Revenue growth accelerated to 17.3% in 2026Q1, yet structural pricing pressure keeps gross margins at 21.0%, well below historical mid-20s levels.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.19B | 3.07B | 2.94B | 3.4B | 3.5B | 3.24B | 2.5B | 2.67B | 3.03B | 2.6B | 2.32B | 2.3B | 2.49B | 2.37B | 2.23B | 2.59B | 2.73B | 2.04B | 2.82B | 2.83B | 2.58B | 2.3B | 2.41B | 2.17B | 1.82B | 1.66B | 2.47B | 1.76B | 1.57B | 1.13B | 1.1B |
| Revenue Growth % | 9.86% | 4.48% | -13.65% | -2.73% | 7.93% | 29.52% | -6.24% | -12.07% | 16.56% | 12.06% | 1% | -7.73% | 5.16% | 6.32% | -14.03% | -4.81% | 33.45% | -27.64% | -0.39% | 9.75% | 12.41% | -4.85% | 11.19% | 19.08% | 10.12% | -32.85% | 40.05% | 11.91% | 39.77% | 2.48% | -10.33% |
| Cost of Goods Sold | 2.56B | 2.47B | 2.31B | 2.43B | 2.44B | 2.35B | 1.92B | 2B | 2.15B | 1.9B | 1.75B | 1.76B | 1.88B | 1.8B | 1.7B | 1.87B | 1.92B | 1.65B | 2.22B | 2.14B | 1.92B | 1.77B | 1.84B | 1.69B | 1.45B | 1.27B | 1.46B | 1.3B | 1.19B | 858.02M | 825.87M |
| COGS % of Revenue | - | 80.62% | 78.68% | 71.36% | 69.72% | 72.6% | 76.74% | 74.85% | 70.72% | 73.13% | 75.48% | 76.43% | 75.48% | 76.07% | 76.38% | 72.24% | 70.37% | 80.99% | 78.63% | 75.48% | 74.25% | 77.07% | 76.32% | 77.87% | 79.8% | 76.95% | 59.22% | 73.84% | 75.61% | 76.25% | 75.22% |
| Gross Profit | 635.94M | 594.88M | 626.29M | 974.49M | 1.06B | 887.91M | 581.9M | 671.2M | 888.52M | 699.61M | 569.78M | 542.22M | 611.29M | 567.26M | 526.67M | 719.99M | 807.49M | 388.16M | 602.99M | 694.83M | 664.82M | 526.54M | 571.5M | 480.33M | 368.27M | 381.52M | 1.01B | 460.39M | 383.64M | 267.2M | 272.11M |
| Gross Margin % | 19.92% | 19.38% | 21.32% | 28.64% | 30.28% | 27.4% | 23.26% | 25.15% | 29.28% | 26.87% | 24.52% | 23.57% | 24.52% | 23.93% | 23.62% | 27.76% | 29.63% | 19.01% | 21.37% | 24.52% | 25.75% | 22.93% | 23.68% | 22.13% | 20.2% | 23.05% | 40.78% | 26.16% | 24.39% | 23.75% | 24.78% |
| Gross Profit Growth % | - | -5.02% | -35.73% | -7.98% | 19.27% | 52.59% | -13.3% | -24.46% | 27% | 22.79% | 5.08% | -11.3% | 7.76% | 7.71% | -26.85% | -10.84% | 108.03% | -35.63% | -13.22% | 4.51% | 26.26% | -7.87% | 18.98% | 30.43% | -3.47% | -62.05% | 118.36% | 20.01% | 43.58% | -1.81% | -15.47% |
| Operating Expenses | 557.76M | 538.01M | 620.66M | 488.35M | 443.5M | 420.11M | 372.19M | 408.77M | 403.4M | 376.75M | 367.99M | 362.23M | 385.7M | 366.76M | 349.63M | 373.38M | 389.55M | 388.79M | 2.19B | 461.78M | 410.68M | 392.08M | 413.64M | 381.41M | 417.25M | 289.36M | 308.78M | 266.64M | 276.41M | 158.6M | 148.26M |
| OpEx % of Revenue | - | 17.53% | 21.13% | 14.35% | 12.68% | 12.96% | 14.88% | 15.32% | 13.29% | 14.47% | 15.84% | 15.75% | 15.47% | 15.47% | 15.68% | 14.39% | 14.29% | 19.04% | 77.75% | 16.3% | 15.91% | 17.07% | 17.14% | 17.57% | 22.89% | 17.48% | 12.53% | 15.15% | 17.58% | 14.09% | 13.5% |
| Selling, General & Admin | 557.76M | 415.63M | 513.56M | 388.84M | 443.5M | 334.94M | 371.45M | 384.63M | 403.4M | 376.75M | 367.99M | 362.23M | 385.7M | 366.76M | 349.63M | 373.38M | 389.55M | 416.99M | 450.88M | 439.02M | 404M | 376.91M | 386.35M | 381.41M | 311.25M | 278.17M | 297.31M | 254.28M | 234.84M | 136.88M | 141.76M |
