VLN.TO
Velan Inc.
TorontoCADEQUITY
DELAYED
Last price
18.45
▲ 0.04 (0.22%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
18.45
Prev close
18.41
Day high
18.45
Day low
18.32
Volume
1.24K
Market cap
—
P/E (TTM)
—
52W range
13.61 – 19.50
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
-3.45%
-2.1%
1M
+5.97%
+2.2%
3M
+19.81%
+16.7%
6M
+14.95%
+3.9%
YTD
-1.07%
-13.4%
1Y
+26.80%
+6.8%
3Y
+82.85%
+8.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap—
Enterprise value—
Revenue (TTM)—
Gross profit—
EBITDA—
Net income—
EPS (TTM)—
Free cash flow—
Total cash—
Total debt—
Book value / share—
Shares outstanding—
Float—
Short % of float—
Dividend yield—
Beta (5Y)—
Valuation & profitability ratios
Trailing P/E—
Forward P/E—
PEG ratio—
Price / sales—
Price / book—
EV / revenue—
EV / EBITDA—
Gross margin—
Operating margin—
Profit margin—
Return on equity—
Return on assets—
Debt / equity—
Current ratio—
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Total revenue | $296.40M | $295.20M | $258.65M | $370.43M | +0.4% |
| Operating revenue | $296.40M | $295.20M | $258.65M | $370.43M | +0.4% |
| Cost of revenue | $215.31M | $210.28M | $204.02M | $257.96M | +2.4% |
| Gross profit | $81.09M | $84.92M | $54.63M | $112.47M | -4.5% |
| Selling, general & admin | $66.43M | $66.21M | $60.51M | $85.53M | +0.3% |
| Total operating expense | $69.84M | $66.77M | $63.05M | $88.65M | +4.6% |
| Operating income | $11.25M | $18.15M | -$8.42M | $23.81M | -38.0% |
| Net interest income | -$1.63M | $263.00K | -$1.96M | -$1.55M | -718.6% |
| Pre-tax income | $7.00K | -$82.00M | -$29.77M | -$47.41M | +100.0% |
| Tax provision | -$15.05M | -$14.55M | $2.27M | $8.04M | -3.4% |
| Net income | $73.91M | -$75.50M | -$19.74M | -$55.45M | +197.9% |
| Net income to common | $73.91M | -$75.50M | -$19.74M | -$55.45M | +197.9% |
| Basic EPS | 3.42 | -3.50 | -0.91 | -2.57 | +197.7% |
| Diluted EPS | 3.42 | -3.50 | -0.91 | -2.57 | +197.7% |
| EBIT | $1.89M | -$81.80M | -$27.46M | -$45.40M | +102.3% |
| EBITDA | $11.06M | -$72.80M | -$18.29M | -$34.65M | +115.2% |
| Basic shares | 21.59M | 21.59M | 21.59M | 21.59M | 0.0% |
| Diluted shares | 21.59M | 21.59M | 21.59M | 21.59M | 0.0% |
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $53.35M | $34.87M | $36.45M | $50.51M | +53.0% |
| Cash & short-term investments | $53.73M | $35.23M | $41.72M | $50.55M | +52.5% |
| Accounts receivable | $68.69M | $53.72M | $109.87M | $113.05M | +27.9% |
| Inventory | $147.14M | $134.97M | $208.70M | $202.65M | +9.0% |
| Total current assets | $285.14M | $418.90M | $387.01M | $388.11M | -31.9% |
| Property, plant & equipment | $50.94M | $51.35M | $69.92M | $68.20M | -0.8% |
| Goodwill & intangibles | $4.48M | $5.89M | $16.54M | $16.15M | -24.0% |
| Total assets | $346.61M | $501.97M | $479.39M | $477.86M | -31.0% |
| Total current liabilities | $134.18M | $374.29M | $160.39M | $136.96M | -64.2% |
| Current debt | $15.60M | $4.60M | $24.43M | $1.56M | +238.8% |
| Long-term debt | $14.49M | $14.11M | $4.35M | $21.72M | +2.7% |
| Total debt | $35.65M | $24.88M | $41.42M | $40.91M | +43.3% |
| Total liabilities | $164.50M | $403.23M | $296.13M | $277.02M | -59.2% |
