VSH (VSH) financial statements
VSH reported revenue of $3.1B in fiscal 2025, up 3.2% a year over 9 years.
Net income was -$9M and the operating margin 1.9%, against 8.5% in 2016.
Free cash flow was -$89M, and the company returned $13M in net buybacks.
The diluted share count fell 10% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VSH's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.6B | $3.0B | $2.7B | $2.5B | $3.2B | $3.5B | $3.4B | $2.9B | $3.1B |
| Cost of revenue | $1.7B | $1.9B | — | — | — | — | $2.4B | $2.4B | $2.3B | $2.5B |
| Gross profit | $574M | $703M | $889M | $671M | $582M | $888M | $1.1B | $974M | $626M | $595M |
| Research and development | $67M | $67M | $73M | $70M | $71M | $77M | $81M | $100M | $120M | $122M |
| Selling, general and admin | $356M | $368M | $403M | $385M | $371M | $420M | $444M | $488M | $514M | $538M |
| Operating income | $197M | $324M | $485M | $262M | $210M | $468M | $615M | $486M | $6M | $57M |
| Interest expense | $26M | $28M | $37M | $34M | $32M | $18M | $17M | $25M | $27M | $39M |
| Pre-tax income | $94M | $279M | $417M | $226M | $158M | $435M | $594M | $467M | -$2M | $26M |
| Income tax | $45M | $299M | $70M | $62M | $35M | $136M | $163M | $142M | $27M | $34M |
| Net income | $49M | -$20M | $346M | $164M | $123M | $298M | $429M | $324M | -$31M | -$9M |
| EPS (diluted) | $0.32 | -$0.14 | $2.24 | $1.13 | $0.85 | $2.05 | $2.98 | $2.31 | -$0.23 | -$0.07 |
| Diluted shares | 151M | 146M | 155M | 145M | 145M | 145M | 144M | 140M | 137M | 136M |
| Gross margin | 24.8% | 27.0% | 29.3% | 25.2% | 23.3% | 27.4% | 30.3% | 28.6% | 21.3% | 19.4% |
| Operating margin | 8.5% | 12.5% | 16.0% | 9.8% | 8.4% | 14.4% | 17.6% | 14.3% | 0.2% | 1.9% |
| Net margin | 2.1% | -0.8% | 11.4% | 6.1% | 4.9% | 9.2% | 12.3% | 9.5% | -1.1% | -0.3% |
Balance sheet
Fiscal years, from VSH's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $472M | $748M | $686M | $694M | $620M | $774M | $611M | $973M | $590M | $515M |
| Receivables | $274M | $340M | $397M | $328M | $339M | $396M | $416M | $427M | $402M | $382M |
| Inventory | $381M | $430M | $480M | $432M | $448M | $536M | $619M | $648M | $689M | $759M |
| Total current assets | $1.9B | $2.2B | $1.8B | $1.7B | $1.7B | $2.0B | $2.1B | $2.3B | $1.9B | $1.9B |
| Property, plant and equipment | $849M | $906M | $969M | $952M | $943M | $979M | $1.1B | $1.3B | $1.5B | $1.7B |
| Goodwill | $141M | $143M | $147M | $151M | $158M | $165M | $201M | $201M | $179M | $180M |
| Total assets | $3.1B | $3.5B | $3.1B | $3.1B | $3.2B | $3.5B | $3.9B | $4.2B | $4.1B | $4.2B |
| Total current liabilities | $457M | $563M | $644M | $520M | $562M | $694M | $726M | $692M | $708M | $720M |
| Long-term debt | $357M | $370M | $495M | $499M | $395M | $456M | $501M | $818M | $905M | $951M |
| Total liabilities | $1.4B | $1.8B | $1.7B | $1.6B | $1.6B | $1.8B | $1.8B | $2.0B | $2.1B | $2.1B |
| Shareholders' equity | $1.6B | $1.4B | $1.4B | $1.5B | $1.6B | $1.7B | $2.0B | $2.2B | $2.0B | $2.1B |
| Net debt | -$115M | -$378M | -$192M | -$195M | -$225M | -$318M | -$110M | -$155M | $315M | $436M |
Cash flow
Fiscal years, from VSH's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $297M | $369M | $259M | $296M | $315M | $457M | $484M | $366M | $174M | $184M |
| Capital spending | $135M | $170M | $230M | $157M | $124M | $218M | $325M | $329M | $320M | $273M |
| Free cash flow | $162M | $198M | $29M | $140M | $191M | $239M | $159M | $36M | -$146M | -$89M |
| Stock-based compensation | $6M | $4M | $5M | $6M | $5M | $7M | $7M | $17M | $21M | $22M |
| Share buybacks (net) | -$23M | -$40M | $0 | $0 | $0 | $0 | -$83M | -$79M | -$50M | -$13M |
| Net borrowing | -$723,000 | $1,000 | $600M | $0 | $0 | $0 | $0 | $750M | $0 | $0 |
| Free cash flow margin | 7.0% | 7.6% | 0.9% | 5.2% | 7.6% | 7.4% | 4.5% | 1.1% | -5.0% | -2.9% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for VSH.
Open VSH in InvestinglyQuestions
What was VSH's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does VSH generate?
-$89M in fiscal 2025 (operating cash flow minus capital spending).
From VSH's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.