Article published Sep 28, 2026. Prices below use latest available snapshots.
VICR Price Structure
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Vicor Corporation is recovering from a deep pullback inside a long uptrend: down 22.3% since June 29, but up 51.9% since August 28, and 34.2% above its 200-day average, up 488.3% over the past year. At the 2026-09-28 settled close, VICR $285.10 was +33.4% versus its 20-day average and +51.9% over 30 days. The newest verified quarter ends 2026-06-30 (filed 2026-07-29); revenue was $143.4M. Against 2025-06-30 revenue of $96.0M, that is +49.3% year over year. The upside in the raise is royalties, not modules — Q2 royalties were already 21.2% of revenue; about 27x trailing revenue and 90x trailing GAAP earnings (as of 2026-09-23 at $283.16). The standing call is 🟡 Wait for a new pullback or base. The prior $245–$265 entry was not offered and the stock is extended after a 27.3% week.
Quick Snapshot (as of 2026-09-28)
| Question | Answer |
|---|---|
| The call | 🟡 Wait for a new pullback or base. The prior $245–$265 entry was not offered and the stock is extended after a 27.3% week. |
| What is Vicor? | A founder-led power-electronics company whose modules carry power from the 48V rack bus to sub-1V, thousand-amp AI processors, plus mature "brick" converters for aerospace, defense and industrial markets. |
| Why look now? | Prior case (2026-09-23): The September 21 release raised Q3 sequential revenue growth guidance from near 10% to over 20%, citing royalties from a new non-exclusive license, and said four leading OEMs and hyperscalers have now secured licenses (issuer release; StreetInsider). |
| What is the proof? | Latest verified period ended 2026-06-30, filed 2026-07-29: revenue $143.4M. Prior case: Q2 revenue of $143.4M (+49.3% YoY), backlog $379.7M (+26.3% QoQ), operating margin 24.3% (Q2 10-Q). The raise itself is issuer-released; no 8-K for it is in the filing cache yet. |
| What is the objection? | The upside in the raise is royalties, not modules — Q2 royalties were already 21.2% of revenue; about 27x trailing revenue and 90x trailing GAAP earnings (as of 2026-09-23 at $283.16). |
| Stock setup | The long trend remains intact; +33.4% versus the 20-day, +34.2% versus the 200-day, RSI 71.1. |
Action Matrix (reviewed 2026-09-28; levels are standing conditions)
Current status (2026-09-28): 🟡 Wait for a new pullback or base. The prior $245–$265 entry was not offered and the stock is extended after a 27.3% week. The listed levels below record the prior conditional plan and require a new review before use.
| Signal | Condition | Level | Why |
|---|---|---|---|
| 🟡 Wait | RSI above 70, far above the 20-day | — | Buying a 54% week is the pattern the desk's call record says has not paid |
| 🟢 Buy | A multi-day pullback that holds above the September 18 close | $245–$265 | September 18 was the 200-day reclaim; holding above it keeps the breakout |
| 🟠 Target | First target | $335 | The May 29 close ($334.84), where this profile's commercial thesis was first established |
| 🔴 Out | A close below the September 18 close | $222.72 | Gives back the whole guidance move |
| 🔴 Thesis breaks | Q3 (due 2026-10-20) showing product revenue flat while royalties carry the beat | — | Licensing hiding soft module volume would weaken the core thesis |
The Story Right Now (as of 2026-09-28)
Vicor Corporation is recovering from a deep pullback inside a long uptrend: down 22.3% since June 29, but up 51.9% since August 28, and 34.2% above its 200-day average, up 488.3% over the past year.
Data as of 2026-09-28 close: VICR $285.1, RSI 71.1, strong-up, +33.4% vs SMA20, +34.2% vs SMA200, 7D +27.3%, 30D +51.9%, 1Y +488.3%, -25.5% from the 52-week high.
Condition check. The $285.10 close remains above the prior $245–$265 pullback entry zone after a 27.3% week; the old entry has not been offered and the stock is extended.
Business and mechanism. A founder-led power-electronics company whose modules carry power from the 48V rack bus to sub-1V, thousand-amp AI processors, plus mature "brick" converters for aerospace, defense and industrial markets.
