Revenue growth remains highly inconsistent, with gross margins fluctuating between 47.2% and 65.3% due to the company's internal manufacturing strategy and sensitivity to factory utilization rates.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 471.7M | 407.7M | 359.06M | 405.06M | 399.08M | 359.36M | 296.58M | 262.98M | 291.22M | 227.83M | 200.28M | 220.19M | 225.73M | 199.16M | 218.51M | 252.97M | 250.73M | 197.96M | 205.37M | 195.83M | 192.05M | 179.35M | 171.58M | 151.42M | 152.59M | 195.91M | 257.58M | 189.9M | 164.6M | 162.2M | 145M |
| Revenue Growth % | 27.78% | 13.55% | -11.36% | 1.5% | 11.05% | 21.17% | 12.78% | -9.7% | 27.82% | 13.76% | -9.04% | -2.45% | 13.34% | -8.85% | -13.62% | 0.89% | 26.66% | -3.61% | 4.87% | 1.97% | 7.08% | 4.53% | 13.31% | -0.77% | -22.11% | -23.94% | 35.64% | 15.37% | 1.48% | 11.86% | 0.69% |
| Cost of Goods Sold | 194.27M | 193.27M | 175.06M | 200.13M | 218.52M | 181.16M | 165.13M | 140.01M | 152.25M | 126.17M | 109.07M | 120.68M | 128.61M | 117.68M | 126.86M | 146.27M | 136.21M | 110.36M | 119.08M | 116.82M | 110.21M | 107.94M | 108.29M | 112.41M | 114.77M | 137.42M | 129.5M | 92.9M | 79.1M | 69.9M | 58.6M |
| COGS % of Revenue | - | 47.41% | 48.76% | 49.41% | 54.76% | 50.41% | 55.68% | 53.24% | 52.28% | 55.38% | 54.46% | 54.8% | 56.98% | 59.09% | 58.06% | 57.82% | 54.33% | 55.75% | 57.99% | 59.65% | 57.39% | 60.19% | 63.11% | 74.24% | 75.22% | 70.14% | 50.28% | 48.92% | 48.06% | 43.09% | 40.41% |
| Gross Profit | 277.43M | 214.43M | 184M | 204.93M | 180.56M | 178.2M | 131.45M | 122.97M | 138.97M | 101.66M | 91.21M | 99.52M | 97.12M | 81.48M | 91.65M | 106.69M | 114.52M | 87.59M | 86.28M | 79.01M | 81.84M | 71.41M | 63.29M | 39.01M | 37.82M | 58.49M | 128.08M | 97M | 85.5M | 92.3M | 86.4M |
| Gross Margin % | 58.81% | 52.59% | 51.24% | 50.59% | 45.24% | 49.59% | 44.32% | 46.76% | 47.72% | 44.62% | 45.54% | 45.2% | 43.02% | 40.91% | 41.94% | 42.18% | 45.67% | 44.25% | 42.01% | 40.35% | 42.61% | 39.81% | 36.89% | 25.76% | 24.78% | 29.85% | 49.72% | 51.08% | 51.94% | 56.91% | 59.59% |
| Gross Profit Growth % | - | 16.54% | -10.21% | 13.5% | 1.32% | 35.57% | 6.9% | -11.52% | 36.71% | 11.45% | -8.35% | 2.47% | 19.2% | -11.1% | -14.1% | -6.83% | 30.74% | 1.52% | 9.21% | -3.45% | 14.61% | 12.83% | 62.23% | 3.15% | -35.34% | -54.33% | 32.04% | 13.45% | -7.37% | 6.83% | 2.86% |
| Operating Expenses | 178.57M | 177.6M | 185.31M | 153.57M | 153.36M | 122.6M | 114.08M | 109.14M | 106.91M | 103.02M | 97.52M | 99.78M | 111.88M | 101.95M | 94.38M | 93.01M | 85.4M | 79.57M | 87.43M | 77.94M | 115.02M | 68.03M | 67.32M | 64.72M | 62.32M | 63.51M | 82.07M | 72.5M | 67.2M | 56.3M | 49.8M |
| OpEx % of Revenue | - | 43.56% | 51.61% | 37.91% | 38.43% | 34.12% | 38.47% | 41.5% | 36.71% | 45.22% | 48.69% | 45.32% | 49.56% | 51.19% | 43.19% | 36.77% | 34.06% | 40.19% | 42.57% | 39.8% | 59.89% | 37.93% | 39.24% | 42.74% | 40.84% | 32.42% | 31.86% | 38.18% | 40.83% | 34.71% | 34.34% |
