VHI (VHI) financial statements
VHI reported revenue of $2.1B in fiscal 2025, up 3.5% a year over 9 years.
Net income was -$58M and the operating margin 3.0%, against 7.8% in 2016.
Free cash flow was -$82M, and the company returned $9M in dividends.
The diluted share count fell 92% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VHI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.9B | $1.8B | $1.9B | $1.8B | $2.3B | $2.2B | $1.9B | $2.1B | $2.1B |
| Cost of revenue | $1.2B | $1.3B | $1.2B | $1.5B | $1.4B | $1.7B | $1.7B | $1.7B | $1.7B | $1.8B |
| Gross profit | $308M | $613M | $609M | $435M | $412M | $580M | $490M | $245M | $424M | $295M |
| Research and development | $13M | $19M | $16M | $17M | $16M | $17M | $16M | $18M | $14M | $17M |
| Selling, general and admin | $233M | $263M | $310M | $294M | $284M | $312M | $304M | $277M | $256M | $312M |
| Operating income | $119M | $380M | $371M | $193M | $186M | $319M | $239M | $34M | $211M | $63M |
| Interest expense | $58M | $59M | $56M | $41M | $36M | $32M | $28M | $28M | $50M | $57M |
| Pre-tax income | $40M | $292M | $236M | $105M | $101M | $258M | $170M | -$20M | $244M | -$43M |
| Income tax | $19M | -$120M | -$31M | $26M | $16M | $60M | $37M | -$25M | $83M | $12M |
| Net income | -$16M | $208M | $262M | $49M | $55M | $127M | $87M | -$10M | $108M | -$58M |
| EPS (diluted) | -$0.05 | $0.61 | $9.20 | $1.73 | $1.94 | $4.46 | $3.06 | -$0.35 | $3.79 | -$2.02 |
| Diluted shares | 342M | 342M | 28M | 28M | 28M | 28M | 28M | 28M | 28M | 28M |
| Gross margin | 20.3% | 32.6% | 33.5% | 22.9% | 22.3% | 25.3% | 22.1% | 12.8% | 20.2% | 14.2% |
| Operating margin | 7.8% | 20.2% | 20.4% | 10.2% | 10.1% | 13.9% | 10.8% | 1.8% | 10.0% | 3.0% |
| Net margin | -1.0% | 11.0% | 14.4% | 2.6% | 3.0% | 5.5% | 3.9% | -0.5% | 5.1% | -2.8% |
Balance sheet
Fiscal years, from VHI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $164M | $439M | $502M | $526M | $523M | $701M | $554M | $463M | $350M | $217M |
| Inventory | $359M | $398M | $516M | $522M | $538M | $459M | $641M | $596M | $686M | $660M |
| Total current assets | $837M | $1.3B | $1.4B | $1.4B | $1.5B | $1.7B | $1.6B | $1.5B | $1.5B | $1.3B |
| Property, plant and equipment | $516M | $589M | $564M | $563M | $590M | $564M | $524M | $517M | $723M | $752M |
| Goodwill | $380M | $380M | $380M | $380M | $380M | $380M | $380M | $380M | $382M | $382M |
| Total assets | $2.4B | $2.9B | $2.7B | $2.8B | $2.9B | $3.0B | $2.8B | $2.7B | $2.8B | $2.6B |
| Total current liabilities | $294M | $331M | $351M | $322M | $318M | $464M | $493M | $507M | $644M | $449M |
| Long-term debt | $889M | $1.0B | $798M | $789M | $786M | $650M | $558M | $546M | $484M | $591M |
| Total liabilities | $2.0B | $2.1B | $1.7B | $1.8B | $1.9B | $1.8B | $1.5B | $1.5B | $1.4B | $1.3B |
| Shareholders' equity | $201M | $424M | $635M | $640M | $682M | $830M | $959M | $950M | $1.0B | $1.0B |
| Net debt | $730M | $606M | $298M | $266M | $268M | -$48M | $79M | $139M | $136M | $377M |
Cash flow
Fiscal years, from VHI's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80M | $259M | $166M | $177M | $152M | $460M | $35M | $4M | $44M | -$36M |
| Capital spending | $59M | $71M | $61M | $60M | $66M | $64M | $68M | $48M | $31M | $47M |
| Free cash flow | $21M | $188M | $104M | $117M | $87M | $396M | -$33M | -$45M | $13M | -$82M |
| Dividends paid | $27M | $27M | $27M | $27M | $14M | $9M | $9M | $9M | $9M | $9M |
| Share buybacks (net) | — | — | — | -$3M | -$1M | -$2M | -$4M | -$3M | — | — |
| Net borrowing | $3M | $148M | -$13M | $4M | -$58M | -$102M | -$62M | -$30M | -$102M | -$110M |
| Free cash flow margin | 1.4% | 10.0% | 5.7% | 6.2% | 4.7% | 17.2% | -1.5% | -2.3% | 0.6% | -4.0% |
| Dividends per share | $0.08 | $0.08 | $0.95 | $0.95 | $0.48 | $0.32 | $0.32 | $0.32 | $0.32 | $0.32 |
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Open VHI in InvestinglyQuestions
What was VHI's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does VHI generate?
-$82M in fiscal 2025 (operating cash flow minus capital spending).
From VHI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.