Vishay Intertechnology (VSH)
Market Price (6/14/2026): $59.45 | Market Cap: $8.1 BilSector: Information Technology | Industry: Electronic Components
Vishay Intertechnology (VSH)
Market Price (6/14/2026): $59.45Market Cap: $8.1 BilSector: Information TechnologyIndustry: Electronic Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Automation & Robotics, and Renewable Energy Transition. Themes include EV Manufacturing, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 98x, P/EPrice/Earnings or Price/(Net Income) is 3,546x Stock price has recently run up significantly6M Rtn6 month market price return is 290%, 12M Rtn12 month market price return is 302% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.7% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.8% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 295% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% Key risksVSH key risks include [1] potential delays or difficulties in executing its specific cost reduction and restructuring strategies. |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Automation & Robotics, and Renewable Energy Transition. Themes include EV Manufacturing, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 98x, P/EPrice/Earnings or Price/(Net Income) is 3,546x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 290%, 12M Rtn12 month market price return is 302% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.7% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.8% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 295% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% |
| Key risksVSH key risks include [1] potential delays or difficulties in executing its specific cost reduction and restructuring strategies. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/11/2026
Vishay Intertechnology (VSH) stock has gained about 220% since 2/28/2026 because of the following key factors:
1. Vishay Intertechnology reported a robust earnings beat for fiscal Q1 2026 and provided strong guidance for fiscal Q2 2026, signaling a significant turnaround in profitability and demand. On May 13, 2026, the company reported earnings per share (EPS) of $0.05, surpassing analysts' expectations of $0.03 by 66.67%, marking a return to profitability after prior-year losses. Additionally, Q1 2026 revenue reached $839.2 million, beating estimates of approximately $823 million. Management further guided fiscal Q2 2026 revenue to a range of $875 million to $905 million, comfortably exceeding the consensus estimate of $857.8 million, supported by a strong Q1 book-to-bill ratio of 1.34 and 5.7 months of backlog.
2. The company has benefited significantly from a broad cyclical recovery in the semiconductor industry, particularly within industrial and automotive sectors, with secondary tailwinds from artificial intelligence (AI) and electric vehicle (EV) related power applications. The global semiconductor market experienced substantial growth in fiscal Q1 2026, increasing by 25% from Q4 2025 and 79% year-over-year, driven by rising demand from data centers, AI applications, cloud computing, and automotive sectors. Vishay, as a diversified manufacturer of discrete semiconductors and passive components, is positioned to capitalize on this upturn, with its surge being driven by a broad-based cyclical recovery and an analog and industrial semiconductor recovery, rather than being a pure-play AI infrastructure stock.
Show more
Vishay Intertechnology (VSH) stock has gained about 220% since 2/28/2026 because of the following key factors:
1. Vishay Intertechnology reported a robust earnings beat for fiscal Q1 2026 and provided strong guidance for fiscal Q2 2026, signaling a significant turnaround in profitability and demand. On May 13, 2026, the company reported earnings per share (EPS) of $0.05, surpassing analysts' expectations of $0.03 by 66.67%, marking a return to profitability after prior-year losses. Additionally, Q1 2026 revenue reached $839.2 million, beating estimates of approximately $823 million. Management further guided fiscal Q2 2026 revenue to a range of $875 million to $905 million, comfortably exceeding the consensus estimate of $857.8 million, supported by a strong Q1 book-to-bill ratio of 1.34 and 5.7 months of backlog.