Prior case (2026-09-23). The September 21 release raised Q3 sequential revenue growth guidance from near 10% to over 20%, citing royalties from a new non-exclusive license, and said four leading OEMs and hyperscalers have now secured licenses (issuer release; StreetInsider).
Prior proof (2026-09-23). Q2 revenue of $143.4M (+49.3% YoY), backlog $379.7M (+26.3% QoQ), operating margin 24.3% (Q2 10-Q). The raise itself is issuer-released; no 8-K for it is in the filing cache yet.
The countercase. The upside in the raise is royalties, not modules — Q2 royalties were already 21.2% of revenue; about 27x trailing revenue and 90x trailing GAAP earnings (as of 2026-09-23 at $283.16).
Newest statement check. The newest verified quarter ends 2026-06-30 (filed 2026-07-29); revenue was $143.4M. Against 2025-06-30 revenue of $96.0M, that is +49.3% year over year.
News and attention check. The news search for the latest move failed; the last completed search was on 2026-09-22. No company event for VICR was recorded between September 24 and 28. 1 social post from tracked accounts mentioned it between September 24 and 28; that is attention, not company news.
The call: 🟡 Wait for a new pullback or base. The prior $245–$265 entry was not offered and the stock is extended after a 27.3% week.
Extended analysis
Price Data (live — latest settled close)
A live table: every cell shows the latest settled close, named in the first row. Dated readings live in the Research Log.
| Metric | Value |
|---|---|
| As of (settled close) | 2026-10-16 |
| Price ($) | 191.5 |
| RSI (14) | 32.3 |
| 20-day average ($) | 270.76 |
| vs 20-day (%) | -29.3 |
| 50-day average ($) | 229.91 |
| vs 50-day (%) | -16.7 |
| 200-day average ($) | 224.14 |
| vs 200-day (%) | -14.6 |
| 1D (%) | -12.92 |
| 7D (%) | -28.03 |
| 30D (%) | 4.13 |
| 3M (%) | -19.41 |
| 1Y (%) | 216.69 |
| 1Y vs benchmark (points) | 201.15 |
| From 52-week high (%) | -49.95 |
Prior Research (prepared by 2026-09-23; current call and filed-period check above)
Summary
AI chips run below one volt, while data-center racks distribute power at much higher voltage. Lower voltage requires far more current near the chip—often thousands of amps. Resistance in that short path wastes power as heat, so conversion works better closer to the processor.
Vicor splits conversion across specialized modules. Its Factorized Power Architecture carries higher voltage across the board, then supplies high current beside the processor. Vertical-power modules sit beneath the motherboard, shortening the copper path and leaving more package area for memory and data links.
Vicor has pursued this architecture for decades, but adoption and production have lagged its engineering. The thesis depends on AI power density turning that old advantage into sustained orders, volume production and margins.
Why This Moment Is Different
The evidence moved from presentations to purchase orders in 2026:
| Period | Revenue | Backlog | What changed |
|---|---|---|---|
| Q4 2025 | $107.3M | $176.9M | Gen 5 vertical-power modules entered production with a lead customer. |
| Q1 2026 | $113.0M | $300.6M | Backlog jumped 69.9% QoQ; the commercial inflection became measurable. |
| Q2 2026 | $143.4M | $379.7M | Revenue rose 26.9% QoQ and backlog rose another 26.3%; inventory increased in anticipation of shipments. |
Q2 supplied the strongest evidence yet. Advanced Products including royalty revenue reached $94.2M, up 55.5% YoY; Brick Products reached $49.2M, up 38.6%. Gross margin expanded to 58.0% from 55.2% in Q1, and operating margin reached 24.3%.
There is an important qualifier. Royalty revenue was $30.4M, or 21.2% of the quarter, helped by a new license agreement. That is valuable, high-margin monetization of Vicor’s patent estate, but it is not the same evidence as shipping more Gen 5 modules. Q1 and Q2 net income also included stock-compensation tax benefits. The next proof is mix: product volume and customer breadth need to carry more of the growth while backlog converts into revenue on schedule.
