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Vicor Corporation

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

140.92 5.82 +4.31%

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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 Segments Valuation Filings

Vicor Corporation (VICR) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Product Revenue	350 85.92%	312 87.02%	389 96.08%	396 99.30%	—	—	—	—
Royalties	57 14.08%	47 12.98%	16 3.92%	3 0.70%	2 0.51%	0 0.05%	—	—
RoyaltiesMember	—	—	—	—	—	—	0 0.06%	0 0.07%
Also reported: a second breakdown of the same revenue
Direct Customers, Contract Manufacturers and Non-stocking Distributors	235 57.52%	202 56.12%	277 68.38%	320 80.08%	283 78.83%	251 84.77%	223 84.68%	255 87.49%
Stocking distributors, net of sales allowances	109 26.79%	104 28.90%	96 23.81%	66 16.45%	63 17.67%	38 12.79%	38 14.30%	32 10.90%
Royalty Revenue	57 14.08%	47 12.98%	16 3.92%	3 0.70%	—	—	—	—
Non-recurring engineering	6 1.36%	6 1.60%	15 3.60%	11 2.75%	11 2.98%	7 2.37%	2 0.93%	4 1.52%
Other	1 0.25%	1 0.40%	1 0.29%	0 0.02%	0 0.02%	0 0.02%	0 0.03%	0 0.02%
Revenue	408	359	405	399	359	297	263	291

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Advanced Products	249 60.97%	197 54.96%	224 55.27%	243 60.97%	170 47.37%	106 35.85%	75 28.55%	105 35.89%	—	—	—	—	—	—	—	—
Brick Products	159 39.03%	162 45.04%	181 44.73%	156 39.03%	189 52.63%	190 64.15%	188 71.45%	187 64.11%	152 66.62%	151 75.61%	173 78.60%	184 81.61%	163 81.85%	180 82.34%	195 77.02%	217 86.55%
Vi Chip	—	—	—	—	—	—	—	—	61 26.92%	40 19.95%	37 16.66%	35 15.37%	35 17.74%	38 17.43%	55 21.80%	34 13.50%
Picor	—	—	—	—	—	—	—	—	26 11.54%	17 8.33%	17 7.86%	16 6.90%	10 5.23%	10 4.45%	13 5.21%	11 4.41%
Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(11) (4.46%)
Eliminations	—	—	—	—	—	—	—	—	(12) (5.09%)	(8) (3.88%)	(7) (3.12%)	(9) (3.88%)	(10) (4.82%)	(9) (4.22%)	(10) (4.03%)	—
Revenue	408	359	405	399	359	297	263	291	228	200	220	226	199	219	253	251

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Brick Products	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Picor	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Vi Chip	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Eliminations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Asia Pacific	201 55.88%	158 53.24%	109 41.38%	147 50.50%	114 50.20%	92 45.86%	95 43.07%
United States	119 33.01%	106 35.59%	122 46.25%	111 38.04%	84 36.81%	—	—
Europe	38 10.55%	30 10.16%	27 10.37%	28 9.51%	24 10.57%	22 11.23%	30 13.48%
All Other	2 0.56%	3 1.01%	—	—	—	5 2.66%	8 3.42%
AllOtherCountriesMember	—	—	5 2.00%	6 1.95%	6 2.42%	—	—
United States	—	—	—	—	—	81 40.25%	88 40.03%
Revenue	359	297	263	291	228	200	220

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Backlog	Q3 FY2026	$406.0M	$152.8M	+165.71%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.