Malvern, PA, February 4, 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 fourth quarter and year ended December 31, 2025.
Highlights
- 4Q 2025 revenues of $800.9 million
Gross margin was 19.6% and included the negative impact of approximately 130 basis points related to Newport
4Q 2025 GAAP EPS of $0.01
4Q 2025 book-to-bill of 1.20 with book-to-bill of 1.27 for semiconductors and 1.13 for passive components
Backlog at quarter end was 4.9 months
"Fourth quarter financial results capped a year of steadily improving performance. Revenue was 1.3% higher than the third quarter, reflecting growing demand for a broad range of industrial and AI-related power applications, with growth in each channel, led by distribution. Orders for the quarter reached a three-year high and we ended the quarter with a book-to-bill of 1.20,” said Joel Smejkal, president and CEO. ”As a result, we enter 2026 ready to take off as we push our factories to maintain competitive lead times and win our customers’ trust, push to outperform the market and push to advance our strategy to accelerate revenue growth, elevate profitability and enhance our return on capital.”
1Q 2026 Outlook
For the first quarter of 2026, management expects revenues in the range of $800 million and $830 million and a gross profit margin in the range of 19.9% +/- 50 basis points, including the negative impact of approximately 50 to 75 basis points related to Newport.
Conference Call
A conference call to discuss Vishay’s fourth quarter financial results is scheduled for Wednesday, February 4, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register at VSH 4Q25 Earnings Call. 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 adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted 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 adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted 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. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items 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,” “push” 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) |
||||||||
Years ended |
||||||||
December 31, 2025 |
December 31, 2024 |
|||||||
Net revenues |
$ |
3,069,048 |
$ |
2,937,587 |
||||
Costs of products sold |
2,474,165 |
2,311,295 |
||||||
Gross profit |
594,883 |
626,292 |
||||||
Gross margin |
19.4 |
% |
21.3 |
% |
||||
Selling, general, and administrative expenses* |
538,015 |
513,564 |
||||||
Restructuring and severance costs |
- |
40,614 |
||||||
Impairment of goodwill |
- |
66,487 |
||||||
Operating income |
56,868 |
5,627 |
||||||
Operating margin |
1.9 |
% |
0.2 |
% |
||||
Other income (expense): |
||||||||
Interest expense |
(38,651 |
) |
(27,480 |
) |
||||
Other |
7,296 |
19,464 |
||||||
Total other income (expense) - net |
(31,355 |
) |
(8,016 |
) |
||||
Income (loss) before taxes |
25,513 |
(2,389 |
) |
|||||
Income tax expense |
34,491 |
27,366 |
||||||
Net earnings (loss) |
(8,978 |
) |
(29,755 |
) |
||||
Less: net earnings attributable to noncontrolling interests |
- |
1,395 |
||||||
Net earnings (loss) attributable to Vishay stockholders |
$ |
(8,978 |
) |
$ |
(31,150 |
) |
||
Basic earnings (loss) per share attributable to Vishay stockholders |
$ |
(0.07 |
) |
$ |
(0.23 |
) |
||
Diluted earnings (loss) per share attributable to Vishay stockholders |
$ |
(0.07 |
) |
$ |
(0.23 |
) |
||
Weighted average shares outstanding - basic |
135,737 |
136,964 |
||||||
Weighted average shares outstanding - diluted |
135,737 |
136,964 |
||||||
Cash dividends per share |
$ |
0.40 |
$ |
0.40 |
||||
* Selling, general, and administrative expenses for the fiscal year ended December 31, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency. |
||||||||
