Vicor Corporation

Vicor designs, makes and sells modules that convert electrical power into the exact voltage and current that electronic equipment needs. A wall outlet supplies alternating current (AC), but chips and circuit boards run on steady direct current (DC), often at several voltages. Vicor says its designs are more efficient and much smaller than conventional alternatives. The company is based in Andover, Massachusetts, where its factory is located.

Its products fall into two groups. Advanced Products made up about 55% of revenue in the year ended December 31, 2025. They power Vicor's own design approach, called Factorized Power Architecture. This approach carries power across a circuit board at about 48 volts and steps it down right next to demanding processors, such as those used in enterprise computing. Brick Products made up about 35% of revenue. These are all-in-one converters ("bricks") for conventional power designs in mature markets. Vicor also licenses its technology to other companies and earned $57.4 million in royalties, about 13% of revenue.

Its parts also go into data center server racks, wireless base stations, LED lighting, test equipment, rail, military and industrial gear. The buyers are mainly equipment makers, the contract manufacturers that build for them, and distributors. A few large customers have swayed results. Sales outside the United States made up 50.8% of 2025 revenue, with China and Hong Kong at about 11.9%.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $197.1M, up 78.5% from a year earlier, and net income was $63.3M (+123.8%).
• For fiscal 2025, revenue was $452.7M (+26.1% year over year; +8.8% a year from FY2020 to FY2025) with a 26.2% net margin.

• Over FY2021–FY2025: $35.7M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.

Rank among 1514 US companies

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 258 sales ($79.3M), 255 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in VICR

1. Heavy reliance on a few big customers. A small number of large customers, including equipment makers and their contract manufacturers, has swayed Vicor's results. Delays in their orders or shipments have already led to lower-than-expected revenue.
2. Dependence on its Andover, Massachusetts factory. A long production shutdown at Vicor's Andover facility, or a failure to reach the efficiencies it expects there, could sharply reduce revenue, raise costs and hurt customers.
3. Patent disputes could hit licensing income. Vicor faces patent infringement claims and may not be able to fully protect its own technology. Royalties were about 13% of 2025 revenue, so licensing disputes and legal costs could hurt results.
4. Few suppliers and risk of inventory write-downs. Vicor relies on a small number of suppliers for specialized circuits and materials. Shortages could slow production. Buying too much could force write-downs, which cut the recorded value of excess inventory and reduce profit.
5. Trade policy and sales in China. Sales outside the US made up 50.8% of 2025 revenue, and China and Hong Kong about 11.9%. Tariffs or trade restrictions could reduce sales or raise costs.
6. Uneven profits and a volatile share price. Net income swung from $6.1 million in 2024 to $118.6 million in 2025. In the 12 months to October 28, 2026, the shares fell as much as 53.7% from a high.

• Oct 20, 2026 Quarterly results released
• Sep 10, 2026 Bylaws or fiscal year changed
• Aug 27, 2026 Other company announcement
• Jul 21, 2026 Quarterly results released
• Jun 23, 2026 Shareholder vote results
• Apr 21, 2026 Quarterly results released
• Feb 19, 2026 Quarterly results released

Vicor does not pay a dividend. Its dividend yield was 0% as of October 28, 2026. For an income investor, that means no cash payments. Any return comes from the share price, and getting spending money means selling shares. The company has returned cash through buybacks, meaning it repurchases its own shares. It spent $35.2 million on buybacks in 2025, after almost nothing from 2022 to 2024. As of September 30, 2026, it held $513.1 million in cash and investments, and its reported figures showed no borrowings.

The stock has fallen hard in past downturns. It dropped 74.5% in the 2008 financial crisis, 40.8% in the 2020 COVID crash and 60.2% in the 2022 bear market. It recovered from the COVID drop in about two months, but it did not make back the 2022 loss until January 5, 2026. Like any single stock, Vicor carries more risk than a diversified fund that spreads money across many companies.