Company that designs, manufactures and markets modular power components
Vicor Corporation is a manufacturer of power modules headquartered in Andover, Massachusetts.3 Its shares trade on Nasdaq under the symbol VICR.1Wikipedia text CC BY-SA 4.0
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Direct Customers Contract Manufacturers And Non stocking Distributors brought in 50% of the revenue Vicor Corporation broke down this way in fiscal 2025.
Direct Customers Contract Manufacturers And Non stocking Distributors$234.5M550%up 16% from 2024
Stocking Distributors Net Of Sales Allowances$109.2M523%up 5% from 2024
Revenue9101112135$407.7M in 2025+40% since 2018Gross profit9101112135$259.4M in 2025+87% since 2018Operating income9101112135$81.8M in 2025+155% since 2018Net income9101112135$118.6M in 2025+274% since 2018
Revenue1415165$113.0M in Q1 FY2026+20% since Q1 FY2025Gross profit141516$62.4M in Q1 FY2026+41% since Q1 FY2025Operating income141516$16.9M in Q1 FY2026Net income141516$20.7M in Q1 FY2026+714% since Q1 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Total net revenues
$407.7M
$359.1M
$405.1M
Patent litigation settlement
$45.0M
$0
$0
Total net revenues and patent litigation settlement
$452.7M
$359.1M
$405.1M
Cost of product revenues
$193.3M
$175.1M
$200.1M
Gross margin
$259.4M
$184.0M
$204.9M
Selling, general and administrative
$99.0M
$96.9M
$85.7M
Research and development
$78.6M
$68.9M
$67.9M
Litigation-contingency expense
$0
$19.5M
$0
Total operating expenses
$177.6M
$185.3M
$153.6M
Income (loss) from operations
$81.8M
-$1.3M
$51.4M
Total unrealized (losses) gains on available-for-sale securities, net
-$179.0K
$111.0K
-$92.0K
Portion of losses (gains) recognized in other comprehensive income
$179.0K
-$111.0K
$92.0K
Net credit gains recognized in earnings
$0
$0
$0
Other income (expense), net
$12.7M
$11.8M
$8.9M
Total other income (expense), net
$12.7M
$11.8M
$8.9M
Income before income taxes
$94.6M
$10.5M
$60.2M
Less: (Benefit) provision for income taxes
-$24.0M
$4.3M
$6.6M
Consolidated net income
$118.6M
$6.1M
$53.6M
Less: Net income attributable to noncontrolling interest
$40.0K
$10.0K
$5.0K
Net income attributable to Vicor Corporation
$118.6M
$6.1M
$53.6M
Basic
$2.63
$0.14
$1.21
Diluted
$2.61
$0.14
$1.19
Basic
45.0M shares
44.9M shares
44.3M shares
Diluted
45.5M shares
45.2M shares
45.0M shares
No quarter-by-quarter statement was filed.
