VersaBank (VBNK) Cash Flow Statement
Where VBNK’s cash came from and went, FY2025
October 31, 2025 · Canadian dollars- Cash from operations
- C$44.5M −83.7% vs FY2024
- Capital expenditures
- C$954,000 0.8% of revenue
- Free cash flow
- C$43.5M 36.2% margin
- Returned to shareholders
- C$12.4M 28% of free cash flow
- Change in cash
- C$356.5M cash at year-end C$581.7M
Cash from operations
C$44.5M
Capital expenditures
−C$954,000
Investments (net)
+C$213.2M
Dividends
−C$3.2M
Share buybacks (net)
−C$9.1M
Net borrowing (repayment)
−C$367,000
Shares issued
+C$114.8M
Currency & other
−C$2.3M
Change in cash
C$356.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VBNK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VBNK cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$46.5MFY2016 | C$44.5MFY2025 | — | |
| Capital expenditures | C$246,000FY2016 | C$954,000FY2025 | +16.3%/yr | |
| Free cash flow | −C$46.7MFY2016 | C$43.5MFY2025 | — | |
| Free cash flow margin | −65.9%FY2016 | 36.2%FY2025 | +102.0 pts | |
| Operating cash flow / net income | −5.49FY2016 | 1.56FY2025 | +7.05 | |
| Stock-based compensation | C$37.7MFY2016 | C$81,000FY2025 | −49.5%/yr | |
| Dividends paid | C$2.2MFY2016 | C$3.2MFY2025 | +4.4%/yr | |
| Share buybacks (net) | C$0FY2020 | C$9.1MFY2025 | — | |
| Capex / revenue | 0.3%FY2016 | 0.8%FY2025 | +0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VBNK cash flow by activity
OperatingInvestingFinancingChange in cash
VBNK net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VBNK cash flow statement in Canadian dollars
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$28.5M | C$39.7M | C$42.2M | C$22.7M | C$22.4M | C$19.4M | C$20.2M | C$18.1M | C$19.5M | C$8.5M |
| Depreciation & amortization | C$3.1M | C$2.6M | C$1.8M | C$1.9M | C$1.7M | C$1.1M | C$721,000 | C$623,000 | C$553,000 | C$776,000 |
| Stock-based compensation | C$81,000 | C$348,000 | C$901,000 | C$1.5M | C$53.6M | C$52.1M | C$51.2M | C$49.9M | C$41.2M | C$37.7M |
| Change in working capital | C$16.6M | C$229.9M | C$12.4M | −C$75.1M | −C$134.3M | C$113.7M | −C$6.0M | −C$39.0M | C$65.4M | −C$58.3M |
| Other non-cash items | −C$3.7M | C$111,000 | C$37.4M | C$16.4M | −C$51.7M | −C$46.8M | −C$46.3M | −C$44.6M | −C$48.7M | −C$35.1M |
| Cash from operating activities | C$44.5M | C$272.7M | C$94.7M | −C$32.7M | −C$108.3M | C$139.6M | C$19.8M | −C$14.9M | C$77.9M | −C$46.5M |
| Investing activities | ||||||||||
| Capital expenditures | −C$954,000 | −C$18.6M | −C$362,000 | −C$581,000 | −C$14,000 | −C$245,000 | −C$242,000 | −C$993,000 | −C$2.2M | −C$246,000 |
| Investments (net) | C$213.2M | −C$157.6M | −C$28.1M | −C$141.0M | −C$953,000 | C$10.0M | C$10.0M | −C$9.8M | C$9.6M | — |
| Acquisitions & other investing | C$0 | C$18.6M | C$362,000 | C$0 | −C$7.5M | C$0 | −C$10.0M | C$0 | −C$283,000 | C$12.3M |
| Cash from investing activities | C$212.3M | −C$157.6M | −C$28.1M | −C$141.6M | −C$8.4M | C$9.8M | −C$242,000 | −C$10.8M | C$7.1M | C$12.0M |
| Financing activities | ||||||||||
| Dividends paid | −C$3.2M | −C$3.6M | −C$3.6M | −C$3.7M | −C$3.8M | −C$4.3M | −C$3.7M | −C$3.0M | −C$2.2M | −C$2.2M |
