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Active Rebound: 2 Discrete Semiconductor Stocks Making MovesVishay Intertechnology NYSE: VSH reported second-quarter 2026 adjusted revenue of $919 million, above the high end of its guidance range, as demand increased across its semiconductor and passive-component businesses, end markets, sales channels and regions.

GAAP revenue was $889 million, reflecting $30 million in tariff refunds that the company said will be passed through to customers during the second half of 2026. Vishay said the refunds reduced both reported net revenue and cost of products sold, with no impact on gross profit. Management used adjusted revenue, excluding the tariff refunds, in discussing quarterly performance.

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Alpha and Omega Semiconductor ready to bounce, DOJ cloud liftsAdjusted revenue rose 9.5% from the first quarter and 20.5% from the year-earlier period. Chief Financial Officer David McConnell said the year-over-year increase was driven primarily by an 18% rise in volume, a 2% increase in average selling prices and a 1% foreign-currency benefit, mainly from the euro.

Bookings, backlog and demand trends President and Chief Executive Officer Joel Smejkal said the company’s second-quarter book-to-bill ratio was 1.32, including 1.23 for semiconductors and 1.40 for passive components. Vishay recorded record bookings for resistors and inductors, and total backlog rose 18% to $1.9 billion, representing 6.1 months of backlog.

Smejkal said customers have been extending their ordering visibility as industry lead times lengthen and concerns over product availability persist. Many customers are forecasting six months ahead, while demand tied to artificial-intelligence applications has led some customers to place orders more than 52 weeks in advance, he said.

Management said it has announced price increases on about one-third of its running part numbers since the fourth quarter of 2025, citing higher costs for metals, materials and logistics. Some of those increases were reflected in second-quarter results. Smejkal told analysts that Vishay has been updating backlog pricing quickly, limiting customers’ ability to pull forward shipments ahead of the price changes.

Asked about the potential for double ordering, Smejkal said the company currently views order activity as “fairly rational.” He pointed to increasing point-of-sale activity at distributors and declining distributor inventory levels as indications that demand is being supported by consumption. Distribution inventory declined to 18 weeks at quarter-end from 20 weeks in the first quarter, while distributor point-of-sale rose 4.7% sequentially and 20.5% year over year.

Growth across end markets and channels All reported end markets posted sequential and year-over-year revenue gains. Industrial revenue increased 16.2% from the first quarter and 30.1% from a year earlier, driven by demand for smart-grid, AI power, high-voltage DC and factory-automation projects. Smejkal said industrial represented more than half of Vishay’s sequential revenue increase.

Automotive revenue rose 3.6% sequentially and 10.1% year over year, reflecting demand associated with driver-assistance systems, autonomous-driving applications and hybrid and electric-vehicle platforms. Aerospace and defense revenue increased 4.2% from the prior quarter and 15.4% from the prior year, supported by U.S. defense programs and demand from customers in Asia and Europe.

Healthcare revenue grew 7% sequentially and 14.7% year over year. Revenue in the company’s “other” category, which includes telecom, computing and consumer markets, rose 11.3% sequentially and 28.4% from a year earlier, aided by AI-related programs, optical communication network switches and European 5G radio projects.

Distribution accounted for 58% of revenue in the second quarter, up from 55% in the first quarter. Distribution revenue rose 15.6% sequentially and 24.2% year over year. OEM revenue increased 1.7% sequentially and 16.8% year over year, while EMS revenue rose 3.2% sequentially and 10.8% year over year.

Margins, cash flow and capital investment Vishay generated gross profit of $177 million. GAAP gross margin was 23.3%, while adjusted gross margin was 22.6%, exceeding the company’s guidance and improving from the prior quarter. McConnell attributed the expansion to higher volumes and improved pricing, partially offset by continued metals, materials and logistics cost pressures.

Adjusted operating margin rose to 5.8%, compared with 2.6% in the first quarter and 1.4% in the second quarter of 2025. Adjusted EBITDA margin increased to 11.4% from 9.3% in the first quarter. GAAP and adjusted earnings per share were both $0.19, compared with $0.05 in the first quarter and an adjusted loss of $0.07 per share a year earlier.

