Vishay Intertechnology Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that the $1.6 billion order book turns into rising prices and double-digit operating margins before the momentum breaks — and accepts a level that institutional buyers paid at 66 times expected 2026 earnings in the offering, with the company itself as the seller. Whoever waits checks three lines in every quarterly report (10-Q): the book-to-bill ratio (does it stay above one?), average selling prices (do they turn positive?), and the operating margin (on its way toward double digits?). An order book can see cancellations, a convertible converts only once — the numbers appear four times a year, free of charge. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Vishay is the rare momentum case in which the fundamentals genuinely turn: book-to-bill of 1.34, an order book up 42 percent, four growth quarters in a row, and a counter-cyclical investment program funded with $830 million of fresh equity. Against that stand a 2025 loss year, falling selling prices, a 2.6 percent operating margin, a share count diluted by 13 percent plus an armed convertible — and a valuation that already prices the next boom in full. Whoever buys here buys the continuation of the turn at the price of its completion. Not investment advice.
Order book & demand turn
Book-to-bill from 0.97 (Q3 2025) through 1.20 (Q4 2025) to 1.34 in Q1 2026, 1.57 in the MOSFETs segment; backlog up from $1,124.3 million to $1,592.3 million within five quarters (+42 percent); revenue rising four quarters in a row, up 17 percent in Q1 2026 (10-Q as of 04/04/2026).
Structural growth & capacity build-out
The 10-K 2025 expects "higher growth rates than over the last decade" on electrification, factory automation, AI and 5G infrastructure; backed in concrete by $400-440 million of 2026 capex, about half for the 12-inch wafer fab in Itzehoe, plus expansions in Newport, Mexico, Taiwan and Turin.
Profitability
2025 was a loss year (-$9.0 million or -$0.07 per share, after -$31.2 million in 2024); Q1 2026 earned just $7.2 million ($0.05) at a 2.6 percent operating margin; selling prices kept falling (ASP -1.1 percent sequentially) — a volume recovery so far (10-K 2025; 10-Q as of 04/04/2026).
Dilution & capital measures
17.25 million new shares sold at $50.00 (net ~$830.3 million; share count +13 percent, 8-K dated 07/01/2026); the $750 million convertible note (conversion price $30.16) has been convertible since 07/06/2026 — cash settlement of principal and capped calls dampen, but do not remove, the overhang (8-K dated 07/06/2026).
Balance sheet & funding
Cash of $479.4 million (04/04/2026) plus ~$830.3 million of offering proceeds against $969 million of long-term debt (12/31/2025) and negative Q1 free cash flow (~-$47 million on the capex program); Piotroski 7 of 9, Altman Z around 6.8 — solid, but in investment mode.
Valuation & governance
About $8.9 billion of market value (07/18/2026) at ~2.8 times revenue with earnings near zero; even the $50.00 offering price equaled 66 times the 2026 and 32 times the 2027 analyst estimate (n=4); Class B shares with ten votes each give the founding family ~35 percent of the votes — a takeover premium is effectively off the table (10-K 2025).
Worth Noting
VSH reached our research list as rank 2 of our in-house Qullamaggie Top Gainers 3M scanner (U.S. selection, as of July 18, 2026) — part of our series on the hits of this momentum scanner.
Scanner metrics (including +231 percent in three months, average daily range ~10 percent, ~$386 million of daily dollar volume, Piotroski 7/9) carry the July 18, 2026 data cut-off; price anchors are exclusively SEC-documented ($15.96 on June 28, 2025 per the 10-K cover; $50.00 offering price per the 8-K dated July 1, 2026).
