# Vishay Intertechnology (VSH.US)

Canonical: https://gigainvestors.com/s/VSH

Analysis as of: 2026-10-16T07:32:58.001Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $28.76 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.16×

- FY2019: 0.10×

- FY2020: 0.08×

- FY2021: 0.14×

- FY2022: 0.18×

- FY2023: 0.14×

- FY2024: 0.00×

- FY2025: 0.02×

- LTM to Jun 2026: 0.03×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.2%

- ROIC, second-lowest year: 1.4%

- Typical minus recent gross margin: 5.1 pp

- Typical gross margin (annual median): 26.0%

- Recent gross margin (lower of latest and 3-year median): 21.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 10.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 55.8%

- FY2018: 41.8%

- FY2019: 16.9%

- FY2020: 14.3%

- FY2021: 26.0%

- FY2022: 28.6%

- FY2023: 17.5%

- FY2024: 0.2%

- FY2025: 1.4%

- LTM to Jun 2026: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.68×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $689M

- Net income, five-year total: $1.0B

- Return on incremental invested capital: -2.9%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 7.4 pp

- Working capital / revenue, final three-year average: 28.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.84×

- FY2023: 0.55×

- FY2024: 4.51×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 41.8% vs 1.4%

- Per-share earnings: -0.14 to -0.07 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: -$474M

- Cumulative retained earnings: $1.2B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.07

- Per-share value, starting three-year median: -$0.14

- Per-share value, ending three-year median: -$0.07

- Buybacks concentrated in cheaper years (correlation): -0.04

- Average buyback yield: 1.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $353M

- Cumulative net income, 10 years: $1.7B

- ROIC, first three-year median: 41.8%

- ROIC, last three-year median: 1.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.32

- FY2017: -$0.14

- FY2018: $2.24

- FY2019: $1.13

- FY2020: $0.85

- FY2021: $2.05

- FY2022: $2.98

- FY2023: $2.31

- FY2024: -$0.23

- FY2025: -$0.07

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 12.1%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.0%

- FY2017: -11.2%

- FY2018: 2.8%

- FY2019: -4.2%

- FY2020: -6.1%

- FY2021: -4.5%

- FY2022: -1.4%

- FY2023: -1.0%

- FY2024: -5.0%

- FY2025: -4.6%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 47% since Jun 2026 · "VSH Q2 Deep Dive: Margin Pressures Persist Despite Revenue Growth, Outlook Cautious" (finance.yahoo.com, Aug 2025) · sales +35.5%

Story as of 2026-10-16T09:59:49.652Z; price observation 2026-10-15.

- 2025-06-11: VSH Q1 Earnings Call: Guidance Rises on AI and Industrial Demand, Tariff Impacts Limited ([finance.yahoo.com](https://finance.yahoo.com/news/vsh-q1-earnings-call-guidance-093051289.html))

- 2025-08-13: VSH Q2 Deep Dive: Margin Pressures Persist Despite Revenue Growth, Outlook Cautious ([finance.yahoo.com](https://finance.yahoo.com/news/vsh-q2-deep-dive-margin-030629319.html))

- 2026-02-05: Vishay Intertechnology Stock Falls 4% as Q4 Earnings Miss Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/vishay-intertechnology-stock-falls-4-131200797.html))

- 2026-07-08: Vishay (VSH) Loses 8.6% as Notes Become Convertible ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/vishay-vsh-loses-8-6-012844993.html))

### Sales · FY2025–2026

sales +35.5%; source https://www.sec.gov/Archives/edgar/data/103730/000010373026000019/form10k.htm; observed 2026-02-13.

- FY2017: $2.6B 

- FY2018: $3.0B 

- FY2019: $2.7B 

- FY2020: $2.5B 

- FY2021: $3.2B 

- FY2022: $3.5B 

- FY2023: $3.4B 

- FY2024: $2.9B 

- FY2025: $3.1B 

- FY2026: $4.2B 

### Gross margin · FY2026

gross margin 21%; source https://www.sec.gov/Archives/edgar/data/103730/000010373026000019/form10k.htm; observed 2026-02-13.