| Selling, General & Admin | 97.09M | 99.03M | 96.89M | 85.71M | 86.26M | 69.48M | 63.16M | 62.56M | 62.22M | 58.09M | 55.67M | 58.31M | 68.2M | 60.74M | 55.66M | 54.04M | 49.42M | 47.93M | 56.21M | 48.92M | 46.44M | 40.81M | 41.11M | 41.27M | 41.84M | 43.31M | 43.18M | 36.8M | 34.9M | 30.3M | 27.2M |
| SG&A % of Revenue | - | 24.29% | 26.98% | 21.16% | 21.62% | 19.34% | 21.3% | 23.79% | 21.37% | 25.5% | 27.8% | 26.48% | 30.21% | 30.5% | 25.47% | 21.36% | 19.71% | 24.21% | 27.37% | 24.98% | 24.18% | 22.75% | 23.96% | 27.26% | 27.42% | 22.11% | 16.76% | 19.38% | 21.2% | 18.68% | 18.76% |
| Research & Development | 81.48M | 78.57M | 68.92M | 67.86M | 60.59M | 53.11M | 50.92M | 46.59M | 44.29M | 44.92M | 41.85M | 41.47M | 41.48M | 39.85M | 38.74M | 38.97M | 35.98M | 31.64M | 31.4M | 30.37M | 31.38M | 29.47M | 26.21M | 23.45M | 20.48M | 20.19M | 20.56M | 19.9M | 20.7M | 17.7M | 14.3M |
| R&D % of Revenue | - | 19.27% | 19.2% | 16.75% | 15.18% | 14.78% | 17.17% | 17.72% | 15.21% | 19.72% | 20.89% | 18.83% | 18.38% | 20.01% | 17.73% | 15.4% | 14.35% | 15.98% | 15.29% | 15.51% | 16.34% | 16.43% | 15.28% | 15.48% | 13.42% | 10.31% | 7.98% | 10.48% | 12.58% | 10.91% | 9.86% |
| Other Operating Expenses | 0 | 0 | 19.5M | 0 | 6.5M | 0 | 0 | 0 | 402K | 0 | 0 | 0 | 2.21M | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 37.2M | 0 | 0 | 0 | 0 | 0 | 18.33M | 15.8M | 11.6M | 8.3M | 8.3M |
| Operating Income | 98.86M | 36.83M | -1.31M | 51.36M | 27.2M | 55.6M | 17.37M | 13.82M | 32.06M | -1.36M | -6.31M | -267K | -14.76M | -20.47M | -2.75M | 13.69M | 29.12M | 4.77M | -1.14M | 1.07M | -33.18M | 3.38M | -4.04M | -25.7M | -24.5M | -5.02M | 46.01M | 24.5M | 18.3M | 36M | 36.6M |
| Operating Margin % | 20.96% | 9.03% | -0.36% | 12.68% | 6.82% | 15.47% | 5.86% | 5.26% | 11.01% | -0.6% | -3.15% | -0.12% | -6.54% | -10.28% | -1.26% | 5.41% | 11.61% | 2.41% | -0.56% | 0.55% | -17.28% | 1.88% | -2.35% | -16.97% | -16.06% | -2.56% | 17.86% | 12.9% | 11.12% | 22.19% | 25.24% |
| Operating Income Growth % | - | 2911.3% | -102.55% | 88.81% | -51.08% | 220.14% | 25.66% | -56.89% | 2457.28% | 78.46% | -2264.79% | 98.19% | 27.87% | -644.8% | -120.08% | -53% | 510.14% | 517.95% | -206.63% | 103.23% | -1081.72% | 183.77% | 84.3% | -4.9% | -388.38% | -110.9% | 87.8% | 33.88% | -49.17% | -1.64% | -13.88% |
| EBITDA | 119.8M | 57.61M | 17.32M | 68.6M | 40.98M | 67.31M | 28.42M | 24.16M | 41.31M | 7.53M | 2.12M | 8.88M | -4.96M | -10.46M | 7.67M | 24.69M | 39.34M | 14.97M | 9.37M | 12.69M | -19.19M | 21.04M | 17.86M | -2.51M | -2.24M | 14.97M | 64.34M | 40.3M | 29.9M | 44.3M | 44.9M |
| EBITDA Margin % | 25.4% | 14.13% | 4.82% | 16.94% | 10.27% | 18.73% | 9.58% | 9.19% | 14.19% | 3.31% | 1.06% | 4.03% | -2.2% | -5.25% | 3.51% | 9.76% | 15.69% | 7.56% | 4.56% | 6.48% | -9.99% | 11.73% | 10.41% | -1.65% | -1.47% | 7.64% | 24.98% | 21.22% | 18.17% | 27.31% | 30.97% |
| EBITDA Growth % | 253.83% | 232.72% | -74.76% | 67.41% | -39.12% | 136.8% | 17.67% | -41.53% | 448.43% | 254.66% | -76.07% | 279% | 52.6% | -236.27% | -68.92% | -37.24% | 162.8% | 59.72% | -26.14% | 166.12% | -191.23% | 17.74% | 812.89% | -11.92% | -114.96% | -76.74% | 59.64% | 34.78% | -32.51% | -1.34% | -11.44% |
