Download PDF

1. Company Snapshot

1.a. Company Description

Vishay Intertechnology, Inc.manufactures and supplies discrete semiconductors and passive electronic components in Asia, Europe, and the Americas.It operates through six segments: Metal Oxide Semiconductor Field Effect Transistors (MOSFETs), Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors.


The MOSFETs segment offers low- and medium-voltage TrenchFET MOSFETs, high-voltage planar MOSFETs, high voltage Super Junction MOSFETs, power integrated circuits, and integrated function power devices.The Diodes segment provides rectifiers, small signal diodes, protection diodes, thyristors/silicon-controlled rectifiers, and power modules.The Optoelectronic Components segment contains standard and customer specific optoelectronic components, such as infrared (IR) emitters and detectors, IR remote control receivers, optocouplers, solid-state relays, optical sensors, light-emitting diodes, 7-segment displays, and IR data transceiver modules.


The Resistors segment offers resistors, which are basic components used in various forms of electronic circuitry to adjust and regulate levels of voltage and current.The Inductors segment provides inductors for use as an internal magnetic field to change alternating current phase and resist alternating current.The Capacitors segment offers capacitors, which store energy and discharge it when needed.


The company sells its products under Siliconix, Dale, Draloric, Beyschlag, Sfernice, MCB, UltraSource, Applied Thin-Film Products, IHLP, HiRel Systems, Sprague, Vitramon, Barry, Roederstein, ESTA, and BCcomponents brands.It serves industrial, computing, automotive, consumer, telecommunications, power supplies, military, aerospace, and medical end markets.Vishay Intertechnology, Inc.


was incorporated in 1962 and is headquartered in Malvern, Pennsylvania.

Show Full description

1.b. Last Insights on VSH

Vishay Intertechnology's recent performance is driven by improving demand, rising backlog, and increasing customer engagement. The company's revenue growth is expected to accelerate in FY'26-27, with double-digit operating margins likely returning by FY'27. A recent dividend declaration of $0.10 per share also supports shareholder value. Despite near-term margin pressures due to underutilized capacity, management's investment in excess capacity is expected to pay off as demand rebounds. Analysts have assigned an average recommendation of "Reduce" with a consensus PT of $18.00.

1.c. Company Highlights

2. Vishay Intertechnology's Q4 2025 Earnings: A Closer Look

Vishay Intertechnology reported its fourth quarter 2025 earnings, with revenue of $801 million, slightly above the midpoint of its guidance. The company's gross profit was $157 million, resulting in a gross margin of 19.6%. GAAP earnings per share was 1¢, below the estimated 2¢. The revenue increase was driven by growth in industrial power and AI-related power applications, with orders for the quarter at a three-year high and a book-to-bill ratio of 1.2.

Publication Date: Feb -16

📋 Highlights
  • Revenue Growth:: Q4 revenue reached $801M, up 1.3% QoQ, driven by industrial power and AI-related power applications.
  • Backlog Expansion:: Backlog grew 14% to $1.3B, with semiconductors and passives contributing to the increase.
  • Ai-Driven Growth:: "Other" end market revenue surged 10.6%, fueled by AI power management product demand.
  • 2026 Guidance:: Revenue projected between $800M–$830M, with gross margin targeting 19.9% (±50 bps).
  • CapEx Focus:: $400–440M allocated for 2026, with over half dedicated to 12-inch fab expansions.

Revenue Breakdown and Growth Drivers

The company's revenue by end market saw a 3.4% decrease in automotive, while industrial power revenue increased 3.2%, driven by shipments of high voltage DC power capacitors to smart grid infrastructure projects. The "other" category saw a 10.6% increase in revenue, primarily due to customers ramping up production for new products to support AI power management applications. Geographically, revenue growth came entirely from Asia, which grew 3.6%, while The Americas and Europe were essentially flat.

Operational Performance and Cash Flow

The company generated $149 million in operating cash and had a free cash flow of $55 million. For 2026, the company expects revenues to be between $800 million and $830 million, with gross margin expected to be in the range of 19.9%, plus or minus 50 basis points. The company's CapEx spend will focus on targeted and selective projects, including capacitor and inductor expansions, with an expected spend of $400-440 million.

Outlook and Valuation

Analysts estimate next year's revenue growth at 7.4%. With a current P/S Ratio of 0.83 and EV/EBITDA of 11.12, the market seems to have moderate expectations from the company. The dividend yield stands at 2.12%, providing some support to the stock. As per Joel Smejkal, "We've made efforts to ensure reliable supply and it's coming together with customer interactions and a strong book-to-bill in January '26, setting us up for a successful year and Vishay 3.0 takeoff."

Future Plans and Strategic Focus

The company is focused on maintaining capacity readiness, driving innovation, and expanding production in low-cost countries. They expect demand for power requirements in growth segments to remain positive, with a solid book-to-bill of 1.2 and increasing backlog development. The company's capital allocation policy aims to return 70% of free cash flow to stockholders, but they expect negative free cash flow in 2026 due to 12-inch fab expenditures.