VISHAY INTERTECHNOLOGY, INC. |
||||||||||||
Summary of Operations |
||||||||||||
(Unaudited - In thousands, except per share amounts) |
||||||||||||
Fiscal quarters ended |
||||||||||||
December 31, 2025 |
September 27, 2025 |
December 31, 2024 |
||||||||||
Net revenues |
$ |
800,922 |
$ |
790,640 |
$ |
714,716 |
||||||
Costs of products sold |
644,135 |
636,781 |
572,584 |
|||||||||
Gross profit |
156,787 |
153,859 |
142,132 |
|||||||||
Gross margin |
19.6 |
% |
19.5 |
% |
19.9 |
% |
||||||
Selling, general, and administrative expenses |
141,999 |
134,712 |
132,330 |
|||||||||
Impairment of goodwill |
- |
- |
66,487 |
|||||||||
Operating income (loss) |
14,788 |
19,147 |
(56,685 |
) |
||||||||
Operating margin |
1.8 |
% |
2.4 |
% |
-7.9 |
% |
||||||
Other income (expense): |
||||||||||||
Interest expense |
(9,748 |
) |
(9,525 |
) |
(7,731 |
) |
||||||
Other |
2,265 |
5,563 |
||||||||||
Total other income (expense) - net |
(9,211 |
) |
(7,260 |
) |
(2,168 |
) |
||||||
Income (loss) before taxes |
5,577 |
11,887 |
(58,853 |
) |
||||||||
Income tax expense |
4,591 |
19,763 |
7,232 |
|||||||||
Net earnings (loss) |
(7,876 |
) |
(66,085 |
) |
||||||||
Less: net earnings attributable to noncontrolling interests |
- |
- |
||||||||||
Net earnings (loss) attributable to Vishay stockholders |
$ |
$ |
(7,876 |
) |
$ |
(66,308 |
) |
|||||
Basic earnings (loss) per share attributable to Vishay stockholders |
$ |
0.01 |
$ |
(0.06 |
) |
$ |
(0.49 |
) |
||||
Diluted earnings (loss) per share attributable to Vishay stockholders |
$ |
0.01 |
$ |
(0.06 |
) |
$ |
(0.49 |
) |
||||
Weighted average shares outstanding - basic |
135,727 |
135,720 |
136,050 |
|||||||||
Weighted average shares outstanding - diluted |
136,730 |
135,720 |
136,050 |
|||||||||
Cash dividends per share |
$ |
0.10 |
$ |
0.10 |
$ |
0.10 |
||||||
VISHAY INTERTECHNOLOGY, INC. |
||||||||
Consolidated Condensed Balance Sheets |
||||||||
(Unaudited - In thousands) |
||||||||
December 31, 2025 |
December 31, 2024 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
514,966 |
$ |
590,286 |
||||
Short-term investments |
16,130 |
|||||||
Accounts receivable, net |
381,802 |
401,901 |
||||||
Inventories: |
||||||||
Finished goods |
182,444 |
175,176 |
||||||
Work in process |
331,347 |
296,393 |
||||||
Raw materials |
245,412 |
217,812 |
||||||
Total inventories |
759,203 |
689,381 |
||||||
Prepaid expenses and other current assets |
231,004 |
217,809 |
||||||
Total current assets |
1,887,240 |
1,915,507 |
||||||
Property and equipment, at cost: |
||||||||
Land |
86,399 |
84,124 |
||||||
Buildings and improvements |
839,856 |
766,058 |
||||||
Machinery and equipment |
3,477,884 |
3,259,213 |
||||||
Construction in progress |
464,475 |
367,564 |
||||||
Allowance for depreciation |
(3,195,455 |
) |
(2,931,221 |
) |
||||
1,673,159 |
1,545,738 |
|||||||
Right of use assets |
119,746 |
117,953 |
||||||
Deferred income taxes |
183,016 |
159,769 |
||||||
Goodwill |
180,390 |
179,005 |
||||||
Other intangible assets, net |
78,487 |
87,223 |
||||||
Other assets |
112,122 |
105,501 |
||||||
Total assets |
$ |
4,234,160 |
$ |
4,110,696 |
||||
VISHAY INTERTECHNOLOGY, INC. |
||||||||
Consolidated Condensed Balance Sheets (continued) |
||||||||
(Unaudited - In thousands) |
||||||||
December 31, 2025 |
December 31, 2024 |
|||||||
Liabilities and equity |
||||||||
Current liabilities: |
||||||||
Trade accounts payable |
$ |
214,984 |
$ |
216,313 |
||||
Payroll and related expenses |
164,114 |
137,101 |
||||||
Lease liabilities |
26,546 |
25,901 |
||||||
Other accrued expenses |
300,031 |
264,471 |
||||||
Income taxes |
14,751 |
64,562 |
||||||
Total current liabilities |
720,426 |
708,348 |
||||||
Long-term debt less current portion |
950,893 |
