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Vicor
(NASDAQ:VICR)
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Rating:77Outperform
Price Target:
$300.00
▲(37.58% Upside)
Action:Reiterated
Date:06/24/26
VICR scores well primarily due to strong financial quality (high margins and very low leverage) and strong technical uptrend. The score is pulled down by demanding valuation (very high P/E with no dividend yield provided) and tempered by execution risks highlighted on the earnings call (capacity constraints, expense/legal pressure, and uncertainty around near-term licensing upside).
Positive Factors
High Profitability
Sustained high gross and net margins indicate durable pricing power and cost structure benefits in power conversion products. These margins support reinvestment, fund R&D for next‑gen modules, and provide buffer versus cyclical demand swings, improving long‑term profitability resilience.
Negative Factors
Capacity Constraints
Prolonged capacity limits can cap near‑term revenue realization despite strong demand and backlog, forcing selective customer prioritization. Delays to meet customer ramps risk lost design momentum, defer revenue recognition, and require meaningful capital and lead‑time to scale production sustainably.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained high gross and net margins indicate durable pricing power and cost structure benefits in power conversion products. These margins support reinvestment, fund R&D for next‑gen modules, and provide buffer versus cyclical demand swings, improving long‑term profitability resilience.
Read all positive factors
Vicor (VICR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.06B
Dividend YieldN/A
Average Volume (3M)815.39K
Price to Earnings (P/E)85.9
Beta (1Y)2.14
Revenue Growth15.59%
EPS Growth491.65%
CountryUS
Employees1,092
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)3.03
Shares Outstanding33,863,690
10 Day Avg. Volume651,554
30 Day Avg. Volume815,387
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)6.89
Price to Sales (P/S)12.03
P/FCF Ratio41.12
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue30.25
Enterprise Value/Gross Profit51.43
Enterprise Value/Ebitda99.85
Forecast
1Y Price Target
$408.33Price Target Upside87.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)3.04
Revenue Forecast (FY)$596.17M
Vicor Business Overview & Revenue Model
Company Description
Vicor Corporation, along with its various subsidiaries, specializes in the conceptualization, manufacturing, and global distribution of modular power components and systems. These offerings are engineered to efficiently convert electrical power fo...
How the Company Makes Money
Vicor makes money primarily by selling power conversion products and related solutions to original equipment manufacturers (OEMs) and other customers that integrate these components into their end systems. Its core revenue stream is product revenu...
Vicor Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial performance: sequential and year-over-year revenue growth, a sizable and rising backlog, robust bookings across HPC, industrial and defense, healthy cash on hand, affirmative guidance for 2026 revenue and margin expansion, and clear product/IP momentum with second-generation VPD and capacity expansion plans. Offsetting items include modest sequential margin pressure, higher operating and legal expenses, a sizeable one-time litigation cash outflow, inventory turns that warrant monitoring, and near-term uncertainty around incremental licensing revenue (management conservatively excluded new licenses from guidance until legal outcomes). Overall the positives — notably revenue growth, backlog/bookings strength, technology differentiation and guidance — materially outweigh the negatives.Positive Updates
Top-Line Growth
Product and royalty revenue of $113.0M, up 5.3% sequentially (Q4'25 $107.3M) and up 20.2% year-over-year (Q1'25 $94.0M).
Negative Updates
Sequential Gross Margin Pressure
Consolidated gross margin declined 20 basis points sequentially (though still materially higher year-over-year).
Read all updates
Q1-2026 Updates
Positive
Negative
Top-Line Growth
Product and royalty revenue of $113.0M, up 5.3% sequentially (Q4'25 $107.3M) and up 20.2% year-over-year (Q1'25 $94.0M).
