Vicor Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Our findings show a rare operating quality — debt-free, about $390 million in net cash, $119 million in free cash flow, technological leadership in AI power delivery — that supports holding; none of the negative finds is existential, and the balance sheet is a fortress. At the same time we see no margin of safety for a new entry: the reported record profit is about 54 percent one-time, the operating margin sits at about 9 percent, and the stock costs about 90 times earnings (adjusted beyond 200) — a price that assumes perfection. Holding here expressly does not mean buying in at the current level. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Vicor is a genuinely good company: debt-free, with about $390 million in net cash, its own manufacturing and real technological leadership in powering AI chips — rightly a cluster of 21 quality and momentum scanners. The other half of the truth: more than half of the record 2025 profit is one-time (patent settlement, tax benefit), the operating core earns more modestly at about a 9 percent margin, the end markets are cyclical, the growth hangs on a few customers — and the stock costs about 90 times earnings (adjusted beyond 200) while the founder holds 79 percent of the votes. An excellent company; the question is the entry price. Not investment advice.
Balance sheet & cash flow
A fortress balance sheet: practically debt-free, about $390 million in net cash, no goodwill, equity ratio of 94 percent. With the expensive fab investment phase behind it, Vicor threw off about $119 million in free cash flow in 2025 — real substance, not a paper gain.
Technology & AI end market
Genuine leadership in a key field: "Power-on-Package" feeds GPUs and AI ASICs with very high currents, and the Advanced Products (61 percent of revenue) grow with the AI build-out. Add a high-margin licensing business (about $57 million, 14 percent of revenue). But Vicor sells the power delivery for AI, not AI itself.
Earnings quality
The record 2025 profit ($118.6 million) is about 54 percent one-time: a $45 million patent settlement and the release of a $43.6 million tax valuation allowance. The operating core business contributed only about $37 million (operating margin about 9 percent). The reported net margin of 29 percent considerably overstates the earnings power.
Cyclicality & customer concentration
The business runs in waves: in 2024, revenue fell 11 percent and Vicor slid into an operating loss. The high-margin Advanced Products revenue hangs on one or a few customers (one customer about 11.1 percent of total revenue), concentrated in data centers/hyperscalers; add tariff and trade risk (11.9 percent of revenue from China/Hong Kong).
Valuation & governance
The valuation assumes perfection: a price-to-earnings ratio of about 90 on the one-time-inflated profit (adjusted beyond 200), price-to-sales about 30. Add the governance detail: founder Vinciarelli controls 79.1 percent of the votes via the 10-vote Class B with about a quarter of the capital; Vicor is a "controlled company", minority shareholders have effectively no influence.
Worth Noting
Price, valuation and market-value figures are dated mid-2026; figures for fiscal year 2025 (as of December 31, 2025) and the first quarter of 2026. Analyses are evergreen; daily prices are not a buy argument.
Materiality gate: the dominant negative find concerns the quality of earnings — the record 2025 profit is about 54 percent one-time (patent settlement of $45 million + tax benefit of $43.6 million = about $64 million of $118.6 million in net income), so the recurring earnings power is markedly smaller than the headline figure suggests; what that means for the valuation (P/E about 90, adjusted beyond 200) is a price question, and price does not decide the rating. The customer concentration (one customer about 11.1 percent of revenue) and the cyclicality (2024 operating loss) can dent revenue and margin, but they are not an existential threat. The founder control (79.1 percent of votes on about 27 percent of the capital) is a governance blemish without a vote in the verdict, solidly run. No substance find: debt-free, ~$390 million net cash, no going-concern risk, no dilution — "Substance risk" is off the table. What stays open is how much of the earnings power carries on once the one-time items drop out; hence the rating "Open questions". Whether the current price is attractive is a separate question — that is what the scanners are for.
Adjusted earnings: subtracting the patent settlement (net about $40 million) and the one-time tax benefit ($43.6 million) from 2025 net income leaves an operationally carried profit in the order of about $35 million to $55 million — which yields the adjusted price-to-earnings ratio beyond 200. The breakdown in the chart is simplified (operating income and pre-tax income, tax effect separate) and sums exactly to $118.6 million.
AI classification: Neutral. Vicor's products deliver the power for GPUs and AI ASICs — a strong AI end-market narrative, but no sale of own AI products and no substantiated operational AI use beyond a generic risk-factor phrase. Under our criteria catalog, end-market exposure alone does not justify a "sells AI" rating.