The market is already asking for that proof. Q2 beat consensus, yet the stock fell 5.9% across the print. It then lost 15.0% in the week ended August 21. No verified company event in the fresh news set explains that whole weekly move; the honest read is a richly valued, crowded AI supplier losing sponsorship, not a confirmed change in the business.
How the Business Makes Money
Vicor is two businesses sharing one engineering and manufacturing base.
| Engine | What it sells | Customers | Economic role |
|---|---|---|---|
| Advanced Products | Factorized-power modules, Power-on-Package and vertical-power solutions, plus royalties and licenses | Hyperscalers, data-center OEMs, ODMs, contract manufacturers; also aerospace, defense, vehicles and test equipment | The growth engine. It was 61% of 2025 revenue including royalties and 65.7% of Q2 2026 revenue. High design-in value, but long cycles and concentrated customers. |
| Brick Products | Integrated DC-DC converters and configurable/custom power systems | Aerospace, defense, industrial, instrumentation and transportation customers | The mature base. Longer product lives, broader applications and less AI upside, but useful revenue diversification. |
The go-to-market model matters. Vicor’s direct sales force pursues large global OEM and ODM programs, while field engineers help customers design power systems around its modules. That creates genuine switching friction once a module is qualified, but it also means years can pass between engineering work and production orders. The 10-K explicitly warns that a limited number of large customers can change or cancel programs after Vicor has already spent the development money.
Manufacturing is similarly double-edged. Vicor controls proprietary packaging and electroplating processes at its roughly 320,000-square-foot Andover, Massachusetts facility. That vertical integration protects performance and know-how. It also makes Andover a single-site operational risk, while some wafers, packaging and testing still depend on a limited number of third parties.
What the Filing Says the Company Is Becoming
The 2025 10-K describes a deliberate shift from a high-mix, low-volume Brick business toward low-mix, high-volume Advanced Products. It names higher efficiency, more on-board voltages and much higher processor current as the forces behind that shift. It also says Vicor expects Advanced Products to become a larger share of revenue.
That is the strategy in one sentence: turn proprietary power architecture into production modules for large customers, while monetizing the same intellectual property through licenses. The patent estate is meaningful—128 issued U.S. patents at year-end 2025—and the company has shown it will litigate and license. But patents are not a substitute for supply. If Vicor cannot manufacture reliably, support customers globally and hit their cost targets, larger integrated suppliers can still win the socket.
Founder control is part of the underwriting. Patrizio Vinciarelli founded Vicor in 1981, owns 46.9% of the economic shares and controls 79.6% of voting power through the dual-class structure. That preserves a long technical horizon. It also concentrates governance and succession risk in the same person the filing calls critical to product development.
What the Street and Public Conversation Are Saying
The useful outside framing comes from NuttyCLD’s work on the “last few centimeters” of AI power. It casts Vicor as the philosophical originator of load-proximate power delivery that failed to capture the first large commercial win; Infineon and Delta paired better technology delivery with manufacturing discipline. That is the right debate. Vicor does not need to prove the architecture—it needs to prove repeatable socket wins.
The broader public conversation is much thinner. Recent search results were almost entirely small YouTube stock videos—“strong buy,” “after a 367% rally,” and “why it crashed”—with no substantive Reddit or X discussion returned. Mainstream coverage splits between AI-supplier promotion and warnings about valuation. That is sentiment, not corroboration. There is no independent social consensus that changes the filing-based thesis.
Insider selling deserves attention without melodrama. Current filings show repeated sales by the founder, the sales chief and directors; the aggregate feed reports no buys. This is supply and governance context, not evidence that orders are fake. The stronger test is whether management’s backlog becomes product revenue and whether Advanced Products grow without leaning on one-off settlements or unusually large royalty quarters.
