Vishay Intertechnology : 2026 Q1 Presentation Financials and Metrics

Published: 2026-05-13 07:20:11 ET VSH

Published on 05/13/2026 at 07:20 am EDT

May 13, 2026

‌NOTES ON FORWARD-LOOKING STATEMENTS

Comments in this presentation other than statements of historical fact may constitute forward-looking statements. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" 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. Factors that could cause actual results to materially differ are described in our filings with the U.S. Securities and Exchange Commission, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, specifically in the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors ." The Company undertakes no obligation to update any forward-looking statements.

NON-GAAP FINANCIAL MEASURES

Management uses measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP") to evaluate its business and may refer to such measures in this presentation. These measures are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures are intended to supplement our GAAP measures of performance and liquidity. These non-GAAP measures may include: adjusted net earnings, adjusted gross income, adjusted gross margin, adjusted operating income, adjusted operating margin, adjusted earnings per share, free cash, EBITDA, adjusted EBITDA, and EBITDA margin.

"Adjusted net earnings" is net earnings (loss) determined in accordance with GAAP, adjusted for various items that Management believes are not indicative of the intrinsic operating performance of the Company, such as favorable resolution of contingencies, goodwill impairment charges, restructuring and severance costs, losses on early extinguishment of debt, and other significant charges or credits that are important to understanding our intrinsic operations.

Reconciling items to arrive at adjusted net earnings are more fully described in the Company's annual report on Form 10-K and its

quarterly reports on Forms 10-Q.

"Adjusted gross profit" is gross profit determined in accordance with GAAP (net revenues less costs of products sold and certain other period costs), adjusted to exclude items that Management believes are not indicative of the intrinsic operating performance of the Company, such as losses on purchase commitments, and unusual inventory write-downs. The measurement is used by Management to evaluate the performance of our business segments, as well the business as a whole. Reconciling items to arrive at adjusted gross margin are also considered in the calculation of adjusted operating margin and adjusted net earnings. Such reconciling items are more fully described in the Company's annual report on Form 10-K and its quarterly reports on Forms 10-Q.

"Adjusted gross margin" is "adjusted gross profit" expressed as a percentage of net revenues.

"Adjusted operating income" is operating income determined in accordance with GAAP, adjusted for items that Management believes are not indicative of the intrinsic operating performance of the Company. The measurement is used by Management to evaluate our performance. Reconciling items to arrive at adjusted gross profit are also considered in the

calculation of adjusted operating income; and reconciling items to arrive at adjusted operating margin are also considered in the calculation of adjusted net earnings. Such reconciling items are more fully described in the Company's annual report on Form 10-K and its quarterly reports on Forms 10-Q.

"Adjusted operating margin" is "adjusted operating income" expressed as a percentage of net revenues.

"Adjusted earnings per share" is "adjusted net earnings" divided by the weighted average diluted shares outstanding for a period, adjusted for the effect of reconciling items, if applicable, on the diluted weighted average shares outstanding. For example, some potential common shares which are anti-dilutive to the computation of GAAP earnings per share may be dilutive after considering reconciling items.

"Free cash" is cash generated from operations in excess of our capital expenditure needs and net of proceeds from the sale of assets. Management uses this measure to evaluate our ability to fund acquisitions, repay debt, and otherwise enhance stockholder value through stock buy-backs or dividends.

"EBITDA" is earnings before interest income and expense, provision for income taxes, depreciation

expense, and amortization expense. Management believes that EBITDA provides additional information with respect to a company's performance and ability to meet its future capital expenditures and working capital requirements, particularly when evaluating acquisition targets.

"Adjusted EBITDA" is EBITDA adjusted for relevant reconciling items used to calculate adjusted net earnings (described above).

Adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under our revolving credit facility.

"Adjusted EBITDA Margin" is "adjusted EBITDA" divided by net revenues.

These measures do not have uniform definitions and accordingly, these measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Such measures should not be viewed as alternatives to GAAP measures of performance or liquidity.

However, Management believes such measures are meaningful to an evaluation of our business, as described above.

‌Revenue Mix

By End Market

Broad based demand growth

In the Americas, customers ramping up production for projects supporting AI infrastructure

Bookings strong in Europe for capacitors

from smart grid customers

INDUSTRIAL

+ 7% QoQ

OTHER

- 0% QoQ

+ 22% YoY

+ 26% YoY

+ 3% QoQ

AE R O / D E F E N SE

OEM demand in the Americas and Europe,

reflecting hybrid and EV program starts

Order intake increased In Asia to support new vehicle program launches

Vishay is top supplier of resistors to OEMs launching next EV platforms

AU T O M O T I V E

+ 14% QoQ

+ 11% YoY

11%

10%

11%

15%

16%

14%

34%

36%

35%

34%

+ 17% YoY

China AI related revenue flat due to Lunar New Year

Orders reflect continued adoption of passive technologies for AI power management

