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, 2026-07-02Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-02. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$359M
FY’22
$399M+11%
FY’23
$405M+1%
FY’24
$359M-11%
FY’25
$408M+14%
Margins & balance sheet — FY’25
Gross margin63.6%
Operating margin20.1%
Net margin29.1%
Net cash$404M
The read
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