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# Vishay CEO Says Customers Have Dropped It From Risk-Supplier Lists, With Revenue At A Record $979 Million
- URL: https://www.bullished.co/vishay-ceo-says-customers-have-dropped-it-from-risk-supplier-lists-with-revenue-at-a-24cd513c/
- Published: 2026-11-04T15:36:12.000Z
- Updated: 2026-11-04T15:36:12.000Z
- Description: Joel Smejkal credits a structural overhaul, not the cycle, for most of the growth and says Vishay is actively pursuing acquisitions.
- Author: Matteo Parrino
- Tags: Earnings, VSH, Industry: Technology

[Vishay Intertechnology](https://www.bullished.co/tag/vsh/), which makes discrete semiconductors and passive electronic components, posted record quarterly revenue of [$979 million](https://finance.yahoo.com/markets/stocks/articles/vishay-intertechnology-vsh-surpasses-q3-125507723.html?.tsrc=rss&ref=bullished.co), and CEO Joel Smejkal said on Wednesday's third-quarter earnings call that customers in all regions say Vishay is "not on their list as a risk supplier in this cycle." He told analysts that in past upcycles the company was first on such lists.

## Structural, not cyclical, Smejkal argues

Pressed by an analyst at Truist to separate cyclical strength from lasting gains, Smejkal said a lot of the growth is structural. "We're enjoying the cyclicality of the market and the many market segments that are up, but a majority of this is the change of Vichay's operating approach in 3.0," he said.

He offered an anecdote: a Vishay sales leader visiting a customer in Asia was asked why he had come, since Vishay was not on that customer's risk-supplier list. Smejkal called it "a great story of how the structural change of Vichay is resonating across all regions."

Customer consumption of Vishay units through distribution rose 57% from a year earlier, he said. Under the earlier strategy, without added capacity and distributor inventory, it would have been generally flat. Vishay added more than 17,000 SKUs with distributors as available-to-sell products in the quarter, which he said puts the company into more of customers' spend.

## Record quarter and a $2.6 billion head start

Revenue exceeded the top of the [$945 million to $975 million guidance range](https://wtop.com/national/2026/11/vishay-q3-earnings-snapshot-2/?ref=bullished.co), up 7% from adjusted second-quarter revenue and 24% from a year earlier. Gross margin was 25.5%, and earnings per share were 37 cents. Backlog reached $2.2 billion, with a book-to-bill ratio of 1.29\. For the fourth quarter, the company guides to revenue of $990 million, plus or minus $15 million, and gross margin of 26.0%, plus or minus 50 basis points (half a percentage point).

Smejkal said Vishay announced a $2.6 billion spending plan in 2023 and invested through 2025, so equipment was ordered and had landed when demand turned up. Chief Financial Officer Dave McConnell said the company used about $300 million of proceeds from its June stock offering to repay its revolving credit line. Full-year free cash flow is expected to be close to break even.

## Acquisitions and a back-end project

Asked about capital allocation by an analyst at Oppenheimer, Smejkal said meetings with potential acquisition targets have taken place and more are planned for the fourth quarter. "We are actively on the M&A path as well," he said, adding there is nothing to announce yet but that it is a priority.

He also said he hopes to announce, by year-end, a semiconductor back-end initiative, which he called a primary margin-improvement project. The fourth-quarter call is set for February 27.

Vishay's market value was $4.2 billion in Wednesday morning trading; the company will present at Raymond James on December 8.

Learn

- [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/)  
How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording.

### Sources

- [Vishay Intertechnology (VSH) Surpasses Q3 Earnings and Revenue Estimates](https://finance.yahoo.com/markets/stocks/articles/vishay-intertechnology-vsh-surpasses-q3-125507723.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Vishay: Q3 Earnings Snapshot – WTOP News](https://wtop.com/national/2026/11/vishay-q3-earnings-snapshot-2/?ref=bullished.co) — wtop.com
- [Vishay: Q3 Earnings Snapshot | 9news.com](https://www.9news.com/article/syndication/associatedpress/vishay-q3-earnings-snapshot/616-3834f926-2482-4d0d-a090-0bc5023855f4?ref=bullished.co) — Associated Press
- [Vishay: Q3 Earnings Snapshot | wusa9.com](https://www.wusa9.com/article/syndication/associatedpress/vishay-q3-earnings-snapshot/616-3834f926-2482-4d0d-a090-0bc5023855f4?ref=bullished.co) — Associated Press
- [Vishay: Q3 Earnings Snapshot | kare11.com](https://www.kare11.com/article/syndication/associatedpress/vishay-q3-earnings-snapshot/616-3834f926-2482-4d0d-a090-0bc5023855f4?ref=bullished.co) — Associated Press

### More on Vishay Intertechnology

- [Vishay Plans To Shrink Receivables Sales In Fourth Quarter, Warns Of Negative Free Cash Flow](https://www.bullished.co/vishay-plans-to-shrink-receivables-sales-in-fourth-quarter-warns-of-negative-free-cash-15c7562f/)
- [Vishay Revenue Hits A Record $978.9 Million As Gross Margin Climbs To 25.5%](https://www.bullished.co/vishay-revenue-hits-a-record-978-9-million-as-gross-margin-climbs-to-25-5-e116b0e3/)

[All Vishay Intertechnology (VSH) coverage →](https://www.bullished.co/tag/vsh/)