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Vicor Corp

vicorpower.com

Vicor Corp (NASDAQ: VICR) is a power electronics company that designs, develops, manufactures, and markets modular power components and power systems for converting electrical power. Revenue comes from transactional product sales across two portfolios: Advanced Products, which accounted for approximately 61.0% of consolidated net revenues for the year ended December 31, 2025, and Brick Products, which accounted for approximately 39.0% over the same period. Advanced Products targets data center and hyperscaler computing, aerospace, defense, satellites, factory automation, telecommunications, and electric and autonomous vehicles. Brick Products serves aerospace and defense electronics, industrial equipment, instrumentation, and transportation including rail and heavy equipment. Vicor is headquartered in Andover, Massachusetts, where its primary manufacturing facility is located, and operates international Technical Support Centers along with a 92.5%-owned Japanese subsidiary, Vicor Japan Company, Ltd., focused on the Japanese market.

Products & Services

Advanced Products: modular power components targeting high-efficiency conversion, higher current loads, and diverse on-board voltages, including Factorized Power Architecture solutions for server motherboards, server racks, and datacenter infrastructure, as well as solutions for aerospace, defense, vehicles, and telecommunications. Brick Products: modular power components for aerospace and defense electronics, industrial and instrumentation equipment, and transportation. Electrical and mechanical accessories. Custom power solutions through Vicor Custom Power subsidiaries (Freedom Power Systems, Inc. and Northwest Power, Inc.).

Revenue Model

Transactional product sales of modular power components and power systems, split between Advanced Products (61.0% of net revenues, FY2025) and Brick Products (39.0% of net revenues, FY2025). Advanced Products revenue includes royalty revenue. Accessories sold alongside core products.

Customers & Markets

Advanced Products customers concentrated in data center and hyperscaler segments of enterprise computing; also aerospace and aviation, defense electronics, satellites, factory automation, instrumentation and test equipment, telecommunications and networking infrastructure, and vehicles (autonomous driving, electric vehicle, and hybrid vehicle niches). Brick Products customers concentrated in aerospace and defense electronics, industrial equipment, instrumentation and test equipment, and transportation (rail and heavy equipment). Strategy emphasizes larger, high-volume customers.

Geographic Exposure

Headquartered in Andover, Massachusetts. Domestic offices in Santa Clara, California; Lombard, Illinois; Lincoln, Rhode Island; Cedar Park, Texas; and Milwaukie, Oregon. International presence through Technical Support Centers and subsidiaries outside the United States. Japanese operations through 92.5%-owned Vicor Japan Company, Ltd., headquartered in Tokyo.

Financial Snapshot

Revenue
TTM
$474.0M
Gross Margin
TTM
56.53%
Net Income
TTM
$145.3M
Current Assets
2026 Q2
$670.3M
Current Liabilities
2026 Q2
$50.60M
Current Ratio
2026 Q2
1324.93%
Total Assets
2026 Q2
$894.2M
Total Liabilities
2026 Q2
$59.84M
Book Value
2026 Q2
834.3M
Cash
2026 Q2
$453.6M
P/E
TTM
65.82
Free Cash Flow
TTM
$18.68M

Stock Price

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Market Cap: $9.5612 Billion

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