Latest Ratios: P/E Ratio 174.6x · EV/EBITDA 35.5x · ROE 1.6%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $930M | $513M | $314M | $465M | $529M | $507M | $429M | $462M | $409M | $339M | $254M |
| Enterprise Value | $907M | $489M | $290M | $440M | $526M | $513M | $395M | $429M | $346M | $297M | $231M |
| P/E Ratio → | 174.57 | 96.25 | 31.72 | 18.12 | 14.70 | 25.08 | 39.85 | 20.86 | 17.27 | 23.50 | 39.38 |
| P/S Ratio | 3.03 | 1.67 | 1.02 | 1.31 | 1.46 | 1.59 | 1.59 | 1.63 | 1.36 | 1.33 | 1.13 |
| P/B Ratio | 2.77 | 1.52 | 0.98 | 1.41 | 1.73 | 1.83 | 1.66 | 1.91 | 1.87 | 1.75 | 1.48 |
| P/FCF | 146.46 | 80.71 | 29.49 | 15.13 | 45.06 | 30.77 | 34.69 | 23.42 | 19.62 | 21.48 | 254.89 |
| P/OCF | 64.68 | 35.64 | 15.85 | 10.14 | 16.02 | 15.12 | 12.14 | 14.95 | 11.57 | 14.91 | 22.21 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.59 | 0.95 | 1.24 | 1.45 | 1.61 | 1.46 | 1.51 | 1.15 | 1.17 | 1.03 |
| EV / EBITDA | 35.46 | 19.13 | 8.88 | 7.65 | 8.88 | 12.11 | 11.22 | 10.60 | 7.23 | 9.20 | 10.58 |
| EV / EBIT | 93.95 | 45.58 | 14.46 | 10.37 | 11.10 | 18.90 | 20.05 | 15.33 | 9.69 | 13.25 | 20.85 |
| EV / FCF | — | 77.03 | 27.25 | 14.30 | 44.76 | 31.14 | 31.91 | 21.71 | 16.59 | 18.83 | 232.48 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.9% | 38.9% | 41.0% | 42.3% | 41.3% | 39.4% | 38.6% | 39.3% | 40.5% | 38.6% | 36.8% |
| Operating Margin | 3.1% | 3.1% | 5.5% | 11.8% | 12.1% | 8.6% | 8.4% | 10.1% | 12.4% | 8.5% | 4.8% |
| Net Profit Margin | 1.7% | 1.7% | 3.2% | 7.2% | 9.9% | 6.4% | 4.0% | 7.8% | 7.9% | 5.6% | 2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.6% | 1.6% | 3.0% | 8.1% | 12.4% | 7.6% | 4.3% | 9.6% | 11.5% | 7.9% | 3.7% |
| ROA | 1.2% | 1.2% | 2.1% | 5.4% | 7.7% | 4.7% | 2.8% | 6.4% | 7.5% | 5.0% | 2.4% |
| ROIC | 2.4% | 2.4% | 4.2% | 10.4% | 11.2% | 8.1% | 7.9% | 11.8% | 18.2% | 10.8% | 5.5% |
| ROCE | 2.4% | 2.4% | 4.2% | 10.2% | 10.8% | 7.3% | 7.1% | 10.4% | 14.1% | 8.9% | 4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.17 | 0.18 | 0.28 | 0.33 | 0.25 | 0.22 | 0.12 | 0.17 | 0.21 |
| Debt / EBITDA | 2.50 | 2.50 | 1.69 | 1.02 | 1.44 | 2.14 | 1.82 | 1.31 | 0.57 | 1.00 | 1.65 |
| Net Debt / Equity | — | -0.07 | -0.07 | -0.08 | -0.01 | 0.02 | -0.13 | -0.14 | -0.29 | -0.22 | -0.13 |
| Net Debt / EBITDA | -0.91 | -0.91 | -0.73 | -0.44 | -0.06 | 0.14 | -0.97 | -0.83 | -1.32 | -1.30 | -1.02 |
| Debt / FCF | — | -3.68 | -2.24 | -0.83 | -0.30 | 0.37 | -2.77 | -1.71 | -3.02 | -2.66 | -22.41 |
| Interest Coverage | 5.54 | 5.54 | 7.99 | 10.67 | 20.87 | 22.07 | 14.40 | 18.54 | 20.56 | 12.16 | 7.47 |
Net cash position: cash ($87M) exceeds total debt ($64M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.47 | 4.47 | 4.47 | 3.94 | 3.91 | 3.64 | 4.67 | 2.39 | 3.92 | 3.69 | 4.22 |
| Quick Ratio | 2.97 | 2.97 | 2.88 | 2.51 | 2.60 | 2.45 | 3.36 | 1.64 | 2.79 | 2.53 | 2.70 |
| Cash Ratio | 1.58 | 1.58 | 1.49 | 1.36 | 1.38 | 1.30 | 2.07 | 0.98 | 1.65 | 1.43 | 1.58 |
| Asset Turnover | — | 0.67 | 0.68 | 0.75 | 0.76 | 0.69 | 0.67 | 0.77 | 0.92 | 0.83 | 0.83 |
| Inventory Turnover | 2.27 | 2.27 | 2.15 | 2.32 | 2.52 | 2.52 | 2.66 | 2.58 | 2.87 | 2.60 | 2.52 |
| Days Sales Outstanding | — | 66.95 | 60.97 | 58.02 | 60.47 | 66.89 | 61.33 | 55.53 | 64.72 | 67.14 | 55.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 1.0% | 3.2% | 5.5% | 6.8% | 4.0% | 2.5% | 4.8% | 5.8% | 4.3% | 2.5% |
| FCF Yield | 0.7% | 1.2% | 3.4% | 6.6% | 2.2% | 3.3% | 2.9% | 4.3% | 5.1% | 4.7% | 0.4% |
| Buyback Yield | 0.0% | 0.0% | 2.5% | 1.3% | 0.5% | 0.0% | 0.0% | 0.2% | 0.2% | 0.1% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 2.5% | 1.3% | 0.5% | 0.0% | 0.0% | 0.2% | 0.2% | 0.1% | 0.0% |
| Shares Outstanding | — | $13M | $13M | $14M | $14M | $14M | $14M | $14M | $14M | $13M | $13M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying VPG stock.
