Vishay Intertechnology manufactures discrete semiconductors and passive electronic components — the basic building blocks used in virtually every electronic device and system. Vishay sells to OEMs, electronics manufacturing services companies, and distributors, with no single customer exceeding 10% of revenue. The business is roughly split between semiconductors and passive components. On the semiconductor side, Vishay makes MOSFETs (power switches), diodes (including rectifiers, where Vishay claims global leadership), and optoelectronic components such as IR receivers. On the passive side, Vishay makes resistors, inductors, and capacitors, spanning a wide range of technologies and end markets. Vishay's revenue is driven by units shipped, average selling prices, and product mix. Specialty "certified" and "custom" products — which together represent roughly 74% of revenue — generate better margins and tend to be sticky once designed into a customer's product, as customers rarely switch suppliers mid-program. Commodity products, by contrast, face more pricing pressure and competition. Vishay is executing a multi-year investment plan called Vishay 3.0, which includes over $1B in CapEx since 2022, a new 12-inch wafer fab in Germany, and an acquired fab in Wales focused on silicon carbide MOSFETs targeting EV and industrial power applications. These investments have pressured near-term margins and free cash flow, but management expects CapEx to peak in 2026 and then normalize to roughly 5-6% of revenue.