Vishay Intertechnology, Inc. (NYSE: VSH): Corporate Profile & Financials
By Raveendran | Updated on: October 26, 2026
Source: Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025
Metrics for FY 2026 (Ended Dec 31)
Sales / Revenue$3,069,048 K
Operating Profit$56,868 K
Net Profit-$8,978 K
Total Assets$4,234,160 K
Debt / Liabilities$2,145,887 K
CF Operations$184,308 K
Free Cash Flow-$88,985 K
ROCE1.62 %
Return on Equity (ROE)-0.21 %
Return on Assets (ROA)-0.21 %
Asset Turnover0.72x
Gross Margin19.38 %
Net Profit Margin-0.29 %
Operating Margin1.85 %
FCF Margin-2.90 %
Current Ratio2.62
Debt to Equity0.51
Debt to Assets0.51
Equity Multiplier1.00x
CF to Debt0.09
Quick Facts / Company Snapshot
| Company Name | Vishay Intertechnology, Inc. |
|---|---|
| Headquarters | 63 Lancaster Avenue, Malvern, Pennsylvania 19355-2143 |
| Country of Incorporation | United States (Delaware) |
| Founded | 1962 |
| What the Company Does | Manufactures a broad portfolio of discrete semiconductors and passive electronic components serving automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. |
| Exchange and Ticker | NYSE: VSH |
| Business Segments | MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, Capacitors |
| Products & Services | Discrete semiconductors (MOSFETs, diodes, optoelectronics) and passive components (resistors, inductors, capacitors) |
| Employees | Approximately 22,600 full-time employees worldwide (as of December 31, 2025) |
| Countries & Regions Served | Worldwide (Americas, Europe, Asia) |
| CEO & Board Chairperson | Joel Smejkal (President & CEO); Marc Zandman (Executive Chairman of the Board) |
| Annual Revenue | $3,069,048 thousand +4.5% |
| Operating Income | $56,868 thousand +910.6% |
| Net Income | $(8,978) thousand N/M |
| Total Assets | $4,234,160 thousand |
| Total Liabilities | $2,145,887 thousand |
Company Overview
Vishay Intertechnology, Inc. (“Vishay,” the “Company,” “we,” “us,” or “our”) manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that support innovative designs across the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay brands itself under the registered trademark The DNA of tech.® The Company’s semiconductor components include metal oxide semiconductor field-effect transistors (MOSFETs), diodes, and optoelectronic components. These products are used for power control, power conversion, power management, signal switching, signal routing, signal blocking, signal amplification, two-way data transfer, one-way remote control, and circuit isolation. Vishay’s passive components include resistors, inductors, and capacitors, which restrict current flow, suppress voltage increases, store and discharge energy, control alternating current (AC) and voltage, and filter out unwanted electrical signals. Vishay sells its products to three main customer categories: original equipment manufacturers (OEMs), electronic manufacturing services (EMS) companies that manufacture for OEMs on an outsourcing basis, and independent distributors that maintain inventories of electronic components for resale. In FY 2025, distributors accounted for $1,716,235 thousand of net revenues, OEMs accounted for $1,147,048 thousand, and EMS companies represented $205,765 thousand.Business Segments
Vishay operates and evaluates performance through six reportable business segments based on product functionality:MOSFETs
MOSFETs function as solid-state switches to control power. The business serves commodity, non-commodity, and custom markets, offering low- and medium-voltage TrenchFET MOSFETs, high-voltage planar MOSFETs, Super Junction MOSFETs, power ICs, and integrated function power devices under the Siliconix brand. The segment’s capabilities were expanded through the acquisition of MaxPower Semiconductor, Inc. (silicon and silicon carbide technology) and the acquisition of the Newport wafer fabrication facility in 2024. In FY 2025, the MOSFETs segment generated net revenues of $630,463 thousand and a segment operating loss of $(30,559) thousand.Diodes
Diodes route, regulate, and block radio frequency, analog, and power signals; protect systems from surges or electrostatic discharge damage; or provide electromagnetic interference filtering. Product offerings include rectifiers, small signal diodes, protection diodes, thyristors/SCRs, and power modules (IGBT or MOSFET modules). In FY 2025, the Diodes segment generated net revenues of $592,757 thousand and segment operating income of $89,694 thousand.Optoelectronic Components
Optoelectronic components emit light, detect light, or perform both functions. Product lines include infrared (IR) emitters and detectors, IR remote control receivers, optocouplers, solid-state relays, optical sensors, light-emitting diodes (LEDs), 7-segment displays, and IR data transceiver modules (IrDA®). In FY 2025, the Optoelectronic Components segment generated net revenues of $216,551 thousand and segment operating income of $21,945 thousand.Resistors
