# Via Transportation (VIA.US)

Canonical: https://gigainvestors.com/s/VIA

Analysis as of: 2026-10-16T07:32:51.469Z. Financial observations: FY2009–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $33.58 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 5.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.13×

- FY2018: -0.00×

- FY2019: 0.03×

- FY2020: 0.16×

- FY2021: 0.01×

- FY2022: 0.05×

- FY2023: -0.46×

- FY2024: -0.25×

- FY2025: -0.18×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.8%

- ROIC, second-lowest year: -65.1%

- Typical minus recent gross margin: -5.7 pp

- Typical gross margin (annual median): 33.9%

- Recent gross margin (lower of latest and 3-year median): 39.6%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 15.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 69.7%

- FY2017: 34.6%

- FY2018: -1.7%

- FY2019: 15.4%

- FY2020: 86.2%

- FY2021: 4.2%

- FY2022: 19.6%

- FY2023: 0.0%

- FY2024: -126.2%

- FY2025: -65.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$260M

- Net income, five-year total: -$296M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 10.3 pp

- Working capital / revenue, final three-year average: 20.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $11M

- FY2022: $21M

- FY2023: -$113M

- FY2024: -$86M

- FY2025: -$94M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 34.6% vs -65.1%

- Per-share earnings: 5.44 to -7.21 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 32.7%

- Ordinary dilution, 5-year annual growth: 62.3%

- Diluted shares, 10-year annual growth: 32.7%

- Diluted shares, 5-year annual growth: 62.3%

- Per-share value change: -$12.65

- Per-share value, starting three-year median: $5.44

- Per-share value, ending three-year median: -$7.21

- Buyback history: 0 years

- Debt-funded buybacks: Yes

- Acquisition spending: $216M

- Cumulative net income, 10 years: -$182M

- ROIC, first three-year median: 34.6%

- ROIC, last three-year median: -65.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.44

- FY2017: $7.18

- FY2018: -$0.42

- FY2019: $4.81

- FY2020: $23.32

- FY2021: -$1.26

- FY2022: $3.53

- FY2023: -$9.60

- FY2024: -$7.21

- FY2025: -$2.92

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.2%

- FY2017: -8.9%

- FY2018: -12.5%

- FY2019: -18.3%

- FY2020: -6.4%

- FY2021: -4.7%

- FY2022: -1.5%

- FY2023: -6.5%

- FY2024: -5.2%

- FY2025: -8.9%

## Holders

## Price story

Down 37% since Oct 2025 · sales +28.6%

Story as of 2026-10-16T09:59:47.890Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +28.6%; source https://www.sec.gov/Archives/edgar/data/1603015/000160301526000008/via-20251231.htm; observed 2026-03-06.

- FY2016: $547M 

- FY2017: $798M 

- FY2018: $1.0B 

- FY2019: $814M 

- FY2020: $555M 

- FY2021: $393M 

- FY2022: $460M 

- FY2023: $249M 

- FY2024: $338M 

- FY2025: $434M 

### Gross margin · FY2025

gross margin 39.6%; source https://www.sec.gov/Archives/edgar/data/1603015/000160301526000008/via-20251231.htm; observed 2026-03-06.

- FY2016: 36.9% 

- FY2017: 30.8% 

- FY2018: 15.9% 

- FY2019: 24.4% 

- FY2020: 37.9% 

- FY2021: 17.9% 

- FY2022: 22.5% 

- FY2023: 39.9% 

- FY2024: 38.8% 

- FY2025: 39.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 434.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1603015/000160301526000008/via-20251231.htm (filed 2026-03-06); FY2025: revenue 434337000; grossProfit 171800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIA.US: Via Transportation, Inc. provides a platform that transforms global transportation systems into digital networks in the United States, Germany, and internationally. The company's Via platform designed to address workflows for the end-to-end management of transit networks, including planning and scheduling, operating software, tech-enabled services, passenger tools, and data and insights. It offers technology-enabled services, including driver management, fleet management, autonomous vehicles, and customer support services. In addition, the company's end to end hosted platform allows for the integration of multiple transportation modes into a single unified network. It offers solutions in the areas of end-to-end transit networks, transit planning and scheduling, microtransit, paratransit, school bus transportation, and integrated trip planning. The company serves cities, transit agencies, transport operators, school districts and departments of education, universities, corporations, healthcare providers and payers, riders, and drivers. Via Transportation, Inc. was incorporated in 2012 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 38.8% to 39.9% during 2023–25; it earns 9.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2023: grossProfit / revenue = 39.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2024: grossProfit / revenue = 38.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1603015/000160301526000008/via-20251231.htm (filed 2026-03-06); FY2025: grossProfit / revenue = 39.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); 10-year return on capital observations [[2016,0.6970488237637864],[2017,0.3455751707206792],[2018,-0.017374550838735306],[2019,0.1536772865751832],[2020,0.8618194448787926],[2021,0.04176541122582347],[2022,0.19616139333073324],[2023,0],[2024,-1.261642015495022],[2025,-0.6506701640472147]]; median 0.09772134890050334. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2016: growth capex 0; upkeep 2258000; owner earnings 60712000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2017: growth capex 0; upkeep 1704000; owner earnings 59816000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2018: growth capex 0; upkeep 1429000; owner earnings 48821000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2019: growth capex 0; upkeep 7033000; owner earnings 49432000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2020: growth capex 0; upkeep 2154000; owner earnings 97254000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2021: growth capex 0; upkeep 6510000; owner earnings 11487000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); FY2022: growth capex 0; upkeep 6871000; owner earnings 21164000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); Dividend observations: [[2016,8367000],[2017,11625000],[2018,16797000],[2019,18488000],[2020,18455000],[2021,18791000],[2022,19089000],[2023,13142000],[2024,10858000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 29.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIA.US SharesStats.PercentInsiders = 29.698 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-06); Closing price 33.58 USD; reporting-to-trading FX 1; FY2025 annual sales per share 13.181895172890426; price multiple 2.5474333970626493. FY2025 cash earnings/share -2.845140858084358. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2025-09: $48.08 per share

- 2025-10: $53.43 per share

- 2025-11: $34.83 per share

- 2025-12: $29.01 per share

- 2026-01: $23.25 per share

- 2026-02: $17.18 per share

- 2026-03: $15.00 per share

- 2026-04: $15.21 per share

- 2026-05: $15.23 per share

- 2026-06: $18.14 per share

- 2026-07: $20.34 per share

- 2026-08: $27.93 per share

- 2026-09: $30.25 per share

- 2026-10: $33.58 per share

## Annual estimated value (USD per share)

- FY2016: low $253.10 per share, central $287.58 per share, high $333.48 per share

- FY2017: low $259.85 per share, central $294.97 per share, high $341.72 per share

- FY2018: low $298.90 per share, central $339.09 per share, high $392.60 per share

- FY2019: low $239.12 per share, central $270.21 per share, high $311.59 per share

- FY2020: low $176.11 per share, central $197.53 per share, high $226.05 per share

- FY2021: low $102.73 per share, central $114.22 per share, high $129.50 per share

- FY2022: low $84.73 per share, central $95.35 per share, high $109.49 per share

- FY2023: low $15.78 per share, central $17.19 per share, high $19.08 per share

- FY2024: low $14.28 per share, central $15.47 per share, high $17.05 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1603015/000160301526000008/via-20251231.htm); period 2025-12-31, filed 2026-03-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.