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VSH

Vishay Intertechnology NYSE:VSH Stock Report

Last Price

US$18.50

Market Cap

US$2.6b

7D

-0.9%

1Y

-8.8%

Updated

28 Sep, 2022

Data

Company Financials +
VSH fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance5/6
Financial Health5/6
Dividends3/6

VSH Stock Overview

Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive electronic components in Asia, Europe, and the Americas.

Vishay Intertechnology Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Vishay Intertechnology
Historical stock prices
Current Share PriceUS$18.50
52 Week HighUS$22.71
52 Week LowUS$16.73
Beta1.32
1 Month Change-7.82%
3 Month Change3.82%
1 Year Change-8.78%
3 Year Change11.51%
5 Year Change-4.64%
Change since IPO528.46%

Recent News & Updates

Sep 22
Vishay Intertechnology (NYSE:VSH) Is Experiencing Growth In Returns On Capital

Vishay Intertechnology (NYSE:VSH) Is Experiencing Growth In Returns On Capital

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Typically, we'll...

Sep 20

Vishay Intertechnology: It Is No Use Going Against The Tide

Summary VSH has done better than most in what can be described as a tough 2022, but not when viewed in the long run. The stock’s lack of progress stands out, especially since VSH has a number of strengths, which include solid growth and low valuations. There may be no signs of it at the moment, but the market seems convinced the numbers are destined to get worse. Long VSH is not without its merits, but the stock’s previous track record suggests it is unlikely to prove worthwhile. Vishay Intertechnology (VSH) does not have too much to complain about given the circumstances. Business is still going strong, unlike some of its peers in the semiconductor industry. The stock has also outperformed this year, comparatively speaking, having fallen much less in comparison to most other companies. However, while some may see all of this as a reason to be bullish, others are unlikely to agree. The bull case for VSH is not as clear-cut as it needs to be. Why will be covered next. VSH has outperformed at a difficult time It's true times have been tough for stocks, but some have still done better than others in 2022. One of the sectors hardest hit has been the semiconductor sector. For instance, the iShares PHLX Semiconductor ETF (SOXX) has lost 35% YTD. In comparison, the SPDR S&P 500 ETF (SPY) has lost 19% YTD, which is significantly less. Source: finviz.com VSH falls under the semiconductor sector as a leading supplier of discrete semiconductors. However, VSH has not fallen as much as other semis. VSH has lost 14% YTD, meaning it has outperformed this year. The stock did suffer a sizable drop in the first two months of 2022, but it has since shown to be fairly resilient given the circumstances. Many companies have seen their stock sink in recent months with all the turmoil, but VSH has basically gone sideways. This is quite an achievement with everything going on that have weighed on stocks. At the same time, it's worth noting that the stock has not actually done all that well in recent years. The stock has gone in circles in the last five years. The stock is currently in the $18-19 price region, a level it reached back in 2017. It's also a region VSH has revisited on numerous occasions in the last five years. The stock has essentially gone sideways, going up and down, only to wind up back to where it began. If anyone put their money on VSH in the preceding years, they probably have little to nothing to show for. The company has done better than the stock Keep in mind that stocks have soared higher in the last five years, notwithstanding the decline this year. For instance, SOXX has still gained over 126% in the last five years even though it has lost a third of its value in 2022. In contrast, VSH has gained a meager 4% in comparison. The relatively poor performance of the stock stands out. It's after all not as if VSH has done nothing to warrant a higher stock price. The top and the bottom line have made substantial gains in the preceding years. While the stock has stalled, earnings per share, for example, have grown at a CAGR of 35% in the last five years, which is nothing to sneeze at. In fact, a look at the most recent quarterly report shows that business is still going strong. VSH beat estimates for the top and the bottom line once again. Q2 revenue increased by 5.4% YoY to $863.5M, a record high. GAAP EPS increased by 21.9% YoY to $0.78 and non-GAAP EPS increased by 34.4% YoY to $0.82. Adjusted EBITDA was $198.9M in Q2 FY2022, up from $163M in Q2 FY2021. Cash and short-term investments reached $947M at the end of Q2. Book-to-bill remains above one. Note that EPS growth got a boost from share buybacks. VSH purchased 1.4M of its own shares for $26.3M in Q2. On the other hand, it's worth mentioning that the record-setting performance was achieved in spite of COVID-19 lockdowns in China, which put two key facilities out of commission for over two months. These facilities were unable to contribute during this time. The quarterly numbers were also negatively affected by fluctuations in foreign exchange rates. Revenue, for instance, would have increased by 3% QoQ and 10% YoY if not for forex. In other words, the quarterly numbers could have been much better than they turned out to be in the end. The table below shows the numbers for Q2 FY2022. (GAAP) Q2 FY2022 Q1 FY2022 Q2 FY2021 QoQ YoY Revenue $863.512M $853.793M $819.120M 1.14% 5.42% Gross margin 30.3% 30.3% 28.0% - 230bps Operating margin 17.5% 17.1% 15.3% 40bps 220bps Operating income $150.823M $146.253M $125.372M 3.12% 20.30% Net income (attributable to VSH) $112.388M $103.573M $93.192M 8.51% 20.60% EPS $0.78 $0.71 $0.64 9.86% 21.88% (Non-GAAP) Adjusted EBITDA margin 23.0% 21.2% 19.9% 180bps 310bps Adjusted EBITDA $198.938M $180.592M $163.031M 10.16% 22.02% Net income (attributable to VSH) $117.793M $103.573M $89.311M 13.73% 31.89% EPS $0.82 $0.71 $0.61 15.49% 34.43% Source: VSH Form 8-K Guidance calls for Q3 FY2022 revenue of $860-900M, an increase of 8.1% YoY at the midpoint. It would also be the fourth consecutive sequential increase in quarterly revenue and the 8th out of the last 9 quarters. Q3 FY2022 (guidance) Q3 FY2021 YoY (midpoint) Revenue $860-900M $814M 8.11% Gross margin 28.5-29.5% 27.7% 130bps Guidance did not extend beyond Q3, but VSH remains upbeat about the outlook longer term. While some softness has popped up in some market segments, strong demand in other segments has more than made up for it. Overall demand remains strong. From the Q2 earnings call: "For the entire year, we again expect a solid performance concerning free cash. Vishay continues to operate under extraordinarily good economic conditions, orders and backlogs at historically high levels. All regions remain principally strong with a currently not transparent situation of the Chinese market. Most of the market segments do very well whereby there is an exception computers and smartphones. Major shortages of supply continue to exist for many product lines." A transcript of the Q2 FY2022 earnings call can be found here. However, it's worth mentioning that analysts, or at least some of them, are not as confident about the outlook as VSH appears to be. Consensus estimates call for non-GAAP EPS of $2.57-3.03 in FY2022, an increase of 10.8-30.6% YoY, but this is predicted to decline to $2.01-2.99 in FY2023. While VSH itself might not be calling for a downturn, some are anticipating one for VSH. There is reason to believe this hypothesis is plausible. It's true EPS has grown at a CAGR of 35.5% in the last 5 years, but this drops to 9.3% in the last 10 years. VSH has done well in recent years in terms of earnings growth, but it was not always this way. The semiconductor industry is after all cyclical and the upturn in earnings in recent years may be followed by a downturn in subsequent years. Note that while VHS itself is not seeing much of a deterioration in quarterly earnings, other semis are. A number of them have lowered their earnings outlook due to weakening demand. Weak guidance from these companies has affected the entire industry, including those who are still in great shape. It's also possible VSH may yet experience a downturn in earnings growth, which some seem to believe could happen as soon as next year as reflected in analysts' estimates.