Resistors impede electric current to adjust and regulate levels of voltage and current in electronic circuitry. Vishay produces linear resistive components (fixed and variable) and non-linear resistors (thermistors and varistors), utilizing proprietary Power Metal Strip® technology and established brands such as Dale, Draloric, Beyschlag, Sfernice, and Ametherm. In FY 2025, the Resistors segment generated net revenues of $759,343 thousand and segment operating income of $123,062 thousand.Inductors
Inductors use an internal magnetic field to change alternating current phase and resist AC current. Applications include controlling AC current and voltage, filtering out unwanted signals, and energy storage. Vishay offers patented IHLP® low-profile, high-current inductors and custom magnetic solutions under the HiRel Systems brand. In FY 2025, the Inductors segment generated net revenues of $364,374 thousand and segment operating income of $84,844 thousand.Capacitors
Capacitors store electrical energy and discharge it when needed for electronic filtering, decoupling, bypass, frequency control, timing, and power conditioning. Product lines cover tantalum (molded, coated, solid through-hole, wet, and polymer), ceramic, film, power, heavy-current, and aluminum electrolytic capacitors under Sprague, Vitramon, Roederstein, BCcomponents, ESTA, and Birkelbach brands. In FY 2025, the Capacitors segment generated net revenues of $505,560 thousand and segment operating income of $82,814 thousand.History and Evolution
Vishay was founded in 1962 by Dr. Felix Zandman with a loan from Alfred P. Slaner to manufacture Bulk Metal® foil resistors based on Dr. Zandman’s patents. Concurrently, J.E. Starr developed foil resistance strain gages, which also became part of the company. Throughout the 1960s and 1970s, Vishay established technical leadership in foil resistors, PhotoStress® products, and strain gages. Beginning in 1985, Vishay expanded its product lines through strategic acquisitions of passive component manufacturers, followed by discrete semiconductor acquisitions starting in the late 1990s. On July 6, 2010, Vishay completed a tax-free spin-off of its measurements and foil resistors businesses into an independent public company, Vishay Precision Group, Inc. (VPG). In recent years, Vishay has undertaken further strategic acquisitions to expand technology and capacity:- MaxPower Semiconductor, Inc.: Added silicon and silicon carbide technology to the MOSFETs portfolio.
- Newport Wafer Fab: On March 5, 2024, Vishay acquired Nexperia’s 200mm semiconductor wafer fabrication facility in Newport, South Wales, U.K., for $177,457 thousand in cash (net of cash acquired) to scale SiC MOSFETs and diodes capabilities.
- Ametherm, Inc.: On June 5, 2024, Vishay acquired Ametherm, Inc., a Carson City, Nevada-based manufacturer of inrush current limiting solutions and power thermistors, for $31,478 thousand in cash (net of cash acquired).
- Birkelbach Kondensatortechnik GmbH: On December 17, 2024, Vishay acquired Birkelbach, an Erndtebrueck, Germany-based producer of metalized technical films for capacitor dielectrics, for $15,839 thousand in cash (net of cash acquired) to vertically integrate its Capacitors supply chain.
Products and Services
Vishay’s principal offerings are categorized into standard commodity products, certified products, and custom products:- Commodity Products: Fully interchangeable with competitors’ products. In FY 2025, commodity products represented 26% of consolidated revenues (35% in MOSFETs, 54% in Diodes, 17% in Resistors, and 22% in Capacitors).
- Certified Products: Products qualified for specific end-use applications and manufactured by a limited number of competitors. In FY 2025, certified products represented 48% of consolidated revenues.
- Custom Products: Designed to meet specific customer requirements and sold exclusively under specialized part numbers. In FY 2025, custom products represented 26% of consolidated revenues.
Brand Portfolio
Vishay markets its components under recognized corporate brand names, including:- Semiconductors: Siliconix
- Resistors & Inductors: Dale, Draloric, Beyschlag, Sfernice, MCB, UltraSource, Applied Thin-Film Products, IHLP®, HiRel Systems, Ametherm
- Capacitors: Sprague, Vitramon, Barry, Roederstein, ESTA, BCcomponents, Birkelbach
Geographical Presence
As of December 31, 2025, Vishay operated 60 manufacturing locations globally. The Company maintains primary production facilities across three main geographic zones:- United States: Owned facilities in Columbus, NE; Bennington, VT; Yankton, SD; Warwick, RI; Carson City, NV; Niagara Falls, NY; and Marshall, MN. Leased facilities in Columbus, NE; Attleboro, MA; Ontario, CA; Dover, NH; East Windsor, CT; Hollis, NH; Fremont, CA; Glendale, WI; Hudson, MA; Montevideo, MN; and Duluth, MN.