2. The company has benefited significantly from a broad cyclical recovery in the semiconductor industry, particularly within industrial and automotive sectors, with secondary tailwinds from artificial intelligence (AI) and electric vehicle (EV) related power applications. The global semiconductor market experienced substantial growth in fiscal Q1 2026, increasing by 25% from Q4 2025 and 79% year-over-year, driven by rising demand from data centers, AI applications, cloud computing, and automotive sectors. Vishay, as a diversified manufacturer of discrete semiconductors and passive components, is positioned to capitalize on this upturn, with its surge being driven by a broad-based cyclical recovery and an analog and industrial semiconductor recovery, rather than being a pure-play AI infrastructure stock.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 219.0% change in VSH stock from 2/28/2026 to 6/13/2026 was primarily driven by a 207.3% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.61 | 59.38 | 219.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,069 | 3,193 | 4.0% |
| P/S Multiple | 0.8 | 2.5 | 207.3% |
| Shares Outstanding (Mil) | 136 | 136 | -0.2% |
| Cumulative Contribution | 219.0% |
Market Drivers
2/28/2026 to 6/13/2026| Return | Correlation | |
|---|---|---|
| VSH | 219.0% | |
| Market (SPY) | 8.4% | 61.1% |
| Sector (XLK) | 33.3% | 66.1% |
Fundamental Drivers
The 340.0% change in VSH stock from 11/30/2025 to 6/13/2026 was primarily driven by a 312.0% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.50 | 59.38 | 340.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,983 | 3,193 | 7.0% |
| P/S Multiple | 0.6 | 2.5 | 312.0% |
| Shares Outstanding (Mil) | 136 | 136 | -0.2% |
| Cumulative Contribution | 340.0% |
Market Drivers
11/30/2025 to 6/13/2026| Return | Correlation | |
|---|---|---|
| VSH | 340.0% | |
| Market (SPY) | 9.2% | 57.2% |
| Sector (XLK) | 29.5% | 60.7% |
Fundamental Drivers
The 333.1% change in VSH stock from 5/31/2025 to 6/13/2026 was primarily driven by a 295.0% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.71 | 59.38 | 333.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,907 | 3,193 | 9.9% |
| P/S Multiple | 0.6 | 2.5 | 295.0% |
| Shares Outstanding (Mil) | 136 | 136 | -0.2% |
| Cumulative Contribution | 333.1% |
Market Drivers
5/31/2025 to 6/13/2026| Return | Correlation | |
|---|---|---|
| VSH | 333.1% | |
| Market (SPY) | 27.3% | 57.2% |
| Sector (XLK) | 61.0% | 58.3% |
Fundamental Drivers
The 145.3% change in VSH stock from 5/31/2023 to 6/13/2026 was primarily driven by a 45428.3% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6132026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.20 | 59.38 | 145.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,515 | 3,193 | -9.2% |
| Net Income Margin (%) | 12.4% | 0.1% | -99.4% |
| P/E Multiple | 7.8 | 3,546.2 | 45428.3% |
| Shares Outstanding (Mil) | 141 | 136 | 3.4% |
| Cumulative Contribution | 145.3% |
Market Drivers
5/31/2023 to 6/13/2026| Return | Correlation | |
|---|---|---|
| VSH | 145.3% | |
| Market (SPY) | 84.5% | 61.5% |
| Sector (XLK) | 129.7% | 59.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VSH Return | 7% | 1% | 13% | -28% | -12% | 307% | 214% |
| Peers Return | 51% | -19% | 25% | -16% | -4% | 78% | 121% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| VSH Win Rate | 50% | 42% | 42% | 50% | 50% | 67% | |
| Peers Win Rate | 70% | 37% | 63% | 37% | 45% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VSH Max Drawdown | -26% | -22% | -29% | -37% | -44% | -20% | |
| Peers Max Drawdown | -19% | -35% | -30% | -31% | -42% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ON, DIOD, TXN, NXPI, MCHP. See VSH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
| Event | VSH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.3% | -18.8% |
| % Gain to Breakeven | 79.6% | 23.1% |
| Time to Breakeven | 288 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.6% | -7.8% |
| % Gain to Breakeven | 14.4% | 8.5% |
| Time to Breakeven | 604 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.5% | -9.5% |
| % Gain to Breakeven | 32.5% | 10.5% |
| Time to Breakeven | 894 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.6% | 32.4% |
| Time to Breakeven | 127 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.4% | -33.7% |
| % Gain to Breakeven | 73.6% | 50.9% |
| Time to Breakeven | 274 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.9% | -19.2% |
| % Gain to Breakeven | 21.8% | 23.8% |
| Time to Breakeven | 33 days | 105 days |
In The Past
Vishay Intertechnology's stock fell -44.3% during the 2025 US Tariff Shock. Such a loss loss requires a 79.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | VSH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.3% | -18.8% |
| % Gain to Breakeven | 79.6% | 23.1% |
| Time to Breakeven | 288 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.5% | -9.5% |
| % Gain to Breakeven | 32.5% | 10.5% |
| Time to Breakeven | 894 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.6% | 32.4% |
| Time to Breakeven | 127 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.4% | -33.7% |
| % Gain to Breakeven | 73.6% | 50.9% |
| Time to Breakeven | 274 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -40.7% | -6.8% |
| % Gain to Breakeven | 68.7% | 7.3% |
| Time to Breakeven | 435 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -46.6% | -17.9% |
| % Gain to Breakeven | 87.3% | 21.8% |
| Time to Breakeven | 662 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.1% | -15.4% |
| % Gain to Breakeven | 47.2% | 18.2% |
| Time to Breakeven | 93 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -80.9% | -53.4% |
| % Gain to Breakeven | 422.6% | 114.4% |
| Time to Breakeven | 592 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -28.3% | -8.6% |
| % Gain to Breakeven | 39.5% | 9.5% |
| Time to Breakeven | 1171 days | 47 days |
In The Past
Vishay Intertechnology's stock fell -44.3% during the 2025 US Tariff Shock. Such a loss loss requires a 79.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Vishay Intertechnology (VSH)
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.
