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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


  Date of Report (date of earliest event reported)  November 5, 2025
   

Vishay Intertechnology, Inc.
 
(Exact name of registrant as specified in its charter)


Delaware
1-7416
38-1686453
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

   
63 Lancaster Avenue
Malvern, PA
19355-2143
(Address of Principal Executive Offices)
Zip Code
 
Registrant's telephone number, including area code    610-644-1300

 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

 
Title of each class
 
Trading symbol
 
Name of exchange on which registered
Common stock, par value $0.10 per share
VSH
 
New York Stock Exchange


Item 2.02 – Results of Operations and Financial Condition

On November 5, 2025, Vishay Intertechnology, Inc. issued a press release announcing its financial results for the fiscal quarter and nine fiscal months ended September 27, 2025.  A copy of the press release is attached as Exhibit 99.1 to this report.  

Item 9.01 – Financial Statements and Exhibits
 
(d) Exhibits

Exhibit No.
 
Description
 
 
  
 
 
   104   Cover Page Interactive Data File (embedded within the Inline XBRL document).
 



 
Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 5, 2025

 
VISHAY INTERTECHNOLOGY, INC.
  
       
 
By:
   /s/ David L. Tomlinson                                        
 
       
 
Name:
  
David L. Tomlinson
 
Title:
  
Senior Vice President – Chief Accounting Officer

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1
Exhibit 99.1



Vishay Intertechnology Reports Third Quarter 2025 Results

Malvern, PA, November 5, 2025 – Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal third quarter ended September 27, 2025.

Highlights
•
 3Q 2025 revenues of $790.6 million
•
Gross margin was 19.5% and included the negative impact of approximately 150 basis points related to Newport
•
3Q 2025 GAAP loss per share of $(0.06)
•
3Q 2025 Adjusted EPS of $0.04
•
3Q 2025 book-to-bill of 0.97 with book-to-bill of 0.96 for semiconductors and 0.98 for passive components
•
Backlog at quarter end was 4.4 months

“Our third quarter revenue growth demonstrates Vishay’s alignment with high growth markets including smart grid infrastructure, AI related power requirements, automotive and aerospace/defense while the market overall continues to gradually recover,” said Joel Smejkal, president and CEO.  “The heavy investments in capacity expansion we have made over the past three years are enabling Vishay to capitalize on market upcycles in these high growth markets, reliably meeting quick turn delivery requirements while maintaining competitive lead times.”

4Q 2025 Outlook
For the fourth quarter of 2025, management expects revenues in the range of $790 million +/- $20 million and a gross profit margin in the range of 19.5% +/- 50 basis points, including the negative impact of approximately 150 to 175 basis points related to Newport.

Conference Call
A conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 5, 2025 at 9:00 a.m. ET. To participate in the live conference call, please pre-register at: https://register.vevent.com/register/BI273cd003b1924d1d8b000945bd9f4ade.  Upon registering, you will be emailed a dial-in number, and unique PIN.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.












About Vishay
Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech.® Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, capital investment, capacity expansion, stockholder returns, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as “guide,” “will,” “expect,” “anticipate,” “committed” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The DNA of tech® is a trademark of Vishay Intertechnology.

Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President, Corporate Development
+1-610-644-1300



VISHAY INTERTECHNOLOGY, INC.
                  
Summary of Operations
                  
(Unaudited - In thousands, except per share amounts)
                  
                   
   
Fiscal quarters ended
  
   
September 27, 2025
    
June 28, 2025
    
September 28, 2024
  
                   
Net revenues
  
$
790,640
    
$
762,250
    
$
735,353
  
Costs of products sold
    
636,781
      
613,567
      
584,470
  
Gross profit
    
153,859
      
148,683
      
150,883
  
  Gross margin
    
19.5
%
    
19.5
%
    
20.5
%
                         
Selling, general, and administrative expenses*
    
134,712
      
126,565
      
128,545
  
Restructuring and severance costs
    
-
      
-
      
40,614
  
Operating income (loss)
    
19,147
      
22,118
      
(18,276
)
  Operating margin
    
2.4
%
    
2.9
%
    
-2.5
%
                         
Other income (expense):
                        
  Interest expense
    
(9,525
)
    