The market value figure (~$8.9 billion) comes from the July 18, 2026 data feed, sanity-checked against ~153 million shares after the offering; analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at VSH since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 11.80 $ to 64.90 $ · Last price: 31.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductors
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Vishay Intertechnology Inc VSH | 4.7 | 2,905.8 | 13.5 | 20.0 | 2.4 | 4.5 | 113.6 |
| NVIDIA Corporation NVDA | 5,540.3 | 30.4 | 22.4 | 74.7 | 65.6 | 65.5 | 29.1 |
| Broadcom Inc AVGO | 1,652.3 | 55.2 | 33.7 | 75.5 | 49.0 | 23.9 | 1.1 |
| Micron Technology Inc MU | 1,269.8 | 20.7 | 15.8 | 72.6 | 80.4 | 48.9 | 512.0 |
| Advanced Micro Devices Inc AMD | 943.2 | 177.7 | 77.8 | 55.7 | 14.4 | 34.3 | 242.5 |
| Intel Corporation INTC | 546.8 | – | 145.4 | 38.9 | 6.9 | -0.5 | 337.0 |
| Arm Holdings plc ARM | 282.9 | 267.6 | 221.2 | 97.5 | 7.6 | 22.8 | 58.6 |
| Texas Instruments Incorporated TXN | 234.9 | 39.7 | 26.1 | 58.3 | 37.8 | 13.1 | 46.9 |
| Marvell Technology Group Ltd MRVL | 232.5 | 79.7 | 45.0 | 52.2 | 14.5 | 42.1 | 239.9 |
| Median of companies shown | 546.8 | 67.4 | 33.7 | 58.3 | 14.5 | 23.9 | 113.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,323 | 102 | 49 | 0.32 | 296 | 1,654 | 3,078 |
| 2017 | 2,604 | 312 | -20 | -0.14 | 369 | 1,680 | 3,459 |
| 2018 | 3,035 | 485 | 346 | 2.24 | 259 | 1,384 | 3,106 |
| 2019 | 2,668 | 262 | 164 | 1.13 | 296 | 1,485 | 3,121 |
| 2020 | 2,502 | 210 | 123 | 0.85 | 315 | 1,576 | 3,154 |
| 2021 | 3,240 | 468 | 298 | 2.05 | 457 | 1,744 | 3,543 |
| 2022 | 3,497 | 615 | 429 | 2.98 | 484 | 2,046 | 3,866 |
| 2023 | 3,402 | 486 | 324 | 2.31 | 366 | 2,196 | 4,240 |
| 2024 | 2,938 | 6 | -31 | -0.23 | 174 | 2,029 | 4,111 |
| 2025 | 3,069 | 57 | -9 | -0.07 | 184 | 2,088 | 4,234 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.49 | -231.90 | 715 | -9.00 | -9.30 | 68 | -77 |
| 2025: Q1 | -0.03 | -113.50 | 715 | -4.20 | -0.60 | 16 | -46 |
| 2025: Q2 | 0.01 | -91.40 | 762 | 2.80 | 0.30 | -9 | -73 |
| 2025: Q3 | -0.06 | – | 791 | 7.50 | -1.00 | 28 | -25 |
| 2025: Q4 | 0.01 | – | 801 | 12.10 | 0.10 | 149 | 55 |
| 2026: Q1 | 0.05 | – | 839 | 17.30 | 0.90 | 64 | -47 |
| 2026: Q2 | 0.19 | 1,800.00 | 889 | 16.60 | 3.20 | 105 | 105 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 21 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Ameet Rai: Daily Liquidity
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Doublers
- Oliver Kell: Strength on Down Day
- Qullamaggie: Top Gainers 3M
- Qullamaggie: Top Gainers 6M
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.84 | 0.80 – 0.94 | 3,706 | 1,782.4% | 6 |
| 12/31/2027 | 1.74 | 1.40 – 2.02 | 4,314 | 106.9% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Vishay Intertechnology fertigt diskrete Halbleiter und passive Bauelemente — KI ist keine eigene Umsatzquelle, sondern wirkt indirekt als Nachfragetreiber der Endmärkte: Der Geschäftsbericht (10-K) 2025 nennt Künstliche Intelligenz neben Fabrikautomation, E-Fahrzeugen und 5G als Basis der erwarteten „höheren Wachstumsraten als im vergangenen Jahrzehnt“ (Item 1 Business und MD&A), verkauft werden aber weiterhin Widerstände, Kondensatoren und MOSFETs. Zugleich belegt der eigene Risikofaktor zu KI-Investitionen (Item 1A), dass Vishay KI-Initiativen einschließlich generativer KI verfolgt und dabei Entwicklungs- und Einsatzrisiken für Effizienz und Produkte sieht — also operative KI-Anstrengungen ohne KI-Umsatz. Nach der Vorrang-Regel (verkauft > bedroht > nutzt > neutral) ist das die Kategorie nutzt: kein KI-Produktumsatz, keine konkrete Bedrohung des Geschäftsmodells durch KI, aber dokumentierte eigene KI-Bemühungen und KI-getriebene Endmarkt-Nachfrage.