3. NewsRoom

Card image cap

New Vishay Intertechnology Space-Grade Common Mode Choke Provides EMI Filtering for GaN and SiC Switching Applications

Mar -18

Source: globenewswire.com

Card image cap

Vishay Intertechnology RGB LED in 0404 Package Provides Independent Control of Red, True Green, and Blue Chips for Wide Color Range

Mar -04

Source: globenewswire.com

Card image cap

Vishay Intertechnology Phototransistor Optocouplers Deliver Accuracy and Energy Efficiency for Industrial Applications

Feb -25

Source: globenewswire.com

Card image cap

Vishay Intertechnology AEC-Q200 Qualified Thick Film Chip Resistors Feature Ultra Compact 0201 Case Size

Feb -18

Source: globenewswire.com

Card image cap

Vishay Intertechnology, Inc. (NYSE:VSH) Receives $18.00 Consensus PT from Analysts

Feb -14

Source: defenseworld.net

Card image cap

Vishay Intertechnology Declares Quarterly Dividend

Feb -12

Source: globenewswire.com

Card image cap

Vishay Intertechnology Standard Thick Film Chip Resistors Combine Sulfur Resistance With Long Term Stability

Feb -11

Source: globenewswire.com

Card image cap

Vishay Intertechnology Q4 Earnings Call Highlights

Feb -07

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.71%)

6. Segments

Resistors

Expected Growth: 3.8%

Vishay Intertechnology's resistor segment growth of 3.8% is driven by increasing demand for electric vehicles, renewable energy systems, and industrial automation. Additionally, the company's focus on miniaturization, high-reliability, and high-temperature resistors for aerospace and defense applications contributes to its growth. Furthermore, the rising adoption of IoT devices and 5G technology also fuels the demand for Vishay's resistors.

Metal Oxide Semiconductor Field Effect Transistors

Expected Growth: 4.2%

Vishay's Metal Oxide Semiconductor Field Effect Transistors (MOSFETs) growth is driven by increasing demand for energy-efficient solutions in automotive, industrial, and consumer electronics. The 4.2% growth is also fueled by the adoption of electric vehicles, renewable energy systems, and IoT devices, which rely heavily on MOSFETs for power management and conversion.

Diodes

Expected Growth: 3.5%

Diodes from Vishay Intertechnology, Inc. with 3.5% growth driven by increasing demand for electric vehicles, renewable energy systems, and IoT devices, as well as growing adoption of 5G technology and rising need for power management solutions.

Capacitors

Expected Growth: 3.2%

Vishay Intertechnology's capacitor segment growth of 3.2% is driven by increasing demand for electric vehicles, renewable energy systems, and 5G infrastructure, which rely heavily on high-reliability capacitors. Additionally, the ongoing trend of miniaturization in electronics and the need for efficient power management solutions also contribute to the segment's growth.

Inductors

Expected Growth: 3.0%

Vishay Intertechnology's inductor segment growth is driven by increasing demand for electric vehicles, renewable energy systems, and advanced industrial automation. The rising adoption of IoT devices, 5G infrastructure, and high-performance computing also contribute to growth. Additionally, the company's strategic acquisitions and investments in research and development further enhance its market position and product offerings.

Optoelectronic Components

Expected Growth: 4.5%

Vishay Intertechnology's optoelectronic components segment growth of 4.5% is driven by increasing demand for IoT devices, autonomous vehicles, and 5G infrastructure, which rely on high-performance optoelectronic components. Additionally, growing adoption of LED lighting and displays in consumer electronics and industrial applications also contribute to the segment's growth.

7. Detailed Products

Resistors

Vishay Intertechnology offers a wide range of resistors, including thick film, thin film, and wirewound resistors, used in various applications such as automotive, industrial, and consumer electronics.

Inductors

Vishay's inductors are designed for high-reliability applications, including automotive, industrial, and military, and are available in various forms, including wirewound, film, and multilayer inductors.

Capacitors

Vishay offers a broad range of capacitors, including ceramic, film, and electrolytic capacitors, used in applications such as automotive, industrial, and consumer electronics.

Diodes

Vishay's diodes include rectifier, switching, and Zener diodes, used in applications such as power supplies, motor control, and automotive systems.

Optoelectronics

Vishay's optoelectronics products include infrared emitters, photodiodes, and phototransistors, used in applications such as remote controls, optical sensors, and optical communication systems.

Power MOSFETs

Vishay's power MOSFETs are designed for high-power applications, including automotive, industrial, and consumer electronics.

ICs (Integrated Circuits)

Vishay's ICs include analog and digital ICs, used in applications such as power management, audio, and interface circuits.

8. Vishay Intertechnology, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vishay Intertechnology, Inc. is medium due to the presence of alternative technologies and products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Vishay Intertechnology, Inc. is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Vishay Intertechnology, Inc. is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Vishay Intertechnology, Inc. is low due to the high barriers to entry in the industry, including significant capital requirements and technological expertise.

Intensity Of Rivalry

The intensity of rivalry for Vishay Intertechnology, Inc. is high due to the presence of several established competitors in the industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.78%
Debt Cost 3.95%
Equity Weight 72.22%
Equity Cost 10.00%
WACC 8.31%
Leverage 38.46%

11. Quality Control: Vishay Intertechnology, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Cirrus Logic

A-Score: 5.6/10

Value: 4.8

Growth: 7.1

Quality: 8.4

Yield: 0.0

Momentum: 7.0

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
Skyworks Solutions

A-Score: 5.1/10

Value: 5.9

Growth: 3.2

Quality: 6.7

Yield: 7.0

Momentum: 2.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Universal Display

A-Score: 4.7/10

Value: 2.5

Growth: 6.4

Quality: 8.6

Yield: 3.0

Momentum: 2.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Amkor Technology

A-Score: 4.5/10

Value: 4.2

Growth: 5.4

Quality: 4.9

Yield: 2.0

Momentum: 7.5

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Veeco Instruments

A-Score: 4.0/10

Value: 3.0

Growth: 5.9

Quality: 5.9

Yield: 0.0

Momentum: 5.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Vishay

A-Score: 3.9/10

Value: 8.2

Growth: 1.9

Quality: 3.0

Yield: 5.0

Momentum: 1.5

Volatility: 3.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16.65$

Current Price

16.65$

Potential

-0.00%

Expected Cash-Flows