928298AP3 Filings — Vishay Intertechnology, Inc. - FilingSpy
928298AP3
Vishay Intertechnology, Inc.
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A maker of the tiny electronic components found inside nearly every device, Vishay produces MOSFETs, diodes, resistors, inductors, and capacitors used in cars, computers, industrial gear, and medical equipment. Founded in 1962 by physicist Dr. Felix Zandman, the company was named after his family's ancestral village in Lithuania, chosen in memory of relatives lost in the Holocaust. Zandman survived by hiding for months beneath a Polish family's home, where his uncle taught him mathematics.
Vishay Q2 revenue rose 16.6% to $888.6M and gross margin expanded 3.8 points to 23.3% as volume and pricing recovered.
Vishay's turnaround gained traction. rose 16.6% to $888.6M and expanded 3.8 points to 23.3%, driven by a 17.5% volume increase and higher average selling prices across all six segments. The company completed an $830M equity offering after the quarter, repaying its credit line and funding its expansion.
Key takeaways
rose 16.6% to $888.6M, with volume up 17.5% and average selling prices up 1.6%, reflecting improving market conditions and the end of the distributor correction.
expanded to 23.3% from 19.5% a year ago, driven by higher sales volume, manufacturing efficiencies, and higher ASPs, which offset increased metals and materials costs.
All six segments posted growth, led by Optoelectronic Components at 29.5% and MOSFETs at 27.1%.
Section summaries
Management's Discussion and Analysis
Vishay Q2 FY2026 revenue rose 16.6% YoY to $888.6M on higher volume and pricing; gross margin expanded to 23.3% driven by manufacturing efficiencies.
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Net revenues grew 16.6% to $888.6M, with volume up 17.5% and ASPs up 1.6%, reflecting improving market conditions and distribution normalization.
rose 142% to $53.5M and widened 3.1 points to 6.0%, while reached $28.1M, or $0.19 per diluted share.
for the first half of fiscal 2026 improved to $169.0M from $7.3M a year earlier, aided by higher earnings and tariff refunds, though remained negative at -$36.6M due to $205.9M in .
After the quarter, the company completed an $830.25M equity offering and used the proceeds to fully repay its , while fell 74.4% to $234.5M.
What changed
The ratio, which rose above 1.0 in Q1 2025 for the first time since the correction began, reached 1.34 in Q1 2026, and the Q2 filing confirms demand continued to strengthen with up 16.6% and volume up 17.5%.
MOSFETs , which was negative 3.8% in Q3 2025 and flagged as a key risk, turned positive at 0.8% in Q1 2026 and the segment's 27.1% growth in Q2 suggests further recovery, though the filing does not break out Q2 segment margin.
, which had been stuck at 19.5% for three straight quarters through Q3 2025, expanded to 21.0% in Q1 2026 and then to 23.3% in Q2, showing the volume and pricing gains flagged as necessary for recovery.
remained negative at -$36.6M for the first half, but the $830M equity raise after the quarter and the repayment of the address the liquidity concerns raised when cash fell to $443.9M in Q3 2025.
What to watch
Whether can hold or build on 23.3% in Q3 as metals and materials costs persist and volume growth continues.
MOSFETs in Q3, to see if the recovery from negative territory is sustained as grows.
Q3 against the $400M–$440M full-year plan, and whether the first-half improvement continues.
and in Q3, to confirm the demand signal from the 1.34 ratio and $1.59B backlog in Q1 is translating into sustained orders.
margin improved to 23.3% from 19.5% a year ago, primarily due to higher sales volume, associated manufacturing efficiencies, and higher ASPs, which offset higher metals and materials costs.
All six segments posted growth, led by Optoelectronic Components (+29.5%) and MOSFETs (+27.1%); Diodes and Capacitors also saw strong volume and pricing gains.
SG&A expenses rose to $153.9M (17.3% of ) due to higher and cost inflation, though they declined sequentially from Q1 FY2026.
improved sharply to $169.0M for the first half of FY2026 from $7.3M a year ago, aided by higher earnings and tariff refunds; remained negative at -$36.6M due to elevated of $205.9M.
The company plans $400M–$440M in 2026 , about half for a 12-inch wafer fab in Itzehoe, Germany, and completed a $830.25M equity offering in July 2026, using proceeds to fully repay its .
Quantitative and Qualitative Disclosures About Market Risk
Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026, describes our exposure to market risks. There have been no material changes to our mar…
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Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026, describes our exposure to market risks. There have been no material changes to our market risks since December 31, 2025.
Item 3 of Part I of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026 describes certain of our legal proceedings. There have been no material developments to the legal proceedings previously disclosed.
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Item 3 of Part I of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026 describes certain of our legal proceedings. There have been no material developments to the legal proceedings previously disclosed.
There have been no material changes to the risk factors we previously disclosed under Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026.
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There have been no material changes to the risk factors we previously disclosed under Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 13, 2026.