Short answer
VICOR CORP (VICR) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $408M (+13.5% year over year) and net income of $119M.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $408M
- +13.5% YoY
- Net income
- $119M
- +1834.3% YoY
- Operating margin
- 20.1%
- +20.4 pp YoY
- Gross margin
- 63.6%
- +12.4 pp YoY
- EPS (diluted)
- $2.61
- +1764.3% YoY
- ROE
- 16.7%
- +15.6 pp YoY
- Operating cash flow
- $140M
- +174.5% YoY
Source: XBRL data from the VICOR CORP (VICR) FY2025 10-K on SEC EDGAR. USD.
VICOR CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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