The company demonstrates elite operational efficiency with operating margins consistently near 60%, though revenue growth remains highly volatile, oscillating between a 25.1% contraction and a 22.9% expansion over recent periods.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 26.33M | 25.87M | 29.8M | 38.25M | 26.99M | 21.37M | 25.41M | 26.47M | 29.86M | 28.33M | 27.72M | 30.58M | 25.93M | 27.03M | 28.58M | 31.2M | 28.15M | 23.37M | 20.53M | 16.46M | 12.17M | 11.62M | 12.01M | 9.45M | 7M | 7.17M | 3.86M | 5.5M | 5.95M | 8.75M |
| Revenue Growth % | 1.76% | -13.18% | -22.09% | 41.75% | 26.31% | -15.92% | -4% | -11.36% | 5.43% | 2.2% | -9.37% | 17.93% | -4.06% | -5.41% | -8.39% | 10.84% | 20.43% | 13.85% | 24.71% | 35.25% | 4.78% | -3.29% | 27.13% | 35.05% | -2.38% | 85.77% | -29.87% | -7.49% | -32.06% | 48.26% |
| Cost of Goods Sold | 5.6M | 4.24M | 6.77M | 8.06M | 6.26M | 4.12M | 4.89M | 5.22M | 6.27M | 6.08M | 6.62M | 6.02M | 5.72M | 7.03M | 9.33M | 9.78M | 8.31M | 6.72M | 6.83M | 5.79M | 6.22M | 7.01M | 7.44M | 5.91M | 5.82M | 381.94K | 176.52K | 300K | 3.46M | 4.62M |
| COGS % of Revenue | 21.27% | 16.37% | 22.72% | 21.08% | 23.21% | 19.29% | 19.24% | 19.7% | 21.01% | 21.46% | 23.87% | 19.68% | 22.06% | 25.99% | 32.63% | 31.36% | 29.53% | 28.77% | 33.29% | 35.16% | 51.09% | 60.36% | 61.98% | 62.57% | 83.23% | 5.33% | 4.58% | 5.45% | 58.23% | 52.76% |
| Gross Profit | 20.73M | 21.64M | 23.03M | 30.19M | 20.72M | 17.24M | 20.52M | 21.26M | 23.59M | 22.25M | 21.1M | 24.56M | 20.21M | 20.01M | 19.25M | 21.41M | 19.83M | 16.65M | 13.7M | 10.67M | 5.95M | 4.6M | 4.57M | 3.54M | 1.17M | 6.78M | 3.68M | 5.2M | 2.48M | 4.13M |
| Gross Margin % | 78.73% | 83.63% | 77.28% | 78.92% | 76.79% | 80.71% | 80.76% | 80.3% | 78.99% | 78.54% | 76.13% | 80.32% | 77.94% | 74.01% | 67.37% | 68.64% | 70.47% | 71.23% | 66.71% | 64.84% | 48.91% | 39.64% | 38.02% | 37.43% | 16.77% | 94.67% | 95.42% | 94.55% | 41.77% | 47.24% |
| Gross Profit Growth % | -4.19% | -6.05% | -23.71% | 45.68% | 20.17% | -15.97% | -3.45% | -9.89% | 6.03% | 5.44% | -14.1% | 21.52% | 1.03% | 3.92% | -10.09% | 7.96% | 19.14% | 21.56% | 28.32% | 79.32% | 29.26% | 0.85% | 29.12% | 201.51% | -82.71% | 84.3% | -29.22% | 109.37% | -39.92% | 44.24% |
| Operating Expenses | 2.76M | 5.64M | 4.51M | 4.55M | 4.4M | 4.5M | 5.01M | 5.33M | 5.14M | 4.8M | 4.81M | 5.31M | 5.82M | 4.81M | 4.98M | 3.74M | 3.54M | 3.4M | 3.65M | 4.13M | 3.48M | 3.26M | 2.93M | 3.15M | 3.39M | 6.42M | 434.46K | 4.3M | 4.93M | 10.03M |
| OpEx % of Revenue | 10.48% | 21.82% | 15.14% | 11.89% | 16.29% | 21.07% | 19.71% | 20.14% | 17.21% | 16.96% | 17.37% | 17.37% | 22.44% | 17.8% | 17.43% | 12% | 12.56% | 14.53% | 17.76% | 25.08% | 28.6% | 28.07% | 24.43% | 33.3% | 48.47% | 89.55% | 11.26% | 78.18% | 82.84% | 114.67% |
| Selling, General & Admin | 1.65M | 2.01M | 1.78M | 1.96M | 1.47M | 1.32M | 1.32M | 1.22M | 1.44M | 1.46M | 1.75M | 2.31M | 2.24M | 2.24M | 2.38M | 2.47M | 2.41M | 2.18M | 2.16M | 1.95M | 1.76M | 1.87M | 1.83M | 1.84M | 1.81M | 1.37M | 434.46K | 2.1M | 3.15M | 2.79M |
