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Vicor Corporation, together with its subsidiaries, designs, develops, manufactures, and markets modular power components and power systems for converting electrical power for use in electrically powered devices in the United States, Europe, the Asia Pacific, and internationally. The company offers a range of brick-format DC-DC converters; complementary components that provide AC line rectification, input filtering, power factor correction, and transient protection; and input and output voltage, and output power products, as well as sells electrical and mechanical accessories. It also designs, sells, and services custom power system solutions. It serves independent manufacturers of electronic devices, original equipment manufacturers, original design manufacturers, and their contract manufacturers in the aerospace and aviation, defense electronics, satellites, factory automation, instrumentation, test equipment, transportation, telecommunications and networking infrastructure, and vehicle markets. Vicor Corporation was incorporated in 1981 and is headquartered in Andover, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $453M | $103M | $119M | $119M | 16.7% | 26.1% | 1834.3% |
| 2024 | $359M | $37M | $6M | $27M | 1.1% | -11.4% | -88.6% |
| 2023 | $405M | $69M | $54M | $41M | 9.9% | 1.5% | 110.6% |
| 2022 | $399M | $47M | $25M | $-41M | 5.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 399.08 | 405.06 | 359.06 | 452.70 |
| Cost Of Revenue | 218.52 | 200.13 | 175.06 | 193.27 |
| Gross Profit | 180.56 | 204.93 | 184 | 259.43 |
| Operating Expense | 146.86 | 153.57 | 165.81 | 177.60 |
| Operating Income | 33.70 | 51.36 | 18.19 | 81.83 |
| EBITDA | 47.48 | 68.60 | 36.82 | 102.61 |
| EBIT | 33.70 | 51.36 | 18.19 | 81.83 |
| Pretax Income | 28.69 | 60.24 | 10.49 | 94.57 |
| Tax Provision | 3.26 | 6.64 | 4.35 | -24.02 |
| Net Income | 25.45 | 53.59 | 6.13 | 118.56 |
| Net Income Common Stockholders | 25.45 | 53.59 | 6.13 | 118.56 |
| Total Expenses | 365.38 | 353.70 | 340.87 | 370.87 |
| Interest Income | 1.31 | 8.22 | 11.47 | 12.13 |
| Research And Development | 60.59 | 67.86 | 68.92 | 78.57 |
| Selling General And Administration | 86.26 | 85.71 | 96.89 | 99.03 |
| Normalized EBITDA | 54.63 | 68.75 | 56.97 | 103.15 |
| Normalized Income | 31.78 | 53.73 | 22.05 | 118.98 |
| Basic EPS | 0.58 | 1.21 | 0.14 | 2.63 |
| Diluted EPS | 0.57 | 1.19 | 0.14 | 2.61 |
| Tax Effect Of Unusual Items | -0.81 | -0.02 | -4.23 | -0.11 |
| Tax Rate For Calcs | 0.11 | 0.11 | 0.21 | 0.21 |
| Total Unusual Items | -7.15 | -0.15 | -20.15 | -0.54 |
| Total Unusual Items Excluding Goodwill | -7.15 | -0.15 | -20.15 | -0.54 |
| Net Income From Continuing Operation Net Minority Interest | 25.45 | 53.59 | 6.13 | 118.56 |
| Reconciled Depreciation | 13.78 | 17.24 | 18.63 | 20.79 |
| Reconciled Cost Of Revenue | 218.52 | 200.13 | 175.06 | 193.27 |
| Net Interest Income | 1.31 | 8.22 | 11.47 | 12.13 |
| Net Income From Continuing And Discontinued Operation | 25.45 | 53.59 | 6.13 | 118.56 |
| Total Operating Income As Reported | 27.20 | 51.36 | -1.31 | 81.83 |
| Diluted Average Shares | 44.89 | 45 | 45.17 | 45.45 |
| Basic Average Shares | 44.01 | 44.32 | 44.91 | 45.04 |
| Diluted NI Availto Com Stockholders | 25.45 | 53.59 | 6.13 | 118.56 |
| Minority Interests | 0.02 | -0.01 | -0.01 | -0.04 |
| Net Income Including Noncontrolling Interests | 25.43 | 53.60 | 6.14 | 118.60 |
| Net Income Continuous Operations | 25.43 | 53.60 | 6.14 | 118.60 |
| Other Income Expense | -6.32 | 0.67 | -19.17 | 0.61 |
| Other Non Operating Income Expenses | 0.83 | 0.82 | 0.98 | 1.15 |
| Special Income Charges | -6.50 | 0.01 | -19.53 | -0.85 |
| Gain On Sale Of Ppe | 0 | 0.01 | -0.03 | -0.85 |
| Other Special Charges | 6.50 | 0 | 19.50 | 0 |
| Gain On Sale Of Security | -0.65 | -0.16 | -0.62 | 0.31 |
| Net Non Operating Interest Income Expense | 1.31 | 8.22 | 11.47 | 12.13 |
| Interest Income Non Operating | 1.31 | 8.22 | 11.47 | 12.13 |
| Operating Revenue | 399.08 | 405.06 | 359.06 | 407.70 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Vicor Corporationthis co. | VICR | $11.6B | 86.14↑ premium | 16.33 | 16.7% | 141.67 |
| IonQ, Inc. | IONQ | $15.4B | - | 4.02 | -13.4% | -25.43 |
| TTM Technologies, Inc. | TTMI | $14.3B | 81.85 | 8.07 | 10.1% | 35.55 |
| SiTime Corporation | SITM | $13.9B | - | 11.99 | -3.7% | -593.07 |
| Applied Optoelectronics, Inc. | AAOI | $12.2B | - |
| 15.62 |
| -5.2% |
| -428.70 |
| Rambus Inc. | RMBS | $12.1B | 53.67 | 8.70 | 16.9% | 37.66 |
| DigitalOcean Holdings, Inc. | DOCN | $10.1B | 38.44 | -310.48 | -903.7% | 36.44 |
| Applied Digital Corporation | APLD | $9.3B | - | 5.90 | -36.5% | 821.55 |
| InterDigital, Inc. | IDCC | $9.1B | 29.86 | 8.23 | 36.9% | 15.41 |
| Peer Median | - | 46.05 | 8.15 | -4.5% | 25.48 | |