(10,588
)
    
(6,596
)
  Other
    
2,265
      
747
      
803
  
  Total other income (expense) - net
    
(7,260
)
    
(9,841
)
    
(5,793
)
                         
Income (loss) before taxes
    
11,887
      
12,277
      
(24,069
)
                         
Income tax expense (benefit)
    
19,763
      
10,273
      
(5,076
)
                         
Net earnings (loss)
    
(7,876
)
    
2,004
      
(18,993
)
                         
Less: net earnings attributable to noncontrolling interests
    
-
      
-
      
306
  
                         
Net earnings (loss) attributable to Vishay stockholders
  
$
(7,876
)
  
$
2,004
    
$
(19,299
)
                         
Basic earnings (loss) per share attributable to Vishay stockholders
  
$
(0.06
)
  
$
0.01
    
$
(0.14
)
                         
Diluted earnings (loss) per share attributable to Vishay stockholders
  
$
(0.06
)
  
$
0.01
    
$
(0.14
)
                         
Weighted average shares outstanding - basic
    
135,720
      
135,702
      
136,793
  
                         
Weighted average shares outstanding - diluted
    
135,720
      
136,167
      
136,793
  
                         
Cash dividends per share
  
$
0.10
    
$
0.10
    
$
0.10
  
                         
* Selling, general, and administrative expenses for the fiscal quarter ended June 28, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.
  

VISHAY INTERTECHNOLOGY, INC.
            
Summary of Operations
            
(Unaudited - In thousands, except per share amounts)
            
             
   
Nine fiscal months ended
  
   
September 27, 2025
    
September 28, 2024
  
             
Net revenues
  
$
2,268,126
    
$
2,222,871
  
Costs of products sold
    
1,830,030
      
1,738,711
  
Gross profit
    
438,096
      
484,160
  
  Gross margin
    
19.3
%
    
21.8
%
                 
Selling, general, and administrative expenses*
    
396,016
      
381,234
  
Restructuring and severance costs
    
-
      
40,614
  
Operating income
    
42,080
      
62,312
  
  Operating margin
    
1.9
%
    
2.8
%
                 
Other income (expense):
                
  Interest expense
    
(28,903
)
    
(19,749
)
  Other
    
6,759
      
13,901
  
  Total other income (expense) - net
    
(22,144
)
    
(5,848
)
                 
Income before taxes
    
19,936
      
56,464
  
                 
Income tax expense
    
29,900
      
20,134
  
                 
Net earnings (loss)
    
(9,964
)
    
36,330
  
                 
Less: net earnings attributable to noncontrolling interests
    
-
      
1,172
  
                 
Net earnings (loss) attributable to Vishay stockholders
  
$
(9,964
)
  
$
35,158
  
                 
Basic earnings (loss) per share attributable to Vishay stockholders
  
$
(0.07
)
  
$
0.26
  
                 
Diluted earnings (loss) per share attributable to Vishay stockholders
  
$
(0.07
)
  
$
0.25
  
                 
Weighted average shares outstanding - basic
    
135,739
      
137,281
  
                 
Weighted average shares outstanding - diluted
    
135,739
      
138,039
  
                 
Cash dividends per share
  
$
0.30
    
$
0.30
  
                 
* Selling, general, and administrative expenses for the nine fiscal months ended September 27, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(Unaudited - In thousands)
            
             
   
September 27, 2025
    
December 31, 2024
  
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
443,858
    
$
590,286
  
  Short-term investments
    
266
      
16,130
  
  Accounts receivable, net
    
463,602
      
401,901
  
  Inventories:
                
    Finished goods
    
186,507
      
175,176
  
    Work in process
    
331,136
      
296,393
  
    Raw materials
    
242,277
      
217,812
  
  Total inventories
    
759,920
      
689,381
  
                 
  Prepaid expenses and other current assets
    
227,294
      
217,809
  
Total current assets
    
1,894,940
      
1,915,507
  
                 
Property and equipment, at cost:
                
  Land
    
86,449
      
84,124
  
  Buildings and improvements
    
826,406
      
766,058
  
  Machinery and equipment
    
3,455,844
      
3,259,213
  
  Construction in progress
    
428,897
      
367,564
  
  Allowance for depreciation
    
(3,165,034
)
    