| SG&A % of Revenue | - | 13.54% | 17.48% | 11.43% | 12.68% | 10.34% | 14.85% | 14.41% | 13.29% | 14.47% | 15.84% | 15.75% | 15.47% | 15.47% | 15.68% | 14.39% | 14.29% | 20.42% | 15.98% | 15.5% | 15.65% | 16.41% | 16.01% | 17.57% | 17.08% | 16.8% | 12.06% | 14.45% | 14.93% | 12.16% | 12.91% |
| Research & Development | 0 | 122.39M | 120.13M | 99.51M | 0 | 77.38M | 0 | 0 | 72.89M | 67.15M | 66.84M | 64.19M | 65.3M | 62.09M | 57.16M | 0 | 0 | 0 | 0 | 0 | 0 | 9.69M | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.99% | 4.09% | 2.92% | - | 2.39% | - | - | 2.4% | 2.58% | 2.88% | 2.79% | 2.62% | 2.62% | 2.56% | - | - | - | - | - | - | 0.42% | 0.06% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -13.03M | 0 | 0 | 7.79M | 743K | 24.14M | -5.08M | 1.74M | 4.72M | 7.98M | 2.49M | 1.85M | 3.44M | 0 | 0 | -28.2M | 4M | 22.76M | 6.68M | 15.17M | 27.3M | 0 | 106M | 11.19M | 11.47M | 12.36M | 41.57M | 21.72M | 6.49M |
| Operating Income | 78.18M | 56.87M | 5.63M | 486.14M | 615.49M | 467.8M | 209.71M | 262.43M | 485.12M | 311.59M | 101.72M | 97.8M | 189.11M | 197.68M | 189.2M | 346.6M | 417.94M | -39.19M | -1.65B | 218.37M | 208.23M | 95.96M | 92.49M | 57.97M | -79.95M | 14.25M | 696.5M | 193.74M | 93.92M | 108.6M | 85.82M |
| Operating Margin % | 2.45% | 1.85% | 0.19% | 14.29% | 17.6% | 14.44% | 8.38% | 9.84% | 15.99% | 11.97% | 4.38% | 4.25% | 7.58% | 8.34% | 8.48% | 13.36% | 15.34% | -1.92% | -58.42% | 7.71% | 8.07% | 4.18% | 3.83% | 2.67% | -4.39% | 0.86% | 28.25% | 11.01% | 5.97% | 9.65% | 7.82% |
| Operating Income Growth % | - | 910.63% | -98.84% | -21.01% | 31.57% | 123.07% | -20.09% | -45.9% | 55.69% | 206.33% | 4.01% | -48.28% | -4.34% | 4.48% | -45.41% | -17.07% | 1166.58% | 97.62% | -855.01% | 4.87% | 116.99% | 3.75% | 59.54% | 172.51% | -661.04% | -97.95% | 259.49% | 106.28% | -13.51% | 26.54% | -43.69% |
| EBITDA | 249.14M | 281.61M | 216.27M | 670.52M | 779.48M | 634.84M | 375.94M | 426.89M | 646.98M | 474.73M | 261.08M | 273.97M | 368.57M | 367.81M | 357.76M | 526.31M | 608.66M | 190.46M | -1.43B | 433.06M | 405.19M | 284.86M | 295.07M | 252.03M | 100.8M | 177.64M | 837.34M | 333.42M | 221.87M | 190.48M | 163.07M |
| EBITDA Margin % | 7.8% | 9.18% | 7.36% | 19.71% | 22.29% | 19.59% | 15.03% | 16% | 21.32% | 18.23% | 11.24% | 11.91% | 14.78% | 15.51% | 16.04% | 20.29% | 22.34% | 9.33% | -50.56% | 15.28% | 15.7% | 12.4% | 12.23% | 11.61% | 5.53% | 10.73% | 33.97% | 18.94% | 14.11% | 16.93% | 14.85% |
| EBITDA Growth % | 39.45% | 30.21% | -67.75% | -13.98% | 22.78% | 68.87% | -11.94% | -34.02% | 36.28% | 81.83% | -4.7% | -25.67% | 0.2% | 2.81% | -32.03% | -13.53% | 219.58% | 113.35% | -429.5% | 6.88% | 42.24% | -3.46% | 17.08% | 150.03% | -43.26% | -78.79% | 151.14% | 50.28% | 16.48% | 16.81% | -26.53% |
