# Vishay Precision Group (VPG.US)

Canonical: https://gigainvestors.com/s/VPG

Analysis as of: 2026-10-16T07:32:55.334Z. Financial observations: FY2008–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $64.06 per share; close as of 2026-10-15.

Estimated value: low $27.57 per share, central $31.85 per share, high $36.24 per share. Buy at or below the central value $31.85 per share. Valuation as of 2026-10-16T07:32:55.334Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.09×

- FY2018: 0.12×

- FY2019: 0.10×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.12×

- FY2023: 0.12×

- FY2024: 0.06×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.0%

- ROIC, second-lowest year: 4.4%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 39.3%

- Recent gross margin (lower of latest and 3-year median): 38.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.5%

- FY2017: 11.5%

- FY2018: 18.6%

- FY2019: 14.0%

- FY2020: 7.7%

- FY2021: 9.1%

- FY2022: 13.8%

- FY2023: 11.0%

- FY2024: 4.4%

- FY2025: 2.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $112M

- Net income, five-year total: $97M

- Return on incremental invested capital: 8.6%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.1 pp

- Working capital / revenue, final three-year average: 40.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.02×

- FY2024: 1.67×

- FY2025: 2.49×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.5% vs 4.4%

- Per-share earnings: 0.48 to 0.74 (three-year endpoint medians)

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: $283M

- Cumulative retained earnings: $169M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.6%

- Per-share value change: $0.26

- Per-share value, starting three-year median: $0.48

- Per-share value, ending three-year median: $0.74

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 0.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $103M

- Cumulative net income, 10 years: $175M

- ROIC, first three-year median: 11.5%

- ROIC, last three-year median: 4.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.48

- FY2017: $1.06

- FY2018: $1.75

- FY2019: $1.63

- FY2020: $0.79

- FY2021: $1.48

- FY2022: $2.63

- FY2023: $1.88

- FY2024: $0.74

- FY2025: $0.40

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 12.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.72×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -2.7%

- FY2018: -3.6%

- FY2019: -2.4%

- FY2020: -6.1%

- FY2021: -2.9%

- FY2022: 0.6%

- FY2023: -4.3%

- FY2024: -2.2%

- FY2025: -2.0%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 57% since Jun 2026 · "Vishay Precision misses top-line and bottom-line estimates; gives Q3 outlook" (seekingalpha.com, Aug 2026) · sales +0.2%

Story as of 2026-10-16T09:59:48.998Z; price observation 2026-10-15.

Price needs cash profits to grow 12% a year for ten years

- 2025-08-05: Vishay Precision beats top-line and bottom-line estimates; initiates Q3 outlook ([seekingalpha.com](https://seekingalpha.com/news/4478203-vishay-precision-beats-top-line-and-bottom-line-estimates-initiates-q3-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-13: Vishay Precision Orders Exceed $100 Million For First Time Since 2022 ([finance.yahoo.com](https://finance.yahoo.com/news/vishay-precision-orders-exceed-100-181552417.html))

- 2026-08-05: Vishay Precision misses top-line and bottom-line estimates; gives Q3 outlook ([seekingalpha.com](https://seekingalpha.com/news/4625753-vishay-precision-misses-top-line-and-bottom-line-estimates-gives-q3-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +0.2%; source https://www.sec.gov/Archives/edgar/data/1487952/000143774926005982/vpg20251231_10k.htm; observed 2026-02-27.

- FY2016: $225M 

- FY2017: $254M 

- FY2018: $300M 

- FY2019: $284M 

- FY2020: $270M 

- FY2021: $318M 

- FY2022: $363M 

- FY2023: $355M 

- FY2024: $307M 

- FY2025: $307M 

### Gross margin · FY2025

gross margin 38.9%; source https://www.sec.gov/Archives/edgar/data/1487952/000143774926005982/vpg20251231_10k.htm; observed 2026-02-27.