- Europe: Owned facilities in Austria (Vocklabruck), Czech Republic (Blatna, Dolni Rychnov, Prachatice, Volary), France (Nice, Chateau Gontier, Hyeres), Germany (Selb, Heide, Erndtebrueck, Landshut, Fichtelberg), Hungary (Budapest), Italy (Turin), Portugal (Famalicao), and United Kingdom (Newport). Leased facilities in Klagenfurt, Austria; Itzehoe, Heilbronn, and Selb, Germany.
- Asia & Other Regions: Owned facilities in China (Tianjin, Shanghai, Xi’an), India (Loni), Israel (Dimona, Migdal Ha’Emek, Be’er Sheva), Japan (Miharu), Malaysia (Melaka), Mexico (Juarez), and Taiwan (Taipei, Kaohsiung). Leased facilities in China (Danshui, Shanghai, Shatian, Zhuhai, Long Xi), Dominican Republic (Santo Domingo), India (Mumbai), Mexico (Juarez, Durango, Mexicali), Philippines (Manila), and Taiwan (Kaohsiung).
Competitor Analysis
Vishay competes worldwide based on product quality, technical know-how, market knowledge, service capability, delivery timeliness, and price. Key competitors identified by product segment include:| Segment | Primary Competitors Identified in Filing |
|---|---|
| MOSFETs | Infineon, Nexperia, ON Semiconductor, Renesas, STMicroelectronics, Toshiba |
| Diodes | Diodes Inc., Nexperia, ON Semiconductor, Rohm, STMicroelectronics |
| Optoelectronic Components | Broadcom, ON Semiconductor, Renesas, Toshiba |
| Resistors | Bourns, KOA, Murata, Panasonic, Rohm, TDK-EPCOS, Yageo |
| Inductors | Bourns, Cyntec, Murata, Panasonic, Taiyo Yuden, TDK-EPCOS, Yageo |
| Capacitors | Kyocera, Murata, Nichicon, Panasonic, Taiyo Yuden, TDK-EPCOS, Yageo |
Operating Performance and Business Drivers
In FY 2025, net revenues increased by 4.5% to $3,069,048 thousand compared to $2,937,587 thousand in FY 2024. The increase was primarily driven by a 4.9% increase in volume and 1.3% favorable foreign currency effects, partially offset by a 1.9% decrease in average selling prices. Consolidated gross profit margin was 19.4% in FY 2025 compared to 21.3% in FY 2024, impacted by lower average selling prices, higher raw material/metals costs, increased labor expenses, tariffs, and depreciation. Selling, general, and administrative (SG&A) expenses for FY 2025 were $538,015 thousand (17.5% of net revenues), compared to $513,564 thousand (17.5% of net revenues) in FY 2024. SG&A in FY 2025 included an $11,293 thousand gain recognized upon the favorable resolution of a contingency. Operating income for FY 2025 was $56,868 thousand compared to $5,627 thousand in FY 2024, which had included $66,487 thousand of goodwill impairment charges and $40,614 thousand of restructuring and severance costs. Net loss attributable to Vishay stockholders for FY 2025 was $(8,978) thousand, or $(0.07) per basic and diluted share, compared to a net loss of $(31,150) thousand, or $(0.23) per basic and diluted share, in FY 2024.Board of Directors and Leadership Team
The executive officers and directors of Vishay as of December 31, 2025 include:- Marc Zandman (Age 64): Executive Chairman of the Board, Chief Business Development Officer, and President, Vishay Israel Ltd.
- Joel Smejkal (Age 59): President, Chief Executive Officer, and Director
- David McConnell (Age 59): Executive Vice President and Chief Financial Officer
- Roy Shoshani (Age 52): Executive Vice President – Chief Operating Officer – Semiconductors and Chief Technical Officer
- Peter Henrici (Age 70): Executive Vice President – Corporate Development
- Michael O’Sullivan (Age 51): Executive Vice President – Chief Administrative and Legal Officer
- Additional Directors: Dr. Renee B. Booth, Michael J. Cody, Dr. Michiko Kurahashi, Dr. Abraham Ludomirski, John Malvisi, Ruta Zandman, and Raanan Zilberman.
Future Strategy and Business Priorities
Under its Vishay 3.0 transformation strategy, executive management is implementing eight strategic levers to foster customer-first profitable growth:- Internal Capacity Expansion: Investing in capital expenditures to expand key product lines to support megatrends in electrification, A.I., and 5G. Active expansion projects include the Newport wafer fab, a 12-inch wafer fab in Itzehoe, Germany, expanded 8-inch diode manufacturing in Taiwan and Turin, Italy, a new power inductor/non-linear resistor facility in Mexico, and resistor capacity expansion in Mexico.
