Virco Mfg. Corporation (VIRC) Stock Research Report

A vertically integrated K‑12 furniture pure‑play trading below book value, positioned for a bond-funded demand rebound after a post-stimulus earnings trough.

Executive Summary

Virco Mfg. Corporation is the leading U.S. manufacturer and distributor of movable furniture and equipment for the educational market, especially K‑12, with a 75+ year operating history and a highly vertically integrated model spanning design, domestic manufacturing, logistics, and installation. It sells through direct district relationships, an authorized dealer network, and its PlanSCAPE project-management offering that helps schools plan and execute full-campus furniture rollouts. FY2026 net sales were $199.65M (down 25% from FY2025’s $266.2M record), largely reflecting post-COVID demand normalization and the absence of ~$23M of non-recurring disaster recovery shipments that benefited the prior year. Despite the decline, revenue remains well above the pre-pandemic baseline (e.g., ~$152.8M in FY2021), suggesting a higher post-pandemic “floor.” The investment debate centers on whether FY2026 represents a temporary trough versus structural erosion. Virco’s domestic footprint (2.3M sq ft across Torrance, CA and Conway, AR), contract positioning, and lead-time advantage support the cyclical-trough view, while a large pipeline of municipal bond-funded school refurbishments (with 2025 bond issuance ~$82B) provides a plausible multi-year demand catalyst as funds move from approval to expenditure.

Full Research Report

Virco Mfg. Corporation (VIRC) Investment Analysis:

1. Executive Summary

Virco Mfg. Corporation stands as the United States' premier manufacturer and distributor of movable furniture and equipment for the educational market, particularly within the K-12 segment.[1, 2] With a corporate history spanning over 75 years, the organization has established a dominant presence in classrooms, cafeterias, laboratories, and administrative offices across the nation.[2, 3] The company operates through a highly vertically integrated business model, controlling the entire process from design and domestic manufacturing to logistical distribution and final installation.[1, 4] This integrated structure serves as a critical differentiator in a market characterized by extreme seasonal fluctuations and specialized shipping requirements.[1, 5]

The entity generates revenue through three primary channels: direct sales to school districts, sales through a nationwide network of authorized dealers, and a suite of project management services known as PlanSCAPE®.[5, 6] Its product portfolio is extensive, featuring thousands of stock-keeping units (SKUs) that include ergonomic student seating, collaborative learning desks, heavy-duty laboratory stations, and mobile folding tables.[7, 8] In the fiscal year ending January 31, 2026, the organization reported net sales of \$199.65 million, representing a 25.0% decline from the previous year's record-high of \$266.2 million.[4, 5] This contraction was primarily a result of the normalization of demand following a period of post-COVID stimulus spending and the completion of non-recurring, large-scale disaster recovery orders that bolstered results in the prior fiscal period.[3, 9]

The primary customer base for the company includes public school districts (which account for the vast majority of volume), private and parochial schools, community colleges, and trade schools.[10, 11] Geographically, the organization is centered in the United States, utilizing 2.3 million square feet of manufacturing and distribution infrastructure in Torrance, California, and Conway, Arkansas.[1, 2] Customers choose this organization over international importers and diversified furniture giants due to its superior lead times, domestic manufacturing reliability, and the comprehensive nature of its service-led sales model.[1, 12] As school districts nationwide face aging infrastructure and evolving pedagogical needs—such as the shift toward STEM/STEAM learning environments—the company is strategically positioned to capitalize on a multi-year pipeline of municipal bond-funded refurbishments.[13, 14]

2. Business Drivers & Strategic Overview

The economic engine of the organization is driven by its ability to manage the intersection of domestic manufacturing efficiency and complex municipal procurement cycles. To understand the strategic positioning, one must examine the specific mechanics of what is being sold, the structural barriers protecting the market, and the competitive dynamics currently in play.