The company generated $105 million in operating cash flow and $10 million in free cash flow during the quarter. Capital expenditures totaled $95 million, including approximately $66 million for Vishay’s new 12-inch wafer fabrication facility in Germany.

During the quarter, Vishay completed a public offering of 17.25 million common shares, raising $830 million in cash after issuance costs. The company ended the quarter with $1.3 billion in cash and short-term investments and $238 million outstanding on its revolver. McConnell said Vishay used a portion of the offering proceeds to repay the revolver balance in July.

Third-quarter outlook and capacity plans For the third quarter, Vishay expects revenue of $945 million to $975 million. At the midpoint, the outlook implies 4.5% sequential growth and 21.4% year-over-year growth, including the effect of European seasonality. The company expects gross margin of 24.0%, plus or minus 50 basis points, reaching its prior target of exiting 2026 at a 24% quarterly gross margin one quarter earlier than planned.

Third-quarter SG&A expense is expected to be $155 million, plus or minus $3 million. Depreciation expense is expected to be about $54 million for the quarter and $215 million for the full year. Interest expense is expected to be approximately $7 million. The expected GAAP effective tax rate is 35% to 40%. Smejkal said Vishay plans capital expenditures of $400 million to $440 million in 2026, with roughly half allocated to the German 12-inch fab. Equipment assembly at the facility has been completed, and installation is expected to finish in the third quarter. The company plans to begin running engineering wafers near year-end and remains on track to start non-automotive production in mid-2027.

Vishay is also ramping production through foundries in Korea and China to add wafer capacity for AI-related applications in the second half of 2026. The company is expanding polymer capacitor capacity and pursuing additional back-end semiconductor capacity, while continuing development work in silicon carbide and gallium nitride technologies.

About Vishay Intertechnology (NYSE:VSH)Vishay Intertechnology, Inc is a global manufacturer of discrete semiconductors and passive electronic components, serving a wide range of industries including industrial, automotive, computing, consumer electronics, telecommunications, medical, and military/aerospace markets. The company's portfolio encompasses resistors, capacitors, inductors, sensors, diodes, rectifiers, MOSFETs and a variety of integrated circuit solutions. Vishay's components are used in power management, signal conditioning, circuit protection and sensing applications, supporting both standard and custom designs for original equipment manufacturers worldwide.

Originally founded in 1962 by Dr.

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MALVERN, Pa., Aug. 05, 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 second quarter ended July 4, 2026.

Highlights

2Q 2026 GAAP revenues of $888.6 million; adjusted revenues of $918.6 millionGAAP revenues reduced by $30.0 million of tariff refunds passed through to customers, with no impact on gross profitGross margin was 23.3%; adjusted gross margin was 22.6%Operating margin was 6.0%; adjusted operating margin was 5.8%2Q 2026 diluted EPS of $0.192Q 2026 book-to-bill of 1.32 with book-to-bill of 1.23 for semiconductors and 1.40 for passive componentsBacklog at quarter end was 6.1 months
“For the second quarter, Vishay delivered 9.5% sequential growth to adjusted revenue of $919 million, exceeding the top end of our revenue guidance and representing continued strengthening demand across all end markets, channels and regions,” said Joel Smejkel, president and CEO. “Executing as a new company, Vishay 3.0 is focused on supplying our increasing customer count and taking full advantage of the upcycle, outpacing industry growth, while laying the foundation to leverage multi-year demand across all end markets for sustained growth, expanded margins and enhanced stockholder returns.”

3Q 2026 Outlook
For the third quarter of 2026, management expects revenues in the range of $945 million and $975 million and a gross profit margin in the range of 24.0% +/- 50 basis points.