| SG&A % of Revenue | 6.27% | 7.77% | 5.98% | 5.13% | 5.44% | 6.16% | 5.18% | 4.62% | 4.81% | 5.15% | 6.32% | 7.56% | 8.62% | 8.29% | 8.33% | 7.93% | 8.58% | 9.32% | 10.52% | 11.85% | 14.43% | 16.08% | 15.25% | 19.45% | 25.84% | 19.1% | 11.26% | 38.18% | 52.91% | 31.86% |
| Research & Development | 1.11M | 3.64M | 2.73M | 2.58M | 2.93M | 3.18M | 3.69M | 4.11M | 3.7M | 3.34M | 3.06M | 3M | 3.59M | 2.57M | 2.6M | 1.27M | 1.12M | 1.22M | 1.49M | 2.18M | 1.72M | 1.39M | 1.1M | 1.31M | 1.58M | 5.05M | 0 | 1.9M | 1.78M | 7.25M |
| R&D % of Revenue | 4.21% | 14.05% | 9.16% | 6.75% | 10.84% | 14.91% | 14.52% | 15.52% | 12.4% | 11.81% | 11.04% | 9.81% | 13.82% | 9.51% | 9.1% | 4.07% | 3.98% | 5.21% | 7.25% | 13.22% | 14.17% | 12% | 9.18% | 13.85% | 22.63% | 70.45% | - | 34.55% | 29.94% | 82.81% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 0 | 0 |
| Operating Income | 15.92M | 15.99M | 18.52M | 25.64M | 16.33M | 12.74M | 15.51M | 15.92M | 18.45M | 17.45M | 16.29M | 19.25M | 14.39M | 15.2M | 14.27M | 17.67M | 16.3M | 13.25M | 10.05M | 6.55M | 2.47M | 1.34M | 1.63M | 390.43K | -2.22M | 110.75K | 3.25M | 900K | -2.44M | -5.9M |
| Operating Margin % | 60.46% | 61.81% | 62.14% | 67.04% | 60.51% | 59.64% | 61.05% | 60.16% | 61.78% | 61.59% | 58.76% | 62.95% | 55.5% | 56.22% | 49.94% | 56.64% | 57.9% | 56.7% | 48.95% | 39.76% | 20.3% | 11.57% | 13.58% | 4.13% | -31.7% | 1.55% | 84.16% | 16.36% | -41.07% | -67.43% |
| Operating Income Growth % | -0.46% | -13.63% | -27.79% | 57.05% | 28.13% | -17.86% | -2.57% | -13.69% | 5.76% | 7.12% | -15.4% | 33.75% | -5.28% | 6.47% | -19.22% | 8.41% | 22.99% | 31.87% | 53.52% | 164.89% | 83.89% | -17.63% | 317.83% | 117.61% | -2102.16% | -96.59% | 260.7% | 136.86% | 58.62% | -534.23% |
| EBITDA | 15.92M | 16.32M | 18.83M | 25.84M | 16.75M | 13.29M | 16.06M | 16.63M | 19.43M | 18.59M | 17.14M | 20.19M | 15.24M | 15.84M | 14.77M | 18.08M | 16.69M | 13.73M | 10.61M | 7.08M | 3.04M | 1.92M | 2.16M | 901.48K | -1.89M | 367.03K | 3.25M | 1.2M | -2.1M | -5.69M |
| EBITDA Margin % | 60.46% | 63.07% | 63.17% | 67.55% | 62.08% | 62.18% | 63.22% | 62.82% | 65.06% | 65.64% | 61.83% | 66% | 58.76% | 58.61% | 51.69% | 57.96% | 59.29% | 58.72% | 51.68% | 42.98% | 24.99% | 16.51% | 17.95% | 9.54% | -26.95% | 5.12% | 84.16% | 21.82% | -35.31% | -65.07% |
| EBITDA Growth % | -2.44% | -13.32% | -27.14% | 54.24% | 26.1% | -17.29% | -3.4% | -14.41% | 4.51% | 8.49% | -15.1% | 32.47% | -3.82% | 7.25% | -18.3% | 8.35% | 21.58% | 29.37% | 49.94% | 132.68% | 58.61% | -11.08% | 139.17% | 147.82% | -613.64% | -88.69% | 170.53% | 157.16% | 63.13% | -489.81% |
| D&A (Non-Cash Add-back) | 0 | 324.23K | 308.15K | 196.74K | 424.98K | 542.93K | 549.97K | 705.2K | 979.65K | 1.15M | 850.97K | 934.37K | 844.34K | 647.16K | 500.12K | 411.55K | 389.27K | 473.74K | 560.53K | 530.05K | 569.89K | 573.44K | 524.73K | 511.05K | 332.29K | 256.27K | 0 | 300K | 342.17K | 206.03K |
