Vishay Precision Group, Inc.
VPGdata completeness 100%17 fiscal years on fileVishay Precision Group, Inc. earns about 7% on invested capital, below its ~9% cost of capital, and has bought back 3% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $14.04 and $15.74 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $317.9M1 | $362.6M2 | $355M3 | $306.5M3 | $307.2M3 |
| Net income | $20.2M4 | $36.1M5 | $25.7M6 | $9.91M6 | $5.29M6 |
| Operating cash flow | $33.5M7 | $33M8 | $45.9M9 | $19.8M9 | $14.4M9 |
| Capital expenditure | $17.1M10 | $21.3M11 | $15.2M12 | $9.16M12 | $8.03M12 |
| Free cash flow (derived) | $16.5M7 | $11.7M8 | $30.7M9 | $10.7M9 | $6.35M9 |
| Total debt | $121.4M13 | $60.8M14 | $31.9M15 | $62.9M16 | $41.2M16 |
| Cash & equivalents | $84.3M17 | $88.6M18 | $84M18 | $79.3M19 | $87.4M19 |
| Diluted shares | 13.7M | 13.7M | 13.7M | 13.4M | 13.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $252.64 of net worth that earned you $3.98 and generated $4.77 of cash last year, against $30.92 of debt.
It earned about 7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 66% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $14.04 and $15.74 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$10.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$10.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$20.2M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $14.9 |
| Base | 0.0% | $14.9 |
| Bull | 5.0% | $17.67 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001487952-24-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001487952-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-005982 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001487952-24-000006 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001487952-25-000014 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-005982 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001487952-24-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001487952-25-000014 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-005982 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001487952-24-000006 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2022-12-31 · accession 0001487952-25-000014 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-12-31 · accession 0001437749-26-005982 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2021-12-31 · accession 0001487952-23-000004 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001487952-24-000006 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001487952-25-000014 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-005982 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001487952-23-000004 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001487952-24-000006 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001437749-26-005982 (CashAndCashEquivalentsAtCarryingValue)