Core Insights - Vishay Intertechnology reported a strong fourth quarter with a revenue of $801 million, slightly above guidance and up 1.3% sequentially, driven by broad-based growth in industrial power and AI-related applications [4][7][10] - The company experienced a backlog increase of nearly 14% to $1.3 billion, with a book-to-bill ratio of 1.2, indicating strong demand across various segments [1][7] - Management highlighted the visibility of its "Vishay 3.0" initiatives, with orders reaching a three-year high across most product technologies, reflecting improved customer engagement [2][5] Financial Performance - Revenue for Q4 was $801 million, up 1.3% from the previous quarter and 12% year-over-year, primarily driven by volume increases and favorable foreign currency impacts [10][11] - Gross profit was reported at $157 million, resulting in a gross margin of 19.6%, slightly above guidance, despite pressures from elevated material costs [11] - SG&A expenses increased to $142 million, attributed to higher compensation, R&D spending, and legal costs [12] Market Trends - Demand in the automotive sector saw a sequential revenue decline of 3.4%, while Asia automotive revenue increased, indicating regional variations in market performance [8] - Industrial power revenue rose 3.2%, supported by higher shipments related to smart grid infrastructure projects and new industrial programs [8] - By channel, OEM revenue increased by 1.1%, EMS revenue rose by 1.4%, and distribution revenue also increased by 1.4%, with Asia being the largest contributor [9] Capital Expenditure and Future Outlook - Vishay expects capital expenditures to peak in 2026 at $400–440 million, primarily for 12-inch fab investments, while anticipating negative free cash flow due to expansion plans [6][19] - The company plans to return at least 70% of free cash flow to shareholders when available, despite the expected negative cash flow in 2026 [18] - Management guided for Q1 2026 revenue between $800 million and $830 million, with expectations of lower Asia revenue due to Lunar New Year timing [15] Product and Technology Developments - The company highlighted progress in product development, including the release of new silicon carbide MOSFETs aimed at industrial and automotive applications [19] - Management noted ongoing discussions for smart grid infrastructure projects expected to enter production in 2026, indicating a focus on long-term growth opportunities [8][19] Industry Growth and Pricing Strategy - Management maintained that industry growth remains in the mid- to high-single-digit range, with Vishay aiming to outperform this growth [20] - The company implemented price increases tied to rising metals costs starting in Q4, with further actions under evaluation to address pricing pressures [20]

Core Insights - Vishay Intertechnology, Inc. (VSH) reported lower-than-expected earnings for Q4 2025, with earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.02 per share, although this is an improvement from the previous year's break-even earnings [1][9] - The company's revenues for Q4 2025 were $800.9 million, exceeding the Zacks Consensus Estimate of $790 million, and reflecting a year-over-year increase of 12.1% [2][9] Revenue Breakdown - Revenues from MOSFETs, which account for 21.6% of total revenues, were $172.6 million, up 17.7% year-over-year, with a book-to-bill ratio of 1.48 [3] - Diodes generated $154.2 million in revenue (19.3% of total), marking a 9.1% increase year-over-year, with a book-to-bill ratio of 1.09 [4] - Optoelectronics revenues were $55.7 million (7% of total), up 18.8% year-over-year, with a book-to-bill ratio of 1.12 [4] - Resistors contributed $189.4 million (23.6% of total), rising 7% year-over-year, with a book-to-bill ratio of 1.05 [5] - Inductors generated $92.6 million (11.6% of total), up 11% year-over-year, with a book-to-bill ratio of 1.07 [5] - Capacitors accounted for $136.5 million (16.5% of total), increasing 14.4% year-over-year, with a book-to-bill ratio of 1.30 [5] Financial Performance - Adjusted EBITDA for Q4 was $70.3 million, reflecting a 6.2% year-over-year increase, while the adjusted EBITDA margin contracted by 50 basis points to 8.8% [6] - The operating margin improved to 1.8% from a negative 7.9% in the same quarter last year [6] Balance Sheet and Cash Flow - As of December 31, 2025, cash and cash equivalents stood at $515.2 million, up from $444.1 million as of September 27, 2025 [7] - Long-term debt increased to $950.9 million as of September 27, 2025, compared to $919.7 million previously [7] - Operating cash flow for Q4 was $149.4 million, with free cash flow at $54.9 million [7] Q1 2026 Guidance - For Q1 2026, VSH expects revenues between $800 million and $830 million, with the Zacks Consensus Estimate at $797.9 million, indicating an 11.6% year-over-year increase [8] - The anticipated gross profit margin is 19.9% (+/- 50 basis points), with earnings expected to be $0.10 per share, a significant improvement from a loss of $0.03 in the same quarter last year [8]

