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Vishay Intertechnology
(NYSE:VSH)
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Rating:54Neutral
Price Target:
$36.00
▲(17.42% Upside)
Action:Reiterated
Date:08/10/26
The score reflects improving fundamentals and a positive earnings outlook (strong bookings/backlog and margin progress), but is held back by weak cash generation (negative FCF expected in 2026), a weak technical trend, and a very elevated P/E that leaves little margin for execution missteps.
Positive Factors
Diversified end-market exposure
Vishay's sales are broad-based across industrial, automotive, aerospace, healthcare and telecom, reducing reliance on a single cyclical end market. Structural exposure to industrial and AI-related infrastructure supports more stable, multi-year demand and design-win opportunities that underpin recurring revenue.
Negative Factors
Weak free cash flow generation
Despite positive operating cash, free cash flow is marginally negative and has been inconsistent in recent years. Ongoing reinvestment and working-capital demands suppress cash conversion, constraining the firm's ability to self-fund growth or sustain meaningful cash returns without external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified end-market exposure
Vishay's sales are broad-based across industrial, automotive, aerospace, healthcare and telecom, reducing reliance on a single cyclical end market. Structural exposure to industrial and AI-related infrastructure supports more stable, multi-year demand and design-win opportunities that underpin recurring revenue.
Read all positive factors
Vishay Intertechnology (VSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.80B
Dividend Yield1.31%
Average Volume (3M)6.96M
Price to Earnings (P/E)118.2
Beta (1Y)2.16
Revenue Growth13.38%
EPS GrowthN/A
CountryUS
Employees22,600
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.26
Shares Outstanding141,282,010
10 Day Avg. Volume5,257,733
30 Day Avg. Volume6,962,642
Financial Highlights & Ratios
PEG Ratio3.08
Price to Book (P/B)0.94
Price to Sales (P/S)0.64
P/FCF Ratio-22.10
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$43.25Price Target Upside41.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.82
Revenue Forecast (FY)$3.69B
Vishay Intertechnology Business Overview & Revenue Model
Company Description
Vishay Intertechnology, Inc. is a global manufacturer and supplier of discrete semiconductors and passive electronic components, serving customers across Asia, Europe, and the Americas. The company organizes its operations across six primary segme...
How the Company Makes Money
Vishay primarily makes money by selling electronic components to OEMs (original equipment manufacturers), contract manufacturers/EMS providers, and distributors. Its revenue is generated from two core product groupings: (1) Passive Components (suc...
Vishay Intertechnology Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial trajectory: revenue and bookings materially beat expectations, volumes and pricing improved, margins expanded quarter-over-quarter, backlog and distribution momentum are strong, and management is aggressively investing to expand capacity for AI, automotive and industrial opportunities. Key near-term negatives include tariff-related GAAP distortions, continued cost pressures (metals/materials/logistics), elevated tax rate complexity, ongoing capital intensity with expected negative free cash flow for 2026, and dependence on foundries and qualification timing for some fabs. On balance, the positive operational momentum, margin progress, liquidity raise and clear capacity investment plans outweigh the lowlights.Positive Updates
Adjusted Revenue Beat and Strong Growth
Adjusted revenue of $919.0M in Q2 2026, above guidance; sequential growth +9.5% and year-over-year growth ~+20.5%-21% (management cited both 20.5% and 21%). GAAP revenue was $889M (difference due to $30M tariff refunds).
Negative Updates
Tariff Refunds Reduced GAAP Revenue
$30M of tariff refunds recognized in Q2 reduced GAAP revenue (GAAP $889M vs adjusted $919M); refunds are pass-through to customers and distort GAAP comparability for the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted Revenue Beat and Strong Growth
Adjusted revenue of $919.0M in Q2 2026, above guidance; sequential growth +9.5% and year-over-year growth ~+20.5%-21% (management cited both 20.5% and 21%). GAAP revenue was $889M (difference due to $30M tariff refunds).