Conference Call
A conference call to discuss Vishay’s second quarter financial results is scheduled for Wednesday, August 5, 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 adjusted net earnings; adjusted earnings per share; adjusted net revenues; 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 net revenues, 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 and financial trends 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 net revenues, 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, capacity expansion, multi-year customer demand, 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 “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   July 4, 2026    April 4, 2026    June 28, 2025                Net revenues(a) $888,575   $839,242   $762,250 Costs of products sold(b)  681,193    662,630    613,567 Gross profit  207,382    176,612    148,683 Gross margin  23.3%   21.0%   19.5%               Selling, general, and administrative expenses(c)  153,856    154,488    126,565 Operating income  53,526    22,124    22,118 Operating margin  6.0%   2.6%   2.9%               Other income (expense):              Interest expense  (10,333)    (9,973)    (10,588) Other  (794)    701    747 Total other income (expense) - net  (11,127)    (9,272)    (9,841)                Income before taxes  42,399    12,852    12,277                Income tax expense  14,275    5,688    10,273                Net earnings $28,124   $7,164   $2,004                Basic earnings per share $0.21   $0.05   $0.01                Diluted earnings per share $0.19   $0.05   $0.01                Weighted average shares outstanding - basic  136,824    136,045    135,702                Weighted average shares outstanding - diluted  147,901    137,471    136,167                Cash dividends per share $0.10   $0.10   $0.10                (a) Net revenues for the fiscal quarter ended July 4, 2026 are reduced by ($30,008) for tariff refunds passed through to customers, with no impact on gross profit.(b) Costs of product sold for the fiscal quarter ended July 4, 2026 are reduced by ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit.(c) 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)                    Six fiscal months ended   July 4, 2026    June 28, 2025                     Net revenues(d) $1,727,817   $1,477,486 Costs of products sold(e)  1,343,823    1,193,249 Gross profit  383,994    284,237 Gross margin  22.2%   19.2%          Selling, general, and administrative expenses(f)  308,344    261,304 Operating income  75,650    22,933 Operating margin  4.4%   1.6%          Other income (expense):         Interest expense  (20,306)   (19,378)Other  (93)   4,494 Total other income (expense) - net  (20,399)   (14,884)          Income before taxes  55,251    8,049           Income tax expense  19,963    10,137           Net earnings (loss) $35,288   $(2,088)          Basic earnings (loss) per share attributable to Vishay stockholders $0.26   $(0.02)          Diluted earnings (loss) per share attributable to Vishay stockholders $0.25   $(0.02)          Weighted average shares outstanding - basic  136,428    135,750           Weighted average shares outstanding - diluted  142,680    135,750           Cash dividends per share $0.20   $0.20           (d) Net revenues for the six fiscal months ended July 4, 2026 are reduced by ($30,008) for tariff refunds passed through to customers, with no impact on gross profit.(e) Costs of product sold for the six fiscal months ended July 4, 2026 are reduced by ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit.(f) Selling, general, and administrative expenses for the six fiscal months ended June 28, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency. VISHAY INTERTECHNOLOGY, INC.         Consolidated Condensed Balance Sheets         (Unaudited - In thousands)                      July 4, 2026    December
31, 2025           Assets         Current assets:         Cash and cash equivalents $1,297,309   $514,966 Short-term investments  5,263    265 Accounts receivable, net  393,373    381,802 Inventories:         Finished goods  184,960    182,444 Work in process  360,965    331,347 Raw materials  261,186    245,412 Total inventories  807,111    759,203           Prepaid expenses and other current assets  221,811    231,004 Total current assets  2,724,867    1,887,240           Property and equipment, at cost:         Land  85,711    86,399 Buildings and improvements  841,294    839,856 Machinery and equipment  3,505,644    3,477,884 Construction in progress  558,131    464,475 Allowance for depreciation  (3,241,135)   (3,195,455)   1,749,645    1,673,159           Right of use assets  122,630    119,746 Deferred income taxes  190,381    183,016 Goodwill  180,027    180,390 Other intangible assets, net  71,266    78,487 Other assets  117,550    112,122 Total assets $5,156,366   $4,234,160  VISHAY INTERTECHNOLOGY, INC.         Consolidated Condensed Balance Sheets (continued)         (Unaudited - In thousands)                      July 4, 2026    December
31, 2025                     Liabilities and equity         Current liabilities:         Trade accounts payable $237,482   $214,984 Payroll and related expenses  179,479    164,114 Lease liabilities  28,241    26,546 Other accrued expenses  310,238    300,031 Income taxes  18,757    14,751 Current portion of long-term debt  737,744    - Total current liabilities  1,511,941    720,426           Long-term debt less current portion  234,543    950,893 Deferred income taxes  97,488    96,818 Long-term lease liabilities  96,583    95,799 Other liabilities  136,668    109,228 Accrued pension and other postretirement costs  166,246    172,723 Total liabilities  2,243,469    2,145,887           Equity:         Vishay stockholders' equity         Common stock  14,129    12,351 Class B convertible common stock  1,210    1,210 Capital in excess of par value  1,945,629    1,101,086 Retained earnings  900,268    892,232 Accumulated other comprehensive income  51,661    81,394 Total equity  2,912,897    2,088,273 Total liabilities and equity $5,156,366   $4,234,160  VISHAY INTERTECHNOLOGY, INC.         Consolidated Condensed Statements of Cash Flows         (Unaudited - In thousands)  Six fiscal months ended   July 4, 2026    June 28,
