olivLaw · US equity research
Vital Farms, Inc. VITL
Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)
Vital Farms sells pasture-raised shell eggs and butter sourced from a distributed network of small farms that follow high animal welfare standards. In 2026 the company is working through an industry-wide oversupply, with quarterly revenue falling and supply control measures in place, and its fiscal 2026 net revenue outlook of 775 to 800 million USD would still imply growth of at least 5 percent.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Vital Farms, Inc. (VITL) stock was 10.50 USD (+4.79% on the day), with market capitalisation 450.8 m USD, beta 0.52, 52-week range 8.16–35.67 USD. Latest reported quarter (Q3 2026): revenue of 182.2 m USD (−8.4% YoY), net income of -6.5 m USD (−139.3% YoY), diluted EPS -0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.3
- strong (55–70)
- Bollinger (20, 2)
- 7.90 – 10.25
- above the upper band · %B 1.11 · band width 25.9%
- SMA 50 / 200
- 9.72 / 13.72
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.5% | −1.1% | +14.6 pp | — |
| 3 months | −14.2% | −0.5% | −13.8 pp | — |
| 6 months | −12.5% | +4.4% | −16.9 pp | — |
| Year to date | −67.1% | +12.3% | −79.4 pp | — |
| 1 year | −71.9% | +13.5% | −85.4 pp | −44.5% |
| 3 years | −9.9% | +76.4% | −86.3 pp | −72.2% |
| 5 years | −36.6% | +63.7% | −100.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 166.0 m | 162.2 m | 184.8 m | 198.9 m | 213.6 m | 187.2 m | 166.0 m | 182.2 m |
| Cost of revenue | 106.1 m | 99.7 m | 113.0 m | 124.0 m | 137.1 m | 134.1 m | 155.1 m | 140.0 m |
| Gross profit | 59.9 m | 62.5 m | 71.8 m | 75.0 m | 76.4 m | 53.0 m | 10.9 m | 42.1 m |
| SG&A | 37.4 m | 31.9 m | 39.0 m | 44.4 m | 44.1 m | 44.4 m | 40.4 m | 38.1 m |
| Operating income | 13.0 m | 21.8 m | 23.8 m | 21.4 m | 21.4 m | -2.3 m | -40.1 m | -7.7 m |
| Depreciation & amortisation | 2.3 m | 2.2 m | 2.4 m | 2.0 m | 2.6 m | 2.6 m | 2.3 m | 2.9 m |
| Interest expense | 239.0 k | 234.0 k | 218.0 k | 213.0 k | 208.0 k | 190.0 k | 421.0 k | 2.9 m |
| Pre-tax income | 14.3 m | 22.3 m | 24.5 m | 22.0 m | 22.4 m | -1.9 m | -40.8 m | -9.2 m |
| Income tax | 3.7 m | 5.4 m | 7.9 m | 5.6 m | 6.1 m | -337.0 k | -9.7 m | -2.8 m |
| Net income | 10.6 m | 16.9 m | 16.6 m | 16.4 m | 16.3 m | -1.5 m | -31.1 m | -6.5 m |
| Diluted EPS | 0.23 ≈ | 0.37 | 0.36 | 0.36 | 0.35 ≈ | -0.03 | -0.72 | -0.15 |
| Operating cash flow | 14.8 m | 5.3 m | -761.0 k ≈ | 23.4 m ≈ | 5.8 m | -18.6 m | -27.4 m ≈ | -8.5 m ≈ |
| Capex | 18.2 m | 3.1 m | 6.9 m ≈ | 34.0 m ≈ | 37.9 m | 20.8 m | 16.7 m ≈ | 14.3 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | — | 20.0 m | 15.2 m ≈ | -150.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 106.7 m | 140.7 m | 214.3 m | 260.9 m | 362.1 m | 471.9 m | 606.3 m | 759.4 m |
| Revenue YoY | unavailable | +31.9% | +52.3% | +21.8% | +38.8% | +30.3% | +28.5% | +25.3% |
| Net income | 5.8 m | 2.4 m | 8.8 m | 2.4 m | 1.3 m | 25.6 m | 53.4 m | 66.3 m |
| Net income YoY | unavailable | −58.9% | +269.0% | −72.4% | −48.5% | +1,943.6% | +108.8% | +24.2% |
| Diluted EPS | 0.16 | 0.07 | 0.27 | 0.06 | 0.03 | 0.59 | 1.18 | 1.44 |
| Diluted EPS YoY | unavailable | −56.3% | +285.7% | −77.8% | −50.0% | +1,866.7% | +100.0% | +22.0% |
| net % | 5.4% | 1.7% | 4.1% | 0.9% | 0.3% | 5.4% | 8.8% | 8.7% |
| Free cash flow | 9.5 m | -10.2 m | 1.2 m | 971.0 k | -18.6 m | 39.4 m | 36.2 m | -48.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 28 Dec 2025
- Cash
- 48.8 m USD
- Financial debt
- 0 USD
- Net debt
- -48.8 m USD
- Equity
- 351.3 m USD
- Total assets
- 518.7 m USD
- Debt / equity
- 0.00x
- Current ratio
- 2.16x
- ROE
- 21.4%
- ROA
- 15.1%
- FCF margin
