Vicor (VICR) financial statements
Vicor reported revenue of $408M in fiscal 2025, up 8.2% a year over 9 years.
Net income was $119M and the operating margin 20.1%, against -3.2% in 2016.
Free cash flow was $119M, and the company returned $35M in net buybacks.
The diluted share count rose 17% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vicor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $200M | $228M | $291M | $263M | $297M | $359M | $399M | $405M | $359M | $408M |
| Cost of revenue | $109M | $126M | $152M | $140M | $165M | $181M | $219M | $200M | $175M | $193M |
| Gross profit | $91M | $102M | $139M | $123M | $131M | $178M | $181M | $205M | $184M | $259M |
| Research and development | $42M | $45M | $44M | $47M | $51M | $53M | $61M | $68M | $69M | $79M |
| Selling, general and admin | $56M | $58M | $62M | $63M | $63M | $69M | $86M | $86M | $97M | $99M |
| Operating income | -$6M | -$1M | $32M | $14M | $17M | $56M | $27M | $51M | -$1M | $82M |
| Pre-tax income | -$6M | -$98,000 | $33M | $15M | $18M | $57M | $29M | $60M | $10M | $95M |
| Income tax | $231,000 | -$356,000 | $1M | $778,000 | $539,000 | $176,000 | $3M | $7M | $4M | -$24M |
| Net income | -$6M | $167,000 | $32M | $14M | $18M | $57M | $25M | $54M | $6M | $119M |
| EPS (diluted) | -$0.16 | $0.00 | $0.78 | $0.34 | $0.41 | $1.26 | $0.57 | $1.19 | $0.14 | $2.61 |
| Diluted shares | 39M | 40M | 41M | 42M | 44M | 45M | 45M | 45M | 45M | 45M |
| Gross margin | 45.5% | 44.6% | 47.7% | 46.8% | 44.3% | 49.6% | 45.2% | 50.6% | 51.2% | 63.6% |
| Operating margin | -3.2% | -0.6% | 11.0% | 5.3% | 5.9% | 15.5% | 6.8% | 12.7% | -0.4% | 20.1% |
| Net margin | -3.1% | 0.1% | 10.9% | 5.4% | 6.0% | 15.8% | 6.4% | 13.2% | 1.7% | 29.1% |
Balance sheet
Fiscal years, from Vicor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $56M | $44M | $71M | $85M | $212M | $228M | $191M | $242M | $277M | $403M |
| Receivables | $25M | $34M | $44M | $38M | $41M | $55M | $65M | $53M | $53M | $61M |
| Inventory | $27M | $36M | $47M | $49M | $57M | $67M | $101M | $107M | $106M | $91M |
| Total current assets | $112M | $119M | $165M | $179M | $317M | $357M | $363M | $420M | $463M | $587M |
| Property, plant and equipment | $38M | $41M | $50M | $57M | $75M | $116M | $166M | $158M | $153M | $148M |
| Total assets | $154M | $166M | $221M | $241M | $396M | $477M | $537M | $595M | $641M | $786M |
| Total current liabilities | $22M | $28M | $36M | $30M | $41M | $49M | $65M | $44M | $62M | $65M |
| Total liabilities | $23M | $29M | $37M | $35M | $45M | $53M | $73M | $54M | $71M | $74M |
| Shareholders' equity | $131M | $136M | $184M | $206M | $351M | $424M | $464M | $541M | $570M | $712M |
| Net debt | -$56M | -$44M | -$71M | -$85M | -$162M | -$182M | -$191M | -$242M | -$277M | -$403M |
Cash flow
Fiscal years, from Vicor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $544,000 | -$2M | $36M | $22M | $35M | $54M | $23M | $75M | $51M | $140M |
| Capital spending | $8M | $13M | $18M | $12M | $29M | $48M | $64M | $33M | $24M | $20M |
| Free cash flow | -$8M | -$15M | $18M | $10M | $6M | $7M | -$41M | $41M | $27M | $119M |
| Stock-based compensation | $506,000 | $2M | $3M | $3M | $6M | $7M | $10M | $13M | $15M | $17M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$497,000 | -$35M |
| Free cash flow margin | -3.9% | -6.6% | 6.2% | 3.7% | 2.1% | 1.9% | -10.3% | 10.1% | 7.6% | 29.2% |
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Open VICR in InvestinglyQuestions
What was Vicor's revenue in 2025?
$408M in fiscal 2025, from its 10-K filing.
How much free cash flow does Vicor generate?
$119M in fiscal 2025 (operating cash flow minus capital spending).
From Vicor's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.