2025           Operating activities         Net earnings (loss) $35,288   $(2,088)Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:         Depreciation and amortization  114,328    109,743 Loss on disposal of property and equipment  24    73 Inventory write-offs for obsolescence  21,883    17,456 Deferred income taxes  (6,069)   (6,034)Stock compensation expense  20,056    11,736 Other  79    (3,606)Change in U.S. transition tax liability  -    (47,027)Change in repatriation tax liability  (2,000)   (9,375)Changes in operating assets and liabilities  (14,561)   (63,571)Net cash provided by operating activities  169,028    7,307           Investing activities         Capital expenditures  (205,862)   (126,167)Proceeds from sale of property and equipment  221    494 Purchase of short-term investments  (5,260)   (28,481)Maturity of short-term investments  262    39,400 Other investing activities  (381)   (661)Net cash used in investing activities  (211,020)   (115,415)          Financing activities         Proceeds from follow-on public offering, net of underwriting discounts and issuance costs  830,250    - Principal payments on long-term debt  -    (41,911)Net proceeds on revolving credit facility  19,000    49,000 Dividends paid to common stockholders  (24,805)   (24,700)Dividends paid to Class B common stockholders  (2,419)   (2,419)Repurchase of common stock  -    (12,538)Cash withholding taxes paid when shares withheld for vested equity awards  (4,013)   (3,957)Other financing activities  10,000    10,078 Net cash provided by (used in) financing activities  828,013    (26,447)Effect of exchange rate changes on cash and cash equivalents  (3,678)   18,129           Net increase (decrease) in cash and cash equivalents  782,343    (116,426)          Cash and cash equivalents at beginning of period  514,966    590,286 Cash and cash equivalents at end of period $1,297,309   $473,860  VISHAY INTERTECHNOLOGY, INC.                   Schedule of Adjusted Revenue, Gross Profit, and Gross Margin                   (Unaudited - In thousands)                    Fiscal quarter ended Six fiscal months ended July 4, 2026 July 4, 2026   GAAP    Adjusted(g)    GAAP    Adjusted(g)                     Net revenues $888,575   $918,583   $1,727,817   $1,757,825 Gross profit  207,382    207,382    383,994    383,994 Gross margin  23.3%   22.6%   22.2%   21.8%                    (g) Adjusted net revenues for the fiscal quarter and six fiscal months ended July 4, 2026 exclude $30,008 for tariff refunds passed through to customers, with no impact on gross profit. The tariff refunds are recognized as a reduction of Net revenues and Costs of products sold in the GAAP results. Adjusted gross margin is calculated using adjusted net revenues. VISHAY INTERTECHNOLOGY, INC.                        Reconciliation of Adjusted Earnings Per Share                        (Unaudited - In thousands, except per share amounts)                         Fiscal quarters ended Six fiscal months ended   July 4, 2026    April 4,
2026    June 28,
2025    July 4, 2026    June 28,
2025                          Net earnings (loss) $28,124   $7,164   $2,004   $35,288   $(2,088)                         Reconciling items affecting net revenues:                        Tariff refunds passed through to customers  30,008    -    -    30,008    -                          Other reconciling items affecting gross profit:                        Tariff refunds received from U.S. government  (30,008)   -    -    (30,008)   -                          Other reconciling items affecting operating income:                        Favorable resolution of contingency  -    -    (11,293)   -    (11,293)                         Adjusted net earnings (loss) $28,124   $7,164   $(9,289)  $35,288   $(13,381)                         Adjusted weighted average diluted shares outstanding  147,901    137,471    135,702    142,680    135,750                          Adjusted earnings (loss) per diluted share $0.19   $0.05   $(0.07)  $0.25   $(0.10) VISHAY INTERTECHNOLOGY, INC.                        Reconciliation of Free Cash                        (Unaudited - In thousands)                         Fiscal quarters ended Six fiscal months ended   July 4, 2026    April 4,
2026    June 28,
2025    July 4, 2026    June 28,
2025 Net cash provided by (used in) operating activities $105,359   $63,669   $(8,791)  $169,028   $7,307 Proceeds from sale of property and equipment  155    66    215    221    494 Less: Capital expenditures  (95,201)   (110,661)   (64,598)   (205,862)   (126,167)Free cash $10,313   $(46,926)  $(73,174)  $(36,613)  $(118,366) VISHAY INTERTECHNOLOGY, INC.                        Reconciliation of EBITDA and Adjusted EBITDA                        (Unaudited - In thousands)                         Fiscal quarters ended Six fiscal months ended   July 4, 2026    April 4,
2026    June 28,
2025    July 4, 2026    June 28,
2025                          Net earnings (loss) $28,124   $7,164   $2,004   $35,288   $(2,088)                         Interest expense  10,333    9,973    10,588    20,306    19,378 Interest income  (4,088)   (3,038)   (4,023)   (7,126)   (7,900)Income taxes  14,275    5,688    10,273    19,963    10,137 Depreciation and amortization  56,117    58,211    55,970    114,328    109,743 EBITDA $104,761   $77,998   $74,812   $182,759   $129,270                          Reconciling items                        Tariff refunds passed through to customers  30,008    -    -    30,008    - Tariff refunds received from U.S. government  (30,008)   -    -    (30,008)   - Favorable resolution of contingency  -    -    (11,293)   -    (11,293)                         Adjusted EBITDA $104,761   $77,998   $63,519   $182,759   $117,977                          Adjusted EBITDA margin(h)  11.4%   9.3%   8.3%   10.4%   8.0%                         (h) Adjusted EBITDA as a percentage of adjusted net revenues