| D&A (Non-Cash Add-back) | 170.97M | 224.74M | 210.65M | 184.37M | 163.99M | 167.04M | 166.23M | 164.46M | 161.86M | 163.15M | 159.36M | 176.17M | 179.46M | 170.13M | 168.56M | 179.71M | 190.72M | 229.64M | 221.75M | 214.69M | 196.96M | 188.9M | 202.58M | 194.06M | 180.75M | 163.39M | 140.84M | 139.68M | 127.95M | 81.87M | 77.25M |
| EBIT | 78.18M | 56.87M | 25.09M | 492.53M | 610.63M | 452.15M | 189.88M | 259.98M | 472M | 322.6M | 197.74M | 179.99M | 191.6M | 199.53M | 192.64M | 350.39M | 416.57M | -29.39M | -1.63B | 234.32M | 255.11M | 134.46M | 157.85M | 98.92M | -48.98M | 92.16M | 696.5M | 193.74M | 107.22M | 108.6M | 85.82M |
| Net Interest Income | -9.76M | -24.49M | -2M | 6.22M | -9.57M | -16.27M | -27.85M | -25.24M | -24.74M | -21.37M | -21.36M | -21.29M | -19.52M | -18.56M | -14.98M | -8.89M | -8.15M | -10.32M | -38.67M | -28.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 10.13M | 14.16M | 25.48M | 31.35M | 7.56M | 1.27M | 3.71M | 8.45M | 11.94M | 6.48M | 4.26M | 4.4M | 4.94M | 4.57M | 7.63M | 10.39M | 2.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.89M | 38.65M | 27.48M | 25.13M | 17.13M | 17.54M | 31.55M | 33.68M | 36.68M | 27.85M | 25.62M | 25.68M | 24.46M | 23.13M | 22.6M | 19.28M | 11.04M | 10.32M | 24.26M | 23.47M | 17.66M | 60.45M | 99.43M | 60.55M | 60.54M | 85.95M | 30.45M | 73.57M | 68.39M | 21.13M | 15.47M |
| Other Income/Expense | -35.58M | -31.36M | -8.02M | -18.74M | -21.98M | -33.19M | -51.38M | -36.13M | -68.34M | -32.22M | -102.84M | -23.06M | -21.97M | -21.28M | -19.16M | -15.48M | -12.4M | -530K | -22.99M | -12.7M | -16.68M | -21.95M | -22.47M | -19.6M | -29.57M | -8.04M | -30.45M | -73.57M | -55.09M | -21.13M | -15.47M |
| Pretax Income | 42.59M | 25.51M | -2.39M | 467.4M | 593.5M | 434.61M | 158.33M | 226.3M | 416.78M | 279.36M | 94.22M | 74.74M | 167.14M | 176.41M | 170.04M | 331.12M | 405.53M | -39.72M | -1.67B | 205.66M | 191.55M | 74.01M | 70.02M | 38.37M | -109.51M | 6.21M | 666.05M | 120.18M | 38.84M | 87.47M | 70.36M |
| Pretax Margin % | 1.33% | 0.83% | -0.08% | 13.74% | 16.97% | 13.41% | 6.33% | 8.48% | 13.73% | 10.73% | 4.06% | 3.25% | 6.7% | 7.44% | 7.62% | 12.76% | 14.88% | -1.94% | -59.26% | 7.26% | 7.42% | 3.22% | 2.9% | 1.77% | -6.01% | 0.38% | 27.02% | 6.83% | 2.47% | 7.77% | 6.41% |
| Income Tax | 40.31M | 34.49M | 27.37M | 141.89M | 163.02M | 135.67M | 34.55M | 61.51M | 70.24M | 298.92M | 44.84M | 182.47M | 49.3M | 52.64M | 46.51M | 91.12M | 45.24M | 16.8M | 11.19M | 64.13M | 50.84M | 11.74M | 13.73M | 11.53M | -16.9M | 5.7M | 148.19M | 36.94M | 30.62M | 34.17M | 17.74M |
| Effective Tax Rate % | 94.65% | 135.19% | -1145.5% | 30.36% | 27.47% | 31.22% | 21.82% | 27.18% | 16.85% | 107% | 47.6% | 244.14% | 29.5% | 29.84% | 27.35% | 27.52% | 11.16% | -42.3% | -0.67% | 31.18% | 26.54% | 15.86% | 19.61% | 30.04% | 15.43% | 91.74% | 22.25% | 30.74% | 78.85% | 39.06% | 25.22% |
| Net Income | 2.28M | -8.98M | -31.15M | 323.82M | 428.81M | 297.97M | 122.92M | 163.94M | 345.76M | -20.34M | 48.79M | -108.51M | 117.63M | 122.98M | 122.74M | 238.82M | 359.11M | -57.19M | -1.73B | 130.76M | 139.74M | 62.27M | 44.7M | 26.84M | -92.61M | 513K | 517.86M | 83.24M | 8.21M | 53.3M | 52.62M |