| D&A (Non-Cash Add-back) | 20.93M | 20.79M | 18.63M | 17.24M | 13.78M | 11.71M | 11.06M | 10.33M | 9.25M | 8.89M | 8.44M | 9.14M | 9.8M | 10.01M | 10.42M | 11.01M | 10.22M | 10.2M | 10.52M | 11.62M | 13.99M | 17.66M | 21.9M | 23.2M | 22.26M | 19.98M | 18.33M | 15.8M | 11.6M | 8.3M | 8.3M |
| EBIT | 121.96M | 94.57M | 18.19M | 60.24M | 33.7M | 56.8M | 17.37M | 13.82M | 32.46M | -1.36M | -6.31M | -267K | -12.56M | -19.11M | -2.75M | 13.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Interest Income | 9.57M | 12.13M | 11.47M | 8.22M | 1.31M | 930K | 95K | 300K | 257K | 124K | 68K | 47K | 80K | 97K | 136K | 259K | 438K | 717K | 2.14M | 4.48M | 5.39M | 3.12M | 1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.57M | 12.13M | 11.47M | 8.22M | 1.31M | 930K | 95K | 300K | 257K | 124K | 68K | 47K | 80K | 97K | 136K | 259K | 438K | 717K | 2.14M | 4.48M | 5.39M | 3.12M | 1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 23.1M | 57.74M | 11.8M | 8.89M | 1.49M | 1.2M | 1.09M | 1.07M | 874K | 1.26M | 284K | 5.03M | 268K | 2K | 157K | -2K | 497K | -2.57M | -1.62M | 657K | -37.94M | 3.75M | 1.63M | -190K | -604K | 4.12M | 3.79M | 3.4M | 4.9M | 5M | 3.9M |
| Pretax Income | 121.96M | 94.57M | 10.49M | 60.24M | 28.69M | 56.8M | 18.46M | 14.89M | 32.93M | -98K | -6.03M | 4.76M | -14.49M | -20.46M | -2.59M | 14.03M | 29.62M | 5.46M | -931K | 5.46M | -29.09M | 4.88M | -2.4M | -24.89M | -25.11M | -895K | 49.8M | 28M | 23.3M | 40.9M | 40.4M |
| Pretax Margin % | 25.86% | 23.2% | 2.92% | 14.87% | 7.19% | 15.81% | 6.22% | 5.66% | 11.31% | -0.04% | -3.01% | 2.16% | -6.42% | -10.28% | -1.19% | 5.55% | 11.81% | 2.76% | -0.45% | 2.79% | -15.15% | 2.72% | -1.4% | -16.44% | -16.45% | -0.46% | 19.33% | 14.74% | 14.16% | 25.22% | 27.86% |
| Income Tax | -14.75M | -24.02M | 4.35M | 6.64M | 3.26M | 176K | 539K | 778K | 1.09M | -356K | 231K | -401K | -425K | 3.04M | 1.21M | 4.72M | -3.92M | 1.36M | 976K | -1.01M | 648K | 964K | 1.32M | -5.36M | -9.16M | -336K | 15.88M | 8.9M | 7.5M | 14.7M | 14.8M |
| Effective Tax Rate % | -12.09% | -25.4% | 41.46% | 11.03% | 11.37% | 0.31% | 2.92% | 5.23% | 3.3% | 363.27% | -3.83% | -8.43% | 2.93% | -14.85% | -46.58% | 33.66% | -13.23% | 24.97% | -104.83% | -18.59% | -2.23% | 19.75% | -54.93% | 21.52% | 36.5% | 37.54% | 31.88% | 31.79% | 32.19% | 35.94% | 36.63% |
| Net Income | 136.69M | 118.56M | 6.13M | 53.59M | 25.45M | 56.63M | 17.91M | 14.1M | 31.73M | 167K | -6.25M | 4.93M | -13.89M | -23.64M | -4.08M | 8.84M | 33.33M | 2.8M | -3.6M | 5.33M | -29.74M | 3.92M | -3.72M | -19.54M | -15.94M | -559K | 33.92M | 19.1M | 15.8M | 26.2M | 25.6M |
| Net Margin % | 28.98% | 29.08% | 1.71% | 13.23% | 6.38% | 15.76% | 6.04% | 5.36% | 10.89% | 0.07% | -3.12% | 2.24% | -6.15% | -11.87% | -1.87% | 3.5% | 13.29% | 1.41% | -1.75% | 2.72% | -15.48% | 2.18% | -2.17% | -12.9% | -10.45% | -0.29% | 13.17% | 10.06% | 9.6% | 16.15% | 17.66% |
