Cash flow generation remains inconsistent, evidenced by an OCF/NI ratio that reached an extreme 24.04x in 2025Q2, complicating long-term capital allocation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 8.54M | 14.38M | 19.82M | 45.89M | 33.03M | 33.54M | 35.31M | 30.93M | 35.38M | 22.73M | 11.42M | 13.93M | 23.99M | 14.6M | 21.09M | 15.59M | 21.7M | 29.24M |
| Operating CF Margin % | - | 4.68% | 6.46% | 12.93% | 9.11% | 10.55% | 13.09% | 10.89% | 11.8% | 8.94% | 5.08% | 6% | 9.57% | 6.08% | 9.69% | 6.55% | 10.45% | 17% |
| Operating CF Growth % | -155.93% | -27.42% | -56.82% | 38.95% | -1.51% | -5.03% | 14.16% | -12.57% | 55.66% | 99.03% | -18.01% | -41.95% | 64.38% | -30.8% | 35.29% | -28.13% | -25.79% | - |
| Net Income | 5.92M | 5.29M | 9.83M | 26.01M | 36.55M | 20.44M | 10.8M | 22.3M | 23.64M | 14.39M | 6.41M | -12.99M | 5.97M | 4.35M | 11.76M | 10.79M | 11.74M | 1.72M |
| Depreciation & Amortization | 16.1M | 15.92M | 15.8M | 15.55M | 15.35M | 15M | 12.51M | 11.79M | 10.63M | 10.63M | 11.15M | 11.1M | 11.68M | 11.99M | 11.66M | 11.32M | 10.58M | 11.46M |
| Stock-Based Compensation | 754K | 1.79M | 971K | 2.29M | 2.44M | 2.24M | 1.39M | 1.34M | 1.8M | 1.5M | 37K | 1.08M | 1.01M | 743K | 1.17M | 961K | 0 | 0 |
| Deferred Taxes | -2.32M | -1.8M | 69K | -156K | -2.04M | -3.26M | 1.15M | -2.72M | 1.01M | 1.89M | -612K | 10.11M | -3.39M | -2.32M | -4.87M | -1.96M | -1.97M | 139K |
| Other Non-Cash Items | -743K | -1.83M | -1.04M | 2.82M | -2.19M | 2.49M | 5.46M | 2.32M | 5.39M | 2.76M | -284K | 8.64M | 9.38M | 1.1M | 1.35M | -355K | 2.26M | -2.18M |
| Working Capital Changes | -11.22M | -4.99M | -5.82M | -621K | -17.09M | -3.38M | 4.01M | -4.09M | -7.1M | -8.44M | -5.28M | -4M | -654K | -1.26M | 19K | -5.17M | -2.1M | 14.94M |
| Change in Receivables | -10.47M | -3.14M | 3.24M | 3.79M | -4.78M | -8.04M | -753K | 12.86M | -7.76M | -10.54M | 1.32M | 982K | 513K | -6.77M | 5.31M | 41K | -10.83M | 9.41M |
| Change in Inventory | -316K | 972K | 2.14M | -4.9M | -11.94M | -8.63M | 2.99M | -619K | -5.09M | -4.31M | -1.97M | -3.96M | -1.23M | 4.74M | -1.64M | -3.07M | -5.72M | 11.69M |
| Change in Payables | 1.48M | 402K | -416K | -2.66M | 889K | 3.29M | 59K | -2.47M | -819K | 2.01M | 237K | -2.55M | 526K | 252K | -2.23M | -33K | 5.75M | -2.82M |
| Cash from Investing | 1.19M | 2.9M | -12.9M | -15.1M | -20.84M | -64.05M | -21.81M | -51.06M | -14.39M | -6.42M | -16.85M | -29.88M | -9.68M | -55.59M | -7.96M | -16.14M | -8.34M | 69K |
| Capital Expenditures | -9.58M | -8.03M | -9.16M | -15.15M | -21.29M | -17.06M | -22.95M | -11.2M | -14.52M | -6.96M | -10.43M | -9.98M | -9.76M | -6.75M | -8.32M | -16.29M | -8.4M | -2.18M |
| CapEx % of Revenue | 3% | 2.61% | 2.99% | 4.27% | 5.87% | 5.37% | 8.51% | 3.94% | 4.84% | 2.74% | 4.63% | 4.3% | 3.89% | 2.81% | 3.82% | 6.84% | 4.05% | 1.27% |
| Acquisitions | 10.88M | 10.93M | 0 | 0 | 451K | -47.22M | 156K | -40.48M | 132K | 541K | -10.63M | -20.02M | 0 | -48.92M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -107K | 0 | -3.74M | 40K | 0 | 231K | 983K | 615K | 132K | 541K | 4.2M | 117K | 83K | 81K | 360K | 147K | 56K | 2.25M |
| Cash from Financing | -11.63M | -11.4M | -9.4M | -35.94M | -3.63M | 18.82M | -5.03M | 16.48M | -3.51M | -3.01M | 2.85M | 1.63M | -4.24M | 21.39M | -248K | -234K | 7.12M | -38M |
| Debt Issued (Net) | -11M | -11M | 0 | -29M | 0 | 19.98M | -3.49M | 17.38M | -2.6M | -2.63M | 2.87M | 10.88M | -4.14M | 21.85M | -181K | -219K | -119K | -1.11M |
| Equity Issued (Net) | -60K | -60K | -7.82M | -5.92M | -2.74M | 0 | 0 | 0 | -801K | -303K | 0 | -8.73M | -32K | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -60K | -60K | -7.82M | -5.92M | -2.74M | 0 | 0 | -854K | -801K | -303K | -85K | -8.73M | -32K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -573K | -343K | -1.58M | -1.02M | -892K | -1.17M | -1.54M | -906K | -109K | -75K | -100K | -516K | -72K | -466K | -67K | -15K | 7.24M | -36.89M |
| Net Change in Cash | -1.41M | 8.09M | -4.69M | -4.6M | 4.23M | -14.1M | 11.53M | -3.25M | 15.87M | 15.84M | -4.19M | -17M | 6.86M | -21.1M | 13.05M | -1.42M | 19.05M | -7.19M |
