VICOR CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VICOR CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	200	228	291	263	297	359	399	405	359	453
Cost of revenue	109	126	152	140	165	181	219	200	175	193
Gross profit	91.2	102	139	123	131	178	181	205	184	259
Research and development	41.8	44.9	44.3	46.6	50.9	53.1	60.6	67.9	68.9	78.6
Selling, general and administrative	55.7	58.1	62.2	62.6	63.2	69.5	86.3	85.7	96.9	99
Operating expenses	97.5	103	107	109	114	123	153	154	185	178
Operating income	-6.31	-1.36	32.1	13.8	17.4	55.6	27.2	51.4	-1.31	81.8
Interest income	0.07	0.12	0.26	0.3	0.1	0.93
Other non-operating income	0.28	1.26	0.87	1.07	1.09	1.2	1.49	8.89	11.8	12.7
Pre-tax income	-6.03	-0.1	32.9	14.9	18.5	56.8	28.7	60.2	10.5	94.6
Income tax	0.23	-0.36	1.09	0.78	0.54	0.18	3.26	6.64	4.35	-24
Net income to minority interests	-0.01	0.09	0.12	0.01	0.01	0	-0.02	0.01	0.01	0.04
Net income	-6.25	0.17	31.7	14.1	17.9	56.6	25.4	53.6	6.13	119
EBITDA	2.12	7.53	41.3	24.2	28.4	67.3	41	68.6	17.3	103
EPS, basic	-0.16	0.00	0.80	0.35	0.42	1.30	0.58	1.21	0.14	2.63
EPS, diluted	-0.16	0.00	0.78	0.34	0.41	1.26	0.57	1.19	0.14	2.61
Shares, basic (weighted)	38.8	39.2	39.9	40.3	42.2	43.7	44	44.3	44.9	45
Shares, diluted (weighted)	38.8	39.9	40.7	41.7	43.9	45	44.9	45	45.2	45.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	56.2	44.2	70.6	84.7	162	182	191	242	277	403
Short-term investments					50.2	45.2	0
Receivables	25.2	34.5	43.7	38.1	41	55.1	65.4	52.6	52.9	60.7
Inventory	27.1	36.5	47.4	49.2	57.3	67.3	101	107	106	91.3
Other current assets	3.25	3.62	3.46	7.1	6.76	6.71	5.15	18.9	26.8	32.5
Total current assets	112	119	165	179	317	357	363	420	463	587
Property, plant and equipment	37.6	41.4	50.4	57	74.8	116	166	158	153	148
Lease right-of-use assets				4.26	4.45	4.62	8.2	7.39	6.37	6.05
Long-term investments	2.51	2.53	2.53	2.51	2.52	2.64	2.62	2.53	2.64	2.46
Other non-current assets	2.18	2.8	2.79	1.99	1.72	1.62	5.39	14	22.5	20.9
Total assets	154	166	221	241	396	477	537	595	641	786
Accounts payable	7.59	9.07	16.1	9.01	14.1	21.2	22.2	12.1	8.74	12.3
Accrued liabilities	2.18	2.99	2.63	2.69	2.62	4.16	8.61	5.09	6.59	3.69
Deferred revenue	3.4	5.79	5.07	5.51	7.31	7.91	13.2	3.16	5.31	3.43
Total current liabilities	22.2	28	36	29.9	40.5	49.1	64.5	44.2	61.8	65.3
Lease liabilities			0.1	2.86	2.97	3.23	7.01	6.36	5.62	5.61
Other non-current liabilities		0.09	0.1
Total liabilities	23.1	29.3	37	34.9	45.1	53.3	72.6	53.8	70.8	74
Paid-in capital	176	181	193	201	328	346	360	384	408	462
Retained earnings	93.4	93.6	129	143	161	218	243	297	303	421
Treasury stock	-139	-139	-139	-139	-139	-139	-139	-139	-139	-171
Other comprehensive income	-0.56	-0.48	-0.39	-0.38	-0.2	-1.33	-0.99	-1.27	-1.5	-1.67
Shareholders' equity	131	136	184	206	351	424	464	541	570	712
Minority interests	0.21	0.31	0.43	0.31	0.34	0.31	0.25	0.24	0.22	0.26
Total equity	131	136	184	206	351	424	464	541	570	712
Total liabilities and equity	154	166	221	241	396	477	537	595	641	786
Shares outstanding						11.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.26	0.26	31.8	14.1	17.9	56.6	25.4	53.6	6.14	119
Depreciation and amortization	8.44	8.89	9.25	10.3	11.1	11.7	13.8	17.2	18.6	20.8
Stock-based compensation	0.51	1.74	3.4	3.04	5.88	7.04	10.3	12.9	15.3	16.8
Deferred income tax	-0.08	-0.17	-0.06	0.06	-0.02	0.02	-0.1	-0.03	0.01	-27.2
Change in receivables	0.78	-9.21	-8.83	5.71	-2.82	-14.3	-10.6	12.6	-0.48	-7.76
Change in inventory	-3.68	-9.31	-10.8	-1.81	-8.05	-10.1	-34.2	-5.24	0.46	14.7
Change in payables	0.34	3.19	7.45	-7.34	8.67	2.5	4.4	-11.2	-1.85	2.61
Cash from operations	0.54	-2.46	36.2	22.2	34.7	54.4	22.9	74.5	50.8	140
Capital expenditures	-8.43	-12.5	-18.2	-12.5	-28.7	-47.8	-64	-33.5	-23.6	-20.3
Purchases of investments				0	-50.2	-70.9	0	0
Sales and maturities of investments					0	75	45	0	0
Cash from investing	-8.52	-12.5	-18.2	-12.5	-78.8	-43.7	-19	-33.5	-23.6	-20.3
Stock issued	1.58	3.3	8.66	4.74
Share buybacks							0	0	-0.5	-35.2
Cash from financing	1.11	3.08	8.39	4.37	121	10.1	4.44	10.6	7.99	6.32
Exchange rate effect	0.05	-0.03	0.01	0.02	0.11	-0.2
Net change in cash	-6.81	-11.9	26.3	14.1	77.1	20.7	8.19	51.6	35.1	126
Free cash flow	-7.88	-15	18	9.73	6.09	6.68	-41	41.1	27.2	119
Income taxes paid	-0.23	-0.37	-0.74	-2.19	-0.08	-0.65	-1.26	4.15	4.3	4.86