- FY2016: 36.8% 

- FY2017: 38.6% 

- FY2018: 40.5% 

- FY2019: 39.3% 

- FY2020: 38.6% 

- FY2021: 39.4% 

- FY2022: 41.3% 

- FY2023: 42.3% 

- FY2024: 41.0% 

- FY2025: 38.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in scientific & technical instruments; annual sales are USD 307.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1487952/000143774926005982/vpg20251231_10k.htm (filed 2026-02-27); FY2025: revenue 307202000; grossProfit 119430000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); VPG.US: Vishay Precision Group, Inc. engages in the precision measurement and sensing technologies business in the United States, Europe, Israel, Asia, and Canada. It operates through three segments: Sensors, Weighing Solutions, and Measurement Systems. The company offers precision resistors, strain gages, load cells and force measurement transducers, vehicle weighing and over-load monitoring systems, and control process weighing products; rolling force measuring load cell systems and pressure transmitters; web tension measurement load cells and systems; optical strip width gages; and laser velocimeters for speed and length measurements and closed-loop crop optimization control systems for optimal strip cuts. The company also offers thermal-mechanical simulation systems for metallurgical research; conditioning, data acquisition, and control systems; and data acquisition systems and sensors for product safety testing, as well as electronic displays, signal processors, micro-electromechanical system sensors, cabling, system software, and communications software/hardware. Its products are used in waste management, bulk hauling, logging, scales manufacturing, engineering systems, pharmaceutical, oil, chemical, steel, paper, and food industries, as well as test and measurement, steel, medical, construction, agricultural, and consumer markets. The company offers its products under the VFR, Alpha Electronics, Powertron, APR, Celtron, Revere, Sensortronics, Tedea-Huntleigh, Stress-tek, Vulcan, BLH Nobel, KELK, Gleeble, DTS, and Pacific Instruments brands. Vishay Precision Group, Inc. was incorporated in 2009 and is headquartered in Malvern, Pennsylvania.

### Why customers stay

Margins ranged from 38.9% to 42.3% during 2023–25; it earns 10% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 41%.

- Source: https://www.sec.gov/Archives/edgar/data/1487952/000143774926005982/vpg20251231_10k.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 38.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.054802502600548524],[2017,0.11464422995943549],[2018,0.18603911657594532],[2019,0.13995615220933705],[2020,0.07652840640410727],[2021,0.09096475813504902],[2022,0.13789997775291402],[2023,0.10977412902131443],[2024,0.043629474254009065],[2025,0.023615722233514765]]; median 0.10036944357818173. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 60000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 10425000; cash acquisitions 10626000; owner earnings 7128000. Growth capex plus acquisitions / owner earnings = 1.4907407407407407.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 6960000; cash acquisitions 0; owner earnings 18011000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 3890000; upkeep 10631000; cash acquisitions 0; owner earnings 23646000. Growth capex plus acquisitions / owner earnings = 0.16450985367504017.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 11196000; cash acquisitions 40481000; owner earnings 22787000. Growth capex plus acquisitions / owner earnings = 1.7764953701672006.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 22949000; cash acquisitions 156000; owner earnings 345000. Growth capex plus acquisitions / owner earnings = 0.45217391304347826.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 2065000; upkeep 14996000; cash acquisitions 47216000; owner earnings 20221000. Growth capex plus acquisitions / owner earnings = 2.4371198259235447.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 5935000; upkeep 15353000; cash acquisitions 0; owner earnings 36063000. Growth capex plus acquisitions / owner earnings = 0.16457310817181045.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 15154000; cash acquisitions 0; owner earnings 26103000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 9163000; cash acquisitions 4409000; owner earnings 16553000. Growth capex plus acquisitions / owner earnings = 0.26635655168247446.

- Source: https://www.sec.gov/Archives/edgar/data/1487952/000143774926005982/vpg20251231_10k.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 8031000; cash acquisitions 0; owner earnings 13183000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,70000],[2021,313000],[2022,457000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1487952/000143774926005982/vpg20251231_10k.htm (filed 2026-02-27); FY2025: cash repurchases 60000 USD.

### Are managers owners

Insiders own 3.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); VPG.US SharesStats.PercentInsiders = 3.2419999999999995 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 12% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.15937015981250402. Price 64.06; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.8816462736373749 → FY2025 0.9901607330629413. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $15.70 per share

