Vishay Intertechnology Reports Third Quarter 2025 Results

Rhea-AI Summary

Vishay Intertechnology (NYSE: VSH) reported third quarter 2025 results for the period ended September 27, 2025, with revenue of $790.6 million, a GAAP loss per share of $(0.06) and adjusted EPS of $0.043. Gross margin was 19.5%, which included an estimated ~150 basis point negative impact related to Newport. Book-to-bill was 0.97 (semiconductors 0.96; passives 0.98) and backlog was 4.4 months. Management expects 4Q 2025 revenue of $790M ± $20M and gross margin ~19.5% ±50 bps, with a continued 150–175 bp Newport headwind.

Positive

• Revenue of $790.6 million in 3Q 2025
• Adjusted EPS of $0.043 in 3Q 2025
• Backlog of 4.4 months supports near-term demand

Negative

• GAAP loss per share of $(0.06) in 3Q 2025
• Book-to-bill below 1.0 at 0.97 indicates softer orders
• Gross margin hit by ~150 bps from Newport; 4Q headwind 150–175 bps

Insights

Senior Financial Analyst

Results show stable revenue with thin margins and one‑time headwinds; outlook is flat into 4Q.

Revenue of $790.6 million and a gross margin of 19.5% anchor the quarter; management reports a GAAP loss per share of $(0.06) and Adjusted EPS of $0.04. The company calls out a negative margin impact of roughly 150 basis points from Newport, which materially compresses reported profitability.

Key dependencies and risks include continued integration or costs tied to Newport and whether bookings convert given a book‑to‑bill near parity (0.97 overall; 0.96 semiconductors; 0.98 passives). Guidance for 4Q 2025 essentially targets similar revenue and margin, implying no near‑term acceleration.

Watch backlog (4.4 months), quarterly book‑to‑bill trends, and the stated $790 million +/- $20 million revenue range for 4Q 2025 over the next three months; changes in Newport‑related drag will drive margin revision risk.

MALVERN, Pa., Nov. 05, 2025 (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 third quarter ended September 27, 2025.

Highlights

• 3Q 2025 revenues of $790.6 million
• Gross margin was 19.5% and included the negative impact of approximately 150 basis points related to Newport
• 3Q 2025 GAAP loss per share of $(0.06)
• 3Q 2025 Adjusted EPS of $0.04
• 3Q 2025 book-to-bill of 0.97 with book-to-bill of 0.96 for semiconductors and 0.98 for passive components
• Backlog at quarter end was 4.4 months
  
  

“Our third quarter revenue growth demonstrates Vishay’s alignment with high growth markets including smart grid infrastructure, AI related power requirements, automotive and aerospace/defense while the market overall continues to gradually recover,” said Joel Smejkal, president and CEO. “The heavy investments in capacity expansion we have made over the past three years are enabling Vishay to capitalize on market upcycles in these high growth markets, reliably meeting quick turn delivery requirements while maintaining competitive lead times.”

4Q 2025 Outlook
For the fourth quarter of 2025, management expects revenues in the range of $790 million +/- $20 million and a gross profit margin in the range of 19.5% +/- 50 basis points, including the negative impact of approximately 150 to 175 basis points related to Newport.

