VICOR
VICR · NasdaqElectronic Components, NEC · Fiscal year ends Dec 31
VICOR reported revenue of $408M in the fiscal year ended Dec 2025, up 13.5% from the year before. Operating income was $82M, an operating margin of 20.1%, and net income was $119M. Operating cash flow of $140M less capital expenditure of $20M left free cash flow of $119M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $359M | $399M | $405M | $359M | $408M |
| Cost of revenue | $181M | $219M | $200M | $175M | $193M |
| Gross profit | $178M | $181M | $205M | $184M | $259M |
| Research & development | $53M | $61M | $68M | $69M | $79M |
| Selling, general & admin | $69M | $86M | $86M | $97M | $99M |
| Operating income | $56M | $27M | $51M | −$1M | $82M |
| Net interest incomeBanks | $930,000 | $1M | $8M | $11M | $12M |
| Pre-tax income | $57M | $29M | $60M | $10M | $95M |
| Income tax | $176,000 | $3M | $7M | $4M | −$24M |
| Net income | $57M | $25M | $54M | $6M | $119M |
| Diluted EPS | 1.26 | 0.57 | 1.19 | 0.14 | 2.61 |
| Diluted shares | 45M | 45M | 45M | 45M | 45M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $182M | $191M | $242M | $277M | $403M |
| Receivables | $55M | $65M | $53M | $53M | $61M |
| Inventory | $67M | $101M | $107M | $106M | $91M |
| Current assets | $357M | $363M | $420M | $463M | $587M |
| Net PP&E | $116M | $166M | $158M | $153M | $148M |
| Total assets | $477M | $537M | $595M | $641M | $786M |
| Payables | $21M | $22M | $12M | $9M | $12M |
| Deferred revenue | $8M | $13M | $3M | $5M | $3M |
| Current liabilities | $49M | $65M | $44M | $62M | $65M |
| Total liabilities | $53M | $73M | $54M | $71M | $74M |
| Shareholders' equity | $424M | $464M | $541M | $570M | $712M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $54M | $23M | $75M | $51M | $140M |
| Capital expenditure | $48M | $64M | $33M | $24M | $20M |
| Free cash flow | $7M | −$41M | $41M | $27M | $119M |
| Depreciation & amortisation | $12M | $14M | $17M | $19M | $21M |
| Stock-based compensation | $7M | $10M | $13M | $15M | $17M |
| Share buybacks | – | $0 | $0 | $497,000 | $35M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.1% | 1.5% | −11.4% | 13.5% |
| Operating income growth (YoY) | – | −51.1% | 88.8% | −102.6% | – |
| EPS growth (YoY) | – | −54.8% | 108.8% | −88.2% | 1764.3% |
| Gross margin | 49.6% | 45.2% | 50.6% | 51.2% | 63.6% |
| Operating margin | 15.5% | 6.8% | 12.7% | −0.4% | 20.1% |
| Net margin | 15.8% | 6.4% | 13.2% | 1.7% | 29.1% |
| Return on equityBlank when equity is negative | 13.4% | 5.5% | 9.9% | 1.1% | 16.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.0% | 5.8% | 9.3% | −0.2% | 11.4% |
| Free cash flow margin | 1.9% | −10.3% | 10.1% | 7.6% | 29.2% |
| Cash conversion (CFO ÷ net income) | 0.96x | 0.90x | 1.39x | 8.30x | 1.18x |
| Receivable days | 56 | 60 | 47 | 54 | 54 |
| Inventory days | 136 | 169 | 194 | 221 | 172 |
| Payable days | 43 | 37 | 22 | 18 | 23 |
| Current ratio | 7.27x | 5.62x | 9.52x | 7.49x | 8.99x |
Recent filings
More in Electronic Components, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.