| Retained earnings | $131.57M | $65.95M | $141.91M | $162.14M | +99.5% |
| Shareholder equity | $181.48M | $97.86M | $182.18M | $199.89M | +85.4% |
| Working capital | $150.96M | $44.61M | $226.62M | $251.15M | +238.4% |
| Net tangible assets | $177.00M | $91.97M | $165.63M | $183.74M | +92.5% |
| Shares issued | 21.59M | 21.59M | 21.59M | 21.59M | 0.0% |
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Net income | $15.06M | -$67.45M | -$32.03M | -$55.46M | +122.3% |
| Depreciation & amortisation | $9.18M | $9.00M | $9.17M | $10.74M | +2.0% |
| Change in working capital | -$161.74M | $33.82M | $31.86M | -$11.57M | -578.2% |
| Operating cash flow | -$160.14M | $26.52M | $12.46M | $522.00K | -703.7% |
| Capital expenditure | -$7.08M | -$10.68M | -$8.24M | -$6.59M | +33.6% |
| Investing cash flow | $175.27M | -$10.28M | -$9.12M | $1.76M | +1,805.4% |
| Dividends paid | -$8.29M | -$462.00K | -$491.00K | -$497.00K | -1,695.2% |
| Financing cash flow | -$8.51M | -$9.81M | -$4.88M | -$2.62M | +13.3% |
| Free cash flow | — | — | $4.22M | — | — |
| End cash position | $41.49M | $32.36M | $27.28M | $50.25M | +28.2% |
| Line item | 2026-05-31 | 2026-02-28 | 2025-11-30 | 2025-05-31 | 2025-02-28 | 2024-11-30 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $57.83M | $84.91M | $71.66M | $72.23M | $83.20M | — | -31.9% |
| Operating revenue | $57.83M | $84.91M | $71.66M | $72.23M | $83.20M | — | -31.9% |
| Cost of revenue | $46.47M | $67.29M | $44.48M | $51.60M | $63.37M | — | -30.9% |
| Gross profit | $11.36M | $17.61M | $27.18M | $20.63M | $19.83M | — | -35.5% |
| Selling, general & admin | $15.72M | $16.29M | $16.46M | $18.31M | $17.86M | — | -3.5% |
| Total operating expense | $18.57M | $16.18M | $20.02M | $19.05M | $19.30M | — | +14.8% |
| Operating income | -$7.22M | $1.44M | $7.16M | $1.58M | $532.00K | — | -602.3% |
| Net interest income | -$84.00K | -$734.00K | -$259.00K | -$390.00K | $1.35M | — | +88.6% |
| Pre-tax income | -$7.82M | -$1.54M | $5.59M | -$4.18M | -$17.23M | — | -406.8% |
| Tax provision | $1.69M | $2.43M | $2.65M | -$21.96M | -$558.00K | — | -30.6% |
| Net income | -$9.44M | -$3.85M | $3.00M | $77.20M | -$12.42M | — | -145.0% |
| Net income to common | -$9.44M | -$3.85M | $3.00M | $77.20M | -$12.42M | — | -145.0% |
| Basic EPS | -0.44 | — | 0.14 | 3.58 | — | -2.88 | — |
| Diluted EPS | -0.44 | — | 0.14 | 3.58 | — | -2.88 | — |
| EBIT | -$7.73M | -$557.00K | $5.85M | -$3.79M | -$18.35M | — | -1,288.0% |
| EBITDA | -$5.58M | $1.88M | $8.18M | -$1.65M | -$16.01M | — | -396.8% |
| Basic shares | 21.59M | — | 21.59M | 21.59M | — | 21.59M | — |
| Diluted shares | 21.59M | — | 21.59M | 21.59M | — | 21.59M | — |
| Line item | 2026-05-31 | 2026-02-28 | 2025-11-30 | 2025-05-31 | 2025-02-28 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $34.56M | $53.35M | $36.32M | $59.10M | $34.87M | -35.2% |
| Cash & short-term investments | $35.93M | $53.73M | $36.70M | $59.50M | $35.23M | -33.1% |
| Accounts receivable | $74.06M | $68.69M | $78.61M | $61.85M | $53.72M | +7.8% |
| Inventory | $139.24M | $147.14M | $154.93M | $138.08M | $134.97M | -5.4% |
| Total current assets | $258.82M | $285.14M | $280.37M | $270.16M | $418.90M | -9.2% |
