Vishay Precision Group, Inc.
Business
Vishay Precision Group, Inc. is a global provider of precision measurement and sensing technologies that convert physical signals into digital data for industrial and technology-driven applications. It offers specialized sensors, precision foil resistors, strain gages, load cells, weighing systems, data acquisition and signal conditioning equipment, laser-based measurement gauges, and thermal-mechanical simulation systems. The company operates three reporting segments—Sensors, Weighing Solutions, and Measurement Systems—each encompassing multiple branded businesses and product lines. VPG serves diverse end markets worldwide, including test and measurement, industrial, transportation, steel, avionics, military and space, medical, agriculture and consumer markets, leveraging direct field application engineers, OEM design-ins, distributors and a global manufacturing and distribution network.
Summary from filing dated 2025-02-25
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net revenues | 307 | 307 | 355 | — | — | |
| Costs of products sold | 188 | 181 | 205 | — | — | |
| Gross profit | 119 | 126 | 150 | 150 | 125 | |
| Selling, general, and administrative expenses | 110 | 108 | 107 | 104 | 95 | |
| Acquisition costs | 0 | 101,000 | 0 | 0 | 1 | |
| Gain on asset held for sale | −6 | 0 | 0 | — | — | |
| Restructuring costs | 2 | 1 | 2 | 2 | — | |
| Operating income | 14 | 17 | 42 | 44 | 27 | |
| Interest expense | −2 | −3 | −4 | −2 | — | |
| Other | −3 | 3 | 456,000 | 4 | −230,000 | |
| Other income (expenses) | −5 | 700,000 | −4 | 1 | −1 | |
| Income before taxes | 9 | 18 | 38 | 45 | 26 | |
| Income tax expense | 3 | 8 | 12 | 9 | 5 | |
| Net earnings | 5 | 10 | 26 | 37 | 20 | |
| Less: net earnings (loss) attributable to noncontrolling interests | 49,000 | −77,000 | 303,000 | 490,000 | 222,000 | |
| Net earnings attributable to VPG stockholders | 5 | 10 | 26 | 36 | 20 | |
| Basic earnings per share attributable to VPG stockholders (in dollars per share) | 0.4 | 0.74 | 1.89 | 2.65 | 1.49 | |
| Diluted earnings per share attributable to VPG stockholders (in dollars per share) | 0.4 | 0.74 | 1.88 | 2.63 | 1.48 | |
| Weighted average shares outstanding - basic (in shares) | 13 | 13 | 14 | 14 | 14 | |
| Weighted average shares outstanding - diluted (in shares) | 13 | 13 | 14 | 14 | 14 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 87 | 79 | 84 | 89 | 84 | |
| Accounts receivable, net of allowances for credit losses of $523 and $510, respectively | 56 | 51 | 56 | 60 | 58 | |
| Raw materials | 33 | 33 | — | — | — | |
| Work in process | 26 | 27 | — | — | — | |
| Finished goods | 24 | 24 | — | — | — | |
| Inventories | 83 | 84 | 88 | 85 | 76 | |
| Prepaid expenses and other current assets | 20 | 17 | 15 | 19 | 16 | |
| Assets held for sale | 0 | 5 | — | — | — | |
| Total current assets | 247 | 237 | 243 | 252 | 235 | |
| Land | 2 | 2 | 4 | 4 | 4 | |
| Buildings and improvements | 79 | 68 | 73 | 72 | 69 | |
| Machinery and equipment | 137 | 133 | 132 | 125 | 122 | |
| Software | 12 | 10 | 10 | 10 | 9 | |
| Construction in progress | 4 | 11 | 11 | 10 | 8 | |
| Accumulated depreciation | −158 | −145 | −139 | −134 | −131 | |
| Property and equipment, net | 76 | 80 | 91 | 87 | 81 | |
| Goodwill | 47 | 47 | 46 | 46 | 46 | |
| Intangible assets, net | 38 | 42 | 45 | 48 | 52 | |
| Operating lease right-of-use assets | 23 | 24 | 27 | 24 | 28 | |
| Other assets | 24 | 22 | 21 | 20 | 20 | |
| Total assets | 456 | 451 | 472 | 477 | 462 | |
| Trade accounts payable | 11 | 10 | — | — | — | |
| Payroll and related expenses | 20 | 19 | 19 | 22 | 24 | |