Stock Watch
This analysis is as of August 4, 2026. Stock Watch will tell you what's changed at VICR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 48.50 $ to 379.80 $ · Last price: 216.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electronic Components
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Vicor Corporation VICR | 10.7 | 69.1 | 73.4 | 56.6 | 15.0 | 13.6 | 314.5 |
| Corning Incorporated GLW | 127.2 | 68.9 | 35.8 | 36.4 | 15.7 | 19.1 | 93.9 |
| Amphenol Corporation APH | 96.5 | 22.3 | 23.8 | 39.0 | 27.3 | 51.7 | 33.1 |
| TE Connectivity Ltd TEL | 59.8 | 20.2 | 13.2 | 36.1 | 20.8 | 7.9 | -3.5 |
| Flex Ltd FLEX | 41.0 | 41.3 | 20.9 | 9.5 | 5.7 | 8.1 | 93.1 |
| Jabil Circuit Inc JBL | 31.6 | 35.3 | 16.7 | 9.2 | 5.2 | 3.2 | 39.5 |
| Fabrinet FN | 14.4 | 30.6 | 20.6 | 12.0 | 9.9 | 18.6 | 6.3 |
| TTM Technologies Inc TTMI | 11.9 | 93.8 | 30.2 | 21.2 | 8.6 | 19.0 | 134.1 |
| Littelfuse Inc LFUS | 10.6 | – | 41.1 | 39.3 | 17.3 | 8.9 | 55.7 |
| Median of companies shown | 31.6 | 38.3 | 23.8 | 36.1 | 15.0 | 13.6 | 55.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 200 | -6 | -6 | -0.16 | 1 | 131 | 154 |
| 2017 | 228 | -1 | 0 | 0.00 | -2 | 136 | 166 |
| 2018 | 291 | 32 | 32 | 0.78 | 36 | 184 | 221 |
| 2019 | 263 | 14 | 14 | 0.34 | 22 | 206 | 241 |
| 2020 | 297 | 17 | 18 | 0.41 | 35 | 351 | 396 |
| 2021 | 359 | 56 | 57 | 1.26 | 55 | 424 | 477 |
| 2022 | 399 | 27 | 25 | 0.57 | 23 | 464 | 537 |
| 2023 | 405 | 51 | 54 | 1.19 | 75 | 541 | 595 |
| 2024 | 359 | -1 | 6 | 0.14 | 51 | 570 | 641 |
| 2025 | 408 | 37 | 119 | 2.64 | 140 | 712 | 786 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.23 | 17.50 | 96 | 3.80 | 10.70 | 10 | 8 |
| 2025: Q1 | 0.06 | – | 94 | 12.00 | 2.70 | 20 | 16 |
| 2025: Q2 | 0.91 | – | 141 | 64.30 | 29.20 | 65 | 59 |
| 2025: Q3 | 0.63 | 146.30 | 110 | 18.50 | 25.60 | 39 | 35 |
| 2025: Q4 | 1.01 | 344.30 | 107 | 11.50 | 43.40 | 16 | 10 |
| 2026: Q1 | 0.44 | 683.60 | 113 | 20.20 | 18.30 | -4 | -16 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 30 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
- Gap-Up (≥3%)
- Oliver Kell: Gappers
- Pradeep Bonde: $ Breakout Bullish
- Pradeep Bonde: 4% Breakout Bullish
- Qullamaggie: Episodic Pivot
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Kathy Donnelly: Liquid Movers Up
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Doublers
- Oliver Kell: Strength on Down Day
- Qullamaggie: Top Gainers 6M
- RS Leader (≥90)
- Richard Moglen: Gaps and Strong Moves
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.49 | 3.28 – 3.75 | 604 | 16.6% | 3 |
| 12/31/2027 | 5.55 | 5.27 – 5.79 | 940 | 59.0% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 40.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $51.3M |
|---|---|
| Market cap | $10.73B |
| Free cash flow in year ten | $1.56B |
| Terminal value as a share of market value | 76.5% |
For comparison: over the past five years free cash flow grew by 81.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 10.07.2026 gegen den Geschäftsbericht (10-K) 2025 (eingereicht 02.03.2026), das 10-K 2024 und die vier jüngsten Quartalsberichte (10-Q). Vicor ist ein Grenzfall mit starkem KI-Endmarkt-Bezug, bleibt nach dem Kriterienkatalog aber „neutral“: Das Unternehmen verkauft keine KI-Produkte oder -Dienste, sondern hochdichte Stromversorgungs-Module (Power Modules, Point-of-Load-Wandler), deren Nachfrage von KI-Rechenzentren getrieben wird. Das 10-K 2025 beschreibt KI ausdrücklich als Absatzmarkt: Vicors „Power-on-Package“-Lösungen liefern den hohen Strom für GPUs und KI-ASICs, und zu den Kunden „im KI-Marktsegment“ zählen laut Bericht „die führenden Innovatoren im Prozessor- und Beschleuniger-Design“. Das ist ein KI-nahes Endmarkt-Narrativ (verkauft die Stromversorgung FÜR KI-Hardware), kein Verkauf eigener KI — nach der Vorrang-Regel begründet Endmarkt-Exponierung allein kein „verkauft“. Einen operativen KI-Einsatz im eigenen Betrieb belegen die Filings nicht über eine generische Risiko-Floskel hinaus („Integrating artificial intelligence and machine learning presents significant strategic advantages, yet necessitates a proactive approach to mitigating multifaceted business, financial, and legal risks“ — Boilerplate, kein Bedroht- oder Nutzt-Beleg). Damit bleibt es bei „neutral“, mit dem dokumentierten Hinweis auf die überdurchschnittlich enge KI-Endmarkt-Kopplung.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-03-02 · 10-Q 2026-04-30 · 10-Q 2025-10-29 · 10-Q 2025-08-01 · 10-Q 2025-04-30 · 10-K 2025-03-03
