Vicor Corporation has beaten earnings estimates in all four recent quarters with an average positive surprise of 354%, generates 32% net margins, and holds a wide economic moat in high-density power electronics, but the stock trades at a rich forward price-to-earnings of 58x, has reached the analyst target, and the risk-reward asymmetry is currently negative.
Thesis pillars
- Rich Valuation Target Reached↑Improving
- Product Supplier Dual Concentration↑Improving
- Earnings Beat Streak Wide Moat↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Mar 2, 2026· older than 90 days
Vicor Corporation (VICR) Stock Analysis
Technology · Electronic Components
Hold if already holding. Not a fresh buy at $179.01, but acceptable to hold if already in. Reasons: Concentration risk — Product: Advanced Products (61.0%); Concentration risk — Supplier: single vendor.
Vicor Corporation designs and manufactures modular power components in two categories: Advanced Products (61% of 2025 net revenues), targeting data center and AI GPU applications via its Factorized Power Architecture, and Brick Products (39%), serving aerospace, defense, and... Read more
Hold if already holding. Not a fresh buy at $179.01, but acceptable to hold if already in. Reasons: Concentration risk — Product: Advanced Products (61.0%); Concentration risk — Supplier: single vendor. Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Score 6.3/10, moderate confidence.
Passes 7/8 gates (favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 104d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum. Suitability: speculative.
About Vicor Corporation
About Vicor Corporation
Advanced Products drove 61.0% of Vicor Corporation's consolidated total net revenues in fiscal 2025, up from 55.0% in 2024, as adoption of the company's Factorized Power Architecture accelerated in hyperscaler data center applications. Brick Products contributed the remaining 39.0%. Order backlog was approximately $176.9 million as of December 31, 2025, compared to $155.5 million a year earlier. Exports to China and Hong Kong reached approximately $48.3 million, or 11.9% of 2025 total net revenues, concentrated in Brick Products for industrial and rail applications.
Vicor sells power components through a direct sales force, independent non-stocking distributors in Europe and Asia, and four authorized stocking distributors worldwide: Arrow Electronics, Digi-Key Corporation, Avnet Electronics, and Mouser Electronics. Advanced Products target hyperscalers, OEMs, and contract manufacturers in data centers, using the Factorized Power Architecture — which separates power conversion into discrete modules, reducing thermal losses and enabling power delivery directly to GPUs and AI accelerators at up to 1,200A peak current. Brick Products serve aerospace, defense, industrial equipment, and transportation markets, competing with a fragmented mix of large global commodity suppliers and smaller regional producers. The company manufactures the majority of its products at a single facility in Andover, Massachusetts, with electroplating operations recently brought in-house. Section 301 Tariffs totaled approximately $7.4 million in 2025, representing roughly 1.8% of annual net revenues; the company added a 10% tariff surcharge on product pricing in the second half of 2025.
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Customer dependency in the Advanced Products segment is the most directly cited risk in the 10-K: since the introduction of Advanced Products, the company has derived the majority of Advanced Products revenue from either one customer or a limited number of customers. Several product lines also depend on raw materials from a limited number of vendors and, in some instances, a single vendor. Unanticipated delays in purchase orders from large customers have produced lower-than-expected revenue in prior periods, and the 10-K notes that this strategic focus on fewer, higher-volume OEM accounts has caused a relative few such customers to disproportionately influence operating results.
See also: Technology · Electronic Components
From Vicor Corporation's most recent 10-K filing, extracted June 16, 2026.
Recent developments
updated Oct 28, 2026Recent Developments — Vicor Corporation
Latest news
- NEWS Vicor Stock is Overvalued at 16.52X EV/Sales: Should You Still Buy it? - TradingView — TradingView Oct 28, 2026 negative
- NEWS Vicor Stock is Overvalued at 16.52X EV/Sales: Should You Still Buy it? - Yahoo Finance — Yahoo Finance Oct 28, 2026 negative
- NEWS Vicor Corporation (VICR) Shares Surge 11% Amid Volatile October Trading - GuruFocus — GuruFocus Oct 27, 2026 positive
- NEWS Vicor Corp (VICR) Shares Surge 4.5% -- What GF Score of 79 Tells Investors - GuruFocus — GuruFocus Oct 21, 2026 positive
- NEWS VICR Q3 Earnings Call Highlights AI Demand & Capacity Expansion - The Globe and Mail — The Globe and Mail Oct 21, 2026 positive
Latest item Oct 28, 2026 · Generated 2026-11-04T11:34:32Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- LOWGeographicChina and Hong Kong12%10-K Item 1: 'exports to China and Hong Kong were approximately $48,347,000, representing approximately 11.9% of total net revenues'
- HIGHProductAdvanced Products61%10-K Item 1: 'Annual revenue associated with the sale of Advanced Products which includes royalty revenue, was approximately 61.0% ... of the Company's consolidated total net revenues'
- MEDIUMCustomerlimited number of customers10-K Item 1A: 'the Company has derived the majority of its revenue from Advanced Products in any given year from either one customer or a limited number of customers'
- HIGHSuppliersingle vendor10-K Item 1A: 'Many of our products require raw materials supplied by a limited number of vendors and, in some instances, a single vendor.'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker·1 ceiling hit
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $179.01, but acceptable to hold if already in. Reasons: Concentration risk — Product: Advanced Products (61.0%); Concentration risk — Supplier: single vendor. Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Analyst target $331.50 (+85.2%), stop $166.48 (−7.5%), A.R:R 5.7:1. Score 6.3/10, moderate confidence.
Analyst target: $331.50 (+85.2% upside). Analyst target $331.50 (+85.2%), stop $166.48 (−7.5%), A.R:R 5.7:1. Stop-loss: $166.48.
Concentration risk — Product: Advanced Products (61.0%); Concentration risk — Supplier: single vendor; Sector modifier (Technology): -0.8.
Vicor Corporation trades at a P/E of 46.7 (forward 29.5). TrendMatrix value score: 5.0/10. Verdict: Hold.
11 analysts rate VICR, with a consensus score of 4.2/5. 4 analysts publish price targets averaging $390.
What does Vicor Corporation do?Vicor Corporation designs and manufactures modular power components in two categories: Advanced Products (61% of 2025...
Vicor Corporation designs and manufactures modular power components in two categories: Advanced Products (61% of 2025 net revenues), targeting data center and AI GPU applications via its Factorized Power Architecture, and Brick Products (39%), serving aerospace, defense, and industrial markets. Manufacturing is concentrated at a single facility in Andover, Massachusetts; products reach customers through a direct sales force and four authorized global distributors.