Latest Ratios: P/E Ratio 36.6x · EV/EBITDA 9.0x · ROE -0.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.0B | $2.3B | $3.4B | $3.1B | $3.2B | $3.0B | $3.1B | $2.8B | $3.0B | $2.4B |
| Enterprise Value | $3.9B | $2.6B | $2.8B | $3.3B | $3.1B | $3.0B | $2.9B | $3.0B | $2.6B | $2.6B | $2.3B |
| P/E Ratio → | 36.56 | — | — | 10.38 | 7.24 | 10.67 | 24.36 | 18.84 | 8.04 | — | 50.63 |
| P/S Ratio | 0.76 | 0.64 | 0.79 | 0.99 | 0.89 | 0.98 | 1.20 | 1.16 | 0.92 | 1.16 | 1.05 |
| P/B Ratio | 1.51 | 0.94 | 1.14 | 1.53 | 1.51 | 1.82 | 1.90 | 2.08 | 2.01 | 1.80 | 1.47 |
| P/FCF | 28.37 | — | — | 92.63 | 19.53 | 13.33 | 15.72 | 22.10 | 97.34 | 15.24 | 15.13 |
| P/OCF | 17.85 | 10.67 | 13.36 | 9.19 | 6.41 | 6.96 | 9.55 | 10.42 | 10.77 | 8.19 | 8.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.85 | 0.94 | 0.98 | 0.89 | 0.92 | 1.16 | 1.12 | 0.85 | 1.02 | 1.00 |
| EV / EBITDA | 9.03 | 9.31 | 12.74 | 4.98 | 4.01 | 4.70 | 7.69 | 7.01 | 4.01 | 5.57 | 8.91 |
| EV / EBIT | 69.34 | 40.85 | 109.80 | 6.77 | 5.12 | 6.61 | 15.23 | 11.52 | 5.49 | 8.20 | 11.77 |
| EV / FCF | — | — | — | 91.93 | 19.68 | 12.51 | 15.11 | 21.41 | 90.65 | 13.33 | 14.42 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.4% | 19.4% | 21.3% | 28.6% | 30.3% | 27.4% | 23.3% | 25.2% | 29.3% | 26.9% | 24.5% |
| Operating Margin | 1.9% | 1.9% | 0.2% | 14.3% | 17.6% | 14.4% | 8.4% | 9.8% | 16.0% | 12.0% | 4.4% |
| Net Profit Margin | -0.3% | -0.3% | -1.1% | 9.5% | 12.3% | 9.2% | 4.9% | 6.1% | 11.4% | -0.8% | 2.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.4% | -0.4% | -1.5% | 15.2% | 22.6% | 17.9% | 8.0% | 11.4% | 22.5% | -1.2% | 3.0% |
| ROA | -0.2% | -0.2% | -0.7% | 8.0% | 11.6% | 8.9% | 3.9% | 5.3% | 10.5% | -0.6% | 1.6% |
| ROIC | 1.6% | 1.6% | 0.2% | 17.2% | 25.5% | 23.3% | 11.0% | 15.2% | 29.1% | 16.4% | 4.9% |
| ROCE | 1.6% | 1.6% | 0.2% | 14.5% | 20.6% | 17.2% | 8.1% | 10.4% | 18.1% | 11.3% | 3.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.51 | 0.43 | 0.31 | 0.33 | 0.32 | 0.40 | 0.36 | 0.22 | 0.22 |
| Debt / EBITDA | 4.15 | 4.15 | 4.74 | 1.41 | 0.81 | 0.91 | 1.34 | 1.40 | 0.76 | 0.78 | 1.37 |
| Net Debt / Equity | — | 0.31 | 0.21 | -0.01 | 0.01 | -0.11 | -0.07 | -0.06 | -0.14 | -0.22 | -0.07 |
| Net Debt / EBITDA | 2.32 | 2.32 | 2.01 | -0.04 | 0.03 | -0.31 | -0.31 | -0.23 | -0.30 | -0.80 | -0.44 |
| Debt / FCF | — | — | — | -0.69 | 0.15 | -0.82 | -0.61 | -0.69 | -6.69 | -1.90 | -0.71 |
| Interest Coverage | 1.66 | 1.66 | 0.91 | 19.60 | 35.65 | 25.78 | 6.02 | 7.72 | 12.87 | 11.58 | 7.72 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.62 | 2.62 | 2.70 | 3.32 | 2.92 | 2.90 | 3.02 | 3.27 | 2.77 | 3.88 | 4.08 |
| Quick Ratio | 1.57 | 1.57 | 1.73 | 2.38 | 2.07 | 2.12 | 2.22 | 2.44 | 2.02 | 3.11 | 3.25 |
| Cash Ratio | 0.72 | 0.72 | 0.86 | 1.46 | 1.26 | 1.33 | 1.38 | 1.54 | 1.19 | 2.30 | 2.40 |
| Asset Turnover | — | 0.72 | 0.71 | 0.80 | 0.90 | 0.91 | 0.79 | 0.86 | 0.98 | 0.75 | 0.75 |
| Inventory Turnover | 3.26 | 3.26 | 3.35 | 3.75 | 3.94 | 4.39 | 4.28 | 4.63 | 4.47 | 4.36 | 4.60 |
| Days Sales Outstanding | — | 45.41 | 49.94 | 45.78 | 43.43 | 44.66 | 49.40 | 44.89 | 47.75 | 47.67 | 43.05 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 2.5% | 2.4% | 1.7% | 1.8% | 1.8% | 1.8% | 1.7% | 1.7% | 1.2% | 1.5% |
| Payout Ratio | — | — | — | 17.2% | 13.3% | 18.7% | 44.7% | 32.6% | 13.5% | — | 75.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | — | — | 9.6% | 13.8% | 9.4% | 4.1% | 5.3% | 12.4% | — | 2.0% |
| FCF Yield | 3.5% | — | — | 1.1% | 5.1% | 7.5% | 6.4% | 4.5% | 1.0% | 6.6% | 6.6% |
| Buyback Yield | 0.4% | 0.6% | 2.2% | 5.1% | 2.7% | 0.1% | 0.0% | 0.0% | 0.0% | 1.3% | 0.9% |
| Total Shareholder Yield | 1.9% | 3.1% | 4.5% | 6.8% | 4.5% | 1.8% | 1.8% | 1.7% | 1.7% | 2.5% | 2.5% |
| Shares Outstanding | — | $136M | $137M | $140M | $144M | $145M | $145M | $145M | $155M | $146M | $151M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VSH stock.
