# Vicor (VICR.US)

Canonical: https://gigainvestors.com/s/VICR

Analysis as of: 2026-10-16T07:32:51.936Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $219.92 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.94×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.03×

- FY2017: -0.01×

- FY2018: 0.11×

- FY2019: 0.05×

- FY2020: 0.06×

- FY2021: 0.15×

- FY2022: 0.07×

- FY2023: 0.13×

- FY2024: -0.00×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.0%

- ROIC, second-lowest year: -1.2%

- Typical minus recent gross margin: -4.0 pp

- Typical gross margin (annual median): 47.2%

- Recent gross margin (lower of latest and 3-year median): 51.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 7.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -6.7%

- FY2017: -1.2%

- FY2018: 27.4%

- FY2019: 10.5%

- FY2020: 11.7%

- FY2021: 27.6%

- FY2022: 8.6%

- FY2023: 14.9%

- FY2024: -0.3%

- FY2025: 11.5%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.69×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $181M

- Net income, five-year total: $260M

- Return on incremental invested capital: 15.6%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 12.4 pp

- Working capital / revenue, final three-year average: 37.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.62×

- FY2022: -0.54×

- FY2023: 0.73×

- FY2024: 0.19×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -1.2% vs 11.5%

- Per-share earnings: 0.00 to 1.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: $4.4B

- Cumulative retained earnings: $328M

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 102.7%

- Per-share value change: $1.19

- Per-share value, starting three-year median: $0.00

- Per-share value, ending three-year median: $1.19

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $318M

- ROIC, first three-year median: -1.2%

- ROIC, last three-year median: 11.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.16

- FY2017: $0.00

- FY2018: $0.78

- FY2019: $0.34

- FY2020: $0.41

- FY2021: $1.26

- FY2022: $0.57

- FY2023: $1.19

- FY2024: $0.14

- FY2025: $2.61

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.4%

- FY2017: 1.6%

- FY2018: -2.0%

- FY2019: -3.4%

- FY2020: -4.2%

- FY2021: 0.4%

- FY2022: 0.5%

- FY2023: -3.5%

- FY2024: -7.0%

- FY2025: -2.7%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 42% since Jun 2026 · "VICR Q1 Earnings Call: Licensing Transitions and Tariff Pressures Shape Results" (finance.yahoo.com, May 2025) · sales +13.5%

Story as of 2026-10-16T09:59:47.952Z; price observation 2026-10-15.

- 2025-04-29: Vicor (NASDAQ:VICR) Misses Q1 Revenue Estimates, Stock Drops 11.5% ([finance.yahoo.com](https://finance.yahoo.com/news/vicor-nasdaq-vicr-misses-q1-201940812.html))

- 2025-10-22: Why Vicor (VICR) Is Up 22.6% After Expanding IP Deals and Settling Major Litigation ([finance.yahoo.com](https://finance.yahoo.com/news/why-vicor-vicr-22-6-211150010.html))

- 2026-02-23: Vicor (VICR) Valuation Check After Earnings Beat And Optimistic 2026 Growth Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/vicor-vicr-valuation-check-earnings-021027422.html))

- 2026-04-21: Vicor forecasts nearly $570M 2026 revenue as 1-year backlog reaches $300.6M ([seekingalpha.com](https://seekingalpha.com/news/4577424-vicor-forecasts-nearly-570m-2026-revenue-as-1-year-backlog-reaches-300_6m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-26: Vicor Stock Surges on Guidance Boost, Lifts Power Chip Stocks Like Wolfspeed ([finance.yahoo.com](https://finance.yahoo.com/m/49a3dabd-6253-3cf0-b920-8952f7789438/vicor-stock-surges-on.html))

- 2026-09-21: Vicor (VICR) Licenses its Power Patents to Another AI System Maker. Shares Jump 18% ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/vicor-vicr-licenses-power-patents-232418002.html))

### Sales · FY2024–2025

sales +13.5%; source https://www.sec.gov/Archives/edgar/data/751978/000119312526085102/vicr-20251231.htm; observed 2026-03-02.

- FY2016: $200M 

- FY2017: $228M 

- FY2018: $291M 

- FY2019: $263M 

- FY2020: $297M 

- FY2021: $359M 

- FY2022: $399M 

- FY2023: $405M 

- FY2024: $359M 

- FY2025: $408M 

### Gross margin · FY2025

gross margin 52.6%; source https://www.sec.gov/Archives/edgar/data/751978/000119312526085102/vicr-20251231.htm; observed 2026-03-02.

