The earnings miss and margin compression are the dominant signals, but the strong order book (book-to-bill 1.14) and raised organic growth outlook provide a counter-narrative. Watch the Q3 call for updates on the ERP-related shipment catch-up and FX headwinds; the stock may initially sell off on the miss but could find support if management demonstrates that the demand trajectory is intact.
Price Chart
Executive Summary
VPG reported Q2 fiscal 2026 revenue of $83.9M (+11.7% YoY) but a GAAP net loss of $1.7M ($0.13 loss per share), a sharp miss vs the $0.19 consensus EPS estimate. Adjusted diluted EPS of $0.04 was down 81% YoY from $0.21, with profits hit by $3.3M in unfavorable FX and $3.0M in delayed steel-systems shipments. The company guided Q3 revenue to $84M-$89M, roughly in line with consensus, and reiterated a positive demand outlook driven by AI, aerospace, and humanoid robotics orders, but the earnings miss and margin compression are the dominant signals for the stock.
Key Financial Metrics
Key Facts
- Revenue of $83.9M increased 11.7% YoY but missed the $87.4M consensus.
- GAAP diluted EPS was a loss of $0.13, a massive miss vs the $0.19 consensus estimate.
- Adjusted diluted EPS of $0.04 was down 81% from $0.21 in the prior-year quarter.
- Operating margin swung to -0.4% from +3.6% a year ago; adjusted operating margin fell to 1.7% from 5.4%.
- Unfavorable FX reduced profits by $3.3M YoY; $3.0M in steel-systems shipments were delayed due to an ERP implementation.
- Bookings of $95.5M and a book-to-bill of 1.14 were strong, with record orders for precision resistors in AI/data center/aerospace.
- Q3 revenue guidance of $84M-$89M was roughly in line with consensus, with management expecting organic FY2026 growth above the 8-10% model range.
Financial Impact
GAAP net loss of $1.7M vs net income of $0.3M a year ago; adjusted net earnings fell 78% to $0.6M from $2.7M.
Risk Factors
- Continued unfavorable FX movements could further pressure margins.
- ERP implementation issues in the steel-systems business may cause further shipment delays.
- The Q3 guidance range implies potential for another revenue miss if the high end is not achieved.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-025779 |
| Document: vpg20260513_8k.htm | 0001437749-26-025779 |
| Document: 0001437749-26-025779-index-headers.html | 0001437749-26-025779 |
| Document: 0001437749-26-025779-index.html | 0001437749-26-025779 |
| Document: 0001437749-26-025779.txt | 0001437749-26-025779 |
| 8-K Data (Synthetic) | 0001437749-26-025779 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | Press Release | $60.58 $67.48 | ▲ +11.39% | ▲ +8.41% | $58.98 (−2.64%) |
Aug 5, 2026 11w ago | 8-K | $73.56 $61.35 | ▲ +16.60% | ▲ +16.00% | $58.98 (+19.82%) |
Jul 15, 2026 14w ago | Press Release | $107.56 | awaiting T+20 | — | $58.98 (−45.17%) |
Jun 13, 2026 19w ago | Institutional Cluster | $146.03 $105.67 | ▼ −27.64% | ▼ −26.89% | $58.98 (−59.61%) |
May 22, 2026 22w ago | 8-K | $123.41 $131.80 | ▲ +6.80% | ▲ +8.75% | $58.98 (−52.21%) |
May 19, 2026 23w ago | Press Release | $97.95 $133.45 | ▲ +36.24% | ▲ +35.26% | $58.98 (−39.79%) |
May 12, 2026 24w ago | 8-K | $85.57 $122.25 | ▲ +42.87% | ▲ +44.59% | $58.98 (−31.07%) |
May 12, 2026 24w ago | Press Release | $85.57 $122.25 | ▲ +42.87% | ▲ +44.59% | $58.98 (−31.07%) |
Apr 9, 2026 28w ago | DEFA14A | $49.23 $63.57 | ▲ +29.13% | ▲ +21.56% | $58.98 (+19.80%) |
Apr 7, 2026 29w ago | Press Release | $46.73 | awaiting T+20 | — | $58.98 (+26.21%) |
US Market Status
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