- FY2017: 26.9% 

- FY2018: 29.3% 

- FY2019: 25.2% 

- FY2020: 23.3% 

- FY2021: 27.4% 

- FY2022: 30.3% 

- FY2023: 28.6% 

- FY2024: 21.3% 

- FY2025: 19.4% 

- FY2026: 21.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/103730/000010373026000019/form10k.htm (filed 2026-02-13); FY2025: revenue 3069048000; grossProfit 594883000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VSH.US: Vishay Intertechnology, Inc. manufactures and sells discrete semiconductors and passive electronic components in the United States, Germany, rest of Europe, Israel, and Asia. The company operates through six segments: Metal Oxide Semiconductor Field Effect Transistors (MOSFETs), Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors segments. The MOSFETs segment offers low- and medium-voltage TrenchFET MOSFETs, high-voltage planar MOSFETs, high voltage Super Junction MOSFETs, power integrated circuits, and integrated function power devices. The Diodes segment provides rectifiers, small signal diodes, protection diodes, thyristors/silicon-controlled rectifiers, and power modules. The Optoelectronic Components segment offers standard and customer specific optoelectronic components, such as infrared (IR) emitters and detectors, IR remote control receivers, optocouplers, solid-state relays, optical sensors, light-emitting diodes, 7-segment displays, and IR data transceiver modules. The Resistors segment provides resistors used in various forms of electronic circuitry to adjust and regulate levels of voltage and current. The Inductors segment provides inductors for use as an internal magnetic field to change alternating current phase and resist alternating current. The Capacitors segment offers capacitors that store energy and discharge. It sells its products under the Siliconix, Dale, Draloric, Beyschlag, Sfernice, MCB, UltraSource, Applied Thin-Film Products, IHLP, HiRel Systems, Sprague, Vitramon, Barry, Roederstein, ESTA, Ametherm, and BCcomponents brand names. The company serves automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Vishay Intertechnology, Inc. was incorporated in 1962 and is headquartered in Malvern, Pennsylvania.

### Why customers stay

Margins ranged from 19.4% to 28.6% during 2023–25; it earns 17.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 28.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 21.3%.

- Source: https://www.sec.gov/Archives/edgar/data/103730/000010373026000019/form10k.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 19.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2017,0.5580460197668428],[2018,0.41794383476069746],[2019,0.16920168500374014],[2020,0.14345927303361336],[2021,0.2601868817469385],[2022,0.2855354088857126],[2023,0.17509222243824935],[2024,0.0019594354247559924],[2025,0.014429620457440385],[2026,0.03387297030278835]]; median 0.17214695372099476. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 12.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 0; upkeep 134635000; cash acquisitions 0; owner earnings 73520000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 68035999; upkeep 161863000; cash acquisitions 14880000; owner earnings 345758000. Growth capex plus acquisitions / owner earnings = 0.23980934352928926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 156641000; cash acquisitions 11862000; owner earnings 171756000. Growth capex plus acquisitions / owner earnings = 0.0690630894990568.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 123599000; cash acquisitions 25852000; owner earnings 165554000. Growth capex plus acquisitions / owner earnings = 0.15615448735759932.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 51335000; upkeep 167037000; cash acquisitions 20847000; owner earnings 297970000. Growth capex plus acquisitions / owner earnings = 0.24224586367755144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 93930553.07067585; upkeep 231377446.92932415; cash acquisitions 50000000; owner earnings 361423553.07067585. Growth capex plus acquisitions / owner earnings = 0.3982323560482801.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 329410000; cash acquisitions 13753000; owner earnings 178783000. Growth capex plus acquisitions / owner earnings = 0.0769256584798331.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,36725000],[2017,37049000],[2018,46509000],[2019,53444000],[2020,54969000],[2021,55751000],[2022,57187000],[2023,55626000],[2024,54672000],[2025,49399000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/103730/000010373026000019/form10k.htm (filed 2026-02-13); FY2025: cash repurchases 12528000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VSH.US SharesStats.PercentInsiders = 1.228 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Closing price 28.76 USD; reporting-to-trading FX 1; FY2025 annual sales per share 22.61025365228346; price multiple 1.2719892683333724. FY2025 cash earnings/share -0.06614261402565255. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $14.10 per share