AI Analysis | Feedback
```htmlHere are a few analogies to describe Vishay Intertechnology:
- Vishay is like the Texas Instruments of fundamental electronic building blocks, providing the essential discrete semiconductors and passive components (like resistors and capacitors) that are crucial for almost every electronic device, from cars to computers.
- Vishay is like the 3M of electronic components, supplying a broad range of essential, often unseen, parts like resistors, capacitors, and diodes that are critical ingredients in countless industrial, automotive, and consumer products.
AI Analysis | Feedback
- MOSFETs: Discrete semiconductors that control voltage and current in electronic circuits, including TrenchFET and planar types.
- Diodes: Discrete semiconductors that allow current to flow primarily in one direction, such as rectifiers, small signal diodes, and protection diodes.
- Optoelectronic Components: Devices that interact with light, including infrared emitters and detectors, optocouplers, and optical sensors.
- Resistors: Basic electronic components used to adjust and regulate levels of voltage and current within circuitry.
- Inductors: Electronic components that store energy in a magnetic field and resist changes in alternating current.
- Capacitors: Electronic components designed to store and discharge electrical energy as needed within a circuit.
AI Analysis | Feedback
Vishay Intertechnology (VSH) sells primarily to other companies, providing discrete semiconductors and passive electronic components that are integrated into their products.
The provided background information does not explicitly list the names of Vishay Intertechnology's major customer companies. However, it does specify the "end markets" that Vishay serves, indicating the types of industries where its customers operate:
- Industrial
- Computing
- Automotive
- Consumer
- Telecommunications
- Power Supplies
- Military
- Aerospace
- Medical
AI Analysis | Feedback
nullAI Analysis | Feedback
Joel Smejkal, President and Chief Executive Officer
Joel Smejkal was appointed President and Chief Executive Officer effective January 1, 2023. He previously served as Executive Vice President, Corporate Business Development from 2020 to 2022. Mr. Smejkal joined Vishay in 1990 and has held various positions of increasing responsibility, including Executive Vice President, Business Head Passive Components (2017-2020) and Senior Vice President Global Distribution Sales (2012-2016). His experience with Vishay includes 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 previously served as Senior Vice President - Corporate Treasurer and Risk Management from 2016 to 2024. Mr. McConnell joined Vishay in 1992 and has held various positions of increasing responsibility within Vishay, encompassing corporate, regional, and divisional finance roles. Prior to joining Vishay, he worked at Ernst & Young LLP. 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 has served as a Director of Vishay since 2001 and President of Vishay Israel Ltd. since 1998. Mr. Zandman previously held the roles of Vice Chairman of the Board from 2003 to June 2011 and Chief Administration Officer from 2007 to June 2011. He has served in various other capacities with Vishay since 1984. Mr. Zandman is the son of the late Dr. Felix Zandman, Vishay's Founder, and controls, on a shared basis, approximately 35.0% of the total voting power of Vishay's capital stock as of December 31, 2023.
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.
Michael O'Sullivan, Executive Vice President - Chief Administrative and Legal Officer
Michael O'Sullivan was appointed Executive Vice President - Chief Administrative and Legal Officer effective January 1, 2024. He previously served as Corporate General Counsel since joining Vishay in 2012. In July 2016, Mr. O'Sullivan was appointed Regional Country Manager - The Americas. Prior to joining Vishay, he worked as an in-house corporate attorney for a subsidiary of Koch Industries, Inc., and in private practice at DLA Piper.