Vishay Precision Group, Inc.'s current P/E ratio is 174.6x. The historical average is 31.6x. This places it at the 100th percentile of its historical range.
Vishay Precision Group, Inc.'s current EV/EBITDA is 35.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Vishay Precision Group, Inc.'s return on equity (ROE) is 1.6%. The historical average is 5.2%.
Based on historical data, Vishay Precision Group, Inc. is trading at a P/E of 174.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vishay Precision Group, Inc. has 38.9% gross margin and 3.1% operating margin.
Vishay Precision Group, Inc.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Margin compression amid revenue volatility
Metrics are mathematically derived from official filings.
Premium Valuation Amidst Operational Strain
VPG's forward P/E of 110.10 and EV/EBITDA of 27.42 appear to price in a significant operational turnaround that is not yet evident in its recent financial performance, creating a disconnect between market expectations and reported results.
The valuation multiples are exceptionally high relative to the company's recent history of near-zero operating margins and negative net income in seven of the last ten quarters. This suggests the market is pricing in the successful execution of the 'VPG 2.0' initiatives and a return to the profitability levels seen in early 2024, rather than the current strained operational reality. Investors are effectively paying a significant premium for a potential future earnings power that remains unproven.
Gross Margin Resilience Masked by Operating Inefficiency
Despite maintaining a robust gross margin near 39%, VPG's operating margin has collapsed to near zero, with 2026Q2 showing a 0.0% operating margin on $65.3M of gross profit, indicating severe overhead absorption issues.
The stark divergence between a healthy gross margin and a negligible operating margin points to a fixed-cost structure that is not scaling with revenue volatility. SG&A expenses consistently consume nearly all of the gross profit, leaving virtually nothing for operating income. This pattern suggests that the company's cost base is misaligned with its current revenue trajectory, and a permanent margin expansion would require a structural shift in its business mix or a significant consolidation of its global footprint.
Capital Returns Erode Amidst Profitability Struggles
VPG's return on invested capital has deteriorated to near-zero levels, with ROIC at 0.0% in 2026Q2, indicating that the company is currently failing to generate meaningful returns on the capital deployed in its specialized manufacturing assets.
The collapse in ROIC from a peak of 2.6% in 2025Q3 to zero is a direct consequence of the operating margin compression. This trend is particularly concerning given the company's high fixed-cost base and specialized assets, as it suggests the business is not generating sufficient returns to justify its capital intensity. The driver is clearly a margin issue rather than an efficiency one, as asset turnover has remained relatively stable.
Working Capital Cycles Drive Cash Flow Volatility
VPG's cash conversion cycle has improved significantly to 97 days in 2026Q2 from over 200 days in early 2025, primarily driven by a sharp reduction in days inventory outstanding, which appears to be a key lever for near-term cash flow management.
The dramatic reduction in DIO from 175 days in 2024Q1 to 74 days in 2026Q2 suggests a deliberate effort to liquidate inventory, which has been a major source of working capital. However, this improvement is offset by a lengthening of days sales outstanding to 33 days, indicating potential customer collection challenges. The overall efficiency gains are welcome but appear tactical rather than structural, and the sustainability of this working capital release is questionable.
Fortress Balance Sheet Provides Strategic Optionality
VPG's debt-to-equity ratio has improved to a negligible 0.12 as of 2026Q2, with total debt reduced to $39.3M from a peak of $64.0M in 2025Q4, indicating a deliberate deleveraging strategy that provides significant financial flexibility.
The company's minimal leverage and substantial cash position of $75.7M create a fortress balance sheet that insulates it from refinancing risk and provides ample capacity for strategic investments. This conservative posture, however, may also reflect a lack of aggressive growth investment, contributing to the stagnant revenue profile. The interest coverage ratio of 2.12x is comfortable but has declined from much higher levels, reflecting the recent profitability challenges rather than increased debt burden.
The Misleading Safety of the Current Ratio
The current ratio of 4.15 is the most commonly misapplied metric for VPG, as it obscures the underlying operational cash burn and the potential obsolescence risk embedded in its specialized inventory.
While the current ratio suggests exceptional liquidity, it fails to account for the quality of the assets. A significant portion of the current assets is likely specialized inventory that may be difficult to liquidate quickly without impairment, especially if key customer programs are canceled. Furthermore, the ratio does not reflect the negative free cash flow trend, which indicates that the company is consuming cash despite its strong balance sheet. A more appropriate metric would be the quick ratio, which at 2.72 is still strong but provides a more conservative view of immediate liquidity.