Vicor
ConvictionModerate
Designs and US-manufactures (Andover, MA) proprietary modular power-conversion components (Factorized Power, Power-on-Package / vertical power delivery, 48V-to-point-of-load) sold to AI-compute, automotive/EV, aerospace/defense and industrial OEMs; increasingly monetizes a large patent portfolio via all-inclusive OEM licenses and per-unit royalties, enforced through the US ITC.
Revenue
$452.7M FY2025 total net revenues & settlementproduct $350.3M + royalty $57.4M + $45M one-time patent settlement); ~$407.7M ex-settlement. FY2026 guided ~$570MRev growth
Product +12.1% and royalty +23.2% YoYin FY2025; Q1 2026 revenue +20.2% YoY; FY2026 guide implies ~+25-40% depending on settlement treatmentGross margin
57.3% FY2025incl. settlement); 55.2% Q1 2026; 47.2% year-ago quarter — margin has stepped up sharply on royalty mix + capacity utilizationOp margin
~18% FY2025$81.8M operating income on $452.7M); Q4 2025 ~15% operating margin (14.6%) — inflected positive from near-breakeven in 2024Capex intensity
Low — ~$20M FY2025 capex~4-5% of revenue); Andover capacity largely built out, so incremental AI-driven growth is capital-lightMarket cap
~$12.9BNasdaq: VICR, 2026-07-02The read
Where our coverage leans
Coverage leans bullish
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