Total assets179101112135$785.8M in 2025+255% since 2018Total liabilities179101112135$74.0M in 2025+100% since 2018Shareholders’ equity179101112135$711.6M in 2025+287% since 2018Cash101112135$402.8M in 2025+471% since 2018
Total assets18151614$804.9M in Q1 FY2026+21% since Q1 FY2025Total liabilities18151614$50.8M in Q1 FY2026−40% since Q1 FY2025Shareholders’ equity18151614$753.9M in Q1 FY2026+30% since Q1 FY2025Cash18151614$404.2M in Q1 FY2026+37% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$402.8M
$277.3M
Accounts receivable, less allowance of $137 in 2025 and $130 in 2024
$60.7M
$52.9M
Inventories
$91.3M
$106.0M
Other current assets
$32.5M
$26.8M
Total current assets
$587.4M
$463.0M
Deferred tax assets
$27.5M
$261.0K
Long-term investment, net
$2.5M
$2.6M
Property, plant and equipment, net
$147.7M
$152.7M
Other assets
$20.9M
$22.5M
Total assets
$785.8M
$641.1M
Accounts payable
$12.3M
$8.7M
Accrued compensation and benefits
$12.0M
$10.9M
Accrued litigation
$28.3M
$26.9M
Accrued expenses
$3.7M
$6.6M
Sales allowances
$3.1M
$1.7M
Short-term lease liabilities
$1.6M
$1.7M
Income taxes payable
$904.0K
$59.0K
Short-term deferred revenue and customer prepayments
$3.4M
$5.3M
Total current liabilities
$65.3M
$61.8M
Long-term income taxes payable
$3.1M
$3.4M
Long-term lease liabilities
$5.6M
$5.6M
Total liabilities
$74.0M
$70.8M
Additional paid-in capital
$462.2M
$407.6M
Retained earnings
$421.4M
$302.8M
Accumulated other comprehensive loss
-$1.7M
-$1.5M
Treasury stock at cost: 12,378,224 shares in 2025 and 11,649,110 shares in 2024
-$170.9M
-$139.4M
Total Vicor Corporation stockholders' equity
$711.6M
$570.1M
Noncontrolling interest
$259.0K
$220.0K
Total equity
$711.8M
$570.3M
$541.1M
$464.3M
Total liabilities and equity
$785.8M
$641.1M
Accounts receivable, allowance
$137.0K
$130.0K
Treasury stock, shares
12.4M shares
11.6M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$402.8M
$277.3M
Accounts receivable, less allowance of $137 in 2025 and $130 in 2024
$60.7M
$52.9M
Inventories
$91.3M
$106.0M
Other current assets
$32.5M
$26.8M
Total current assets
$587.4M
$463.0M
Deferred tax assets
$27.5M
$261.0K
Long-term investment, net
$2.5M
$2.6M
Property, plant and equipment, net
$147.7M
$152.7M
Other assets
$20.9M
$22.5M
Total assets
$785.8M
$641.1M
Accounts payable
$12.3M
$8.7M
Accrued compensation and benefits
$12.0M
$10.9M
Accrued litigation
$28.3M
$26.9M
Accrued expenses
$3.7M
$6.6M
Sales allowances
$3.1M
$1.7M
Short-term lease liabilities
$1.6M
$1.7M
Income taxes payable
$904.0K
$59.0K
Short-term deferred revenue and customer prepayments
$3.4M
$5.3M
Total current liabilities
$65.3M
$61.8M
Long-term income taxes payable
$3.1M
$3.4M
Long-term lease liabilities
$5.6M
$5.6M
Total liabilities
$74.0M
$70.8M
Additional paid-in capital
$462.2M
$407.6M
Retained earnings
$421.4M
$302.8M
Accumulated other comprehensive loss
-$1.7M
-$1.5M
Treasury stock at cost: 12,378,224 shares in 2025 and 11,649,110 shares in 2024
-$170.9M
-$139.4M
Total Vicor Corporation stockholders' equity
$711.6M
$570.1M
Noncontrolling interest
$259.0K
$220.0K
Total equity
$711.8M
$570.3M
$541.1M
$464.3M
Total liabilities and equity
$785.8M
$641.1M
Accounts receivable, allowance
$137.0K
$130.0K
Treasury stock, shares
12.4M shares
11.6M shares
Cash from operations9101112135$139.5M in 2025+286% since 2018Capital spending9101112135$20.3M in 2025+12% since 2018Free cash flow9101112135$119.2M in 2025+564% since 2018Share buybacks135$35.2M in 2025
Cash from operations14-$3.9M in Q1 FY2026Capital spending14$12.4M in Q1 FY2026+172% since Q1 FY2025Free cash flow14-$16.3M in Q1 FY2026
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Consolidated net income
$118.6M
$6.1M
$53.6M
Depreciation and amortization
$20.8M
$18.6M
$17.2M
Stock-based compensation expense
$16.8M
$15.3M
$12.9M
Loss on disposal of fixed assets
$839.0K
$0
$0
Provision for doubtful accounts
$7.0K
$0
$43.0K
Deferred income taxes
-$27.2M
$6.0K
