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Vicor Corporation

VICR Technology Electronic Components

Vicor Corporation’s revenue for fiscal 2025 (year ended December 2025) was $452.7 million, up 26.1% from fiscal 2024.

Revenue
+78.5%
EPS
+117.5%
Free cash flow
−1.05%

Quarter to September 2026, against a year earlier

140.82 5.72 +4.23%
Market cap
$6.2B
P/E
34.8×
Fwd P/E
48.0×
Dividend yield
—
F-score
8/9
Altman Z
42.48
Beneish M
−2.19
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2023

  • Advanced Products
  • Brick Products

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 409.19
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 12 3 11 24 10 22 33 5 3 1 3 1
Insider Ownership 44.11%

Capital & Financial Ratios $m

Size
Market Cap 6,230.00
Revenue ttm 560.70
Net income ttm 180.33
Free cash flow ttm 50.91
Net debt Q (513.14)
Valuation
P/E 34.84
Forward P/E 48.00 (above 35: high)
Price / sales 11.27 (above 10: high)
Forward P/S Powerpack
Price / FCF 124.09
Price / book 6.97 (above 6: high)
Financial health
Current ratio Q 11.44 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +78.51% (above 0%: growing)
Operating income growth Q +245.09% (above 0%: growing)
EPS, this year +58.92% (at or above 15%: strong)
EPS, next year A +53.16% (at or above 15%: strong)
Revenue, next year A +41.84% (at or above 10%: strong)
EPS, past 5 yrs +44.80% (at or above 15%: strong)
EPS, next 5 yrs A +48.04% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.4×, against a ten-year median of 5.5×; over the ten years it ranged from 1.2× in 2016 to 35.8× in 2026.
P/E against its own 10 years 6.61%
10-year low 10-year high
P/S against its own 10 years 77.56%
10-year low 10-year high
P/B against its own 10 years 57.54%
10-year low 10-year high
EV/Sales against its own 10 years 76.82%
10-year low 10-year high
EV/FCF against its own 10 years 48.92%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 242 277 403 513
Receivables 53 53 61 122
Inventory 107 106 91 111
Other 19 27 33 14
420 463 587 760
2023 2024 2025 Q'26
Payables 12 9 12 24
ST’ Debt — — — —
Other 3 2 3 4
44 62 65 66

Compound Annual Growth %

10y 5y 3y
Sales 7.47% 8.83% 4.29%
Cash Flow 28.39% 32.06% 82.55%
Earnings 37.45% 45.94% 67.02%
Book Value 17.99% 15.18% 15.30%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.39 Actual 1.33

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.38 1.01 Beat by 0.63
Q1 FY26 0.40 0.44 Beat by 0.04
Q2 FY26 0.62 1.04 Beat by 0.42
Q3 FY26 1.39 1.33 Miss by 0.06
Q4 FY26 1.13 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.44 1.04 1.33 — —
’25 0.06 0.91 0.63 1.01 2.61
’24 (0.32) (0.03) 0.26 0.23 0.14
’23 0.25 0.38 0.37 0.19 1.19
’22 0.11 0.24 0.04 0.18 0.57
’21 0.34 0.43 0.29 0.20 1.26
’20 (0.04) 0.06 0.13 0.25 0.41
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 113 143 197 — —
’25 94 141 110 107 453
’24 84 86 93 96 359
’23 98 107 108 93 405
’22 88 102 103 105 399
’21 89 95 85 90 359
’20 63 71 78 84 297
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) 34 50 — —
’25 20 65 38 16 140
’24 3 16 23 10 51
’23 10 19 24 22 75
’22 5 11 7 1 23
’21 18 12 10 14 54
’20 (1) 5 12 19 35
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (16) 23 34 — —
’25 16 59 34 10 119
’24 (5) 9 14 8 27
’23 0 11 16 14 41
’22 (18) (3) (8) (12) (41)
’21 9 6 (5) (3) 7
’20 (4) (1) 4 8 6
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 35.5% a year for ten years.