Conference Call
A conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 5, 2025 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at:
https://register.vevent.com/register/BI273cd003b1924d1d8b000945bd9f4ade.
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 medical 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, capital investment, capacity expansion, stockholder returns, 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 “guide,” “will,” “expect,” “anticipate,” “committed” 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; 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
	September 27, 2025				June 28, 2025				September 28, 2024
Net revenues	$	790,640			$	762,250			$	735,353
Costs of products sold		636,781				613,567				584,470
Gross profit		153,859				148,683				150,883
Gross margin		19.5	%			19.5	%			20.5	%
Selling, general, and administrative expenses*		134,712				126,565				128,545
Restructuring and severance costs		-				-				40,614
Operating income (loss)		19,147				22,118				(18,276	)
Operating margin		2.4	%			2.9	%			-2.5	%
Other income (expense):
Interest expense		(9,525	)			(10,588	)			(6,596	)
Other		2,265				747				803
Total other income (expense) - net		(7,260	)			(9,841	)			(5,793	)
Income (loss) before taxes		11,887				12,277				(24,069	)
Income tax expense (benefit)		19,763				10,273				(5,076	)
Net earnings (loss)		(7,876	)			2,004				(18,993	)
Less: net earnings attributable to noncontrolling interests		-				-				306
Net earnings (loss) attributable to Vishay stockholders	$	(7,876	)		$	2,004			$	(19,299	)
Basic earnings (loss) per share attributable to Vishay stockholders	$	(0.06	)		$	0.01			$	(0.14	)
Diluted earnings (loss) per share attributable to Vishay stockholders	$	(0.06	)		$	0.01			$	(0.14	)
Weighted average shares outstanding - basic		135,720				135,702				136,793
Weighted average shares outstanding - diluted		135,720				136,167				136,793
Cash dividends per share	$	0.10			$	0.10			$	0.10
* Selling, general, and administrative expenses for the fiscal quarter ended June 28, 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)
	Nine fiscal months ended
	September 27, 2025				September 28, 2024
Net revenues	$	2,268,126			$	2,222,871
Costs of products sold		1,830,030				1,738,711
Gross profit		438,096				484,160
Gross margin		19.3	%			21.8	%
Selling, general, and administrative expenses*		396,016				381,234
Restructuring and severance costs		-				40,614
Operating income		42,080				62,312
Operating margin		1.9	%			2.8	%
Other income (expense):
Interest expense		(28,903	)			(19,749	)
Other		6,759				13,901
Total other income (expense) - net		(22,144	)			(5,848	)
Income before taxes		19,936				56,464
Income tax expense		29,900				20,134
Net earnings (loss)		(9,964	)			36,330
Less: net earnings attributable to noncontrolling interests		-				1,172
Net earnings (loss) attributable to Vishay stockholders	$	(9,964	)		$	35,158
Basic earnings (loss) per share attributable to Vishay stockholders	$	(0.07	)		$	0.26
Diluted earnings (loss) per share attributable to Vishay stockholders	$	(0.07	)		$	0.25
Weighted average shares outstanding - basic		135,739				137,281
Weighted average shares outstanding - diluted		135,739				138,039
Cash dividends per share	$	0.30			$	0.30
* Selling, general, and administrative expenses for the nine fiscal months ended September 27, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(Unaudited - In thousands)
	September 27, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	443,858			$	590,286
Short-term investments		266				16,130
Accounts receivable, net		463,602				401,901
Inventories:
Finished goods		186,507				175,176
Work in process		331,136				296,393
Raw materials		242,277				217,812
Total inventories		759,920				689,381
Prepaid expenses and other current assets		227,294				217,809
Total current assets		1,894,940				1,915,507
Property and equipment, at cost:
Land		86,449				84,124
Buildings and improvements		826,406				766,058
Machinery and equipment		3,455,844				3,259,213
Construction in progress		428,897				367,564
Allowance for depreciation		(3,165,034	)			(2,931,221	)
		1,632,562				1,545,738
Right of use assets		119,582				117,953
Deferred income taxes		177,621				159,769
Goodwill		180,378				179,005
Other intangible assets, net		81,896				87,223
Other assets		108,997				105,501
Total assets	$	4,195,976			$	4,110,696

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(Unaudited - In thousands)
	September 27, 2025				December 31, 2024
Liabilities and equity
Current liabilities:
Trade accounts payable	$	213,186			$	216,313
Payroll and related expenses		179,492				137,101
Lease liabilities		26,323				25,901
Other accrued expenses		274,366				264,471
Income taxes		17,309				64,562
Total current liabilities		710,676				708,348
Long-term debt less current portion		919,698				905,019
Deferred income taxes		94,476				96,363
Long-term lease liabilities		96,036				94,218
Other liabilities		105,630				104,086
Accrued pension and other postretirement costs		186,396				173,700
Total liabilities		2,112,912				2,081,734
Equity:
Common stock		13,416				13,361
Class B convertible common stock		1,210				1,210
Capital in excess of par value		1,319,934				1,306,245
Retained earnings		904,818				955,500
Treasury stock (at cost)		(224,590	)			(212,062	)
Accumulated other comprehensive income (loss)		68,276				(35,292	)
Total equity		2,083,064				2,028,962
Total liabilities and equity	$	4,195,976			$	4,110,696

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
	Nine fiscal months ended
	September 27, 2025				September 28, 2024
Operating activities
Net earnings (loss)	$	(9,964	)		$	36,330
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		167,036				155,272
(Gain)/loss on disposal of property and equipment		56				(1,168	)
Inventory write-offs for obsolescence		25,614				27,163
Stock compensation expense		17,635				14,928
Deferred income taxes		(7,461	)			(13,667	)
Other		(2,189	)			14,506
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		(99,379	)			(74,696	)
Net cash provided by operating activities		34,946				106,046
Investing activities
Capital expenditures		(178,491	)			(175,175	)
Proceeds from sale of property and equipment		854				1,397
Purchase of businesses, net of cash acquired		-				(200,185	)
Purchase of short-term investments		(28,575	)			(101,263	)
Maturity of short-term investments		45,111				123,561
Other investing activities		(2,336	)			(1,220	)
Net cash used in investing activities		(163,437	)			(352,885	)
Financing activities
Principal payments on long-term debt		(41,911	)			-
Net proceeds on revolving credit facility		53,000				-
Debt issuance and amendment costs		-				(1,062	)
Dividends paid to common stockholders		(37,050	)			(37,467	)
Dividends paid to Class B common stockholders		(3,629	)			(3,629	)
Repurchase of common stock held in treasury		(12,538	)			(37,784	)
Cash withholding taxes paid when shares withheld for vested equity awards		(4,000	)			(4,092	)
Other financing activities		10,080				-
Net cash used in financing activities		(36,048	)			(84,034	)
Effect of exchange rate changes on cash and cash equivalents		18,111				1,925
Net decrease in cash and cash equivalents		(146,428	)			(328,948	)
Cash and cash equivalents at beginning of period		590,286				972,719
Cash and cash equivalents at end of period	$	443,858			$	643,771