Product and Service Detail: Infrastructure for Learning

The organization does not merely sell furniture; it provides the physical infrastructure for instructional delivery. Its product lines are categorized into series that serve distinct aesthetic and functional niches:

  • ZUMA® and Sage™ Series: These represent the core seating and desk lines. The ZUMA series is characterized by its ergonomic, flexible polypropylene shells that accommodate various student sizes and movements, while Sage offers a more traditional, heavy-duty aesthetic for high-traffic environments.[8, 15]
  • Collaborative Learning Systems: Products like the ZHEX hexagon student desks are designed to be nested into clusters, facilitating group work and project-based learning. These are increasingly relevant as schools shift away from lecture-based instruction toward interactive modalities.[15, 16]
  • Specialized Environments: The company provides stand-up height activity tables, lab stools, and storage solutions for Science, Technology, Engineering, and Math (STEM) labs, as well as mobile bench tables and Civitas® stools for modernizing school cafeterias and common areas.[8, 16]
  • PlanSCAPE® Service: This is a proprietary project management solution that transforms the company from a hardware vendor into a strategic partner. PlanSCAPE professionals assist administrators in designing layouts, selecting products that match specific curriculum goals, and managing the logistics of outfitting entire new campuses.[6, 17]

Moat Analysis: Barriers to Entry

The organization possesses a formidable competitive moat rooted in three primary areas: vertical integration, economic shipping thresholds, and contractual dominance.

  • Vertical Integration and Control: By controlling the "order-to-cash" cycle, the company manages everything from raw material conversion to "last-mile" installation. This minimizes reliance on third-party carriers and allows the company to offer lead times of approximately one month, compared to four months for overseas competitors.[1, 4] This speed is a critical competitive advantage when school opening dates are non-negotiable.
  • The "Price/Cube" Threshold: A unique structural barrier protects the domestic market. School furniture is generally bulky and has a relatively low price point per unit of volume (often below \$30 per cubic foot).[1] Consequently, the cost of trans-oceanic shipping frequently exceeds the manufacturing cost of the item, making it economically unfeasible for Chinese or Southeast Asian manufacturers to compete effectively in the heavy furniture segment without domestic assembly hubs.[1, 12]
  • Contractual "Sticky" Revenue: The company is a pre-approved vendor on major national and state procurement contracts, such as OMNIA Partners (formerly U.S. Communities). These contracts allow school districts to bypass the costly and time-consuming public bid process, effectively locking in a vast network of recurring customers.[6, 18] Approximately 80% of customers place follow-on orders annually, creating an annuity-like revenue stream.[1]

TAM / Market Opportunity Analysis

The global school furniture market was valued at approximately \$4.75 billion in 2025 and is projected to reach \$8.44 billion by 2034, with a CAGR of 6.66%.[19] In the United States, the market is estimated to be approximately \$2.08 billion to \$2.15 billion by the late 2020s.[19, 20] The primary driver of this opportunity is the staggering level of deferred maintenance in American schools, where 38% of buildings were constructed before 1970 and are poorly suited for modern digital and collaborative learning.[14]

A critical leading indicator for the organization's growth is the surge in municipal bond activity. In 2025, U.S. public schools issued \$82 billion in municipal bonds, a 42% increase from the prior year.[14] These funds are legally earmarked for capital improvements and new construction, representing a guaranteed multi-year pipeline for furniture procurement as these projects reach completion.

Competitive Landscape: Pure-Play vs. Diversified Giants

The competitive landscape is characterized by a "barbell" structure, with the organization positioned as the dominant pure-play specialist.

