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Designs high-density power-conversion modules (DC-DC converters) used in AI servers, defense, aerospace and autos.
Designs high-density power-conversion modules (DC-DC converters) used in AI servers, defense, aerospace and autos.
Sells power modules that deliver 48-volt power to the processor, so a design win with a server or accelerator maker brings repeat orders through that platform's life. It also enforces its patents in court, which can add settlement and licence income.
Moat: narrow (IP / patents, process know-how). Proprietary power-conversion topologies are patent-protected; Vicor actively litigates infringers.
Headquarters: Andover, Massachusetts, US · Founded: 1981 · Employees: 1,092
Size VICR (VICR) is a United States Information Technology company (Electronic Components) with a market value of $6.78B, the 976th largest of 3,117 United States companies the cockpit tracks. Shares closed at $146.88 on 6 Nov 2026.
Performance Over six months the shares fell 42.7%, against -14.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 41.4% over the last twelve months (peer median +23.2%); the operating margin is 24.9% (peer median 10.1%).
Valuation It trades at 25.9× forward earnings against a peer median of 24.1× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +39 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 10.3 points above its cost of capital (17.2% WACC).
Short interest Short interest is 6.6% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $561M | $408M | $359M | $405M | $399M |
| Revenue growth | — | +14% | -11% | +1% | — |
| Gross profit | $356M | $214M | $184M | $205M | $181M |
| EBITDA | $161M | $57.6M | $36.8M | $68.6M | $47.5M |
| Net income | $180M | $119M | $6.13M | $53.6M | $25.4M |
| Free cash flow | $50.8M | $119M | $27.2M | $41.1M | -$41.0M |
| Capital expenditure | $45.2M | $20.3M | $23.6M | $33.5M | $64.0M |
| Total debt | $7.16M | $7.18M | $7.34M | $8.23M | $8.46M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VICR VICR | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% |
| Analog Devices ADI | $176B | -13% | +34% | 36% | 22.4× | 27.8% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
| Delta Electronic 2308.TW | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% |
| Monolithic Power Systems MPWR | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VICR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -44.0% | -31.7% | 3rd lowest of 21 |
| 6-month return | -42.7% | -14.5% | 4th lowest of 20 |
| Distance from 52-week high | -61.6% | -50.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +41.4% | +23.2% | 6th highest of 21 |
| Operating margin | 24.9% | 10.1% | 2nd highest of 21 |
| Forward P/E | 25.9× | 24.1× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 46.0% | 24.1% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +6.6% | +4.7% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +39.4 pp | +17.3 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | +10.3 pp | -2.0 pp | 4th highest of 21 |
| EV / EBITDA | 38.9× | 13.0× | 2nd most expensive of 10 |
| Net debt / EBITDA | -3.1× | -0.1× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VICR VICR | United States | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% | +6.6% |
| Orbbec 688322.SS | China | $6.73B | +37% | +1% | 0% | 202.4× | n/a | n/a |
| Jiangxi Redboard Technology 603459.SS | China | $6.70B | -4% | +36% | 17% | n/a | 53.4% | +36.1% |
| Tripod Technology 3044.TW | Taiwan | $6.57B | -15% | +21% | 19% | 10.7× | n/a | n/a |
| TTM Technologies TTMI | United States | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% | +6.7% |
| Shenzhen Fastprint Circuit Tech 002436.SZ | China | $6.54B | -7% | +26% | 6% | 57.3× | n/a | n/a |
| Advanced Fiber Resources Zhuhai 300620.SZ | China | $6.50B | -27% | +86% | 18% | 107.0× | n/a | n/a |
| Shenzhen Everwin Precision Technology 300115.SZ | China | $5.95B | -12% | +19% | 2% | 124.0× | n/a | n/a |
| Compeq Manufacturing 2313.TW | Taiwan | $5.93B | -42% | +8% | 11% | 15.9× | 14.6% | +4.7% |
| Shenzhen Kinwong Electronic 3228.HK | Hong Kong | $7.87B | n/a | +40% | 12% | 15.8× | n/a | n/a |
| Shengyi Electronics 688183.SS | China | $7.95B | -44% | +46% | 21% | 19.4× | n/a | n/a |
| Founder Technology 600601.SS | China | $5.70B | -27% | +73% | 19% | 47.6× | n/a | n/a |
| Taiyo Yuden 6976.T | Japan | $5.63B | +4% | +6% | 6% | 28.8× | 47.0% | +3.4% |
| Taiwan Union Technology 6274.TWO | Taiwan | $8.21B | -26% | +87% | 23% | 13.9× | n/a | n/a |
| ITEQ 6213.TW | Taiwan | $5.45B | +75% | +16% | 9% | 16.6× | n/a | n/a |
| Lotes 3533.TW | Taiwan | $5.39B | -36% | +13% | 28% | 17.6× | 1.9% | +14.3% |
| Dynamic Electronics 603175.SS | China | $5.37B | -15% | +15% | 5% | n/a | n/a | n/a |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| Sichuan Huafeng Technology 688629.SS | China | $4.85B | -49% | +46% | 9% | 87.5× | n/a | n/a |
| Wuhan Jingce Electronic 300567.SZ | China | $4.80B | -14% | +31% | 0% | 119.3× | n/a | n/a |