The Conviction Chain
| Link | Evidence today | What would strengthen it | What breaks it |
|---|---|---|---|
| AI creates a harder power-delivery problem | GPU/ASIC loads require extreme current near the package; Vicor’s filed product strategy is built around shortening that path. | More platforms adopt 48V and vertical or package-level power. | Architectures reduce the value of Vicor’s approach or standardize it into commodity pricing. |
| Vicor’s architecture earns production demand | Backlog rose from $176.9M to $379.7M in two quarters; Q2 Advanced Products including royalties grew 55.5% YoY. | Backlog converts on time, product revenue grows faster than royalties, and a second major customer enters production. | Backlog falls, orders are rescheduled, or a lead program slips. |
| The IP becomes a second earnings engine | Q2 royalty revenue was $30.4M after a new license agreement; Vicor has a large patent estate and an active enforcement history. | Multiple licensees produce recurring usage-based royalties. | Appeals weaken the patents, revenue proves settlement-driven, or legal cost outruns royalties. |
| The stock can compound from here | Earnings and margins inflected, and a September 21 guidance raise re-rated the stock. | Estimate revisions rise while the stock forms a base above the 200-day average. | Growth normalizes while the stock still trades near 27x TTM sales and 90x TTM GAAP earnings (as of 2026-09-23). |
Conviction stays Medium because the first two links have evidence, but the third is mix-dependent and the fourth still asks for a premium multiple.
Financial Proof
| Quarter | Revenue | Gross margin | Operating margin | Net income | Diluted EPS |
|---|---|---|---|---|---|
| Q4 2025 | $107.3M | 55.4% | 14.6% | $46.5M | $1.02 |
| Q1 2026 | $113.0M | 55.2% | 14.9% | $20.7M | $0.44 |
| Q2 2026 | $143.4M | 58.0% | 24.3% | $49.8M | $1.04 |
Q2’s direction is excellent: revenue, gross margin and operating leverage all improved. The earnings line needs restraint because tax benefits helped Q1 and Q2, while royalties boosted Q2 mix. As of 2026-09-23 at $283.16 and the same 46.1M shares outstanding, Vicor's equity value is about $13.1B — roughly 27.5x TTM revenue and 89.9x TTM GAAP net income, up from 21.6x/70.7x on September 18 on price alone (unchanged TTM basis: FY2025 plus first-half 2026 less first-half 2025, calculated from the 10-K and Q2 10-Q; Q3 2026 is not due until 2026-10-20). The September re-rating restored the premium; the Q3 print has to justify it.
The balance sheet can fund the transition. Q2 ended with $894.2M of assets, $59.6M of liabilities and $834.6M of equity. The constraint is execution and capacity, not leverage.
The Stock Setup (as of 2026-09-18 — history; the current setup is at the top of this page)
| Signal | September 18 reading | Interpretation |
|---|---|---|
| Price | $222.72 | Above the 200-day for the first time since late August, after a +12.54% week. |
| RSI (14) | 58.2 | Warmed from 48.1, comfortably above the midline. |
| 7D / 30D / 3M | +12.5% / +2.5% / -32.8% | The week and month both turned positive; the quarter's damage is still there. |
| 52-week drawdown | -41.8% | Narrowed from -48.3%. |
| SMA20 / SMA50 / SMA200 | +16.3% / +5.3% / +7.5% | All three reclaimed; the trend label flipped from down to strong-up. |
| One-year return | +313.7% | Up from +288.4%, with alpha1y +298.66 — a secular outperformer, still 41.8% below its own high. |
The reclaim is real; the cause is only partly on the record. The 200-day at $207.20 was broken for three straight refreshes and is now 7.5% below price. What the setup needs next is for that reclaim to hold rather than another vertical week. The desk's Thursday tape records a 17.66% single-day gain on a licensing story that is on the wire but carries no filing, and the 2026-09-18 news pull returned quote and aggregator pages plus a September 17 second-quarter summary (earnings per share $1.04, a 60% beat, on revenue of $143.35M). Volume ran 2.4 times average into Friday's quarterly options expiry. Call the week attributed and unconfirmed; no scheduled event is on file for this window.
What to Watch Next
- Backlog conversion: Q3 product revenue should show that the $379.7M order book is shipping, not merely being rescheduled.
- Revenue mix: separate product growth from royalties and settlements. The thesis gets stronger when both work; it weakens if licensing hides soft module volume.
- Customer breadth: a second disclosed Gen 5 production customer matters more than another architecture announcement.
- Capacity: inventory and Andover investment should create output and efficiency, not a working-capital build with delayed shipments.
- Governance: continued insider selling is tolerable while operating evidence improves; selling plus a backlog reversal is a different signal.
