Vishay Intertechnology Reports First Quarter 2026 Results
Rhea-AI Summary
Vishay (NYSE: VSH) reported fiscal Q1 2026 results for the quarter ended April 4, 2026. Revenue was $839.2 million with a gross margin of 21.0% and GAAP EPS of $0.05.
Book-to-bill was 1.34 overall, 1.47 for semiconductors and 1.23 for passive components, with backlog at 5.7 months. For Q2 2026, Vishay expects revenue of $875–$905 million and gross margin around 22.0% ± 50 basis points.
AI-generated analysis. Not financial advice.
Positive
- Q1 2026 revenue of $839.2 million
- Q1 2026 gross margin of 21.0%
- Q1 2026 GAAP EPS of $0.05
- Overall Q1 2026 book-to-bill ratio of 1.34
- Backlog at quarter end equivalent to 5.7 months
- Q2 2026 revenue guidance of $875–$905 million
- Q2 2026 gross margin guidance of 22.0% ± 50 bps
Negative
- None.
Market Reaction – VSH
Following this news, VSH has gained 13.59%, reflecting a significant positive market reaction. Our momentum scanner has triggered 16 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $38.22. This price movement has added approximately $622M to the company's valuation. Trading volume is above average at 1.6x the average, suggesting increased trading activity.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Market Reality Check
Peers on Argus
Peer momentum data flags a sector move: 2 semiconductor peers on the scanner moved up (median 8.7%). However, in the broader peer list, several names like DIOD and SYNA showed single‑day declines, indicating mixed performance beneath the headline sector strength.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 04 | Q4/FY 2025 earnings | Positive | -4.2% | Q4 2025 revenue $800.9M, margin 19.6%, strong book-to-bill and 1Q 2026 guidance. |
| Nov 05 | Q3 2025 earnings | Negative | -4.8% | Q3 2025 revenue $790.6M with GAAP loss, Newport headwind and cautious outlook. |
| Aug 06 | Q2 2025 earnings | Negative | -14.1% | Q2 2025 revenue $762.3M, margin hit by Newport and mixed EPS metrics. |
| May 07 | Q1 2025 earnings | Negative | -9.8% | Q1 2025 loss per share, margin drag from Newport despite solid book-to-bill. |
| Feb 05 | Q4/FY 2024 earnings | Neutral | +9.9% | Q4 2024 revenue $714.7M, break-even adjusted EPS and improving demand indicators. |
Earnings releases have historically skewed negative for the stock, with an average move of -4.6% across the last five earnings events and four of five showing price moves aligned with cautious or mixed fundamentals.
Over the last five earnings reports from Feb 2025 through Feb 2026, Vishay steadily grew revenue from $714.7M in Q4 2024 to $800.9M in Q4 2025, while gross margin hovered near 19–19.6% and Newport created persistent margin headwinds. Book-to-bill generally remained at or above 1.0, with backlog between 4.4 and 4.9 months. Despite this, shares typically traded down after earnings, suggesting a pattern of cautious market interpretation of results and guidance. Today’s Q1 2026 report with $839.2M revenue and 21.0% gross margin fits into this narrative of gradual operational improvement.
Historical Comparison
In the past five earnings releases, average next‑day move was -4.6%, often negative despite stabilizing margins and book‑to‑bill at or above 1.0.
Earnings history shows revenue rising from $714.7M in Q4 2024 to $800.9M in Q4 2025, with gross margin improving from around 19.0% to 19.6%. Today’s Q1 2026 report at $839.2M revenue and 21.0% gross margin continues this trend of gradual top‑line and profitability improvement alongside healthy book‑to‑bill and backlog metrics.
Market Pulse Summary
The stock is up +7.6% following this news. A strong positive reaction aligns with improving fundamentals shown in Q1 2026: revenue of $839.2M, gross margin of 21.0%, and a healthy book‑to‑bill of 1.34. Historical earnings moves averaged -4.6%, so a sizable upside response would mark a break from the usual pattern of post‑earnings caution. Investors would still need to watch execution against Q2 guidance of $875–$905M and gross margin near 22.0%.
Key Terms
gross margin financial
gaap eps financial
book-to-bill financial
backlog financial
basis points financial
AI-generated analysis. Not financial advice.
MALVERN, Pa., May 13, 2026 (GLOBE NEWSWIRE) -- 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
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 | |||||||||||
