Vicor
Builds modular power systems for AI processors and other high-performance electronics.
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Profile
Sells Advanced Products built around Factorized Power Architecture and mature Brick Products for data centers, industrial systems, aerospace, defense, and transportation. Revenue comes from modules, configurable and custom power systems, and technology royalties, with Advanced Products concentrated among a limited number of large customers.
Designs modular power components and complete power systems that convert electricity from the source to the point of load. Advanced Products use Factorized Power Architecture, including PRM regulators, VTM current multipliers, and Power-on-Package modules for high-performance processors, server racks, and data-center infrastructure. Brick Products cover integrated DC-DC converters plus configurable and custom systems for aerospace, defense, industrial, test, and transportation equipment.
Specializes in high-density 48V power delivery, supported by proprietary switching topologies, packaging, design tools, and largely in-house manufacturing in Andover. Sales span the United States, Asia Pacific, and Europe, while technology licensing generates royalties.
Advanced Products depend on a limited number of large OEMs, ODMs, contract manufacturers, and licensees. Production also relies on a limited group of wafer foundries and packaging and test providers.
Company facts
Key statistics
Year to date +60.8% · Average volume (30d) 890.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 21, 2026 | Needham | Reiterate | Buy | $400 | $320 | |
| Jun 22, 2026 | Roth Capital | Reiterate | Buy | $245 | $375 | |
| Jun 22, 2026 | Needham | Reiterate | Buy | $350 | $400 | |
| May 26, 2026 | Needham | Reiterate | Buy | $90 | $350 | |
| Apr 20, 2026 | Roth Capital | Target | $175 | $245 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $0.65 | $1.04 | +59.5% | $138.4M | $143.4M | +3.6% | +1.23% |
| Apr 21, 2026Q1 FY26 | $0.40 | $0.44 | +10.0% | $109.4M | $113.0M | +3.3% | +7.62% |
| Feb 19, 2026Q4 FY25 | $0.38 | $1.01 | +165.8% | $107.8M | $107.3M | −0.5% | +11.23% |
| Oct 21, 2025Q3 FY25 | $0.48 | $0.63 | +32.2% | $107.8M | $110.4M | +2.5% | +30.33% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $94.0M | $141.0M | $110.4M | $107.3M | $113.0M | $143.4M | |
| Gross profit | $44.4M | $92.1M | $63.5M | $59.4M | $62.4M | $83.1M | |
| Operating income | −$149.0K | $45.4M | $20.9M | $15.7M | $16.9M | $34.9M | |
| Net income | $2.5M | $41.2M | $28.3M | $46.5M | $20.7M | $49.8M | |
| Diluted EPS | $0.06 | $0.91 | $0.63 | $1.01 | $0.44 | $1.04 | |
| Gross margin | 47.2% | 65.3% | 57.5% | 55.4% | 55.2% | 58.0% | |
| Operating margin | -0.2% | 32.2% | 18.9% | 14.6% | 14.9% | 24.3% |
Fiscal years (4-quarter sums)FY21 $359.4M · FY22 $399.1M · FY23 $405.1M · FY24 $359.1M · FY25 $452.7M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $453.6M · Total debt $7.6M · Total assets $894.2M · Shareholders' equity $834.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 45.33M · Float 31.25M · 68.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Patrizio Vinciarelli · director, 10 percent owner, officer: Chairman & CEO | 8.51M | 18.78% | Form 4 | Jul 7, 2026 |
| BlackRock, Inc. | 2.46M | 5.43% | 13F | Aug 7, 2026 |
| Price T Rowe Associates Inc /MD/ | 2.37M | 5.22% | 13F | Aug 14, 2026 |
| JPMorgan Chase & Co | 2.34M | 6.90% | 13G | Jul 16, 2026 |
| T. Rowe Price Associates, Inc. | 1.89M | 5.60% | 13G | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Zmira Lavie | director | −908 | $250.00 |
| Aug 17, 2026 | Samuel J. Anderson | director | −2,073 | $252.60 |
| Aug 3, 2026 | Philip D. Davies | director, officer: Corp. VP-Global Sales & Mktg. | −3,072 | $211.69 |
| Jul 23, 2026 | Zmira Lavie | director | −1,216 | $224.72 |
| Jul 6, 2026 | Patrizio Vinciarelli | director, 10 percent owner, officer: Chairman & CEO | −700 | $302.40 |
Peers
- Monolithic Power Systems
IC-based 48V leader; won Nvidia H100/AMD MI300 GPU power sockets from modules.
- Texas Instruments
Analog giant whose IC-level scale undercuts power modules in industrial and A&D.
- Advanced Energy Industries
Artesyn brick-module maker in industrial, telecom, and data-center DC-DC power.
- Bel Fuse Class B
Industrial/telecom/defense brick-module maker competing in DC-DC converters.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Vicor | $188.63 | +0.41% | $8.51B | 60.2 | 39.3 | 18.0 | +49.3% |
| Monolithic Power Systems | $1,258.47 | +0.18% | $61.72B | 77.0 | 39.0 | 18.9 | +47.6% |
| Texas Instruments | $258.44 | −0.09% | $236.20B | 39.3 | 27.2 | 12.1 | +22.8% |
| Advanced Energy Industries | $273.50 | +0.25% | $10.93B | 50.9 | 20.0 | 5.4 | +30.0% |
| Bel Fuse Class B | $248.69 | +0.09% | $3.01B | 62.2 | 23.9 | 4.0 | +25.2% |
| Median | 56.5 | 25.6 | 8.8 | +27.6% |