Vision Marine Technologies Inc. (VMAR) Key Metrics
VMAR key metrics, FY2018–FY2025
Fiscal year ended August 31, 2025 · Canadian dollarsVMAR returns How much profit the business earns on the capital it uses.
VMAR financial health Debt, liquidity and how easily interest is covered.
VMAR efficiency & capital use Working capital cycle and where the cash goes.
VMAR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VMAR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VMAR cash returned to shareholders
VMAR key metrics in Canadian dollars
FY2018–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||
| Return on equity (ROE) | −516.7% | −258.5% | −128.7% | −47.0% | −87.2% | −672.5% | — | — |
| Return on invested capital (ROIC) | −43.6% | −232.9% | −109.9% | −53.1% | −104.8% | −312.8% | — | — |
| Return on assets (ROA) | −73.0% | −106.5% | −89.5% | −39.9% | −70.5% | −80.0% | 12.0% | −9.5% |
| Return on tangible assets | −42.8% | −179.3% | −210.4% | −72.6% | −52.4% | −61.1% | 12.2% | −9.5% |
| Free cash flow margin | −66.2% | −325.3% | −263.0% | −160.9% | −268.1% | −21.8% | −10.0% | 9.5% |
| Income quality (OCF / net income) | — | — | — | — | — | — | −0.48 | — |
| Financial health | ||||||||
| Total debt | C$33.9M | C$532,526 | C$2.3M | C$2.6M | C$3.0M | C$1.3M | C$435,519 | C$201,466 |
| Cash & short-term investments | C$5.4M | C$46,791 | C$2.5M | C$5.8M | C$18.1M | C$1.3M | −C$8,216 | C$68,368 |
| Net debt | C$28.5M | C$485,735 | −C$189,977 | −C$3.2M | −C$15.1M | −C$42,031 | C$443,735 | C$133,098 |
| Debt / equity | 5.51 | 0.24 | 0.27 | 0.11 | 0.09 | 1.58 | — | — |
| Debt / assets | 0.67 | 0.06 | 0.13 | 0.09 | 0.08 | 0.35 | 0.23 | 0.10 |
| Net debt / EBITDA | — | — | — | — | — | — | 1.21 | 3.67 |
| Current ratio | 1.19 | 1.09 | 0.82 | 4.04 | 7.91 | 1.28 | 0.94 | 0.83 |
| Quick ratio | 0.44 | 0.30 | 0.58 | 3.31 | 7.18 | 1.02 | 0.38 | 0.34 |
| Interest coverage | -12.7 | -66.2 | -142.4 | -69.1 | -104.3 | -20.1 | 9.7 | -0.2 |
| Working capital | C$6.8M | C$524,845 | −C$1.4M | C$8.7M | C$18.6M | C$533,760 | −C$92,765 | −C$311,996 |
| Invested capital | C$34.7M | C$2.7M | C$8.4M | C$20.8M | C$18.4M | C$749,884 | C$311,433 | −C$269,695 |
| Tangible asset value | C$5.8M | C$1.6M | C$740,556 | C$13.6M | C$23.3M | C$791,915 | −C$132,302 | −C$402,793 |
| Net current asset value | −C$1.8M | C$157,966 | −C$3.0M | C$6.5M | C$16.0M | −C$399,117 | −C$680,095 | −C$817,705 |
| Capital allocation | ||||||||
| Share buybacks (net) | — | — | — | — | C$0 | C$0 | C$75 | C$0 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | 0.0% |
| Capex / revenue | 1.6% | 16.0% | 16.5% | 15.9% | 30.8% | 3.3% | 6.1% | 0.1% |
| Capex / operating cash flow | — | — | — | — | — | — | — | 1.4% |
| Capex / depreciation | 0.30 | 0.58 | 0.88 | 1.30 | 2.57 | 0.46 | 5.01 | 0.06 |
| Stock-based compensation / revenue | 4.5% | 10.5% | 20.0% | 35.6% | 204.7% | 55.7% | — | — |
| R&D / revenue | 8.6% | 72.2% | 100.9% | 30.5% | 42.4% | — | — | — |
| SG&A / revenue | 67.7% | 218.1% | 202.4% | 178.6% | 366.9% | 105.9% | 27.4% | 30.6% |
| Efficiency | ||||||||
| Days sales outstanding | 106.6 | 31.3 | 55.2 | 44.8 | 59.7 | 76.4 | 68.5 | 163.3 |
| Days of inventory on hand | 423.9 | 177.0 | 150.5 | 166.0 | 217.2 | 133.3 | 162.6 | 382.1 |
| Days payables outstanding | 117.8 | 115.3 | 78.5 | 53.0 | 101.3 | 95.3 | 75.8 | 192.4 |
| Cash conversion cycle (days) | 412.7 | 93.0 | 127.2 | 157.9 | 175.5 | 114.4 | 155.3 | 352.9 |
| Receivables turnover | 3.42 | 11.66 | 6.61 | 8.15 | 6.12 | 4.78 | 5.33 | 2.24 |
| Payables turnover | 3.10 | 3.17 | 4.65 | 6.89 | 3.60 | 3.83 | 4.82 | 1.90 |
| Inventory turnover | 0.86 | 2.06 | 2.43 | 2.20 | 1.68 | 2.74 | 2.24 | 0.96 |
| Asset turnover | 0.47 | 0.29 | 0.24 | 0.22 | 0.16 | 0.85 | 1.47 | 0.65 |
| Average receivables | C$4.0M | C$322,676 | C$859,442 | C$931,398 | C$568,575 | C$493,182 | C$540,036 | C$578,208 |
| Average payables | C$4.4M | C$2.1M | C$1.0M | C$649,408 | C$575,682 | C$468,589 | C$407,957 | C$469,231 |
| Average inventory | C$15.7M | C$3.2M | C$2.0M | C$2.0M | C$1.2M | C$655,169 | C$875,258 | C$931,706 |
| Intangibles / total assets | 0.7% | 7.6% | 44.1% | 36.0% | 26.4% | 0.0% | 0.0% | 0.0% |
Computed from VMAR's annual financial statements (latest annual report filed November 28, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
VMAR valuation and financial ratios
Vision Marine Technologies earned a return on equity of −516.7% and a return on invested capital of −43.6% in fiscal 2025. It ended the year with C$33.9 million of debt and C$5.4 million in cash and short-term investments, net debt of C$28.5 million.
See the VMAR income statement, the VMAR chart for price history, or the VMAR stock overview for the latest quote and news.
VMAR key metrics FAQ
What is Vision Marine Technologies's return on equity?
Vision Marine Technologies's return on equity (ROE) was −516.7% in fiscal 2025: net income of -C$21.7 million on average shareholders' equity of C$4.2 million.
What is Vision Marine Technologies's ROIC?
Vision Marine Technologies's return on invested capital was −43.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Vision Marine Technologies have?
Vision Marine Technologies had total debt of C$33.9 million at the end of fiscal 2025, a debt-to-equity ratio of 5.51.
What is Vision Marine Technologies's current ratio?
Vision Marine Technologies's current ratio was 1.19 at the end of fiscal 2025: current assets were 1.19 times current liabilities.