Vishay Narrows Quarterly Loss Amid Revenue Growth, Cash Decline

TL;DR

**VSH's quarterly loss narrowed, but the nine-month net loss and significant cash burn signal underlying issues that could weigh on future performance.**

AI Summary

Vishay Intertechnology Inc. (VSH) reported a net loss of $7.876 million for the fiscal quarter ended September 27, 2025, a significant improvement from the $18.993 million net loss in the same quarter of 2024. Despite this, the company posted a net loss of $9.964 million for the nine fiscal months ended September 27, 2025, a sharp decline from net earnings of $35.158 million in the prior year's nine-month period. Revenue increased to $790.640 million for the quarter, up from $735.353 million year-over-year, and rose to $2.268 billion for the nine-month period from $2.222 billion. Operating income for the quarter was $19.147 million, a turnaround from an operating loss of $18.276 million in Q3 2024, largely due to the absence of $40.614 million in restructuring and severance costs incurred in the prior year. However, nine-month operating income decreased to $42.080 million from $62.312 million. Cash and cash equivalents decreased significantly to $443.858 million as of September 27, 2025, from $590.286 million at December 31, 2024, primarily due to cash used in investing activities of $163.437 million and financing activities of $36.048 million.

Why It Matters

Vishay's ability to narrow its quarterly net loss and grow revenue suggests some operational improvements, particularly with the absence of significant restructuring costs. However, the nine-month net loss and substantial decrease in cash and cash equivalents, down $146.428 million, are red flags for investors, indicating potential liquidity pressures or increased capital deployment. This performance could impact investor confidence, especially given the competitive landscape in the semiconductor and passive components industry where capital intensity is high. Employees might see continued pressure on operational efficiency, while customers could benefit from a more streamlined manufacturing footprint. The broader market will watch if VSH can sustain revenue growth while improving profitability and cash generation in a challenging economic environment.

Risk Assessment

Risk Level: medium — The company reported a net loss of $9.964 million for the nine fiscal months ended September 27, 2025, a substantial decline from net earnings of $35.158 million in the prior year. Additionally, cash and cash equivalents decreased by $146.428 million, from $590.286 million at December 31, 2024, to $443.858 million at September 27, 2025, indicating a notable cash outflow.

Analyst Insight

Investors should closely monitor Vishay's cash flow statements and future earnings reports for signs of improved profitability and cash generation. Consider if the current dividend of $0.10 per share is sustainable given the nine-month net loss and declining cash reserves. A wait-and-see approach is advisable until a clear trend of positive net income and cash flow from operations emerges.

Financial Highlights

debt To Equity

1.01

revenue

$790.640M

operating Margin

2.4%

total Assets

$4.196B

total Debt

$1.016B

net Income

($7.876M)

eps

N/A

gross Margin

19.5%

cash Position

$443.858M

revenue Growth

+7.5%

Key Numbers

• $790.640M — Net revenues for Q3 2025 (Increased from $735.353M in Q3 2024)
• $2.268B — Net revenues for nine fiscal months ended Sep 27, 2025 (Increased from $2.222B in the prior nine-month period)
• ($7.876M) — Net loss for Q3 2025 (Improved from a net loss of ($18.993M) in Q3 2024)
• ($9.964M) — Net loss for nine fiscal months ended Sep 27, 2025 (Declined from net earnings of $35.158M in the prior nine-month period)
• $19.147M — Operating income for Q3 2025 (Turnaround from an operating loss of ($18.276M) in Q3 2024)
• $40.614M — Restructuring and severance costs in Q3 2024 (Absence of these costs contributed to improved Q3 2025 operating income)
• $443.858M — Cash and cash equivalents at Sep 27, 2025 (Decreased from $590.286M at Dec 31, 2024)
• $163.437M — Net cash used in investing activities for nine fiscal months ended Sep 27, 2025 (Significant cash outflow)
• $0.10 — Cash dividends per share for Q3 2025 (Consistent with Q3 2024)
• 123,491,247 — Shares of common stock outstanding as of Nov 3, 2025 (Total shares outstanding)

Key Players & Entities

• VISHAY INTERTECHNOLOGY INC (company) — registrant
• SEC (regulator) — filing authority
• New York Stock Exchange LLC (company) — exchange where VSH is registered
• Bloomberg (company) — publisher
• Organization for Economic Co-operation and Development (company) — international organization mentioned in tax notes

FAQ

Risk Factors

• Global Economic Conditions [medium — market]: The company's performance is sensitive to global economic conditions, which can impact demand for its products. A significant downturn in the global economy could lead to reduced sales and profitability.
• Supply Chain Disruptions [medium — operational]: Vishay's operations rely on a complex global supply chain for raw materials and components. Disruptions, such as those experienced recently, can lead to increased costs and production delays, impacting revenue and margins.
• Compliance with Environmental Regulations [low — regulatory]: The company operates in multiple jurisdictions with varying environmental regulations. Non-compliance or changes in these regulations could result in fines, increased operating costs, or reputational damage.
• Interest Rate Fluctuations [low — financial]: Vishay has outstanding debt, and fluctuations in interest rates can impact its interest expense. For the nine months ended September 27, 2025, interest expense was $9,525 thousand, an increase from the prior year, reflecting potential sensitivity to market rates.
• Manufacturing and Production Challenges [medium — operational]: The company's ability to meet customer demand depends on efficient manufacturing operations. Issues such as equipment failures, labor shortages, or quality control problems could disrupt production and affect financial results.
• Competition in the Semiconductor Industry [high — market]: The semiconductor industry is highly competitive, with numerous global players. Intense competition can lead to pricing pressures and affect market share, impacting revenue and profitability.