- FY2016: 45.5% 

- FY2017: 44.6% 

- FY2018: 47.7% 

- FY2019: 46.8% 

- FY2020: 44.3% 

- FY2021: 49.6% 

- FY2022: 45.2% 

- FY2023: 50.6% 

- FY2024: 51.2% 

- FY2025: 52.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are USD 407.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/751978/000119312526085102/vicr-20251231.htm (filed 2026-03-02); FY2025: revenue 407701000; grossProfit 214429000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 50.6% to 52.6% during 2023–25; it earns 11% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 50.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 51.2%.

- Source: https://www.sec.gov/Archives/edgar/data/751978/000119312526085102/vicr-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 52.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,-0.06682913758222912],[2017,-0.011693004222715598],[2018,0.27410363162077883],[2019,0.10456465322817947],[2020,0.11749027570813898],[2021,0.27612421554795896],[2022,0.08551203579268864],[2023,0.14889953370019493],[2024,-0.0028370661104706566],[2025,0.11453771894904459]]; median 0.10955118608861203. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years; bought back USD 35.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2017: growth capex 3652000; upkeep 8893000; owner earnings 167000. Growth capex / owner earnings = 21.868263473053894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2018: growth capex 8957000; upkeep 9254000; owner earnings 31725000. Growth capex / owner earnings = 0.2823325453112687.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2019: growth capex 0; upkeep 12485000; owner earnings 11947000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2020: growth capex 6795243.043811899; upkeep 21857756.9561881; owner earnings 7108243.043811899. Growth capex / owner earnings = 0.9559666153688311.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 14395310.82110551; upkeep 33365689.17889449; owner earnings 34964310.82110551. Growth capex / owner earnings = 0.4117144163017813.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: growth capex 1909922.811671216; upkeep 31542077.188328784; owner earnings 39292922.81167121. Growth capex / owner earnings = 0.048607298083305474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 23602000; owner earnings 1153000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/751978/000119312526085102/vicr-20251231.htm (filed 2026-03-02); FY2025: growth capex 0; upkeep 20318000; owner earnings 119024000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,139000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/751978/000119312526085102/vicr-20251231.htm (filed 2026-03-02); FY2025: cash repurchases 35175000 USD.

### Are managers owners

Insiders own 25.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VICR.US SharesStats.PercentInsiders = 25.124000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 24.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 219.92 USD; reporting-to-trading FX 1; FY2025 annual sales per share 8.970319031903191; price multiple 24.516407857719255. FY2025 cash earnings/share 2.618789878987899. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $12.75 per share