| Free Cash Flow | -1.05M | 6.35M | 10.65M | 30.74M | 11.74M | 16.48M | 12.36M | 19.74M | 20.86M | 15.77M | 995K | 3.95M | 14.23M | 7.85M | 12.77M | -699K | 13.3M | 27.05M |
| FCF Margin % | -0.33% | 2.07% | 3.48% | 8.66% | 3.24% | 5.18% | 4.58% | 6.95% | 6.96% | 6.2% | 0.44% | 1.7% | 5.68% | 3.27% | 5.87% | -0.29% | 6.41% | 15.73% |
| FCF Growth % | -110.48% | -40.38% | -65.35% | 161.81% | -28.74% | 33.26% | -37.35% | -5.38% | 32.27% | 1484.82% | -74.81% | -72.25% | 81.36% | -38.55% | 1927.18% | -105.26% | -50.85% | - |
| FCF per Share | -0.08 | 0.48 | 0.80 | 2.25 | 0.86 | 1.21 | 0.91 | 1.45 | 1.54 | 1.17 | 0.07 | 0.29 | 1.02 | 0.56 | 0.92 | -0.05 | 0.96 | 2.03 |
| FCF Conversion (FCF/Net Income) | -0.18x | 2.72x | 2.00x | 1.79x | 0.92x | 1.66x | 3.27x | 1.39x | 1.50x | 1.58x | 1.78x | -1.07x | 4.14x | 3.40x | 1.80x | 1.45x | 1.85x | 17.16x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical supply chain disruption
As reported in financial statements, VPG's operating cash flow frequently decouples from net income, with the OCF/NI ratio exhibiting extreme volatility, including a 24.04x reading in 2025Q2, which suggests that reported earnings are not currently a reliable proxy for the company's underlying cash-generating capacity.
The wide variance between net income and operating cash flow indicates that non-cash charges and working capital swings are the primary drivers of reported bottom-line results. Investors should monitor this disconnect, as it implies that the company's profitability is highly sensitive to accounting adjustments rather than consistent operational cash inflows.
Based on VPG's reported figures, free cash flow margins have fluctuated significantly, swinging from a high of 15.1% in 2023Q4 to a negative 4.3% in 2026Q1, highlighting a lack of consistent cash generation that complicates long-term capital allocation and shareholder return planning.
The erratic FCF trajectory appears to be a function of both lumpy revenue recognition and the high fixed-cost nature of the firm's specialized manufacturing. This inconsistency suggests that the business model may struggle to provide a reliable cash cushion during periods of industrial cyclicality or reduced demand.
According to recent SEC filings, VPG's working capital changes have been highly erratic, with a significant $7.3 million outflow in 2025Q3 followed by inconsistent recovery patterns, suggesting that inventory management and collection cycles are not yet optimized to support stable cash flow generation.
The frequent, large-scale shifts in working capital indicate that the company may be struggling to align its production schedules with actual customer demand. This volatility warrants further investigation into whether the firm is building excess inventory in anticipation of orders that may be subject to deferral or cancellation.
As indicated by the data, VPG's CapEx/Revenue ratio has remained relatively contained, peaking at 5.9% in 2023Q4 and averaging closer to 3% in recent quarters, which suggests that the firm is not currently engaged in a massive, cash-intensive expansion of its manufacturing footprint.
While the capital intensity appears manageable, the persistent need for maintenance CapEx in a high-precision environment may limit the company's ability to pivot toward more aggressive growth initiatives. The current level of investment appears sufficient to maintain existing capabilities but may not be enough to drive a structural shift in operating margins.
Quick answers to the most common questions about buying VPG stock.
Vishay Precision Group, Inc. (VPG) generated $14.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vishay Precision Group, Inc. (VPG) generated $6.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Vishay Precision Group, Inc. (VPG) spent $8.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Vishay Precision Group, Inc. (VPG) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.