| Share repurchases & issuance (net) | −C$9.1M | −C$14.6M | −C$13.3M | −C$1.9M | −C$16.8M | C$0 | — | — | — | — |
| Net borrowing (repayment) | −C$367,000 | −C$5.7M | −C$700,000 | −C$642,000 | C$78.8M | −C$24.9M | −C$5.1M | −C$5.1M | −C$14.8M | — |
| Shares issued | C$114.8M | C$607,000 | C$280,000 | C$0 | C$73.2M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$0 | C$0 | C$0 | C$0 | C$0 | −C$1.7M | −C$1.4M | C$3.7M | −C$2.0M | C$3.5M |
| Cash from financing activities | C$102.0M | −C$23.3M | −C$17.3M | −C$6.3M | C$131.4M | −C$30.9M | −C$10.2M | −C$4.5M | −C$19.0M | C$1.3M |
| Summary | ||||||||||
| Net change in cash | C$356.5M | C$93.0M | C$43.7M | −C$182.9M | C$13.9M | C$118.5M | C$9.4M | −C$30.1M | C$65.9M | −C$33.1M |
| Cash at end of period | C$581.7M | C$225.3M | C$132.2M | C$88.6M | C$271.5M | C$257.6M | C$139.1M | C$129.8M | C$159.9M | C$94.0M |
| Free cash flow | C$43.5M | C$254.1M | C$94.4M | −C$33.2M | −C$108.3M | C$139.3M | C$19.5M | −C$15.9M | C$75.6M | −C$46.7M |
| Free cash flow margin | 36.2% | 227.6% | 39.7% | −25.1% | −114.4% | 161.7% | 22.1% | −19.6% | 105.6% | −65.9% |
| Capex / revenue | 0.8% | 16.6% | 0.2% | 0.4% | 0.0% | 0.3% | 0.3% | 1.2% | 3.1% | 0.3% |
| Operating cash flow / net income | 1.56 | 6.86 | 2.25 | −1.44 | −4.84 | 7.19 | 0.98 | −0.82 | 4.00 | −5.49 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | C$10.2M | C$7.5M | C$11.1M | C$5.2M | C$6.6M | C$8.5M | C$8.1M | C$5.5M | C$9.7M | C$11.8M | C$12.7M | C$12.5M |
| Depreciation & amortization | C$1.2M | C$947,000 | C$939,000 | C$902,000 | C$727,000 | C$728,000 | C$744,000 | C$842,000 | C$586,000 | C$632,000 | C$574,000 | C$435,000 |
| Stock-based compensation | C$11,000 | C$0 | C$0 | C$6,000 | C$0 | C$0 | C$75,000 | C$72,000 | C$72,000 | C$72,000 | C$132,000 | C$174,000 |
| Change in working capital | C$34.6M | −C$57.0M | C$43.7M | C$68.7M | C$182.3M | −C$100.5M | −C$104.2M | C$135.3M | C$94.7M | C$29.8M | −C$29.9M | C$34.0M |
| Other non-cash items | −C$90.7M | C$4.3M | −C$96,000 | −C$25.4M | −C$6.1M | −C$8.2M | C$6.2M | C$11.6M | −C$18.2M | C$8.3M | −C$1.6M | C$24.8M |
| Cash from operating activities | −C$44.7M | −C$44.3M | C$55.6M | C$49.4M | C$183.6M | −C$99.4M | −C$89.1M | C$153.3M | C$86.9M | C$50.6M | −C$18.1M | C$71.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$187,046 | −C$5.5M | −C$170,000 | −C$290,000 | −C$57,000 | −C$731,000 | −C$1.5M | −C$103,000 | −C$2.3M | −C$351,000 | −C$16.0M | −C$12,000 |
| Investments (net) | −C$32.0M | −C$4.6M | −C$20.1M | C$77.2M | −C$57.6M | C$57.6M | C$135.3M | −C$153.0M | −C$51.9M | C$28.8M | C$18.6M | −C$27.8M |
| Acquisitions & other investing | C$650,046 | −C$8.1M | C$8.5M | C$0 | C$57,000 | C$731,000 | C$1.5M | C$103,000 | C$2.3M | C$351,000 | C$16.0M | C$12,000 |
| Cash from investing activities | −C$31.6M | −C$18.2M | −C$11.8M | C$76.9M | −C$57.6M | C$57.6M | C$135.3M | −C$153.0M | −C$51.9M | C$28.8M | C$18.6M | −C$27.8M |
| Financing activities | ||||||||||||
