NVE CORP /NEW/ NVEC
NVE Corporation, referred to as NVE, we, us, or our, develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We manufacture high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.
NVE is a Minnesota corporation headquartered in a suburb of Minneapolis. We were founded in 1989 by James M. Daughton, Ph.D., a spintronics pioneer. Our common stock became publicly traded in 2000 through a reverse merger and became NASDAQ listed in 2003. Since our founding, we have been awarded more than $50 million in government research contracts. These contracts have helped us develop products and build our intellectual property portfolio. We have adopted a March 31 fiscal year, so fiscal years referenced in this report end March 31.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $1.2M | $586.1K | $1.1M | $1.1M | $21.4M | $25.4M | $26.5M | $29.9M | $28.3M |
| Cost of revenue | $5.6M | $4.2M | $6.8M | $8.1M | $6.3M | $4.1M | $4.9M | $5.2M | $6.3M | $6.1M |
| Gross profit | $20.7M | $21.6M | $23.0M | $30.2M | $20.7M | $17.2M | $20.5M | $21.3M | $23.6M | $22.2M |
| R&D | $3.2M | $3.6M | $2.7M | $2.6M | $2.9M | $3.2M | $3.7M | $4.1M | $3.7M | $3.3M |
| SG&A | — | — | — | — | $1.5M | $1.3M | $1.3M | $1.2M | $1.4M | $1.5M |
| Total operating expenses | $4.8M | $5.6M | $4.5M | $4.5M | $4.4M | $4.5M | $5.0M | $5.3M | $5.1M | $4.8M |
| Operating income | $15.9M | $16.0M | $18.5M | $25.6M | $16.3M | $12.7M | $15.5M | $15.9M | $18.5M | $17.4M |
| Pre-tax income | $17.8M | $18.0M | $20.5M | $27.1M | $17.5M | $14.2M | $17.3M | $17.7M | $20.0M | $19.1M |
| Income tax | $2.6M | $3.0M | $3.3M | $4.4M | $3.0M | $2.5M | $2.8M | $3.2M | $6.1M | $6.1M |
| Net income | $15.2M | $15.1M | $17.1M | $22.7M | $14.5M | $11.7M | $14.5M | $14.5M | $13.9M | $12.9M |
| EPS, basic | 3.14 | 3.12 | 3.54 | 4.70 | 3.00 | 2.42 | 3.00 | 3.00 | 2.87 | 2.68 |
| EPS, diluted | 3.14 | 3.11 | 3.54 | 4.70 | 3.00 | 2.42 | 3.00 | 2.99 | 2.87 | 2.68 |
| Shares, diluted (wtd. avg.) | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $4.9M | $4.8M | $4.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.7M | $8.0M | $10.3M | $1.7M | $10.4M | $10.4M | $8.1M | $6.9M | $4.8M | $8.2M |
| Short-term investments | $18.1M | $13.7M | $11.9M | $15.5M | $20.8M | $7.7M | $19.1M | $12.5M | $20.8M | $19.6M |
| Receivables | $3.4M | $3.6M | $3.1M | $6.5M | $4.7M | $2.0M | $2.7M | $3.0M | $2.9M | $3.4M |
| Inventory | $7.1M | $7.4M | $7.2M | $6.4M | $5.1M | $3.9M | $3.9M | $4.3M | $3.7M | $3.4M |
| Total current assets | $32.2M | $33.2M | $33.2M | $30.8M | $41.5M | $24.4M | $34.4M | $27.4M | $32.7M | $35.2M |
| Property, plant and equipment | — | — | — | — | $606.4K | $336.7K | $582.5K | $894.8K | $1.3M | $1.4M |
| Total assets | $60.4M | $64.3M | $66.8M | $69.3M | $67.5M | $72.5M | $79.5M | $83.6M | $87.4M | $93.8M |
| Accounts payable | $278.6K | $214.7K | $127.2K | $281.7K | $943.5K | $336.6K | $187.0K | $375.2K | $415.0K | $376.3K |
| Total current liabilities | $1.1M | $1.2M | $1.0M | $1.8M | $2.5M | $1.0M | $796.2K | $835.7K | $989.7K | $1.1M |
| Total liabilities | $2.1M | $2.0M | $1.2M | $2.2M | $2.9M | $1.6M | $1.5M | $835.7K | — | — |
| Retained earnings | $38.3M | $42.5M | $46.7M | $48.9M | $45.6M | $50.4M | $58.0M | $62.9M | $67.7M | $73.2M |
| Total equity | $58.2M | $62.3M | $65.6M | $67.1M | $64.6M | $70.9M | $78.0M | $82.8M | $86.4M | $92.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $16.7M | $14.3M | $18.2M | $19.1M | $12.5M | $13.4M | $15.9M | $14.2M | $15.2M | $12.4M |
| Depreciation and amortisation | $460.0K | $324.2K | $308.1K | $196.7K | $425.0K | $542.9K | $550.0K | $705.2K | $979.7K | $1.1M |
| Stock-based compensation | — | — | — | — | $81.9K | $45.6K | $48.4K | $93.4K | $40.9K | $22.0K |
| Capital expenditure | $2.2M | $1.3M | $16.7K | $935.8K | $484.6K | $62.7K | $52.0K | $68.3K | $604.8K | $519.8K |
| Investing cash flow | -$3.6M | $2.7M | $9.6M | -$8.5M | $7.0M | $8.4M | $5.3M | $7.1M | $717.8K | $7.4M |
| Financing cash flow | -$19.3M | -$19.2M | -$19.2M | -$19.3M | -$19.5M | -$19.4M | -$20.0M | -$19.2M | -$19.3M | -$19.1M |
| Dividends paid | $19.3M | $19.3M | $19.3M | $19.3M | $19.3M | $19.3M | $19.4M | $19.4M | $19.4M | $19.3M |
| Buybacks | — | — | $0 | $20.7K | $163.5K | $91.4K | $687.4K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001376474-26-000455.
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