Vishay Precision Group, Inc. engages in the precision measurement and sensing technologies business in the United States, Europe, Israel, Asia, and Canada. ...
Vishay Precision Group, Inc. is a global provider of precision measurement and sensing technologies. The company was established as an independent public company in 2010 following its spin-off from Vishay Intertechnology, whose broader heritage dates to the work of Dr. Felix Zandman, the founder of Vishay Intertechnology and an important ...Vishay Precision Group, Inc. is a global provider of precision measurement and sensing technologies. The company was established as an independent public company in 2010 following its spin-off from Vishay Intertechnology, whose broader heritage dates to the work of Dr. Felix Zandman, the founder of Vishay Intertechnology and an important pioneer in precision foil technology. VPG is headquartered in Malvern, Pennsylvania, and trades on the New York Stock Exchange under the ticker VPG. Ziv Shoshani serves as chief executive officer and president and has held those roles since the company became independent.
VPG organizes its operations into three principal segments: Sensors, Weighing Solutions, and Measurement Systems. The Sensors segment supplies precision resistors, strain gauges, load cells, force-measurement transducers, micro-electromechanical system sensors, and related electronics. These products convert physical forces or changes in mechanical conditions into measurable electrical signals. The Weighing Solutions segment provides load cells, vehicle weighing and overload-monitoring systems, weighing terminals, displays, signal processors, software, and systems used in industrial, commercial, logistics, waste-management, bulk-hauling, agricultural, pharmaceutical, and food applications. The Measurement Systems segment offers specialized industrial measurement and control products, including rolling-force measurement systems for steel production, pressure transmitters, web-tension measurement systems, optical strip-width gauges, laser velocimeters, thermal-mechanical simulation systems, and data-acquisition and control technologies.
The company sells products under a broad collection of brands, including VFR, Alpha Electronics, Powertron, APR, Celtron, Revere, Sensortronics, Tedea-Huntleigh, Stress-Tek, Vulcan, BLH Nobel, KELK, Gleeble, DTS, and Pacific Instruments. Its product portfolio combines engineered hardware, sensors, signal conditioning, communications equipment, software, and application-specific systems. This creates opportunities to sell complete measurement solutions rather than only individual components, although the business also requires technical support, customization, manufacturing expertise, and compliance with demanding customer specifications.
VPG serves customers across the United States, Europe, Israel, Asia, Canada, and other international markets. Its technologies are used in manufacturing automation, steel processing, transportation, product safety testing, semiconductor equipment, medical devices, construction, agriculture, oil and chemicals, paper production, and consumer-related applications. The company has approximately 2,100 full-time employees and operations in numerous countries.
Based on the supplied trailing-twelve-month data, VPG had a market capitalization of approximately $914 million, revenue per share of about $31.03, gross margin of approximately 38.7%, EBITDA margin of about 7.7%, and net margin of roughly 0.9%. Its balance sheet appeared relatively conservative, with a debt-to-equity ratio near 0.12, current ratio above 4, and cash ratio above 1. However, profitability and free cash flow were weak in the referenced period, with reported negative free cash flow and a high trailing price-to-earnings ratio. These figures can be affected by cyclical industrial demand, acquisition-related costs, restructuring, inventory levels, customer concentration, and investment in specialized manufacturing capacity. VPG’s strategic opportunity is to expand its role in high-value sensing, automation, semiconductor testing, industrial digitization, and safety-critical measurement while improving operating leverage, cash conversion, and consistent returns on invested capital.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$307.2M
+0.2%
+99.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$5.3M
-46.6%
-539.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+38.9%
-5.1%
-0.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+3.1%
-42.9%
-97.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+1.7%
-46.7%
-220.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$6.4M
-40.4%
+53.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+2.1%
-40.5%
+76.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
19.0%
+10.7%
-11.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.47x
+0.0%
-7.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning and welcome, everyone, to the VPG's Second Quarter 2026 Earnings Call. Today's conference is being recorded. [Operator Instructions] At this time, I'd like to turn the conference over to Steve Cantor, Investor Relations and Corporate Communications. Please go ahead.
Steve Cantor: Thank you, Audra. Good morning, everyone. Welcome to VPG's Second Quarter 2026 Earnings Conference Call. Our press release and slides have been posted on our website at vpgsensors.com. An audio recording of today's call will be available on the Internet for a limited time and can also be accessed on our website. Before beginning the call, today's remarks are governed by the safe harbor provisions of the 1995 Private Securities Litigation Reform Act. Our actual results may vary from forward-looking statements and there can be no assurance that such results, including the targets described in our updated operating model can be achieved. We'll -- for a discussion of the risks associated with VPG's operations, we encourage you to refer to our SEC filings, especially the Form 10-K for the year ended December 31, 2025 and our other recent SEC filings. On the call today are Ziv Shoshani, CEO and President; and Bill Clancy, CFO. And now I'll turn the call to Ziv for some prepared remarks. Please refer to Slide 3 of the quarterly presentation. Ziv?
Ziv Shoshani: Thank you, Steve. I will begin with some commentary on our results and trends for the second quarter. Bill will provide financial details and our outlook for the third quarter of 2026. Moving to Slide 3. To summarize our second quarter results, we delivered another quarter of a strong order momentum, highlighting the continued success of our strategy to increase our exposure to secular growth markets. Orders were $95.5 million, driven by sustained strength in our Sensors segment and continued demand from AI-related markets. including semiconductor equipment, data center infrastructure and aerospace and defense applications. We generated $11.6 million in bookings from our business development initiatives in the second quarter and $21.6 million in the first half of the year. This puts us on track to reach our goal of $45 million for the year. As a result, our consolidated book-to-bill ratio was 1.14, marking our seventh consecutive quarter at or above 1.0. Within Sensors, book-to-bill was very strong 1.44, reflecting robust demand across our key growth markets. We continue to add manufacturing capacity and personnel to support future growth and address rising customer demand. During the quarter, we received an official vendor nomination letter from our initial humanoid robotics customer. This is an important milestone that positions us to support their expected production ramp beginning in the second half of 2026. Revenue was $83.9 million, essentially flat sequentially and up 12% year-over-year. Second quarter revenue was negatively impacted by the temporary delay in approximately $3 million of …