AI Analysis | Feedback
The key risks to Vishay Intertechnology (VSH) are:
- Cyclical Nature of the Semiconductor and Electronic Components Industry: Vishay's business is highly susceptible to the cyclical nature of the global semiconductor and electronic components industry. Demand for its products, which are fundamental to industrial, computing, automotive, consumer, telecommunications, power supplies, military, aerospace, and medical end markets, fluctuates significantly with economic conditions and technological trends. Downturns in these key end markets can lead to reduced demand, excess inventory, and pricing pressures, adversely impacting Vishay's revenue and profitability.
- Intense Competition and Pricing Pressure: The markets for discrete semiconductors and passive electronic components are mature and highly competitive, with numerous global and regional manufacturers. This intense competition can lead to significant pricing pressures, especially for standardized components, which can erode profit margins. Vishay must continually invest in research and development and operational efficiency to maintain its competitive position and mitigate the impact of price erosion.
- Supply Chain Disruptions and Raw Material Volatility: As a global manufacturer and supplier operating in Asia, Europe, and the Americas, Vishay relies on a complex supply chain for raw materials and component manufacturing. Disruptions due to geopolitical events, trade disputes, natural disasters, public health crises, or shortages of critical raw materials can lead to production delays, increased costs, and an inability to meet customer demand. Additionally, the prices of many raw materials are volatile, which can impact manufacturing costs and profitability.
AI Analysis | Feedback
null
AI Analysis | Feedback
Vishay Intertechnology, Inc. operates in various addressable markets for its discrete semiconductors and passive electronic components. Here are the estimated global market sizes for its main products:
- Discrete Semiconductors: The global discrete semiconductor market size was valued at approximately USD 30.02 billion in 2024 and is projected to reach USD 44.77 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.31% during the forecast period from 2025 to 2033. Another estimate places the global market at USD 68.58 billion in 2025, expanding to approximately USD 159.13 billion by 2035 with a CAGR of 8.78% from 2026 to 2035.
- Passive Electronic Components: The global passive electronic components market generated revenue of USD 44.1 billion in 2023 and is expected to reach USD 68.1 billion by 2030, with a CAGR of 6.5% during 2024–2030. Another report indicates the global market size was valued at USD 204.16 billion in 2025 and is projected to grow to USD 321.36 billion by 2034, exhibiting a CAGR of 5.17% during the forecast period.
- MOSFETs (Metal Oxide Semiconductor Field Effect Transistors): The global MOSFETs market size was valued at USD 10.59 billion in 2024 and is poised to grow to USD 21.35 billion by 2033, at a CAGR of 8.1% during the forecast period (2026–2033). Another source estimates the global power MOSFET market size to be USD 28.89 billion in 2025, predicted to increase to approximately USD 47.4 billion by 2035, expanding at a CAGR of 5.08% from 2026 to 2035.
- Diodes: The global diode market size was accounted for at USD 8.07 billion in 2025 and is predicted to increase to approximately USD 11.75 billion by 2035, representing a CAGR of 3.83% from 2026 to 2035. Other estimates show the global diodes market size at USD 18.16 billion in 2025, projected to reach USD 25.67 billion by 2031, registering a 5.94% CAGR from 2026 to 2031.
- Optoelectronic Components: The global optoelectronic components market size is projected to grow from USD 41.4 billion in 2020 to USD 52.7 billion by 2025, recording a CAGR of 5.0%. More recent data indicates the global optoelectronic components market is valued at USD 46.44 billion in 2024 and is projected to reach USD 113.8 billion by 2035 at a CAGR of 8.50% between 2025 and 2035.
- Resistors: The global resistor market size is valued at USD 10.38 billion in 2025 and is predicted to increase to approximately USD 14.86 billion by 2035, expanding at a CAGR of 3.65% from 2026 to 2035. Another report estimates the global resistor market size in 2026 at USD 11.10 billion, with projections showing USD 14.19 billion by 2031, growing at a 5.03% CAGR over 2026-2031.
