Vishay Intertechnology (VSH) FY2024 results: revenue $2.9 billion, down 13.7% on the year

Vishay Intertechnology Inc. (VSH) reported revenue of $2.9 billion for fiscal 2024, the year ended 31 December 2024, down 13.7% on the year before. Net income was -$31 million, and diluted earnings per share $-0.23. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$2.9 billion

-13.7% on the year

FY2017FY2024

Operating margin

0.2%

14.3% a year earlier

FY2017FY2024

Net income

-$31 million

FY2017FY2024

Diluted EPS

-$0.23

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,938	3,402	3,497	-13.7%
Cost of revenue	2,311	2,428	2,438	-4.8%
Gross profit	626	974	1,059	-35.7%
Gross margin	21.3%	28.6%	30.3%
Research and development	120	99.5	81.2	+20.7%
Selling, general and administrative	514	488	444	+5.2%
Operating income	5.6	486	615	-98.8%
Operating margin	0.2%	14.3%	17.6%
Interest expense	27.5	25.1	17.1	+9.3%
Pre-tax income	-2.4	467	594
Income tax	27.4	142	163	-80.7%
Effective tax rate	n/a	30.4%	27.5%
Net income	-31.1	324	429
Net margin	-1.1%	9.5%	12.3%
Diluted EPS	-$0.23	$2.31	$2.98

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	174	366	484	-52.5%
Capital expenditure	320	329	325	-2.8%
Free cash flow	-146	36.3	159
Free cash flow margin	-5.0%	1.1%	4.5%
Cash from investing	-512	-72.9	-529
Cash from financing	-35.4	61.1	-101
Depreciation and amortisation	211	184	164	+14.2%
Share-based compensation	20.9	16.5	6.5	+26.5%
Buybacks	50.4	78.7	83.0	-35.9%
Dividend per share	$0.40	$0.40	$0.40	0.0%
Diluted shares, weighted	137m	140m	144m	-2.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,029	2,196	2,046	-7.6%
Non-controlling interest	0.0	4.7	3.9
Debt	905	818	501	+10.6%
Operating lease liabilities	94.2	103	108	-8.4%
Other liabilities	1,082	1,118	1,206	-3.2%
Total liabilities and equity	4,111	4,240	3,866	-3.0%
Fixed assets	1,546	1,295	1,130	+19.4%
Goodwill	179	201	201	-11.1%
Intangible assets	87.2	72.3	77.9	+20.6%
Cash and equivalents	590	973	611	-39.3%
Receivables	402	427	416	-5.8%
Inventory	689	648	619	+6.5%
Other assets	617	625	810	-1.2%
Total assets	4,111	4,240	3,866	-3.0%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.