- -6.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 214.3 m | 260.9 m | 362.1 m | 471.9 m | 606.3 m | 759.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 139.8 m | 178.0 m | 252.6 m | 309.5 m | 376.4 m | 473.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 74.5 m | 82.9 m | 109.4 m | 162.3 m | 229.9 m | 285.7 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 47.4 m | 57.9 m | 77.2 m | 101.7 m | 133.9 m | 159.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 12.2 m | 52.0 k | 2.1 m | 33.3 m | 63.6 m | 88.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 2.6 m | 3.5 m | 5.4 m | 7.9 m | 9.3 m | 9.3 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 14.8 m ≈ | 3.6 m ≈ | 7.5 m ≈ | 41.2 m ≈ | 72.8 m ≈ | 97.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 488.0 k | 52.0 k | 114.0 k | 782.0 k | 1.0 m | 874.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 11.7 m | 354.0 k | 2.8 m | 32.2 m | 67.5 m | 91.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 2.8 m | -2.0 m | 1.6 m | 6.6 m | 14.2 m | 25.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 8.8 m | 2.4 m | 1.3 m | 25.6 m | 53.4 m | 66.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.27 | 0.06 | 0.03 | 0.59 | 1.18 | 1.44 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 32.9 m | 43.3 m | 43.5 m | 43.3 m | 45.1 m | 46.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 29.5 m | 31.0 m | 12.9 m | 84.1 m | 150.6 m | 48.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 20.9 m | 26.9 m | 38.9 m | 39.7 m | 54.3 m | 67.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 12.9 m | 10.9 m | 26.8 m | 32.9 m | 23.7 m | 66.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 137.3 m | 141.3 m | 149.6 m | 195.5 m | 246.0 m | 262.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 30.1 m | 44.6 m | 59.2 m | 66.8 m | 84.5 m | 160.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 3.9 m | 3.9 m | 3.9 m | 3.9 m | 3.9 m | 3.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 171.4 m | 189.9 m | 214.7 m | 275.2 m | 359.3 m | 518.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 15.5 m | 22.5 m | 26.0 m | 33.5 m | 38.6 m | 55.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 03 Nov 2026verified |
| Long-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 06 Aug 2026verified |
| Current liabilities | 25.9 m | 38.0 m | 47.7 m | 65.2 m | 78.5 m | 121.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 29.0 m | 38.2 m | 56.3 m | 82.5 m | 90.0 m | 167.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 142.2 m | 151.6 m | 158.3 m | 192.7 m | 269.3 m | 351.3 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 11.5 m | 17.7 m | -8.1 m | 50.9 m | 64.8 m | 33.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 10.3 m | 16.7 m | 10.5 m | 11.5 m | 28.6 m | 82.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 1.2 m ≈ | 971.0 k ≈ | -18.6 m ≈ | 39.4 m ≈ | 36.2 m ≈ | -48.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -77.7 m | -18.4 m | -10.0 m | 22.4 m | -7.0 m | -134.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 94.4 m | 2.2 m | 83.0 k | -2.1 m | 8.7 m | -1.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 450.8 m USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -7.7% | 58 (vs peers) | 20% |
| Net margin · Quality | -3.0% | 58 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 28.0% | 100 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | 263.4% | 100 (on a fixed band) | 16% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -7.7x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -30.7% | 0 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet25/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality58/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Vital Farms, Inc. (VITL). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 759.4 m USD in 2025; YoY growth 25.3%; net margin -3.0%; ROE -7.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 28.0%
- EPS CAGR 3Y: 263.4%
What contradicts it
- Interest coverage: -7.7x
- FCF yield: -30.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Food and Kindred Products (SIC 2000) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDLZMondelez International, Inc. | 85.3 bn | 21.2 | 15.5% | 10.2% | +5.8% | +17% / −5% |
| CAGConagra Brands, Inc. | 7.3 bn | — | -24.9% | -17.0% | −2.9% | −14% / −46% |
| CPBThe Campbell’s Company | 6.9 bn | 17.8 | 10.4% | 4.1% | −5.0% | −24% / −42% |
| OTLYOatly Group AB | 5.1 bn | — | -247.9% | -17.7% | +4.7% | −34% / −55% |
| BYNDBeyond Meat, Inc. | 3.7 bn | — | — | 111.7% | −15.6% | −76% / −97% |
| STKHSteakholder Foods Ltd. | 2.3 bn | — | -266.3% | -112,470.0% | unavailable | −95% / −100% |
| FLOFlowers Foods Inc | 1.5 bn | 27.3 | 4.0% | 1.1% | unavailable | −34% / −66% |