- Inductors: The global inductor market size was valued at USD 4.68 billion in 2024 and is expected to reach USD 6.35 billion by 2032, at a CAGR of 3.90% during the forecast period. Another assessment shows the global inductors market size reached USD 4.5 billion in 2024 and is projected to reach USD 6.1 billion by 2033, exhibiting a growth rate (CAGR) of 3.26% during 2025-2033. However, a different source calculates the global inductor market size at USD 15.25 billion in 2025 and predicts an increase to approximately USD 28.60 billion by 2035, expanding at a CAGR of 6.49% from 2026 to 2035.
- Capacitors: The global capacitor market size was valued at USD 44.11 billion in 2024 and is poised to grow to USD 76.45 billion by 2033, growing at a CAGR of 6.3% during the forecast period (2026–2033). Another estimate indicates the global capacitor market size is valued at USD 41.23 billion in 2025 and is predicted to increase to approximately USD 73.18 billion by 2035, expanding at a CAGR of 5.91% from 2026 to 2035.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Vishay Intertechnology (VSH)
Over the next 2-3 years, Vishay Intertechnology (VSH) is expected to experience revenue growth driven by several key factors:
- Market Recovery and Broad-Based Demand: Vishay anticipates an ongoing market upturn for discrete semiconductors and passive electronic components, evidenced by sequential revenue increases and a strong book-to-bill ratio of 1.20 in Q4 2025, reaching a three-year high for orders. This broad-based demand is expected across various applications and regions, positioning the company for continued momentum.
- Strategic Investments in Capacity Expansion and Advanced Technologies: The company is undertaking a substantial capital expenditure plan of $2.6 billion from 2023 to 2028, with a significant portion allocated to expanding its 12-inch fab capacity and ramping up wafer production at its Newport facility. These investments are focused on high-growth, high-profit products, including advancements in silicon carbide (SiC) technology, which is on track for preproduction in early 2026.
- Targeting High-Growth End Markets: Vishay is strategically diversifying its revenue streams by focusing on high-growth sectors such as artificial intelligence (AI) computing, electric vehicles (EVs), and smart grid infrastructure. The company has observed increased demand from Tier 1 automotive customers, new ADAS program launches, and higher volumes in Asia's automotive sector. Growth is also noted in industrial and AI-related power applications.
- Strengthening Distribution Channels and Improving Lead Times: Management is prioritizing the maintenance of competitive lead times and increasing the availability of its products through distribution partners. This focus on operational efficiency and channel optimization has contributed to year-over-year growth in distribution revenue.
AI Analysis | Feedback
Share Repurchases
- In February 2022, Vishay's Board of Directors approved a Stockholder Return Policy, signaling an intent to annually return at least 70% of free cash flow, net of scheduled long-term debt principal payments, to stockholders through dividends or share repurchases.
- As of August 15, 2022, Vishay repurchased approximately 2.3 million shares for roughly $43.4 million. The Board further authorized the repurchase of an additional 6.0 million shares of common stock, effective from July 2, 2022.
- During the first quarter of 2025, the company made $12.5 million in share repurchases. A previous buyback plan initiated on November 19, 2019, was completed between September 28, 2025, and December 31, 2025, involving the repurchase of 10,662,155 shares for $224.6 million.
Share Issuance
- On February 25, 2026, Vishay's Executive Chairman and Chief Business Development Officer, Marc Zandman, was granted 127,486 restricted stock units (RSUs) under the company's 2023 Long-Term Incentive Plan, with these units set to vest ratably over three years.
- In September 2023, Vishay priced an offering of $650 million aggregate principal amount of 2.25% convertible senior notes due 2030, which are convertible into common stock at an initial rate of 33.1609 shares per $1,000 principal amount of notes.
Capital Expenditures
- Vishay invested $329 million in capital expenditures during 2023, with approximately two-thirds directed towards expansion projects that resulted in an annualized capacity increase of about 13%, particularly for power inductors, resistors, and capacitors.
- The company has initiated a multi-year plan to invest $1.2 billion into expanding capacity and developing next-generation technologies, aiming to capitalize on megatrends in e-mobility, sustainability, and connectivity.
