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what it is
Vishay makes the electronic parts that help devices store, switch, and measure power.
how it gets paid
Last year Vishay Intertech made $3.1B in revenue. Distributors was the main engine at $1.74B, or 56% of sales.
why it's growing
Revenue grew 4.5% last year. Demand across the board has picked up with healthy booking activity.
what just happened
-$0.07 EPS, while revenue landed at $2.3B.
At a glance
B+ balance sheet — decent shape, but not bulletproof
35/100 earnings predictability — expect surprises
16.8x trailing p/e — the market's not buying it — or you found a deal
2.4% dividend yield — cash in your pocket every quarter
9.5% return on capital — nothing to write home about
xvary composite: 55/100 — below average
What they do
Vishay makes the electronic parts that help devices store, switch, and measure power.
Vishay lives in the boring parts that still have to work. You cannot ship a device without resistors, capacitors, inductors, diodes, and sensors, and Vishay says it is the world's number one maker of rectifiers, glass diodes, and infrared components. With 74% of revenue overseas and 56% sold through distributors, your sales reach is wide even when one factory slows.
How they make money
$3.1B
annual revenue · their business grew +4.5% last year
Distributors
$1.74B
OEMs
$1.15B
EMS
$0.22B
The products that matter
manufactures power and switching components
Discrete Semiconductors
part of the $3.1B business
These parts sit inside automotive and industrial systems, and they rise and fall with the same cyclical demand that drives the rest of the $3.1B revenue base.
cycle exposed
supplies resistors, capacitors, and related parts
Passive Components
part of the $3.1B business
This is bread-and-butter component demand. It matters because the business needs volume to protect margins, and a 3.8% net margin leaves very little room for underused factories.
volume matters
sells into auto and industrial applications
Automotive & Industrial End Markets
drives most of the story
Management called out 3.2% sequential industrial growth, stronger Asia automotive demand, and rising AI infrastructure demand. If those signals stick, they matter more than any product label on the slide deck.
watch demand
Key numbers
$3.1B
annual revenue
This is the scale. It is big enough to matter and small enough to get punched by a weak cycle.
19.3%
gross margin
You keep 19.3 cents on the dollar before overhead. Compare that with 1.9% operating margin, and the cost pile gets loud.
1.9%
operating margin
Only 1.9 cents on each dollar becomes operating profit. That is thin air for a $2B market cap company.
$951M
long debt
Debt this size is 29% of capital, so rate moves bite harder than they do at cash-rich peers.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $951M (29% of capital)
- net profit margin 6.9% — keeps 7 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in VSH 3 years ago → it's now worth $8,260.
The index would have given you $14,540.
source: institutional data · total return
What just happened
missed estimates
-$0.07 EPS, while revenue landed at $2.3B.
EDGAR shows the latest quarter with revenue at $2.3B and EPS at -$0.07. Full-year revenue was $3.1B, up 4.5% vs. prior year, and gross margin was 19.3%.
$2.3B
revenue
$0.07
eps
19.3%
gross margin
the number that mattered
The ugly number is -$0.07 EPS. You got a $2.3B revenue quarter and still lost money.
-
vishay intertechnology gained momentum in the 2025 fourth quarter.
-
industrial segment revenues expanded 3.2% sequentially with higher shipments of high-voltage dc power capacitors for smart-grid projects.
-
ai-related infrastructure also provided a demand tailwind.geographically, asia drove most of the vs. prior year top-line growth with a strong automotive industry. the higher number of solutions per vehicle has more than offset the headwinds tied to muted end-market demand. meanwhile, the company’s bottom line was under pressure due to elevated metal costs and continued issues with its newport fabrication site.
-
we are cautiously optimistic for a better 2026 performance.
-
demand across the board has picked up with healthy booking activity.
source: company earnings report, 2026
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What could go wrong
the #1 risk is automotive and industrial demand rolling over again.
med
end-market demand slips again
Vishay sells into cyclical automotive and industrial channels. When customers slow orders, volume drops fast and pricing rarely saves you.
100% of the $3.1B revenue base sits inside that demand backdrop.
med
thin profitability leaves no cushion
A 3.8% net margin from last year already leaves little room for mistakes. The latest quarter showed what happens when utilization slips: net margin went to -1.0%.
This is a business where small operating misses can erase most of the profit pool.
med
bookings improve but revenue does not
Management pointed to healthier booking activity and better fourth-quarter momentum. If those signals fail to convert into reported sales and EPS, the recovery thesis weakens quickly.
At roughly 33.6x the $0.50 FY2026 EPS estimate, you need better earnings to justify patience.
A renewed slowdown would hit the whole company, because all $3.1B of revenue is tied to cyclical component demand and the current margin structure is already thin.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
positive eps, not just better sentiment
The cleanest proof of recovery would be a move from last quarter's -$0.06 EPS back into sustained positive earnings.
trend
industrial growth holding above one quarter
Industrial revenue rose 3.2% sequentially. One quarter is a signal. Two or three starts to look like a trend.
risk
asia automotive staying firm
Asia automotive has been one of the brighter spots. If that softens, the bear case gets simpler fast.
calendar
2026 guidance versus booking commentary
Management says bookings improved and 2026 looks better. The next few updates need to show whether that confidence survives contact with reported numbers.
Analyst rankings
short-term outlook
average
Momentum score 3. In human-speak, analysts are not seeing a clear short-term edge yet.
risk profile
average
Stability score 3 means this sits near the middle of the pack on risk. Not a bunker stock. Not chaos either.
chart momentum
top 5%
Technical score 1 is the highest rating. The chart looks stronger than the business right now. Welcome to cyclical stocks.
earnings predictability
35 / 100
Low predictability means the quarter-to-quarter numbers can move around a lot. That fits the recent results.
source: institutional data
Institutional activity
88 buyers vs. 112 sellers in 4q2025. total institutional holdings: 0.1B shares.
source: institutional data
Price targets
3-5 year target range
$6
$23
$17
current price
$15
target midpoint · 11% from current · 3-5yr high: $30 (+80% · 17% ann'l return)
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