MeritValue

Village Farms International, Inc.

VFFdata completeness 100%9 fiscal years on file
The thesis, from the filings

Village Farms International, Inc. earns about -5% on invested capital, below its ~9% cost of capital, but has diluted owners by 44% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.59 and $0.63 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$268M1$293.6M2$163.1M3$195.9M3$215.9M3
Net income−$9.08M4−$101.1M5−$34.8M6−$35.9M6$32.4M6
Operating cash flow−$39.6M7−$19.9M8$5.32M8$10.3M8$58.1M9
Capital expenditure$21.7M10$14.3M11$3.6M12$7.17M12$18.2M12
Free cash flow (derived)−$61.2M7−$34.2M8$1.71M8$3.18M8$39.9M9
Total debt$129.1M13$113.6M14$96.1M15$81.1M16$67.3M16
Cash & equivalents$53.4M17$16.7M18$30.3M19$24.6M20$81.2M20
Diluted shares82.2M89.1M108.7M111.4M118.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$25.3
your share of equity
Profit it earned you last year
$2.74
Free cash flow it threw off
$3.37
Debt you’d be carrying
$5.68

10 shares is a claim on $25.3 of net worth that earned you $2.74 and generated $3.37 of cash last year, against $5.68 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 -2%FY22 -18%FY23 -5%FY24 -9%FY25 8%

It earned about -5% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+44% shares · 5y

Share count is up 44% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 48% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 2 estimate methods that apply put fair value between $0.59 and $0.63 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$0.63
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$3.18M
DCF · Growth Exit 5Y
$0.59
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$3.18M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$3.92
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.59
The three cases
Bear0.0%$0.5
Base5.0%$0.59
Bull10.0%$0.7

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-076842 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-038326 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-104189 (Revenues)
  4. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-076842 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-038326 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-104189 (NetIncomeLoss)
  7. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-076842 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-038326 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-12-31 · accession 0001193125-26-104189 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K/A · period ending 2021-12-31 · accession 0000950170-24-076842 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-038326 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-104189 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-007006 (LongTermDebtNoncurrent)
  14. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-076842 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-038326 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-104189 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-007006 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-076842 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-038326 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-104189 (CashAndCashEquivalentsAtCarryingValue)