| Net Margin % | 0.07% | -0.29% | -1.06% | 9.52% | 12.26% | 9.2% | 4.91% | 6.14% | 11.39% | -0.78% | 2.1% | -4.72% | 4.72% | 5.19% | 5.5% | 9.21% | 13.18% | -2.8% | -61.35% | 4.62% | 5.41% | 2.71% | 1.85% | 1.24% | -5.08% | 0.03% | 21.01% | 4.73% | 0.52% | 4.74% | 4.79% |
| Net Income Growth % | 103.44% | 71.18% | -109.62% | -24.48% | 43.91% | 142.4% | -25.02% | -52.59% | 1799.56% | -141.7% | 144.96% | -192.25% | -4.35% | 0.2% | -48.61% | -33.5% | 727.94% | 96.7% | -1424.08% | -6.42% | 124.39% | 39.33% | 66.52% | 128.98% | -18153.41% | -99.9% | 522.16% | 913.6% | -84.59% | 1.3% | -43.22% |
| Net Income (Continuing) | 2.28M | -8.98M | -29.75M | 325.51M | 430.48M | 298.94M | 123.78M | 164.79M | 346.54M | -19.56M | 49.37M | -107.73M | 117.84M | 123.77M | 123.53M | 240M | 360.29M | -56.52M | -1.68B | 141.53M | 139.74M | 66.03M | 56.29M | 26.84M | -92.61M | 513K | 517.86M | 83.24M | 8.21M | 53.3M | 52.62M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 4.72M | 3.9M | 2.97M | 2.8M | 2.54M | 2.29M | 2.03M | 5.44M | 5.57M | 5.51M | 5.44M | 4.91M | 5.16M | 5.42M | 5.16M | 5.04M | 5.36M | 4.79M | 4.11M | 94.57M | 83.22M | 75.98M | 66.52M | 63.48M | 61.64M | 51.86M | 0 | 0 |
| EPS (Diluted) | 0.02 | -0.07 | -0.23 | 2.31 | 2.98 | 2.05 | 0.85 | 1.13 | 2.24 | -0.14 | 0.32 | -0.73 | 0.77 | 0.81 | 0.79 | 1.42 | 1.89 | -0.31 | -9.29 | 0.69 | 0.73 | 0.34 | 0.27 | 0.17 | -0.58 | 0.00 | 3.77 | 0.65 | 0.07 | 0.42 | 0.41 |
| EPS Growth % | 102.84% | 71.26% | -109.96% | -22.48% | 45.37% | 141.18% | -24.78% | -49.55% | 1700% | -143.75% | 143.84% | -194.81% | -4.94% | 2.53% | -44.37% | -24.87% | 709.68% | 96.66% | -1446.38% | -5.48% | 114.71% | 25.93% | 58.82% | 129.31% | - | -99.9% | 480% | 874.51% | -84.12% | 2.44% | -48.1% |
| EPS (Basic) | - | -0.07 | -0.23 | 2.32 | 2.99 | 2.05 | 0.85 | 1.13 | 2.24 | -0.14 | 0.33 | -0.73 | 0.80 | 0.85 | 0.82 | 1.49 | 1.96 | -0.31 | -9.29 | 0.70 | 0.76 | 0.35 | 0.27 | 0.17 | -0.58 | 0.00 | 3.83 | 0.66 | 0.07 | 0.42 | 0.41 |
| Diluted Shares Outstanding | 137.47M | 135.74M | 136.96M | 140.25M | 143.91M | 145.5M | 145.23M | 145.14M | 154.62M | 145.63M | 150.7M | 147.7M | 153.72M | 151.42M | 155.84M | 168.51M | 190.23M | 186.6M | 186.4M | 198.23M | 210.32M | 189.32M | 165.94M | 160.44M | 159.41M | 142.51M | 137.46M | 128.23M | 126.8M | 126.9M | 125.78M |
| Basic Shares Outstanding | 136.04M | 135.74M | 136.96M | 139.45M | 143.4M | 145M | 144.84M | 144.61M | 154.36M | 145.31M | 147.15M | 147.7M | 147.57M | 144.86M | 149.02M | 160.09M | 183.62M | 186.6M | 186.4M | 185.65M | 184.4M | 177.61M | 163.7M | 159.63M | 159.41M | 141.17M | 135.29M | 126.68M | 126.66M | 126.43M | 125.78M |
| Dividend Payout Ratio | - | - | - | 17.18% | 13.34% | 18.71% | 44.72% | 32.6% | 13.45% | - | 75.27% | - | 30.08% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Margin Compression
According to recent financial disclosures, Vishay's quarterly revenue growth has accelerated to 17.3% in 2026Q1, marking a significant recovery from the negative growth rates observed throughout 2024, suggesting that the company is successfully navigating the bottom of its industrial demand cycle.
