VSHVISHAY INTERTECHNOLOGY INC

Electronic Components & Accessories

Revenue: $3.1B; 4.5% YoY
Operating margin: 1.9%; 867% YoY
EBITDA: $282M; 30% YoY
Market cap: $4.0B
Employees: 22,600; $136K revenue each
Net debt / EBITDA: -1.2×; −$325M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
7% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$136K · 6th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 35th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$594K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.2B	$3.5B	$3.4B	$2.9B	$3.1B	4.5%
Operating income	$468M	$615M	$486M	$6M	$57M	911%
Net income	$298M	$429M	$324M	−$31M	−$9M	71%
Operating cash flow	$457M	$484M	$366M	$174M	$184M	6.1%
Capex	$218M	$325M	$329M	$320M	$273M	15%
Stock-based comp	$7M	$7M	$17M	$21M	$22M	6.9%
Buybacks	$0	$83M	$79M	$50M	$13M	75%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $594K · 1
Net: −$594K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$6M	77	268
FY2024	$5M	$3M	88	187
FY2023	$5M	$5M	122	155
FY2022	$7M	$7M	108	93
FY2021	$8M	$8M	107	143