| Snowflake Score | |
|---|---|
| Valuation | 5/6 |
| Future Growth | 0/6 |
| Past Performance | 5/6 |
| Financial Health | 5/6 |
| Dividends | 3/6 |
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
| Historical stock prices | |
|---|---|
| Current Share Price | US$18.50 |
| 52 Week High | US$22.71 |
| 52 Week Low | US$16.73 |
| Beta | 1.32 |
| 1 Month Change | -7.82% |
| 3 Month Change | 3.82% |
| 1 Year Change | -8.78% |
| 3 Year Change | 11.51% |
| 5 Year Change | -4.64% |
| Change since IPO | 528.46% |
Recent News & Updates
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...
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
| VSH | US Electronic | US 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
| VSH volatility | |
|---|---|
| VSH Average Weekly Movement | 4.1% |
| Electronic Industry Average Movement | 6.7% |
| Market Average Movement | 6.9% |
| 10% most volatile stocks in US Market | 15.8% |
| 10% least volatile stocks in US Market | 2.8% |
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
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1962 | 22,800 | Gerald Paul | https://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
| VSH fundamental statistics | |
|---|---|
| Market Cap | US$2.64b |
| Earnings (TTM) | US$349.30m |
| Revenue (TTM) | US$3.37b |
7.6x
P/E Ratio0.8x
P/S RatioIs VSH overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| VSH income statement (TTM) | |
|---|---|
| Revenue | US$3.37b |
| Cost of Revenue | US$2.39b |
| Gross Profit | US$982.68m |
| Other Expenses | US$633.38m |
| Earnings | US$349.30m |
Last Reported Earnings
Jul 02, 2022
Next Earnings Date
n/a
| Earnings per share (EPS) | 2.45 |
| Gross Margin | 29.12% |
| Net Profit Margin | 10.35% |
| Debt/Equity Ratio | 25.2% |
How did VSH perform over the long term?
See historical performance and comparisonDividends
2.2%
Current Dividend Yield16%
Payout RatioValuation
Is VSH undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
5/6Valuation 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.
| What is VSH's n/a Ratio? | |
|---|---|
| n/a Ratio | 0x |
| n/a | n/a |
| Market Cap | US$2.64b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 0.7x |
| Enterprise Value/EBITDA | 3.4x |
| 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 |
|---|
| Company | PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 32.2x | ||
BDC Belden | 29.6x | 29.4% | US$2.7b |
ROG Rogers | 55.9x | n/a | US$4.6b |
LFUS Littelfuse | 14.4x | 6.0% | US$5.0b |
COHR Coherent | 28.7x | 59.2% | 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.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 7.6x |
| Fair PE Ratio | 14.7x |
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
0/6Future 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
5/6Past 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
5/6Financial 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
3/6Dividend 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 |
|---|
| Segment | Dividend 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.
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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 |
|---|
| Date | Total Comp. | Salary | Company Earnings |
|---|---|---|---|
| Jul 02 2022 | n/a | n/a | US$349m |
| Apr 02 2022 | n/a | n/a | US$330m |
| Dec 31 2021 | US$8m | US$1m | US$298m |
| Oct 02 2021 | n/a | n/a | US$299m |
| Jul 03 2021 | n/a | n/a | US$236m |
| Apr 03 2021 | n/a | n/a | US$167m |
| Dec 31 2020 | US$5m | US$1m | US$123m |
| Oct 03 2020 | n/a | n/a | US$99m |
| Jul 04 2020 | n/a | n/a | US$96m |
| Apr 04 2020 | n/a | n/a | US$116m |
| Dec 31 2019 | US$6m | US$1m | US$164m |
| Sep 28 2019 | n/a | n/a | US$252m |
| Jun 29 2019 | n/a | n/a | US$300m |
| Mar 30 2019 | n/a | n/a | US$359m |
| Dec 31 2018 | US$7m | US$1m | US$346m |
| Sep 29 2018 | n/a | n/a | US$66m |
| Jun 30 2018 | n/a | n/a | US$52m |
| Mar 31 2018 | n/a | n/a | US$5m |
| Dec 31 2017 | US$6m | US$1m | -US$20m |
| Sep 30 2017 | n/a | n/a | US$109m |
| Jul 01 2017 | n/a | n/a | US$81m |
| Apr 01 2017 | n/a | n/a | US$57m |
| Dec 31 2016 | US$5m | US$1m | US$49m |
| Oct 01 2016 | n/a | n/a | -US$40m |
| Jul 02 2016 | n/a | n/a | -US$104m |
| Apr 02 2016 | n/a | n/a | -US$111m |
| Dec 31 2015 | US$5m | US$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
| Owner Type | Number of Shares | Ownership Percentage |
|---|---|---|
| Individual Insiders | 1,468,243 | 1.0% |
| Private Companies | 8,616,834 | 6.0% |
| General Public | 8,890,383 | 6.2% |
| Institutions | 123,802,007 | 86.7% |
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
| Ownership | Name | Shares | Current Value | Change % | Portfolio % | |
|---|---|---|---|---|---|---|
| 16,780,671 | $310.4m | 5.68% | 0.01% | |||
| 13,397,569 | $247.9m | 1.56% | 0.01% | |||
| 8,616,834 | $159.4m | 0% | no data | |||
| 8,334,360 | $154.2m | 2.24% | 0.04% | |||
| 6,322,107 | $117.0m | -26.46% | 0.43% | |||
| 5,329,609 | $98.6m | 0.33% | 0.2% | |||
| 4,601,501 | $85.1m | 0% | 4.25% | |||
| 4,420,065 | $81.8m | -1.09% | no data | |||
| 4,163,739 | $77.0m | 37.85% | 0.17% | |||
| 3,607,553 | $66.7m | -2.61% | 0.05% | |||
| 3,166,522 | $58.6m | -10.52% | 0.55% | |||
| 2,695,891 | $49.9m | 21.67% | 0.82% | |||
| 2,317,657 | $42.9m | -0.41% | 0.01% | |||
| 2,179,572 | $40.3m | 1.55% | 41.16% | |||
| 2,162,295 | $40.0m | -3.99% | 0.01% | |||
| 2,043,559 | $37.8m | 1.74% | 0.01% | |||
| 1,490,653 | $27.6m | -2.51% | 0.01% | |||
| 1,457,839 | $27.0m | 7.56% | 0.03% | |||
| 1,415,594 | $26.2m | 4.24% | 0.01% | |||
| 1,388,403 | $25.7m | 0.81% | 0.02% | |||
| 1,378,399 | $25.5m | -7.28% | 0.01% | |||
| 1,364,226 | $25.2m | 1.01% | 0.03% | |||
| 1,360,162 | $25.2m | 0% | no data | |||
| 1,323,901 | $24.5m | -5.49% | 0.12% | |||
| 1,307,317 | $24.2m | 0.53% | 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| VSH | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | May 1974 |
| VHY | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | May 1974 |
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/09/28 00:00 |
| End of Day Share Price | 2022/09/28 00:00 |
| Earnings | 2022/07/02 |
| Annual Earnings | 2021/12/31 |
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.