MALVERN, Pa., July 15, 2026 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE: VSH) today announced that the company has successfully achieved Level 2 Cybersecurity Maturity Model Certification (CMMC), confirming that its cybersecurity practices, processes, and governance meet the requirements for handling Federal Contract Information (FCI) and Controlled Unclassified Information (CUI) within Department of Defense (DoD) programs.

The CMMC program was established by the DoD to verify that contractors and suppliers adequately protect sensitive defense information. As CMMC requirements are phased into defense contracts and supply chains, Level 2 certification enables participation in programs requiring secure processing, storage, and transmission of CUI while supporting compliance with evolving Defense Federal Acquisition Regulation Supplement (DFARS) and DoD cybersecurity standards.

Vishay is a critical supplier of electronic components for defense, aerospace, and national security applications, making CMMC compliance increasingly essential to continued participation in U.S. defense programs and supply chains. The certification enables the company to support programs requiring CUI exchange, participate in solicitations and contracts with CMMC requirements, and maintain compliant information workflows.

CMMC Level 2 certification validates Vishay’s implementation of cybersecurity controls and documented processes for safeguarding sensitive information throughout the product lifecycle. These measures include controlled access environments, encrypted communications, secure file transfer processes, ongoing monitoring, employee training, and continuous improvement initiatives.

“Achieving CMMC Level 2 certification reflects Vishay’s long standing commitment to protecting sensitive customer and program information,” said Michael O’Sullivan, executive vice president, chief administrative and legal officer, legal services, at Vishay. “Having achieved CMMC Level 2 certification, well ahead of full enforcement requirements, we’re well positioned to support defense and aerospace customers, help ensure continuity of supply for critical applications, and reduce program risk.”

