Vishay Intertechnology Inc: Mgmt Meeting: Vishay 3.0 Execution Intact, Pricing Pushing Higher, Equity Raise Accelerates Capacity Expansion

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Vishay Intertechnology Inc: Mgmt Meeting: Vishay 3.0 Execution Intact, Pricing Pushing Higher, Equity Raise Accelerates Capacity Expansion

J P M O R G A N North America Equity Research

06 July 2026

Vishay Intertechnology Inc

Mgmt Meeting: Vishay 3.0 Execution Intact, Pricing Neutral

Pushing Higher, Equity Raise Accelerates Capacity VSH, VSH US

Expansion Price (02 Jul 26):$45.92

Price Target (Dec-26):$40.00

We recently hosted a virtual group meeting for investors with Peter Henrici, EVP Semiconductors & Semiconductor

of Corporate Development at Vishay Intertechnology. Below are our key Capital Equipment / IT Hardware

takeaways. Mayur Ramdhani AC

(1-212) 622-1664

• Vishay 3.0 transformation remains the backdrop for growth and margin mayur.ramdhani@jpmorgan.com

expansion. Mgmt reaffirmed to investors that with Vishay 3.0 the company has Harlan Sur

pivoted from a legacy model run for stable cash (historically roughly $150M (1-415) 315-6700

FCF and $150M capex), under which Vishay chronically underinvested, over- harlan.sur@jpmorgan.com

indexed to a small set of OEMs, and missed upturns (taking seven quarters to J.P. Morgan Securities LLC

ramp in both 2017-18 and post-COVID). Vishay 3.0 prioritizes revenue growth

and margin expansion, and the company has been outgrowing the market.

Book-to-bill is expected to hold in the ~1.3 range with backlog building, and

most lead times sit at 13-26 weeks – within the team’s target range. Channel

management centers on maintaining key OEM relationships while prioritizing

higher-margin distribution and EMS channels, and M&A focus is on supply-

chain verticalization. On semis, the emphasis is on MOSFETs, with the

Newport fab ramping (majority silicon MOSFETs) and the Germany 12-inch

fab starting in 2H27.