- External Capacity Expansion: Partnering with subcontractors to outsource production of commodity products, freeing internal capacity for higher-margin and higher-growth lines.
- Optimizing Global Manufacturing Footprint: Consolidating production facilities, including the planned closure of three manufacturing sites announced under the September 2024 restructuring program.
- Increased Technical Headcount: Expanding field application engineers (FAEs), R&D personnel, and technical sales resources to drive design wins.
- Enhanced Channel Management: Streamlining purchasing processes for customers and distributors across the full product portfolio.
- Innovation: Developing new technologies targeting electrification, data storage, and wireless communications.
- Vishay Solutions: Introducing solution-based selling and reference designs capable of populating over 80% of circuit board components in targeted applications.
- Mergers and Acquisitions: Pursuing targeted acquisitions of niche businesses, technology developers, and key supply chain suppliers.
Key Strengths
- Broad Product Portfolio: One of the industry’s broadest selections of discrete semiconductors and passive components, enabling “one-stop shop” solutions.
- Global Manufacturing and Sales Network: 60 manufacturing locations and regionally structured application support centers close to global OEM, EMS, and distributor customers.
- Established Proprietary Technologies: Proprietary innovations such as TrenchFET®, Power Metal Strip®, eSMP®, and IHLP® inductors.
- Track Record of Strategic Acquisitions: History of acquiring and integrating complementary component manufacturers and specialty technology providers.
Key Challenges and Risks
- Industry Cyclicality & Demand Volatility: Susceptibility to economic downturns, customer inventory adjustments, order cancellations, and fluctuations in end-market demand.
- Execution Risks in Capacity Expansions: Construction delays, equipment installation and qualification issues, process yield challenges, and ramp-up costs associated with new facilities (e.g., Newport and Itzehoe wafer fabs).
- Supply Chain & Raw Material Volatility: Dependence on critical raw materials (such as silicon wafers, gold, copper, palladium, and tantalum) subject to market price volatility and supply constraints.
- Geopolitical & Trade Exposure: Global operations subject to tariffs, international trade disputes, foreign currency fluctuations, and political/military instability in operating regions such as Israel and China.
- Voting Control Concentration: Dual-class share structure where holders of Class B common stock hold approximately 49.5% of total voting power as of December 31, 2025, giving them significant influence over corporate transactions and board elections.
Conclusion and Strategic Outlook
Vishay Intertechnology continues to execute its Vishay 3.0 transformation to capitalize on long-term growth opportunities in electrification, industrial automation, artificial intelligence, automotive e-mobility, and 5G infrastructure. By combining internal and external capacity expansion with disciplined cost management and a customer-first solution strategy, the Company aims to enhance operational responsiveness, drive top-line growth, and expand profitability across market cycles.Official Site
The official corporate website of Vishay Intertechnology, Inc. can be accessed at www.vishay.com, and investor relations information is available at ir.vishay.com.Financial Statements
Disclaimer: All financial statement amounts are presented in thousands of U.S. Dollars (in thousands, except per share amounts), unless otherwise noted. The financial statements are reported for the fiscal years ended December 31, 2025 and December 31, 2024.Consolidated Statements of Operations
| Line Item | Year Ended December 31, 2025 | Year Ended December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Net revenues | 3,069,048 | 2,937,587 | +4.48% |
| Costs of products sold | 2,474,165 | 2,311,295 | +7.05% |
| Gross profit | 594,883 | 626,292 | -5.02% |
| Selling, general, and administrative expenses | 538,015 | 513,564 | +4.76% |
| Restructuring and severance costs | – | 40,614 | – |
