VSH VISHAY INTERTECHNOLOGY INC
Price Chart
Executive Summary
Vishay reported Q1 2026 revenue of $839.2M (beat $822.8M consensus) and GAAP EPS of $0.05 (beat $0.03 consensus), with gross margin expanding to 21.0% from 19.0% YoY. The company guided Q2 2026 revenue to $875M-$905M and gross margin of 22.0% +/- 50bps, signaling continued operational improvement. The 1.34 book-to-bill ratio (a three-year high) and 5.7-month backlog confirm accelerating demand across semiconductor and passive component end markets.
Key Financial Metrics
Actionable Insight
Vishay is in the early stages of a cyclical upswing with strong demand signals (1.34 book-to-bill, 5.7-month backlog) and margin expansion. The Q2 guidance midpoint of $890M implies ~24% YoY revenue growth, well above the Q1 17% pace. Watch for further backlog-to-revenue conversion and gross margin progression toward the 22% guided range. The heavy capex ($110.7M in Q1) is a positive signal of capacity expansion for high-growth products.
Key Facts
- Q1 2026 revenue $839.2M vs $822.8M consensus (2.0% beat)
- GAAP EPS $0.05 vs $0.03 consensus (66.7% beat)
- Revenue grew 17.3% YoY from $715.2M in Q1 2025
- Gross margin 21.0% vs 19.0% YoY, up 200bps
- Operating income $22.1M vs $0.8M YoY, operating margin 2.6% vs 0.1%
- Book-to-bill 1.34 (semiconductors 1.47, passives 1.23) — three-year high
- Backlog 5.7 months vs 4.9 months in Q4 2025
- Q2 2026 guidance: revenue $875M-$905M, gross margin 22.0% +/- 50bps
- Free cash flow -$46.9M due to $110.7M capex (capacity expansion)
- Cash and equivalents $479.4M, long-term debt $983.1M
Financial Impact
Revenue beat consensus by $16.4M (2.0%), EPS beat by $0.02 (66.7%). Q2 guidance midpoint $890M implies 24.4% YoY growth vs Q2 2025 revenue of $715.2M.
Risk Factors
- Heavy capex ($110.7M) is consuming free cash flow (-$46.9M) — may pressure balance sheet if cycle turns
- Long-term debt $983.1M vs cash $479.4M — net debt position of ~$504M
- Tariff and trade policy uncertainty could disrupt supply chain or end-market demand
- Historical calibration shows past bullish calls on VSH underperformed — this cycle may differ given concrete demand metrics
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000103730-26-000037 |
| Document: form8-k.htm | 0000103730-26-000037 |
| Document: 0000103730-26-000037-index-headers.html | 0000103730-26-000037 |
| Document: 0000103730-26-000037-index.html | 0000103730-26-000037 |
| Document: 0000103730-26-000037.txt | 0000103730-26-000037 |
| 8-K Data (Synthetic) | 0000103730-26-000037 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 13, 2026
27d ago
|
8-K
| $38.50 $37.04 | ▼ −3.79% | ▼ −2.63% | $57.22 (+48.62%) |
|
May 13, 2026
27d ago
|
Press Release
| $38.50 $37.04 | ▼ −3.79% | ▼ −2.63% | $57.22 (+48.62%) |
|
Apr 14, 2026
8w ago
|
Press Release
| $23.76 $26.94 | ▼ −13.38% | ▼ −11.74% | $57.22 (−140.82%) |
US Market Status
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