MeritValue

VISHAY INTERTECHNOLOGY INC

VSHdata completeness 100%18 fiscal years on file
The thesis, from the filings

VISHAY INTERTECHNOLOGY INC earns about 9% on invested capital, and has bought back 7% of its shares over 5 years. The applicable estimate puts fair value near $22.75 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.24B1$3.5B2$3.4B3$2.94B3$3.07B3
Net income$298M4$428.8M5$323.8M6−$31.2M6−$8.98M6
Operating cash flow$457.1M7$484.3M8$365.7M9$173.7M9$184.3M9
Capital expenditure$218.4M10$325.3M11$329.4M12$320.1M12$273.3M12
Free cash flow (derived)$238.7M7$159M8$36.3M9−$146.4M9−$89M9
Total debt$911.3M13$1B14$1.64B15$1.81B16$1.9B16
Cash & equivalents$774.1M17$610.8M18$972.7M19$590.3M20$515M20
Diluted shares145.5M143.9M140.2M137.0M135.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$153.85
your share of equity
Profit it earned you last year
−$0.66
Free cash flow it threw off
−$6.56
Debt you’d be carrying
$140.11

10 shares is a claim on $153.85 of net worth that earned you −$0.66 and generated −$6.56 of cash last year, against $140.11 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 17%FY22 18%FY23 12%FY24 -0%FY25 0%

It earned an average 9% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−7% shares · 5y

Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 109% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$22.75
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$298M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000103730-24-000034 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000103730-25-000017 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000103730-26-000019 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000103730-24-000034 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000103730-25-000017 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000103730-26-000019 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000103730-24-000034 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000103730-25-000017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000103730-26-000019 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000103730-24-000034 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0000103730-25-000017 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0000103730-26-000019 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0000103730-23-000013 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000103730-24-000034 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000103730-25-000017 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000103730-26-000019 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000103730-23-000013 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000103730-24-000034 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000103730-25-000017 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000103730-26-000019 (CashAndCashEquivalentsAtCarryingValue)