At a glance
Vishay Intertechnology, Inc. is worth $4.59B. Revenue grew 4.5% to $3.07B in fiscal 2025, at a loss; over 5 years it has grown 4.2% a year. It pays a 1.34% dividend yield, and returned $502.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +74.0% over the past year with dividends reinvested and +11.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.3% in the 2020 crash (S&P 500: 33.7%) and 22.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 4 months after the lows.
The business in plain English
Vishay Intertechnology makes basic electronic parts used, it says, by virtually all major electronics makers worldwide. It has two product families. Discrete semiconductors are single-function devices: MOSFETs (transistors that switch and control power), diodes, and optoelectronic (light-based) parts such as infrared components. Passive components, which limit, store or filter electricity rather than process it, include resistors, inductors and capacitors. Dr. Felix Zandman founded the company in 1962, and it is based in Malvern, Pennsylvania.
Vishay earns money by manufacturing these parts and supplying them to makers of cars, factory equipment, computers, consumer gadgets, telecom gear, military and aerospace systems, and medical devices. It also supplies distributors and contract manufacturers. Revenue was about $3.07 billion in fiscal 2025, which ended December 31, 2025. Resistors were the largest segment at 24.7% of revenue, followed by MOSFETs (20.5%), diodes (19.3%), capacitors (16.5%), inductors (11.9%) and optoelectronic components (7.1%).
By region, Asia accounted for 41.3% of fiscal 2025 revenue, Germany 29.5% and the United States 25%. Under a plan it calls Vishay 3.0, the company is spending heavily on capacity. This includes an acquired wafer fab (chip plant) in Newport, a 12-inch wafer fab it is building in Itzehoe, Germany, and new capacity in Mexico. It expects faster growth than in the past decade from factory automation, electric vehicles, AI and 5G networks.
Price history
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VSH +74.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Resistors Segment | $759.3M | 24.7% |
| MOSFETs | $630.5M | 20.5% |
| Diodes | $592.8M | 19.3% |
| Capacitors | $505.6M | 16.5% |
| Inductors Segment | $364.4M | 11.9% |
| Optoelectronic Components | $216.6M | 7.1% |
By geography
| Asia | $1.27B | 41.3% |
| Germany | $904.2M | 29.5% |
| United States | $768.1M | 25% |
| Other Europe | $108.1M | 3.5% |
| Israel | $21.0M | 0.7% |
Latest results
- In Q2 FY2026 (ended Jul 4, 2026), revenue was $888.6M, up 16.6% from a year earlier, and net income was $28.1M (+1303.4%).
- For fiscal 2025, revenue was $3.07B (+4.5% year over year; +4.2% a year from FY2020 to FY2025) with a -0.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.2% watch |
|---|---|
| Operating margin | 1.9% weak |
| Free cash flow margin | -2.9% weak |
| Return on equity (FY2025) | -0.4% weak |
| Return on assets (FY2025) | -0.2% weak |
| Net cash (cash minus debt) | $325.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.50B | $122.9M | $191.3M |
| FY2021 | $3.24B | $298.0M | $238.7M |
| FY2022 | $3.50B | $428.8M | $159.0M |
| FY2023 | $3.40B | $323.8M | $36.3M |
| FY2024 | $2.94B | $-31.1M | $-146.4M |
| FY2025 | $3.07B | $-9.0M | $-89.0M |
Valuation snapshot
| Market value | $4.59B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.34% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VSH price data to Oct 28, 2026 | +108.7% | +74.0% | +12.0% | +11.3% | +10.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +108.7% |
| 2025 | -12.3% |
| 2024 | -27.9% |
| 2023 | +13.0% |
| 2022 | +0.7% |
| 2021 | +7.5% |
| 2020 | -0.3% |
| 2019 | +20.8% |
| 2018 | -11.8% |
| 2017 | +29.9% |
| 2016 | +36.9% |
| 2015 | -13.1% |
| 2014 | +8.4% |
| 2013 | +24.7% |
| 2012 | +18.2% |
| 2011 | -38.8% |
| 2010 | +94.3% |
| 2009 | +144.2% |
| 2008 | -70.0% |
| 2007 | -15.7% |
| 2006 | -1.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 84.7% over that stretch · deepest drop along the way 84.8%, back to its old high 19.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.9% over that stretch · deepest drop along the way 42.3%, back to its old high 8.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.2% over that stretch · deepest drop along the way 22.2%, back to its old high 4.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($594K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 2, 2026 | Raanan Zilberman Director | sell (plan) | $594K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15% | Jun 30, 2026 |
| Vanguard Portfolio Management | 8.44% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Norges Bank | 4.4% | Jun 30, 2025 |
| Woodline Partners LP | 4% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 3.8% | Jun 30, 2026 |
| Invesco Ltd. | 0.5% | Jun 30, 2025 |
ETFs with the most weight in VSH
| OUSM ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF | 0.66% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.62% |
| ROSC Hartford Multifactor Small Cap ETF | 0.51% |
| OASC OneAscent Small Cap Core ETF | 0.37% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.34% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.33% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.33% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.3% |
What could go wrong
- Big factory expansion may not pay off. Vishay is adding capacity in Newport, Germany, Mexico, Taiwan and Italy. Delays, cost overruns, poor production yields or weak demand could hurt results. Heavy spending helped turn free cash flow negative in 2024 and 2025.
