Q4 Revenue Reaches $800.9M, Three-Year High
Reports Q4 revenue $800.9M vs. $714.7M last year. "Fourth quarter financial results capped a year of steadily improving performance. Revenue was 1.3% higher than the third quarter, reflecting growing demand for a broad range of industrial and AI-related power applications, with growth in each channel, led by distribution. Orders for the quarter reached a three-year high and we ended the quarter with a book-to-bill of 1.20," said Joel Smejkal, president and CEO. "As a result, we enter 2026 ready to take off as we push our factories to maintain competitive lead times and win our customers' trust, push to outperform the market and push to advance our strategy to accelerate revenue growth, elevate profitability and enhance our return on capital."
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- Product Specification Highlights: Vishay's newly launched tricolor LED provides a luminous intensity of 252 mcd at 5 mA, housed in a compact 1.0 mm by 1.0 mm by 0.65 mm 0404 surface-mount package, enabling individual control for RGB displays and backlighting across various applications.
- Technological Advantages: Utilizing the latest high-brightness AllnGaP and InGaN technologies, this LED is 70% smaller than the PLCC-4, excelling in micro-mobility, energy storage, and industrial applications, suitable for status indicators and dashboard signal illumination.
- Reliability and Compatibility: The VLMRGB1500 offers high reliability over a temperature range from -40°C to +85°C, is RoHS compliant, withstands ESD voltages up to 2 kV, and is fully compatible with competing devices, allowing for direct replacements without PCB modifications.
- Market Availability: Samples and production quantities of the product are currently available with lead times of 17 weeks, as Vishay provides a vast portfolio of discrete semiconductors and passive electronic components for automotive, industrial, and consumer markets worldwide.
- High-Performance Optocouplers: Vishay's new VOx619A series phototransistor optocouplers maintain over 75% linear current transfer ratio (CTR) at temperatures up to +125°C, while reducing forward current by 50% to 0.5 mA, significantly enhancing energy efficiency and signal fidelity in industrial applications.
- Diverse Packaging Options: The series offers four packaging choices, including DIL-4, LSOP-4, SOP-4, and SSOP-4, catering to various application needs, particularly in micro mobility, industrial, and telecom sectors, ensuring reliable performance under extreme conditions.
- Enhanced Electrical Isolation: The DIL-4 and LSOP-4 packages feature a maximum isolation voltage of 5000 VRMS, ensuring safe signal transmission in power supplies and programmable controllers, while the SOP-4 and SSOP-4 provide 3750 VRMS isolation, suitable for space-constrained designs.
- Market Availability and Outlook: Samples and production quantities of the VOx619A series are now available with an eight-week lead time, as Vishay continues to hold a significant position in automotive, industrial, and consumer electronics markets with its extensive portfolio of discrete semiconductors and passive electronic components.
- Product Specification Innovation: Vishay's CRCW0201-AT e3 series thick film resistors, measuring just 0.6mm x 0.3mm x 0.23mm, are AEC-Q200 qualified and designed for automotive, industrial, and telecommunications applications, addressing the downsizing trend in modern electronics.
- Reduced PCB Requirements: Compared to the larger 0402 size, the new resistors cut PCB footprint by 50%, which not only lowers production costs but also supports designers in achieving efficient layouts in compact spaces, enhancing market competitiveness.
- Stable Performance: Despite their small size, the CRCW0201-AT e3 series resistors offer a power rating of 0.05W at +70°C and an operating voltage of 30V, with a temperature range from -55°C to +155°C, ensuring reliability and stability across various environments.
- Environmental Compliance: This series is RoHS-compliant and halogen-free, featuring a protective coating for electrical, mechanical, and climatic protection, making it suitable for automatic soldering processes and further enhancing its market appeal in terms of sustainability.
- Complete Liquidation: On February 3, 2026, Bernzott Capital sold 389,330 shares of Hillenbrand, with an estimated transaction value of $10.53 million, reflecting the fund's rapid response to market conditions.
- Asset Value Decline: This transaction resulted in a $10.53 million decrease in the quarter-end position value, showcasing the dual impact of trading activity and share price movement, marking a significant reduction in the company's importance within the fund's asset management.
- Full Exit: Following this trade, Bernzott Capital held zero shares in Hillenbrand, which previously accounted for 5.0% of the fund's assets under management, indicating a complete abandonment of this investment.
- Acquisition Context: The announcement of Hillenbrand's acquisition by Lone Star Funds at $32 per share prompted Bernzott Capital to divest its holdings, as the acquisition premium of approximately 30% significantly diminished the strategic rationale for continuing to hold the stock.
- Complete Exit: On February 3, 2026, Bernzott Capital Advisors fully liquidated its position in Hillenbrand by selling 389,330 shares for an estimated $10.53 million, reflecting a cautious stance towards the company's market outlook.
- Market Value Impact: The transaction resulted in a $10.53 million decline in Hillenbrand's quarter-end value, indicating investor sentiment deterioration following the acquisition announcement and the stock's price movements.
- Acquisition Context: Hillenbrand announced in October 2025 that it would be acquired by Lone Star Funds for $32 per share in cash, representing a 30% premium, but with the stock trading close to the buyout price, Bernzott opted to exit to pursue better investment opportunities.
- Poor Market Performance: Hillenbrand's stock has declined between 20% to 39% year-to-date in 2025, underperforming the S&P 500 by 21.6 percentage points, prompting investors to reassess their holdings to optimize asset allocation.

- Significant Revenue Growth: Vishay reported fourth quarter revenue of $801 million, slightly above the guidance midpoint of $790 million and up 1.3% from the third quarter, driven by strong demand in industrial power and AI-related applications, particularly in the Asia-Pacific region.
- Orders at Three-Year High: The fourth quarter saw orders reach a three-year high across all major product technologies except capacitors, indicating broad-based order growth in 95% of the company's core business areas, including Automotive, Industrial Power, and Aerospace-Defense.
- Robust Gross Margin: Gross profit for the fourth quarter was $157 million, with a gross margin of 19.6%, modestly above both the guidance midpoint and the third quarter, despite a decline in EBITDA margin to 8.8%, as the company actively addresses rising material costs.
- Optimistic Outlook: For Q1 2026, revenues are expected to range between $800 million and $830 million, with a potential decline in Asia revenue due to the Lunar New Year, yet the company anticipates sequential revenue growth across its five key growth segments, including Automotive and Industrial Power.





