Vitreous Glass (VCI) AI Stock Analysis

• Market Cap: C$42.59M
• Dividend Yield: 3.74%
• Average Volume (3M): 2.62K
• Price to Earnings (P/E): 13.0
• Beta (1Y): 0.47
• Revenue Growth: 45.73%
• EPS Growth: 30.99%
• Country: CA
• Employees: N/A
• Sector: General
• Sector Strength: N/A
• Industry: Waste Management
• EPS (TTM): 0.14
• Shares Outstanding: 6,356,050
• 10 Day Avg. Volume: 1,967
• 30 Day Avg. Volume: 2,623
• PEG Ratio: 0.39
• Price to Book (P/B): 7.73
• Price to Sales (P/S): 2.75
• P/FCF Ratio: 11.94
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 81 Outperform
• Price Target: C$8.50 ▲(15.65% Upside)
• Action: Reiterated Date: 02/10/26
• Date: Action: Reiterated 02/10/26

The score is driven primarily by strong financial quality (debt-free balance sheet, high profitability, solid TTM revenue growth, and robust cash generation). Valuation is supportive with a low P/E and solid dividend yield. Technicals are positive but not especially strong, with neutral momentum indicators despite an upward trend.

Positive Factors

Debt-free balance sheet

A debt-free, conservative balance sheet materially reduces financial risk and increases strategic optionality. Over the next 2–6 months this supports funding for capex, M&A or dividends without refinancing risk, and cushions earnings swings, preserving operational resilience.

High profitability & ROE

Sustained gross and net margins alongside exceptionally high ROE indicate durable pricing power and capital efficiency. These fundamentals support strong internal returns, allow reinvestment or shareholder distributions, and imply competitive advantages that remain relevant across quarters.

Strong cash generation

Operating cash flow materially outpacing reported earnings and FCF tracking net income show high cash quality. This provides lasting funding for growth initiatives, working capital and dividends, reducing reliance on external financing and supporting strategic stability.

Negative Factors

Free cash flow volatility

A ~10.8% YoY drop in FCF and historically uneven FCF growth increase operational uncertainty. Persistent variability can constrain steady reinvestment and dividend planning, complicate capital allocation decisions, and reduce predictability for multi-quarter projects.

Uneven revenue growth

Top-line performance has been lumpy with past declines, undermining predictability for capacity, margins and investment timing. Over a 2–6 month horizon this raises execution risk and makes forecasting earnings and cash flows more challenging for management and investors.

Margins below prior peaks

Although margins remain healthy, the decline from prior peak levels suggests cost or pricing pressure. Continued margin compression would erode the company’s high ROE and cash generation, limiting long-term reinvestment capacity and strategic flexibility.

Vitreous Glass Business Overview & Revenue Model

Company Description

Vitreous Glass Inc. cleans, crushes, and sells waste glass to the fiberglass manufacturing industry in Canada. The company offers its products to fiberglass insulation manufacturers for use as furnace ready cullet for use in their production facilities. Vitreous Glass Inc. is headquartered in Airdrie, Canada.

How the Company Makes Money

Vitreous Glass (VCI) generates revenue primarily through the sale of its vitreous glass products, which are sold directly to contractors, architects, and distributors in the construction and design sectors. The company has established key revenue streams from both bulk orders for large-scale projects and individual sales to retail customers. Additionally, VCI has developed strategic partnerships with construction firms and design studios, allowing for co-branded products and exclusive offerings that enhance its market presence. The company also benefits from ongoing maintenance and replacement contracts, providing a steady income from existing installations. Furthermore, VCI invests in marketing efforts to promote its brand and product range, which contributes to increased sales and customer loyalty.

Vitreous Glass Financial Statement Overview

Summary

Strong overall fundamentals: solid revenue growth (~8.4% TTM), high profitability (gross margin ~45%, net margin ~22%), and robust operating margins. The balance sheet is a major strength with no debt and exceptionally high ROE, lowering financial risk. Cash flow is strong with good cash conversion, but free cash flow is down ~10.8% YoY and growth has been uneven, and margins are somewhat below prior peak levels.

Income Statement

TTM (Trailing-Twelve-Months) results show solid top-line momentum (revenue up ~8.4%) with strong profitability: gross margin ~45% and net margin ~22%. Operating profitability remains healthy (EBIT margin ~28–32% across periods), though margins are below the stronger 2021–2024 levels, suggesting some cost/price pressure. Revenue growth has been somewhat uneven historically (including declines in 2022 and 2024), but the current trajectory is improving.