Core Insights - Vishay Intertechnology, Inc. has launched four new power inductors that outperform competitors in smaller footprints and higher efficiency [1][2] Product Specifications - The new inductors are available in two case sizes: 0806 (2.0 mm x 1.6 mm x 1.2 mm) and 1210 (3.2 mm x 2.5 mm x 1.2 mm) [1] - The inductance values range from 0.24 µH to 4.70 µH, with typical DCR as low as 6.6 mΩ for the IHLL-0806AZ-1Z and IHLL-1210AB-1Z models [2][5] - The devices are designed to operate at temperatures up to +165 °C, which is 10 °C higher than the nearest competing inductor [2] Performance Features - The inductors feature a robust powdered iron body that eliminates air gaps and provides magnetic shielding, enhancing performance over ferrite-based technologies [3] - They are packaged in a lead-free, shielded composite construction that minimizes noise and offers high resistance to thermal and mechanical shocks [3] Applications - The inductors are suitable for a variety of applications including DC/DC converters, noise suppression, and filtering [4] - Specific applications include automotive infotainment, navigation systems, and medical devices, among others [4] Compliance and Availability - The new inductors are RoHS-compliant, halogen-free, and classified as Vishay Green [4] - Samples and production quantities are currently available with a lead time of 10 weeks [5]

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $801 million, slightly above the midpoint of guidance and a 1.3% increase from the third quarter [4][18] - Gross profit was $157 million, resulting in a gross margin of 19.6%, which is modestly above both the midpoint of guidance and the previous quarter [18][19] - GAAP earnings per share was $0.01, compared to a loss of $0.06 in the third quarter and a loss of $0.49 in the fourth quarter of 2024 [21] Business Line Data and Key Metrics Changes - Automotive revenue decreased by 3.4% compared to the third quarter, primarily due to lower pull rates during the holiday weeks [9] - Industrial power revenue increased by 3.2%, driven by shipments of high voltage DC power capacitors and inventory replenishment [10] - Aerospace and defense revenue was slightly down by 1.2%, reflecting the impact of the U.S. government shutdown [12] - Healthcare revenue remained flat compared to the third quarter, with fluctuations tied to customer program milestones [13] - Revenue in the "other" category grew by 10.6%, driven by increased production for AI power management applications [13] Market Data and Key Metrics Changes - Revenue growth for the quarter came entirely from Asia, which grew by 3.6%, while the Americas and Europe were essentially flat due to year-end holiday slowdowns [16] - The book-to-bill ratio ended the quarter at 1.2, up from 1.15 at the end of October [7] - Orders from OEM, distribution, and EMS channels reached three-year highs, indicating strong demand across all regions and technologies [5][6] Company Strategy and Development Direction - The company is executing a five-year strategic plan aimed at driving faster revenue growth, raising profitability, and enhancing capital returns [30] - Significant investments are being made in capacity expansion, particularly at the 12-inch fab, with expected CapEx between $400 million and $440 million for 2026 [30][31] - The company is focusing on innovation, including the release of new products and solutions, particularly in silicon carbide technology for automotive applications [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining capacity readiness to fulfill rising demand and expects revenue to increase each quarter in 2026 [34] - The company anticipates mid to high single-digit growth across its key market segments, including industrial power, automotive, aerospace defense, AI, and healthcare [38] - Management noted that customer program visibility is improving, with shippable backlog developing for key markets [34] Other Important Information - The company generated $149 million in operating cash for the fourth quarter, including $62 million from the securitization of accounts receivable [23] - Total CapEx for the quarter was $95 million, with $75 million designated for capacity expansion projects [24] - The company plans to maintain its dividend policy, returning at least 70% of free cash flow to shareholders, despite expecting negative free cash flow due to capacity expansion plans [28][62] Q&A Session Summary Question: What is the current view on industry growth expectations? - Management maintains a view of mid to high single-digit growth across various market segments, including industrial power and automotive [38] Question: How are gross margins expected to trend? - Management indicated that annual contractual negotiations have resulted in less price decrease than historical trends, and they are implementing price increases due to rising material costs [40][41] Question: What is the outlook for automotive demand? - Management noted gains in market share and increasing volumes in automotive, driven by technology developments in electrification and ADAS [46][52] Question: Can you provide details on CapEx and OpEx plans? - The company plans to spend between $400 million and $440 million in CapEx for 2026, focusing on capacity expansion and targeted projects [56][60] Question: Is M&A being considered? - Management stated that M&A is always on the table, with ongoing evaluations in both passive and active segments [63]