View the full file — quotes, sources, reviewed filings
„We are evaluating investments in A.I. initiatives, including generative A.I."
Wir prüfen Investitionen in KI-Initiativen, einschließlich generativer KI.
10-K · 2026-02-13 · View SEC filing
„There are significant risks involved in developing and deploying A.I., and there can be no assurance that the usage of A.I. will enhance our products or services or be beneficial to our business, including our efficiency or profitability."
Mit der Entwicklung und dem Einsatz von KI sind erhebliche Risiken verbunden, und es gibt keine Gewähr, dass die Nutzung von KI unsere Produkte oder Dienstleistungen verbessert oder unserem Geschäft nützt, einschließlich unserer Effizienz oder Profitabilität.
10-K · 2026-02-13 · View SEC filing
„Over the next few years, we expect to experience higher growth rates than over the last decade. This expectation is based upon accelerated electrification, such as factory automation, electrical vehicles, A.I., and 5G infrastructure."
In den nächsten Jahren erwarten wir höhere Wachstumsraten als im vergangenen Jahrzehnt. Diese Erwartung stützt sich auf die beschleunigte Elektrifizierung, etwa Fabrikautomation, Elektrofahrzeuge, KI und 5G-Infrastruktur.
10-K · 2026-02-13 · View SEC filing
Filings Reviewed: 10-Q 2026-05-13 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-Q 2025-05-07 · 10-K 2026-02-13 · 10-K 2025-02-14
Rated on July 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -4.3%
- More than 10% revenue growth is expected for the coming year 12.0%
- Share count grows by less than 3% a year -1.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 1.6%
- Gross margin at 40% or higher and without meaningful erosion 19.4%
- Goodwill from acquisitions does not grow faster than revenue 4.3%
- Net debt below twice EBITDA 2.3 x EBITDA
- Operating cash flow covers the profits of the last three years 440 m
- Return on capital at 15% or higher, or up versus two years ago 1.6%
- Insiders hold at least 10% or are net buyers 2.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 3.1%
- Exp. sales growth 3Y > 5% 18.6%
- EBIT growth 10Y > 5% -6.3%
- Exp. EBIT growth 3Y > 5% 18.6%
- Net debt < 4x EBIT 11.5x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 99.1%
- Return on equity > 15% -0.5%
- ROCE > 15% 1.6%
- Expected return > 10% 16.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Vishay Intertechnology, Inc. fertigt und verkauft diskrete Halbleiter und passive elektronische Komponenten in den USA, Deutschland, dem übrigen Europa, Israel und Asien.
- Employees
- 22,600
- Headquarters
- Malvern, PA
- Address
- 63 Lancaster Avenue, 19355-2143 Malvern, United States
- Phone
- 610 644 1300
- Website
- vishay.com
- IPO Date
- 01/04/1988
- ISIN
- US9282981086
- Stock Split
- 3:2 on 06/12/2000
- Stock Split
- 5:4 on 06/23/1999
- Stock Split
- 105:100 on 05/28/1998
Management
| Name | Title | Birth Year |
|---|---|---|
| Marc Zandman | Executive Chairman & Chief Business Development Officer | 1962 |
| Joel Smejkal | President, CEO & Director | 1967 |
| David E. McConnell | Executive VP & CFO | 1967 |
| Roy Shoshani | Executive VP, COO of Semiconductors & CTO | 1974 |
| Peter G. Henrici | Executive VP of Corporate Development & Corporate Secretary | 1956 |
| Rafi Ouzan | Chief Operating Officer | 1966 |
| David L. Tomlinson | Senior VP & Chief Accounting Officer | 1975 |
| Michael O'Sullivan | Executive VP and Chief Administrative & Legal Officer | 1975 |
| Geoff Taylor | Senior Vice President of Quality | – |
| Robert Barrett Hackett II | Senior Vice President of Global Human Resources | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/12/2026 VISHAY INTERTECHNOLOGY INC (VSH): Other Events; Financial Statements and Exhibits SEC ↗
- 08/05/2026 VISHAY INTERTECHNOLOGY INC (VSH): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/06/2026 VISHAY INTERTECHNOLOGY INC (VSH): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.