| Property, plant & equipment | $49.71M | $50.94M | $50.40M | $52.26M | $51.35M | -2.4% |
| Goodwill & intangibles | $3.90M | $4.48M | $6.38M | $6.47M | $5.89M | -12.8% |
| Total assets | $317.43M | $346.61M | $343.08M | $334.93M | $501.97M | -8.4% |
| Total current liabilities | $111.59M | $134.18M | $119.99M | $120.03M | $374.29M | -16.8% |
| Current debt | $17.59M | $15.60M | $16.10M | $3.32M | $4.60M | +12.7% |
| Long-term debt | $14.00M | $14.49M | $13.97M | $14.70M | $14.11M | -3.4% |
| Total debt | $39.60M | $35.65M | $39.57M | $25.93M | $24.88M | +11.1% |
| Total liabilities | $150.39M | $164.50M | $156.51M | $154.66M | $403.23M | -8.6% |
| Retained earnings | $120.52M | $131.57M | $135.42M | $137.94M | $65.95M | -8.4% |
| Shareholder equity | $166.48M | $181.48M | $185.82M | $179.44M | $97.86M | -8.3% |
| Working capital | $147.23M | $150.96M | $160.38M | $150.14M | $44.61M | -2.5% |
| Net tangible assets | $162.58M | $177.00M | $179.44M | $172.97M | $91.97M | -8.1% |
| Shares issued | 21.59M | 21.59M | 21.59M | 21.59M | 21.59M | 0.0% |
| Line item | 2026-05-31 | 2026-02-28 | 2025-11-30 | 2025-05-31 | 2025-02-28 | 2024-11-30 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | -$9.50M | -$62.57M | $2.94M | $77.15M | -$4.22M | — | +84.8% |
| Depreciation & amortisation | $2.15M | $2.44M | $2.33M | $2.15M | $2.35M | — | -11.6% |
| Change in working capital | -$19.02M | $32.49M | -$15.80M | -$160.62M | $17.58M | — | -158.5% |
| Operating cash flow | -$18.41M | $24.60M | -$7.68M | -$160.02M | $6.64M | — | -174.8% |
| Capital expenditure | -$792.00K | -$2.43M | -$1.72M | -$1.95M | -$1.73M | — | +67.4% |
| Investing cash flow | -$1.78M | -$3.58M | -$1.67M | $182.15M | -$1.79M | — | +50.4% |
| Dividends paid | — | $0 | -$1.54M | — | -$462.00K | $0 | — |
| Financing cash flow | -$3.92M | -$395.00K | -$183.00K | -$206.00K | -$3.73M | — | -891.1% |
| Free cash flow | -$19.20M | $22.17M | -$9.40M | -$161.97M | $4.91M | — | -186.6% |
| End cash position | $16.98M | $41.49M | $20.22M | $55.78M | $32.36M | — | -59.1% |
Analyst targets & ownership
Mean target—
High target—
Low target—
Implied upside—
Analyst count—
Consensus—
Strong buy / Buy— / —
Hold—
Sell / Strong sell— / —
Held by insiders—
Held by institutions—
Institutions holding—
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
18.75
-1.58% from price
SMA 20
18.42
+0.18% from price
SMA 50
17.27
+6.86% from price
SMA 100
16.44
+12.19% from price
SMA 200
16.61
+11.11% from price
EMA 12
18.54
-0.50% from price
EMA 26
18.13
+1.75% from price
EMA 50
17.52
+5.28% from price
RSI (14)
57.5
Neutral
MACD (12,26,9)
0.41
Hist -0.09
ATR (14)
0.27
1.48% of price
Realised vol 30D
25.3%
Annualised
Bollinger upper
19.33
20, 2σ
Bollinger lower
17.50
20, 2σ
50 / 200 cross
Golden
17.27 vs 16.61
Trend bias
Above 200
+11.11%
Risk profile
Beta vs SPY
0.18
Less volatile than market
Correlation to SPY
0.07
Largely independent
Realised vol 30D
25.3%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-26.2%
Peak to trough
Max drawdown 5Y
-60.6%
Peak to trough
ATR 14
0.27
1.48% of price
Beta (reported)
—
5Y monthly, from filing
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