Increased activity from telecom customers

US government funding availability drove sales and orders; significant opportunities ahead

Strong bookings in Europe and Asia as programs ramp up production

H E ALT H C AR E

+ 5% QoQ + 11% YoY

Sales increased due to ongoing demand from long-standing customers

Continued cross-selling semis and passives

INDUSTRIAL

AUTOMOTIVE

OTHER*

HEALTHCARE

AERO/DEFENSE

* Power Supplies, Telecom,

Consumers, Computing

1Q26

4Q25

1Q25

Strong demand from automotive, aerospace/defense and medical in the Americas

OEM

38%

37%

39%

57%

55%

54%

‌Revenue Mix

By Sales Channel

POS up 10.7% QoQ and 24.9% YoY

Sales reflect both increased consumption and some inventory replenishment

Inventory at 20 weeks vs 26 weeks

PY reflecting strategy to increase SKUs

DISTRIBUTION

+ 2% QoQ

E M S

+ 14% QoQ

+ 19% YoY

+ 22% YoY

+ 7% QoQ

+ 14% YoY

Strong sales due to capacity

expansion, supplying aerospace/defense and industrial demand momentum

Book-to-bill in the Americas of 1.45

Fastest growing channel in Europe

1Q26

4Q25

1Q25

DISTRIBUTION OEM EMS

ASI A

‌Revenue Mix

By Region

EUROPE

+ 15% QoQ

+ 16% YoY

- 5% QoQ

+ 18% YoY

Strongest revenue growth, reflecting recovery in industrial segments, particularly renewable energy and factory automation

Strong automotive and telecom demand

Sales decline due to Lunar New Year and shipments pulled into Q4 partially offset by strong AI-related product demand

AM E R I C AS

+ 9% QoQ + 18% YoY

Industrial demand strengthening

Significant aerospace/defense demand for capacitors

1Q26

4Q25

1Q25

36%

32%

35%

40%

44%

24%

25%

EUROPE ASIA AMERICAS

GROSS MARGIN

21.0%

1Q 2026 REVENUES

$839.2 M

EPS

$0.05

1Q 2026 BOOK-TO-BILL

1.34

SEMICONDUCTORS

1.47 FOR

1.23

FOR PASSIVE

COMPONENTS

BACKLOG AT QUARTER END

5.7 months

‌1Q 2026 Highlights

TOTAL REVENUES ($M)

850

839.2

800

800.9

750

715.2

700

650

600

550

500

1Q26

4Q25

1Q25

‌1Q 2026

Income Statement Highlights

Gross Margin

21.0%

SG&A

Expenses

$154.5 M

Operating Margin

2.6%

EBITDA

Margin

9.3%

Effective Tax Rate

44.3%

EPS

$0.05

‌Segment Results ($M)

MOSFETs

REVENUES

GROSS MARGIN

BOOK TO BILL

1Q 2026

174.0

12.9%

1.57

4Q 2025

172.6

13.8%

1.48

1Q 2025

142.1

8.2%

1.32

DIODES

REVENUES

GROSS MARGIN

BOOK TO BILL

1Q 2026

163.7

21.3%

1.35

4Q 2025

154.2

20.3%

1.09

1Q 2025

141.0

19.9%

0.99

OPTO

REVENUES

GROSS MARGIN

BOOK TO BILL

1Q 2026

58.9

18.6%

1.48

4Q 2025

55.7

15.0%

1.12

1Q 2025

51.2

20.9%

0.90

RESISTORS

REVENUES

GROSS MARGIN

BOOK TO BILL

1Q 2026

203.7

22.0%

1.26

4Q 2025

189.4

19.4%

1.05

1Q 2025

179.5

22.5%

1.00

INDUCTORS

REVENUES

GROSS MARGIN

BOOK TO BILL

1Q 2026

92.2

31.8%

1.31

4Q 2025

92.6

29.8%

1.07

1Q 2025

84.1

20.9%

1.02

CAPACITORS

REVENUES

GROSS MARGIN

BOOK TO BILL

1Q 2026

146.7

23.4%

1.13

4Q 2025

136.5

21.3%

1.30

1Q 2025

117.4

23.2%

1.13

‌Cash Conversion Cycle

DSO

DIO

DPO

CASH CONVERSION CYCLE

130

120

110

100

116

125

129

1Q26 4Q25 1Q25

110

106

107

110

100

1Q26 4Q25 1Q25

‌Cash Flow Generation

CASH FLOW FROM OPERATIONS ($/M)

CAPEX ($/M)

160

140

120

100

-20

(8.8)

