VICOR CORP (VICR) FY2025 10-K Annual Report
VICOR CORP (VICR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
VICOR CORP FY2025 10-K Analysis
Business Overview
- • Core business model: Design, manufacture, and market modular power components and systems for efficient DC and AC voltage conversion across diverse electronic applications
- • Emphasis on proprietary Factorized Power Architecture (FPA) Advanced Products driving higher efficiency and power density, with increasing revenue share reaching ~61% in 2025
- • Strategic shift toward high-volume Advanced Products for data center and high-performance computing, while maintaining profitable Brick Products in mature markets
- • Order backlog growth to $176.9M in 2025 from $155.5M in 2024; turns volume increased to ~34% of 2025 revenues from 18% in 2023, reflecting transition to larger OEM customers
- • Introduced 10% tariff surcharge in H2 2025 to offset new tariffs impacting cost structure
Management Discussion & Analysis
- • Revenue $407.7M in 2025, up 13.5% YoY from $359.1M in 2024; Advanced Products revenue $248.6M (+26.0%), Brick Products $159.1M (-1.6%)
- • Gross margin 57.3% in 2025 vs 51.2% in 2024, gross margin dollars $259.4M vs $184.0M, boosted by $45M patent litigation settlement and higher sales volume
- • Best segment: Advanced Products $248.6M (+$51.2M); worst segment: Brick Products $159.1M (-$2.6M)
- • Cash $402.8M at 2025 year-end; operating cash flow $139.5M; capital expenditures $20.3M; stock buybacks $35.2M; $64.3M authorization remains for repurchases
- • Management notes risks from supply chain disruptions and short-term demand forecasting; outlook favors continued investment in Advanced Products and expects ongoing supply chain challenges
Risk Factors
- • Regulatory risk from Section 301 Tariffs on Chinese imports costing $7.375M in 2025, up 76.1% YoY, reducing gross profit margin by 1.8% of net revenues
- • Geopolitical risk from U.S.-China trade disputes and export controls impacting 11.9% of revenues from China/Hong Kong customers in 2025
- • Operational risk from dependence on single-source suppliers causing inventory excess or shortage, affecting production and profitability
- • Competitive risk from global IDMs and fabless companies with greater resources potentially undercutting Vicor’s advanced power management products
- • Key-person risk from dependence on founder/CEO Dr. Vinciarelli for product development and business leadership
VICOR CORP FY2025 Key Financial MetricsXBRL
Revenue
$408M
▲ +13.5% YoY
Net Income
$119M
▲ +1834.3% YoY
Gross Margin
63.6%
▲ +1239bp YoY
Operating Margin
20.1%
▲ +2044bp YoY
Net Margin
29.1%
▲ +2737bp YoY
ROE
16.7%
▲ +1559bp YoY
Total Assets
$786M
▲ +22.6% YoY
EPS (Diluted)
$2.61
▲ +1764.3% YoY
Operating Cash Flow
$140M
▲ +174.5% YoY
Source: XBRL data from VICOR CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on VICOR CORP
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.