- In the first quarter of 2025, capital expenditures amounted to $62 million, with $54 million allocated to capacity expansion projects. Free cash flow for the full year 2025 is anticipated to be negative due to these ongoing capacity expansion initiatives.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 112.77 |
| Mkt Cap | 48.8 |
| Rev LTM | 5,388 |
| Op Inc LTM | 796 |
| FCF LTM | 1,026 |
| FCF 3Y Avg | 1,244 |
| CFO LTM | 1,179 |
| CFO 3Y Avg | 1,704 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | -4.5% |
| Rev Chg Q | 18.0% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Inc Chg LTM | 15.5% |
| Op Inc Chg 3Y Avg | -23.0% |
| Op Mgn LTM | 14.4% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 21.7% |
| CFO/Rev 3Y Avg | 25.2% |
| FCF/Rev LTM | 19.0% |
| FCF/Rev 3Y Avg | 13.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 48.8 |
| P/S | 6.8 |
| P/Op Inc | 67.3 |
| P/EBIT | 54.5 |
| P/E | 69.3 |
| P/CFO | 33.9 |
| Total Yield | 2.0% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.1% |
| 3M Rtn | 65.4% |
| 6M Rtn | 91.1% |
| 12M Rtn | 90.0% |
| 3Y Rtn | 44.9% |
| 1M Excs Rtn | 1.7% |
| 3M Excs Rtn | 53.3% |
| 6M Excs Rtn | 79.0% |
| 12M Excs Rtn | 60.9% |
| 3Y Excs Rtn | -22.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Resistors | 759 | 726 | 843 | 833 | 753 |
| Metal oxide semiconductor field-effect transistors (MOSFETs) | 630 | 602 | 779 | 762 | 668 |
| Diodes | 593 | 582 | 691 | 765 | 709 |
| Capacitors | 506 | 459 | 499 | 510 | 472 |
| Inductors | 364 | 356 | 347 | 331 | 336 |
| Optoelectronic Components | 217 | 212 | 243 | 296 | 303 |
| Corporate / Other | 0 | 0 | 0 | 0 | |
| Total | 3,069 | 2,938 | 3,402 | 3,497 | 3,240 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Resistors | 123 | 126 | 209 | 235 | 191 |
| Diodes | 90 | 96 | 153 | 176 | 146 |
| Inductors | 85 | 92 | 100 | 93 | 97 |
| Capacitors | 83 | 90 | 105 | 105 | 85 |
| Optoelectronic Components | 22 | 17 | 43 | 85 | 82 |
| Corporate / Other | 0 | 0 | 0 | -7 | |
| Impairment of Goodwill | 0 | -66 | 0 | ||
| Restructuring and Severance Costs | 0 | -41 | 0 | ||
| Metal oxide semiconductor field-effect transistors (MOSFETs) | -31 | 7 | 196 | 229 | 149 |
| Unallocated Selling, General, and Administrative Expenses | -315 | -315 | -320 | -301 | -283 |
| Impact of COVID-19 Pandemic on Selling, General, and Administrative Expenses | 0 | -1 | |||
| Total | 57 | 6 | 486 | 615 | 468 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Metal oxide semiconductor field-effect transistors (MOSFETs) | 1,167 | 1,034 | 702 | 672 | 504 |
| Resistors | 941 | 959 | 947 | 862 | 783 |
| Diodes | 718 | 725 | 853 | 814 | 816 |
| Capacitors | 454 | 431 | 460 | 497 | 496 |
| Optoelectronic Components | 346 | 347 | 353 | 385 | 378 |
| Inductors | 323 | 342 | 365 | 323 | 355 |
| Corporate / Other | 285 | 274 | 561 | 313 | 211 |
| Total | 4,234 | 4,111 | 4,240 | 3,866 | 3,543 |
Price Behavior
Price Behavior
| Market Price | $59.38 | |
| Market Cap ($ Bil) | 8.1 | |
| First Trading Date | 01/04/1988 | |
| Distance from 52W High | -7.2% | |
| 50 Days | 200 Days | |
| DMA Price | $37.26 | $21.53 |
| DMA Trend | up | up |
| Distance from DMA | 59.3% | 175.8% |
| 3M | 1YR | |
| Volatility | 73.4% | 56.4% |
| Downside Capture | 131.85 | 186.75 |
| Upside Capture | 517.50 | 302.94 |
| Correlation (SPY) | 60.9% | 57.2% |
VSH Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.40 | 2.33 | 2.61 | 2.43 | 2.51 | 1.90 |
| Up Beta | 1.40 | 0.84 | 1.46 | 1.87 | 2.50 | 2.08 |
