Revenue growth reached 17.6% in 2026Q1, yet operating margins remain thin, failing to exceed 12.7% in any of the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 319.81M | 307.2M | 306.52M | 355.05M | 362.58M | 317.92M | 269.81M | 283.96M | 299.79M | 254.35M | 224.93M | 232.18M | 250.82M | 240.28M | 217.62M | 238.11M | 207.52M | 171.99M |
| Revenue Growth % | 7.51% | 0.22% | -13.67% | -2.08% | 14.05% | 17.83% | -4.98% | -5.28% | 17.87% | 13.08% | -3.12% | -7.43% | 4.39% | 10.41% | -8.61% | 14.74% | 20.66% | - |
| Cost of Goods Sold | 194.56M | 187.77M | 180.99M | 204.71M | 212.98M | 192.78M | 165.54M | 172.34M | 178.53M | 156.07M | 142.12M | 147.95M | 158.7M | 156.42M | 142.58M | 155M | 130.4M | 119.29M |
| COGS % of Revenue | - | 61.12% | 59.05% | 57.66% | 58.74% | 60.64% | 61.35% | 60.69% | 59.55% | 61.36% | 63.18% | 63.72% | 63.27% | 65.1% | 65.52% | 65.1% | 62.83% | 69.36% |
| Gross Profit | 125.26M | 119.43M | 125.53M | 150.34M | 149.6M | 125.14M | 104.27M | 111.62M | 121.27M | 98.28M | 82.81M | 84.23M | 92.12M | 83.86M | 75.03M | 83.11M | 77.13M | 52.7M |
| Gross Margin % | 39.17% | 38.88% | 40.95% | 42.34% | 41.26% | 39.36% | 38.65% | 39.31% | 40.45% | 38.64% | 36.82% | 36.28% | 36.73% | 34.9% | 34.48% | 34.9% | 37.17% | 30.64% |
| Gross Profit Growth % | - | -4.86% | -16.5% | 0.49% | 19.55% | 20.02% | -6.58% | -7.96% | 23.39% | 18.69% | -1.69% | -8.57% | 9.86% | 11.76% | -9.72% | 7.76% | 46.34% | - |
| Operating Expenses | 110.01M | 109.78M | 108.67M | 108.39M | 105.8M | 97.77M | 81.61M | 79.62M | 80.94M | 74.61M | 68.94M | 71.28M | 77.35M | 74.52M | 63.67M | 66.85M | 57.3M | 43.36M |
| OpEx % of Revenue | - | 35.73% | 35.45% | 30.53% | 29.18% | 30.75% | 30.25% | 28.04% | 27% | 29.34% | 30.65% | 30.7% | 30.84% | 31.01% | 29.26% | 28.07% | 27.61% | 25.21% |
| Selling, General & Admin | 115.18M | 109.78M | 107.56M | 106.88M | 104.53M | 95.74M | 78.26M | 79.62M | 80.94M | 74.61M | 68.94M | 71.28M | 77.35M | 74.52M | 63.67M | 66.85M | 57.3M | 43.36M |
| SG&A % of Revenue | - | 35.73% | 35.09% | 30.1% | 28.83% | 30.11% | 29% | 28.04% | 27% | 29.34% | 30.65% | 30.7% | 30.84% | 31.01% | 29.26% | 28.07% | 27.61% | 25.21% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.1M | 11.8M | 11.7M | 11.1M | 9.6M | 10.1M | 9.3M | 6.4M | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 4.26% | 3.94% | 4.6% | 4.93% | 4.13% | 4.03% | 3.87% | 2.94% | - | - | - |
| Other Operating Expenses | -826K | 0 | 1.11M | 1.51M | 1.28M | 2.03M | 3.36M | -12.1M | -1.5M | 780K | 382K | -2.08M | -851K | -1.58M | -301K | 0 | 0 | 0 |
| Operating Income | 15.25M | 9.65M | 16.86M | 41.95M | 43.8M | 27.37M | 22.66M | 28.65M | 37.22M | 21.63M | 10.71M | 3.36M | 10.78M | 8M | 11.09M | 16.26M | 19.83M | 7.3M |
| Operating Margin % | 4.77% | 3.14% | 5.5% | 11.82% | 12.08% | 8.61% | 8.4% | 10.09% | 12.42% | 8.5% | 4.76% | 1.45% | 4.3% | 3.33% | 5.1% | 6.83% | 9.56% | 4.25% |
| Operating Income Growth % | - | -42.77% | -59.8% | -4.21% | 60.01% | 20.81% | -20.91% | -23.04% | 72.13% | 101.9% | 218.87% | -68.84% | 34.7% | -27.85% | -31.81% | -17.99% | 171.62% | - |
| EBITDA | 31.35M | 25.57M | 32.67M | 57.5M | 59.15M | 42.37M | 35.16M | 40.44M | 47.85M | 32.25M | 21.86M | 14.46M | 22.46M | 19.99M | 22.75M | 27.59M | 30.41M | 18.77M |
| EBITDA Margin % | 9.8% | 8.32% | 10.66% | 16.2% | 16.31% | 13.33% | 13.03% | 14.24% | 15.96% | 12.68% | 9.72% | 6.23% | 8.95% | 8.32% | 10.46% | 11.59% | 14.65% | 10.91% |
