NVE Corporation (Nasdaq: NVEC) develops and manufactures spintronic sensors, electrical-isolation couplers and related devices. It serves industrial, medical and defense applications, earns smaller amounts from customer-funded research, and reports one operating segment. Its fiscal year ends March 31.
Loading the company summary…
A snapshot of what NVE CORP /NEW/ owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Mar 31, 20240001376474-24-000214 | May 1, 2024 | 10-K | Open 10-Ksec.gov |
| Mar 31, 20250001376474-25-000437 | May 7, 2025 | 10-K | Open 10-Ksec.gov |
| Mar 31, 20260001376474-26-000348 | May 6, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
NVE combines unusually high operating margins with concentrated customers and uneven demand. Fiscal 2026 revenue recovered modestly, but less favorable product and distributor mix reduced gross profit; lower taxes, rather than stronger operating earnings, produced the small net-income increase. Dividends exceeded operating cash flow in each of the three reviewed years, drawing on accumulated financial resources alongside equipment investment. After the May 6, 2026 annual filing, a strong June quarter lifted first-half fiscal 2027 results, but September-quarter sales and operating income declined as a customer rescheduled orders and defense sales weakened. First-half operating cash nevertheless covered dividends and sharply reduced capital spending. Substantial securities holdings provide flexibility, not guaranteed dividend durability. Contract extensions, new products and management’s description of temporary order changes do not establish committed future growth.
Sources: 10-K · 2024-03-31 · 10-K · 2025-03-31 · 10-K · 2026-03-31 · 10-Q · 2026-09-30
NVE uses electron spin to sense, transmit or store information. Standard sensors principally serve industrial automation; customized sensors serve medical devices. Couplers transmit data while electrically isolating connected systems. Power products and low-bit-density antitamper MRAM broaden its offerings, but are not separately reported profit centers. Product sales supplied 95.8% of fiscal 2026 revenue; customer-funded research supplied the remainder. NVE processes wafers and tests products in Minnesota, while much packaging is outsourced to Asia. Management emphasizes performance differentiation, but also warns that competitors are narrowing advantages and increasing pricing pressure.
Sources: 10-K · 2026-03-31
Revenue declined from $29.804 million in fiscal 2024 to $25.875 million in fiscal 2025, then reached $26.331 million in fiscal 2026. Management attributes the latest product-sales increase to pricing and purchases by existing customers, partly offset by completed research contracts. Gross margin fell from 83.6% to 78.7% as product mix became less profitable and distributor sales increased. Lower R&D and administrative expenses offset much of the gross-profit decline, but included resource transfers into manufacturing and development—not simply eliminated costs. Operating income slipped to $15.920 million; net income rose to $15.199 million because tax expense fell. Equipment-related manufacturing credits supported that improvement and were expected to decline significantly in fiscal 2027.
Sources: 10-K · 2024-03-31 · 10-K · 2025-03-31 · 10-K · 2026-03-31
Fiscal 2026 operating cash flow was $16.658 million, against $19.349 million of cash dividends and $2.189 million of equipment spending. Dividends also exceeded operating cash flow in fiscal 2024 and 2025. Securities maturities supplemented operating cash, but convert existing investments into cash rather than create profit. Cash plus separately classified securities declined from approximately $52.990 million at March 2024 to $43.518 million at March 2026. No bank or bond borrowing was reported; lease and other obligations remained. Money-market funds already included in cash must not be counted again as additional investments.
Sources: 10-K · 2024-03-31 · 10-K · 2025-03-31 · 10-K · 2026-03-31
An unnamed customer generated 37% of fiscal 2026 revenue. Abbott is named among large customers in the fiscal 2026 annual; Sonova was named among large customers in the fiscal 2024 annual. The filings do not identify the unnamed customer as either company, and Sonova’s omission from later large-customer lists establishes neither termination nor immateriality; its current significance remains unverified. The Pacesetter/Abbott-related agreement has a stated December 31, 2027 endpoint, subject to earlier termination; disclosed provisions allow buyer termination on 60 days’ notice and generally tie purchases to purchase orders, with conditional inventory protection. Prices and inventory quantities are redacted. The distinct February 2016 Supplier Quality Agreement adds change-approval, audit, corrective-action, regulatory-reporting and long-duration records obligations; ineffective or unverifiable corrective action can lead to termination of the commercial relationship. Its stated duration lasts while supplied components may be in use, not merely until the partnering agreement’s calendar endpoint, although subsequent status and actual continuing use are not established. The supplied Sonova extension runs through March 31, 2025, without evidence establishing its later renewal or termination. That documented endpoint does not extinguish accrued obligations or the expressly surviving warranty, indemnification, intellectual-property and other listed provisions; actual residual exposure and case-specific enforceability remain uncertain. Single-source materials, specialized equipment, Asian packaging, tariffs, medical-device liability and customer qualification requirements remain material dependencies.
Sources: 10-K · 2026-03-31 · 8-K/A · 2006-01-01 · EX-10 · 2016-04-20 · EX-10.6 · 2006-01-01 · EX-10 · 2009-05-01 · EX-10.5 · 2009-05-01 · 10-K · 2024-03-31 · 10-K · 2025-03-31 · EX-10 · 2015-11-13 · EX-10 · 2016-02-10
The October 21, 2026 filings reported first-half fiscal 2027 revenue of $16.869 million and net income of $9.567 million. However, September-quarter revenue declined 8.1% to $5.835 million and operating income declined 12.4%. Management cites customer order rescheduling related to inventory requirements and lower defense sales; no recovery date or deferred-order amount is established. Favorable tax treatment cushioned the earnings decline. First-half operating cash of $11.127 million covered $9.681 million of dividends and $81,968 of capital spending. September cash was $3.970 million, separately from $40.419 million of securities.
Peter Eames succeeded Daniel Baker as president and CEO on August 6, 2026; Baker became chairman. The transition was confirmed in the August 10 filing, rather than remaining a June proposal. On October 21, the board approved another $1.00-per-share dividend, payable November 30 to November 2 record holders. As of this package’s October 24 cutoff, that payment remained scheduled. Management expected a 13%–15% tax rate for the remaining two fiscal 2027 quarters and significantly lower annual capital spending, but provided no numerical revenue or earnings guidance.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-21 · 8-K · 2026-06-22 · 8-K · 2026-08-06 · 8-K · 2026-10-21
USD 29.804179 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 29.804179 m | — |
Product sales plus contract research and development revenue.
Sources: 10-K · 2024-03-31
USD 26.331218 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 26.331218 m | 1.8% |
| 2025 | USD 25.874694 m | — |
Company-wide product sales plus contract research and development revenue, net of applicable discounts.
Sources: 10-K · 2026-03-31
USD 17.124699 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 17.124699 m | — |
GAAP earnings after income taxes; excludes unrealized securities movements reported in other comprehensive income.
Sources: 10-K · 2024-03-31
USD 15.199195 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 15.199195 m | 0.9% |
| 2025 | USD 15.064516 m | — |
Company-wide income after income taxes.
Sources: 10-K · 2026-03-31
USD 18.247411 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 18.247411 m | — |
Cash from operating activities after noncash adjustments and operating asset and liability movements.
Sources: 10-K · 2024-03-31
USD 16.657997 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 16.657997 m | 16.4% |
| 2025 | USD 14.310418 m | — |
Operating cash flow after noncash adjustments and changes in operating assets and liabilities; not net income.
Sources: 10-K · 2026-03-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