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $801 million, slightly above the midpoint of guidance and a 1.3% increase from the previous quarter [4][18] - Gross profit was $157 million, resulting in a gross margin of 19.6%, which is modestly above both the midpoint of guidance and the third quarter [18][19] - GAAP earnings per share was $0.01, compared to a loss of $0.06 in the third quarter and a loss of $0.49 in the fourth quarter of 2024 [21] Business Line Data and Key Metrics Changes - Automotive revenue decreased by 3.4% compared to the third quarter, while industrial power revenue increased by 3.2% [9][10] - Revenue in the healthcare segment was flat compared to the third quarter, with Europe experiencing its strongest quarter in three years [12][13] - The "other" category saw a revenue growth of 10.6% due to increased production for AI power management applications [13] Market Data and Key Metrics Changes - Revenue growth for the quarter came entirely from Asia, which grew by 3.6%, while the Americas and Europe were essentially flat due to year-end holiday slowdowns [16] - The book-to-bill ratio was 1.2, up from 1.15 at the end of October, indicating strong order growth across all regions and channels [7][8] - Backlog at quarter end was $1.3 billion, equating to approximately 4.9 months of sales [8] Company Strategy and Development Direction - The company is executing a five-year strategic plan aimed at driving faster revenue growth, raising profitability, and enhancing capital returns [30] - Significant investments are being made in capacity expansion, particularly at the 12-inch fab, with expected CapEx between $400 million and $440 million for 2026 [30][31] - The company is focused on maintaining capacity readiness, growing share at existing customers, and attracting new customers [34] Management's Comments on Operating Environment and Future Outlook - Management expects mid to high single-digit growth across key market segments, including industrial power, automotive, aerospace defense, AI, and healthcare [38] - The company is optimistic about the demand for power requirements in its five growth segments and anticipates revenue increases each quarter in 2026 [34] - Management highlighted the importance of customer engagement and the positive impacts of Vishay 3.0 on revenue generation [5][34] Other Important Information - The company generated $149 million in operating cash for the fourth quarter, including $62 million from the securitization of accounts receivable [23] - Total CapEx for the quarter was $95 million, with $75 million designated for capacity expansion projects [24] - The company plans to maintain its dividend policy, returning at least 70% of free cash flow to stockholders, despite expecting negative free cash flow due to capacity expansion plans [28][62] Q&A Session Summary Question: What is the current view on industry growth expectations? - Management maintains a view of mid to high single-digit growth across various market segments, with specific expectations for automotive being flat to mid-single digit due to electronic content [38] Question: How are gross margins expected to trend? - Management indicated that annual contractual negotiations resulted in less historical ASP decline, and they have started increasing prices due to higher material costs [40][41] Question: What is the outlook for automotive demand? - Management noted gains in share through negotiations and highlighted four key technology developments driving design activity in the automotive sector [46][52] Question: Can you elaborate on CapEx and OpEx plans? - Management expects CapEx to be in the range of $400 million to $440 million, with significant investments in the 12-inch fab and other targeted projects [56][60] Question: Is M&A being considered? - Management stated that M&A is always on the table, with a focus on both passive and active segments, but no specific plans were disclosed at this time [62][63]

