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VSH · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Vishay Intertechnology, Inc. (VSH) stock moving?
Vishay's Q3 2026 report on Nov 4 beat consensus on both lines, with revenue of $978.9M against $963.7M expected and EPS of $0.37 against $0.28, alongside record quarterly revenue, gross margin of 25.5% (up from 19.5% a year earlier), free cash flow of $98.5M (against negative $24.3M), and a book-to-bill of 1.29 with backlog at 6.6 months. The Q4 sales guide of $975M to $1.005B brackets the $985.1M consensus, so it is in line with a midpoint slightly above estimates but with a low end below. The stock still fell on the day (close $25.84 from $27.22) and then dropped to $22.02 on Nov 5 on 9.16M shares, about 2.5 times the recent average, and the news does not state the cause. Needham kept its Buy rating and cut its price target to $38. Since the Nov 5 close, VSH has rebounded to $26.79 (Nov 10), with a strong session on Nov 9 (close $26.41, up from $23.28). It remains about 10% below the Oct 28 close of $29.92. The Oct 30 investment in 300mm power MOSFET capacity at Itzehoe supports the longer-term growth case. Risks include the in-line Q4 guide, the post-earnings sell-off, and the unexplained move on Oct 27 (up 11% to $29.63 on 4.76M shares).
News behind the analysis
- Vishay Intertechnology to Showcase Passive and Semiconductor Solutions at electronica 2026Vishay will exhibit its passive and semiconductor portfolio at the electronica 2026 trade fair in Munich. This is a routine trade-show announcement with no financial impact.
- Needham Maintains Buy on Vishay Intertechnology, Lowers Price Target to $38Needham kept its Buy rating on VSH after the quarter but cut its price target to $38. The cut is a valuation adjustment, not a rating change.
- Vishay Intertechnology Q3 2026 Earnings Call TranscriptManagement discussed third-quarter 2026 results and the outlook on the earnings call held Nov 4. The full transcript covers the company's commentary on demand, margins and the fourth quarter.
- Vishay Intertechnology Reports Third Quarter 2026 Financial ResultsRevenue was $978.9M and diluted EPS $0.37 for the quarter ended Oct 3, 2026. The company's press release reports the results.
- Vishay Intertechnology Q3 EPS $0.37 Beats $0.28 Estimate, Sales $978.940M Beat $963.718M EstimateQ3 EPS of $0.37 beat the $0.28 consensus, and sales of $978.9M beat the $963.7M estimate. Both top-line and bottom-line results came in above expectations.
- Vishay Intertechnology Sees Q4 Sales $975.000M-$1.005B vs $985.117M EstQ4 sales guidance of $975M to $1.005B brackets the $985.1M estimate, with a midpoint of about $990M. The low end sits below consensus.
- Vishay Q3 Free Cash $98.5M vs $(24.3)M YoYFree cash flow reached $98.5M in Q3 2026, against negative $24.3M a year earlier. This is a sharp improvement in cash generation.
- Vishay Q3 Gross Margin 25.5% vs 19.5% YoY; Record Quarterly RevenueGross margin rose to 25.5% from 19.5% a year earlier, and the quarter set a record for revenue. Margin expansion is the key operating highlight.
- Vishay Q3 Book-To-Bill 1.29; Semiconductors 1.28, Passive Components 1.31; Backlog 6.6 MonthsBook-to-bill was 1.29 in Q3, with semiconductors at 1.28 and passive components at 1.31. Backlog stands at 6.6 months, which points to continued order strength.
- Vishay Announces Major Investment in Schleswig-Holstein Production FacilityVishay plans a significant investment at its Itzehoe, Germany site to expand 300-millimeter power MOSFET manufacturing. This adds capacity for a higher-value product line.
About Vishay Intertechnology, Inc.
Vishay Intertechnology is a Malvern, Pennsylvania-based maker of discrete semiconductors (such as MOSFETs, diodes and optoelectronics) and passive electronic components (such as resistors, capacitors and inductors). It was founded in 1962 and has one of the broadest catalogs of basic electronic parts in the industry. It sells to the automotive, industrial, computing, aerospace and consumer markets, and it is currently spending heavily to add capacity, including a 12-inch wafer fab in Itzehoe, Germany.
How it makes money
Vishay makes money by manufacturing and selling electronic components to manufacturers and distributors around the world. Revenue is split roughly evenly between discrete semiconductors (MOSFETs, diodes, optoelectronics) and passive components (resistors, inductors, capacitors). Industrial and automotive customers make up the largest share of sales. Annual revenue was about $2.9 billion in 2024. Quarterly revenue reached a record of roughly $979 million in Q3 2026, up about 24% from a year earlier, with a gross margin of about 25.5%.
What usually moves VSH
- Industrial and automotive electronics demand cycles
- Distributor inventory levels and book-to-bill trends
- Capacity utilization and gross margins
- Capital spending on new fabs and free cash flow
- Semiconductor sector sentiment and AI/data-center power demand