  • Key Competitors: Primary rivals include KI (Krueger International), Steelcase, and MillerKnoll.[21] While Steelcase and MillerKnoll are significantly larger in terms of total revenue, their core focus is the corporate office market, which has faced severe headwinds due to the hybrid work trend.[22, 23]
  • Positioning: Diversified competitors often treat the education market as a secondary "contract" segment. In contrast, this organization's entire infrastructure is optimized for the K-12 seasonal cycle.[4, 5] This specialization allows it to maintain operating margins that have historically exceeded 10% during periods of normal demand, significantly outperforming the 5% margins seen in the general contract divisions of its larger peers.[22, 23]
  • Market Momentum: The company appears to be holding its ground in the K-12 sector by leveraging its domestic footprint to offer delivery certainty—a crucial factor for districts under pressure to open schools on time following construction delays.[1]

3. Financial Performance & Valuation

The financial narrative for the 2026 fiscal year is one of "cyclical normalization." After the unprecedented results of 2025, the company has returned to a baseline that more accurately reflects long-term trends while maintaining a fortified balance sheet.

Recent Historical Performance and Key Metrics

The fiscal year 2026 results show a sharp decline in headline numbers, which must be contextualized against the non-recurring windfall of the previous year.

Financial Metric (USD in millions) FY 2024 FY 2025 FY 2026
Net Sales \$269.12 \$266.24 \$199.65
Gross Profit \$116.06 \$113.39 \$79.74
Gross Margin % 43.1% 42.6% 39.9%
Operating Income \$31.88 \$27.86 \$3.66
Net Income \$21.91 \$21.64 \$2.57
Diluted EPS \$1.34 \$1.32 \$0.16
Cash on Hand \$4.89 \$26.87 \$14.44

Data compiled from: [3, 5, 24, 25]

The 25.0% sales decrease in FY 2026 was largely attributed to the absence of approximately \$23 million in non-recurring disaster recovery shipments and the completion of COVID-era backlogs.[4, 5] However, even at \$199.65 million, revenue remains significantly higher than the 2021 baseline of \$152.8 million, suggesting a higher "floor" for the company in the post-pandemic era.[24]

Financial Drivers and Valuation Assumptions

For the purpose of valuation, the most critical driver is the 5-year sales growth CAGR. While historical growth has averaged 4%, the current surge in school bond funding and the necessity of replacing 50-year-old classroom infrastructure support an assumption of a 6% to 8% growth rate through 2031.[14, 26, 27]

Valuation should also account for the entity’s high operating leverage. Because it operates massive manufacturing facilities, the fixed costs are significant.[1] Once revenue crosses the break-even threshold (estimated at approximately \$175M), incremental sales flow disproportionately to operating income.[3] As revenue recovers toward \$250M+, operating margins are expected to return to the 10-12% range.[3, 23]

Current Valuation Multiples

As of mid-April 2026, the equity is trading at a price of approximately \$6.06 per share, with a market capitalization of roughly \$88.6 million.[3, 9]

  • P/E Ratio (Trailing): 34.48x to 38.03x.[28, 29] This elevated multiple is a mathematical artifact of trough earnings in 2026.
  • P/E Ratio (Forward): 3.65x to 15.61x.[30, 31] The forward multiple reflects analyst expectations of a rapid earnings rebound in FY 2027.
  • Price to Sales (P/S): 0.45x.[30, 32] Historically, small-cap industrial manufacturers trade between 0.8x and 1.2x P/S, suggesting significant potential for multiple expansion if sales growth resumes.
  • Price to Book (P/B): 0.84x.[30] The company is currently trading at a discount to its book value, providing a significant margin of safety based on its physical assets and 2.3 million square feet of real estate.[1, 30]

The valuation is inextricably linked to the business model: as the dominant domestic provider in a protected niche, the current discount to book value and depressed P/S ratio indicates that the market is currently viewing the 2026 downturn as a permanent decline rather than a cyclical normalization.

4. Risk Assessment & Macroeconomic Considerations

An investment in this organization is subject to several layers of risk, primarily revolving around the cyclicality of municipal funding, the volatility of raw material costs, and the operational strains of extreme seasonality.

Company-Specific Execution Risks

  • Operational Leverage and Fixed Costs: The organization's vertical model requires high volume to cover the overhead of its California and Arkansas facilities.[1] A sustained period of revenue below \$170 million could lead to significant operating losses, as the company cannot easily "scale down" its industrial footprint without damaging its long-term manufacturing capabilities.
  • Seasonal Labor Dependency: Because half of all shipments occur in a 90-day summer window, the company is highly dependent on its ability to recruit and train temporary labor during the peak season.[5] A tight labor market or a localized health crisis in Torrance or Conway during June and July would be an early warning sign of a failed shipping season.

