Vicor
VICR on Nasdaq. Vicor sells power conversion components and systems to makers of electrical equipment. Market value $1.0bn.
Figures from the annual report for the year ended 31 December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.88 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 72 of 100. Price score: 26 of 100. Our list needs 70 on quality and 60 on price.
$299.29 a share, 517% above its 1-year low
Over the past year the price has ranged from $48.53 to $382.65.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $359m | $399m | $405m | $359m | $453m |
| Operating margin | |||||
| Operating margin | 15.5% | 6.8% | 12.7% | -0.4% | 18.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.04bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 8.8% a year
- Buying back its own sharesNo, 287% more shares since 2021
The quarter to June 6016
How the business did, compared with the same quarter a year earlier.
| Quarter to | Amount |
|---|---|
| December 2024 | $96m |
| March 2025 | $94m |
| June 2025 | $141m |
| September 2025 | $110m |
| December 2025 | $107m |
| March 2026 | $113m |
| June 2026 | $143m |
| June 6016 | Not reported |
| Quarter to | Amount |
|---|---|
| December 2024 | $10m |
| March 2025 | $3m |
| June 2025 | $41m |
| September 2025 | $28m |
| December 2025 | $47m |
| March 2026 | $21m |
| June 2026 | $50m |
| June 6016 | Not reported |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 514 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Bruce & Co.R. Jeffrey Bruce | $18m | 4.9% | Cut |
| Polen CapitalDan Davidowitz | $6m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $3m | <0.1% | Cut |
Largest holders overall
- BlackRock$935mCut
- Price T Rowe Associates$899mAdded
- JPMorgan Chase$870mAdded
- Vanguard Portfolio Management$486mAdded
- Vanguard Capital Management$426mAdded
- State Street$276mCut
- Geode Capital Management$223mCut
- Jane Street Group$205mAdded
- Manufacturers Life Insurance Company, the$202mCut
- Arrowstreet Capital, Limited Partnership$202m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Patrizio VinciarelliPassive investor47.3%Since 31 December 2024
- T. Rowe Price Associates, Inc.Passive investor12.8%+5.8 ptsSince 31 August 2026
- BlackRock, Inc.Passive investor6.7%−1.2 ptsSince 30 June 2026
- JPMORGAN CHASE & CO.Passive investorSold down below 5%Since 31 August 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Patrizio Vinciarelli Passive investor | 47.3% | 31 December 2024 | |
T. Rowe Price Associates, Inc. Passive investor | 12.8%+5.8 pts | 31 August 2026 | |
BlackRock, Inc. Passive investor | 6.7%−1.2 pts | 30 June 2026 | |
JPMORGAN CHASE & CO. Passive investor | Sold down below 5% | 31 August 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 17 sold $423m, $361m of it under preset trading plans.
- VINCIARELLI PATRIZIOChairman & CEO, DirectorSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 20,000
- Price
- $310.12
- Value
- $6m
- Davies Philip DCorp. VP-Global Sales & Mktg., DirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 3,072
- Price
- $316.37
- Value
- $971,882
- VINCIARELLI PATRIZIOChairman & CEO, DirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 20,000
- Price
- $316.13
- Value
- $6m
- Davies Philip DCorp. VP-Global Sales & Mktg., DirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 3,073
- Price
- $177.70
- Value
- $546,084
- Lavie ZmiraDirectorSold
- Date
- 17 August 2026
- Shares
- 908
- Price
- $250.00
- Value
- $227,000
- ANDERSON SAMUEL JDirectorSold
- Date
- 17 August 2026
- Shares
- 2,073
- Price
- $252.60
- Value
- $523,640
- Davies Philip DCorp. VP-Global Sales & Mktg., DirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 3,072
- Price
- $211.69
- Value
- $650,308
- Lavie ZmiraDirectorSold
- Date
- 23 July 2026
- Shares
- 1,216
- Price
- $224.72
- Value
- $273,260
- VINCIARELLI PATRIZIOChairman & CEO, DirectorSoldunder a preset trading plan
- Date
- 6 July 2026
- Shares
- 700
- Price
- $302.40
- Value
- $211,681
- VINCIARELLI PATRIZIOChairman & CEO, DirectorSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 20,000
- Price
- $318.88
- Value
- $6m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 October 2026 | VINCIARELLI PATRIZIO Chairman & CEO, Director | Sold under a preset trading plan | 20,000 | $310.12 | $6m |
| 1 October 2026 | Davies Philip D Corp. VP-Global Sales & Mktg., Director | Sold under a preset trading plan | 3,072 | $316.37 | $971,882 |
| 1 October 2026 | VINCIARELLI PATRIZIO Chairman & CEO, Director | Sold under a preset trading plan | 20,000 | $316.13 | $6m |
| 1 September 2026 | Davies Philip D Corp. VP-Global Sales & Mktg., Director | Sold under a preset trading plan | 3,073 | $177.70 | $546,084 |
| 17 August 2026 | Lavie Zmira Director | Sold | 908 | $250.00 | $227,000 |
| 17 August 2026 | ANDERSON SAMUEL J Director | Sold | 2,073 | $252.60 | $523,640 |
| 3 August 2026 | Davies Philip D Corp. VP-Global Sales & Mktg., Director | Sold under a preset trading plan | 3,072 | $211.69 | $650,308 |
| 23 July 2026 | Lavie Zmira Director | Sold | 1,216 | $224.72 | $273,260 |
| 6 July 2026 | VINCIARELLI PATRIZIO Chairman & CEO, Director | Sold under a preset trading plan | 700 | $302.40 | $211,681 |
| 2 July 2026 | VINCIARELLI PATRIZIO Chairman & CEO, Director | Sold under a preset trading plan | 20,000 | $318.88 | $6m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.