Short answer
VIRCO MFG CORPORATION (VIRC) filed its fiscal 2025 10-K annual report with the SEC on Apr 14, 2025. It reported revenue of $266M (−1.1% year over year) and net income of $22M.
- Top risk flagged: Environmental compliance risk with potential substantial costs under unspecified environmental laws
FY2025 key financial metrics · XBRL
- Revenue
- $266M
- −1.1% YoY
- Net income
- $22M
- −1.2% YoY
- Operating margin
- 10.5%
- −1.4 pp YoY
- Gross margin
- 43.1%
- −0.0 pp YoY
- EPS (diluted)
- $1.32
- −1.5% YoY
- ROE
- 19.8%
- −4.2 pp YoY
- Operating cash flow
- $33M
- +22.9% YoY
Source: XBRL data from the VIRCO MFG CORPORATION (VIRC) FY2025 10-K on SEC EDGAR. USD.
VIRCO MFG CORPORATION FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Design, manufacture, and distribute moveable educational and institutional furniture across U.S. markets
- New product emphasis: Expansion of Healthy Movement line with R2M Sit-to-Stand Workstation and Topaz Series® classroom collection launched
- Strategic shift: Enhanced full-service offerings with “one-stop shopping” for FF&E via product line expansion and third-party purchases
- Notable metric: Approximately 810 full-time employees operating 1.1M sq. ft. fabrication and 1.2M sq. ft. assembly/warehouse facilities
- Lease extension: Five-year lease renewal through Sept 2030 on 560,000 sq. ft. Torrance, CA headquarters and manufacturing facility
Management Discussion & Analysis
- Revenue impacted by $23M disaster recovery orders in FY2025, shipped as $9M (Q1), $4M (Q2), $6M (Q3), $4M (Q4), boosting seasonal sales cycle
- Operating margin not explicitly stated; increased selling prices offset volatile commodity costs in FY2023; cost stability in FY2024 and FY2025 noted
- Education segment primary; shipped ~47%-49% annual revenue in summer months; no explicit segment profit figures provided
- Domestic manufacturing footprint cited as competitive advantage amid tariffs and supply volatility; inventory built to service seasonal demand
- FY2026 outlook: risks from new U.S. tariffs on imports (10%-34%+, steel tariffs 25%), commodity cost volatility, and price increase challenges impacting profitability
Risk Factors
- Environmental compliance risk with potential substantial costs under unspecified environmental laws
- Self-insured product liability exposure up to $250,000 per occurrence for fiscal 2025
- Dependence on insurance market conditions affecting cost-effective coverage availability beyond $30 million limit
- Ongoing product quality and safety programs reducing liability but operational risks remain in manufacturing plants
- No material off-balance sheet arrangements affecting fiscal 2025 financial transparency
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