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)
	Fiscal quarters ended												Nine fiscal months ended
	September 27, 2025				June 28, 2025				September 28, 2024				September 27, 2025				September 28, 2024
GAAP net earnings (loss) attributable to Vishay stockholders	$	(7,876	)		$	2,004			$	(19,299	)		$	(9,964	)		$	35,158
Reconciling items affecting operating income (loss):
Favorable resolution of contingency	$	-			$	(11,293	)		$	-			$	(11,293	)		$	-
Restructuring and severance costs		-				-				40,614				-				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	)			-				(10,299	)
Adjusted net earnings (loss)	$	5,781			$	(9,289	)		$	11,016			$	(7,600	)		$	65,473
Adjusted weighted average diluted shares outstanding		136,582				135,702				137,558				135,740				138,039
Adjusted earnings (loss) per diluted share	$	0.04			$	(0.07	)		$	0.08			$	(0.06	)		$	0.47

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Free Cash
(Unaudited - In thousands)
	Fiscal quarters ended												Nine fiscal months ended
	September 27, 2025				June 28, 2025				September 28, 2024				September 27, 2025				September 28, 2024
Net cash provided by (used in) operating activities	$	27,639			$	(8,791	)		$	50,565			$	34,946			$	106,046
Proceeds from sale of property and equipment		360				215				132				854				1,397
Less: Capital expenditures		(52,324	)			(64,598	)			(59,527	)			(178,491	)			(175,175	)
Free cash	$	(24,325	)		$	(73,174	)		$	(8,830	)		$	(142,691	)		$	(67,732	)

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of EBITDA and Adjusted EBITDA
(Unaudited - In thousands)
	Fiscal quarters ended												Nine fiscal months ended
	September 27, 2025				June 28, 2025				September 28, 2024				September 27, 2025				September 28, 2024
GAAP net earnings (loss) attributable to Vishay stockholders	$	(7,876	)		$	2,004			$	(19,299	)		$	(9,964	)		$	35,158
Net earnings attributable to noncontrolling interests		-				-				306				-				1,172
Net earnings (loss)	$	(7,876	)		$	2,004			$	(18,993	)		$	(9,964	)		$	36,330
Interest expense	$	9,525			$	10,588			$	6,596			$	28,903			$	19,749
Interest income		(2,710	)			(4,023	)			(5,230	)			(10,610	)			(20,946	)
Income taxes		19,763				10,273				(5,076	)			29,900				20,134
Depreciation and amortization		57,293				55,970				53,595				167,036				155,272
EBITDA	$	75,995			$	74,812			$	30,892			$	205,265			$	210,539
Reconciling items
Favorable resolution of contingency	$	-			$	(11,293	)		$	-			$	(11,293	)		$	-
Restructuring and severance costs		-				-				40,614				-				40,614
Adjusted EBITDA	$	75,995			$	63,519			$	71,506			$	193,972			$	251,153
Adjusted EBITDA margin**		9.6	%			8.3	%			9.7	%			8.6	%			11.3	%
** Adjusted EBITDA as a percentage of net revenues

FAQ

What were Vishay (VSH) third quarter 2025 revenues and EPS?

Vishay reported $790.6 million in revenue, GAAP loss per share of $(0.06), and adjusted EPS $0.043.

What guidance did Vishay (VSH) give for fourth quarter 2025 revenue and margin?

Management expects 4Q 2025 revenue of $790M ± $20M and gross margin of 19.5% ±50 bps, including a 150–175 bp Newport impact.

How did Newport affect Vishay's 3Q 2025 gross margin for VSH?

Newport reduced gross margin by approximately 150 basis points in 3Q 2025, and is expected to impose a 150–175 bp headwind in 4Q.

What was Vishay's (VSH) book-to-bill and what does it indicate?

Book-to-bill was 0.97 (semiconductors 0.96; passives 0.98), indicating orders were slightly below shipments in the quarter.

When is Vishay's VSH third quarter 2025 earnings conference call?

The conference call is scheduled for Wednesday, November 5, 2025 at 9:00 a.m. ET with a live webcast and replay on the investor relations website.