Vishay Intertechnology Reports First Quarter 2026 Results

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 $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, 2025Net 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