- Sharp swings in electronics demand. The component industry runs in boom-and-bust cycles. Customers can suddenly cut orders, and many costs are fixed, so margins shrink. Net income went from $429 million in 2022 to a $31 million loss in 2024.
- Convertible notes could dilute shareholders. Vishay's 2030 Notes are bonds that can be converted into shares. If holders convert, new stock may be issued. That would shrink existing owners' slice of the company and of future earnings.
- Plant closures and restructuring charges. Vishay announced a restructuring program in 2024 to streamline its factory network and has announced closing three manufacturing sites. Such moves bring severance and asset write-down costs, and the company says more may follow.
- Larger rivals with deep resources. Vishay competes worldwide in a market with low shipping costs and few import barriers. Some rivals are larger, with deep financial and technical resources, so Vishay must keep launching new products.
- Another company also uses the Vishay name. Vishay Precision Group, a separate company, uses the Vishay name under license. That could confuse customers about who makes what, or cost Vishay some rights to its own name.
Recent events
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; Other company announcement
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
- Change of auditor
For income and retirement investors
Vishay pays a modest dividend that has barely grown. The regular payout held at $0.40 per share a year from fiscal 2022 through 2025, up from $0.38 in 2020. The yield was 1.34% as of October 28, 2026. In 2024 and 2025 Vishay posted net losses and negative free cash flow (cash left after capital spending). So neither covered the roughly $54 million a year it paid in dividends. Buybacks, where a company repurchases its own shares, shrank from $83 million in 2022 to $12.5 million in 2025.
The shares have fallen hard in downturns. They dropped 84.8% from October 2007 to March 2009 and did not fully recover until November 2010. They fell 42.3% in the 2020 COVID crash, recovering by December 2020, and 22.2% in the 2022 bear market. After losing 27.9% in 2024 and 12.3% in 2025, the stock rose 108.7% in 2026 through October 28. A single stock like Vishay carries more risk than a diversified fund.
Questions investors ask
How does Vishay make money?
Vishay makes money by manufacturing basic electronic components and supplying them to electronics makers, distributors and contract manufacturers. Its parts go into everything from cars and airplanes to power grids, phones and pacemakers. In fiscal 2025, revenue was about $3.07 billion. Resistors were the largest segment at 24.7%, followed by MOSFETs at 20.5%, diodes at 19.3%, capacitors at 16.5%, inductors at 11.9% and optoelectronic components at 7.1%.
Does Vishay raise its dividend every year?
No. Vishay paid $0.40 per share in regular dividends in each fiscal year from 2022 through 2025, so it has no streak of annual increases. That is up only from $0.38 in 2020, or about 1% growth a year. The yield was 1.34% as of October 28, 2026. In 2024 and 2025, earnings and free cash flow were both negative, so neither covered the dividend.
Is Vishay profitable?
Not for the full year in fiscal 2024 or 2025. Vishay lost about $9 million in fiscal 2025 on revenue of about $3.07 billion, after a $31 million loss in 2024. In 2022 it earned $429 million. Its 2025 gross margin, the share of revenue left after production costs, was 19.4%. Results improved in the quarter ended July 4, 2026: revenue rose 16.6% from a year earlier to $889 million, and net income was $28 million.
How much debt does Vishay have?
Vishay had about $972 million of total debt as of July 4, 2026, against about $1.30 billion of cash and investments, leaving net cash of roughly $325 million. Its debt includes the 2030 Notes, which can be converted into shares and could dilute existing shareholders. The company also has a revolving credit facility, a standing line of credit it can draw on. It says this facility adds financial flexibility.
How volatile is Vishay stock?
Very volatile. Over the year to October 28, 2026, its beta was 2.9, meaning the shares tended to move almost three times as much as the broad market. The stock fell 84.8% in the 2008 financial crisis and 42.3% in the 2020 COVID crash. Calendar-year results swing widely: down 27.9% in 2024 and 12.3% in 2025, then up 108.7% in 2026 through October 28. Over the 10 years to that date, it returned about 10.1% a year.