| Other accrued expenses | 21 | 20 | — | — | — | |
| Income taxes | 0 | 880,000 | 5 | 4 | 4 | |
| Current portion of operating lease liabilities | 4 | 4 | 4 | 4 | 5 | |
| Total current liabilities | 55 | 53 | 62 | 64 | 65 | |
| Long-term debt | 21 | 31 | 32 | 61 | 61 | |
| Deferred income taxes | 4 | 4 | 3 | 4 | 6 | |
| Operating lease liabilities | 20 | 20 | 23 | 20 | 25 | |
| Other liabilities | 14 | 14 | 15 | 13 | 16 | |
| Accrued pension and other postretirement costs | 6 | 7 | — | — | — | |
| Total liabilities | 120 | 129 | 142 | 170 | 185 | |
| Commitments and contingencies | — | — | — | — | — | |
| Preferred stock, par value $1.00 per share: authorized - 1,000,000 shares; none issued | 0 | 0 | 0 | 0 | — | |
| Treasury stock, at cost - 1,137,995 shares held at December 31, 2025 and December 31, 2024 | −25 | −25 | — | — | — | |
| Capital in excess of par value | 204 | 203 | — | — | — | |
| Retained earnings | 197 | 192 | 182 | 156 | 120 | |
| Accumulated other comprehensive loss | −41 | −49 | −39 | −41 | −35 | |
| Total Vishay Precision Group, Inc. stockholders' equity | 336 | 322 | 330 | 307 | 277 | |
| Noncontrolling interests | −144,000 | −107,000 | 83,000 | −25,000 | −57,000 | |
| Total equity | 336 | 322 | 330 | 307 | 277 | |
| Total liabilities and equity | 456 | 451 | 472 | 477 | 462 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 16 | 16 | 16 | 15 | 15 | |
| Loss (gain) on disposal of property and equipment | 66,000 | −148,000 | 75,000 | — | — | |
| Gain on sale of short term investment | 0 | 0 | −14,000 | 0 | 0 | |
| Share-based compensation expense | 2 | 971,000 | 2 | 2 | 2 | |
| Inventory write-offs for obsolescence | 2 | 2 | 2 | 2 | 2 | |
| Deferred income taxes | −2 | 69,000 | −156,000 | — | — | |
| Foreign currency impacts and other items | 1 | −3 | 660,000 | −4 | −1 | |
| Accounts receivable | −3 | 3 | 4 | −5 | −8 | |
| Inventories | 972,000 | 2 | −5 | −12 | −9 | |
| Prepaid expenses and other current assets | −3 | −4 | 4 | −3 | −56,000 | |
| Trade accounts payable | 402,000 | −416,000 | −3 | — | — | |
| Other current liabilities | 567,000 | −6 | 56,000 | — | — | |
| Other non current assets and liabilities, net | −816,000 | −760,000 | 439,000 | −1 | −624,000 | |
| Accrued pension and other postretirement costs, net | −70,000 | −430,000 | −2 | −426,000 | −963,000 | |
| Net cash provided by operating activities | 14 | 20 | 46 | 33 | 34 | |
| Capital expenditures | −8 | −9 | −15 | −21 | −17 | |
| Proceeds from sale of property and equipment | 11 | 671,000 | 40,000 | — | — | |
| Purchase of short term investment | 0 | 0 | −1 | 0 | 0 | |
| Proceeds from sale of short term investment | 0 | 0 | 1 | 0 | 0 | |
| Purchase of business | 0 | −4 | 0 | 0 | −47 | |
| Net cash provided by (used in) investing activities | 3 | −13 | −15 | −21 | −64 | |
| Debt issuance costs | 0 | −570,000 | 0 | 0 | 0 | |
| Payments on revolving facility | −11 | 0 | −29 | 0 | 0 | |
| Purchase of treasury stock | 0 | −8 | −6 | −3 | 0 | |
| Distributions to noncontrolling interests | −87,000 | −113,000 | −195,000 | — | — | |
| Payment of excise tax on net share repurchases | −60,000 | −41,000 | 0 | — | — | |
| Payments of employee taxes on certain share-based arrangements | −256,000 | −860,000 | −825,000 | −435,000 | −853,000 | |
| Net cash used in by financing activities | −11 | −9 | −36 | −4 | 19 | |
| Increase (decrease) in cash and cash equivalents | 8 | −5 | −5 | 4 | −14 | |
| Effect of exchange rate changes on cash and cash equivalents | 2 | −2 | 545,000 | — | — | |
| Capital expenditures accrued but not yet paid | 872,000 | 949,000 | 2 | 2 | 3 |