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Vishay Intertechnology (VSH) investor relations material
Vishay Intertechnology Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fourth quarter 2025 revenue reached $800.9 million, up 1.3% sequentially and 12% year-over-year, driven by strong demand in industrial power and AI-related applications, with Asia and distribution channels leading growth.
Book-to-bill ratio improved to 1.2 overall, with semiconductors at 1.27 and passives at 1.13; backlog at quarter end was 4.9 months, reflecting strong order momentum.
Strategic initiatives and capacity investments under the five-year plan are driving increased market share and operational improvements, positioning for growth in automotive, AI server, industrial power, aerospace, and healthcare markets.
Newport acquisition negatively impacted gross margin by 130–160 basis points in Q4 and FY 2025.
Full-year 2025 net revenues totaled $3.07 billion, with a gross margin of 19.4% and operating income of $56.9 million (1.9% margin).
Financial highlights
Q4 2025 gross profit was $157 million, with a gross margin of 19.6%, slightly above guidance, aided by higher volumes despite Newport's negative impact.
Q4 2025 GAAP EPS was $0.01; adjusted EPS was $0.01; full-year adjusted EPS was $(0.05) due to Newport's margin impact.
Adjusted EBITDA for Q4 2025 was $70.3 million (8.8% margin); full-year adjusted EBITDA was $264.2 million (8.6% margin).
Q4 2025 free cash flow was $54.9 million, rebounding from negative free cash in prior quarters; full-year free cash flow was ($87.8) million, reflecting high capital expenditures.
CapEx for Q4 was $95 million, with $75 million for capacity expansion; full-year CapEx was $273.3 million, below guidance due to equipment delays.
Outlook and guidance
Q1 2026 revenue expected between $800 million and $830 million, with sequential growth in all five key segments.
Gross margin guidance is 19.9% ±50 bps, with Newport expected to negatively impact by 50–75 bps; SG&A projected at $153 million ±$2 million.
CapEx for 2026 planned at $400–$440 million, peaking in H1 due to 12-inch fab investments, then tapering in H2.
Free cash flow expected to be negative in 2026 due to high CapEx; dividend to be maintained.
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- FR
FFO per share rose 11.7% in 2025, with robust rental growth and a higher dividend. - ALCO
Land sales and leasing drove improved profitability and strong liquidity as citrus operations ended. - PAHC
Net sales and profit surged on acquisition, with raised outlook and strong liquidity. - PTC
Q1'26 saw double-digit growth, margin gains, and major share repurchases, with a strong FY'26 outlook. - MKL
Operating income rose to $3.2B, with broad-based growth and improved insurance profitability. - UHAL
Q3 net loss of $37M on higher costs and depreciation, but self-storage revenue increased. - SITM
Acquisition accelerates growth to $1B revenue, expanding leadership in precision timing. - AFL
Q4 net earnings dropped 27.5% year-over-year, but adjusted EPS and sales in Japan and the U.S. grew. - SNEX
Record net income and operating revenue growth, with strong segment results and a stock split announced. - RSI
Record financial results, all motions passed, and LEAP project remains a strategic priority.
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