Please wait




Vishay Intertechnology Reports First Quarter 2026 Results

Malvern, PA, May 13, 2026 – Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal first quarter ended April 4, 2026.

Highlights
•
 1Q 2026 revenues of $839.2 million
•
Gross margin was 21.0%
•
1Q 2026 GAAP EPS of $0.05
•
1Q 2026 book-to-bill of 1.34 with book-to-bill of 1.47 for semiconductors and 1.23 for passive components
•
Backlog at quarter end was 5.7 months

“Vishay’s first quarter financial results demonstrate that the Vishay 3.0 strategy is working.  As a result of the investments we made to expand capacity of high-growth, high-margin products, Vishay is reliably scaling with our customers. Our top priority going forward is to increase backlog turns to ensure we maintain competitive lead times as consumption accelerates.  Execution of this priority will enable Vishay to participate fully in the market upcycle and grow revenue faster than our end markets, expand margins and enhance returns,” said Joel Smejkal, president and CEO.

2Q 2026 Outlook
For the second quarter of 2026, management expects revenues in the range of $875 million and $905 million and a gross profit margin in the range of 22.0% +/- 50 basis points.

Conference Call
A conference call to discuss Vishay’s first quarter financial results is scheduled for Wednesday, May 13, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register here. Upon registering, you will be emailed a dial-in number, and unique PIN.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.






About Vishay
Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay is The DNA of tech®. Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); and EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as free cash, EBITDA, and EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP.  The calculation of these measures are indicated on the accompanying reconciliation schedules and are more fully described in the Company’s financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, return on capital investment, capacity expansion, product lead times, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as “will,” “expect,” “going forward” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; volatility in prices for metals and materials; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The DNA of tech® is a trademark of Vishay Intertechnology.

Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President, Corporate Development
+1-610-644-1300


VISHAY INTERTECHNOLOGY, INC.
                  
Summary of Operations
                  
(Unaudited - In thousands, except per share amounts)
                  
                   
   
Fiscal quarters ended
  
   
April 4, 2026
    
December 31, 2025
    
March 29, 2025
  
                   
Net revenues
  
$
839,242
    
$
800,922
    
$
715,236
  
Costs of products sold
    
662,630
      
644,135
      
579,682
  
Gross profit
    
176,612
      
156,787
      
135,554
  
  Gross margin
    
21.0
%
    
19.6
%
    
19.0
%
                         
Selling, general, and administrative expenses
    
154,488
      
141,999
      
134,739
  
Operating income
    
22,124
      
14,788
      
815
  
  Operating margin
    
2.6
%
    
1.8
%
    
0.1
%
                         
Other income (expense):
                        
  Interest expense
    
(9,973
)
    
(9,748
)
    
(8,790
)
  Other
    
701
      
537
      
3,747
  
  Total other income (expense) - net
    
(9,272
)
    
(9,211
)
    
(5,043
)
                         
Income (loss) before taxes
    
12,852
      
5,577
      
(4,228
)
                         
Income tax expense (benefit)
    
5,688
      
4,591
      
(136
)
                         
Net earnings (loss)
  
$
7,164
    
$
986
    
$
(4,092
)
                         
Basic earnings (loss) per share
  
$
0.05
    
$
0.01
    
$
(0.03
)
                         
Diluted earnings (loss) per share
  
$
0.05
    
$
0.01
    
$
(0.03
)
                         
Weighted average shares outstanding - basic
    
136,045
      
135,727
      
135,799
  
                         
Weighted average shares outstanding - diluted
    
137,471
      
136,730
      
135,799
  
                         
Cash dividends per share
  
$
0.10
    
$
0.10
    
$
0.10
  
VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(Unaudited - In thousands)
            
             
   
April 4, 2026
    
December 31, 2025
  
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
479,357
    
$
514,966
  
  Short-term investments
    
191
      
265
  
  Accounts receivable, net
    
369,222
      
381,802
  
  Inventories:
                
    Finished goods
    
182,179
      
182,444
  
    Work in process
    
347,994
      
331,347
  
    Raw materials
    
260,611
      
245,412
  
  Total inventories
    
790,784
      
759,203
  
                 
  Prepaid expenses and other current assets
    
237,429
      
231,004
  
Total current assets
    
1,876,983
      
1,887,240
  
                 
Property and equipment, at cost:
                
  Land
    
86,093
      
86,399
  
  Buildings and improvements
    
836,309
      
839,856
  
  Machinery and equipment
    
3,503,626
      
3,477,884
  
  Construction in progress
    
509,318
      
464,475
  
  Allowance for depreciation
    
(3,215,047
)
    
(3,195,455
)
     