| BRBRBellRing Brands, Inc. | 1.2 bn | 7.2 | — | 7.3% | +16.1% | −67% / −81% |
| SMPLThe Simply Good Foods Company | 1.2 bn | — | -9.6% | -11.5% | −6.5% | −32% / −66% |
| VITLVital Farms, Inc. | 450.8 m | — | -7.4% | -3.0% | +25.3% | −72% / −10% |
| UCFICN Healthy Food Tech Group Corp. | 287.8 m | 36.7 | 39.2% | 24.6% | +144.6% | −46% / unavailable |
| BGSB&G Foods, Inc. | 208.9 m | — | -15.8% | -4.0% | unavailable | −44% / −72% |
| CHSNChanson International Holding | 131.0 m | 112.0 | 0.5% | 1.0% | +0.2% | −99% / −100% |
| SOWGSow Good Inc. | 44.4 m | — | -346.4% | — | unavailable | −75% / −98% |
| MLECMoolec Science SA | 32.7 m | — | -86.4% | -130.0% | +521.5% | −86% / −100% |
| LSFLaird Superfood, Inc. | 26.9 m | — | -22.9% | -3.4% | +15.2% | −12% / +129% |
| BOFBranchOut Food Inc. | 25.9 m | — | -202.6% | -56.8% | +113.3% | −45% / +8% |
| BRLSBorealis Foods Inc. | 24.7 m | — | — | -56.5% | +8.2% | −38% / −90% |
| HAINThe Hain Celestial Group, Inc. | 13.7 m | — | -96.8% | -22.5% | −13.2% | −86% / −99% |
| NOMDNomad Foods Limited | — | — | 5.3% | 4.5% | −2.2% | +2% / −22% |
| DDCDDC Enterprise Limited | — | — | -124.4% | -123.3% | +4.6% | −96% / −100% |
1- and 3-year price returns: for VITL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Vital Farms sells pasture-raised shell eggs and butter sourced from a distributed network of small farms that follow high animal welfare standards. In 2026 the company is working through an industry-wide oversupply, with quarterly revenue falling and supply control measures in place, and its fiscal 2026 net revenue outlook of 775 to 800 million USD would still imply growth of at least 5 percent.
SWOT
Strengths
- The brand is associated with transparency and ethical standards, and the company has close relationships with an extensive network of small farms and automated processing capacity 1.
- The company holds top positions in its category with several major retailers and says consumers are loyal to the brand 1.
- The capital structure was strengthened through new credit facilities, providing flexibility for pricing and growth strategy 3.
Weaknesses
- Heavy dependence on shell eggs leaves the company exposed to price and volume declines in that category 1.
- 2026 results show net losses and very low gross margins, with negative operating cash flow in the first half of the year 23.
- Fixed costs and capital spending on new farms and facilities increased the financial burden, and the company made workforce reductions 2.
Opportunities
- Household penetration remains far below the category level, which could support growth if the brand wins new consumers 1.
- Additional channels such as convenience, drugstore and club could add growth 1.
- If the oversupply eases, a recovery in prices and retail velocities could improve margins in the second half of the year 3.
Risks
- Dependence on shell eggshigh
Most revenue comes from one category, so declines in volume or price there would weigh heavily on financial results 1.
- Oversupply and price pressurehigh
Industry oversupply and price gaps with competitors have led to net losses and very low margins in the second quarter of 2026 23.
- Poultry diseasemedium
Avian influenza and egg drop syndrome outbreaks could reduce supply and push prices, and the authorities' response remains uncertain 1.
- Liquidity and debtmedium
Negative operating cash flow and limited liquidity at the end of the quarter mean the new credit facilities could be important for funding 3.
- Execution of capacity plansmedium
Halting Vital Crossroads and pausing accelerator farms could affect long-term growth capacity if demand recovers faster than expected 2.
Investment thesis
What would need to be true (bull case)
- If oversupply eases and prices stabilize, gross margin could recover in the second half of the year, supported by lower fixed costs and the new credit facilities 3.
- The brand remains the leading pasture-raised egg brand and grew its dollar share of the category, which could indicate consumer loyalty even in difficult conditions 13.
- Low household penetration of the brand could offer long-term room for growth if distribution and innovation strategies work 1.