| EBITDA Growth % | 21.58% | -21.72% | -43.19% | -2.79% | 39.61% | 20.49% | -13.05% | -15.49% | 48.38% | 47.53% | 51.22% | -35.63% | 12.32% | -12.13% | -17.52% | -9.29% | 62.04% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 11.84M | 10.73M | 20.08M | 42.41M | 47.36M | 27.14M | 19.68M | 27.95M | 35.73M | 22.41M | 11.09M | 1.28M | 7.81M | 6.42M | 10.79M | 15.39M | 18.9M | 8.02M |
| Net Interest Income | -336K | -237K | -839K | -2.32M | -1.87M | -978K | -1.12M | -885K | -1.23M | -1.68M | -1.31M | -546K | -621K | -701K | 367K | 438K | -35K | -1.24M |
| Interest Income | 1.38M | 1.7M | 1.67M | 1.65M | 401K | 252K | 246K | 622K | 506K | 167K | 179K | 225K | 261K | 266K | 633K | 714K | 355K | 0 |
| Interest Expense | 1.72M | 1.94M | 2.51M | 3.97M | 2.27M | 1.23M | 1.37M | 1.51M | 1.74M | 1.84M | 1.49M | 771K | 882K | 967K | 266K | 276K | 390K | 1.24M |
| Other Income/Expense | -5.33M | -856K | 700K | -3.52M | 1.29M | -1.46M | -4.35M | -2.21M | -3.23M | -1.93M | -1.66M | -2.85M | -1.62M | -2.6M | -567K | -1.15M | -1.32M | -523K |
| Pretax Income | 9.93M | 8.8M | 17.56M | 38.44M | 45.09M | 25.91M | 18.31M | 26.44M | 33.99M | 20.56M | 9.61M | 506K | 9.06M | 5.4M | 10.52M | 15.11M | 18.51M | 6.78M |
| Pretax Margin % | 3.1% | 2.86% | 5.73% | 10.83% | 12.44% | 8.15% | 6.79% | 9.31% | 11.34% | 8.08% | 4.27% | 0.22% | 3.61% | 2.25% | 4.84% | 6.35% | 8.92% | 3.94% |
| Income Tax | 3.92M | 3.45M | 7.73M | 12.43M | 8.54M | 5.47M | 7.51M | 4.14M | 10.34M | 6.17M | 3.2M | 13.5M | 3.09M | 1.05M | -1.24M | 4.32M | 6.77M | 5.06M |
| Effective Tax Rate % | 39.45% | 39.27% | 44.01% | 32.33% | 18.93% | 21.11% | 41.01% | 15.68% | 30.43% | 30% | 33.3% | 2667.98% | 34.07% | 19.51% | -11.78% | 28.56% | 36.57% | 74.61% |
| Net Income | 5.92M | 5.29M | 9.91M | 25.71M | 36.06M | 20.22M | 10.79M | 22.19M | 23.65M | 14.35M | 6.4M | -13.01M | 5.79M | 4.29M | 11.69M | 10.77M | 11.71M | 1.7M |
| Net Margin % | 1.85% | 1.72% | 3.23% | 7.24% | 9.95% | 6.36% | 4% | 7.81% | 7.89% | 5.64% | 2.85% | -5.6% | 2.31% | 1.79% | 5.37% | 4.52% | 5.64% | 0.99% |
| Net Income Growth % | 92.2% | -46.59% | -61.45% | -28.72% | 78.34% | 87.46% | -51.38% | -6.17% | 64.84% | 124% | 149.23% | -324.47% | 35.05% | -63.3% | 8.54% | -7.99% | 586.97% | - |
| Net Income (Continuing) | 6.01M | 5.34M | 9.83M | 26.01M | 36.55M | 20.44M | 10.8M | 22.3M | 23.64M | 14.39M | 6.41M | -12.99M | 3.26M | 4.35M | 11.76M | 10.79M | 11.74M | 1.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -240K | -145K | -107K | 83K | -25K | -57K | 34K | 392K | 38K | 148K | 174K | 185K | 234K | 133K | 159K | 153K | 145K | 123K |
| EPS (Diluted) | 0.44 | 0.40 | 0.74 | 1.88 | 2.63 | 1.48 | 0.79 | 1.63 | 1.75 | 1.07 | 0.48 | -0.96 | 0.42 | 0.31 | 0.84 | 0.78 | 0.85 | 0.13 |
| EPS Growth % | 95.98% | -45.95% | -60.64% | -28.52% | 77.7% | 87.34% | -51.53% | -6.86% | 63.55% | 122.92% | 150% | -328.57% | 35.48% | -63.1% | 7.69% | -8.24% | 553.85% | - |
| EPS (Basic) | - | 0.40 | 0.74 | 1.89 | 2.65 | 1.49 | 0.80 | 1.64 | 1.76 | 1.08 | 0.49 | -0.96 | 0.42 | 0.32 | 0.87 | 0.81 | 0.88 | 0.13 |
| Diluted Shares Outstanding | 13.3M | 13.31M | 13.38M | 13.65M | 13.69M | 13.66M | 13.62M | 13.6M | 13.54M | 13.47M | 13.42M | 13.48M | 13.98M | 13.94M | 13.89M | 13.83M | 13.79M | 13.33M |
| Basic Shares Outstanding | 13.3M | 13.26M | 13.35M | 13.57M | 13.63M | 13.62M | 13.57M | 13.52M | 13.44M | 13.26M | 13.19M | 13.48M | 13.76M | 13.56M | 13.37M | 13.34M | 13.33M | 13.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical supply chain disruption
