Vicor Corporation
- Open
- 219.81
- Day high
- 246.87
- Day low
- 211.25
- Prev close
- 230.41
- Volume
- 964K
- Mkt cap
- $10.8B
- P/E (TTM)
- 78.4
- EPS (TTM)
- $3.03
- P/B
- 14.4
- P/S
- 23.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$64.8M over the last 3 months (0 open-market buys, 180 sales)
- 🏛Institutions accumulating (13F)
Vicor Corporation (VICR) is a Technology company listed on NASDAQ. The stock is up 400% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 180 sales (SEC Form 4).
Vicor Corporation (VICR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VICR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $0.40 | $0.44 | +10.0% | $113M | +3.3% |
| Feb 19, 2026 | $0.38 | $1.01 | +165.8% | $107M | +0.1% |
| Oct 21, 2025 | $0.48 | $0.63 | +32.2% | $110M | +2.5% |
| Jul 22, 2025 | $0.20 | $0.91 | +355.0% | $96M | +0.7% |
| Feb 20, 2025 | $0.18 | $0.23 | +27.8% | $96M | +5.6% |
| Oct 22, 2024 | $0.14 | $0.26 | +85.7% | $93M | +2.3% |
| Jul 23, 2024 | $0.11 | $-0.03 | -127.3% | $85854 | +5.0% |
| Feb 22, 2024 | $0.36 | $0.19 | -47.2% | $93M | -13.5% |
| Jul 25, 2023 | $0.19 | $0.38 | +100.0% | $107M | +9.0% |
| Feb 23, 2023 | $0.21 | $0.18 | -14.3% | $105M | +2.2% |
| Oct 25, 2022 | $0.22 | $0.18 | -18.2% | $103M | +0.8% |
| Jul 21, 2022 | $0.10 | $0.24 | +140.0% | $102M | +15.7% |
VICR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 500 | $302.04 |
| Jul 7, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 200 | $303.31 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 52 | $345.62 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 2,175 | $357.86 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 428 | $347.44 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 2,071 | $310.13 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 880 | $364.50 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 1,658 | $353.54 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 1,353 | $309.15 |
| Jul 6, 2026 | Davies Philip Ddirector, officer: Corp. VP-Global Sales & Mktg. | Option | 679 | $41.61 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 1,922 | $361.18 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 400 | $315.29 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 4,184 | $310.82 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 200 | $318.86 |
| Jul 6, 2026 | VINCIARELLI PATRIZIOdirector, 10 percent owner, officer: Chairman & CEO | Sell | 1,278 | $362.03 |
Source: VICR SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full VICR insider & 13F page →Vicor Corporation company profile
Overview
Vicor Corporation (NASDAQ:VICR) is a Massachusetts-based power electronics company founded in 1981 that designs, develops, manufactures, and markets modular power components and power systems for converting electrical power. The company went public in 1990 and has evolved from a traditional power component manufacturer into a technology leader specializing in high-density power conversion solutions. Vicor operates globally, serving customers in the United States, Europe, and Asia Pacific, with a particular focus on emerging high-performance applications such as artificial intelligence computing, automotive electrification, and advanced industrial systems.
Business
Vicor operates in the power electronics industry, which involves converting electrical power from one form to another to meet the specific requirements of electronic devices and systems. The company's core business revolves around modular power components and power systems that efficiently convert, condition, and deliver electrical power. The company operates through two main product segments that generate distinct revenue streams: 1. **Advanced Products (approximately 60% of revenue)**: This segment includes Vicor's proprietary technologies such as Voltage Positioning Devices (VPD), Factorized Power Architecture (FPA) components, and next-generation ChiP (Converter housed in Package) products. These solutions are designed for high-performance applications requiring exceptional power density and efficiency. The VPD technology enables "vertical power delivery" - a revolutionary approach that delivers power directly to processors through the circuit board substrate rather than traditional horizontal routing. 2. **Brick Products (approximately 40% of revenue)**: These are traditional DC-DC converters in standardized "brick" form factors that serve as building blocks for power systems. While considered legacy products, they continue to serve important applications across industrial, telecommunications, and defense markets. The power electronics industry serves as the critical infrastructure enabling the digital economy, from data centers processing AI workloads to electric vehicles requiring efficient power conversion. Vicor's solutions address the fundamental challenge of delivering clean, stable power to increasingly power-hungry electronic systems while minimizing size, weight, and heat generation.