Shareholder Returns

VSHUS ElectronicUS Market
7D-0.9%-2.7%-2.0%
1Y-8.8%-21.3%-20.3%

Return vs Industry: VSH exceeded the US Electronic industry which returned -23.7% over the past year.

Return vs Market: VSH exceeded the US Market which returned -22.1% over the past year.

Price Volatility

Is VSH's price volatile compared to industry and market?
VSH volatility
VSH Average Weekly Movement4.1%
Electronic Industry Average Movement6.7%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: VSH is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: VSH's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
196222,800Gerald Paulhttps://www.vishay.com

Vishay Intertechnology, Inc. manufactures and supplies discrete semiconductors and passive electronic components in Asia, Europe, and the Americas. It operates through six segments: Metal Oxide Semiconductor Field Effect Transistors (MOSFETs), Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. 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.

Vishay Intertechnology Fundamentals Summary

How do Vishay Intertechnology's earnings and revenue compare to its market cap?
VSH fundamental statistics
Market CapUS$2.64b
Earnings (TTM)US$349.30m
Revenue (TTM)US$3.37b

7.6x

P/E Ratio

0.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
VSH income statement (TTM)
RevenueUS$3.37b
Cost of RevenueUS$2.39b
Gross ProfitUS$982.68m
Other ExpensesUS$633.38m
EarningsUS$349.30m

Last Reported Earnings

Jul 02, 2022

Next Earnings Date

n/a

Earnings per share (EPS)2.45
Gross Margin29.12%
Net Profit Margin10.35%
Debt/Equity Ratio25.2%

How did VSH perform over the long term?

See historical performance and comparison

Dividends

2.2%

Current Dividend Yield

16%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is VSH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VSH?

Other financial metrics that can be useful for relative valuation.

