Vishay Intertechnology Reports First Quarter 2026 Results

Vishay Intertechnology Reports First Quarter 2026 Results Malvern, PA, May 13, 2026 – Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal first quarter ended April 4, 2026. Highlights • 1Q 2026 revenues of $839.2 million • Gross margin was 21.0% • 1Q 2026 GAAP EPS of $0.05 • 1Q 2026 book-to-bill of 1.34 with book-to-bill of 1.47 for semiconductors and 1.23 for passive components • Backlog at quarter end was 5.7 months “Vishay’s first quarter financial results demonstrate that the Vishay 3.0 strategy is working. As a result of the investments we made to expand capacity of high-growth, high-margin products, Vishay is reliably scaling with our customers. Our top priority going forward is to increase backlog turns to ensure we maintain competitive lead times as consumption accelerates. Execution of this priority will enable Vishay to participate fully in the market upcycle and grow revenue faster than our end markets, expand margins and enhance returns,” said Joel Smejkal, president and CEO. 2Q 2026 Outlook For the second quarter of 2026, management expects revenues in the range of $875 million and $905 million and a gross profit margin in the range of 22.0% +/- 50 basis points. Conference Call A conference call to discuss Vishay’s first quarter financial results is scheduled for Wednesday, May 13, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register here. Upon registering, you will be emailed a dial-in number, and unique PIN. A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com. There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days. About Vishay Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay is The DNA of tech®. Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com. This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); and EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as free cash, EBITDA, and EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. The calculation of these measures are indicated on the accompanying reconciliation schedules and are more fully described in the Company’s financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q. Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, return on capital investment, capacity expansion, product lead times, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as “will,” “expect,” “going forward” 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. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; volatility in prices for metals and materials; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The DNA of tech® is a trademark of Vishay Intertechnology. Contact: Vishay Intertechnology, Inc. Peter Henrici Executive Vice President, Corporate Development +1-610-644-1300 VISHAY INTERTECHNOLOGY, INC. Summary of Operations (Unaudited - In thousands, except per share amounts) Fiscal quarters ended April 4, 2026 December 31, 2025 March 29, 2025 Net revenues $ 839,242 $ 800,922 $ 715,236 Costs of products sold 662,630 644,135 579,682 Gross profit 176,612 156,787 135,554 Gross margin 21.0 % 19.6 % 19.0 % Selling, general, and administrative expenses 154,488 141,999 134,739 Operating income 22,124 14,788 815 Operating margin 2.6 % 1.8 % 0.1 % Other income (expense): Interest expense (9,973 ) (9,748 ) (8,790 ) Other 701 537 3,747 Total other income (expense) - net (9,272 ) (9,211 ) (5,043 ) Income (loss) before taxes 12,852 5,577 (4,228 ) Income tax expense (benefit) 5,688 4,591 (136 ) Net earnings (loss) $ 7,164 $ 986 $ (4,092 ) Basic earnings (loss) per share $ 0.05 $ 0.01 $ (0.03 ) Diluted earnings (loss) per share $ 0.05 $ 0.01 $ (0.03 ) Weighted average shares outstanding - basic 136,045 135,727 135,799 Weighted average shares outstanding - diluted 137,471 136,730 135,799 Cash dividends per share $ 0.10 $ 0.10 $ 0.10 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Balance Sheets (Unaudited - In thousands) April 4, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 479,357 $ 514,966 Short-term investments 191 265 Accounts receivable, net 369,222 381,802 Inventories: Finished goods 182,179 182,444 Work in process 347,994 331,347 Raw materials 260,611 245,412 Total inventories 790,784 759,203 Prepaid expenses and other current assets 237,429 231,004 Total current assets 1,876,983 1,887,240 Property and equipment, at cost: Land 86,093 86,399 Buildings and improvements 836,309 839,856 Machinery and equipment 3,503,626 3,477,884 Construction in progress 509,318 464,475 Allowance for depreciation (3,215,047 ) (3,195,455 ) 1,720,299 1,673,159 Right of use assets 116,526 119,746 Deferred income taxes 182,693 183,016 Goodwill 180,224 180,390 Other intangible assets, net 74,396 78,487 Other assets 111,434 112,122 Total assets $ 4,262,555 $ 4,234,160 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Balance Sheets (continued) (Unaudited - In thousands) April 4, 2026 December 31, 2025 Liabilities and equity Current liabilities: Trade accounts payable $ 238,954 $ 214,984 Payroll and related expenses 166,690 164,114 Lease liabilities 26,166 26,546 Other accrued expenses 269,049 300,031 Income taxes 11,376 14,751 Total current liabilities 712,235 720,426 Long-term debt less current portion 983,090 950,893 Deferred income taxes 97,717 96,818 Long-term lease liabilities 92,458 95,799 Other liabilities 131,702 109,228 Accrued pension and other postretirement costs 169,488 172,723 Total liabilities 2,186,690 2,145,887 Equity: Common stock 12,402 12,351 Class B convertible common stock 1,210 1,210 Capital in excess of par value 1,109,461 1,101,086 Retained earnings 885,771 892,232 Accumulated other comprehensive income 67,021 81,394 Total equity 2,075,865 2,088,273 Total liabilities and equity $ 4,262,555 $ 4,234,160 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Statements of Cash Flows (Unaudited - In thousands) Three fiscal months ended April 4, 2026 March 29, 2025 Operating activities Net earnings (loss) $ 7,164 $ (4,092 ) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 58,211 53,773 (Gain) loss on disposal of property and equipment (41 ) 189 Inventory write-offs for obsolescence 11,065 9,030 Deferred income taxes 541 1,573 Stock compensation expense 12,273 6,051 Other (1,476 ) (1,380 ) Changes in operating assets and liabilities (24,068 ) (49,046 ) Net cash provided by operating activities 63,669 16,098 Investing activities Capital expenditures (110,661 ) (61,569 ) Proceeds from sale of property and equipment 66 279 Purchase of short-term investments (126 ) (21,899 ) Maturity of short-term investments 198 27,832 Other investing activities 396 (661 ) Net cash used in investing activities (110,127 ) (56,018 ) Financing activities Net proceeds on revolving credit facility 31,000 82,000 Dividends paid to common stockholders (12,401 ) (12,352 ) Dividends paid to Class B common stockholders (1,210 ) (1,210 ) Repurchase of common stock - (12,538 ) Cash withholding taxes paid when shares withheld for vested equity awards (3,861 ) (3,893 ) Net cash provided by financing activities 13,528 52,007 Effect of exchange rate changes on cash and cash equivalents (2,679 ) 7,029 Net increase (decrease) in cash and cash equivalents (35,609 ) 19,116 Cash and cash equivalents at beginning of period 514,966 590,286 Cash and cash equivalents at end of period $ 479,357 $ 609,402 VISHAY INTERTECHNOLOGY, INC. Reconciliation of Free Cash (Unaudited - In thousands) Fiscal quarters ended April 4, 2026 December 31, 2025 March 29, 2025 Net cash provided by operating activities $ 63,669 $ 149,362 $ 16,098 Proceeds from sale of property and equipment 66 308 279 Less: Capital expenditures (110,661 ) (94,802 ) (61,569 ) Free cash $ (46,926 ) $ 54,868 $ (45,192 ) VISHAY INTERTECHNOLOGY, INC. Reconciliation of EBITDA (Unaudited - In thousands) Fiscal quarters ended April 4, 2026 December 31, 2025 March 29, 2025 Net earnings (loss) $ 7,164 $ 986 $ (4,092 ) Interest expense $ 9,973 $ 9,748 $ 8,790 Interest income (3,038 ) (2,753 ) (3,877 ) Income taxes 5,688 4,591 (136 ) Depreciation and amortization 58,211 57,702 53,773 EBITDA $ 77,998 $ 70,274 $ 54,458 EBITDA margin** 9.3 % 8.8 % 7.6 % ** EBITDA as a percentage of net revenues