| Impairment of goodwill | – | 66,487 | – |
| Operating income | 56,868 | 5,627 | +910.63% |
| Interest expense | (38,651) | (27,480) | +40.65% |
| Other | 7,296 | 19,464 | -62.52% |
| Loss on early extinguishment of debt | – | – | – |
| Total other income (expense) | (31,355) | (8,016) | +291.16% |
| Income (loss) before taxes | 25,513 | (2,389) | N/M |
| Income tax expense | 34,491 | 27,366 | +26.04% |
| Net earnings (loss) | (8,978) | (29,755) | -69.83% |
| Less: net earnings attributable to noncontrolling interests | – | 1,395 | – |
| Net earnings (loss) attributable to Vishay stockholders | (8,978) | (31,150) | -71.18% |
| Basic earnings (loss) per share attributable to Vishay stockholders | (0.07) | (0.23) | -69.57% |
| Diluted earnings (loss) per share attributable to Vishay stockholders | (0.07) | (0.23) | -69.57% |
| Weighted average shares outstanding – basic | 135,737 | 136,964 | -0.90% |
| Weighted average shares outstanding – diluted | 135,737 | 136,964 | -0.90% |
| Cash dividends per share | 0.40 | 0.40 | 0.00% |
Consolidated Balance Sheets
| Line Item | December 31, 2025 | December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Assets | |||
| Current assets: | |||
| Cash and cash equivalents | 514,966 | 590,286 | -12.76% |
| Short-term investments | 265 | 16,130 | -98.36% |
| Accounts receivable, net of allowances for credit losses of $2,399 and $1,311, respectively | 381,802 | 401,901 | -5.00% |
| Inventories: | |||
| Finished goods | 182,444 | 175,176 | +4.15% |
| Work in process | 331,347 | 296,393 | +11.79% |
| Raw materials | 245,412 | 217,812 | +12.67% |
| Total inventories | 759,203 | 689,381 | +10.13% |
| Prepaid expenses and other current assets | 231,004 | 217,809 | +6.06% |
| Total current assets | 1,887,240 | 1,915,507 | -1.48% |
| Property and equipment, at cost: | |||
| Land | 86,399 | 84,124 | +2.70% |
| Buildings and improvements | 839,856 | 766,058 | +9.63% |
| Machinery and equipment | 3,477,884 | 3,259,213 | +6.71% |
| Construction in progress | 464,475 | 367,564 | +26.37% |
| Allowance for depreciation | (3,195,455) | (2,931,221) | +9.01% |
| Property and equipment, net | 1,673,159 | 1,545,738 | +8.24% |
| Right of use assets | 119,746 | 117,953 | +1.52% |
| Deferred income taxes | 183,016 | 159,769 | +14.55% |
| Goodwill | 180,390 | 179,005 | +0.77% |
| Other intangible assets, net | 78,487 | 87,223 | -10.02% |
| Other assets | 112,122 | 105,501 | +6.28% |
| Total assets | 4,234,160 | 4,110,696 | +3.00% |
| Liabilities and Equity | |||
| Current liabilities: | |||
| Trade accounts payable | 214,984 | 216,313 | -0.61% |
| Payroll and related expenses | 164,114 | 137,101 | +19.70% |
| Lease liabilities | 26,546 | 25,901 | +2.49% |
| Other accrued expenses | 300,031 | 264,471 | +13.45% |
| Income taxes | 14,751 | 64,562 | -77.15% |
| Total current liabilities | 720,426 | 708,348 | +1.71% |
| Long-term debt, less current portion | 950,893 | 905,019 | +5.07% |
| Deferred income taxes | 96,818 | 96,363 | +0.47% |
| Long-term lease liabilities | 95,799 | 94,218 | +1.68% |
| Other liabilities | 109,228 | 104,086 | +4.94% |
| Accrued pension and other postretirement costs | 172,723 | 173,700 | -0.56% |
| Total liabilities | 2,145,887 | 2,081,734 | +3.08% |
| Stockholders’ equity: | |||
| Preferred stock, par value $1.00 per share: authorized – 1,000,000 shares; zero issued | – | – | – |
| Common stock, par value $0.10 per share: authorized – 300,000,000 shares; 123,498,190 and 133,607,153 shares issued | 12,351 | 13,361 | -7.56% |
| Class B convertible common stock, par value $0.10 per share: authorized – 40,000,000 shares; 12,097,148 shares issued | 1,210 | 1,210 | 0.00% |
| Capital in excess of par value | 1,101,086 | 1,306,245 | -15.71% |
| Retained earnings | 892,232 | 955,500 | -6.62% |
| Treasury stock (at cost): zero and 9,933,595 common shares | – | (212,062) | – |
| Accumulated other comprehensive income (loss) | 81,394 | (35,292) | N/M |
| Total equity | 2,088,273 | 2,028,962 | +2.92% |
| Total liabilities and equity | 4,234,160 | 4,110,696 | +3.00% |
Consolidated Statements of Cash Flows
| Line Item | Year Ended December 31, 2025 | Year Ended December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Operating activities | |||