Read all positive updates
Company Guidance
Vicor guided Q2 revenue of nearly $126 million and full‑year 2026 revenue of nearly $570 million (management expects margin expansion in 2026 and the guidance conservatively assumes no new licensing agreements until the second ITC case is finally resolved in 2027). That outlook builds on Q1 product and royalty revenue of $113.0 million (Advanced Products $64.9M, 57.5% of total; Brick Products $48.0M, 42.5%; Advanced +3.7% sequential, Brick +7.7% sequential), Q1 gross margin of 55.2% (‑20 bps sequential, +800 bps year‑over‑year), net income of $20.7M and GAAP diluted EPS of $0.44 on 47,254,000 fully diluted shares. Balance sheet and operating metrics cited in the call included cash and cash equivalents of $404.2M, accounts receivable net $67.4M (DSO 42 days), inventories $94.8M (annualized turns 2.1), Q1 cash used in operations $3.9M (which included a $28.6M litigation settlement), Q1 capex $12.4M, construction‑in‑progress ~$10.7M with ~$33.9M remaining to spend, Q1 book‑to‑bill above 2 and 1‑year backlog $300.6M (up 70% sequential), shipments to stocking distributors +0.5% sequential (+63.6% YoY), exports ~48.9% of revenue, and royalties running roughly $15M in Q1 (~$60M annualized) with the guidance including royalties from existing agreements but not assuming new license signings; Q1 tax benefit was ~$0.3M (effective tax rate ‑1.3%), though management expects a normalized rate nearer ~20% going forward.Vicor Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 471.70M | 407.70M | 359.06M | 405.06M | 399.08M | 359.36M |
| Gross Profit | 277.43M | 214.43M | 184.00M | 204.93M | 180.56M | 178.20M |
| EBITDA | 142.90M | 115.36M | 36.82M | 77.48M | 47.48M | 68.51M |
| Net Income | 136.69M | 118.56M | 6.13M | 53.59M | 25.45M | 56.63M |
Balance Sheet | ||||||
| Total Assets | 804.88M | 785.83M | 641.12M | 594.89M | 536.90M | 477.20M |
| Cash, Cash Equivalents and Short-Term Investments | 404.25M | 402.81M | 277.27M | 242.22M | 190.61M | 227.63M |
| Total Debt | 7.15M | 12.78M | 7.34M | 8.23M | 8.46M | 4.78M |
| Total Liabilities | 50.76M | 74.02M | 70.83M | 53.78M | 72.56M | 53.30M |
| Stockholders Equity | 753.86M | 711.56M | 570.07M | 540.87M | 464.09M | 423.60M |
Cash Flow | ||||||
| Free Cash Flow | 87.32M | 119.23M | 27.24M | 41.08M | -41.03M | 7.12M |
| Operating Cash Flow | 115.48M | 139.55M | 50.84M | 74.53M | 22.94M | 54.88M |
| Investing Cash Flow | -28.16M | -20.32M | -23.60M | -33.45M | -18.97M | -43.66M |
| Financing Cash Flow | 20.97M | 6.32M | 7.99M | 10.60M | 4.44M | 10.09M |
Vicor Technical Analysis
Neutral
218.05
Price Trends
298.84
Negative
247.37
Positive
176.82
Positive
Market Momentum
-12.05
Positive
41.86
Neutral
11.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VICR, the sentiment is Neutral. The current price of 218.05 is below the 20-day moving average (MA) of 308.57, below the 50-day MA of 298.84, and above the 200-day MA of 176.82, indicating a neutral trend. The MACD of -12.05 indicates Positive momentum. The RSI at 41.86 is Neutral, neither overbought nor oversold. The STOCH value of 11.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VICR.
Vicor Risk Analysis
Vicor disclosed 18 risk factors in its most recent earnings report. Vicor reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vicor Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.88B | 65.79 | 12.97% | 0.16% | 25.54% | 17.25% | |
77 Outperform | $12.06B | 85.87 | 20.22% | ― | 15.59% | 491.65% | |
70 Outperform | $3.88B | 65.79 | 12.97% | 0.15% | 25.54% | 17.25% | |
67 Neutral | $3.99B | 49.63 | 9.21% | ― | 11.97% | ― | |
64 Neutral | $2.46B | -45.67 | -4.66% | ― | 1.68% | -431.99% | |
62 Neutral | $3.48B | 24.25 | 16.74% | ― | 6.98% | 8.41% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
VICR
Vicor
260.20
212.88
449.87%
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OSIS
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ROG
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PENG
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72.85
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BELFA
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230.05
140.79
157.74%
Vicor Corporate Events
Executive/Board ChangesShareholder Meetings
Vicor Shareholders Endorse Board, Executive Pay at 2026 Meeting
Positive
Jun 23, 2026
Vicor held its 2026 Annual Meeting of Stockholders on June 19, 2026, where shareholders approved fixing the board size at 11 directors and elected all 11 nominees, including CEO Patrizio Vinciarelli and other incumbent and independent directors, w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.