| EBIT | 0 | 15.99M | 18.52M | 25.64M | 16.33M | 12.74M | 15.51M | 15.92M | 18.45M | 17.45M | 16.29M | 19.25M | 14.39M | 15.2M | 14.27M | 17.67M | 16.3M | 13.25M | 10.05M | 6.55M | 2.47M | 1.34M | 1.63M | 390.43K | -2.22M | 367.03K | 3.25M | 900K | -2.44M | -5.9M |
| Net Interest Income | 0 | 1.91M | 1.95M | 1.45M | 1.17M | 1.5M | 1.79M | 1.79M | 1.56M | 1.65M | 1.89M | 2.19M | 2.12M | 2.36M | 2.35M | 2.02M | 1.62M | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.89M | 1.91M | 1.95M | 1.45M | 1.17M | 1.5M | 1.79M | 1.79M | 1.56M | 1.65M | 1.89M | 2.19M | 2.12M | 2.36M | 2.35M | 2.02M | 1.62M | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.9M | 2.04M | 1.95M | 1.45M | 1.17M | 1.5M | 1.79M | 1.79M | 1.56M | 1.65M | 1.89M | 2.19M | 2.12M | 2.36M | 2.35M | 2.02M | 1.62M | 1.18M | 1.03M | 646.23K | 369.75K | 276.07K | 243.36K | 86.17K | 162.76K | 16.5K | 1.69M | -1.1M | 99.34K | 57.04K |
| Pretax Income | 17.82M | 18.04M | 20.47M | 27.09M | 17.5M | 14.24M | 17.3M | 17.71M | 20.01M | 19.1M | 18.18M | 21.44M | 16.52M | 17.56M | 16.62M | 19.69M | 17.92M | 14.43M | 11.08M | 7.19M | 2.84M | 1.62M | 1.87M | 646.85K | -2.1M | 127.26K | 4.94M | -200K | -2.34M | -5.84M |
| Pretax Margin % | 67.66% | 69.72% | 68.67% | 70.82% | 64.85% | 66.66% | 68.09% | 66.9% | 67% | 67.41% | 65.58% | 70.1% | 63.68% | 64.94% | 58.17% | 63.12% | 63.65% | 61.73% | 53.97% | 43.69% | 23.34% | 13.95% | 15.61% | 6.85% | -30.03% | 1.78% | 128.06% | -3.64% | -39.4% | -66.77% |
| Income Tax | 2.62M | 2.97M | 3.34M | 4.4M | 2.99M | 2.55M | 2.78M | 3.2M | 6.1M | 6.15M | 5.88M | 7.07M | 5.38M | 5.73M | 5.24M | 6.33M | 5.92M | 4.64M | 3.89M | 2.41M | 1.04M | -138.4K | -233.02K | -646.85K | 2.1M | 0 | 244.33K | -500K | 83.9K | 318.78K |
| Effective Tax Rate % | 14.69% | 16.49% | 16.33% | 16.23% | 17.1% | 17.89% | 16.04% | 18.08% | 30.47% | 32.19% | 32.37% | 32.98% | 32.58% | 32.62% | 31.54% | 32.15% | 33.03% | 32.19% | 35.13% | 33.52% | 36.72% | -8.54% | -12.43% | -100% | -100% | 0% | 4.95% | 250% | -3.58% | -5.46% |
| Net Income | 15.2M | 15.06M | 17.12M | 22.69M | 14.51M | 11.69M | 14.53M | 14.51M | 13.91M | 12.95M | 12.29M | 14.37M | 11.14M | 11.83M | 11.38M | 13.36M | 12M | 9.78M | 7.19M | 4.78M | 1.8M | 1.76M | 2.11M | 646.85K | -2.1M | 127.26K | 4.7M | 300K | -2.43M | -6.16M |
| Net Margin % | 57.72% | 58.22% | 57.46% | 59.33% | 53.76% | 54.73% | 57.16% | 54.8% | 46.59% | 45.71% | 44.35% | 46.98% | 42.94% | 43.76% | 39.82% | 42.83% | 42.63% | 41.86% | 35.01% | 29.04% | 14.77% | 15.14% | 17.55% | 6.85% | -30.03% | 1.78% | 121.73% | 5.45% | -40.81% | -70.42% |
| Net Income Growth % | 0.89% | -12.03% | -24.54% | 56.43% | 24.06% | -19.5% | 0.13% | 4.28% | 7.44% | 5.34% | -14.45% | 29.03% | -5.86% | 3.93% | -14.82% | 11.35% | 22.66% | 36.11% | 50.34% | 165.93% | 2.25% | -16.58% | 225.84% | 130.8% | -1750.54% | -97.29% | 1465.12% | 112.36% | 60.63% | -844.52% |