What would break the thesis
- If oversupply persists, price pressure could continue and lead to further losses and weaker margins than expected 23.
- Dependence on one category and a limited number of retailers and distributors could amplify the impact of any demand or supply shock 1.
- If capital spending on new farms and facilities does not translate into production and sales, the financial burden could grow further 12.
What to watch
- Evolution of retail prices and velocities amid industry oversupplyQ3 2026
- Quarterly results including gross margin and Adjusted EBITDA against the guidance of 0 to 10 million USDQ3 2026
- Execution of the accelerator farm pause and the halt of Vital Crossroads, and effects on capital expenditure2026
- Status of avian influenza and tariffs, and their impact on the supply chainnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Vital Farms, Inc. aspires to become America's most trusted food company, and its products are shell eggs and butter sourced through a distributed supply chain of small farms that uphold high animal welfare standards 1. Founded in 2007 in Austin, Texas, the company is a Delaware public benefit corporation and a Certified B Corporation 1. In 2026 it announced the wind-down of its butter business and a pause on new accelerator farms amid oversupply 23.
The operating model relies on buy-sell contracts with farmers, under which the farmer funds working capital and investments, while the company is contractually obligated to purchase all eggs produced at an agreed price 1. Egg Central Station in Springfield, Missouri, is central to the supply chain, and the company had been building a second facility, Vital Crossroads, in Seymour, Indiana, which it now intends to halt by the end of 2026 12.
Products are sold through broker, distributor and retail networks, and the company says it drives growth through brand awareness, distribution expansion and product innovation, possibly including new categories 1. A structural risk remains the concentration in shell eggs, which account for the vast majority of revenue 1.
Segments
Shell eggs
Shell eggs are the founding product and accounted for 93 percent of net revenue in fiscal 2025 1. The range includes True Blues and Restorative Eggs, and in 2026 the segment was hit by declining retail velocities and industry oversupply 12.
Butter
Butter was launched as a premium, artisanal product complementary to eggs 1. The company later announced the wind-down of this business, with exit costs reported in the second quarter of 2026 3.
Hard-boiled and liquid whole eggs
Hard-boiled eggs and liquid whole eggs were launched as product extensions for ready-to-eat snacking and processed egg usage 1. These lines are smaller and are not quantified in the supplied sources.
Market context
In 2026 the market entered a phase of industry-wide oversupply with sharp category-wide price declines, which changed the competitive dynamics and could prolong margin pressure 3.
Trends
- Demand for ethically produced foodtailwind
The company says consumers are moving toward natural, traceable and ethically produced food, which could support premium pricing if the shift persists 1.
- Industry-wide oversupplyheadwind
Excess egg supply and price gaps with competing products reduced retail velocities, leading to higher sales through breaker and wholesale channels at lower prices 2.
- Avian influenza and other poultry diseasesmixed
Outbreaks of avian influenza and egg drop syndrome have affected some farms and created supply and price swings, and a broader impact could affect the supply chain 1.
- Tariffs and input costsheadwind
Tariffs on imports, particularly for butter and certain equipment, along with inflationary pressures could raise costs, and the treatment of refunds for invalidated tariffs remains unclear 1.
Competitive position
The company presents itself as the leading U.S. brand of pasture-raised eggs and the second-largest U.S. egg brand by retail dollar sales, but it also competes with conventional eggs and private-label products 1. Amid oversupply, prices across the whole category fell sharply, intensifying competitive pressure 3.
Differentiation rests on brand, welfare standards and retailer relationships, but price pressure could erode the premium advantage if price gaps remain wide 12.
- Conventional egg producers
Conventional eggs from large producers compete directly on price, especially during periods of oversupply, as the company itself describes 12.
- Retailer private-label brands
Private-label and economy brands can attract consumers during economic uncertainty, a risk the company flags 1.
- Other pasture-raised and free-range egg producers
The specialty egg segment including pasture-raised and free-range products has grown quickly in retail sales 1.
- Large retailers with their own brands
Retailer concentration and the loss of a significant customer could affect sales, since the company depends on a few large retail partners 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Stocks making the biggest moves midday: Workday, Generac, Vital Farms, Vicor, Tower Semi & moreCNBC — Top News · 17 Sept 2026 · EN
- Vital Farms shares rally as investors weigh possible saleYahoo Finance — News · 17 Sept 2026 · EN
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (amendment)03 Nov 2026Exit or disposal costs · Financial statements and exhibits
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report (amendment)17 Aug 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report17 Aug 2026Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Material agreement · Termination of a material agreement · Results of operations · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report16 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Exit or disposal costs · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-28 · SEC / Vital Farms, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / Vital Farms, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Vital Farms, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.