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Institutional accumulation: ownership increased +1.43% quarter-over-quarter.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $62.06 today, the market must believe free cash flow compounds 19.5%/yr for a decade (off $16M normalized FCF).
The market's 19.5% is more conservative than its 9-yr track record.
2-stage DCF · 0.01B shares · net debt -$67M
mean 128.7% · volatility σ 360% · implied rate exceeded in 4/9 yrs
Central path = implied 19.5%/yr growth; shaded band = ±1σ (360%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $307.2M 100.0% | $306.5M 100.0% | $355.0M 100.0% | $362.6M 100.0% | $317.9M 100.0% | $269.8M 100.0% | $284.0M 100.0% | $299.8M 100.0% | $254.3M 100.0% | $224.9M 100.0% |
| Cost of Revenue | $187.8M 61.1% | $181.0M 59.0% | $204.7M 57.7% | $213.0M 58.7% | $192.8M 60.6% | $165.5M 61.4% | $172.3M 60.7% | $178.5M 59.5% | $156.1M 61.4% | $142.1M 63.2% |
| Cost of Products | — | — | — | — | — | — | — | — | $156.1M 61.4% | $142.1M 63.2% |
| Gross Profit | $119.4M 38.9% | $125.5M 41.0% | $150.3M 42.3% | $149.6M 41.3% | $125.1M 39.4% | $104.3M 38.6% | $111.6M 39.3% | $121.3M 40.5% | $98.3M 38.6% | $82.8M 36.8% |
| Research & Development | $20.8M 6.8% | $20.0M 6.5% | $20.4M 5.7% | $19.8M 5.5% | $17.2M 5.4% | $12.6M 4.7% | $12.1M 4.3% | $11.8M 3.9% | $11.7M 4.6% | $11.1M 4.9% |
| Selling, General & Admin | $109.6M 35.7% | $107.5M 35.1% | $106.8M 30.1% | $104.3M 28.8% | $95.3M 30.0% | $78.3M 29.0% | $79.6M 28.0% | $80.9M 27.0% | $73.8M 29.0% | $68.4M 30.4% |
| Operating Income | $13.8M 4.5% | $16.9M 5.5% | $42.0M 11.8% | $43.8M 12.1% | $27.4M 8.6% | $22.7M 8.4% | $28.6M 10.1% | $37.2M 12.4% | $22.5M 8.8% | $11.3M 5.0% |
| Interest Expense | $1.9M 0.6% | $2.5M 0.8% | $4.0M 1.1% | $2.3M 0.6% | $1.2M 0.4% | $1.4M 0.5% | $1.5M 0.5% | $1.7M 0.6% | $1.8M 0.7% | $1.5M 0.7% |
| Interest & Investment Income | $1.7M 0.6% | $1.7M 0.5% | $1.7M 0.5% | $401K 0.1% | $252K 0.1% | $246K 0.1% | $622K 0.2% | $506K 0.2% | $167K 0.1% | $179K 0.1% |
| Other Income (Expense), net | -$5.1M -1.6% | $700K 0.2% | -$3.5M -1.0% | $1.3M 0.4% | -$1.5M -0.5% | -$4.3M -1.6% | -$2.2M -0.8% | -$3.2M -1.1% | -$1.9M -0.8% | -$1.7M -0.7% |
| Pretax Income | $8.8M 2.9% | $17.6M 5.7% | $38.4M 10.8% | $45.1M 12.4% | $25.9M 8.2% | $18.3M 6.8% | $26.4M 9.3% | $34.0M 11.3% | $20.6M 8.1% | $9.6M 4.3% |
| Income Tax Expense | $3.5M 1.1% | $7.7M 2.5% | $12.4M 3.5% | $8.5M 2.4% | $5.5M 1.7% | $7.5M 2.8% | $4.1M 1.5% | $10.3M 3.5% | $6.2M 2.4% | $3.2M 1.4% |
| Net Income | $5.3M 1.7% | $9.9M 3.2% | $25.7M 7.2% | $36.1M 9.9% | $20.2M 6.4% | $10.8M 4.0% | $22.2M 7.8% | $23.6M 7.9% | $14.3M 5.6% | $6.4M 2.8% |
| Per Share | ||||||||||
| EPS (Basic) | $0.40 | $0.74 | $1.89 | $2.65 | $1.49 | $0.80 | $1.64 | $1.76 | $1.08 | $0.49 |
| EPS (Diluted) | $0.40 | $0.74 | $1.88 | $2.63 | $1.48 | $0.79 | $1.63 | $1.75 | $1.07 | $0.48 |
| Weighted Avg Shares (Basic) | 13.3M | 13.4M | 13.6M | 13.6M | 13.6M | 13.6M | 13.5M | 13.4M | 13.3M | 13.2M |
| Weighted Avg Shares (Diluted) | 13.3M | 13.4M | 13.7M | 13.7M | 13.7M | 13.6M | 13.6M | 13.5M | 13.5M | 13.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $6M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $87M covers all $32M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2023-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~9.4% on $21M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 59.5 | 60.7 | 61.4 | 60.6 | 58.7 | 57.7 | 59.0 | 61.1 |
| Gross Profit | 40.5 | 39.3 | 38.6 | 39.4 | 41.3 | 42.3 | 41.0 | 38.9 |
| R&D | 3.9 | 4.3 | 4.7 | 5.4 | 5.5 | 5.7 | 6.5 | 6.8 |
| SG&A | 27.0 | 28.0 | 29.0 | 30.0 | 28.8 | 30.1 | 35.1 | 35.7 |
| Operating Income | 12.4 | 10.1 | 8.4 | 8.6 | 12.1 | 11.8 | 5.5 | 4.5 |
| Income Tax | 3.5 | 1.5 | 2.8 | 1.7 | 2.4 | 3.5 | 2.5 | 1.1 |
| Net Income | 7.9 | 7.8 | 4.0 | 6.4 | 9.9 | 7.2 | 3.2 | 1.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VPG: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $10.83T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.20T | 43.6× | 39.0× | 24.1× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.91T | 44.6× | 34.3× | 11.8× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.64T | 27.3× | 19.3× | 11.0× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.61T | 71.2× | 63.6× | 25.2× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.04T | 122.1× | 57.5× | 27.8× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $835.4B | 193.4× | 197.6× | 24.1× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $504.6B | — | 62.9× | 9.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $426.7B | 42.3× | 35.8× | 7.5× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $416.9B | 276.7× | 288.5× | 93.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $367.3B | 64.9× | 34.6× | 3.2× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.6B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| AMAT | $329.4B | 48.0× | 37.9× | 11.6× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| RPAY | $325.1B | — | — | 1051.3× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| UMC | $283.0B | — | — | — | — | — | — | — | — | — | 302 |
| SAP | $261.9B | — | — | — | — | — | — | — | — | — | 794 |
| ARM | $259.6B | 287.0× | 223.6× | 52.8× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| PANW | $250.9B | 234.8× | 156.8× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| ANET | $248.2B | 71.8× | 62.7× | 27.6× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| TXN | $236.9B | 47.8× | 31.2× | 13.4× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $232.8B | 32.1× | 25.2× | 5.6× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.5B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| SNDK | $221.9B | — | — | 30.2× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| QCOM | $198.5B | 36.9× | 14.9× | 4.5× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| MRVL | $194.6B | 74.8× | 127.2× | 23.8× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| VPG | $809M | 152.6× | 24.9× | 2.6× | 0.2% | 38.9% | 1.7% | 1.6% | 1.5% | 0.7× | 147 |
Peers = companies sharing VPG's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.