Financial Data and Key Metrics Changes - The company reported Q4 revenue of $801 million, slightly above the midpoint of guidance and a 1.3% increase from Q3 [4] - Revenue increased by 12% compared to Q4 2024, driven by an 11% increase in volume and a favorable foreign currency impact of 3% [18] - Gross profit was $157 million, resulting in a gross margin of 19.6%, which is modestly above both the midpoint of guidance and Q3 [18][19] - GAAP earnings per share was $0.01, compared to a loss of $0.06 in Q3 and a loss of $0.49 in Q4 2024 [20] Business Line Data and Key Metrics Changes - Automotive revenue decreased by 3.4% versus Q3, while Asia automotive revenue grew in a seasonally strong quarter [9] - Industrial power revenue increased by 3.2%, driven by shipments of high voltage DC power capacitors and inventory replenishment [10] - Aerospace and defense revenue was slightly down by 1.2%, reflecting U.S. government shutdown impacts [12] - Healthcare revenue was flat compared to Q3, with Europe experiencing its strongest quarter in three years [13] - Other category revenue grew by 10.6%, primarily due to AI power management applications [13] Market Data and Key Metrics Changes - Revenue growth for the quarter came entirely from Asia, which grew by 3.6%, while the Americas and Europe were flat due to year-end holiday slowdowns [16] - Book-to-bill ratio was 1.2, indicating strong order growth across all regions and channels [7] - Backlog at quarter end was $1.3 billion, representing 4.9 months of supply [8] Company Strategy and Development Direction - The company is executing a five-year strategic plan aimed at driving faster revenue growth and enhancing capital returns [28] - Significant investments are being made in capacity expansion, particularly at the 12-inch fab, with expected CapEx of $400 million to $440 million in 2026 [28][29] - The company is focusing on innovation, including the release of new products and solutions, particularly in silicon carbide technology for automotive applications [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining competitive lead times and securing customer trust, positioning the company for revenue growth in 2026 [32] - The company anticipates continued demand in key growth segments, with customer program visibility improving [32] - Management expects revenue for Q1 2026 to be between $800 million and $830 million, with sequential increases in all key growth segments [25] Other Important Information - The company generated $149 million in operating cash for Q4, with total CapEx for the quarter at $95 million [22] - The cash conversion cycle improved to 125 days, down from 130 days in Q3 [22] - The company plans to maintain its dividend policy, returning at least 70% of free cash flow to shareholders [27] Q&A Session Summary Question: What is the current view on industry growth expectations? - Management maintains a view of mid to high single-digit growth across key segments, including industrial power and automotive [35][36] Question: How are gross margins expected to trend? - Management indicated that annual contractual negotiations have resulted in less historical ASP decline, with price increases implemented due to higher material costs [38][39] Question: What is the outlook for automotive demand? - Management noted gains in market share and increasing volumes, particularly in technology areas such as electrification and ADAS [44][45] Question: Can you elaborate on CapEx and OpEx plans? - Management outlined a CapEx plan of $400 million to $440 million for 2026, focusing on capacity expansion and targeted projects [54][55] Question: Is M&A being considered? - Management confirmed that M&A is always on the table, with a focus on optimizing the company's footprint and exploring opportunities in both passive and active segments [62]

分组1 - Vishay Intertechnology reported quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.02 per share, compared to break-even earnings per share a year ago, representing an earnings surprise of -50.00% [1] - The company posted revenues of $800.92 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.38%, and this is an increase from year-ago revenues of $714.72 million [2] - Vishay has topped consensus revenue estimates four times over the last four quarters, indicating a consistent performance in revenue generation [2] 分组2 - The stock has added about 43.1% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.1% [3] - The current consensus EPS estimate for the coming quarter is $0.10 on $797.9 million in revenues, and for the current fiscal year, it is $0.80 on $3.25 billion in revenues [7] - The Semiconductor - Discretes industry, to which Vishay belongs, is currently in the top 2% of the Zacks industries, suggesting a favorable outlook for the sector [8]

4Q 2025 Earnings Conference Call February 4, 2026 © VISHAY INTERTECHNOLOGY, INC. ALL RIGHTS RESERVED. 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 expect ...