1,720,299
      
1,673,159
  
                 
Right of use assets
    
116,526
      
119,746
  
Deferred income taxes
    
182,693
      
183,016
  
Goodwill
    
180,224
      
180,390
  
Other intangible assets, net
    
74,396
      
78,487
  
Other assets
    
111,434
      
112,122
  
     Total assets
  
$
4,262,555
    
$
4,234,160
  
VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(Unaudited - In thousands)
            
             
   
April 4, 2026
    
December 31, 2025
  
Liabilities and equity
            
Current liabilities:
            
  Trade accounts payable
  
$
238,954
    
$
214,984
  
  Payroll and related expenses
    
166,690
      
164,114
  
  Lease liabilities
    
26,166
      
26,546
  
  Other accrued expenses
    
269,049
      
300,031
  
  Income taxes
    
11,376
      
14,751
  
Total current liabilities
    
712,235
      
720,426
  
                 
Long-term debt less current portion
    
983,090
      
950,893
  
Deferred income taxes
    
97,717
      
96,818
  
Long-term lease liabilities
    
92,458
      
95,799
  
Other liabilities
    
131,702
      
109,228
  
Accrued pension and other postretirement costs
    
169,488
      
172,723
  
Total liabilities
    
2,186,690
      
2,145,887
  
                 
Equity:
                
  Common stock
    
12,402
      
12,351
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,109,461
      
1,101,086
  
  Retained earnings
    
885,771
      
892,232
  
  Accumulated other comprehensive income
    
67,021
      
81,394
  
Total equity
    
2,075,865
      
2,088,273
  
Total liabilities and equity
  
$
4,262,555
    
$
4,234,160
  
VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(Unaudited - In thousands)
            
   
Three fiscal months ended
  
   
April 4, 2026
    
March 29, 2025
  
Operating activities
            
Net earnings (loss)
  
$
7,164
    
$
(4,092
)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
          
      Depreciation and amortization
    
58,211
      
53,773
  
      (Gain) loss on disposal of property and equipment
    
(41
)
    
189
  
      Inventory write-offs for obsolescence
    
11,065
      
9,030
  
      Deferred income taxes
    
541
      
1,573
  
      Stock compensation expense
    
12,273
      
6,051
  
      Other
    
(1,476
)
    
(1,380
)
      Changes in operating assets and liabilities
    
(24,068
)
    
(49,046
)
Net cash provided by operating activities
    
63,669
      
16,098
  
                 
Investing activities
                
Capital expenditures
    
(110,661
)
    
(61,569
)
Proceeds from sale of property and equipment
    
66
      
279
  
Purchase of short-term investments
    
(126
)
    
(21,899
)
Maturity of short-term investments
    
198
      
27,832
  
Other investing activities
    
396
      
(661
)
Net cash used in investing activities
    
(110,127
)
    
(56,018
)
                 
Financing activities
                
Net proceeds on revolving credit facility
    
31,000
      
82,000
  
Dividends paid to common stockholders
    
(12,401
)
    
(12,352
)
Dividends paid to Class B common stockholders
    
(1,210
)
    
(1,210
)
Repurchase of common stock
    
-
      
(12,538
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(3,861
)
    
(3,893
)
Net cash provided by financing activities
    
13,528
      
52,007
  
Effect of exchange rate changes on cash and cash equivalents
    
(2,679
)
    
7,029
  
                 
Net increase (decrease) in cash and cash equivalents
    
(35,609
)
    
19,116
  
                 
Cash and cash equivalents at beginning of period
    
514,966
      
590,286
  
Cash and cash equivalents at end of period
  
$
479,357
    
$
609,402
  
VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of Free Cash
                  
(Unaudited - In thousands)
                  
   
Fiscal quarters ended
  
   
April 4, 2026
    
December 31, 2025
    
March 29, 2025
  
Net cash provided by operating activities
  
$
63,669
    
$
149,362
    
$
16,098
  
Proceeds from sale of property and equipment
    
66
      
308
      
279
  
Less: Capital expenditures
    
(110,661
)
    
(94,802
)
    
(61,569
)
Free cash
  
$
(46,926
)
  
$
54,868
    
$
(45,192
)
VISHAY INTERTECHNOLOGY, INC.
                  
Reconciliation of EBITDA
                  
(Unaudited - In thousands)
                  
   
Fiscal quarters ended
  
   
April 4, 2026
    
December 31, 2025
    
March 29, 2025
  
                   
Net earnings (loss)
  
$
7,164
    
$
986
    
$
(4,092
)
                         
Interest expense
  
$
9,973
    
$
9,748
    
$
8,790
  
Interest income
    
(3,038
)
    
(2,753
)
    
(3,877
)
Income taxes
    
5,688
      
4,591
      
(136
)
Depreciation and amortization
    
58,211
      
57,702
      
53,773
  
EBITDA
  
$
77,998
    
$
70,274
    
$
54,458
  
                         
EBITDA margin**
    
9.3
%
    
8.8
%
    
7.6
%
                         
** EBITDA as a percentage of net revenues