- 2016-11: $14.60 per share

- 2016-12: $15.10 per share

- 2017-01: $15.30 per share

- 2017-02: $16.25 per share

- 2017-03: $16.10 per share

- 2017-04: $18.00 per share

- 2017-05: $16.95 per share

- 2017-06: $17.90 per share

- 2017-07: $17.75 per share

- 2017-08: $19.45 per share

- 2017-09: $23.60 per share

- 2017-10: $21.55 per share

- 2017-11: $22.55 per share

- 2017-12: $20.90 per share

- 2018-01: $18.30 per share

- 2018-02: $25.75 per share

- 2018-03: $28.55 per share

- 2018-04: $35.85 per share

- 2018-05: $43.85 per share

- 2018-06: $43.55 per share

- 2018-07: $57.55 per share

- 2018-08: $62.45 per share

- 2018-09: $46.00 per share

- 2018-10: $40.10 per share

- 2018-11: $35.80 per share

- 2018-12: $37.79 per share

- 2019-01: $39.39 per share

- 2019-02: $31.78 per share

- 2019-03: $31.02 per share

- 2019-04: $37.51 per share

- 2019-05: $30.31 per share

- 2019-06: $31.05 per share

- 2019-07: $29.56 per share

- 2019-08: $30.49 per share

- 2019-09: $29.52 per share

- 2019-10: $36.35 per share

- 2019-11: $41.07 per share

- 2019-12: $46.72 per share

- 2020-01: $50.05 per share

- 2020-02: $43.24 per share

- 2020-03: $44.54 per share

- 2020-04: $53.17 per share

- 2020-05: $60.98 per share

- 2020-06: $71.95 per share

- 2020-07: $81.47 per share

- 2020-08: $87.03 per share

- 2020-09: $77.73 per share

- 2020-10: $78.00 per share

- 2020-11: $81.96 per share

- 2020-12: $92.22 per share

- 2021-01: $86.54 per share

- 2021-02: $98.49 per share

- 2021-03: $85.03 per share

- 2021-04: $92.23 per share

- 2021-05: $90.08 per share

- 2021-06: $105.74 per share

- 2021-07: $115.61 per share

- 2021-08: $123.37 per share

- 2021-09: $134.16 per share

- 2021-10: $151.59 per share

- 2021-11: $143.46 per share

- 2021-12: $126.98 per share

- 2022-01: $94.33 per share

- 2022-02: $74.77 per share

- 2022-03: $70.55 per share

- 2022-04: $60.52 per share

- 2022-05: $67.30 per share

- 2022-06: $54.73 per share

- 2022-07: $72.96 per share

- 2022-08: $71.14 per share

- 2022-09: $59.14 per share

- 2022-10: $47.77 per share

- 2022-11: $53.99 per share

- 2022-12: $53.75 per share

- 2023-01: $69.43 per share

- 2023-02: $47.00 per share

- 2023-03: $46.94 per share

- 2023-04: $42.97 per share

- 2023-05: $55.35 per share

- 2023-06: $54.00 per share

- 2023-07: $92.27 per share

- 2023-08: $67.77 per share

- 2023-09: $58.89 per share

- 2023-10: $38.74 per share

- 2023-11: $36.57 per share

- 2023-12: $44.94 per share

- 2024-01: $37.67 per share

- 2024-02: $37.24 per share

- 2024-03: $38.24 per share

- 2024-04: $32.38 per share

- 2024-05: $34.99 per share

- 2024-06: $33.16 per share

- 2024-07: $42.11 per share

- 2024-08: $38.50 per share

- 2024-09: $42.10 per share

- 2024-10: $45.71 per share

- 2024-11: $53.21 per share

- 2024-12: $48.32 per share

- 2025-01: $51.14 per share

- 2025-02: $63.33 per share

- 2025-03: $46.78 per share

- 2025-04: $39.91 per share

- 2025-05: $43.64 per share

- 2025-06: $45.36 per share

- 2025-07: $44.44 per share

- 2025-08: $51.11 per share

- 2025-09: $49.72 per share

- 2025-10: $90.73 per share

- 2025-11: $89.35 per share

- 2025-12: $109.60 per share

- 2026-01: $157.67 per share

- 2026-02: $201.40 per share

- 2026-03: $161.00 per share

- 2026-04: $269.27 per share

- 2026-05: $334.84 per share

- 2026-06: $379.78 per share

- 2026-07: $207.37 per share

- 2026-08: $187.68 per share

- 2026-09: $288.94 per share

- 2026-10: $219.92 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/751978/000119312526085102/vicr-20251231.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Lee Ainslie](https://gigainvestors.com/mc): 1,805 VICR shares; USD 686,000 reported position value; 0.01% of portfolio; new; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 14,924 VICR shares; USD 5,668,000 reported position value; 0.05% of portfolio; add; quarter 2026 Q2.

# VICR — Vicor Corp.

Held by 2 investors · USD 6,354,000 total · 2026 Q2 · reported price USD 380.06 (split-adjusted).
Page: https://gigainvestors.com/s/VICR

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 5,668,000 | 0.1% | add +7.37% |
| Lee Ainslie (https://gigainvestors.com/mc) | USD 686,000 | <0.1% | new |

## Total held by quarter

- 2021 Q4: USD 671,025 · 1 holder · USD 70.59
- 2022 Q1: USD 679,005 · 1 holder · USD 70.59
- 2022 Q2: USD 675,040 · 1 holder · USD 54.73
- 2022 Q3: USD 563,991 · 1 holder · USD 59.10
- 2022 Q4: USD 432,983 · 1 holder · USD 53.76
- 2023 Q1: USD 533,004 · 1 holder · USD 46.94
- 2023 Q2: USD 891,972 · 1 holder · USD 54.00
- 2023 Q3: USD 1,223,000 · 1 holder · USD 58.90
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 0 · 0 holders
- 2024 Q2: USD 0 · 0 holders
- 2024 Q3: USD 0 · 0 holders
- 2024 Q4: USD 0 · 0 holders
- 2025 Q1: USD 0 · 0 holders
- 2025 Q2: USD 0 · 0 holders
- 2025 Q3: USD 0 · 0 holders
- 2025 Q4: USD 0 · 0 holders
- 2026 Q1: USD 2,238,017 · 1 holder · USD 161.02
- 2026 Q2: USD 6,354,000 · 2 holders · USD 380.06