Competitive and Industry Structure Risks

  • Diversified Rival Encroachment: If Steelcase or MillerKnoll were to pivot more aggressively toward the K-12 sector to offset corporate office weakness, they could use their superior capital resources to underprice the organization on major state-wide contracts.[22, 33]
  • Long Replacement Cycles: Quality school furniture is designed to last 10 to 15 years.[7] If the current "modernization wave" completes quickly, the industry could face a prolonged "demand desert" where only replacement parts are needed.

Customer Concentration and Demand Risks

  • Budgetary Sensitivities: While 82 billion dollars in bonds were issued in 2025, the actual expenditure of these funds is subject to local political and economic conditions.[13, 14]
  • The "Maryland and Washington" Effect: In Washington state, 62.5% of school bonds failed between 2017 and 2024 due to a 60% super-majority requirement.[34] In Maryland, Baltimore City has struggled to expend COVID-era mitigation funds before the 2026 deadline.[35] These examples highlight that even when funding is available, administrative bottlenecks can delay the procurement of furniture.

Regulatory, Legal, and Balance Sheet Risks

  • PNC Bank Covenants: The company’s credit facility is renewed through April 2027 but imposes strict limits on indebtedness and capital expenditures.[36] A breach of these covenants—potentially caused by a temporary dip in EBITDA—could lead to a forced asset sale or restricted shareholder distributions.[37]
  • Pension and Retirement Obligations: Volatility in corporate bond yields used to value pension liabilities remains a perennial risk.[38, 39] While currently healthy, a "bear flattening" of the yield curve could increase the mandatory contributions required, diverting cash from manufacturing upgrades.[40]

Macroeconomic Sensitivities

  • Commodity Price Volatility: Steel and petroleum-based plastics are the primary material inputs.[5, 36] Rapid price spikes in these areas, particularly if the company is locked into fixed-price contracts for large school projects, could compress margins significantly.
  • Interest Rate Impact: High interest rates increase the cost of municipal borrowing, which may cause some districts to postpone bond elections, thereby thinning the future sales pipeline.

Warning Signs and Long-Term Thesis Damage

  • Early Warning Sign: A persistent decline in the "Shipments plus Backlog" metric (currently down 3%) for two consecutive quarters would indicate that the post-COVID downturn is deeper than anticipated.[3]
  • Long-Term Thesis Killer: The most damage to the long-term thesis would be a major shift in educational technology that drastically reduces the need for physical desks and chairs (e.g., a permanent shift to fully virtual "metaverse" classrooms). Additionally, the loss of the primary OMNIA Partners/U.S. Communities contract would be a catastrophic structural blow to the sales model.[18]

5. 5-Year Scenario Analysis

This analysis projects the potential outcomes for the organization through the fiscal year ending January 31, 2031 (FY 2031). The key inputs include revenue CAGR, operating margin stabilization, and the exit P/E multiple as the market recognizes the organization's role in the national infrastructure renewal.

Scenario A: High Case - The "Infrastructure Renaissance"

This scenario assumes that the \$82 billion in municipal bonds issued in 2025 triggers a decadelong infrastructure boom, and the organization successfully captures a larger share of the STEM and collaborative learning niche.

  • Revenue Growth: 10.0% CAGR through 2031, reaching \$321 million. This assumes the company successfully pivots into higher-margin specialized lab and technical furniture.[14, 26]
  • Margin Assumption: Operating margins expand to 12.0% as the high revenue levels provide maximum fixed-cost absorption in the Arkansas and California plants.[23]
  • Share Count: Assumed reduction to 14.5 million shares through aggressive buybacks funded by superior free cash flow.[37, 41]
  • Valuation Assumption: 15x P/E multiple, as the company is re-rated from a cyclical furniture maker to a critical "education technology infrastructure" provider.[27, 42]
  • Key Driver: Rapid passage of school bond measures in high-growth states like Texas and Florida.[13]

Scenario B: Base Case - The "Orderly Recovery"

This scenario assumes a steady return to pre-pandemic growth patterns, where the company replaces aging infrastructure at a normalized pace.