(2,931,221
)
     
1,632,562
      
1,545,738
  
                 
Right of use assets
    
119,582
      
117,953
  
Deferred income taxes
    
177,621
      
159,769
  
Goodwill
    
180,378
      
179,005
  
Other intangible assets, net
    
81,896
      
87,223
  
Other assets
    
108,997
      
105,501
  
     Total assets
  
$
4,195,976
    
$
4,110,696
  

VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(Unaudited - In thousands)
            
             
   
September 27, 2025
    
December 31, 2024
  
Liabilities and equity
            
Current liabilities:
            
  Trade accounts payable
  
$
213,186
    
$
216,313
  
  Payroll and related expenses
    
179,492
      
137,101
  
  Lease liabilities
    
26,323
      
25,901
  
  Other accrued expenses
    
274,366
      
264,471
  
  Income taxes
    
17,309
      
64,562
  
Total current liabilities
    
710,676
      
708,348
  
                 
Long-term debt less current portion
    
919,698
      
905,019
  
Deferred income taxes
    
94,476
      
96,363
  
Long-term lease liabilities
    
96,036
      
94,218
  
Other liabilities
    
105,630
      
104,086
  
Accrued pension and other postretirement costs
    
186,396
      
173,700
  
Total liabilities
    
2,112,912
      
2,081,734
  
                 
Equity:
                
  Common stock
    
13,416
      
13,361
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,319,934
      
1,306,245
  
  Retained earnings
    
904,818
      
955,500
  
  Treasury stock (at cost)
    
(224,590
)
    
(212,062
)
  Accumulated other comprehensive income (loss)
    
68,276
      
(35,292
)
Total equity
    
2,083,064
      
2,028,962
  
Total liabilities and equity
  
$
4,195,976
    
$
4,110,696
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(Unaudited - In thousands)
            
   
Nine fiscal months ended
  
   
September 27, 2025
    
September 28, 2024
  
             
Operating activities
            
Net earnings (loss)
  
$
(9,964
)
  
$
36,330
  
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
          
      Depreciation and amortization
    
167,036
      
155,272
  
      (Gain)/loss on disposal of property and equipment
    
56
      
(1,168
)
      Inventory write-offs for obsolescence
    
25,614
      
27,163
  
      Stock compensation expense
    
17,635
      
14,928
  
      Deferred income taxes
    
(7,461
)
    
(13,667
)
      Other
    
(2,189
)
    
14,506
  
      Change in U.S. transition tax liability
    
(47,027
)
    
(37,622
)
      Change in repatriation tax liability
    
(9,375
)
    
(15,000
)
      Changes in operating assets and liabilities, net of effects of businesses acquired
    
(99,379
)
    
(74,696
)
Net cash provided by operating activities
    
34,946
      
106,046
  
                 
Investing activities
                
Capital expenditures
    
(178,491
)
    
(175,175
)
Proceeds from sale of property and equipment
    
854
      
1,397
  
Purchase of businesses, net of cash acquired
    
-
      
(200,185
)
Purchase of short-term investments
    
(28,575
)
    
(101,263
)
Maturity of short-term investments
    
45,111
      
123,561
  
Other investing activities
    
(2,336
)
    
(1,220
)
Net cash used in investing activities
    
(163,437
)
    
(352,885
)
                 
Financing activities
                
Principal payments on long-term debt
    
(41,911
)
    
-
  
Net proceeds on revolving credit facility
    
53,000
      
-
  
Debt issuance and amendment costs
    
-
      
(1,062
)
Dividends paid to common stockholders
    
(37,050
)
    
(37,467
)
Dividends paid to Class B common stockholders
    
(3,629
)
    
(3,629
)
Repurchase of common stock held in treasury
    
(12,538
)
    
(37,784
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(4,000
)
    
(4,092
)
Other financing activities
    
10,080
      
-
  
Net cash used in financing activities
    
(36,048
)
    
(84,034
)
Effect of exchange rate changes on cash and cash equivalents
    
18,111
      
1,925
  
                 
Net decrease in cash and cash equivalents
    
(146,428
)
    
(328,948
)
                 