- 2016-11: $15.15 per share

- 2016-12: $16.20 per share

- 2017-01: $16.60 per share

- 2017-02: $15.85 per share

- 2017-03: $16.45 per share

- 2017-04: $16.35 per share

- 2017-05: $16.35 per share

- 2017-06: $16.60 per share

- 2017-07: $17.85 per share

- 2017-08: $17.70 per share

- 2017-09: $18.80 per share

- 2017-10: $22.25 per share

- 2017-11: $21.90 per share

- 2017-12: $20.75 per share

- 2018-01: $21.95 per share

- 2018-02: $18.40 per share

- 2018-03: $18.60 per share

- 2018-04: $17.65 per share

- 2018-05: $21.20 per share

- 2018-06: $23.20 per share

- 2018-07: $25.00 per share

- 2018-08: $23.80 per share

- 2018-09: $20.35 per share

- 2018-10: $18.30 per share

- 2018-11: $20.85 per share

- 2018-12: $18.01 per share

- 2019-01: $19.50 per share

- 2019-02: $21.92 per share

- 2019-03: $18.47 per share

- 2019-04: $19.81 per share

- 2019-05: $15.24 per share

- 2019-06: $16.52 per share

- 2019-07: $17.00 per share

- 2019-08: $15.83 per share

- 2019-09: $16.93 per share

- 2019-10: $20.15 per share

- 2019-11: $19.89 per share

- 2019-12: $21.29 per share

- 2020-01: $20.29 per share

- 2020-02: $18.70 per share

- 2020-03: $14.41 per share

- 2020-04: $16.59 per share

- 2020-05: $16.26 per share

- 2020-06: $15.27 per share

- 2020-07: $15.69 per share

- 2020-08: $15.99 per share

- 2020-09: $15.57 per share

- 2020-10: $16.22 per share

- 2020-11: $19.36 per share

- 2020-12: $20.71 per share

- 2021-01: $21.55 per share

- 2021-02: $23.87 per share

- 2021-03: $24.08 per share

- 2021-04: $24.57 per share

- 2021-05: $24.07 per share

- 2021-06: $22.55 per share

- 2021-07: $22.13 per share

- 2021-08: $21.97 per share

- 2021-09: $20.09 per share

- 2021-10: $19.22 per share

- 2021-11: $20.37 per share

- 2021-12: $21.87 per share

- 2022-01: $20.71 per share

- 2022-02: $19.19 per share

- 2022-03: $19.60 per share

- 2022-04: $18.63 per share

- 2022-05: $20.44 per share

- 2022-06: $17.82 per share

- 2022-07: $20.66 per share

- 2022-08: $19.67 per share

- 2022-09: $17.79 per share

- 2022-10: $20.91 per share

- 2022-11: $23.04 per share

- 2022-12: $21.57 per share

- 2023-01: $22.89 per share

- 2023-02: $21.23 per share

- 2023-03: $22.62 per share

- 2023-04: $21.29 per share

- 2023-05: $25.78 per share

- 2023-06: $29.40 per share

- 2023-07: $28.15 per share

- 2023-08: $27.44 per share

- 2023-09: $24.72 per share

- 2023-10: $22.24 per share

- 2023-11: $22.23 per share

- 2023-12: $23.97 per share

- 2024-01: $21.73 per share

- 2024-02: $21.75 per share

- 2024-03: $22.68 per share

- 2024-04: $23.14 per share

- 2024-05: $23.63 per share

- 2024-06: $22.30 per share

- 2024-07: $24.31 per share

- 2024-08: $20.15 per share

- 2024-09: $18.91 per share

- 2024-10: $16.96 per share

- 2024-11: $19.10 per share

- 2024-12: $16.94 per share

- 2025-01: $16.93 per share

- 2025-02: $17.14 per share

- 2025-03: $15.90 per share

- 2025-04: $12.99 per share

- 2025-05: $14.07 per share

- 2025-06: $15.88 per share

- 2025-07: $16.39 per share

- 2025-08: $15.46 per share

- 2025-09: $15.30 per share

- 2025-10: $16.98 per share

- 2025-11: $13.67 per share

- 2025-12: $14.49 per share

- 2026-01: $20.15 per share

- 2026-02: $18.72 per share

- 2026-03: $18.00 per share

- 2026-04: $28.97 per share

- 2026-05: $52.05 per share

- 2026-06: $53.78 per share

- 2026-07: $34.22 per share

- 2026-08: $30.43 per share

- 2026-09: $32.55 per share

- 2026-10: $28.76 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/103730/000010373026000019/form10k.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.