  • Revenue Growth: 6.0% CAGR through 2031, reaching \$267 million. This returns the company to its FY 2025 peak but without the volatility of pandemic-era backlogs.[19, 27]
  • Margin Assumption: Operating margins stabilize at 8.0%, consistent with historical "normal" years.[22, 41]
  • Share Count: Modest reduction to 15.0 million shares.[3]
  • Valuation Assumption: 11x P/E multiple, reflecting the median for small-cap industrial manufacturers.[30]
  • Key Driver: Steady execution of the PlanSCAPE® service model and retention of major procurement contracts.[6, 18]

Scenario C: Low Case - The "Budgetary Gridlock"

This scenario assumes a recessionary environment where school boards face "voter fatigue" on bond measures and political gridlock reduces state-level educational spending.

  • Revenue Growth: 1.0% CAGR through 2031, with revenue stagnating at \$210 million.
  • Margin Assumption: Operating margins remain depressed at 3.0% as the company is forced to engage in price wars to maintain factory throughput.[36]
  • Share Count: 15.76 million shares (no repurchases).
  • Valuation Assumption: 8x P/E multiple, reflecting a "value trap" or "no-growth" industrial firm.[30]
  • Key Driver: Failure of major bond referendums in states like Washington and Ohio.[13, 34]

5-Year Financial Projection Table

Scenario Year 5 Revenue (M) Operating Margin Net Income (M) P/E Multiple Future Share Price 5-Year Return Probability
High Case \$321.5 12.0% \$26.4 15.0x \$27.31 350.7% 20%
Base Case \$267.2 8.0% \$14.7 11.0x \$10.78 77.9% 55%
Low Case \$209.8 3.0% \$4.1 8.0x \$2.08 -65.7% 25%

The probability-weighted target price is \$11.91, implying a total potential return of approximately 96.5% over the next five years. This target is driven by the assumption that current "trough" earnings will revert to a mean that reflects the significant capital being injected into school districts via municipal bonds.

REVERSION TO MEAN

6. Qualitative Scorecard

This scorecard evaluates the organization on a scale of 1–10 based on fundamental quality and governance metrics, aimed at professional analysts.

  • Management Alignment: 10/10. Robert Virtue (CEO) and Douglas Virtue (President) have tenures of 38 and 11 years, respectively.[43] Robert Virtue owns 19.63% of the outstanding shares, creating an absolute alignment with long-term shareholder value.[43] Recent insider purchases by the CEO and directors at prices above \$6.00 confirm strong internal confidence.[30, 44, 45]
  • Revenue Quality: 7/10. While the business is highly seasonal and cyclical, revenue is ultimately sourced from municipal taxes and bonds, making it more resilient than purely discretionary consumer spending.[5, 13] The high retention rate (80% follow-on orders) is a sign of superior revenue durability.[1]
  • Market Position: 9/10. As the dominant domestic pure-play, the organization has a "geographic moat" supported by its 2.3 million square feet of infrastructure.[1, 4] It is "winning" on delivery reliability, which is the primary currency in the K-12 market.[1]
  • Growth Outlook: 6/10. Near-term outlook is clouded by the post-stimulus normalization, but the medium-term outlook is brightened by the \$82B bond pipeline.[14]
  • Financial Health: 8/10. A current ratio of 3.1 and zero debt drawn on the revolver as of year-end 2026 demonstrate exceptional fiscal conservatism.[3]
  • Business Viability: 9/10. The physical classroom remains the cornerstone of American education. While digital tools have changed how students learn, they have not eliminated the need for ergonomic seating and versatile workstations.[7]
  • Capital Allocation: 7/10. Management has a clear hierarchy: maintain the facility moat, then return capital. The \$5.6M returned in FY 2026 is significant for a company with a \$90M market cap.[3, 11]
  • Analyst Sentiment: 4/10. Consensus is a "Hold".[46, 47] The small size of the company means it is ignored by large institutions, leading to the current undervalued state.
  • Profitability: 6/10. FY 2026 margins are thin (1.3% net margin), but historical performance shows the company can reach 8-10% during peak years.[24, 48]
  • Track Record: 8/10. Seventy-five years of survival and market leadership across multiple economic regimes is evidence of a robust and adaptable business model.[2, 11]

