Free cash flow remains suppressed, evidenced by a negative $47.0M in 2026Q1, as capital expenditures continue to consume over 13% of quarterly revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 231.88M | 184.31M | 173.7M | 365.7M | 484.29M | 457.1M | 314.94M | 296.44M | 258.51M | 368.78M | 295.97M | 241.64M | 297.04M | 292.07M | 287.49M | 376.04M | 545.26M | 290.42M | 267.45M | 354.01M | 349.47M | 202.87M | 233.08M | 255.76M | 366.87M | 161.42M | 542.32M | 239.81M | 169.45M | 175.91M | 122.19M |
| Operating CF Margin % | - | 6.01% | 5.91% | 10.75% | 13.85% | 14.11% | 12.59% | 11.11% | 8.52% | 14.16% | 12.74% | 10.5% | 11.91% | 12.32% | 12.89% | 14.5% | 20.01% | 14.22% | 9.48% | 12.49% | 13.54% | 8.83% | 9.66% | 11.78% | 20.13% | 9.75% | 22% | 13.62% | 10.77% | 15.63% | 11.13% |
| Operating CF Growth % | 435.39% | 6.11% | -52.5% | -24.49% | 5.95% | 45.14% | 6.24% | 14.68% | -29.9% | 24.6% | 22.48% | -18.65% | 1.7% | 1.59% | -23.55% | -31.04% | 87.75% | 8.59% | -24.45% | 1.3% | 72.26% | -12.96% | -8.86% | -30.29% | 127.28% | -70.24% | 126.15% | 41.52% | -3.67% | 43.97% | 5.78% |
| Net Income | 2.28M | -8.98M | -31.15M | 323.82M | 428.81M | 297.97M | 122.92M | 163.94M | 345.76M | -20.34M | 48.79M | -108.51M | 117.63M | 122.98M | 122.74M | 238.82M | 359.11M | -57.19M | -1.68B | 140.35M | 139.74M | 62.27M | 44.7M | 26.84M | -92.61M | 513K | 517.86M | 83.24M | 8.21M | 53.3M | 52.62M |
| Depreciation & Amortization | 229.18M | 224.74M | 210.65M | 184.37M | 163.99M | 167.04M | 166.23M | 164.46M | 161.86M | 163.15M | 159.36M | 176.17M | 179.46M | 170.13M | 168.56M | 179.71M | 190.72M | 229.64M | 221.75M | 214.69M | 196.96M | 188.9M | 202.58M | 194.06M | 180.75M | 163.39M | 140.84M | 139.68M | 127.95M | 81.87M | 77.25M |
| Stock-Based Compensation | 18.17M | 22.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -11.9M | -10.86M | -23.51M | 36.78M | 38.68M | 50.61M | -12.14M | -23.01M | -55.21M | 52.38M | -2.52M | 118.45M | 15.66M | 1.73M | -6.83M | 14.11M | -26.48M | -12.96M | -12.77M | 17.2M | 9.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 48.42M | 36.3M | 138.46M | 73.85M | 34.88M | 39.65M | 51.15M | 56.16M | -92.09M | 220M | 94.54M | 82.78M | 22.53M | 7.23M | 8.18M | -4.09M | 48.33M | 21.12M | 1.77B | 59.09M | 53.15M | -4.11M | 27.18M | 24.52M | 137.57M | 48.38M | 100.21M | 10.86M | 53.63M | 11.3M | 20.43M |
| Working Capital Changes | -54.27M | -79.25M | -120.74M | -253.13M | -182.07M | -98.17M | -13.22M | -65.1M | -101.82M | -46.41M | -4.21M | -27.25M | -38.24M | -10.01M | -5.15M | -52.5M | -26.42M | 109.8M | -29.8M | -77.33M | -49.63M | -44.19M | -41.37M | 10.34M | 141.17M | -50.86M | -216.59M | 6.04M | -20.34M | 29.44M | -28.11M |
| Change in Receivables | 0 | 39.35M | 17.52M | -3.72M | -26.7M | -67.71M | 4.66M | 66.16M | -62.43M | -51.15M | -4.12M | -11.25M | -731K | -16.87M | 33M | 61.92M | -89.26M | 29.05M | 126.08M | -63.25M | 18.66M | -13.45M | 30.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -74.93M | -78.5M | -58.76M | -119.59M | -121.49M | -24.2M | 18.76M | -80.18M | -55.06M | 13.76M | -30.3M | -23.75M | -31.25M | -186K | -13.83M | -54.36M | 79.42M | -9.19M | 31.91M | -66.92M | -28.24M | -35.29M | -30.45M | 106.82M | 6.04M | -140.08M | 24.99M | 13.3M | 19.5M | -11.57M |
| Change in Payables | 0 | -6.35M | 22.81M | 743K | -61.66M | 61.48M | 18.48M | -43.79M | -2.28M | 42.29M | 17.84M | -13.42M | 9.34M | 11.09M | -9.41M | -11.47M | 59.57M | 12.84M | -67.3M | 8.93M | -3.5M | 13.07M | -30.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -312.04M | -257.93M | -517.96M | -72.85M | -528.93M | -230.48M | -192.08M | -194.96M | 269.43M | -38.91M | -148.64M | -297.38M | -348.25M | -370.81M | -269.12M | -452.76M | -131.59M | -17.51M | -219.41M | -526.5M | -178.56M | -156.88M | -177.57M | -148.45M | -368.19M | -325.05M | -231.74M | -102.59M | -563.06M | -198.34M | -123.98M |