-$34.0K
Litigation-contingency expense
$0
$19.5M
$0
(Decrease) increase in long-term deferred revenue
$0
-$1.0M
$875.0K
Decrease (increase) in other assets
$413.0K
$1.1M
-$192.0K
(Decrease) increase in long-term income taxes payable
-$302.0K
$1.2M
$1.4M
Accounts receivable
-$7.8M
-$483.0K
$12.6M
Inventories
$14.7M
$457.0K
-$5.2M
Other current assets
-$2.0M
-$7.9M
-$539.0K
Accounts payable and accrued liabilities
$2.6M
-$1.8M
-$11.2M
Accrued severance and other charges
$1.5M
-$9.0K
$9.0K
Short-term lease liabilities
$160.0K
$131.0K
$583.0K
Income taxes payable
$845.0K
-$684.0K
$674.0K
Deferred revenue and customer prepayments
-$417.0K
$340.0K
-$8.2M
Net cash provided by operating activities
$139.5M
$50.8M
$74.5M
Additions to property, plant and equipment and internal-use software
-$20.3M
-$23.6M
-$33.5M
Net cash used for investing activities
-$20.3M
-$23.6M
-$33.5M
Proceeds from employee stock plans
$41.5M
$8.5M
$10.6M
Repurchases of Common Stock
-$35.2M
-$497.0K
$0
Net cash provided by financing activities
$6.3M
$8.0M
$10.6M
Effect of foreign exchange rates on cash
-$18.0K
-$179.0K
-$70.0K
Net increase in cash and cash equivalents
$125.5M
$35.1M
$51.6M
Cash paid during the year for income taxes, net of refunds
$4.9M
$4.3M
$4.2M
Purchases of property, plant and equipment and internal-use software incurred but not yet paid
Vicor Corporation sits at the top of its group. 13 entities, 8 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Vicor CorporationAndover, Massachusetts, United States
560 Oakmead LLC Subsidiary · California, United States
Freedom Power Systems, Inc. Subsidiary · Delaware, United States
Northwest Power, Inc. Subsidiary · Delaware, United States
Vicor Development Corporation Subsidiary · Delaware, United States
Vicor France SARL Subsidiary · France
Vicor Hong Kong Ltd. Subsidiary · Hong Kong
Vicor Italy SRL Subsidiary · Italy
Vicor Japan Company, Ltd. Subsidiary · Japan
Vicor Power Singapore Pte. Ltd. Subsidiary · Singapore
Vicor Trading (Shanghai) Limited Subsidiary · China
Vicor U.K. Ltd. Subsidiary · United Kingdom
VICR Securities Corporation Subsidiary · Massachusetts, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Vicor Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters building in Andover, Massachusetts, which we own, provides approximately 90,000 square feet of office space for our sales, marketing, engineering, and administrative personnel. We also own a building of approximately 320,000 square feet in Andover, Massachusetts, which houses all Massachusetts manufacturing activities.
We own a single-story industrial building of approximately 31,000 square feet in Sunnyvale, California, which we have leased on a long-term basis to a corporate tenant, which has occupied the building since June 2016. The initial term of the lease agreement expired on May 31, 2024 and was extended for an additional eighty-four months, commencing June 1, 2024 and ending May 31, 2031.
The rest of Item 2
All other domestic and foreign facilities are leased from third-party lessors on arms’ length terms. We believe our owned and leased facilities are adequate for our foreseeable needs.
Vicor Corporation, incorporated in 1981 in Andover, Massachusetts, designs, manufactures, and markets modular power components and complete power systems. These are used in electronic products to convert power from a primary power source (typically either alternating current from a mains outlet or direct current from a battery, rectifier or high-voltage direct current power distribution system) into the specific direct current required by electronic circuits. Vicor sells its products in North and South America, as well as internationally through independent distributors, to business-to-business (B2B) customers in automotive, computing, industrial equipment and automation, robotics, vehicles and transportation, unmanned aerial vehicles, satellites, and aerospace and defense.