According to the most recent quarterly data, VPG's revenue growth reached 17.6% in 2026Q1, marking a significant departure from the persistent contraction observed throughout 2024, though the sustainability of this top-line expansion remains uncertain given the historical pattern of lumpy, project-based revenue recognition in measurement systems.
The recent acceleration in revenue suggests a potential rebound in demand, yet the lack of consistent sequential growth over the prior ten quarters warrants caution. Investors should monitor whether this uptick reflects a structural shift in end-market demand or merely the timing of large-scale measurement system deliveries.
As reported in financial statements, VPG's gross margin has fluctuated between 36.8% and 43.4% over the last ten quarters, indicating that the company struggles to maintain premium pricing power amidst inflationary pressures on specialized raw materials and variable capacity utilization across its three primary business segments.
The inability to consistently hold gross margins above the 40% threshold suggests that the company's specialized foil technology may face increasing competitive pressure or cost-side headwinds. This margin volatility complicates the path to sustainable profitability, as the high fixed-cost base requires consistent volume to achieve meaningful operating leverage.
Based on VPG's reported figures, the operating margin has remained thin, bottoming out at -0.1% in 2025Q1 and failing to scale effectively with revenue, which suggests that the company's current SG&A structure is disproportionately high relative to its gross profit generation capacity.
The disconnect between revenue growth and operating income indicates that VPG has yet to realize the promised efficiencies from its operational initiatives. Without a significant reduction in overhead or a sustained increase in high-margin sensor sales, the company appears vulnerable to even minor cyclical downturns in industrial demand.
Analysis of the income statement reveals that VPG's net income is frequently impacted by non-operating items and tax volatility, as evidenced by the 2025Q2 net margin of only 0.3%, which raises concerns regarding the underlying quality of earnings and the company's ability to generate consistent shareholder value.
Short-sellers would likely focus on the persistent gap between gross profit and net income, which points to an inefficient cost structure that masks the true earnings potential of the core technology. The reliance on non-operating adjustments to reach profitability suggests that the business model may be more fragile than the premium nature of its products implies.
Quick answers to the most common questions about buying VPG stock.
For fiscal year 2025, Vishay Precision Group, Inc. (VPG) reported total revenue of $307.2M. This represents a 78.6% increase compared to $172.0M in 2009.
Vishay Precision Group, Inc. (VPG) is profitable, generating $5.3M in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
Vishay Precision Group, Inc. (VPG) reported an operating income of $9.7M, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Vishay Precision Group, Inc. (VPG) generated $119.4M in gross profit for the year, representing a gross profit margin of 38.9%. This demonstrates the company's core pricing power and production efficiency.