Vishay Intertechnology, Inc. (VSH) | Investment Case

1. Company Snapshot

1.a. Company Description

Vishay Intertechnology, Inc.manufactures and supplies discrete semiconductors and passive electronic components in Asia, Europe, and the Americas.It operates through six segments: Metal Oxide Semiconductor Field Effect Transistors (MOSFETs), Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors.

The MOSFETs segment offers low- and medium-voltage TrenchFET MOSFETs, high-voltage planar MOSFETs, high voltage Super Junction MOSFETs, power integrated circuits, and integrated function power devices.The Diodes segment provides rectifiers, small signal diodes, protection diodes, thyristors/silicon-controlled rectifiers, and power modules.The Optoelectronic Components segment contains standard and customer specific optoelectronic components, such as infrared (IR) emitters and detectors, IR remote control receivers, optocouplers, solid-state relays, optical sensors, light-emitting diodes, 7-segment displays, and IR data transceiver modules.

The Resistors segment offers resistors, which are basic components used in various forms of electronic circuitry to adjust and regulate levels of voltage and current.The Inductors segment provides inductors for use as an internal magnetic field to change alternating current phase and resist alternating current.The Capacitors segment offers capacitors, which store energy and discharge it when needed.

The company sells its products under Siliconix, Dale, Draloric, Beyschlag, Sfernice, MCB, UltraSource, Applied Thin-Film Products, IHLP, HiRel Systems, Sprague, Vitramon, Barry, Roederstein, ESTA, and BCcomponents brands.It serves industrial, computing, automotive, consumer, telecommunications, power supplies, military, aerospace, and medical end markets.Vishay Intertechnology, Inc.

was incorporated in 1962 and is headquartered in Malvern, Pennsylvania.

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1.b. Last Insights on VSH

Breaking News: Vishay Intertechnology Inc announced on December 3 2025 the launch of its 1200 V SiC MOSFET power modules in the MAACPAK PressFit package The new devices are designed for medium to high frequency applications and offer increased efficiency and reliability The low profile modules save space and reduce parasitic inductance resulting in cleaner switching No recent earnings release was found recommending a buy hold or sell by analysts

1.c. Company Highlights

Last Price	15.2
Change Percentage	0.33%
Open	15.13
Previous Close	15.15
Market Cap ( Millions)	2061
Volume	1258295
Year High	19.81
Year Low	10.35
M A 50	15.18
M A 200	15.29

FCF Yield	-10.71%
Dividend Yield	2.63%
ROE	-3.70%
Debt / Equity	50.03%
Net Debt / EBIDTA	271.75%
Price To Book	0.99
Price Earnings Ratio	-27.05
Price To FCF	-9.33
Price To sales	0.69
EV / EBITDA	12.08

2. Vishay Intertechnology's Q3 2025 Earnings: A Closer Look

Vishay Intertechnology reported a revenue of $791 million for the third quarter of 2025, representing a 4% sequential growth and 2% above the midpoint of guidance. The growth was driven by the automotive, industrial, computer, and medical markets, with Asia being the key contributor. The company's gross profit was $154 million, and the gross margin was 19.5%, slightly below the guidance midpoint. The GAAP loss per share was $0.06, while the adjusted earnings per share was $0.04, in line with estimates. The adjusted EBITDA margin was 9.6%, indicating a stable operational performance.

Publication Date: Nov -13

                                    📋 Highlights
                                    Sequential Revenue Growth:
                                                Q3 revenue reached $791M, a 4% sequential increase, surpassing guidance midpoint by 2%.
Gross Margin Pressure:
                                                Gross margin was 19.5%, slightly below guidance, driven by a 48% surge in gold and 59% in silver YTD.
Orders Surge:
                                                Year-over-year orders rose 19%, with a book-to-bill ratio of 0.97, signaling strong demand in computing and industrial sectors.
Capacity Expansion:
                                                $179M invested in capacity expansion YTD, with $300-350M planned for 2025, 70% allocated to new projects.
Free Cash Flow Strategy:
                                                Negative FCF expected in 2025 due to expansion, but 70% of future FCF will be returned to shareholders via dividends.

                                

Segment Performance and Outlook

The company's performance was driven by growth in various end markets, with Asia seeing the greatest growth, notably from automotive customers and sales to distributors supporting computing and industrial. Orders were up 19% year-over-year, with a book-to-bill ratio of 0.97. For the fourth quarter of 2025, revenues are expected to be $790 million, plus or minus $20 million, with a gross margin of 19.5%, plus or minus 50 basis points.