Rated on July 10, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 0.7%
- More than 10% revenue growth is expected for the coming year 56.1%
- Share count grows by less than 3% a year 0.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 42.8%
- Gross margin at 40% or higher and without meaningful erosion 52.6%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 390 m net cash
- Operating cash flow covers the profits of the last three years 87 m
- Return on capital at 15% or higher, or up versus two years ago 5.1%
- Insiders hold at least 10% or are net buyers 26.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 8.2%
- Exp. sales growth 3Y > 5% 51.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 45.1%
- Net debt < 4x EBIT -10.6x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 16.7%
- ROCE > 15% 5.1%
- Expected return > 10% 46.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Davies Philip D | Corp. VP-Global Sales & Mktg. | Sell | 100 | 184.85 | 18,485 |
| Sep 1, 2026 | Davies Philip D | Corp. VP-Global Sales & Mktg. | Sell | 700 | 178.66 | 125,062 |
| Sep 1, 2026 | Davies Philip D | Corp. VP-Global Sales & Mktg. | Sell | 1,100 | 177.63 | 195,394 |
| Sep 1, 2026 | Davies Philip D | Corp. VP-Global Sales & Mktg. | Sell | 1,173 | 176.59 | 207,143 |
| Sep 1, 2026 | Davies Philip D | Corp. VP-Global Sales & Mktg. | Other | 3,073 | 41.61 | 127,868 |
| Aug 20, 2026 | Anderson Samuel J | Director | Other | 1,216 | 32.89 | 39,994 |
| Aug 20, 2026 | Anderson Samuel J | Director | Other | 200 | 100.00 | 20,000 |
| Aug 20, 2026 | Anderson Samuel J | Director | Other | 908 | 44.07 | 40,016 |
| Aug 20, 2026 | Anderson Samuel J | Director | Other | 754 | 53.07 | 40,015 |
| Aug 20, 2026 | Anderson Samuel J | Director | Other | 331 | 60.37 | 19,982 |
The company
About the Company
Vicor Corporation entwirft, entwickelt, fertigt und vermarktet mit ihren Tochtergesellschaften modulare Leistungskomponenten und Stromversorgungssysteme zur Umwandlung elektrischer Energie für den Einsatz in elektrisch betriebenen Geräten in den USA, Europa, dem asiatisch-pazifischen Raum und international.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 1,092
- Headquarters
- Andover, MA
- Address
- 25 Frontage Road, 01810-5413 Andover, United States
- Phone
- 978 470 2900
- Website
- vicorpower.com
- IPO Date
- 11/27/1991
- ISIN
- US9258151029
- Stock Split
- 2:1 on 09/19/1995
- Stock Split
- 2:1 on 08/21/1991
Management
| Name | Title | Birth Year |
|---|---|---|
| Patrizio Vinciarelli Ph.D. | Founder, Chairman, CEO & President | 1947 |
| James F. Schmidt | Corporate VP, CFO, Treasurer, Corporate Secretary & Director | 1961 |
| Michael S. McNamara | Corporate VP, GM of Operations & Director | 1961 |
| Philip D. Davies | Corporate VP of Global Sales & Marketing and Director | 1960 |
| Claudio Tuozzolo | Corporate VP & Director | 1963 |
| Quentin A. Fendelet | Corporate VP & Chief Accounting Officer | 1972 |
| Alvaro Doyle | Corporate VP & Chief Information Officer | 1968 |
| Stephen Germino | Director of Media Relations & PR | – |
| Nancy L. Grava | Corporate Vice President of Human Resources | 1971 |
| Kemble D. Morrison | VP & Corporate Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/10/2026 VICOR CORP (VICR): Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year; Financial Statements and Exhibits SEC ↗
- 08/27/2026 VICOR CORP (VICR): Other Events SEC ↗
- 07/21/2026 VICOR CORP (VICR): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.