Back to VSHPrepared Highlights
- Q1 2026 revenue $839M, above guidance ($800M–$830M), +4.8% QoQ, +17.3% YoY (prepared).
- Volume growth +5.8% QoQ (semis and passives); ASPs declined ~1% (prepared, CFO).
- Book-to-bill 1.34 total (semis 1.47, passives 1.23); backlog $1.6B (5.7 months), +21% QoQ (CEO).
- Segment revenue QoQ: Automotive +2.7%, Industrial +6.5% (5th consecutive quarterly gain), Aerospace & Defense +14.1%, Healthcare +4.5%, Other (telecom/computing/consumer) flat (CEO).
- Channel revenue QoQ: OEM +7.1%, EMS +14%, Distribution +2.2%; distribution POS +10.7% QoQ, inventory 20 weeks (down from 22) (CEO).
- Geographic revenue QoQ: Europe +15.3%, Americas +8.6%, Asia –4.9% (Lunar New Year impact) (CEO).
- Gross margin 21.0% (exceeded guidance); EBITDA $78M (9.3% margin) (CFO).
- CapEx $111M (incl. ~$87M for 12-inch fab in Germany); trailing 12-month capital intensity 10.1% (CFO).
- Free cash flow –$47M; operating cash $64M (incl. $63M from AR securitization) (CFO).
- Cash & short-term investments $480M; $250M drawn on revolver; $307M accessible (CFO).
Official Guidance (Q2 2026)
- Revenue: $875M–$905M (prepared, CFO).
- Gross margin: 22.0% ±50 bps (includes higher logistics, metals/materials costs, ramp inefficiencies) (CFO).
- Depreciation: ~$54M Q2, $216M full-year 2026 (CFO).
- SG&A: $155M ±$3M (CFO).
- Effective tax rate: 40%–50% (CFO).
- CapEx plan 2026: $400M–$440M (CEO).
- Stockholder return: ≥70% of FCF; expects negative FCF in 2026 (CFO).
Mgmt Quotes
- "Clearly, the Vishay 3.0 transformation and our growth strategy is working." (CEO)
- "We have no intention of backsliding to the business approach of Vishay 2.0." (CEO)
- "Customers are beginning to proactively place orders based on longer visibility, some 1-year forecast for Vishay to scale with them." (CEO)
- "We are doing what Vishay 3.0 was designed to do... to take full advantage of market up cycles." (CEO)
- "We expect the effective tax rate to become more predictable and in the range of our historical average as earnings grow." (CFO)
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| Revenue | $839M | Q1 2026 actual (prepared) |
| Gross margin | 21.0% | Q1 2026 (CFO) |
| EBITDA margin | 9.3% | Q1 2026 (CFO) |
| GAAP EPS | $0.05 | Q1 2026 (CFO) |
| Book-to-bill | 1.34 | Total company (CEO) |
| Backlog | $1.6B (5.7 months) | Quarter-end (CEO) |
| Cash conversion cycle | 116 days | Q1 2026, improved from 125 days Q4 (CFO) |
| Inventory days | 106 days | Q1 2026 (CFO) |
| CapEx | $111M | Q1 2026 (CFO) |
| Free cash flow | –$47M | Q1 2026 (CFO) |
| Cash & short-term investments | $480M | Quarter-end (CFO) |
| Distribution inventory | 20 weeks | Quarter-end, down from 22 weeks (CEO) |
Q&A Batch (1-2 of 2)
Q1 — Ruplu Bhattacharya
- Topic: Newport工厂毛利率影响、汽车份额获取及2028年财务目标
- Key points:
- Newport工厂Q1末毛利接近中性，但Q1整体仍有成本影响；Itzehoe支出后现金将低于4.8亿美元
- 2024分析师日目标维持：2023-2028年营收复合增速10%、毛利率31%、营业利润率20%、EPS约5美元以上
- Q4账单比1.2，当前账单比1.34；2026年为营收与毛利率起飞年
- 股息维持不变，当前股价下不考虑回购，CapEx完成后进行重组
- Mgmt stance: 偏乐观，因产能已就位且账单比强劲，支持营收与毛利率目标实现
Q2 — Peter Peng
- Topic: 毛利率指引、定价策略及AI数据中心营收增长
- Key points:
- Q2毛利率指引已纳入材料成本与加急费用，材料价格与ASP相互抵消
- Q1 ASP小幅提升，Q2 ASP改善1.5%，Q3进一步生效；去年AI数据中心营收低于1亿美元，今年将大幅高于该水平
- AI领域增速20%（高双位数），整体行业增速高单位数，公司计划超越市场
- Mgmt stance: 偏乐观，因定价已生效且AI/工业/国防多领域订单加速，支持毛利率与营收增长