Cash Flow and Capital Allocation

Vishay generated $28 million in operating cash and invested $52 million in capital expenditures. The company paid a quarterly dividend of $13.6 million and has a global cash and short-term investment balance of $444 million. The company plans to return 70% of free cash flow to stockholders through dividends and stock repurchases but expects negative free cash flow in 2025 due to capacity expansion plans.

Capacity Expansion and Product Releases

The company has invested $179 million in capacity expansion year-to-date and expects to spend $300-350 million this year, with at least 70% for expansion projects. Vishay released 3 additional MOSFET products and fully released the industrial and automotive Gen 4 1,200-volt and 650-volt silicon carbide diodes in Q3. The company sees positive market signals, particularly from automotive, AI server, and server power.

Valuation and Estimates

With a P/E Ratio of -21.96 and an EV/EBITDA of 14.03, the market is pricing in a challenging near-term environment. Analysts estimate revenue growth of 7.2% next year, indicating a potential turnaround. The company's prioritization of its capital return strategy, with a focus on maintaining the dividend, is a positive signal. The current geopolitical climate and tariffs make it challenging to predict outcomes, but Vishay's readiness and encouraging market signals provide a positive outlook.

3. NewsRoom

Vishay Intertechnology 1200 V SiC MOSFET Power Modules in MAACPAK PressFit Package Increase Efficiency and Reliability

Dec -03

Source: globenewswire.com

Vishay Intertechnology's New Factory in Mexico Certified to IATF 16949:2016

Dec -02

Source: globenewswire.com

Creative Planning Has $1.85 Million Stock Position in Vishay Intertechnology, Inc. $VSH

Nov -27

Source: defenseworld.net

Vishay Intertechnology Releases 1500 V 1 Form A Solid-State Relay in 4-Pin SMD-8 Package for 800 V Battery Monitoring Systems

Nov -25

Source: globenewswire.com

Vishay Intertechnology Declares Quarterly Dividend

Nov -19

Source: globenewswire.com

Vishay Intertechnology AEC-Q200 Qualified, 30 W Thick Film Power Resistor Offers High Reliability for Automotive Applications

Nov -19

Source: globenewswire.com

New Vishay Intertechnology Silicon PIN Photodiode Delivers Smaller Size and Enhanced Sensitivity for Biomedical Applications

Nov -12

Source: globenewswire.com

Vishay Intertechnology, Inc. $VSH Stake Raised by Atria Investments Inc

Nov -11

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.71%)

6. Segments

Resistors

Expected Growth: 3.8%

Vishay Intertechnology's resistor segment growth of 3.8% is driven by increasing demand for electric vehicles, renewable energy systems, and industrial automation. Additionally, the company's focus on miniaturization, high-reliability, and high-temperature resistors for aerospace and defense applications contributes to its growth. Furthermore, the rising adoption of IoT devices and 5G technology also fuels the demand for Vishay's resistors.

Metal Oxide Semiconductor Field Effect Transistors

Expected Growth: 4.2%

Vishay's Metal Oxide Semiconductor Field Effect Transistors (MOSFETs) growth is driven by increasing demand for energy-efficient solutions in automotive, industrial, and consumer electronics. The 4.2% growth is also fueled by the adoption of electric vehicles, renewable energy systems, and IoT devices, which rely heavily on MOSFETs for power management and conversion.

Diodes

Expected Growth: 3.5%

Diodes from Vishay Intertechnology, Inc. with 3.5% growth driven by increasing demand for electric vehicles, renewable energy systems, and IoT devices, as well as growing adoption of 5G technology and rising need for power management solutions.

Capacitors

Expected Growth: 3.2%

Vishay Intertechnology's capacitor segment growth of 3.2% is driven by increasing demand for electric vehicles, renewable energy systems, and 5G infrastructure, which rely heavily on high-reliability capacitors. Additionally, the ongoing trend of miniaturization in electronics and the need for efficient power management solutions also contribute to the segment's growth.

Inductors

Expected Growth: 3.0%

Vishay Intertechnology's inductor segment growth is driven by increasing demand for electric vehicles, renewable energy systems, and advanced industrial automation. The rising adoption of IoT devices, 5G infrastructure, and high-performance computing also contribute to growth. Additionally, the company's strategic acquisitions and investments in research and development further enhance its market position and product offerings.