| Net earnings (loss) | (8,978) | (29,755) | -69.83% |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 224,738 | 210,645 | +6.69% |
| (Gain) loss on disposal of property and equipment | 100 | (1,969) | N/M |
| Inventory write-offs for obsolescence | 34,967 | 37,245 | -6.12% |
| Impairment of goodwill | – | 66,487 | – |
| Pensions and other postretirement benefits, net of contributions | (5,540) | (6,036) | -8.22% |
| Stock compensation expense | 22,355 | 20,921 | +6.85% |
| Loss on early extinguishment of debt | – | – | – |
| Deferred income taxes | (10,864) | (23,514) | -53.80% |
| Other operating activities | 6,776 | 20,416 | -66.81% |
| Change in U.S. transition tax liability | (47,027) | (37,622) | +25.00% |
| Change in repatriation tax liability | (9,375) | (15,000) | -37.50% |
| Net change in operating assets and liabilities, net of effects of businesses acquired | (22,844) | (68,116) | -66.46% |
| Net cash provided by operating activities | 184,308 | 173,702 | +6.11% |
| Investing activities | |||
| Capital expenditures | (273,293) | (320,079) | -14.62% |
| Proceeds from sale of property and equipment | 1,162 | 3,015 | -61.46% |
| Purchase of and deposits for businesses, net of cash acquired | – | (216,024) | – |
| Purchase of short-term investments | (28,575) | (145,327) | -80.34% |
| Maturity of short-term investments | 45,111 | 164,983 | -72.66% |
| Other investing activities | (2,336) | 970 | N/M |
| Net cash used in investing activities | (257,931) | (512,462) | -49.67% |
| Financing activities | |||
| Proceeds from long-term borrowings | – | – | – |
| Principal payment upon maturity of convertible senior notes due 2025 | (41,911) | – | – |
| Repurchase of convertible senior notes due 2025 | – | (52,960) | – |
| Net proceeds (payments) on revolving credit facility | 83,000 | 136,000 | -38.97% |
| Debt issuance and amendment costs | – | (1,062) | – |
| Cash paid for capped call | – | – | – |
| Dividends paid to common stockholders | (49,399) | (49,833) | -0.87% |
| Dividends paid to Class B common stockholders | (4,839) | (4,839) | 0.00% |
| Repurchase of common stock | (12,528) | (50,406) | -75.15% |
| Distributions to noncontrolling interests | – | (2,500) | – |
| Acquisition of noncontrolling interests | – | (5,500) | – |
| Cash withholding taxes paid when shares withheld for vested equity awards | (3,986) | (4,303) | -7.37% |
| Other financing activities | 10,000 | – | – |
| Net cash provided by (used in) financing activities | (19,663) | (35,403) | -44.46% |
| Effect of exchange rate changes on cash and cash equivalents | 17,966 | (8,270) | N/M |
| Net increase (decrease) in cash and cash equivalents | (75,320) | (382,433) | -80.31% |
| Cash and cash equivalents at beginning of year | 590,286 | 972,719 | -39.32% |
| Cash and cash equivalents at end of year | 514,966 | 590,286 | -12.76% |
Subsidiaries & Joint Ventures
Below is a list of material entities, subsidiaries, and corporate acquisitions explicitly identified in the filing:| Entity Name | Country / Jurisdiction | Relationship to Reporting Company | Disclosed Ownership Interest |
|---|---|---|---|
| Vishay Israel Ltd. | Israel | Consolidated Subsidiary | 100% |
| Vishay Newport Limited (formerly Nexperia Newport Limited) | United Kingdom | Consolidated Operating Subsidiary (owned via Vishay UK Holdings Limited) | 100% |
| Vishay UK Holdings Limited (formerly Neptune 6 Limited) | United Kingdom | Consolidated Subsidiary | 100% |
| Ametherm, Inc. | United States (Nevada) | Consolidated Subsidiary | 100% |
| Birkelbach Kondensatortechnik GmbH | Germany | Consolidated Subsidiary | 100% |
| Vishay Americas, Inc. | United States | Consolidated Subsidiary | 100% |
| Vishay Dale Electronics, LLC | United States | Consolidated Subsidiary | 100% |
| Vishay Europe GmbH | Germany | Indirect Consolidated Subsidiary | 100% |
| Siliconix incorporated | United States | Consolidated Subsidiary | 100% |
| Vishay Electronic GmbH | Germany | Indirect Consolidated Subsidiary | 100% |
| Vishay GSI, Inc. (“VGSI”) | United States | Consolidated Subsidiary | 100% |
| MaxPower Semiconductor, Inc. | United States | Consolidated Subsidiary | 100% |
