Vishay Intertechnology Stock Falls 4% as Q4 Earnings Miss Estimates

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]