| Dividends paid | −C$817,944 | −C$802,000 | −C$799,000 | −C$802,000 | −C$807,000 | −C$813,000 | −C$813,000 | −C$897,000 | −C$897,000 | −C$897,000 | −C$897,000 | −C$897,000 |
| Share repurchases & issuance (net) | — | — | — | −C$2.7M | −C$5.4M | — | — | −C$14.6M | C$0 | C$0 | C$0 | −C$280,000 |
| Net borrowing (repayment) | −C$186,000 | −C$174,000 | −C$204,000 | −C$198,000 | −C$209,000 | C$223,000 | −C$183,000 | −C$195,000 | −C$184,000 | — | — | −C$173,000 |
| Shares issued | C$3.7M | C$1.9M | C$2.0M | C$583,000 | C$0 | C$0 | C$114.9M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | C$8,944 | C$0 | C$0 | −C$1.1M | C$0 | −C$690,000 | C$0 | C$607,000 | C$0 | −C$5.2M | −C$177,000 | C$560,000 |
| Cash from financing activities | C$2.7M | C$915,000 | C$967,000 | −C$4.1M | −C$6.4M | −C$1.3M | C$113.9M | −C$15.1M | −C$1.1M | −C$6.1M | −C$1.1M | −C$790,000 |
| Summary | ||||||||||||
| Net change in cash | −C$78.1M | −C$59.8M | C$46.3M | C$121.4M | C$120.1M | −C$46.5M | C$161.4M | −C$22.7M | C$49.2M | C$71.3M | −C$4.7M | C$44.5M |
| Cash at end of period | C$490.0M | C$568.2M | C$628.0M | C$581.7M | C$460.3M | C$340.2M | C$386.7M | C$225.3M | C$248.0M | C$198.8M | C$127.5M | C$132.2M |
| Free cash flow | C$35.6M | −C$49.8M | C$55.5M | C$49.1M | C$183.6M | −C$98.7M | −C$90.5M | C$153.4M | C$84.6M | C$50.3M | −C$34.1M | C$71.9M |
| Free cash flow margin | 91.2% | −58.1% | 66.0% | 61.4% | 242.3% | −135.1% | −120.1% | 202.8% | 114.8% | 68.4% | −47.7% | 104.1% |
| Capex / revenue | 0.5% | 6.4% | 0.2% | 0.4% | 0.1% | 1.0% | 1.9% | 0.1% | 3.2% | 0.5% | 22.4% | 0.0% |
| Operating cash flow / net income | −4.40 | −5.88 | 5.03 | 9.49 | 27.89 | −11.66 | −10.94 | 27.79 | 8.96 | 4.28 | −1.43 | 5.76 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
VBNK cash generation
In fiscal 2025 (ended October 31, 2025), VersaBank generated C$44.5 million of cash from operations (down 83.7%) and spent C$1.0 million on capital expenditures, leaving free cash flow of C$43.5 million, 36.2% of revenue. It returned C$12.4 million to shareholders through dividends (C$3.2 million) and net share buybacks (C$9.1 million). Cash and equivalents rose by C$356.5 million over the year.
Related: VBNK income statement, VBNK balance sheet, VBNK dividend history. See the VBNK stock overview for the latest quote and news.
VBNK cash flow FAQ
What is VersaBank's free cash flow?
VersaBank's free cash flow was C$43.5 million in fiscal 2025: C$44.5 million of operating cash flow minus C$1.0 million of capital expenditures It was C$254.1 million a year earlier..
How much cash does VersaBank generate from operations?
VersaBank generated C$44.5 million of cash from operating activities in fiscal 2025, 1.56 times its net income of C$28.5 million.
How much does VersaBank spend on capital expenditures?
VersaBank spent C$1.0 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with C$18.6 million the year before.
How much stock does VersaBank buy back?
VersaBank spent C$9.1 million on net share repurchases in fiscal 2025.
How much does VersaBank pay in dividends?
VersaBank paid C$3.2 million in dividends in fiscal 2025, 7.4% of free cash flow.