VSH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.7x
Enterprise Value/EBITDA3.4x
PEG Ratio-2.5x

Price to Earnings Ratio vs Peers

How does VSH's PE Ratio compare to its peers?

VSH PE Ratio vs Peers
The above table shows the PE ratio for VSH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average32.2x
BDC Belden
29.6x29.4%US$2.7b
ROG Rogers
55.9xn/aUS$4.6b
LFUS Littelfuse
14.4x6.0%US$5.0b
COHR Coherent
28.7x59.2%US$4.8b
VSH Vishay Intertechnology
7.6x-3.1%US$2.6b

Price-To-Earnings vs Peers: VSH is good value based on its Price-To-Earnings Ratio (7.6x) compared to the peer average (32.2x).


Price to Earnings Ratio vs Industry

How does VSH's PE Ratio compare vs other companies in the US Electronic Industry?

Price-To-Earnings vs Industry: VSH is good value based on its Price-To-Earnings Ratio (7.6x) compared to the US Electronic industry average (14.4x)


Price to Earnings Ratio vs Fair Ratio

What is VSH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VSH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.6x
Fair PE Ratio14.7x

Price-To-Earnings vs Fair Ratio: VSH is good value based on its Price-To-Earnings Ratio (7.6x) compared to the estimated Fair Price-To-Earnings Ratio (14.7x).


Share Price vs Fair Value

What is the Fair Price of VSH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VSH ($18.5) is trading below our estimate of fair value ($51.36)

Significantly Below Fair Value: VSH is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Vishay Intertechnology forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-3.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VSH's earnings are forecast to decline over the next 3 years (-3.1% per year).

Earnings vs Market: VSH's earnings are forecast to decline over the next 3 years (-3.1% per year).

High Growth Earnings: VSH's earnings are forecast to decline over the next 3 years.

Revenue vs Market: VSH's revenue (1.3% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: VSH's revenue (1.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if VSH's Return on Equity is forecast to be high in 3 years time


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Past Performance

How has Vishay Intertechnology performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


24.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VSH has high quality earnings.

Growing Profit Margin: VSH's current net profit margins (10.4%) are higher than last year (8.1%).


Past Earnings Growth Analysis

Earnings Trend: VSH's earnings have grown significantly by 24.4% per year over the past 5 years.

Accelerating Growth: VSH's earnings growth over the past year (48.7%) exceeds its 5-year average (24.4% per year).

Earnings vs Industry: VSH earnings growth over the past year (48.7%) exceeded the Electronic industry 20.1%.


Return on Equity

High ROE: VSH's Return on Equity (19.1%) is considered low.


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Financial Health

How is Vishay Intertechnology's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: VSH's short term assets ($2.1B) exceed its short term liabilities ($704.1M).

Long Term Liabilities: VSH's short term assets ($2.1B) exceed its long term liabilities ($1.0B).


Debt to Equity History and Analysis

Debt Level: VSH has more cash than its total debt.

Reducing Debt: VSH's debt to equity ratio has increased from 20.4% to 25.2% over the past 5 years.

Debt Coverage: VSH's debt is well covered by operating cash flow (84.3%).

Interest Coverage: VSH's interest payments on its debt are well covered by EBIT (35.2x coverage).


Balance Sheet


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Dividend

What is Vishay Intertechnology current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


2.16%

Current Dividend Yield

Dividend Yield vs Market

Vishay Intertechnology Dividend Yield vs Market
How does Vishay Intertechnology dividend yield compare to the market?
SegmentDividend Yield
Company (Vishay Intertechnology)2.2%
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Electronic)1.7%
Analyst forecast in 3 Years (Vishay Intertechnology)2.1%

Notable Dividend: VSH's dividend (2.16%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: VSH's dividend (2.16%) is low compared to the top 25% of dividend payers in the US market (4.69%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, VSH has been paying a dividend for less than 10 years.

Growing Dividend: VSH's dividend payments have increased, but the company has only paid a dividend for 9 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (16.4%), VSH's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (41.6%), VSH's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

11.0yrs

Average management tenure


CEO

Gerald Paul (73 yo)

29.33yrs

Tenure

US$8,388,523

Compensation

Dr. Gerald Paul serves as the Chief Executive Officer, President, and Chief Operating Officer at Vishay Semiconductor GmbH. Dr. Paul has been the Chief Executive Officer of Vishay Intertechnology Inc. sinc...


