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Here are 1-3 brief analogies for Vishay Intertechnology (VSH):

• Vishay is like Corning for basic electronic components; they manufacture fundamental parts such as resistors, capacitors, and diodes that are essential ingredients in virtually every electronic device, from smartphones to electric vehicles.
• Think of Vishay as a 3M exclusively focused on producing a vast catalog of essential electronic components—like discrete semiconductors and passive parts—that are crucial building blocks for nearly all electronic products, from industrial machinery to consumer gadgets.

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• Diodes: Electronic components that allow current to flow in one direction and block it in the opposite direction.
• MOSFETs: Semiconductor devices primarily used as electronic switches or amplifiers in electronic circuits.
• Optoelectronic Components: Devices that either emit or detect light, including infrared detectors, LEDs, and photo-detectors.
• Resistors: Passive two-terminal electrical components that implement electrical resistance as a circuit element.
• Capacitors: Passive two-terminal electrical components that store electrical energy in an electric field.
• Inductors: Passive two-terminal electrical components that store energy in a magnetic field when electric current flows through them.

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Joel Smejkal, President and Chief Executive Officer

Joel Smejkal was appointed President and Chief Executive Officer of Vishay Intertechnology effective January 1, 2023. He joined Vishay in 1990 and has held various positions of increasing responsibility, including Executive Vice President, Corporate Business Development (2020-2022), Executive Vice President, Business Head Passive Components (2017-2020), and Senior Vice President Global Distribution Sales (2012-2016). His extensive experience at Vishay encompasses worldwide and divisional leadership roles in engineering, marketing, operations, and sales.

David McConnell, Executive Vice President and Chief Financial Officer

David McConnell was appointed Executive Vice President and Chief Financial Officer effective March 1, 2024. He joined Vishay in 1992 and has held various positions, including Senior Vice President - Corporate Treasurer and Risk Management (2016-2024), Vice President - Corporate Treasurer (2011-2015), and Vice President Financial Analysis and Cash Management (2008-2011). Before joining Vishay, Mr. McConnell worked at Ernst & Young LLP, where he served large, multi-national clients across various industries. He is a Certified Public Accountant in Pennsylvania.

Marc Zandman, Executive Chairman of the Board and Chief Business Development Officer

Marc Zandman was appointed Executive Chairman of the Board and Chief Business Development Officer effective June 5, 2011. He is the son of Vishay's founder, Dr. Felix Zandman. Mr. Zandman has served as a Director of Vishay since 2001 and as President of Vishay Israel Ltd. since 1998. His previous roles include Vice Chairman of the Board (2003-2011) and Chief Administration Officer (2007-2011). He has served in various other capacities with Vishay since 1984.

Peter Henrici, Executive Vice President – Corporate Development

Peter Henrici was appointed Executive Vice President – Corporate Development effective January 1, 2023, and has served as Corporate Secretary since 2012. He joined Vishay in 1998 and has held various positions in marketing communications, investor relations, and corporate treasury departments. Mr. Henrici has been responsible for corporate communications since 2005.

Raanan Zilberman, Director

Raanan Zilberman has served as a director at Vishay since 2013 or February 2017, depending on the source. Prior to his directorship at Vishay, he served as CEO of Eden Springs BV from 2008 to 2013, a Swiss-based provider of water and coffee services to European workplaces, which was formed by a series of acquisitions he led. From 1999 to 2002, he was CEO and President of Tedea Huntleigh, a publicly traded multinational company. Tedea Huntleigh was subsequently acquired by Vishay in 2002, and Mr. Zilberman then became President of Vishay's transducers business from 2002 to 2004. He also served as CEO of Caesarstone Ltd., a NASDAQ-listed multinational manufacturer, from 2017 to 2018. His background includes extensive experience managing multinational corporations and leading mergers and acquisitions.