Read all positive updates
Company Guidance
For the third quarter of 2026 Vishay guided revenue of $945 million to $975 million (midpoint implying ~21.4% YoY growth and ~4.5% sequential growth), gross margin of 24.0% ±50 basis points (achieving the company’s target a quarter earlier), depreciation of about $54 million (and $215 million for the full year), SG&A of $155 million ±$3 million, interest expense of roughly $7 million, and a GAAP effective tax rate of 35%–40%; expected share count for EPS will vary with the average stock price because of convertible debt. The company reiterated 2026 capital plans of $400 million–$440 million in CapEx (about half for the 12‑inch Germany fab), reaffirmed a policy to return at least 70% of free cash flow to shareholders, but noted it still expects negative free cash flow for 2026 due to capacity investments.Vishay Intertechnology Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
70
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.16B | 3.07B | 2.94B | 3.40B | 3.50B | 3.24B |
| Gross Profit | 871.25M | 594.88M | 626.29M | 974.49M | 1.06B | 887.91M |
| EBITDA | 364.44M | 288.90M | 235.74M | 676.91M | 774.63M | 619.18M |
| Net Income | 35.56M | -8.98M | -31.15M | 323.82M | 428.81M | 297.97M |
Balance Sheet | ||||||
| Total Assets | 5.16B | 4.23B | 4.11B | 4.24B | 3.87B | 3.54B |
| Cash, Cash Equivalents and Short-Term Investments | 1.30B | 515.23M | 606.42M | 1.01B | 916.10M | 920.85M |
| Total Debt | 1.10B | 1.17B | 1.03B | 947.50M | 634.75M | 579.04M |
| Total Liabilities | 2.24B | 2.15B | 2.08B | 2.04B | 1.82B | 1.80B |
| Stockholders Equity | 2.91B | 2.09B | 2.03B | 2.20B | 2.05B | 1.74B |
Cash Flow | ||||||
| Free Cash Flow | -6.96M | -88.98M | -146.38M | 36.29M | 158.98M | 238.73M |
| Operating Cash Flow | 346.03M | 184.31M | 173.70M | 365.70M | 484.29M | 457.10M |
| Investing Cash Flow | -353.54M | -257.93M | -512.46M | -72.85M | -528.93M | -230.48M |
| Financing Cash Flow | 834.80M | -19.66M | -35.40M | 61.06M | -101.02M | -58.81M |
Vishay Intertechnology Technical Analysis
Negative
30.66
Price Trends
41.40
Negative
39.75
Negative
28.19
Positive
Market Momentum
-2.43
Negative
38.09
Neutral
13.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VSH, the sentiment is Negative. The current price of 30.66 is below the 20-day moving average (MA) of 33.45, below the 50-day MA of 41.40, and above the 200-day MA of 28.19, indicating a neutral trend. The MACD of -2.43 indicates Negative momentum. The RSI at 38.09 is Neutral, neither overbought nor oversold. The STOCH value of 13.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VSH.
Vishay Intertechnology Risk Analysis
Vishay Intertechnology disclosed 20 risk factors in its most recent earnings report. Vishay Intertechnology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vishay Intertechnology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $8.42B | 73.04 | 10.96% | ― | 18.01% | 161.14% | |
70 Outperform | $4.42B | 38.41 | 13.55% | 0.81% | 44.44% | 2283.94% | |
69 Neutral | $8.20B | 7.67 | 32.04% | 0.74% | 69.56% | 260.84% | |
66 Neutral | $4.28B | 48.16 | 4.53% | ― | 17.80% | 36.28% | |
63 Neutral | $3.05B | 120.63 | 3.72% | 1.34% | 1.56% | -23.60% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $4.80B | 118.24 | 1.55% | 1.05% | 13.38% | ― |
* Technology Sector Average
VSH
Vishay Intertechnology
30.66
15.30
99.58%
DIOD
Diodes
90.54
34.72
62.20%
FORM
Formfactor
108.10
78.56
265.94%
KLIC
Kulicke & Soffa
84.88
47.62
127.80%
POWI
Power Integrations
54.90
9.37
20.59%
SIMO
Silicon Motion
263.11
181.48
222.32%
Vishay Intertechnology Corporate Events
Business Operations and StrategyFinancial Disclosures
Vishay Intertechnology Reports Strong Q2 2026 Results
Positive
Aug 5, 2026
Vishay reported fiscal second-quarter 2026 results on August 5, 2026, posting GAAP revenue of $888.6 million and adjusted revenue of $918.6 million, with gross margin at 23.3% and operating margin at 6.0%. The quarter delivered diluted EPS of $0.1...
Business Operations and StrategyPrivate Placements and Financing
Vishay Intertechnology Notes Become Convertible After Stock Surge
Positive
Jul 6, 2026
On July 6, 2026, Vishay Intertechnology announced that its 2.25% convertible senior notes due 2030 became convertible at the option of holders for the period from July 5 to October 3, 2026, after the company’s share price exceeded 130% of th...
Business Operations and StrategyPrivate Placements and Financing
Vishay Intertechnology Announces Major Common Stock Offering
Positive
Jul 1, 2026
On June 29, 2026, Vishay Intertechnology entered into an underwriting agreement with J.P. Morgan Securities and other banks to sell 15 million shares of common stock at $50 per share, with underwriters exercising in full a 30‑day option on J...
Business Operations and StrategyExecutive/Board ChangesDividendsShareholder Meetings
Vishay Shareholders Expand Incentive Plan and Maintain Dividend
Positive
May 18, 2026
At its May 18, 2026 annual meeting, Vishay Intertechnology shareholders approved an amendment to the company’s 2023 Long-Term Incentive Plan, doubling the shares available for issuance to about 12 million, extending the plan’s term by ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.