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Ruplu Bhattacharjee

Vice President and Senior Equity Research Analyst at Bank of America Corporation

Ruplu Bhattacharya is a Vice President and Senior Equity Research Analyst at BofA Securities, Inc., specializing in US IT hardware and the technology supply chain. He covers key companies including CDW and Celestica, contributing to research on technology sector leaders. Bhattacharya joined BofA Securities in May 2019 after serving as an Analyst-Equity at Merrill Lynch, Pierce, Fenner & Smith, Inc., and spending nine years in telecommunications product engineering and management at Hughes Network Systems. He holds BSEE, BSCS, and MSEE degrees from the University of Maryland, College Park, along with an MBA from New York University.

Ruplu Bhattacharjee's questions to VISHAY INTERTECHNOLOGY (VSH) leadership

Question · Q4 2025

Ruplu Bhattacharjee inquired about Vishay's share gains in the automotive segment, particularly against Nexperia, and the content trend in different vehicle types (gas vs. EVs). She also asked about the CapEx and OpEx spend areas for the year, if current spending aligns with demand, and the overall CapEx plan. Finally, she questioned Vishay's capital allocation strategy, including buybacks and potential M&A.

Answer

CEO Joel Smekal confirmed share gains in automotive, driven by supporting shortages and new program opportunities, noting content is similar across ICE, hybrid, and EV, with EV having the greatest. He highlighted the new Silicon Carbide trench product will enable participation in 400V/800V EV systems. He clarified that share gains would start small in Q1 and ramp up later due to qualification processes. For CapEx, he detailed a carryover from 2025 for the 12-inch fab, along with targeted investments in capacitors and inductors, expecting to peak in mid-2026 and return to normal levels. CFO Dave McConnell added that capital intensity would decrease to 5%-6%. On capital allocation, Dave McConnell stated the 70% free cash flow return policy would result in negative/zero free cash flow for 2026 due to fab expenditures, but dividends would be maintained. Joel Smekal confirmed M&A is always considered, with deeper engagement possible after the CapEx peak, alongside footprint optimization.

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