Implied
35.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 200 228 291 263 297 359 399 405 359 453 561 +9.5% 642 943 1,182 +37.7%
Gross margin, % 45.54 44.62 47.72 46.76 44.32 49.59 45.24 50.59 51.24 57.31 60.57 +11.8 pt
EBT (6) 0 33 15 18 57 29 60 10 95 157 n/m
EBT margin, % (3.01) (0.04) 11.31 5.66 6.22 15.81 7.19 14.87 2.92 20.89 28.05 +23.9 pt
Net income (6) 0 32 14 18 57 25 54 6 119 180 n/m
Per share, $
Per share, $ Revenue 5.16 5.81 7.30 6.52 7.03 8.23 9.07 9.14 7.99 10.05 12.16 +7.7%
Earnings (0.16) 0.00 0.80 0.35 0.42 1.30 0.58 1.21 0.14 2.63 3.93 n/m
Cash flow 0.01 (0.06) 0.91 0.55 0.82 1.25 0.52 1.68 1.13 3.10 2.08 +82.2%
Capex (0.22) (0.32) (0.46) (0.31) (0.68) (1.09) (1.45) (0.75) (0.53) (0.45) (0.98) +8.5%
Free cash flow (0.20) (0.38) 0.45 0.24 0.14 0.15 (0.93) 0.93 0.61 2.65 1.10 n/m
Book value 3.37 3.48 4.62 5.10 8.32 9.71 10.55 12.21 12.70 15.80 19.65 +18.7%
Shares, m 39 39 40 40 42 44 44 44 45 45 46 +1.7%
Valuation, ×
Valuation, × P/E 0.00 2,115.00 47.84 133.49 224.93 97.68 95.02 34.98 357.66 41.52 34.84 314.8
P/S 2.99 3.64 5.17 7.17 13.12 15.42 5.98 4.59 6.04 10.90 11.27 7.5
P/B 4.57 6.08 8.18 9.15 11.08 13.08 5.14 3.44 3.81 6.93 6.97 7.1
EV/Sales 2.71 3.45 4.93 6.84 12.40 14.79 5.50 4.00 5.27 10.01 10.35 7.0
EV/FCF (68.76) (52.38) 79.71 185.02 604.12 795.33 (53.53) 39.40 69.49 38.02 114.01 163.6
Cash, $m
Cash, $m Operating cash flow 1 (2) 36 22 35 54 23 75 51 140 96 +85.2%
Capex (8) (13) (18) (12) (29) (48) (64) (33) (24) (20) (45) +10.3%
Free cash flow (8) (15) 18 10 6 7 (41) 41 27 119 51 n/m
Balance, $m
Balance, $m Working capital 90 91 129 149 276 308 298 376 401 522 694 +21.6%
Net debt (56) (44) (71) (85) (212) (228) (191) (242) (277) (403) (513) +24.5%
Shareholders’ equity 131 136 184 206 351 424 464 541 570 712 907 +20.7%
Returns, %
Returns, % ROA (4.01) 0.10 16.40 6.11 5.62 12.97 5.02 9.47 0.99 16.62 21.31 +20.6 pt
ROIC (5.27) (0.92) 17.65 7.13 7.80 17.71 6.21 10.74 (0.28) 16.55 22.18 +21.8 pt
ROE (4.68) 0.12 19.80 7.23 6.43 14.61 5.73 10.66 1.10 18.49 23.46 +23.2 pt
People
People Employees 971 970 1,007 1,014 1,049 1,027 1,088 1,063 1,100 1,115 — +1.5%
Revenue/emp, $m 0.21 0.23 0.29 0.26 0.28 0.35 0.37 0.38 0.33 0.41 — +7.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

Vicor designs and makes components and systems that convert electrical power into the voltages electronic equipment needs. Its products sit between a power source and the devices using that power, helping deliver it to processors and other loads. Customers can combine its modules to design power systems for their own equipment.