905,019 |
||||||
Deferred income taxes |
96,818 |
96,363 |
||||||
Long-term lease liabilities |
95,799 |
94,218 |
||||||
Other liabilities |
109,228 |
104,086 |
||||||
Accrued pension and other postretirement costs |
172,723 |
173,700 |
||||||
Total liabilities |
2,145,887 |
2,081,734 |
||||||
Equity: |
||||||||
Common stock |
12,351 |
13,361 |
||||||
Class B convertible common stock |
1,210 |
1,210 |
||||||
Capital in excess of par value |
1,101,086 |
1,306,245 |
||||||
Retained earnings |
892,232 |
955,500 |
||||||
Treasury stock (at cost) |
- |
(212,062 |
) |
|||||
Accumulated other comprehensive income (loss) |
81,394 |
(35,292 |
) |
|||||
Total equity |
2,088,273 |
2,028,962 |
||||||
Total liabilities and equity |
$ |
4,234,160 |
$ |
4,110,696 |
||||
VISHAY INTERTECHNOLOGY, INC. |
||||||||
Consolidated Condensed Statements of Cash Flows |
||||||||
(Unaudited - In thousands) |
||||||||
Years ended |
||||||||
December 31, 2025 |
December 31, 2024 |
|||||||
Operating activities |
||||||||
Net earnings (loss) |
$ |
(8,978 |
) |
$ |
(29,755 |
) |
||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
224,738 |
210,645 |
||||||
(Gain) loss on disposal of property and equipment |
(1,969 |
) |
||||||
Inventory write-offs for obsolescence |
34,967 |
37,245 |
||||||
Impairment of goodwill |
- |
66,487 |
||||||
Pensions and other postretirement benefits, net of contributions |
(5,540 |
) |
(6,036 |
) |
||||
Stock compensation expense |
22,355 |
20,921 |
||||||
Deferred income taxes |
(10,864 |
) |
(23,514 |
) |
||||
Other |
6,776 |
20,416 |
||||||
Change in U.S. transition tax liability |
(47,027 |
) |
(37,622 |
) |
||||
Change in repatriation tax liability |
(9,375 |
) |
(15,000 |
) |
||||
Changes in operating assets and liabilities, net of effects of businesses acquired |
(22,844 |
) |
(68,116 |
) |
||||
Net cash provided by operating activities |
184,308 |
173,702 |
||||||
Investing activities |
||||||||
Capital expenditures |
(273,293 |
) |
(320,079 |
) |
||||
Proceeds from sale of property and equipment |
1,162 |
3,015 |
||||||
Purchase of businesses, net of cash acquired |
- |
(216,024 |
) |
|||||
Purchase of short-term investments |
(28,575 |
) |
(145,327 |
) |
||||
Maturity of short-term investments |
45,111 |
164,983 |
||||||
Other investing activities |
(2,336 |
) |
||||||
Net cash used in investing activities |
(257,931 |
) |
(512,462 |
) |
||||
Financing activities |
||||||||
Principal payment upon maturity of convertible senior notes due 2025 |
(41,911 |
) |
- |
|||||
Repurchase of convertible senior notes due 2025 |
- |
(52,960 |
) |
|||||
Net proceeds on revolving credit facility |
83,000 |
136,000 |
||||||
Debt issuance and amendment costs |
- |
(1,062 |
) |
|||||
Dividends paid to common stockholders |
(49,399 |
) |
(49,833 |
) |
||||
Dividends paid to Class B common stockholders |
(4,839 |
) |
(4,839 |
) |
||||
Repurchase of common stock |
(12,528 |
) |
(50,406 |
) |
||||
Distributions to noncontrolling interests |
- |
(2,500 |
) |
|||||
Acquisition of noncontrolling interests |
- |
(5,500 |
) |
|||||
Cash withholding taxes paid when shares withheld for vested equity awards |
(3,986 |
) |
(4,303 |
) |
||||
Other financing activities |
10,000 |
- |
||||||
Net cash used in financing activities |
(19,663 |
) |
(35,403 |
) |
||||
Effect of exchange rate changes on cash and cash equivalents |
17,966 |
(8,270 |
) |
|||||
Net decrease in cash and cash equivalents |
(75,320 |
) |
(382,433 |
) |
||||
Cash and cash equivalents at beginning of period |
590,286 |
972,719 |
||||||
Cash and cash equivalents at end of period |
$ |
514,966 |
$ |
590,286 |
||||
VISHAY INTERTECHNOLOGY, INC. |
||||||||||||||||||||
Reconciliation of Adjusted Earnings Per Share |
||||||||||||||||||||