Industry Context

Vishay Intertechnology operates in the highly competitive semiconductor industry, which is characterized by rapid technological advancements and cyclical demand. The industry is influenced by global economic conditions and requires significant investment in research and development. Key trends include the increasing demand for electronic components in automotive, industrial, and consumer electronics sectors.

Regulatory Implications

Vishay must comply with various international regulations related to product safety, environmental standards (e.g., RoHS, REACH), and trade. Changes in these regulations or non-compliance can lead to increased costs, product redesigns, and potential market access restrictions.

What Investors Should Do

1. Monitor the company's ability to convert revenue growth into sustained profitability, especially given the net loss for the nine-month period.
2. Analyze the drivers behind the significant cash outflow in investing activities ($163.437 million) to understand future capital allocation strategies.
3. Assess the impact of ongoing supply chain challenges and global economic uncertainties on future revenue and margin performance.
4. Evaluate the company's strategy for managing its debt obligations, particularly in light of rising interest expenses.

Key Dates

• 2025-09-27: End of fiscal third quarter 2025 — Reported net loss of $7.876 million on revenues of $790.640 million, showing improvement from the prior year's quarter.
• 2024-09-28: End of fiscal third quarter 2024 — Reported a net loss of $18.993 million on revenues of $735.353 million, which included $40.614 million in restructuring and severance costs.
• 2025-09-27: End of nine fiscal months 2025 — Reported a net loss of $9.964 million on revenues of $2.268 billion, a decline from the prior year's net earnings.
• 2024-12-31: End of fiscal year 2024 — Cash and cash equivalents stood at $590.286 million.
• 2025-11-03: Shares outstanding as of this date — Total shares of common stock outstanding were 123,491,247.

Glossary

Restructuring and severance costs

Expenses incurred by a company when it undergoes significant organizational changes, such as layoffs or business unit closures. (The absence of $40.614 million in these costs in Q3 2025 significantly improved operating income compared to Q3 2024.)

Operating income (loss)

A company's profit after deducting operating expenses from its revenue, before accounting for interest and taxes. (Showed a positive turnaround to $19.147 million in Q3 2025 from a loss of $18.276 million in Q3 2024.)

Cash and cash equivalents

Highly liquid assets that can be readily converted into cash, including physical currency, bank deposits, and short-term government securities. (Decreased to $443.858 million as of September 27, 2025, from $590.286 million at December 31, 2024, due to investing and financing activities.)

Retained earnings

The cumulative amount of net income that a company has kept over time, rather than distributing it to shareholders as dividends. (Decreased from $955.500 million at December 31, 2024, to $904.818 million at September 27, 2025, reflecting the net loss for the nine-month period.)

Accumulated other comprehensive income (loss)

Unrealized gains or losses that are not included in net income but are reported in a separate section of the income statement. (Shifted from a loss of $35.292 million at December 31, 2024, to a gain of $68.276 million at September 27, 2025.)

Year-Over-Year Comparison

Compared to the prior year, Vishay Intertechnology has seen a positive revenue trend, with Q3 2025 revenues up 7.5% year-over-year and nine-month revenues up 2.0%. While Q3 2025 operating income showed a strong turnaround due to the absence of restructuring costs, the nine-month operating income declined. The company has shifted from net earnings to a net loss for the nine-month period, highlighting a key area for investor concern. Cash reserves have decreased significantly, primarily due to investing and financing activities.

Key Financial Figures

• $0.10 — ich registered Common stock, par value $0.10 per share VSH New York Stock Exchan
• $1 — annum) 2.25 % Conversion rate (per $1 principal amount) 33.1609 Effective

Filing Documents

• vishayintertech_10q.htm (10-Q) — 2991KB
• exhibit10-1.htm (EX-10.1) — 87KB
• exhibit10-2.htm (EX-10.2) — 23KB
• exhibit31-1q.htm (EX-31.1) — 11KB
• exhibit31-2q.htm (EX-31.2) — 11KB
• exhibit32-1q.htm (EX-32.1) — 4KB
• exhibit32-2q.htm (EX-32.2) — 4KB
• 0000103730-25-000067.txt ( ) — 11101KB
• vsh-20250927.xsd (EX-101.SCH) — 39KB
• vsh-20250927_cal.xml (EX-101.CAL) — 63KB
• vsh-20250927_def.xml (EX-101.DEF) — 230KB
• vsh-20250927_lab.xml (EX-101.LAB) — 647KB
• vsh-20250927_pre.xml (EX-101.PRE) — 378KB
• vishayintertech_10q_htm.xml (XML) — 2371KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Condensed Balance Sheets – September 27, 2025 and December 31, 2024 4 Consolidated Condensed Statements of Operations – Fiscal Quarters Ended September 27, 2025 and September 28, 2024 6 Consolidated Condensed Statements of Comprehensive Income – Fiscal Quarters Ended September 27, 2025 and September 28, 2024 7 Consolidated Condensed Statement of Operations – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024 8 Consolidated Condensed Statements of Comprehensive Income – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024 9 Consolidated Condensed Statements of Cash Flows – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024 10 Consolidated Condensed Statements of Equity 11 Notes to the Consolidated Condensed Financial Statements 13 Item 2.

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and

Use of Proceeds

Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 47

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 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 ) Property and equipment, net 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 Continues on following page. 4 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

View Full Filing

View this 10-Q filing on SEC EDGAR