Vicor CorporationVICR
NasdaqGS•Technology•Electronic Components
Vicor Corporation, together with its subsidiaries, designs, develops, manufactures, and markets modular power components and power systems for converting electrical power for use in electrically powered devices in the United States, Europe, the Asia Pacific, and internationally. The company offers a range of brick-format DC-DC converters; complementary components that provide AC line rectification, input filtering, power factor correction, and transient protection; and input and output voltage, and output power products, as well as sells electrical and mechanical accessories. It also designs, sells, and services custom power system solutions. It serves independent manufacturers of electronic devices, original equipment manufacturers, original design manufacturers, and their contract manufacturers in the aerospace and aviation, defense electronics, satellites, factory automation, instrumentation, test equipment, transportation, telecommunications and networking infrastructure, and vehicle markets. Vicor Corporation was incorporated in 1981 and is headquartered in Andover, Massachusetts.
Vicor Corporation (VICR) reported trailing twelve months revenue of $426.70M as of March 2026, a 15.6% increase year-over-year. Quarterly revenue reached $112.97M, reflecting continued top-line momentum.
Vicor Corporation generated $136.68M in TTM net income, with quarterly EBITDA of $22.22M. The operating margin expanded from -0.2% to 14.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (14.9%) and net margin (18.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 2.7% a year ago, signaling stronger bottom-line efficiency.
VICR trades at a P/E of 108.2x (a premium multiple) and a P/S of 34.7x. The price-to-book ratio of 19.6x indicates a significant premium over book value.
The company reported negative free cash flow of $-16.33M, indicating cash consumption over the period. The balance sheet shows $804.88M in total assets with no in long-term debt against $753.86M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 13.9%. The business may lack pricing power or face rising costs.'
ROE is positive at ~8.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~15.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation