Core Insights - STMicroelectronics reported a net loss of $30 million in Q4, a significant decline from a net income of $341 million in the same quarter last year, impacted by $141 million in impairment and restructuring costs, and $163 million in one-time tax expenses [1][6] - The company achieved Q4 revenue of $3.33 billion, exceeding the midpoint of its guidance, driven by strong performance in personal electronics and communication equipment, while automotive revenue fell short of expectations [3][4] Financial Performance - Gross margin for Q4 was 35.2%, attributed to a favorable product mix, with non-GAAP diluted EPS at $0.11, despite negative one-time expenses [2][6] - For the full year 2025, ST reported net revenues of $11.8 billion, down 11.1% from 2024, primarily due to declines in automotive and industrial sectors, while personal electronics and communications saw growth [10][11] - Gross margin for 2025 was 33.9%, down from 39.3% in 2024, with operating income falling to $175 million from $1.68 billion in 2024 [12] Segment Performance - Year-over-year, analog products, MEMS and sensors increased by 7.5%, RF and optical communication rose by 22.9%, while power and discrete products declined by 31.6% [7] - By end market, communication equipment and computer peripherals grew by about 17%, industrial by about 5%, while automotive declined by about 15% [8] Strategic Outlook - For Q1 2026, revenue is guided to $3.04 billion, down approximately 8.7% sequentially, with gross margin expected around 33.7%, including charges from unused capacity [5][15] - The company plans approximately $2.2 billion in net capital expenditures for 2026, focusing on capacity additions for growth drivers and a manufacturing reshaping program [17][18] - Management highlighted growth drivers for 2026, including ADAS ASICs in automotive, recovery in silicon carbide power devices, and demand in MEMS and imaging sensors [19][20]

Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the fund achieved a return of 13.77%, outperforming the index's 9.04% [1] - The fund's investment strategy focuses on a disciplined and patient approach, expecting to perform better in down markets and lag in speculative markets [1] Company Overview: Vishay Intertechnology, Inc. (NYSE:VSH) - Vishay Intertechnology, Inc. manufactures discrete semiconductors and passive electronic components, with a one-month return of -27.85% and a 52-week loss of 26.97% [2] - As of November 21, 2025, Vishay's stock closed at $12.51 per share, with a market capitalization of $1.696 billion [2] - The company is experiencing a cyclical downturn but is benefiting from growth in electric vehicles and industrial electrification [3] Financial Performance - In Q3 2025, Vishay Intertechnology's revenue grew sequentially by 4% to $791 million, exceeding expectations by 2% [4] - The company has been investing aggressively in sales, corporate, and manufacturing capacity following a cyclical downturn [3] Investment Sentiment - Vishay Intertechnology is not among the top 30 most popular stocks among hedge funds, with 23 hedge fund portfolios holding its stock at the end of Q2 2025, down from 29 in the previous quarter [4] - Despite acknowledging Vishay's potential, some analysts believe that certain AI stocks present greater upside potential with less downside risk [4]