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1. Global Economic and Geopolitical Instability: Vishay's business is highly susceptible to general economic and business conditions, as well as political, economic, and health instability, and military conflicts and hostilities. Such factors can lead to manufacturing or supply chain interruptions and changes in customer demand, directly impacting its operational results.
2. Supply Chain Disruptions and Fluctuations in Customer Demand: The company is exposed to risks related to manufacturing or supply chain interruptions and shifts in customer demand. These disruptions can arise from various factors, including global events, and can significantly affect Vishay's ability to produce and deliver its products, as well as influence sales volumes and revenues.
3. Challenges in Implementing Cost Reduction Strategies: Delays or difficulties in executing cost reduction strategies pose a risk to Vishay's profitability. The company has ongoing restructuring efforts, and any impediments to these initiatives could materially impact future operating results.

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Vishay Intertechnology (VSH) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market trends:

1. Alignment with High-Growth Markets: Vishay is strategically positioned to capitalize on demand in high-growth sectors, including automotive, smart grid infrastructure, industrial, artificial intelligence (AI)-related power requirements, and aerospace/defense. The automotive segment demonstrated a 7% sequential revenue increase in Q3 2025 due to higher volumes in the Americas and Europe, alongside increased engagement with automotive OEMs and Tier 1 customers. Additionally, demand for capacitors in smart grid projects is fueling growth within the industrial segment.

2. Strategic Investments in Capacity Expansion: The company is making substantial investments to expand its manufacturing capacity, particularly for high-growth and higher-profit product lines. Vishay has invested approximately $775 million over the past 2.5 years and plans to allocate between $300 million and $350 million for capital expenditure in 2025, with at least 70% dedicated to capacity expansion, including wafer fab expansions. This focus aims to ensure reliable volume for customers and to cater to demand with an expanding product portfolio.

3. Broad-Based Market Recovery and Increasing Demand: Vishay has observed a widespread recovery in demand across various segments, end markets, channels, and regions. A positive book-to-bill ratio of 1.15 in October indicates improving market conditions, especially in automotive, smart grid infrastructure, aerospace defense, and AI-related power requirements. Management has expressed optimism regarding market segments for 2026.

4. Product Portfolio Expansion and Innovation: A core aspect of Vishay's strategy involves expanding its product portfolio and continuously enhancing its offerings to meet the evolving power, signal, and circuit design needs of its diverse clientele in industrial, automotive, computing, and consumer electronics markets. This commitment to innovation and product diversity is crucial for staying ahead of emerging industry trends.

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Share Repurchases

• Vishay's stockholder return policy targets returning 70% of free cash flow to stockholders through dividends and opportunistic share repurchases.
• The company did not repurchase any shares in Q3 2025.
• Repurchases of common stock held in treasury amounted to $12.538 million in a recent prior period and $37.784 million in the period before that.

Share Issuance

• Cash withholding taxes paid when shares were withheld for vested equity awards were $4.0 million in Q3 2025 and $4.092 million in Q3 2024.

Outbound Investments

• Vishay acquired Ametherm in June 2024, Newport Wafer Fab for $177 million in November 2023, and Neptune 6 in November 2023.
• In October 2022, Vishay acquired MaxPower Semiconductor for $50 million in cash, with potential contingent payments of up to $57.5 million, to enhance its MOSFET product offerings.
• The company acquired Barry Industries for $21 million in December 2021 and Applied Thin-Film Products for approximately $26.5 million in October 2020 to strengthen its thin film product portfolio.

Capital Expenditures

• Capital expenditures for the full year 2025 are planned between $300 million to $350 million, with over 70% allocated to high-growth product line capacity expansion, including wafer fab expansions.
• In Q1 2025, capital expenditures totaled $62 million, with $54 million specifically directed towards capacity expansion projects.
• Vishay has committed $775 million to capacity expansion over a 2.5-year period (2023-2028) to ensure reliable supply for scaling customers and support new customer engagement, leading to expected negative free cash flow in 2025.