The recent return to double-digit top-line growth appears to be a positive indicator of stabilizing demand in the automotive and industrial sectors. However, investors should monitor whether this acceleration is driven by sustainable volume increases or merely a replenishment of channel inventory following the prolonged destocking period.
As reported in the latest income statements, Vishay's gross margin of 21.0% remains well below historical mid-20s levels, indicating that the company continues to face significant pricing pressure and underutilization of its extensive internal manufacturing footprint despite the recent uptick in total revenue.
The inability of gross margins to expand meaningfully alongside revenue growth suggests that the company's high fixed-cost structure is currently acting as a drag on profitability. This warrants further investigation into whether the current pricing environment in the discrete semiconductor space is structurally impaired or merely cyclical.
Based on the provided quarterly data, operating margins have struggled to exceed 2.6% in 2026Q1, demonstrating that Vishay has yet to achieve meaningful operating leverage as SG&A expenses continue to absorb the majority of the incremental gross profit generated by recent revenue gains.
The lack of operating margin expansion suggests that the company's current cost structure is not yet optimized for the current revenue scale. Investors should consider whether the 'Vishay 3.0' investment strategy is creating a permanent increase in overhead that will require significantly higher revenue levels to achieve historical profitability.
Analysis of the income statement reveals that net income remains highly volatile, with reported figures swinging from a $66.3M loss in 2024Q4 to a $7.2M profit in 2026Q1, highlighting the impact of non-recurring charges and the sensitivity of the bottom line to minor operational fluctuations.
The frequent appearance of restructuring and impairment charges suggests that the reported net income may not accurately reflect the company's underlying earnings power. A cautious approach is warranted, as the current profitability profile appears fragile and highly susceptible to further macroeconomic headwinds or unexpected operational disruptions.
Quick answers to the most common questions about buying VSH stock.
For fiscal year 2025, Vishay Intertechnology, Inc. (VSH) reported total revenue of $3.07B. This represents a 179.5% increase compared to $1.10B in 1996.
Vishay Intertechnology, Inc. (VSH) reported a net loss of $9.0M for the fiscal year ending 2025.
Vishay Intertechnology, Inc. (VSH) reported an operating income of $56.9M, resulting in an operating profit margin of 1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Vishay Intertechnology, Inc. (VSH) generated $594.9M in gross profit for the year, representing a gross profit margin of 19.4%. This demonstrates the company's core pricing power and production efficiency.