Blended Score: 7.4/10

QUALITY SMALL CAP

7. Conclusion & Investment Thesis

The investment thesis for the organization is predicated on the market's failure to distinguish between a temporary "post-stimulus comedown" and a permanent loss of business value. The current share price, trading at a discount to book value and a depressed Price-to-Sales multiple, does not reflect the structural advantages inherent in the company's vertically integrated domestic model.

Key Catalysts for Value Realization

  • The "Bond Wall": The transition of \$82 billion in municipal bonds from "approved" to "expended" status will drive a significant revenue tailwind starting in late 2026 and extending for several years.[13, 14]
  • Margin Recovery: As the organization moves back toward \$250 million in annual revenue, the significant operating leverage from its 2.3 million square feet of industrial space will cause earnings to recover much faster than sales.[3, 41]
  • M&A Potential: In a consolidating furniture market, the organization’s unique K-12 logistics network and dominant state contract positions make it a highly attractive acquisition target for larger office-focused peers like Steelcase looking to diversify away from corporate systems.[22, 23]

Final Assessment

The organization is a resilient, family-led business with a significant competitive advantage in a protected domestic niche. While the 2026 fiscal results were underwhelming on a headline basis, the underlying mechanics—including double-digit incoming order rates and a fortified balance sheet—point toward a classic cyclical recovery.[3, 11] For analysts and investors seeking a small-cap industrial with substantial physical assets and a clear growth catalyst, this entity remains currently undervalued.

CYCLICAL RECOVERY PLAY

8. Technical Analysis, Price Action & Short-Term Outlook

The equity is currently showing signs of a "trough" formation. As of mid-April 2026, the price of \$6.06 remains below the 200-day simple moving average of \$7.13, indicating a prevailing bearish trend in the long term.[9, 30] However, a short-term "buy signal" was triggered by a pivot bottom on April 9th, and the stock has gained for three consecutive trading days following the release of the FY 2026 earnings.[29] Volume remains in line with 20-day averages, suggesting that the recent sell-off has reached an exhaustion point.[9] The short-term outlook is for the stock to test resistance at \$6.14 to \$6.25 as it attempts to break back toward its normalized historical valuation range.[29]