Revenue model
Vicor generates revenue through multiple complementary business models: **Product Sales** represent the primary revenue stream, with the company selling both Advanced Products and Brick Products directly to customers. The company targets high-value applications where its superior power density and efficiency command premium pricing compared to commodity power solutions. **Licensing Revenue** has emerged as a significant growth driver, with Vicor licensing its patented Negative Buck-Boost (NBM) and other proprietary technologies to major technology companies, including hyperscalers (large cloud computing providers). This creates recurring revenue streams with high margins. **Custom Power Systems** provide engineered solutions for specific customer applications, typically commanding higher margins due to their specialized nature. The company's customers include original equipment manufacturers (OEMs), contract manufacturers, and independent device manufacturers across aerospace, defense, industrial automation, telecommunications, automotive, and high-performance computing markets. Major customers include hyperscalers for data center applications and automotive OEMs for electric vehicle systems. Several factors influence Vicor's margins positively or negatively. **Positive margin drivers** include the company's transition toward higher-value Advanced Products, growing licensing revenue from intellectual property, vertical integration through its new ChiP fabrication facility (which reduces manufacturing costs), and premium pricing in specialized applications like AI computing and automotive electrification. **Negative margin pressures** come from commodity pricing in traditional markets, supply chain cost fluctuations, the need for continuous R&D investment to maintain technological leadership, and competitive pricing pressure in mature product categories. The company's gross margins have historically ranged from 45-55%, with Advanced Products typically achieving higher margins than Brick Products.
Competitive moat
Vicor's competitive moat rests primarily on its intellectual property portfolio and technological differentiation, though the strength of this moat varies across market segments. The company holds numerous patents covering power conversion architectures, particularly in areas like Factorized Power Architecture and Negative Buck-Boost topologies, which provide legal protection and licensing opportunities. The company's **technological moat** centers on achieving superior power density - the ability to deliver more power in smaller, lighter packages with higher efficiency. This advantage is particularly pronounced in emerging applications like AI computing and electric vehicles, where space and thermal constraints are critical. Vicor's vertical integration through its new ChiP fabrication facility strengthens this moat by enabling rapid innovation cycles and cost control. However, the moat faces several challenges. The power electronics industry includes large, well-resourced competitors such as Texas Instruments, Analog Devices, and Infineon Technologies, which have substantial R&D capabilities and established customer relationships. Additionally, **customer concentration risk** exists, particularly in the high-performance computing segment where a few major hyperscalers represent significant portions of potential revenue. The company's moat is strongest in **specialized, high-performance applications** where its technological advantages translate directly into customer value through reduced system size, weight, and operating costs. The moat is weaker in commodity power applications where cost often outweighs performance advantages. The ongoing transition toward AI computing and automotive electrification appears to favor Vicor's strengths, but the company must continue investing heavily in R&D to maintain its technological edge as larger competitors develop competing solutions.
Risks & safety
Vicor demonstrates a strong financial safety profile with minimal solvency risk and conservative capital structure. **Overall Assessment**: The company maintains a fortress-like balance sheet with substantial cash reserves and minimal debt, providing significant financial flexibility. **Cash and Liquidity**: - Cash and short-term investments of $296 million as of Q1 2025 - Strong free cash flow generation of $15.6 million in Q1 2025 - Current ratio of 6.4x indicating excellent short-term liquidity - No significant cash burn concerns **Debt and Solvency**: - Debt-to-equity ratio of just 1.2%, indicating minimal leverage - Total liabilities of only $84.5 million against $665 million in total assets - No meaningful solvency risk given strong balance sheet **Valuation Metrics**: - EV/EBITDA of 101x appears elevated due to modest EBITDA of $4.5 million in Q1 2025 - Price-to-book ratio of 3.6x reflects premium valuation - Revenue multiple appears reasonable given growth prospects and technology position **Other Considerations**: - Strong intellectual property portfolio provides defensive value - Diversified customer base reduces concentration risk - Vertical integration strategy may require continued capital investment
Recent development
Over the past few years, Vicor has executed several strategic pivots and developments that position the company for growth in emerging high-performance markets: **Vertical Integration Initiative**: The company completed construction and ramp-up of its vertically integrated ChiP fabrication facility, achieving 96% fab test yields and 10-day production cycles. This $100+ million investment enables Vicor to support nearly $1 billion in annual revenues while maintaining technological control and reducing costs. **Next-Generation Technology Development**: Vicor has been developing its 5th generation (Gen 5) chipset and second-generation VPD solutions specifically targeting AI and high-performance computing applications. These products promise 3x improvement in current density compared to previous generations, with initial customer sampling beginning in 2024 and production ramp expected through 2025. **Market Diversification Strategy**: The company has shifted focus from heavy dependence on high-performance computing to a more balanced approach across four key markets: HPC/AI, automotive, industrial, and aerospace & defense. The automotive pipeline has grown to $1.3 billion, with the company achieving IATF 16949 automotive certification and securing multiple OEM partnerships for 48V zonal architecture applications. **Intellectual Property Monetization**: Vicor has aggressively pursued licensing opportunities, securing multiple patent licensing agreements including deals with hyperscalers for NBM technology. The company has also initiated patent infringement proceedings through the International Trade Commission (ITC) to protect its intellectual property and create additional licensing opportunities. **Strategic Customer Focus**: The company has refined its go-to-market strategy to concentrate on the "top 100 global customers" across its target markets, improving resource allocation and customer engagement effectiveness.
VICR company profile · for informational purposes only — not investment advice.
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