| Net Income Growth % | 490.69% | 1834.34% | -88.56% | 110.62% | -55.06% | 216.16% | 27.04% | -55.56% | 18897.01% | 102.67% | -226.79% | 135.48% | 41.26% | -479.84% | -146.1% | -73.46% | 1091.03% | 177.83% | -167.39% | 117.94% | -859.4% | 205.18% | 80.94% | -22.54% | -2751.88% | -101.65% | 77.59% | 20.89% | -39.69% | 2.34% | -13.22% |
| Net Income (Continuing) | 136.71M | 118.6M | 6.14M | 53.6M | 25.43M | 56.63M | 17.92M | 14.11M | 31.85M | 258K | -6.26M | 5.16M | -14.07M | -23.5M | - | - | - | - | - | - | -29.74M | 3.92M | -3.72M | -19.54M | -15.94M | -559K | 33.92M | 19.1M | 15.8M | 26.2M | 25.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 265K | 259K | 220K | 237K | 248K | 306K | 335K | 308K | 434K | 305K | 208K | 1.05M | 2.78M | 3.16M | 3.62M | 3.77M | 3.98M | 4.28M | 4.25M | 4.04M | 3.59M | 3.03M | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.89 | 2.61 | 0.14 | 1.19 | 0.57 | 1.26 | 0.41 | 0.34 | 0.78 | 0.00 | -0.16 | 0.13 | -0.36 | -0.60 | -0.10 | 0.21 | 0.80 | 0.07 | -0.09 | 0.13 | -0.71 | 0.08 | -0.09 | -0.47 | -0.38 | -0.01 | 0.78 | 0.45 | 0.37 | 0.60 | 0.60 |
| EPS Growth % | 475.55% | 1764.29% | -88.24% | 108.77% | -54.76% | 207.32% | 20.59% | -56.41% | - | 102.63% | -223.08% | 136.11% | 40% | -500% | -147.62% | -73.75% | 1042.86% | 181.11% | -166.38% | 118.31% | -987.5% | 190.29% | 81.15% | -23.68% | -2778.79% | -101.69% | 73.33% | 21.62% | -38.33% | 0% | -11.76% |
| EPS (Basic) | - | 2.63 | 0.14 | 1.21 | 0.58 | 1.30 | 0.42 | 0.35 | 0.80 | 0.00 | -0.16 | 0.13 | -0.36 | -0.60 | -0.10 | 0.21 | 0.80 | 0.07 | -0.09 | 0.13 | -0.71 | 0.08 | -0.09 | -0.47 | -0.38 | -0.01 | 0.80 | 0.46 | 0.37 | 0.62 | 0.61 |
| Diluted Shares Outstanding | 47.25M | 44.93M | 45.17M | 45M | 44.89M | 44.97M | 43.87M | 41.68M | 40.73M | 39.93M | 38.84M | 39.15M | 38.57M | 39.2M | 41.81M | 41.86M | 41.77M | 41.67M | 41.65M | 41.69M | 41.84M | 42.09M | 42.02M | 41.9M | 42.34M | 42.34M | 43.27M | 42.41M | 42.78M | 43.34M | 42.67M |
| Basic Shares Outstanding | 45.47M | 44.73M | 44.91M | 45.04M | 44.64M | 44.94M | 43.68M | 41.46M | 40.67M | 39.93M | 38.84M | 38.75M | 38.57M | 39.2M | 40.77M | 41.8M | 41.7M | 41.66M | 41.65M | 41.6M | 41.84M | 41.92M | 42.02M | 41.9M | 42.34M | 42.34M | 42.28M | 41.57M | 42.29M | 42.59M | 41.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 0.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Customer Concentration Risk
According to historical income statement data, Vicor's revenue growth has exhibited significant volatility, swinging from a 19.6% contraction in 2024Q2 to a 64.3% expansion by 2025Q2, highlighting the company's sensitivity to project-based design cycles and the lumpy nature of its high-performance power module deployments.
The sharp revenue acceleration in mid-2025 suggests a temporary surge in demand, likely tied to specific AI hardware rollouts. However, the subsequent deceleration indicates that sustaining this growth trajectory remains challenging, as the company lacks the recurring revenue streams found in broader semiconductor peers.