2025

2026

1Q 4Q 3Q 2Q 1Q

300

149.4

63.7

27.6

16.1

200

100

231.9

109.6

TTM 2026

TTM 2025

140

120

100

322.4

328.6

2025

2026

1Q 4Q 3Q 2Q 1Q

400

110.7

94.8

64.6

61.6

52.3

300

200

100

TTM 2026

TTM 2025

FREE CASH FLOW ($/M) STOCKHOLDER RETURNS ($/M)

100

(50)

(100)

(89.6)

(216.4)

1Q 4Q 3Q 2Q 1Q

(40)

54.9

(24.3)

(46.9)

(45.2)

(73.2)

(90)

(140)

(190)

(240)

TTM

13.6

13.6 13.6

26.1

2025

2026

1Q 4Q 3Q 2Q 1Q

120

100

104.9

54.3

TTM 2026

TTM 2025

2025

2026

2025

Stock Repurchases Dividends

$155 M

+/- $3 M

SG& A

GROSS MARGIN

‌Guidance 2Q 2026

$875-905 M

REVENUE

22.0%

+/- 50 bps

~40-50%

NORMALIZED

EFFECTIVE TAX RATE

$400-440 M

CAPEX 2026

‌Strategic Growth Levers

SERVED MARKETS

Internal Capacity

Expansion

External Capacity

Expansion

Optimizing Global

Manufacturing Footprint

Increased

Technical Headcount

Broaden our Portfolio

Enhanced

Channel Management

Innovation

Vishay Solutions

M&A

‌Appendix

1Q 2026 Earnings Conference Call

‌Product Type 2025

51%

16%

26%

48%

33%

26%

18%

small number of competitors with similar products (qualifications such as automotive, military, UL)

C E R T I F I E D P R O D U C T S

100%

45%

37%

80%

60%

C O M M O D I T Y P R O D U C T S

completely interchangeable with competitors'

products

40%

20%

C U ST O M PRODUCTS

designed for and sold to a specific customer

Vishay Total Passives Semiconductors

CERTIFIED COMMODITY CUSTOM

‌Trusted by…

OEM

D I ST RI B U T I O N

EM S

‌We are proud to be the go-to manufacturer for engineers to innovate with ease and confidence that The DNA of tech® is behind them all the way.

DISCRETE SEMICONDUCTORS

LOWEST VOLTAGE DIODE

In power applications, we can supply

of your BOM in

power applications

‌Investing in

Invested $0.9 billion, 2023-2025

70% of CapEx

in capacity expansion

Focused on

growth product lines

RESULTS

Reliably supply customers Re-engage with inactive customers

Capital Capital Intensity (%)

Drive new customer engagement

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E

100

200

300

12%

400

9-13%

5-9%

$/M

‌P&L

IN MILLIONS (Except Per Share Amounts)

1Q 2026

4Q 2025

1Q 2025

Net Revenues

$839.2

$800.9

$715.2

Cost of Products Sold

662.6

644.1

579.7

Gross Profit

176.6

156.8

135.6

Gross Margin

21.0%

19.6%

19.0%

SG&A

154.5

142.0

134.7

Operating Income

22.1

14.8

0.8

Operating Margin

2.6%

1.8%

0.1%

Other Income (Expense):

Interest Expense

(10.0)

(9.7)

(8.8)

Other

0.7

0.5

3.7

Total Other Income (Expense) - Net

(9.3)

(9.2)

(5.0)

Income (Loss) Before Taxes

12.9

5.6

(4.2)

Income Tax Expense (Benefit)

5.7

4.6

(0.1)

Net Earnings (Loss)

$7.2

$1.0

($4.1)

Diluted Earnings (Loss) Per Share

$0.05

$0.01

($0.03)

Weighted Average Shares Outstanding - Diluted

137.5

136.7

135.8

Cash Dividends Per Share

$0.10

‌Reconciliation of Free Cash

IN MILLIONS

1Q 2026

4Q 2025

1Q 2025

Net Cash Provided by Operating Activities

$63.7

$149.4

$16.1

Proceeds From Sale of Property and Equipment

0.1

0.3

Less: Capital Expenditures

(110.7)

(94.8)

(61.6)

Free Cash

($47.0)

$54.9

($45.2)

‌Reconciliation of EBITDA

IN MILLIONS

1Q 2026

4Q 2025

1Q 2025

Net Earnings (Loss)

$7.2

$1.0

($4.1)

Interest Expense

$10.0

$9.7

$8.8

Interest Income

(3.0)

(2.8)

(3.9)

Income Taxes

5.7

4.6

(0.1)

Depreciation and Amortization

58.2

57.7

53.8

EBITDA

$78.0

$70.3

$54.5

EBITDA Margin **

9.3%

8.8%

7.6%

**EBITDA as a percentage of net revenues

‌Vishay

Disclaimer

Vishay Intertechnology Inc. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 11:19 UTC.