Revenue and Earnings - 4Q 2025 revenues reached $800.9 million, a 1.3% increase from the previous quarter[2] - For the full year 2025, net revenues were $3.069 billion, up from $2.938 billion in 2024, representing a year-over-year increase of 4.5%[13] - The company expects 1Q 2026 revenues to be between $800 million and $830 million, with a gross profit margin of approximately 19.9%[3] - Net earnings attributable to Vishay stockholders for 2025 were a loss of $8.978 million, compared to a loss of $31.150 million in 2024[13] - The company reported a net loss of $8,978 thousand for the year ended December 31, 2025, an improvement from a net loss of $29,755 thousand in 2024[17] Profitability and Margins - Gross margin for 4Q 2025 was 19.6%, impacted by approximately 130 basis points due to Newport[6] - The operating income for 2025 was $56.9 million, with an operating margin of 1.9%, compared to 0.2% in 2024[13] - Adjusted EBITDA for the year ended December 31, 2025, was $264,246 thousand, compared to $317,358 thousand in 2024, indicating a decrease of 16.7%[20] - The adjusted EBITDA margin for the year ended December 31, 2025, was 8.6%, down from 10.8% in 2024[20] - The company experienced a favorable resolution of contingency that positively impacted adjusted net earnings by $11,293 thousand in 2025[18] Cash Flow and Dividends - Net cash provided by operating activities for the year ended December 31, 2025, was $184,308 thousand, up from $173,702 thousand in 2024, reflecting a 6.9% increase[17] - Cash dividends per share remained stable at $0.40 for both 2025 and 2024[13] - The company’s cash and cash equivalents at the end of the period decreased to $514,966 thousand from $590,286 thousand, a decline of 12.7%[17] Liabilities and Backlog - Total current liabilities increased to $720,426 thousand in December 2025 from $708,348 thousand in December 2024, representing a 1.5% increase[16] - Total liabilities increased to $2,145,887 thousand in December 2025 from $2,081,734 thousand in December 2024, marking a 3.1% increase[16] - Backlog at the end of 4Q 2025 was 4.9 months, indicating strong demand[6] Capital Expenditures and Future Outlook - Capital expenditures for the year ended December 31, 2025, were $273,293 thousand, down from $320,079 thousand in 2024, a reduction of 14.6%[17] - The company aims to enhance profitability and accelerate revenue growth as it enters 2026[2] - The company reported a book-to-bill ratio of 1.20 for the quarter, with semiconductors at 1.27 and passive components at 1.13[6]

Core Insights - Vishay Intertechnology, Inc. reported a 1.3% increase in revenue for the fourth quarter of 2025 compared to the third quarter, driven by demand in industrial and AI-related power applications [3] - The company achieved a book-to-bill ratio of 1.20, indicating strong order growth, with orders reaching a three-year high [3] - For the first quarter of 2026, management anticipates revenues between $800 million and $830 million, with a gross profit margin of approximately 19.9% [4] Financial Performance - Fourth quarter 2025 revenues were $800.9 million, with a gross margin of 19.6%, impacted by approximately 130 basis points due to Newport [9] - The company reported a net loss of $8.978 million for the year ended December 31, 2025, compared to a net loss of $29.755 million in 2024 [13][20] - Operating income for the fourth quarter was $14.788 million, resulting in an operating margin of 1.8% [15] Balance Sheet and Cash Flow - As of December 31, 2025, total assets were $4.234 billion, an increase from $4.111 billion in 2024 [19] - Current liabilities stood at $720.426 million, with total liabilities amounting to $2.145 billion [19] - The company generated $184.308 million in net cash from operating activities for the year ended December 31, 2025 [20] Market Position and Strategy - Vishay is recognized as one of the largest manufacturers of discrete semiconductors and passive electronic components, serving various markets including automotive, industrial, and healthcare [7] - The company aims to enhance profitability and return on capital while maintaining competitive lead times to build customer trust [3]