| Down Beta | -0.78 | 1.77 | 2.95 | 2.73 | 2.78 | 1.92 |
| Up Capture | 1163% | 843% | 768% | 795% | 770% | 696% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 13 | 31 | 43 | 77 | 143 | 388 |
| Down Capture | 301% | -42% | 112% | 97% | 150% | 111% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 7 | 10 | 20 | 47 | 106 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSH | |
|---|---|---|---|---|
| VSH | 285.3% | 56.5% | 2.59 | - |
| Sector ETF (XLK) | 54.9% | 22.5% | 1.86 | 58.0% |
| Equity (SPY) | 24.9% | 12.3% | 1.52 | 57.0% |
| Gold (GLD) | 25.5% | 27.4% | 0.81 | 18.5% |
| Commodities (DBC) | 30.1% | 19.0% | 1.25 | -4.0% |
| Real Estate (VNQ) | 13.5% | 13.5% | 0.69 | 27.5% |
| Bitcoin (BTCUSD) | -41.7% | 42.2% | -1.16 | 23.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSH | |
|---|---|---|---|---|
| VSH | 22.9% | 42.4% | 0.61 | - |
| Sector ETF (XLK) | 22.4% | 25.1% | 0.79 | 60.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 61.4% |
| Gold (GLD) | 16.8% | 18.2% | 0.75 | 11.3% |
| Commodities (DBC) | 8.4% | 19.4% | 0.33 | 14.0% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 41.3% |
| Bitcoin (BTCUSD) | 13.6% | 54.4% | 0.44 | 22.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSH | |
|---|---|---|---|---|
| VSH | 18.5% | 40.1% | 0.55 | - |
| Sector ETF (XLK) | 25.1% | 24.6% | 0.92 | 63.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 65.6% |
| Gold (GLD) | 12.5% | 16.1% | 0.64 | 6.9% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 23.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 47.3% |
| Bitcoin (BTCUSD) | 60.3% | 66.8% | 1.00 | 17.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 14.5% | 10.1% | 74.2% |
| 2/4/2026 | -4.2% | -6.7% | -17.4% |
| 11/5/2025 | -4.8% | -11.6% | -4.9% |
| 8/6/2025 | -14.1% | -7.7% | -4.3% |
| 5/7/2025 | -9.7% | 10.4% | 9.5% |
| 2/5/2025 | 9.9% | 2.2% | 5.9% |
| 11/6/2024 | 6.7% | -2.2% | 7.7% |
| 8/7/2024 | -7.5% | -6.4% | -12.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 13 |
| # Negative | 14 | 14 | 11 |
| Median Positive | 3.7% | 3.5% | 7.7% |
| Median Negative | -3.5% | -2.7% | -5.8% |
| Max Positive | 16.8% | 15.2% | 74.2% |
| Max Negative | -14.1% | -12.5% | -17.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 875.00 Mil | 890.00 Mil | 905.00 Mil | 9.2% | Higher New | Guidance: 815.00 Mil for Q1 2026 | |
| Q2 2026 Gross Profit Margin | 21.5% | 22.0% | 22.5% | 10.6% | 2.1% | Higher New | Guidance: 19.9% for Q1 2026 |
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 800.00 Mil | 815.00 Mil | 830.00 Mil | 3.2% | Raised | Guidance: 790.00 Mil for Q4 2025 | |
| Q1 2026 Gross Profit Margin | 19.4% | 19.9% | 20.4% | 2.1% | 0.4% | Raised | Guidance: 19.5% for Q4 2025 |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cody, Michael J | Direct | Buy | 6132025 | 15.47 | 250 | 3,868 | 934,682 | Form | |
| 2 | Cody, Michael J | Direct | Buy | 6112025 | 16.12 | 3,500 | 56,420 | 969,924 | Form | |
| 3 | Shoshani, Roy | EVP, COO Semiconductors & CTO | Direct | Buy | 5132025 | 14.95 | 10,000 | 149,525 | 1,593,189 | Form |
| 4 | Hackett, Robert Barrett II | SVP Global HR | Direct | Buy | 5132025 | 14.75 | 1,000 | 14,750 | 254,511 | Form |
| 5 | O'Sullivan, Michael Shamus | EVP Chief Admin & LegalOfficer | Direct | Buy | 5132025 | 14.88 | 2,500 | 37,212 | 350,884 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Components Resources |
| Electronic Products |
| DigiKey Insights |
| Mouser Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 6/13/2026