Vishay Intertechnology, Inc.

Vishay makes semiconductors and passive components, such as resistors and capacitors, used in industrial equipment, vehicles and computing. Stronger demand, pricing and factory utilization supported margins in its third fiscal quarter, which ended October 3, 2026.

Quarterly financial history

Adjusted EPS was also $0.37. The prior-year adjusted figure was $0.04 after removing a $13.7 million tax-law charge. For the previous quarter, adjusted revenue was $918.6 million and adjusted gross margin was 22.6%; tariff refunds passed to customers reduced reported revenue in that period without changing gross profit.

Next-quarter expectations

Vishay expects fourth-quarter sales of $975 million to $1.005 billion and a gross margin of 25.5% to 26.5%. The analysis of Vishay's margin recovery compares the latest result with August's targets.

The book-to-bill ratio was 1.29, down from 1.32 in the previous quarter, while the backlog rose to 6.6 months from 6.1 months.

Capacity investment and cash timing

Full-year capital spending is now expected at $350 million to $400 million because of longer equipment-delivery and installation lead times. Capacity projects include the Newport wafer factory acquired in 2024 and a planned factory in Itzehoe, Germany.

Receivables sold through the nonrecourse securitization program outstanding at quarter-end were $134.3 million, compared with $62.2 million at the previous year-end. Those sales generate operating cash flow. Management plans to significantly reduce the program in the fourth quarter and expects negative free cash flow for that period.

Completed equity financing and debt

The July 1 share offering issued 17.25 million shares and raised $830.25 million after underwriting discounts and issuance costs. Some proceeds repaid the revolving facility during the third quarter.

Cash and cash equivalents were $1.140 billion at quarter-end, versus $515 million at the previous year-end. Convertible notes had $750 million of principal and a $735.5 million carrying value. They pay a 2.25% coupon and mature in September 2030. The $750 million revolving facility was undrawn and fully available, and Vishay reported compliance with its debt covenants.

The company made no share repurchases during the first nine months. Management expects to meet its shareholder-return policy without repurchases this year.