(Unaudited - In thousands, except per share amounts) |
||||||||||||||||||||
Fiscal quarters ended |
Years ended |
|||||||||||||||||||
December 31, 2025 |
September 27, 2025 |
December 31, 2024 |
December 31, 2025 |
December 31, 2024 |
||||||||||||||||
GAAP net earnings (loss) attributable to Vishay stockholders |
$ |
$ |
(7,876 |
) |
$ |
(66,308 |
) |
$ |
(8,978 |
) |
$ |
(31,150 |
) |
|||||||
Reconciling items affecting operating income (loss): |
||||||||||||||||||||
Favorable resolution of contingency |
$ |
- |
$ |
- |
$ |
- |
$ |
(11,293 |
) |
$ |
- |
|||||||||
Impairment of goodwill |
- |
- |
66,487 |
- |
66,487 |
|||||||||||||||
Restructuring and severance costs |
- |
- |
- |
- |
40,614 |
|||||||||||||||
Reconciling items affecting tax expense (benefit): |
||||||||||||||||||||
Change in tax laws and regulations |
$ |
- |
$ |
13,657 |
$ |
- |
$ |
13,657 |
$ |
- |
||||||||||
Tax effects of pre-tax items above |
- |
- |
- |
- |
(10,299 |
) |
||||||||||||||
Adjusted net earnings (loss) |
$ |
$ |
5,781 |
$ |
$ |
(6,614 |
) |
$ |
65,652 |
|||||||||||
Adjusted weighted average diluted shares outstanding |
136,730 |
136,582 |
136,883 |
135,737 |
137,741 |
|||||||||||||||
Adjusted earnings (loss) per diluted share |
$ |
0.01 |
$ |
0.04 |
$ |
0.00 |
$ |
(0.05 |
) |
$ |
0.48 |
|||||||||
VISHAY INTERTECHNOLOGY, INC. |
||||||||||||||||||||
Reconciliation of Free Cash |
||||||||||||||||||||
(Unaudited - In thousands) |
||||||||||||||||||||
Fiscal quarters ended |
Years ended |
|||||||||||||||||||
December 31, 2025 |
September 27, 2025 |
December 31, 2024 |
December 31, 2025 |
December 31, 2024 |
||||||||||||||||
Net cash provided by operating activities |
$ |
149,362 |
$ |
27,639 |
$ |
67,656 |
$ |
184,308 |
$ |
173,702 |
||||||||||
Proceeds from sale of property and equipment |
1,618 |
1,162 |
3,015 |
|||||||||||||||||
Less: Capital expenditures |
(94,802 |
) |
(52,324 |
) |
(144,904 |
) |
(273,293 |
) |
(320,079 |
) |
||||||||||
Free cash |
$ |
54,868 |
$ |
(24,325 |
) |
$ |
(75,630 |
) |
$ |
(87,823 |
) |
$ |
(143,362 |
) |
||||||
VISHAY INTERTECHNOLOGY, INC. |
||||||||||||||||||||
Reconciliation of EBITDA and Adjusted EBITDA |
||||||||||||||||||||
(Unaudited - In thousands) |
||||||||||||||||||||
Fiscal quarters ended |
Years ended |
|||||||||||||||||||
December 31, 2025 |
September 27, 2025 |
December 31, 2024 |
December 31, 2025 |
December 31, 2024 |
||||||||||||||||
GAAP net earnings (loss) attributable to Vishay stockholders |
$ |
$ |
(7,876 |
) |
$ |
(66,308 |
) |
$ |
(8,978 |
) |
$ |
(31,150 |
) |
|||||||
Net earnings attributable to noncontrolling interests |
- |
- |
- |
1,395 |
||||||||||||||||
Net earnings (loss) |
$ |
$ |
(7,876 |
) |
$ |
(66,085 |
) |
$ |
(8,978 |
) |
$ |
(29,755 |
) |
|||||||
Interest expense |
$ |
9,748 |
$ |
9,525 |
$ |
7,731 |
$ |
38,651 |
$ |
27,480 |
||||||||||
Interest income |
(2,753 |
) |
(2,710 |
) |
(4,533 |
) |
(13,363 |
) |
(25,479 |
) |
||||||||||
Income taxes |
4,591 |
19,763 |
7,232 |
34,491 |
27,366 |
|||||||||||||||
Depreciation and amortization |
57,702 |
57,293 |
55,373 |
224,738 |
210,645 |
|||||||||||||||
EBITDA |
$ |
70,274 |
$ |
75,995 |
$ |
(282 |
) |
$ |
275,539 |
$ |
210,257 |
|||||||||
Reconciling items |
||||||||||||||||||||
Favorable resolution of contingency |
$ |
- |
$ |
- |
$ |
- |
$ |
(11,293 |
) |
$ |
- |
|||||||||
Impairment of goodwill |
- |
- |
66,487 |
- |
66,487 |
|||||||||||||||
Restructuring and severance costs |
- |
- |
- |
- |
40,614 |
|||||||||||||||
Adjusted EBITDA |
$ |
70,274 |
$ |
75,995 |
$ |
66,205 |
$ |
264,246 |
$ |
317,358 |
||||||||||
Adjusted EBITDA margin** |
8.8 |
% |
9.6 |
% |
9.3 |
% |
8.6 |
% |
10.8 |
% |
||||||||||
** Adjusted EBITDA as a percentage of net revenues |
||||||||||||||||||||