Vishay Intertechnology, Inc.'s current P/E ratio is 36.6x. The historical average is 28.1x. This places it at the 82th percentile of its historical range.
Vishay Intertechnology, Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.4x.
Vishay Intertechnology, Inc.'s return on equity (ROE) is -0.4%. The historical average is 4.7%.
Based on historical data, Vishay Intertechnology, Inc. is trading at a P/E of 36.6x. This is at the 82th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vishay Intertechnology, Inc.'s current dividend yield is 1.56%.
Vishay Intertechnology, Inc. has 19.4% gross margin and 1.9% operating margin.
Vishay Intertechnology, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Trailing profitability remains negative
Metrics are mathematically derived from official filings.
Forward Multiples Imply Recovery Pricing
Based on the supplied valuation data, VSH trades at a forward P/E of 25.00 and forward EV/EBITDA of 8.09 against a negative trailing P/E of -352.19, suggesting the market is pricing earnings recovery rather than current profitability.
The gap between the negative trailing P/E and the 25.00 forward P/E indicates that investors are capitalizing expected earnings normalization rather than reported results. The forward EV/EBITDA of 8.09 versus a trailing 14.00 compresses sharply, which appears to reflect a rapidly rising EBITDA base over the coming year. Investors should monitor whether the forward estimates hold, since the valuation depends heavily on margin recovery being sustained.
Margin Recovery Still Below Historical Range
According to the reported quarterly series, gross margin rose from 19.5% in 2025Q3 to 25.5% in 2026Q3, while net margin remained at 6.0% only for the latest quarter, with trailing profitability still weak.
The gross margin expansion of roughly 600 basis points over four quarters suggests improving unit economics and better capacity absorption. However, the operating margin of 9.4% in 2026Q3 is a single-quarter reading that has not yet demonstrated persistence, and the trailing net margin of -0.3% indicates below-the-line charges are still absorbing much of the operating gain. Analysts should treat the latest quarter as an early signal rather than a confirmed run-rate.
Returns Turning Positive From Negative Base
Based on Vishay's reported figures, ROIC climbed from negative territory in 2024Q4 to 2.6% in 2026Q3, with ROE reaching 2.0%, indicating returns are recovering but remain modest relative to a typical industrial cost of capital.
The move from -1.7% ROIC to 2.6% over roughly seven quarters reflects both margin recovery and a stabilizing capital base. The absolute level of returns, however, remains low, which suggests the company is not yet earning a clear spread over its cost of capital. Investors should watch whether ROIC continues rising as the margin improvement compounds through the income statement.
Debt Burden Falls to Multi-Year Lows
As reported in financial statements, Vishay's debt-to-equity fell from 0.56 in 2025Q4 to 0.29 in 2026Q3, while interest coverage improved to 14.07 times, suggesting debt service has become considerably more comfortable.
The reduction in leverage appears driven by both debt paydown and equity growth from retained earnings, which reduces refinancing pressure. Interest coverage recovering from negative levels in 2024 to 14.07 times indicates operating earnings now comfortably cover financing costs. Investors should note that the 2026Q3 coverage reading reflects a single quarter and may not represent a stable trough-to-peak trajectory.
Liquidity Rebuilt Above Prior Floor
Based on Vishay's reported figures, the current ratio rose to 3.31 and quick ratio to 2.27 in 2026Q3, providing a meaningful buffer for a business carrying high fixed manufacturing costs.
Current and quick ratios both sit well above prior-period levels, with the quick ratio indicating liquidity does not depend heavily on inventory conversion. This matters for a capital-intensive manufacturer whose margins are sensitive to utilization shocks. The buffer appears adequate for a cyclical downturn, though the sharp quarter-over-quarter improvement warrants monitoring for timing effects.
Recovery Case May Be Cyclical Not Structural
As reported in the quarterly series, a single record-revenue quarter with 25.5% gross margin could reflect a temporary restocking peak, and trailing net margin of -0.3% argues against treating the recovery as proven.
The strongest challenge to the bullish reading is that the 2026Q3 margin and leverage improvements rest on one quarter, while trailing ROE of -0.4% and ROIC of 0.6% over the prior period show limited durable earnings power. If distributor inventory normalizes, the current ratio and interest coverage could compress quickly. Investors should require two or more consecutive quarters of margin and ROIC improvement before accepting the recovery thesis.