Other Investments & Holdings
The filing discloses the following material investments, holdings, and financial arrangements:| Investee / Asset Description | Nature of Interest | Carrying Value / Amount | Reporting Date / Period |
|---|---|---|---|
| Assets held in Rabbi Trusts | Marketable securities and life insurance assets for non-qualified pension and deferred compensation plans | $55,442 | December 31, 2025 |
| Short-term investments | Time deposits with financial institutions maturing in 3 to 12 months | $265 | December 31, 2025 |
| Restricted assets (Captive Insurance Entity) | Required statutory reserves for property and general liability insurance (included in Other assets) | $14,337 | December 31, 2025 |
| Non-consolidated affiliates | Investments in affiliates (equity basis for significant influence; cost method for non-significant) | Not separately disclosed | December 31, 2025 |
Physical Properties
At December 31, 2025, Vishay operated 60 manufacturing locations worldwide. The principal owned and leased manufacturing facilities disclosed in Item 2 are listed below:Owned Principal Locations
| Location | Business Segment | Approximate Available Space (Square Feet) | Status |
|---|---|---|---|
| Columbus, NE, USA | Resistors | 201,000 | Operating / Owned |
| Bennington, VT, USA | Capacitors | 64,000 | Operating / Owned |
| Yankton, SD, USA | Inductors | 60,000 | Operating / Owned |
| Warwick, RI, USA | Resistors | 56,000 | Operating / Owned |
| Carson City, NV, USA | Resistors | 40,000 | Operating / Owned |
| Niagara Falls, NY, USA | Resistors | 34,000 | Operating / Owned |
| Marshall, MN, USA | Inductors | 22,000 | Operating / Owned |
| Vocklabruck, Austria | Diodes | 100,000 | Operating / Owned |
| Tianjin, People’s Republic of China | Diodes | 397,000 | Operating / Owned |
| Shanghai, People’s Republic of China | Diodes | 195,000 | Operating / Owned |
| Xi’an, People’s Republic of China | Diodes | 133,000 | Operating / Owned |
| Blatna, Czech Republic | Resistors and Capacitors | 276,000 | Operating / Owned |
| Dolni Rychnov, Czech Republic | Resistors and Capacitors | 183,000 | Operating / Owned |
| Prachatice, Czech Republic | Capacitors | 92,000 | Operating / Owned |
| Volary, Czech Republic | Resistors | 35,000 | Operating / Owned |
| Nice, France | Resistors | 221,000 | Operating / Owned |
| Chateau Gontier, France | Resistors | 82,000 | Operating / Owned |
| Hyeres, France | Resistors | 59,000 | Operating / Owned |
| Selb, Germany | Resistors and Capacitors | 472,000 | Operating / Owned |
| Heide, Germany | Resistors | 264,000 | Operating / Owned |
| Erndtebrueck, Germany | Capacitors | 94,000 | Operating / Owned |
| Landshut, Germany | Capacitors | 75,000 | Operating / Owned |
| Fichtelberg, Germany | Resistors | 36,000 | Operating / Owned (closure planned) |
| Budapest, Hungary | Diodes | 101,000 | Operating / Owned |
| Loni, India | Resistors and Capacitors | 405,000 | Operating / Owned |
| Dimona, Israel | Resistors and Capacitors | 404,000 | Operating / Owned |
| Migdal Ha’Emek, Israel | Capacitors | 288,000 | Operating / Owned |
| Be’er Sheva, Israel | Resistors, Inductors and Capacitors | 276,000 | Operating / Owned |
| Turin, Italy | Diodes | 102,000 | Operating / Owned |
| Miharu, Japan | Capacitors | 165,000 | Operating / Owned |
| Melaka, Malaysia | Optoelectronic Components | 156,000 | Operating / Owned |
| Juarez, Mexico | Resistors | 75,000 | Operating / Owned |
| Famalicao, Portugal | Capacitors | 222,000 | Operating / Owned |
| Taipei, Republic of China (Taiwan) | Diodes | 366,000 | Operating / Owned |
| Kaohsiung, Republic of China (Taiwan) | MOSFETs | 105,000 | Operating / Owned |
| Newport, South Wales, United Kingdom | MOSFETs | 439,000 | Operating / Owned |
Leased Principal Locations
| Location | Business Segment | Approximate Available Space (Square Feet) | Status |
|---|---|---|---|
| Columbus, NE, USA | Resistors | 87,000 | Operating / Leased |
| Attleboro, MA, USA | Resistors | 40,000 | Operating / Leased |
| Ontario, CA, USA | Resistors | 38,000 | Operating / Leased |
| Dover, NH, USA | Inductors | 35,000 | Operating / Leased |