Cash and cash equivalents at beginning of period
    
590,286
      
972,719
  
Cash and cash equivalents at end of period
  
$
443,858
    
$
643,771
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Adjusted Earnings Per Share
                              
(Unaudited - In thousands, except per share amounts)
                          
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
September 27, 2025
    
June 28, 2025
    
September 28, 2024
    
September 27, 2025
    
September 28, 2024
  
                               
GAAP net earnings (loss) attributable to Vishay stockholders
  
$
(7,876
)
  
$
2,004
    
$
(19,299
)
  
$
(9,964
)
  
$
35,158
  
                                         
Reconciling items affecting operating income (loss):
                                        
Favorable resolution of contingency
  
$
-
    
$
(11,293
)
  
$
-
    
$
(11,293
)
  
$
-
  
Restructuring and severance costs
     -
      
-
      
40,614
      
-
      
40,614
  
                                         
Reconciling items affecting tax expense (benefit):
                                        
Change in tax laws and regulations
  
$
13,657
    
$
-
    
$
-
    
$
13,657
    
$
-
  
Tax effects of pre-tax items above
    
-
      
-
      
(10,299
)
    
-
      
(10,299
)
                                         
Adjusted net earnings (loss)
  
$
5,781
    
$
(9,289
)
  
$
11,016
    
$
(7,600
)
  
$
65,473
  
                                         
Adjusted weighted average diluted shares outstanding
    
136,582
      
135,702
      
137,558
      
135,740
      
138,039
  
                                         
Adjusted earnings (loss) per diluted share
  
$
0.04
    
$
(0.07
)
  
$
0.08
    
$
(0.06
)
  
$
0.47
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Free Cash
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
September 27, 2025
    
June 28, 2025
    
September 28, 2024
    
September 27, 2025
    
September 28, 2024
  
Net cash provided by (used in) operating activities
  
$
27,639
    
$
(8,791
)
  
$
50,565
    
$
34,946
    
$
106,046
  
Proceeds from sale of property and equipment
    
360
      
215
      
132
      
854
      
1,397
  
Less: Capital expenditures
    
(52,324
)
    
(64,598
)
    
(59,527
)
    
(178,491
)
    
(175,175
)
Free cash
  
$
(24,325
)
  
$
(73,174
)
  
$
(8,830
)
  
$
(142,691
)
  
$
(67,732
)

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of EBITDA and Adjusted EBITDA
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Nine fiscal months ended
  
   
September 27, 2025
    
June 28, 2025
    
September 28, 2024
    
September 27, 2025
    
September 28, 2024
  
                               
GAAP net earnings (loss) attributable to Vishay stockholders
  
$
(7,876
)
  
$
2,004
    
$
(19,299
)
  
$
(9,964
)
  
$
35,158
  
Net earnings attributable to noncontrolling interests
    
-
      
-
      
306
      
-
      
1,172
  
Net earnings (loss)
  
$
(7,876
)
  
$
2,004
    
$
(18,993
)
  
$
(9,964
)
  
$
36,330
  
                                         
Interest expense
  
$
9,525
    
$
10,588
    
$
6,596
    
$
28,903
    
$
19,749
  
Interest income
    
(2,710
)
    
(4,023
)
    
(5,230
)
    
(10,610
)
    
(20,946
)
Income taxes
    
19,763
      
10,273
      
(5,076
)
    
29,900
      
20,134
  
Depreciation and amortization
    
57,293
      
55,970
      
53,595
      
167,036
      
155,272
  
EBITDA
  
$
75,995
    
$
74,812
    
$
30,892
    
$
205,265
    
$
210,539
  
                                         
Reconciling items
                                        
Favorable resolution of contingency
  
$
-
    
$
(11,293
)
  
$
-
    
$
(11,293
)
  
$
-
  
Restructuring and severance costs
    
-
      
-
      
40,614
      
-
      
40,614
  
                                         
Adjusted EBITDA
  
$
75,995
    
$
63,519
    
$
71,506
    
$
193,972
    
$
251,153
  
                                         
Adjusted EBITDA margin**
    
9.6
%
    
8.3
%
    
9.7
%
    
8.6
%
    
11.3
%
                                         
** Adjusted EBITDA as a percentage of net revenues