Vicor Corporation (VICR)
🔔 Watch stock
symbol.quality_heading
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.
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.
symbol.quality_note
Vicor builds the high-density power modules that feed GPUs and AI chips in the data centers — debt-free, with its own U.S. fab, celebrated in 21 of our scanners. In 2025, net income jumped from $6 million to $118 million. We read the annual report and did the arithmetic the cheering tends to skip: a one-time patent settlement and a tax benefit make up more than half of that record, the founder controls 79 percent of the votes, and the stock costs about 90 times earnings. Not investment advice — just a close reading of why one shining number is rarely the whole story.
Read the analysis
Stock Watch
This analysis is as of July 18, 2026. Stock Watch will tell you what's changed at VICR since then.
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Appears in These Scanners
This stock currently matches 25 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 207.40 $ — 49% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralGeprüft 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
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.
Analysts & Price Target
The price target sits 86.2% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 4
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.
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.
Next Reporting Date
- Expected Earnings per Share
- 0.81 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.23 | 17.50 | 96 | 3.80 | 10.70 | 10 | 8 |
| 2025: Q1 | 0.06 | – | 94 | 12.00 | 2.70 | 20 | 16 |
| 2025: Q2 | 0.91 | – | 141 | 64.30 | 29.20 | 65 | 59 |
| 2025: Q3 | 0.63 | 146.30 | 110 | 18.50 | 25.60 | 39 | 35 |
| 2025: Q4 | 1.01 | 344.30 | 107 | 11.50 | 43.40 | 16 | 10 |
| 2026: Q1 | 0.44 | 683.60 | 113 | 20.20 | 18.30 | -4 | -16 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 |
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.
Assessment: Opportunities & Risks
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.
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.
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.
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).
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.
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.
- 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.
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 | 27. Nov 1991 |
| ISIN | US9258151029 |
| Stock Split | 2:1 on 09/19/1995 |
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.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 24. Jul 2026 | Eichten Estia J | Director | Other | 1,061 | 47.15 | 50,026 |
| 24. Jul 2026 | Eichten Estia J | Director | Other | 1,611 | 31.05 | 50,022 |
| 24. Jul 2026 | Eichten Estia J | Director | Other | 731 | 68.48 | 50,059 |
| 24. Jul 2026 | Eichten Estia J | Director | Other | 2,584 | 19.35 | 50,000 |
| 23. Jul 2026 | Lavie Zmira | Director | Sell | 1,216 | 224.72 | 273,260 |
| 23. Jul 2026 | Lavie Zmira | Director | Other | 1,216 | 32.89 | 39,994 |
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.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.