Vishay is in the early stages of a cyclical upswing with strong demand signals (1.34 book-to-bill, 5.7-month backlog) and margin expansion. The Q2 guidance midpoint of $890M implies ~24% YoY revenue growth, well above the Q1 17% pace. Watch for further backlog-to-revenue conversion and gross margin progression toward the 22% guided range. The heavy capex ($110.7M in Q1) is a positive signal of capacity expansion for high-growth products.
Price Chart
Executive Summary
Vishay reported Q1 2026 revenue of $839.2M (beat $822.8M consensus) and GAAP EPS of $0.05 (beat $0.03 consensus), with gross margin expanding to 21.0% from 19.0% YoY. The company guided Q2 2026 revenue to $875M-$905M and gross margin of 22.0% +/- 50bps, signaling continued operational improvement. The 1.34 book-to-bill ratio (a three-year high) and 5.7-month backlog confirm accelerating demand across semiconductor and passive component end markets.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $839.2M vs $822.8M consensus (2.0% beat)
- GAAP EPS $0.05 vs $0.03 consensus (66.7% beat)
- Revenue grew 17.3% YoY from $715.2M in Q1 2025
- Gross margin 21.0% vs 19.0% YoY, up 200bps
- Operating income $22.1M vs $0.8M YoY, operating margin 2.6% vs 0.1%
- Book-to-bill 1.34 (semiconductors 1.47, passives 1.23) — three-year high
- Backlog 5.7 months vs 4.9 months in Q4 2025
- Q2 2026 guidance: revenue $875M-$905M, gross margin 22.0% +/- 50bps
- Free cash flow -$46.9M due to $110.7M capex (capacity expansion)
- Cash and equivalents $479.4M, long-term debt $983.1M
Financial Impact
Revenue beat consensus by $16.4M (2.0%), EPS beat by $0.02 (66.7%). Q2 guidance midpoint $890M implies 24.4% YoY growth vs Q2 2025 revenue of $715.2M.
Risk Factors
- Heavy capex ($110.7M) is consuming free cash flow (-$46.9M) — may pressure balance sheet if cycle turns
- Long-term debt $983.1M vs cash $479.4M — net debt position of ~$504M
- Tariff and trade policy uncertainty could disrupt supply chain or end-market demand
- Historical calibration shows past bullish calls on VSH underperformed — this cycle may differ given concrete demand metrics
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000103730-26-000037 |
| Document: form8-k.htm | 0000103730-26-000037 |
| Document: 0000103730-26-000037-index-headers.html | 0000103730-26-000037 |
| Document: 0000103730-26-000037-index.html | 0000103730-26-000037 |
| Document: 0000103730-26-000037.txt | 0000103730-26-000037 |
| 8-K Data (Synthetic) | 0000103730-26-000037 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 7w ago | Press Release | $33.32 $33.21 | ▼ −0.33% | ▲ +1.42% | $38.58 (+15.77%) |
Aug 5, 2026 8w ago | 8-K | $33.18 $30.61 | ▼ −7.75% | ▼ −7.14% | $38.58 (+16.26%) |
Jul 6, 2026 12w ago | 8-K | $42.19 $35.40 | ▼ −16.09% | ▼ −17.43% | $38.58 (−8.57%) |
Jul 1, 2026 13w ago | 8-K | $51.21 $29.96 | ▲ +41.50% | ▲ +39.31% | $38.58 (+24.67%) |
Jun 30, 2026 13w ago | 424B5 | $51.21 $29.96 | ▲ +41.50% | ▲ +39.31% | $38.58 (+24.67%) |
Jun 30, 2026 13w ago | Press Release | $53.78 $37.18 | ▲ +30.87% | ▲ +29.84% | $38.58 (+28.27%) |
Jun 29, 2026 13w ago | 424B5 | $53.78 $37.18 | ▲ +30.87% | ▲ +29.84% | $38.58 (+28.27%) |
Jun 29, 2026 13w ago | S-3ASR | $53.78 $37.18 | ▼ −30.87% | ▼ −29.84% | $38.58 (−28.27%) |
May 13, 2026 20w ago | 8-K | $38.50 $58.60 | ▲ +52.21% | ▲ +52.82% | $38.58 (+0.19%) |
May 13, 2026 20w ago | Press Release | $38.50 $58.60 | ▲ +52.21% | ▲ +52.82% | $38.58 (+0.19%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access