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 1000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

The DNA of tech® is a registered trademark of Vishay Intertechnology, Inc.

Vishay on Facebook: http://www.facebook.com/VishayIntertechnology
Vishay Twitter feed: http://twitter.com/vishayindust

Link to DNA of Tech image:
https://www.flickr.com/photos/vishay/50342588442/sizes/l/

For more information please contact:
Vishay Intertechnology
Peter Henrici, +1 408 567-8400
[email protected]
 or
Redpines
Bob Decker, +1 415 409-0233
[email protected]

Key Takeaways Vishay 3.0 aims to boost profitability through capacity expansion and higher exposure to fast-growing markets.VSH's Q1'26 revenues rose 17.3% to $839.2M, while gross margin improved to 21%, driven by stronger volumes.Vishay sees Q2 gross margin near 22%, helped by price increases and higher capacity utilization. Vishay Intertechnology, Inc.'s (VSH - Free Report) Vishay 3.0 strategy is designed to improve profitability by expanding manufacturing capacity, strengthening customer relationships and increasing exposure to faster-growing markets. While the company is still investing heavily, early results suggest that the strategy is beginning to support sustainable margin expansion.

Financial results for the first quarter of 2026 reflected encouraging progress. Revenues increased 17.3% year over year to $839.2 million, beating management's guidance. Gross margin improved to 21%, up from 19.6% in the previous quarter and 19% in the year-ago quarter. Operating margin also expanded to 2.6% from 1.8% in the fourth quarter of 2025, supported by stronger shipment volumes and improved factory utilization.

Demand has strengthened across industrial, automotive, aerospace and AI-related applications. Vishay Intertechnology reported a healthy book-to-bill ratio of 1.34, including an impressive 1.47 for semiconductors. Backlog increased 21% to $1.6 billion, providing strong revenue visibility and supporting higher capacity utilization in the coming quarters.

Vishay Intertechnology expects additional margin improvement in the second quarter. Revenues are projected between $875 million and $905 million, while gross margin is expected to reach roughly 22% despite higher metals and material costs. Recently implemented price increases should also contribute more meaningfully during the second and third quarters.

Although elevated capital spending on its new German 12-inch fab and other expansion projects may pressure free cash flow in the near term, these investments position Vishay Intertechnology to benefit from future demand growth. As capacity utilization rises and pricing actions take hold, Vishay 3.0 appears well-positioned to deliver sustainable margin expansion over the long run.

How Vishay Intertechnology Compares With Key Industry RivalsVishay Intertechnology's closest competitors, ON Semiconductor (ON - Free Report) and Diodes Incorporated (DIOD - Free Report) , are also working to improve margins through a richer product mix and manufacturing efficiency.

ON Semiconductor continues shifting its portfolio toward higher-margin silicon carbide (SiC), intelligent power and automotive solutions. In the first quarter of 2026, the company’s non-GAAP gross margin expanded by 30 basis points sequentially to 38.5%. This was primarily driven by increased manufacturing facility utilization (reaching 77% in the first quarter), enhanced operational efficiencies under its "Fab Right" strategy, and a richer product mix favoring higher-margin intelligent power products for AI data centers and automotive applications.

Diodes is also expanding its presence in automotive, industrial and AI power management applications. The company posted first-quarter 2026 revenues of $405.5 million, up 22.1% year over year, while its gross margin improved 30 basis points to 31.8%. Sequentially, Diodes’ gross margin expanded by 70 basis points, primarily driven by increased revenue contribution from higher-margin automotive and industrial segments and improved manufacturing facility utilization rates.

VSH’s Price Performance, Valuation and EstimatesShares of Vishay Intertechnology have skyrocketed 191.1% so far this year compared with the Zacks Computer and Technology sector’s 14.7% gain.

Vishay Intertechnology YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, VSH trades at a forward 12-month price-to-sales ratio of 1.52, significantly below the sector average of 6.86. Vishay carries a Value Score of C.