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $281.96 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.8%	Gross profit / revenue.
Operating margin	21.0%	Operating income / revenue.
EBITDA margin	25.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.7%	Pre-tax income / revenue.
Net margin	29.0%	Net income / revenue.
FCF margin	18.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.5%	Cash from operations / revenue.
Effective tax rate	-22.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.0%	Net income / average total assets.
Return on invested capital (ROIC)	22.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	17.3%	Research and development expense / revenue.
SG&A / revenue	20.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.0%	Capital expenditures / revenue.
D&A / revenue	4.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	41.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	44.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	36.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	492.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	35.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	29.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1,834.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	67.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	45.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1,764.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	66.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	44.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	174.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	82.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	32.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	337.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	81.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	24.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	14.3x	Current assets / current liabilities.
Quick ratio	11.2x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	9.64x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	6.3%	Total liabilities / total assets.
Working capital	$557.5M	Current assets - current liabilities.
Tangible book value	$753.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	3.05x	Revenue / average property, plant and equipment.
Inventory turnover	2.05x	Cost of revenue / average inventory.
Days inventory	178 days	365 x average inventory / cost of revenue.
Receivables turnover	7.00x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	199 days	Days inventory + days sales outstanding - days payables.
FCF conversion	63.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.98	Revenue / diluted weighted shares.
FCF per share	$1.85	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.44	Cash from operations / diluted weighted shares.
Book value per share	$15.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.95	Tangible book value / shares outstanding.
Cash per share	$8.55	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$13.00B	Share price x shares outstanding.
Enterprise value	$12.60B	Market cap + total debt - cash - short-term investments.
P/E	95.1x	Market cap / net income. Only when net income is positive.
P/S	27.6x	Market cap / revenue.
P/B	17.2x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	17.2x	Market cap / tangible book value, when positive.
P/FCF	149x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	113x	Market cap / cash from operations, when positive.
EV/Sales	26.7x	Enterprise value / revenue.
EV/EBIT	127x	Enterprise value / operating income, when both are positive.
EV/EBITDA	105x	Enterprise value / EBITDA, when both are positive.
EV/FCF	144x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.7%	Free cash flow / market cap.
Earnings yield	1.1%	Net income / market cap (the inverse of P/E).
PEG	1.44x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was VICOR CORP's revenue in fiscal 2025?

VICOR CORP reported revenue of $452.7M for fiscal 2025, 26.1% higher than the year before.

Was VICOR CORP profitable in fiscal 2025?

Yes. Net income was $118.6M, a net margin of 26.2%.

How much free cash flow did VICOR CORP generate in fiscal 2025?

Cash from operations of $139.5M minus capital expenditures of $20.3M left free cash flow of $119.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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