Vishay Intertechnology, Inc. (VSH) SEC Filings & Earnings Calls

Tariff refunds passed through to customers reduced GAAP revenue by $30M, though no gross profit impact.

“GAAP revenues reduced by $30.0 million of tariff refunds passed through to customers, with no impact on gross profit” · word for word

Tariff and Trade Policy Uncertainty

“There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business.” · word for word

Metals and Materials Cost Inflation

“Gross profit margin increased versus the prior fiscal quarter and prior year quarter primarily due to higher sales volume, associated manufacturing efficiencies, and higher average selling prices, which offset higher metals and materials costs and unfavorable foreign exchange impacts.” · word for word

Execution Risk on Capacity Expansion

“We are committed to completing our capacity expansion projects, but have modulated and will continue to modulate spending in response to order flow, timing of customer demand and qualification, changes in lead times for equipment, and increases in subcontractor capacity.” · word for word

Potential dilution from conversion of notes.

“Notes are convertible into cash, up to the aggregate principal amount, and in cash, shares of common stock or a combination thereof.”

Immediate dilution from large equity offering.

“15,000,000 shares plus 2,250,000 overallotment, total 17,250,000 new shares.”

Tariff and trade regulation uncertainty could impact costs and demand.

“changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same” · word for word

Volatility in metals and materials prices may pressure margins.

“volatility in prices for metals and materials” · word for word

Tariff uncertainty

“There remains substantial uncertainty regarding the duration of existing and newly announced tariffs... and the impacts of such actions on our business.” · word for word

Metals cost inflation

“Gross profit margin increased... which offset higher metals and materials costs.”

High leverage

“Net cash and short-term investments (debt) $(503,542) (in thousands) at April 4, 2026.” · word for word

Concentrated voting control by Zandman family

“Ruta Zandman, solely or on a shared basis with Marc Zandman and Ziv Shoshani, controls approximately 44.3% of the voting power of our capital stock.” · word for word

Underperformance relative to compensation targets

“The 2025 adjusted EBITDA margin was 8.6% versus an adjusted EBITDA margin target of 11.3%, resulting in a payout of 0%.” · word for word

GAAP net loss in 2025

“GAAP net earnings (loss) attributable to Vishay stockholders $ (8,978 )” · word for word

Dual-Class Voting Control

“The holders of our Class B common stock have effective voting control of our company, giving them the effective ability to prevent a change in control transaction.” · word for word

Convertible Debt Dilution Risk

“Conversion of our outstanding 2030 Notes may dilute the ownership interest of our existing stockholders” · word for word

Negative Free Cash Flow

“Despite generating negative free cash flow in 2025 primarily due to our capacity expansion plans” · word for word

Tariff Exposure

“These tariffs negatively impacted trade relationships... may adversely impact our business by creating economic uncertainty, increasing the cost of materials, and reducing customer and end market demand.”

Newport fab continues to negatively impact gross margin by ~130bps in Q4, expected to reduce to 50-75bps in Q1.

“Gross margin was 19.6% and included the negative impact of approximately 130 basis points related to Newport... Q1 2026 includes negative impact of approximately 50 to 75 basis points related to Newport.” · word for word

Auditor change with no adverse findings

“No disagreements or reportable events with EY; change follows competitive process.”

Newport facility negatively impacting gross margin by ~150bps; expected to continue in Q4.

“Gross margin was 19.5% and included the negative impact of approximately 150 basis points related to Newport” · word for word

Book-to-bill below 1.0 indicates demand not fully recovered.

“3Q 2025 book-to-bill of 0.97” · word for word

Tariff uncertainty

“The tariff rates and application are currently unsettled and any potential demand distraction is not able to be estimated at this time.” · word for word

Negative free cash flow

“We expect negative free cash flow for the fiscal year ending December 31, 2025 due to our capacity expansion plans.” · word for word

Pricing pressure

“Average selling prices, including tariff adders, decreased versus the prior fiscal quarter and prior year quarter.” · word for word