The company groups its offerings into Advanced Products and Brick Products. Advanced Products include modules used in Vicor’s Factorized Power Architecture, which separates power conversion into individual functions. The architecture is used in computing equipment, including systems that power artificial intelligence processors. Brick Products are integrated converters that combine several conversion functions for more conventional power-system designs.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by segment, and margins
Advanced Products 224 55.27%
Brick Products 181 44.73%
Gross margin 50.59%
Operating margin 12.68%
Pre-tax margin 14.87%

Revenue by segment since 2010

Vicor Corporation vs peers in Electronic Components (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FN Fabrinet $10.5B 22.2× 18.7× +50.74% (above 0%: growing) +7.68% (above 0%: growing) −340.60% (below 0%: shrinking) 11.79% 9.90% Compare
LFUS Littelfuse, Inc. $8.9B 259× 23.3× +22.75% (above 0%: growing) +62.22% (above 0%: growing) +57.67% (above 0%: growing) 41.55% 20.00% Compare
SANM Sanmina Corporation $7.0B 23.0× 23.5× +69.67% (above 0%: growing) +69.53% (above 0%: growing) −85.58% (below 0%: shrinking) 10.49% 6.39% Compare
RAL Ralliant Corporation $7.0B — (loss-making) 31.4× +17.20% (above 0%: growing) +122.03% (above 0%: growing) −19.51% (below 0%: shrinking) 53.15% 18.95% Compare
TTMI TTM Technologies, Inc. $6.6B 24.7× 23.2× +59.93% (above 0%: growing) +56.86% (above 0%: growing) +75.69% (above 0%: growing) 24.24% 13.48% Compare
VICR Vicor Corporation $6.2B 34.8× 48.0× +78.51% (above 0%: growing) +117.46% (above 0%: growing) −1.05% (below 0%: shrinking) 68.33% 36.60%
PLXS Plexus Corp. $5.0B 24.9× 29.9× +34.79% (above 0%: growing) +34.66% (above 0%: growing) −93.43% (below 0%: shrinking) 10.23% 6.05% Compare
OLED Universal Display Corporation $3.9B 17.8× 19.2× +14.91% (above 0%: growing) +85.55% (above 0%: growing) +13.75% (above 0%: growing) 73.15% 33.48% Compare
OSIS OSI Systems, Inc. $3.0B 20.5× 18.7× +4.90% (above 0%: growing) +30.97% (above 0%: growing) +274.38% (above 0%: growing) 30.68% 8.32% Compare
Median of peers $6.8B 23.0× 23.3× +28.77% +59.54% −2.88% 27.46% 11.69%

All 44 Electronic Components stocks →

From the latest earnings call

Updated

  • On Vicor’s Q2 call, CEO Patrizio Vinciarelli said the company was focusing on a second chip fab it could control to add capacity.
  • CFO Jim Schmidt said revenue recognition under a recent license differs from cash collections because of the agreement’s accounting treatment.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 47.30%
Held by the ten largest 28.98%
Holder Shares Stake Change
Vanguard 2.59m 5.62% +200.14k
T. Rowe Price 2.50m 5.43% +613.78k
BlackRock 2.46m 5.34% −423.45k
JPMorgan Chase 2.37m 5.14% +263.49k
State Street 726.02k 1.57% −85.60k
Geode Capital Management 587.34k 1.27% −15.32k
Jane Street 539.17k 1.17% +211.45k
Manulife 530.89k 1.15% −72.48k
Arrowstreet Capital 530.81k 1.15% −5.46k
NEEDHAM INVESTMENT MANAGEMENT LLC 524.00k 1.14% +2.00k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 702.20k 2.37m 119.00
2024 719.11k 785.22k 52.00
2023 821.25k 818.52k 49.00
2022 657.10k (10.02m) 58.00
2021 464.21k 7.55m 138.00

Ownership

Directors and executive officers, together 83.80% of the votes
Patrizio Vinciarelli 79.10% of the votes
Estia J. Eichten 4.70% of the votes
BlackRock, Inc. 1.70% of the votes
JPMorgan Chase & Co. 1.50% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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VICR metrics, ten years each

stockrow.com/VICR · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com