41M | 50M | 68M | 68M |
| Current Assets | 63M | 58M | 51M | 69M | 89M | 89M | 102M | 102M |
| Current Liabilities | 32M | 25M | 22M | 36M | 49M | 39M | 34M | 34M |
| Per Share Data | ||||||||
| EPS | -0.10 | 0.15 | -0.14 | -0.95 | 1.02 | 1.34 | 1.32 | 0.26 |
| Owner EPS | -0.27 | 0.19 | 0.11 | -0.38 | -0.55 | 1.30 | 1.65 | -0.28 |
| Book Value | 3.53 | 3.45 | 3.40 | 2.98 | 4.20 | 5.58 | 6.66 | 7.21 |
| Cash Flow/Share | 0.15 | 0.61 | 0.49 | -0.03 | -0.23 | 1.65 | 2.02 | 0.61 |
| Dividends/Share | 0.06 | N/A | N/A | N/A | 0.00 | 0.02 | 0.09 | 0.10 |
| Shares Out. | 16.1M | 15.9M | 15.9M | 15.9M | 16.2M | 16.4M | 16.4M | 15.8M |
| Valuation | ||||||||
| P/E Ratio | N/A | 26.9 | N/A | N/A | 4.6 | 9.2 | 8.4 | 23.3 |
| P/FCF | N/A | 11.5 | 7.6 | N/A | N/A | 9.3 | 6.7 | N/A |
| EV/EBIT | 36.9 | 13.6 | 72.8 | N/A | 9.3 | 6.5 | 6.6 | 18.2 |
| Price/Book | 1.1 | 1.2 | 0.8 | 1.0 | 1.1 | 2.2 | 1.7 | 0.8 |
| Price/Sales | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.8 | 0.5 |
| FCF Yield | -4.7% | 8.7% | 13.1% | -7.2% | -9.3% | 10.8% | 14.8% | -4.5% |
| Market Cap | 65M | 64M | 43M | 47M | 77M | 202M | 181M | 96M |
| Avg. Price | 4.30 | 4.08 | 2.51 | 3.27 | 3.68 | 5.64 | 12.83 | 6.06 |
| Year-End Price | 4.00 | 4.03 | 2.70 | 2.97 | 4.74 | 12.35 | 11.03 | 6.06 |
VIRCO MFG CORPORATION passes 6 of 9 quality checks, suggesting mixed fundamentals.
VIRCO MFG CORPORATION trades at 23.3x trailing earnings, compared to its 15-year median P/E of 8.8x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 13.3% with a gross margin of 38.4%. Total shareholder yield (dividends + buybacks) is 5.6%. At current prices, the estimated annualized return to fair value is +36.4%.
VIRCO MFG CORPORATION (VIRC) has a current P/E ratio of 23.3, compared to its historical median P/E of 8.8. The stock is currently considered Expensive based on its historical valuation range.
VIRCO MFG CORPORATION (VIRC) has a 5-year average return on invested capital (ROIC) of 13.3%. This indicates solid capital allocation.
VIRCO MFG CORPORATION (VIRC) has a market capitalization of $96M. It is classified as a small-cap stock.
Yes, VIRCO MFG CORPORATION (VIRC) pays a dividend with a trailing twelve-month yield of 1.66%. The company also returns capital through share buybacks, with a buyback yield of 3.99%.
Based on historical P/E analysis, VIRCO MFG CORPORATION (VIRC) appears expensive. The current P/E of 23.3 is 165% above its historical median of 8.8. The estimated fair value CAGR (P/E method) is 80.5%.
VIRCO MFG CORPORATION (VIRC) operates in the Public Bldg & Related Furniture industry, within the Consumer Cyclical sector.
VIRCO MFG CORPORATION (VIRC) reported annual revenue of $266 million in its most recent fiscal year, based on SEC EDGAR filings.
VIRCO MFG CORPORATION (VIRC) has a net profit margin of 8.1%. This is a modest margin.
VIRCO MFG CORPORATION (VIRC) generated $27 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
VIRCO MFG CORPORATION (VIRC) has a debt-to-equity ratio of 0.04. This indicates a conservatively financed balance sheet.
VIRCO MFG CORPORATION (VIRC) reported earnings per share (EPS) of $1.32 in its most recent fiscal year.
VIRCO MFG CORPORATION (VIRC) has a return on equity (ROE) of 21.6%. This indicates the company generates strong returns for shareholders.
VIRCO MFG CORPORATION (VIRC) has a 5-year average gross margin of 38.4%. This indicates decent pricing power.
The Ledger Terminal provides 7 years of financial data for VIRCO MFG CORPORATION (VIRC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VIRCO MFG CORPORATION (VIRC) has a book value per share of $6.66, based on its most recent annual SEC filing.