Optoelectronic Components

Expected Growth: 4.5%

Vishay Intertechnology's optoelectronic components segment growth of 4.5% is driven by increasing demand for IoT devices, autonomous vehicles, and 5G infrastructure, which rely on high-performance optoelectronic components. Additionally, growing adoption of LED lighting and displays in consumer electronics and industrial applications also contribute to the segment's growth.

7. Detailed Products

Resistors

Vishay Intertechnology offers a wide range of resistors, including thick film, thin film, and wirewound resistors, used in various applications such as automotive, industrial, and consumer electronics.

Inductors

Vishay's inductors are designed for high-reliability applications, including automotive, industrial, and military, and are available in various forms, including wirewound, film, and multilayer inductors.

Capacitors

Vishay offers a broad range of capacitors, including ceramic, film, and electrolytic capacitors, used in applications such as automotive, industrial, and consumer electronics.

Diodes

Vishay's diodes include rectifier, switching, and Zener diodes, used in applications such as power supplies, motor control, and automotive systems.

Optoelectronics

Vishay's optoelectronics products include infrared emitters, photodiodes, and phototransistors, used in applications such as remote controls, optical sensors, and optical communication systems.

Power MOSFETs

Vishay's power MOSFETs are designed for high-power applications, including automotive, industrial, and consumer electronics.

ICs (Integrated Circuits)

Vishay's ICs include analog and digital ICs, used in applications such as power management, audio, and interface circuits.

8. Vishay Intertechnology, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vishay Intertechnology, Inc. is medium due to the presence of alternative technologies and products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Vishay Intertechnology, Inc. is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Vishay Intertechnology, Inc. is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Vishay Intertechnology, Inc. is low due to the high barriers to entry in the industry, including significant capital requirements and technological expertise.

Intensity Of Rivalry

The intensity of rivalry for Vishay Intertechnology, Inc. is high due to the presence of several established competitors in the industry, leading to intense competition for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	27.78%
Debt Cost	3.95%
Equity Weight	72.22%
Equity Cost	10.00%
WACC	8.31%
Leverage	38.46%

11. Quality Control: Vishay Intertechnology, Inc. passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Cirrus Logic

A-Score: 5.0/10

Value: 4.0

Growth: 7.1

Quality: 8.4

Yield: 0.0

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

Skyworks Solutions

A-Score: 4.9/10

Value: 4.6

Growth: 4.3

Quality: 6.8

Yield: 6.0

Momentum: 2.0

Volatility: 5.3

1-Year Total Return ->

Amkor Technology

A-Score: 4.3/10

Value: 4.6

Growth: 5.4

Quality: 4.8

Yield: 3.0

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

Universal Display

A-Score: 4.2/10

Value: 1.2

Growth: 6.6

Quality: 8.6

Yield: 2.0

Momentum: 1.5

Volatility: 5.3

1-Year Total Return ->

Veeco Instruments

A-Score: 4.0/10

Value: 3.0

Growth: 5.9

Quality: 5.9

Yield: 0.0

Momentum: 5.0

Volatility: 4.3

1-Year Total Return ->

Vishay

A-Score: 3.8/10

Value: 7.5

Growth: 1.9

Quality: 2.7

Yield: 4.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

24.92%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.31%

Vishay Intertechnology, Inc. - US9282981086

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on VSH

1.c. Company Highlights

Less Volatile

Higher Yield

Fairly Valued

Earnings Beats

Revenues Beats

Stable Momentum

Revenues Miss

Cheaper

Earnings Miss

Weak Momentum

Lower Quality

Lower Growth

2. Vishay Intertechnology's Q3 2025 Earnings: A Closer Look

Segment Performance and Outlook

Cash Flow and Capital Allocation

Capacity Expansion and Product Releases

Valuation and Estimates

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.71%)

6. Segments

Resistors

Expected Growth: 3.8%

Metal Oxide Semiconductor Field Effect Transistors

Expected Growth: 4.2%

Diodes

Expected Growth: 3.5%

Capacitors

Expected Growth: 3.2%

Inductors

Expected Growth: 3.0%

Optoelectronic Components

Expected Growth: 4.5%

7. Detailed Products

Resistors

Inductors

Capacitors

Diodes

Optoelectronics

Power MOSFETs

ICs (Integrated Circuits)

8. Vishay Intertechnology, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Vishay Intertechnology, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.2$

Current Price

12.e Scoring ^Insights

12.f DCF ^BETA