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VICR

Vicor Corporation

VICR

Vicor Corporation • NASDAQ
$89.35 ▼ -0.21% (-0.19)
Market Cap $4.02 B
52w High $101.00
52w Low $38.92
Dividend Yield 0%
P/E 49.09
Volume 125.65K
Outstanding Shares 45.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $110.423M ▼ $42.606M ▼ $28.302M ▼ 25.631% ▼ $0.63 ▼ $38.526M ▼
Q2-2025 $141.046M ▲ $46.743M ▲ $41.192M ▲ 29.205% ▲ $0.92 ▲ $50.575M ▲
Q1-2025 $93.968M ▼ $44.514M ▲ $2.539M ▼ 2.702% ▼ $0.056 ▼ $5.04M ▼
Q4-2024 $96.166M ▲ $41.155M ▲ $10.246M ▼ 10.654% ▼ $0.23 ▼ $13.815M ▲
Q3-2024 $93.166M $40.358M $11.552M 12.399% $0.26 $10.127M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $362.382M ▲ $710.247M ▲ $79.894M ▼ $630.079M ▲
Q2-2025 $338.541M ▲ $693.509M ▲ $84.643M ▲ $608.595M ▲
Q1-2025 $296.099M ▲ $665.038M ▲ $84.475M ▲ $580.308M ▲
Q4-2024 $277.273M ▲ $641.118M ▲ $70.827M ▼ $570.071M ▲
Q3-2024 $267.605M $632.762M $77.892M $554.622M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $28.302M ▼ $38.487M ▼ $-4.021M ▲ $-10.574M ▲ $23.841M ▼ $34.466M ▼
Q2-2025 $41.2M ▲ $65.225M ▲ $-6.204M ▼ $-16.635M ▼ $42.442M ▲ $59.021M ▲
Q1-2025 $2.561M ▼ $20.128M ▲ $-4.55M ▼ $3.166M ▲ $18.826M ▲ $15.578M ▲
Q4-2024 $10.246M ▼ $10.117M ▼ $-1.736M ▲ $1.443M ▲ $9.668M ▼ $8.381M ▼
Q3-2024 $11.552M $22.577M $-8.455M $1.412M $15.721M $14.122M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
AdvancedProducts
AdvancedProducts
 $60.00M ▲$60.00M ▲$60.00M ▲$70.00M ▲
BrickProducts
BrickProducts
 $40.00M ▲$30.00M ▼$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the past several years, but the most recent year shows a noticeable step back from the prior peak. Profitability followed a similar arc: margins improved into 2021–2023, then compressed sharply, leaving operating profit close to breakeven and net income much lower than in prior good years. This points to a business that can be quite profitable when volumes and mix are favorable, but is also sensitive to demand shifts, pricing pressure, or higher costs. Overall, the income statement shows a solid long‑term trajectory but with meaningful recent earnings volatility and execution risk.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Total assets and shareholders’ equity have grown steadily over time, and cash has built up to a sizable cushion. Debt remains very low, so the company effectively operates with a net cash position. This combination suggests financial flexibility, capacity to keep investing through cycles, and less dependence on external financing. It also means the company can withstand periods of weaker profitability without immediate balance sheet stress.

Cash Flow

Cash Flow Vicor consistently generates positive cash from its core operations, though the level moves around from year to year. Free cash flow is generally positive but has dipped into negative territory when capital spending has been especially heavy. That pattern fits a company investing aggressively in its own manufacturing and technology base. Overall, cash generation is healthy enough to support ongoing investment, but not so abundant that it removes the importance of maintaining good execution and demand momentum.

Competitive Edge

Competitive Edge Vicor occupies a focused niche in high‑performance power modules rather than broad, commodity power components. Its architectures and packaging allow very high power density, efficiency, and thermal performance, which are particularly valuable in AI, high‑performance computing, data centers, electric vehicles, and aerospace and defense. A large patent portfolio and history of defending its intellectual property reinforce its moat and have created an additional licensing income stream. However, the company competes with much larger and well‑resourced analog and power management players, and it has previously faced questions on manufacturing capacity and operational execution. The result is a strong but specialized competitive position, with both clear differentiation and real competitive pressures.

Innovation and R&D

Innovation and R&D Innovation is the core of Vicor’s strategy. Its factorized power architecture, high‑frequency converter technology, and advanced packaging (ChiP and power‑on‑package concepts) give it a technology edge for delivering power very close to demanding processors. The company also runs its own advanced manufacturing for these modules, supporting complex designs that are hard to copy. Future growth depends heavily on continued adoption of its solutions in AI accelerators, high‑end computing, and 48‑volt automotive systems, as well as on expansion of its vertical power delivery platform. The large and actively enforced patent portfolio, plus a growing focus on IP licensing, underlines both the strength and the importance of its R&D engine.

Summary

Vicor combines a strong balance sheet, solid underlying cash generation, and a highly differentiated technology position in a fast‑growing corner of the power electronics market. At the same time, its income statement shows that earnings can swing meaningfully with changes in demand, mix, and execution. The company appears financially conservative but operationally and commercially cyclical. Long‑term prospects are tied to AI, high‑performance computing, data centers, and vehicle electrification, where its power density and packaging advantages matter most. Key uncertainties include its ability to scale manufacturing smoothly, sustain its technological lead against much larger rivals, and convert design wins and IP strength into more stable, less volatile profitability over time.

NEWS

October 20, 2025 · 3:50 PM UTC

Vicor steps up its IP licensing practice

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October 7, 2025 · 2:50 PM UTC

Vicor Corporation to Hold Third Quarter Earnings Conference Call and Webcast on October 21, 2025

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