The strong book-to-bill (1.34) and Q2 guidance above Q1 actuals signal a cyclical recovery in semiconductors and passives. However, the EPS miss and negative free cash flow warrant caution. Monitor Q2 results for margin expansion and cash flow improvement to confirm the upcycle thesis.
Price Chart
Executive Summary
Vishay reported Q1 2026 revenue of $839.2M (above $822.8M consensus) but GAAP EPS of $0.05 missed the $0.03 estimate on a GAAP basis, while the Street-convention EPS of $0.01 missed the $0.03 consensus. Revenue grew 17.3% YoY, driven by a strong book-to-bill of 1.34, but EPS remains weak. Q2 guidance of $875M-$905M revenue and 22.0% gross margin suggests continued sequential improvement, though the EPS miss and negative free cash flow of -$46.9M temper the outlook.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $839.2M vs consensus $822.8M (beat)
- GAAP EPS $0.05 vs consensus $0.03 (beat on GAAP basis)
- Street-convention EPS $0.01 vs consensus $0.03 (miss)
- Revenue grew 17.3% YoY from $715.2M
- Gross margin improved to 21.0% from 19.0% YoY
- Operating income $22.1M vs $0.8M YoY
- Book-to-bill 1.34 (semiconductors 1.47, passives 1.23)
- Free cash flow negative -$46.9M vs -$45.2M YoY
- Q2 2026 guidance: revenue $875M-$905M, gross margin ~22.0%
- Dividend maintained at $0.10 per share
Financial Impact
Revenue beat of ~$16.4M vs consensus; EPS miss of -$0.02 vs Street consensus; negative free cash flow of -$46.9M
Risk Factors
- EPS miss vs Street consensus despite revenue beat
- Negative free cash flow for the quarter
- High capital expenditures ($110.7M) outpacing operating cash flow ($63.7M)
- Macroeconomic uncertainty and tariff risks in the semiconductor supply chain
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3293872 |
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
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