Vishay Intertechnology (VSH) FY2021 results: revenue $3.2 billion, up 29.5% on the year

Vishay Intertechnology Inc. (VSH) reported revenue of $3.2 billion for fiscal 2021, the year ended 31 December 2021, up 29.5% on the year before. Net income was $298 million, up 142.4%, and diluted earnings per share $2.05. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$3.2 billion

+29.5% on the year

FY2014FY2021

Operating margin

14.4%

8.4% a year earlier

FY2014FY2021

Net income

$298 million

+142.4% on the year

FY2014FY2021

Diluted EPS

$2.05

+141.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,240	2,502	2,668	+29.5%
Gross profit	888	582	671	+52.6%
Gross margin	27.4%	23.3%	25.2%
Research and development	77.4	70.9	69.8	+9.2%
Selling, general and administrative	420	371	385	+13.1%
Operating income	468	210	262	+123.1%
Operating margin	14.4%	8.4%	9.8%
Interest expense	17.5	31.6	33.7	-44.4%
Pre-tax income	435	158	226	+174.5%
Income tax	136	34.5	61.5	+292.7%
Effective tax rate	31.2%	21.8%	27.2%
Net income	298	123	164	+142.4%
Net margin	9.2%	4.9%	6.1%
Diluted EPS	$2.05	$0.85	$1.13	+141.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	457	315	296	+45.1%
Capital expenditure	218	124	157	+76.7%
Free cash flow	239	191	140	+24.8%
Free cash flow margin	7.4%	7.6%	5.2%
Cash from investing	-230	-192	-195
Cash from financing	-58.8	-209	-90.0
Depreciation and amortisation	167	166	164	+0.5%
Share-based compensation	6.6	5.3	6.1	+25.2%
Buybacks	0.0	0.0	0.0
Dividend per share	$0.39	$0.38	$0.37	+1.3%
Diluted shares, weighted	145m	145m	145m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,744	1,576	1,485	+10.6%
Non-controlling interest	3.0	2.8	2.5	+6.0%
Redeemable equity	0.0	0.2	0.2
Debt	456	395	499	+15.4%
Operating lease liabilities	100.0	86.2	78.5	+16.0%
Other liabilities	1,241	1,094	1,055	+13.4%
Total liabilities and equity	3,543	3,154	3,121	+12.3%
Fixed assets	979	943	952	+3.9%
Goodwill	165	158	151	+4.5%
Intangible assets	67.7	66.8	60.7	+1.4%
Cash and equivalents	774	620	694	+24.9%
Receivables	396	339	328	+17.1%
Inventory	536	448	432	+19.7%
Other assets	624	580	504	+7.6%
Total assets	3,543	3,154	3,121	+12.3%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.