Vishay Intertechnology Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Vishay Intertechnology’s 2026 earnings is pegged at 75 cents per share, implying a robust improvement from the loss of 5 cents in 2025. The consensus mark of $1.54 per share for 2027 earnings calls for a 105% year-over-year surge. Estimates for 2026 and 2027 have been revised upward over the past 60 days.

Image Source: Zacks Investment Research

Vishay Intertechnology currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

July 06, 2026 08:15 ET  | Source: Vishay Intertechnology, Inc.

MALVERN, Pa., July 06, 2026 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive components, today notified holders of its 2.25% convertible senior notes due 2030 (the "Notes") that the Notes are convertible, at the option of the holders (the "Conversion Option"), beginning July 5, 2026 and ending at the close of business on October 3, 2026.  The Notes are convertible into cash, up to the aggregate principal amount of the Notes, and in cash, shares of the Company's common stock or a combination thereof, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the Notes being converted.  Any determination regarding the convertibility of the Notes during future periods will be made in accordance with the terms of the Indenture governing the Notes.

The Notes became convertible as a result of the last reported sale price of shares of the Company's common stock, for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days (including the last trading day of such period) ending on, and including, the last trading day of the fiscal quarter ended July 4, 2026, was greater than 130% of the conversion price in effect on each applicable trading day.

The Notes are convertible at a conversion rate of 33.1609 shares of common stock per $1,000 principal amount of Notes, which is equivalent to a conversion price of approximately $30.16 per share of common stock.

The Company has issued a notice to holders with respect to the Conversion Option specifying the applicable terms, conditions and procedures. The notice is available through HSBC Bank USA, National Association or by requesting a copy from HSBC Bank USA, National Association, which is serving as the conversion agent, at:

HSBC Bank USA, National Association
Attention: CTLANY Client Service Delivery Team / Vishay Intertechnology, Inc.
66 Hudson Blvd East, 545W9
New York, NY 10001

None of the Company, its Board of Directors or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Conversion Option.

This press release is not an offer to sell, nor a solicitation of an offer to buy securities, nor shall there be any sale of these securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

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.

Forward-Looking Statements

Statements contained herein that relate to the Company's future cash dividends on its common stock and Class B common stock are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as “to be,” "will be," 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 due to political, economic, and health instability and military conflicts and hostilities; 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

June 29, 2026 16:20 ET  | Source: Vishay Intertechnology, Inc.

MALVERN, Pa., June 29, 2026 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (the “Company,” “Vishay”) (NYSE: VSH) today announced that it has commenced an underwritten public offering of $750.0 million of shares of its common stock. In connection with the proposed offering, Vishay expects to grant the underwriters a 30-day option to purchase up to an additional $112.5 million of shares of its common stock. All of the shares are being offered by Vishay. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the offering.

Vishay intends to use the net proceeds from the proposed offering to accelerate its growth initiatives and for general corporate purposes, including to reduce current borrowings under its senior secured credit facility. J.P. Morgan is acting as lead book-running manager for the proposed offering. Needham & Company, Oppenheimer & Co., Raymond James, TD Cowen and Truist Securities are also serving as book-running managers. Fifth Third Securities, MUFG, Santander and UniCredit are serving as co-managers.

The proposed offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 29, 2026 and automatically became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering have been filed with the SEC and are available for free on the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering may be obtained, when available from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at [email protected] and [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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).

Forward-Looking Statements

This press release contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, whether or not Vishay will offer the common stock or consummate the offering, the anticipated terms of the offering, the anticipated use of the proceeds from the offering, and the risks set forth under the heading “Risk Factors” in Vishay’s Annual Report on Form 10-K for the year ended December 31, 2025, most recent Form 10-Q and other reports filed from time to time with the SEC. Vishay does not undertake any obligation to publicly update any forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law.

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

Key Takeaways Vishay posted 2.7% sequential automotive revenue growth in Q1 2026, led by Americas and Europe demand.VSH is gaining share through multi-source design wins as OEMs diversify semiconductor suppliers.Vishay is expanding across EV drivetrains, ADAS, battery systems and smart cockpit technologies. Vishay Intertechnology (VSH - Free Report) appears to be steadily strengthening its competitive position in the automotive semiconductor market as accelerating electrification trends create new long-term growth opportunities.