CEO Compensation Analysis

Gerald Paul's Compensation vs Vishay Intertechnology Earnings
How has Gerald Paul's remuneration changed compared to Vishay Intertechnology's earnings?
DateTotal Comp.SalaryCompany Earnings
Jul 02 2022n/an/a

US$349m

Apr 02 2022n/an/a

US$330m

Dec 31 2021US$8mUS$1m

US$298m

Oct 02 2021n/an/a

US$299m

Jul 03 2021n/an/a

US$236m

Apr 03 2021n/an/a

US$167m

Dec 31 2020US$5mUS$1m

US$123m

Oct 03 2020n/an/a

US$99m

Jul 04 2020n/an/a

US$96m

Apr 04 2020n/an/a

US$116m

Dec 31 2019US$6mUS$1m

US$164m

Sep 28 2019n/an/a

US$252m

Jun 29 2019n/an/a

US$300m

Mar 30 2019n/an/a

US$359m

Dec 31 2018US$7mUS$1m

US$346m

Sep 29 2018n/an/a

US$66m

Jun 30 2018n/an/a

US$52m

Mar 31 2018n/an/a

US$5m

Dec 31 2017US$6mUS$1m

-US$20m

Sep 30 2017n/an/a

US$109m

Jul 01 2017n/an/a

US$81m

Apr 01 2017n/an/a

US$57m

Dec 31 2016US$5mUS$1m

US$49m

Oct 01 2016n/an/a

-US$40m

Jul 02 2016n/an/a

-US$104m

Apr 02 2016n/an/a

-US$111m

Dec 31 2015US$5mUS$1m

-US$109m

Compensation vs Market: Gerald's total compensation ($USD8.39M) is about average for companies of similar size in the US market ($USD6.87M).

Compensation vs Earnings: Gerald's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: VSH's management team is seasoned and experienced (11 years average tenure).


Board Members

Experienced Board: VSH's board of directors are considered experienced (9.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of VSH?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,468,2431.0%
Private Companies8,616,8346.0%
General Public8,890,3836.2%
Institutions123,802,00786.7%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 71.88% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
11.75%
BlackRock, Inc.
16,780,671$310.4m5.68%0.01%
9.38%
The Vanguard Group, Inc.
13,397,569$247.9m1.56%0.01%
6.04%
Estate of Dr. Felix Zandman
8,616,834$159.4m0%no data
5.84%
Dimensional Fund Advisors LP
8,334,360$154.2m2.24%0.04%
4.43%
DNB Asset Management AS
6,322,107$117.0m-26.46%0.43%
3.73%
LSV Asset Management
5,329,609$98.6m0.33%0.2%
3.22%
Spring Creek Capital, LLC
4,601,501$85.1m0%4.25%
3.1%
State Street Global Advisors, Inc.
4,420,065$81.8m-1.09%no data
2.92%
AQR Capital Management, LLC
4,163,739$77.0m37.85%0.17%
2.53%
Fisher Asset Management, LLC
3,607,553$66.7m-2.61%0.05%
2.22%
Royce & Associates, LP
3,166,522$58.6m-10.52%0.55%
1.89%
Woodline Partners LP
2,695,891$49.9m21.67%0.82%
1.62%
Geode Capital Management, LLC
2,317,657$42.9m-0.41%0.01%
1.53%
Mountaineer Partners Management, LLC
2,179,572$40.3m1.55%41.16%
1.51%
Northern Trust Global Investments
2,162,295$40.0m-3.99%0.01%
1.43%
BNY Mellon Asset Management
2,043,559$37.8m1.74%0.01%
1.04%
Columbia Management Investment Advisers, LLC
1,490,653$27.6m-2.51%0.01%
1.02%
Mackenzie Financial Corporation
1,457,839$27.0m7.56%0.03%
0.99%
Charles Schwab Investment Management, Inc.
1,415,594$26.2m4.24%0.01%
0.97%
Principal Global Investors, LLC
1,388,403$25.7m0.81%0.02%
0.97%
Goldman Sachs Asset Management, L.P.
1,378,399$25.5m-7.28%0.01%
0.96%
Macquarie Investment Management Business Trust
1,364,226$25.2m1.01%0.03%
0.95%
Norges Bank Investment Management
1,360,162$25.2m0%no data
0.93%
Wasatch Advisors Inc
1,323,901$24.5m-5.49%0.12%
0.92%
Pinnacle Associates, Ltd.
1,307,317$24.2m0.53%0.53%

Company Information

Vishay Intertechnology, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Vishay Intertechnology, Inc.
  • Ticker: VSH
  • Exchange: NYSE
  • Founded: 1962
  • Industry: Electronic Components
  • Sector: Tech
  • Implied Market Cap: US$2.641b
  • Shares outstanding: 142.78m
  • Website: https://www.vishay.com

Number of Employees


Location

  • Vishay Intertechnology, Inc.
  • 63 Lancaster Avenue
  • Malvern
  • Pennsylvania
  • 19355-2143
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VSHNYSE (New York Stock Exchange)YesCommon StockUSUSDMay 1974
VHYDB (Deutsche Boerse AG)YesCommon StockDEEURMay 1974

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/07/02
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.