Vicor Corporation (VICR)
🔔 Watch stock
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.
Appears in These Scanners
This stock currently matches 22 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
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
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.
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.
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 is a price find — 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), which makes the valuation (P/E about 90, adjusted beyond 200) even more expensive. The customer concentration (one customer about 11.1 percent of revenue) and the cyclicality (2024 operating loss) are price/cycle finds (a dent, 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 existential find: debt-free, ~$390 million net cash, no going-concern risk, no dilution. Since all substantiated negative finds are of the price/governance type and the company is operationally strong, the classification is "hold" (quality real, but no margin of safety for a new purchase).
- 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 |
| Website | vicorpower.com |
| IPO Date | 27. Nov 1991 |
| Next Earnings | 28. Jul 2026 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 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.