- 2016-11: $18.25 per share

- 2016-12: $18.90 per share

- 2017-01: $16.65 per share

- 2017-02: $16.10 per share

- 2017-03: $15.80 per share

- 2017-04: $17.20 per share

- 2017-05: $17.30 per share

- 2017-06: $17.30 per share

- 2017-07: $17.50 per share

- 2017-08: $21.85 per share

- 2017-09: $24.40 per share

- 2017-10: $24.55 per share

- 2017-11: $27.70 per share

- 2017-12: $25.15 per share

- 2018-01: $27.40 per share

- 2018-02: $29.95 per share

- 2018-03: $31.15 per share

- 2018-04: $28.30 per share

- 2018-05: $37.55 per share

- 2018-06: $38.15 per share

- 2018-07: $39.90 per share

- 2018-08: $43.30 per share

- 2018-09: $37.40 per share

- 2018-10: $32.45 per share

- 2018-11: $33.93 per share

- 2018-12: $30.23 per share

- 2019-01: $33.43 per share

- 2019-02: $34.86 per share

- 2019-03: $34.21 per share

- 2019-04: $37.87 per share

- 2019-05: $35.82 per share

- 2019-06: $40.63 per share

- 2019-07: $40.74 per share

- 2019-08: $31.25 per share

- 2019-09: $32.74 per share

- 2019-10: $34.05 per share

- 2019-11: $34.41 per share

- 2019-12: $34.00 per share

- 2020-01: $34.54 per share

- 2020-02: $27.47 per share

- 2020-03: $20.08 per share

- 2020-04: $23.12 per share

- 2020-05: $23.62 per share

- 2020-06: $24.58 per share

- 2020-07: $25.45 per share

- 2020-08: $24.91 per share

- 2020-09: $25.32 per share

- 2020-10: $23.89 per share

- 2020-11: $29.25 per share

- 2020-12: $31.48 per share

- 2021-01: $31.99 per share

- 2021-02: $32.32 per share

- 2021-03: $30.81 per share

- 2021-04: $31.88 per share

- 2021-05: $32.60 per share

- 2021-06: $34.04 per share

- 2021-07: $36.33 per share

- 2021-08: $37.37 per share

- 2021-09: $34.77 per share

- 2021-10: $34.09 per share

- 2021-11: $34.33 per share

- 2021-12: $37.12 per share

- 2022-01: $32.03 per share

- 2022-02: $31.41 per share

- 2022-03: $32.15 per share

- 2022-04: $31.21 per share

- 2022-05: $30.40 per share

- 2022-06: $29.13 per share

- 2022-07: $31.18 per share

- 2022-08: $34.31 per share

- 2022-09: $29.59 per share

- 2022-10: $33.75 per share

- 2022-11: $40.57 per share

- 2022-12: $38.65 per share

- 2023-01: $43.18 per share

- 2023-02: $43.60 per share

- 2023-03: $41.76 per share

- 2023-04: $37.54 per share

- 2023-05: $34.92 per share

- 2023-06: $37.15 per share

- 2023-07: $37.41 per share

- 2023-08: $36.02 per share

- 2023-09: $33.58 per share

- 2023-10: $29.92 per share

- 2023-11: $30.49 per share

- 2023-12: $34.07 per share

- 2024-01: $31.88 per share

- 2024-02: $34.55 per share

- 2024-03: $35.33 per share

- 2024-04: $33.00 per share

- 2024-05: $33.77 per share

- 2024-06: $30.44 per share

- 2024-07: $34.29 per share

- 2024-08: $27.61 per share

- 2024-09: $25.90 per share

- 2024-10: $23.21 per share

- 2024-11: $22.97 per share

- 2024-12: $23.47 per share

- 2025-01: $23.30 per share

- 2025-02: $23.54 per share

- 2025-03: $24.09 per share

- 2025-04: $24.94 per share

- 2025-05: $25.72 per share

- 2025-06: $28.10 per share

- 2025-07: $26.52 per share

- 2025-08: $28.42 per share

- 2025-09: $32.05 per share

- 2025-10: $37.46 per share

- 2025-11: $34.14 per share

- 2025-12: $38.50 per share

- 2026-01: $50.08 per share

- 2026-02: $46.07 per share

- 2026-03: $43.42 per share

- 2026-04: $60.42 per share

- 2026-05: $125.31 per share

- 2026-06: $149.91 per share

- 2026-07: $92.05 per share

- 2026-08: $61.81 per share

- 2026-09: $72.74 per share

- 2026-10: $64.06 per share

## Annual estimated value (USD per share)

- FY2016: low $9.83 per share, central $10.63 per share, high $11.69 per share

- FY2017: low $11.68 per share, central $12.58 per share, high $13.78 per share

- FY2018: low $14.05 per share, central $15.32 per share, high $16.80 per share

- FY2019: low $22.94 per share, central $26.30 per share, high $29.64 per share

- FY2020: low $22.16 per share, central $24.27 per share, high $27.09 per share

- FY2021: low $24.15 per share, central $27.22 per share, high $30.73 per share

- FY2022: low $29.82 per share, central $34.43 per share, high $39.11 per share

- FY2023: low $27.61 per share, central $32.01 per share, high $36.35 per share

- FY2024: low $21.38 per share, central $23.58 per share, high $26.50 per share

- FY2025: low $22.14 per share, central $24.35 per share, high $27.30 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1487952/000143774926005982/vpg20251231_10k.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.