| Capital Expenditures | -322.38M | -273.29M | -320.08M | -329.41M | -325.31M | -218.37M | -123.6M | -156.64M | -229.9M | -170.43M | -134.63M | -147.14M | -156.97M | -153.08M | -150.29M | -168.64M | -145.41M | -50.34M | -151.99M | -200.03M | -183.3M | -136.71M | -163.13M | -126.64M | -110.07M | -162.49M | -229.78M | -119.64M | -151.68M | -75.87M | -123.98M |
| CapEx % of Revenue | 10.1% | 8.9% | 10.9% | 9.68% | 9.3% | 6.74% | 4.94% | 5.87% | 7.58% | 6.55% | 5.79% | 6.4% | 6.3% | 6.46% | 6.74% | 6.5% | 5.34% | 2.47% | 5.39% | 7.06% | 7.1% | 5.95% | 6.76% | 5.83% | 6.04% | 9.82% | 9.32% | 6.8% | 9.64% | 6.74% | 11.29% |
| Acquisitions | 883K | 1.16M | -218.51M | -12.6M | -48.8M | -19.53M | -25.45M | -11.29M | 40.68M | -2.41M | 5.7M | -4.7M | -195.1M | -18.35M | -75.25M | -17.17M | 1.19M | 34.58M | -56.54M | -306.4M | -5.19M | -10.24M | -14.45M | -41.16M | -278.74M | -172.47M | -42.38M | 0 | -423.03M | -122.47M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.21M | -1.17M | 970K | -1.22M | -1.77M | 129K | -529K | 3.59M | -2.06M | -4.19M | 2.94M | -4.88M | 617K | -176K | -1.83M | 1.35M | 12.63M | -1.75M | -10.87M | -20.07M | 0 | 0 | 0 | 19.35M | 20.62M | 9.91M | 40.43M | 17.05M | 11.65M | 0 | 0 |
| Cash from Financing | -58.14M | -19.66M | -29.9M | 61.06M | -101.02M | -58.81M | -209.38M | -90.03M | -575.93M | -73.1M | -142M | -46.13M | 27.73M | 16.57M | -71.83M | -81.33M | -75.53M | -25.59M | -254.42M | 14.89M | -152.56M | -21.94M | 3.06M | 93.03M | -38.31M | 197.3M | -77.47M | -141.03M | 450.41M | 60.6M | 4.02M |
| Debt Issued (Net) | -9.91M | 41.09M | 81.98M | 294.43M | 42M | -300K | -151.8M | -27.88M | -526.6M | 7M | -81.77M | -10.01M | 86M | 20.27M | 79.03M | 59.88M | 270.83M | -25.03M | -255.04M | -5.8M | -155.89M | -22.34M | -5.96M | 88.3M | -41.47M | 197.29M | -507.03M | -141.03M | 450.41M | 60.6M | -6.05M |
| Equity Issued (Net) | -3.89M | -12.53M | -50.41M | -172.88M | -82.97M | 0 | 0 | 0 | 0 | -38.68M | -22.8M | 0 | 50K | 0 | -149.83M | -140.32M | -275M | 0 | 617K | 20.69M | 3.33M | 401K | 9.02M | 4.74M | 3.16M | 4K | 429.56M | 0 | 0 | 0 | 10.07M |
| Dividends Paid | -54.29M | -49.4M | -54.67M | -55.63M | -57.19M | -55.75M | -54.97M | -53.44M | -46.51M | -37.05M | -36.73M | -35.42M | -35.39M | 0 | 0 | 0 | 0 | -556K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.89M | -12.53M | -50.41M | -172.88M | -82.97M | 0 | 0 | 0 | 0 | -39.94M | -23.16M | 0 | 0 | 0 | -150M | -150M | -275M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -850K | -5.76M | 0 | 0 | 0 | 0 |
| Other Financing | 9.95M | 1.18M | -6.8M | -4.86M | -2.86M | -2.76M | -2.62M | -8.7M | -2.82M | -4.37M | -707K | -704K | -22.94M | -3.7M | -1.04M | -885K | -71.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -130.04M | -75.32M | -382.43M | 361.89M | -163.28M | 154.23M | -74.26M | 8.1M | -62M | 276.25M | -3.73M | -116.67M | -48.18M | -57.25M | -51.49M | -148.25M | 318.15M | 255.03M | -213.13M | -134.29M | 49.01M | 622.58M | 0 | 215.6M | -27.18M | 29.9M | 232.02M | -8.54M | 58.47M | 34.32M | 1.36M |
| Free Cash Flow | -90.51M | -88.98M | -146.38M | 36.29M | 158.98M | 238.73M | 191.34M | 139.8M | 28.61M | 198.34M | 161.33M | 94.5M | 140.06M | 138.99M | 137.2M | 207.4M | 399.85M | 240.08M | 115.46M | 153.99M | 166.17M | 66.16M | 74.46M | 129.12M | 256.8M | -1.07M | 312.54M | 120.17M | 17.77M | 100.04M | -1.8M |
| FCF Margin % | -2.83% | -2.9% | -4.98% | 1.07% | 4.55% | 7.37% | 7.65% | 5.24% | 0.94% | 7.62% | 6.94% | 4.11% | 5.62% | 5.86% | 6.15% | 8% | 14.67% | 11.76% | 4.09% | 5.43% | 6.44% | 2.88% | 3.08% | 5.95% | 14.09% | -0.06% | 12.68% | 6.83% | 1.13% | 8.89% | -0.16% |
| FCF Growth % | 58.67% | 39.21% | -503.32% | -77.17% | -33.41% | 24.77% | 36.86% | 388.7% | -85.58% | 22.94% | 70.73% | -32.53% | 0.77% | 1.31% | -33.85% | -48.13% | 66.55% | 107.93% | -25.02% | -7.33% | 151.16% | -11.14% | -42.34% | -49.72% | 23988.09% | -100.34% | 160.08% | 576.33% | -82.24% | 5664.13% | 96.42% |