Balance Sheet

The balance sheet is very conservatively positioned with no debt in the latest periods (and only minimal debt historically), which meaningfully reduces financial risk. Equity has grown versus prior years, and returns on equity are exceptionally high (roughly ~63% annual and ~70% TTM), indicating strong earnings power relative to the capital base. The main watch-out is that very high returns can be volatile if earnings normalize, but leverage is not amplifying that risk.

Cash Flow

Cash generation is strong, with operating cash flow running well ahead of reported earnings (about ~2.7x in TTM and the latest annual period), indicating good cash conversion. Free cash flow closely tracks net income (about ~0.93x), supporting earnings quality. The key weakness is growth consistency: TTM free cash flow is down ~10.8% year over year, and historical free cash flow growth has swung meaningfully, implying some variability in reinvestment needs or working-capital movements.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	15.25M	14.07M	9.66M	10.19M	9.62M	12.12M
Gross Profit	7.04M	6.34M	4.96M	5.07M	4.38M	6.31M
EBITDA	4.72M	4.13M	3.32M	3.44M	3.00M	4.49M
Net Income	3.63M	3.14M	2.40M	2.54M	2.17M	3.37M
Balance Sheet
Total Assets	6.38M	6.66M	5.12M	5.41M	5.49M	5.15M
Cash, Cash Equivalents and Short-Term Investments	2.61M	2.89M	1.88M	2.26M	1.74M	2.45M
Total Debt	0.00	0.00	59.45K	80.09K	99.77K	118.53K
Total Liabilities	1.31M	1.67M	1.10M	1.26M	1.24M	985.68K
Stockholders Equity	5.07M	5.00M	4.02M	4.15M	4.26M	4.16M
Cash Flow
Free Cash Flow	2.89M	3.24M	2.18M	3.19M	1.39M	4.41M
Operating Cash Flow	3.40M	3.47M	2.33M	3.27M	1.97M	4.52M
Investing Cash Flow	-509.17K	-234.96K	-152.35K	-87.18K	-580.42K	-108.56K
Financing Cash Flow	-2.86M	-2.23M	-2.56M	-2.66M	-2.10M	-3.48M

Vitreous Glass Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 7.35
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VCI, the sentiment is Neutral. The current price of 7.35 is above the 20-day moving average (MA) of 7.01, above the 50-day MA of 7.05, and above the 200-day MA of 6.21, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 40.88 is Neutral, neither overbought nor oversold. The STOCH value of 0.64 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:VCI.

Vitreous Glass Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VCI	81 Outperform	C$42.59M	13.05	69.72%	3.74%	45.73%	30.99%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
BLM	44 Neutral	C$57.32M	-243.45	-12.79%	―	63.49%	-133.70%
ECM	41 Neutral	C$38.56M	-5.91	5297.73%	―	135.68%	68.99%
ROOF	41 Neutral	C$31.43M	-3.11	―	―	12.06%	-52.13%
CMC	39 Underperform	C$10.85M	-27.19	-352.14%	―	―	-72.78%

Vitreous Glass Corporate Events

Vitreous Glass Inc. Announces Annual Meeting and Governance Updates

Vitreous Glass Inc. has announced its annual general and special meeting of shareholders, scheduled for February 5, 2026, where key agenda items include the election of directors and the adoption of a new governance framework through By-Law Number 2. This new by-law aims to modernize the company’s governance by incorporating updated provisions of the Business Corporations Act (Alberta) and introducing advance notice provisions for director nominations, enhancing the efficiency and transparency of shareholder meetings.

The most recent analyst rating on (TSE:VCI) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Vitreous Glass stock, see the TSE:VCI Stock Forecast page.

Vitreous Glass Grants Deferred Share Units to Director

Vitreous Glass Inc. announced the grant of 745 deferred share units (DSUs) to an independent director as a non-cash settlement for dividends on previously issued DSUs. This move reflects the company’s ongoing commitment to aligning director compensation with shareholder interests, potentially enhancing its governance practices and market perception.

The most recent analyst rating on (TSE:VCI) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Vitreous Glass stock, see the TSE:VCI Stock Forecast page.