| Net Income (Continuing) | 15.2M | 15.06M | 17.12M | 22.69M | 14.51M | 11.69M | 14.53M | 14.51M | 13.91M | 12.95M | 12.29M | 14.37M | 11.14M | 11.83M | 11.38M | 13.36M | 12M | 9.78M | 7.19M | 4.78M | 1.8M | 1.76M | 2.11M | 646.85K | -2.1M | 127.26K | 4.7M | 300K | -2.43M | -6.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.14 | 3.11 | 3.54 | 4.70 | 3.00 | 2.42 | 3.00 | 2.99 | 2.87 | 2.68 | 2.53 | 2.95 | 2.29 | 2.43 | 2.34 | 2.76 | 2.47 | 2.04 | 1.51 | 1.00 | 0.39 | 0.37 | 0.45 | 0.15 | -0.61 | 0.04 | 23.00 | 1.50 | -12.86 | -41.73 |
| EPS Growth % | 0.96% | -12.15% | -24.68% | 56.67% | 23.97% | -19.33% | 0.33% | 4.18% | 7.09% | 5.93% | -14.24% | 28.82% | -5.76% | 3.85% | -15.22% | 11.74% | 21.08% | 35.1% | 51% | 156.41% | 5.41% | -17.78% | 200% | 124.59% | -1799.16% | -99.84% | 1433.33% | 111.66% | 69.18% | -696.14% |
| EPS (Basic) | 3.14 | 3.12 | 3.54 | 4.70 | 3.00 | 2.42 | 3.00 | 3.00 | 2.87 | 2.68 | 2.53 | 2.96 | 2.30 | 2.44 | 2.37 | 2.83 | 2.56 | 2.10 | 1.55 | 1.03 | 0.39 | 0.39 | 0.49 | 0.16 | -0.61 | 0.05 | 23.00 | 1.50 | -12.86 | -41.73 |
| Diluted Shares Outstanding | 4.84M | 4.84M | 4.84M | 4.83M | 4.84M | 4.83M | 4.85M | 4.85M | 4.85M | 4.84M | 4.85M | 4.87M | 4.87M | 4.86M | 4.86M | 4.84M | 4.86M | 4.79M | 4.76M | 4.77M | 4.67M | 4.73M | 4.73M | 4.32M | 3.42M | 3.54M | 203.98K | 197.1K | 188.68K | 147.66K |
| Basic Shares Outstanding | 4.84M | 4.84M | 4.83M | 4.83M | 4.83M | 4.83M | 4.85M | 4.84M | 4.84M | 4.84M | 4.85M | 4.86M | 4.85M | 4.84M | 4.8M | 4.73M | 4.69M | 4.66M | 4.64M | 4.62M | 4.58M | 4.51M | 4.3M | 4.13M | 3.42M | 3.37M | 203.98K | 194.17K | 188.68K | 147.66K |
| Dividend Payout Ratio | 127.3% | 128.38% | 112.89% | 85.15% | 133.26% | 165.35% | 133.44% | 133.54% | 139.19% | 149.4% | 157.94% | 69.6% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 125.92% | - | - | - |
Stagnant Revenue Growth Profile
As reported in recent quarterly filings, NVEC's revenue trajectory remains highly volatile, oscillating between a 25.1% contraction in 2025Q3 and a 22.9% expansion in 2026Q3, suggesting that the company's reliance on lumpy contract research and niche industrial orders prevents a predictable, long-term growth trend.
The lack of consistent top-line expansion indicates that the firm may be struggling to scale its spintronic technology beyond its current specialized customer base. Investors should monitor whether the recent 5.3% growth in 2026Q4 represents a sustainable recovery or merely another transient fluctuation in a mature, low-growth market.
Based on the provided financial data, NVEC maintains an exceptional gross margin profile that peaked at 86.0% in 2025Q2, reflecting significant pricing power inherent in its specialized GMR and TMR sensor technologies despite the relatively small scale of its overall manufacturing operations.
