Vishay Intertechnology’s fourth quarter saw a positive market reaction, with management attributing growth to strong demand in industrial power and AI-related applications, as well as a recovery in automotive and distribution channels. CEO Joel Smejkal noted that “orders for the fourth quarter are at a three-year high across all main product technologies, except capacitors,” highlighting broad-based momentum. Management credited the company’s expanded capacity and customer engagement initiatives for enabling Vishay to capture new business, particularly in Asia and across high-growth segments like smart grid infrastructure and automotive electronics.
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Vishay Intertechnology (VSH) Q4 CY2025 Highlights:
- Revenue: $800.9 million vs analyst estimates of $795.7 million (12.1% year-on-year growth, 0.7% beat)
- Adjusted EPS: $0.01 vs analyst estimates of $0.02 (in line)
- Adjusted EBITDA: $72.49 million vs analyst estimates of $67.71 million (9.1% margin, 7.1% beat)
- Revenue Guidance for Q1 CY2026 is $815 million at the midpoint, above analyst estimates of $805.6 million
- Operating Margin: 1.8%, up from -7.9% in the same quarter last year
- Inventory Days Outstanding: 107, down from 109 in the previous quarter
- Market Capitalization: $2.62 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Vishay Intertechnology’s Q4 Earnings Call
Peter Peng (JPMorgan) asked whether market growth expectations had changed, given Vishay’s rising book-to-bill ratio. CEO Joel Smejkal reiterated that expectations remain for mid to high single-digit growth across key end markets, and the company aims to outperform the overall market.
Peter Peng (JPMorgan) inquired about gross margin trends amid higher materials costs. Smejkal and CFO David McConnell explained that price increases and less severe ASP declines are expected to help margins, though metals and the Newport fab impact will remain factors.
Shadi Mottwali (Needham & Company) questioned the automotive demand environment and whether capacity gains are translating to share gains. Smejkal described share gains in MOSFETs and diodes, driven by expanded capacity and deeper collaboration with automotive customers.
Shadi Mottwali (Needham & Company) asked if memory price increases were affecting customer conversations. Smejkal said memory availability is being monitored closely, but Vishay’s end markets are less exposed than consumer electronics, so no adverse revenue impact is expected.
Ruplu Bhattacharya (Bank of America) requested details on capital allocation, buybacks, and M&A. McConnell confirmed dividends will continue but buybacks are unlikely in the near term due to negative free cash flow, while Smejkal noted M&A remains a future option as capital spending peaks.
Catalysts in Upcoming Quarters
In the coming quarters, our analyst team will focus on (1) the execution of capacity expansion projects, especially at the 12-inch wafer fab, (2) the pace of customer qualifications—particularly in automotive—and resulting share gains, and (3) the rollout and customer adoption of new silicon carbide and high-voltage products. Progress on margin improvement and the ability to manage input cost pressures will also be monitored for signs of sustainable profitability.
Vishay Intertechnology currently trades at $19.46, down from $20.74 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).
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