Vishay Intertechnology, Inc.: 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
[phone]

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