VICOR CORP VICR
We design, develop, manufacture, and market modular power components and power systems for converting electrical power (expressed as "watts," and represented by the symbol "W", with wattage being the product of voltage, expressed as "volts," and represented by the symbol "V," and current, expressed as "amperes," and represented by the symbol "I"). In electrically-powered devices utilizing alternating current ("AC") voltage from a primary AC source (for example, a wall outlet), a power system converts AC voltage into the stable direct current ("DC") voltage necessary to power subsystems and/or individual applications and devices (known as "loads"). In many electronic devices, this DC voltage may be further converted to one or more voltages and currents required by a range of loads. In equipment utilizing DC voltage from a primary DC source (for example, a battery) or a secondary source (such as an AC-DC converter), the initial DC voltage similarly may require further conversion. A power system most commonly incorporates four voltage conversion functions: transformation, isolation, rectification, and regulation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $407.7M | $359.1M | $405.1M | $399.1M | $359.4M | $296.6M | $263.0M | $291.2M | $227.8M | $200.3M |
| Cost of revenue | $193.3M | $175.1M | $200.1M | $218.5M | $181.2M | $165.1M | $140.0M | $152.2M | $126.2M | $109.1M |
| Gross profit | $259.4M | $184.0M | $204.9M | $180.6M | $178.2M | $131.4M | $123.0M | $139.0M | $101.7M | $91.2M |
| R&D | $78.6M | $68.9M | $67.9M | $60.6M | $53.1M | $50.9M | $46.6M | $44.3M | $44.9M | $41.8M |
| SG&A | $99.0M | $96.9M | $85.7M | $86.3M | $69.5M | $63.2M | $62.6M | $62.2M | $58.1M | $55.7M |
| Total operating expenses | $177.6M | $185.3M | $153.6M | $153.4M | $122.6M | $114.1M | $109.1M | $106.9M | $103.0M | $97.5M |
| Operating income | $81.8M | -$1.3M | $51.4M | $27.2M | $55.6M | $17.4M | $13.8M | $32.1M | -$1.4M | -$6.3M |
| Interest expense | $12.1M | $11.5M | $8.2M | $1.3M | $930.0K | $95.0K | — | — | — | — |
| Pre-tax income | $94.6M | $10.5M | $60.2M | $28.7M | $56.8M | $18.5M | $14.9M | $32.9M | -$98.0K | -$6.0M |
| Income tax | $24.0M | $4.3M | $6.6M | $3.3M | $176.0K | $539.0K | $778.0K | $1.1M | $356.0K | $231.0K |
| Net income | $118.6M | $6.1M | $53.6M | $25.4M | $56.6M | $17.9M | $14.1M | $31.7M | $167.0K | -$6.2M |
| EPS, basic | 2.63 | 0.14 | 1.21 | 0.58 | 1.30 | 0.42 | 0.35 | 0.80 | 0.00 | -0.16 |
| EPS, diluted | 2.61 | 0.14 | 1.19 | 0.57 | 1.26 | 0.41 | 0.34 | 0.78 | 0.00 | -0.16 |
| Shares, diluted (wtd. avg.) | $45.5M | $45.2M | $45.0M | $44.9M | $45.0M | $43.9M | $41.7M | $40.7M | $39.9M | $38.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $402.8M | $277.3M | $242.2M | $190.6M | $182.4M | $161.7M | $84.7M | $70.6M | $44.2M | $56.2M |
| Short-term investments | — | — | — | $0 | $45.2M | $50.2M | — | — | — | — |
| Receivables | $60.7M | $52.9M | $52.6M | $65.4M | $55.1M | $41.0M | $38.1M | $43.7M | $34.5M | $25.2M |
| Inventory | $91.3M | $106.0M | $106.6M | $101.4M | $67.3M | $57.3M | $49.2M | $47.4M | $36.5M | $27.1M |
| Total current assets | $587.4M | $463.0M | $420.4M | $362.6M | $356.8M | $316.9M | $179.1M | $165.1M | $118.8M | $111.8M |
| Property, plant and equipment | $147.7M | $152.7M | $157.7M | $166.0M | $116.0M | $74.8M | $57.0M | $50.4M | $41.4M | $37.6M |
| Total assets | $785.8M | $641.1M | $594.9M | $536.9M | $477.2M | $396.2M | $240.7M | $221.1M | $165.7M | $154.1M |
| Accounts payable | $12.3M | $8.7M | $12.1M | $22.2M | $21.2M | $14.1M | $9.0M | $16.1M | $9.1M | $7.6M |
| Total current liabilities | $65.3M | $61.8M | $44.2M | $64.5M | $49.1M | $40.5M | $29.9M | $36.0M | $28.0M | $22.2M |
| Total liabilities | $74.0M | $70.8M | $53.8M | $72.6M | $53.3M | $45.1M | $34.9M | $37.0M | $29.3M | $23.1M |
| Retained earnings | $421.4M | $302.8M | $296.7M | $243.1M | $217.6M | $161.0M | $143.1M | $129.0M | $93.6M | $93.4M |
| Total equity | $711.6M | $570.1M | $541.1M | $464.3M | $423.9M | $351.2M | $205.9M | $184.1M | $136.4M | $131.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $139.5M | $50.8M | $74.5M | $22.9M | $54.4M | $34.7M | $22.2M | $36.2M | -$2.5M | $544.0K |
| Depreciation and amortisation | $20.8M | $18.6M | $17.2M | $13.8M | $11.7M | $11.1M | $10.3M | $9.3M | $8.9M | $8.4M |
| Capital expenditure | $20.3M | $23.6M | $33.5M | $64.0M | $47.8M | $28.7M | $12.5M | $18.2M | $12.5M | $8.4M |
| Investing cash flow | -$20.3M | -$23.6M | -$33.5M | -$19.0M | -$43.7M | -$78.8M | -$12.5M | -$18.2M | -$12.5M | -$8.5M |
| Financing cash flow | $6.3M | $8.0M | $10.6M | $4.4M | $10.1M | $121.0M | $4.4M | $8.4M | $3.1M | $1.1M |
| Buybacks | $35.2M | $497.0K | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-194790.
Others in SIC 3679
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| VRT | Vertiv Holdings Co | $108.00B | 82.3x | 27.7% |
| AEIS | ADVANCED ENERGY INDUSTRIES INC | $11.25B | 73.2x | 21.4% |
| PI | IMPINJ INC | $5.27B | — | -1.4% |
| VREX | Varex Imaging Corp | $779.3M | — | 4.1% |
| MPTI | M-tron Industries, Inc. | $324.1M | 28.5x | 11.0% |
| ESP | ESPEY MFG & ELECTRONICS CORP | $189.8M | 21.0x | -90.5% |
| LGL | LGL GROUP INC | $94.6M | 68.2x | 10.2% |
| MVIS | MICROVISION, INC. | $39.3M | — | -74.3% |