Patrizio Vinciarelli is Vicor's chair of the board, president, and chief executive officer. As of 2022, Vicor had 11 subsidiaries, legally domiciled as follows: Vicor GmbH (Germany); VICR Securities Corporation (Massachusetts, US); Vicor France SARL (France); Vicor Italy SRL (Italy); Vicor Hong Kong Ltd. (Hong Kong); Vicor U.K. Ltd. (United Kingdom); Vicor Japan Company Ltd. (Japan); Vicor KK (Japan); Vicor Trading (Shanghai) Limited (China); Vicor Development Corporation (Delaware, US), including Freedom Power Systems, Inc. (Delaware, US) and Northwest Power, Inc. (Delaware, US); 560 Oakmead LLC (California, US).
Jul 21, 2026Reported quarterly or annual results59
Apr 21, 2026Reported quarterly or annual results61
Feb 19, 2026Reported quarterly or annual results62
Oct 21, 2025Reported quarterly or annual results63
Jul 22, 2025Reported quarterly or annual results64
Apr 29, 2025Reported quarterly or annual results66
Feb 20, 2025Reported quarterly or annual results67
Oct 22, 2024Reported quarterly or annual results68
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
614 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 30 major events, 360 insider forms, 28 large holders, 176 other. The latest 20:
230 open-market trades by officers, directors and large owners since October 2021: 2 buys and 228 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Vicor Corporation names in Item 1A of its 10-K filed Mar 2, 2026: 18 risks under these headings, as written.19
Operational Risks
Our future operating results are difficult to predict and are subject to fluctuations.
Global economic and political uncertainties, notably those associated with trade policy, could materially and adversely affect our business and consolidated operating results.
Our operating results recently have been influenced by a limited number of customers, and our future results may be similarly influenced.
We may not be able to procure necessary key components or raw materials, or we may purchase excess raw material inventory or unusable inventory, which increases the risk of reserve charges to reduce the value of any inventory deemed excess or obsolete, thereby reducing our profitability.
We rely on third-party vendors and subcontractors for supply of components, assemblies, and services and, therefore, cannot control the availability or quality of such components, assemblies, and services.
Extended interruption of production at our manufacturing facility in Andover, Massachusetts, or a failure to achieve anticipated efficiencies could materially reduce our revenue, increase our costs, and, potentially, negatively impact our customers.
Disruption of our information technology infrastructure could adversely affect our business.
Integrating artificial intelligence ("AI") and machine learning presents significant strategic advantages, yet necessitates a proactive approach to mitigating multifaceted business, financial, and legal risks.
We may face legal claims and litigation from product warranty or other claims that could be costly to resolve and could impact our business.
Our ability to successfully implement our business strategy may be limited if we do not retain our key personnel and attract and retain skilled and experienced personnel.
Our operations could be affected by the complex laws, rules and regulations to which our business is subject, and political and other actions may adversely impact our business.
The other 7 risks
Competitive Risks
We compete with many companies possessing far greater resources.
Our future success depends upon our ability to develop and market differentiated, leading-edge power conversion products for larger customers, potentially contributing to lengthy product development and sales cycles that may result in significant expenditures before revenues are generated. Our future operating results are dependent on the growth in such customers’ businesses and on our ability to profitably develop and deliver products meeting customer requirements.
Intellectual Property Risks
We may be unable to adequately protect our proprietary rights, which may limit our ability to compete effectively.
We face intellectual property infringement claims that could be disruptive to operations and costly to resolve and may encounter similar infringement claims in the future.
Any expenses or liability resulting from the outcome of litigation could adversely influence our operating results and financial condition.
Regulatory Risks
If we fail to maintain an effective system of internal controls over financial reporting or discover material weaknesses in our internal controls over financial reporting, we may not be able to report our financial results accurately or timely or detect fraud, which could have a material adverse effect on our business.
Risks Related to Share Value
The price of our Common Stock has been volatile and may fluctuate in the future.
Legal proceedings
See Note 16 – Commitments and Contingencies, to the Consolidated Financial Statements for a complete description of the Company’s legal proceedings.