| FCF per Share | -0.66 | -0.66 | -1.07 | 0.26 | 1.10 | 1.64 | 1.32 | 0.96 | 0.19 | 1.36 | 1.07 | 0.64 | 0.91 | 0.92 | 0.88 | 1.23 | 2.10 | 1.29 | 0.62 | 0.78 | 0.79 | 0.35 | 0.45 | 0.80 | 1.61 | -0.01 | 2.27 | 0.94 | 0.14 | 0.79 | -0.01 |
| FCF Conversion (FCF/Net Income) | -39.73x | -20.53x | -5.58x | 1.13x | 1.13x | 1.53x | 2.56x | 1.81x | 0.75x | -18.13x | 6.07x | -2.23x | 2.53x | 2.37x | 2.34x | 1.57x | 1.52x | -5.08x | -0.15x | 2.71x | 2.50x | 3.26x | 5.21x | 9.53x | -3.96x | 314.65x | 1.05x | 2.88x | 20.63x | 3.30x | 2.32x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Intensity Overhang
Based on the provided quarterly data, the relationship between net income and operating cash flow remains highly inconsistent, with the OCF/NI ratio fluctuating wildly from 8.89 in 2026Q1 to negative values in several prior periods, indicating significant disconnects between accounting profits and actual cash generation.
The extreme volatility in the OCF/NI ratio suggests that reported net income is frequently distorted by non-cash charges or timing differences in working capital. Investors should interpret this as a signal that earnings quality is currently low, as the company struggles to convert accounting gains into reliable operating liquidity.
As reported in financial statements, Vishay's free cash flow trajectory has been largely negative over the last ten quarters, with a notable trough of -$139.1M in 2023Q4, reflecting the heavy burden of ongoing capital investments relative to the company's ability to generate surplus cash from operations.
The persistent inability to maintain positive free cash flow suggests that the company's current business model is highly capital-intensive and sensitive to cyclical downturns. This trend warrants further investigation into whether the recent pivot to the 'Vishay 3.0' strategy will yield sufficient returns to justify the current cash burn.
According to recent SEC filings, Vishay's capital expenditure as a percentage of revenue has frequently exceeded 10%, peaking at 20.3% in 2024Q4, which highlights a structural commitment to capacity expansion that continues to outpace the company's current ability to generate internal funding through operational activities.
The elevated CapEx/Rev ratio indicates that the company is aggressively reinvesting in its manufacturing footprint, likely to support the transition to new power device technologies. This strategy appears to prioritize long-term capacity over short-term cash preservation, which may leave the company vulnerable if end-market demand fails to materialize.
Based on reported figures, working capital changes have been a significant drag on cash flow, with a substantial outflow of $147.1M in 2023Q4, suggesting that inventory management and collection cycles are currently creating meaningful friction in the company's ability to maintain a stable cash position.
The recurring negative working capital adjustments suggest that the company may be struggling with inventory accumulation or inefficient receivables management during periods of industrial weakness. This volatility appears to be a primary driver of the company's inconsistent cash flow performance, necessitating closer monitoring of channel inventory levels.
Quick answers to the most common questions about buying VSH stock.
Vishay Intertechnology, Inc. (VSH) generated $184.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vishay Intertechnology, Inc. (VSH) reported negative free cash flow of $89.0M in 2025, indicating capital requirements exceeded cash from operations.
Vishay Intertechnology, Inc. (VSH) spent $273.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Vishay Intertechnology, Inc. (VSH) returned $49.4M to shareholders via cash dividends and spent $12.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.