BOTTOMING FORMATION DETECTED

  1. VIRCO Investor Presentation, https://virco.com/wp-content/uploads/Investor_presentation.pdf
  2. 16 Virco Customer Reviews & References | FeaturedCustomers, https://www.featuredcustomers.com/vendor/virco
  3. Virco (NASDAQ: VIRC) profit drops as school furniture demand normalizes - Stock Titan, https://www.stocktitan.net/sec-filings/VIRC/8-k-virco-mfg-corporation-reports-material-event-25db7c5dee01.html
  4. We Lower Our Price Target to $7.00 on Near-Term Headwinds; Recovery Expected Beyond CY2027 - TraderNet, https://tradernet.global/ideas/details/21060
  5. VIRCO MFG CORPORATION FY 2026: Revenue $199.65M, EPS $0.16 — 10-K Summary, https://www.tradingview.com/news/tradingview:010fc1bcfa6e1:0-virco-mfg-corporation-fy-2026-revenue-199-65m-eps-0-16-10-k-summary/
  6. School furniture project management - Virco, https://virco.com/project-planning/
  7. K12 Education Furniture Market Outlook 2026-2034, https://www.intelmarketresearch.com/k-education-furniture-market-38525
  8. PlanSCAPE® Takes on Modern Learning - Virco, https://virco.com/case-study/planscape-takes-modern-learning/
  9. Virco Reports Full Year Net Income of $2.6 Million on Revenue of $199.7 Million, https://www.stocktitan.net/news/VIRC/virco-reports-full-year-net-income-of-2-6-million-on-revenue-of-199-69vtu7vopnv2.html
  10. Virco Reports Full Year Net Income of $2.6 Million on Revenue of $199.7 Million, https://daytraders.com/news/2026/04/08/virco-reports-full-year-net-income-of-2-6-million-on-revenue-of-199-7-million
  11. Exhibit 99.1 - SEC.gov, https://www.sec.gov/Archives/edgar/data/751365/000162828026024202/exhibit991q401312026pressr.htm
  12. virco_investorxpresentat - SEC.gov, https://www.sec.gov/Archives/edgar/data/751365/000162828022031713/virco_investorxpresentat.htm
  13. New Partnership with SchoolBondFinder Brings Bond, Referendum Insights to School Construction News, https://schoolconstructionnews.com/2026/03/30/new-partnership-with-schoolbondfinder-brings-bond-referendum-insights-to-school-construction-news/
  14. The $82B K-12 Bond Surge: 2026 Insights for School Districts - Meteor Education, https://meteoreducation.com/the-82-billion-opportunity-what-the-k-12-bond-surge-means-for-learning-environments-in-2026/
  15. PlanSCAPE® Helps Furnish New High School - Virco, https://virco.com/case-study/planscape-helps-furnish-new-high-school/
  16. PlanSCAPE® Furnishes New School of the Arts - Virco, https://virco.com/case-study/planscape-furnishes-new-school-arts/
  17. Needs Assessment - Virco, https://virco.com/project-planning/needs-assessment/
  18. Contract Procurement - School furniture project management - Virco, https://virco.com/project-planning/planscape-contract-procurement/
  19. School Furniture Market Size, Share | Industry Report [2034], https://www.fortunebusinessinsights.com/school-furniture-market-106264
  20. U.S. School Furniture Market Size And Share Report, 2030, https://www.grandviewresearch.com/industry-analysis/us-school-furniture-market
  21. K-12 Education Furniture Comprehensive Market Study: Trends and Predictions 2026-2034, https://www.datainsightsmarket.com/reports/k-12-education-furniture-413870
  22. Steelcase Reports Fourth Quarter and Fiscal 2025 Results - officeinsight, https://officeinsight.com/officenewswire/steelcase-reports-fourth-quarter-and-fiscal-2025-results/
  23. Steelcase Inc. (SCS) Future Performance Analysis (2026) - KoalaGains, https://koalagains.com/stocks/NYSE/SCS/future-performance
  24. Virco Manufacturing Stock Price | VIRC Stock Quote, News, and ..., https://markets.businessinsider.com/stocks/virc-stock
  25. VIRCO MFG. CORPORATION, https://virco.com/wp-content/uploads/VIRC-2024.10.31-10Q-NG-2024-12-09-11-07.pdf
  26. School Furniture Market Size & Share | Industry Report, 2033, https://www.grandviewresearch.com/industry-analysis/school-furniture-market
