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Beverages - Non-alcoholic · Consumer Defensive · Fiscal year ends Dec 31
Vita Coco reported revenue of $610M in the fiscal year ended Dec 2025, up 18.2% from the year before. Operating income was $83M, an operating margin of 13.5%, and net income was $71M. Operating cash flow of $47M less capital expenditure of $8M left free cash flow of $39M. It held more cash than debt (net cash $197M).
Ranks among the 12 beverages - non-alcoholic companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 380 | 428 | 494 | 516 | 610 |
| Cost of revenue | 266 | 324 | 313 | 317 | 387 |
| Gross profit | 113 | 103 | 181 | 199 | 223 |
| Research & development | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 |
| Selling, general & admin | 88.6 | 100 | 124 | 125 | 140 |
| Operating income | 24.6 | 3.1 | 56.5 | 73.8 | 82.5 |
| Interest expense | 0.4 | 0.3 | 0.0 | 0.0 | – |
| Pre-tax income | 24.2 | 10.8 | 57.9 | 70.8 | 93.0 |
| Income tax | 5.2 | 3.0 | 11.3 | 14.8 | 21.7 |
| Net income | 19.0 | 7.8 | 46.6 | 56.0 | 71.3 |
| Diluted EPS | 0.35 | 0.14 | 0.79 | 0.94 | 1.19 |
| Diluted shares | 54.2 | 56.1 | 58.7 | 59.3 | 60.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 28.7 | 19.6 | 133 | 165 | 197 |
| Receivables | 47.2 | 43.4 | 50.1 | 63.5 | 81.5 |
| Inventory | 75.4 | 84.1 | 50.8 | 83.6 | 111 |
| Current assets | 173 | 175 | 263 | 341 | 421 |
| Net PP&E | 2.5 | 2.1 | 2.1 | 2.4 | 9.3 |
| Goodwill | 7.8 | 7.8 | 7.8 | 7.8 | 7.8 |
| Total assets | 197 | 198 | 286 | 362 | 461 |
| Payables | 28.3 | 15.9 | 21.8 | 30.8 | 25.5 |
| Current liabilities | 74.0 | 54.3 | 82.6 | 103 | 116 |
| Long-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 74.3 | 56.7 | 83.2 | 104 | 130 |
| Shareholders' equity | 123 | 141 | 202 | 259 | 332 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −16.2 | −10.9 | 107 | 42.9 | 47.2 |
| Capital expenditure | 0.6 | 1.0 | 0.6 | 1.0 | 8.1 |
| Free cash flow | −16.7 | −11.9 | 107 | 41.9 | 39.0 |
| Depreciation & amortisation | 2.1 | 1.9 | 0.7 | 0.7 | 1.1 |
| Stock-based compensation | 3.4 | 7.4 | 9.1 | 8.9 | 10.8 |
| Share buybacks | 50.0 | 0.0 | 0.8 | 12.0 | 11.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.7% | 15.4% | 4.5% | 18.2% |
| Operating income growth (YoY) | – | −87.6% | 1749.2% | 30.7% | 11.8% |
| EPS growth (YoY) | – | −60.0% | 464.3% | 19.0% | 26.6% |
| Gross margin | 29.8% | 24.2% | 36.6% | 38.5% | 36.5% |
| Operating margin | 6.5% | 0.7% | 11.4% | 14.3% | 13.5% |
| Net margin | 5.0% | 1.8% | 9.4% | 10.8% | 11.7% |
| Return on equityBlank when equity is negative | 15.4% | 5.5% | 23.0% | 21.6% | 21.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.9% | 2.1% | 27.8% | 28.5% | 23.9% |
| Free cash flow margin | −4.4% | −2.8% | 21.6% | 8.1% | 6.4% |
| Cash conversion (CFO ÷ net income) | −0.85x | −1.40x | 2.30x | 0.77x | 0.66x |
| Receivable days | 45 | 37 | 37 | 45 | 49 |
| Inventory days | 103 | 95 | 59 | 96 | 105 |
| Payable days | 39 | 18 | 25 | 35 | 24 |
| Interest cover | 68.3x | 11.8x | 1822x | – | – |
| Debt ÷ equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −28.6 | −19.6 | −133 | −165 | −197 |
| Current ratio | 2.34x | 3.22x | 3.18x | 3.30x | 3.62x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.