As reported in financial statements, Vicor's gross margin has fluctuated between 47.2% and 65.3% over the last ten quarters, reflecting the high fixed-cost nature of its internal manufacturing strategy and the direct impact of factory utilization rates on the company's overall profitability profile.
The wide variance in gross margins suggests that the Andover facility requires high throughput to achieve optimal absorption of overhead costs. Investors should monitor whether the company can maintain margins above the 50% threshold as it navigates the competitive landscape for AI-related power delivery solutions.
Based on recent SEC filings, a persistent divergence between operating and net margins, such as the 2025Q4 period where net income reached 43.4% despite a 14.6% operating margin, suggests that non-operating gains or tax benefits are significantly inflating the company's bottom-line performance metrics.
This discrepancy warrants caution, as it implies that reported EPS may not accurately reflect the underlying operational health of the business. Analysts should normalize these figures to better understand the true earnings power of the core power module manufacturing operations.
Data from the last ten quarters indicates that operating income has struggled to scale consistently with gross profit, as evidenced by the 2025Q1 period where the company reported a negative operating margin despite generating $44.4 million in gross profit, highlighting significant overhead and R&D burdens.
The company's heavy investment in R&D and specialized sales engineering appears to act as a drag on operating leverage during periods of revenue softness. Future margin expansion will likely depend on the company's ability to control these fixed costs while scaling its advanced product lines.
As noted in industry analysis, the potential for hyperscale customers to prioritize multi-sourced, standard power solutions over Vicor's proprietary modules poses a material risk to the company's long-term growth, potentially relegating its technology to niche applications rather than mass-market AI infrastructure deployments.
The reliance on a single-source proprietary architecture may be a double-edged sword, as it limits the company's ability to participate in broader supply chain ecosystems. Investors should consider the possibility that the market is overestimating the stickiness of Vicor's design wins in a highly competitive GPU power market.
Quick answers to the most common questions about buying VICR stock.
For fiscal year 2025, Vicor Corporation (VICR) reported total revenue of $407.7M. This represents a 181.2% increase compared to $145.0M in 1996.
Vicor Corporation (VICR) is profitable, generating $118.6M in net income for the fiscal year ending 2025 with a net profit margin of 29.1%.
Vicor Corporation (VICR) reported an operating income of $36.8M, resulting in an operating profit margin of 9.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Vicor Corporation (VICR) generated $214.4M in gross profit for the year, representing a gross profit margin of 52.6%. This demonstrates the company's core pricing power and production efficiency.