| East Windsor, CT, USA | Resistors | 30,000 | Operating / Leased |
| Hollis, NH, USA | Resistors | 25,000 | Operating / Leased |
| Fremont, CA, USA | Resistors | 18,000 | Operating / Leased |
| Glendale, WI, USA | Resistors | 14,000 | Operating / Leased (closure planned) |
| Hudson, MA, USA | Resistors | 13,000 | Operating / Leased |
| Montevideo, MN, USA | Inductors | 11,000 | Operating / Leased |
| Duluth, MN, USA | Inductors | 10,000 | Operating / Leased |
| Klagenfurt, Austria | Capacitors | 150,000 | Operating / Leased |
| Danshui, People’s Republic of China | Capacitors, Inductors, and Resistors | 446,000 | Operating / Leased |
| Shanghai, People’s Republic of China | MOSFETs / Diodes | 300,000 | Operating / Leased (back-end closure planned) |
| Shatian, People’s Republic of China | Capacitors and Resistors | 218,000 | Operating / Leased |
| Zhuhai, People’s Republic of China | Inductors | 179,000 | Operating / Leased |
| Long Xi, People’s Republic of China | Resistors | 36,000 | Operating / Leased |
| Santo Domingo, Dominican Republic | Inductors | 62,000 | Operating / Leased |
| Itzehoe, Germany | MOSFETs | 217,000 | Operating / Leased |
| Heilbronn, Germany | Diodes and Optoelectronic Components | 163,000 | Operating / Leased |
| Selb, Germany | Capacitors | 47,000 | Operating / Leased |
| Mumbai, India | Diodes | 34,000 | Operating / Leased |
| Juarez, Mexico | Resistors | 314,000 | Operating / Leased |
| Durango, Mexico | Inductors and Resistors | 203,000 | Operating / Leased |
| Mexicali, Mexico | Resistors | 15,000 | Operating / Leased |
| Manila, Philippines | Optoelectronic Components | 149,000 | Operating / Leased |
| Kaohsiung, Republic of China (Taiwan) | Diodes | 130,000 | Operating / Leased |
Investments and Capital Expenditure
Material quantitative disclosures regarding capital expenditures, research and development spending, commitments, and acquisition investments are detailed below:| Expenditure / Commitment Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Capital expenditures (cash paid) | $273,293 | $320,079 | $329,410 |
| Research and development expense | $122,388 | $120,126 | $99,506 |
| Acquisition of Newport Wafer Fab (cash paid, net of cash acquired) | $0 | $177,457 | $0 |
| Acquisition of Ametherm, Inc. (cash paid, net of cash acquired) | $0 | $31,478 | $0 |
| Acquisition of Birkelbach Kondensatortechnik GmbH (cash paid, net of cash acquired) | $0 | $15,839 | $0 |
| Estimated costs to complete construction in progress (at period end) | $334,100 | Not disclosed | Not disclosed |
| Planned future capital expenditures (2026 forecast) | $400,000 to $440,000 | N/A | N/A |
Share Capital and Outstanding Shares
The disclosures regarding the share capital, class structure, and outstanding shares of Vishay Intertechnology, Inc. are as follows:| Share Class / Item | December 31, 2025 | December 31, 2024 | February 11, 2026 |
|---|---|---|---|
| Preferred Stock – Par Value per share | $1.00 | $1.00 | $1.00 |
| Preferred Stock – Authorized Shares | 1,000,000 | 1,000,000 | 1,000,000 |
| Preferred Stock – Issued and Outstanding Shares | 0 | 0 | 0 |
| Common Stock – Par Value per share | $0.10 | $0.10 | $0.10 |
| Common Stock – Authorized Shares | 300,000,000 | 300,000,000 | 300,000,000 |
| Common Stock – Issued Shares | 123,498,190 | 133,607,153 | Not disclosed |
| Common Stock – Outstanding Shares | 123,498,190 | 123,673,558 | 123,697,092 |
| Common Stock – Reported Par Value Amount | $12,351 | $13,361 | Not disclosed |
| Class B Convertible Common Stock – Par Value per share | $0.10 | $0.10 | $0.10 |
| Class B Convertible Common Stock – Authorized Shares | 40,000,000 | 40,000,000 | 40,000,000 |
| Class B Convertible Common Stock – Issued and Outstanding Shares | 12,097,148 | 12,097,148 | 12,097,148 |
| Class B Convertible Common Stock – Reported Par Value Amount | $1,210 | $1,210 | Not disclosed |
| Treasury Common Stock – Shares Held | 0 | 9,933,595 | Not disclosed |
| Treasury Common Stock – Cost Amount | $0 | $212,062 | Not disclosed |
| Weighted-Average Common Shares Outstanding – Basic (for EPS) | 135,737 | 136,964 | N/A |
| Weighted-Average Common Shares Outstanding – Diluted (for EPS) | 135,737 | 136,964 | N/A |