Vishay Intertechnology (VSH) FY2022 results: revenue $3.5 billion, up 7.9% on the year

Vishay Intertechnology Inc. (VSH) reported revenue of $3.5 billion for fiscal 2022, the year ended 31 December 2022, up 7.9% on the year before. Net income was $429 million, up 43.9%, and diluted earnings per share $2.98. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$3.5 billion

+7.9% on the year

FY2015FY2022

Operating margin

17.6%

14.4% a year earlier

FY2015FY2022

Net income

$429 million

+43.9% on the year

FY2015FY2022

Diluted EPS

$2.98

+45.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,497	3,240	2,502	+7.9%
Cost of revenue	2,438	n/a	n/a
Gross profit	1,059	888	582	+19.3%
Gross margin	30.3%	27.4%	23.3%
Research and development	81.2	77.4	70.9	+4.9%
Selling, general and administrative	444	420	371	+5.6%
Operating income	615	468	210	+31.6%
Operating margin	17.6%	14.4%	8.4%
Interest expense	17.1	17.5	31.6	-2.3%
Pre-tax income	594	435	158	+36.6%
Income tax	163	136	34.5	+20.2%
Effective tax rate	27.5%	31.2%	21.8%
Net income	429	298	123	+43.9%
Net margin	12.3%	9.2%	4.9%
Diluted EPS	$2.98	$2.05	$0.85	+45.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	484	457	315	+5.9%
Capital expenditure	325	218	124	+49.0%
Free cash flow	159	239	191	-33.4%
Free cash flow margin	4.5%	7.4%	7.6%
Cash from investing	-529	-230	-192
Cash from financing	-101	-58.8	-209
Depreciation and amortisation	164	167	166	-1.8%
Share-based compensation	6.5	6.6	5.3	-0.9%
Buybacks	83.0	0.0	0.0
Dividend per share	$0.40	$0.39	$0.38	+3.9%
Diluted shares, weighted	144m	145m	145m	-1.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,046	1,744	1,576	+17.3%
Non-controlling interest	3.9	3.0	2.8	+31.4%
Redeemable equity	n/a	0.0	0.2
Debt	501	456	395	+9.9%
Operating lease liabilities	108	100.0	86.2	+8.5%
Other liabilities	1,206	1,241	1,094	-2.8%
Total liabilities and equity	3,866	3,543	3,154	+9.1%
Fixed assets	1,130	979	943	+15.4%
Goodwill	201	165	158	+21.9%
Intangible assets	77.9	67.7	66.8	+15.0%
Cash and equivalents	611	774	620	-21.1%
Receivables	416	396	339	+5.0%
Inventory	619	536	448	+15.4%
Other assets	810	624	580	+29.9%
Total assets	3,866	3,543	3,154	+9.1%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.