VITLVital Farms, Inc.
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is VITL?
Vital Farms, Inc. earns 0.09% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 8.9 points below what the capital costs: growth destroys value
- Operating margin
- 0.04%
Operating margin · Farm Products median 1.2% · 12 months to Q2 2026
- Share count, year on year
- −6.3%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 28%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 5.7% |
| FY2021 | 0.02% |
| FY2022 | 0.58% |
| FY2023 | 7.0% |
| FY2024 | 10% |
| FY2025 | 12% |
Details›
- Gross margin12 months to Q2 2026
- 28%
- Operating margin12 months to Q2 2026
- 0.04%
- Net margin12 months to Q2 2026
- 0.02%
- Free cash flow margin
- −16%
- Revenue, trailing twelve months
- $766M
- Free cash flow, trailing twelve months
- −$126M
- Net income, trailing twelve months
- $156K
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 0.09%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from VITL and who it buys from, as the companies report it.
- UNFIUnited Natural Foods, Inc.22%
Share of revenue · FY2025 10-K
- Customer B10%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; VITL’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.