  27. VIRC Stock Forecast - Virco Mfg Corp - Alpha Spread, https://www.alphaspread.com/security/nasdaq/virc/analyst-estimates
  28. Virco Stock Price Today | NASDAQ: VIRC Live - Investing.com, https://www.investing.com/equities/virco-manufacturing
  29. Virco Manufacturing Stock Price Forecast. Should You Buy VIRC? - StockInvest.us, https://stockinvest.us/stock/VIRC
  30. Virco Mfg. Corporation (VIRC) Stock Price, Quote, News & Analysis - Seeking Alpha, https://seekingalpha.com/symbol/VIRC
  31. Virco Manufacturing (VIRC) Earnings Date and Reports 2026 - MarketBeat, https://www.marketbeat.com/stocks/NASDAQ/VIRC/earnings/
  32. Virco Mfg. (VIRC) Revenue 2005-2026 - Stock Analysis, https://stockanalysis.com/stocks/virc/revenue/
  33. Top Office Furniture Market Companies - Rankings, Profiles, SWOT Analysis & Strategic Outlook - Report Prime, https://www.reportprime.com/office-furniture-r17724/company
  34. Expanding School Construction Funding Options 2025-26 Legislative Priority - Washington State PTA, https://www.wastatepta.org/wp-content/uploads/2025/02/Expanding-School-Construction-Options-2025.pdf
  35. 2027FY – Capital Budget Analysis – D25* – Interagency Commission on School Construction - Maryland, https://mgaleg.maryland.gov/pubs/budgetfiscal/2027fy-budget-docs-capital-D25-Interagency-Commission-On-School-Construction.pdf
  36. Virco Mfg. Corporation 2026 Annual Report: Business Overview, Risk Factors, and Cybersecurity Strategies - Minichart, https://www.minichart.com.sg/2026/04/09/virco-mfg-corporation-2026-annual-report-business-overview-risk-factors-and-cybersecurity-strategies/
  37. Amendment No. 6 to Amended and Restated Revolving Credit and Security Agreement, effective as of April 9, 2025, by and among Virco Mfg. Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as lender and administrative agent - SEC.gov, https://www.sec.gov/Archives/edgar/data/751365/000162828025017640/exhibit1036-pncxvircoamend.htm
  38. U.S. Corporate Pension Plans Funding Status – February 2026 - Wilshire, https://www.wilshire.com/press-releases/u-s-corporate-pension-plans-funding-status-february-2026
  39. 2026 Plan Year Minimum Funding Segment Interest Rates - Independent Actuaries, Inc., https://independentactuaries.com/2026-plan-year-minimum-funding-segment-interest-rates/
  40. U.S. Corporate Pension Plans Funding Status – March 2026 - Wilshire, https://www.wilshire.com/press-releases/u-s-corporate-pension-plans-funding-status-march-2026
  41. VIRC Financials: Income Statement, Balance Sheet & Cash Flow | Virco Mfg - Stock Titan, https://www.stocktitan.net/financials/VIRC/
  42. VIRC / Virco Mfg. Corporation (NasdaqGM) - Forecast, Price Target, Estimates, Predictions, https://fintel.io/sfo/us/virc
  43. Virco Mfg. Corporation (VIRC) Leadership & Management Team ..., https://simplywall.st/stocks/us/commercial-services/nasdaq-virc/virco-mfg/management
  44. Virco Manufacturing Corporation (VIRC) Stock Falls on Q4 2026 Earnings | Quiver Quantitative, https://www.quiverquant.com/news/Virco+Manufacturing+Corporation+(VIRC)+Stock+Falls+on+Q4+2026+Earnings
  45. Insider Purchase: Executive Vice President of $VIRC Buys 11678 Shares, https://www.quiverquant.com/news/Insider+Purchase%3A+Executive+Vice+President+of+%24VIRC+Buys+11%2C678+Shares
  46. Virco Mfg Corporation Stock Forecast & Predictions: 1Y Price Target $7.30 | Buy or Sell NASDAQ: VIRC 2026 | WallStreetZen, https://www.wallstreetzen.com/stocks/us/nasdaq/virc/stock-forecast
  47. Virco Manufacturing (VIRC) Stock Forecast and Price Target 2026 - MarketBeat, https://www.marketbeat.com/stocks/NASDAQ/VIRC/forecast/
  48. Virco Mfg (Nasdaq:VIRC) - Stock Analysis - Simply Wall St, https://simplywall.st/stocks/us/commercial-services/nasdaq-virc/virco-mfg

View Virco Mfg. Corporation (VIRC) stock page

Loading the interactive version of this report…