In the first quarter of 2026, the company reported automotive sequential revenue growth of 2.7%, driven primarily by solid OEM demand in the Americas and Europe. However, softer conditions in Asia, caused by Lunar New Year disruptions and tariff-related production shifts, partially offset the growth.

Management emphasized that rising electronic content per vehicle, alongside expanding hybrid and EV production programs, is supporting consistent automotive demand. It confirmed that the company is actively benefiting from share gains through multi-source design wins, particularly as automotive OEMs seek supply diversification.

Vishay disclosed that it has become the leading resistor supplier for multiple OEMs launching new EV platforms. This positions VSH to benefit from the ramp-up in annual vehicle production volumes, with peak production expected in 2028. This significantly improves long-term revenue visibility while strengthening customer relationships.

The company is also expanding its role in high-growth automotive electronics categories. Management highlighted strong design activity across hybrid and EV drivetrains, ADAS (advanced driver-assistance systems), battery management systems, electronic power steering and smart cockpit technologies. All these categories are critical and semiconductor-intensive applications, which are expected to grow faster than overall vehicle production.

Strategically, the company’s Vishay 3.0 transformation strategy, centered on capacity expansion, customer proximity and increased engineering support, is helping it win new automotive programs.

As EV adoption accelerates globally and automakers prioritize supplier diversification, Vishay appears increasingly well positioned to capture additional automotive share. This suggests that the sector could become one of its most durable long-term growth engines over the next several years.

Peer UpdatesTDK Corporation (TTDKY - Free Report) is steadily expanding market share by positioning itself at the center of high-growth technology markets, particularly AI infrastructure, automotive electronics, and industrial equipment. In fiscal 2026, sales rose 13.6% while operating profit jumped 21.5%, both reaching record highs.

The strong growth was supported by broad-based demand growth across passive components, sensors, and magnetic application products. TDK highlighted strong share gains in AI data center infrastructure, where demand for aluminum capacitors, film capacitors, inductors, and power solutions continues to accelerate. TTDKY expects its AI ecosystem business, already over 10% of sales, to grow 25% in fiscal 2027.

The growth is likely to be aided by aggressive capacity expansion, new semiconductor bonding materials, and stronger positioning in high-value HDD heads and HAMR storage technologies. TDK’s strategy of expanding through technologically differentiated products across automotive, industrial, and AI markets is strengthening its competitive moat and supporting sustained share gains globally.

ROHM Co., Ltd. (ROHCY - Free Report) is pursuing market share gains by strengthening its position in power semiconductors, silicon carbide (SiC) devices, and AI server power management solutions, despite ongoing pricing pressure in China. The company projects revenue growth of 6% and operating profit growth of 176% for the fiscal year ending March 2027, driven by accelerating demand across the automotive, industrial and data center markets.

ROHM’s biggest long-term opportunity remains SiC power devices, where management expects over 30% sales growth in fiscal 2026. The growth should be supported by expanding automotive inverter adoption and increasing sales to European and Japanese OEMs, reducing dependence on China.

Simultaneously, the company is aggressively targeting the AI server market, forecasting server-related sales growth from YEN 17 billion to YEN 25 billion in this fiscal year.

ROHCY will leverage its partnerships with NVIDIA, Delta and differentiated technologies, such as DrMOS, GaN, analog controllers and SiC-based power systems, to drive future growth. This broad technology portfolio is helping ROHM expand its share in next-generation power semiconductor markets.

VSH’s Price Performance, Valuation and EstimatesShares of VSH have skyrocketed 283.7% so far this year compared with the sector’s 15% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, VSH trades at a forward price-to-earnings ratio of 49.08, below the industry average. It is higher than its five-year median of 12.51. Vishay carries a Value Score of D.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for VSH’s fiscal 2026 earnings implies a 1600% improvement from the year-ago period’s level.

Image Source: Zacks Investment Research

The stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.