These elevated margins appear to be a function of low variable production costs and a lack of direct substitutes for their high-reliability components. However, the structural reliance on high margins to offset low volume growth warrants caution, as any competitive encroachment could lead to rapid margin compression.
According to the income statement, NVEC demonstrates remarkable operating leverage, with operating margins consistently hovering near 60%, a figure that suggests the company has successfully minimized its SG&A and R&D overhead relative to its gross profit generation over the observed ten-quarter period.
The ability to maintain such lean operations implies a highly disciplined management approach that prioritizes profitability over aggressive market share acquisition. This efficiency is a double-edged sword, as it may indicate an under-investment in the R&D necessary to drive future product innovation and revenue diversification.
As evidenced by the minimal stock-based compensation expenses, which peaked at only $105.2K in 2025Q2, NVEC's reported net income appears to be of high quality, largely free from the dilutive accounting distortions that frequently plague other small-cap technology firms in the semiconductor sector.
The alignment between operating income and net income suggests that the company's bottom line is driven by core business performance rather than non-operating financial engineering. Analysts should continue to scrutinize the tax rate and interest income components to ensure that net margin strength remains fundamentally rooted in operational success.
Based on the reported figures, the company's 1.76% year-over-year revenue growth suggests that NVEC may be approaching a saturation point in its core markets, raising concerns that the firm's current valuation may be overly reliant on its historical profitability rather than future expansion potential.
Short-sellers might argue that the lack of meaningful R&D investment, coupled with stagnant revenue, indicates a business model that is slowly being commoditized by larger, better-capitalized competitors. Investors should investigate whether the company's reliance on legacy design-wins is sufficient to protect its long-term terminal value against evolving industry standards.
Quick answers to the most common questions about buying NVEC stock.
For fiscal year 2026, NVE Corporation (NVEC) reported total revenue of $26.3M. This represents a 200.9% increase compared to $8.8M in 1997.
NVE Corporation (NVEC) is profitable, generating $15.2M in net income for the fiscal year ending 2026 with a net profit margin of 57.7%.
NVE Corporation (NVEC) reported an operating income of $15.9M, resulting in an operating profit margin of 60.5%. This margin reflects the operational efficiency of the business before interest and taxes.
NVE Corporation (NVEC) generated $20.7M in gross profit for the year, representing a gross profit margin of 78.7%. This demonstrates the company's core pricing power and production efficiency.