Financial Proof
Filed-period check (as of 2026-09-28): The newest verified quarter ended 2026-06-30 and was filed 2026-07-29. Revenue was $143.4M; GAAP net income was $49.8M; diluted EPS was 1.04. Source: Massive income statements and the filing. Dated historical tables below retain their own period basis.
The recent filed revenue series shows the direction of the business; missing cells are left unavailable.
| Period end | Revenue | YoY | Basis |
|---|---|---|---|
| 2025-06-30 | $96.0M | — | Original SEC 10-Q direct quarter, filed 2025-08-01 |
| 2026-06-30 | $143.4M | +49.3% | Current Massive quarter, matched to 2026-07-29 filing period |
Refresh History
| Date | Price | What changed |
|---|---|---|
| 2026-05-29 | $334.84 | Q1 backlog inflection established the commercial thesis; stock had run beyond the original entry plan. |
| 2026-06-16 | $320.46 | Long-term uptrend intact; valuation and execution became the main debate. |
| 2026-07-11 | $272.05 | Short-term structure broke; Q2 became the next proof point. |
| 2026-07-17 | $237.62 | Pullback deepened, but remained well above the 200-day average. |
| 2026-07-25 | $211.01 | Price fell through the old entry band before Q2 was incorporated into the profile. |
| 2026-07-28 | $192.12 | Near-50% drawdown and first serious test of the long-term trend. |
| 2026-07-31 | $207.37 | Relief bounce; no new business evidence. |
| 2026-08-08 | $221.20 | Bounce continued, still below the broken medium-term averages. |
| 2026-08-14 | $234.74 | Recovery reached neutral momentum. |
| 2026-08-22 | $200.54 | Q2 filing now incorporated: business strengthened, stock sponsorship weakened. |
| 2026-08-28 | $187.75 | Tape update: no new filing this cycle. RSI 38.5, price broke below the 200-day (-6.2%) for the first time in this file, -50.9% from high. Stock-events checked: none new. News not pulled for this move — the VICR cache was last fetched 2026-08-23, stale relative to this week's decline. |
| 2026-09-04 | $188.55 | Tape update: no new filing this cycle (newest cached quarter is still Q2 2026). Essentially flat on the week (+0.4%); RSI warmed to 41.9; 30D turned sharply more negative (-13.9%, from +2.7%); still -6.8% below the 200-day, a second straight cycle without repair. Multiples restated at the new price (18.3x TTM revenue, 59.8x TTM GAAP net income, both down on price alone). Stock-events checked: none new. News not pulled for this move — cache last fetched 2026-08-23, now nearly two weeks stale. |
| 2026-09-11 | $197.91 | Tape update: no new filing this cycle (newest cached quarter is still Q2 2026; Q3 2026 due 2026-10-20). +5.0% on the week including an +11.15% single-day pop on 09-11; RSI warmed to 48.1; 200-day gap narrowed sharply to -3.2% (from -6.8%). Multiples restated at the new price (19.2x TTM revenue, 62.8x TTM GAAP net income, both up on the higher price). Stock-events checked: none new. News pulled today (2026-09-11): a $150M August buyback authorization and a "data-center stocks with upside" analyst piece are on file — neither dated as today's specific catalyst, but both provide supportive context; no confirmed single-day cause for the pop. |
| 2026-09-18 | $222.72 | Tape update: no newly filed period on disk (newest filed quarter still ends 2026-06-30, filed 2026-07-29; Q3 2026 due 2026-10-20). +12.54% on the week with a +2.93% Friday on 2.4x average volume; RSI 58.2; the 50-day and the 200-day were both reclaimed after three cycles below, and the trend label flipped from down to strong-up (+16.3%/+5.3%/+7.5% vs the 20-, 50- and 200-day). -41.80% from the high, 3M still -32.79%. 1Y +313.67% with alpha1y +298.66 — the desk's extension board ranks the name a secular multi-year outperformer in pullback. Multiples restated at the new price (21.6x TTM revenue, 70.7x TTM GAAP net income, both up on the higher price). News pulled 2026-09-18: quote and aggregator pages plus a September 17 Q2 2026 summary (EPS $1.04, a 60% beat, revenue $143.35M); the desk's own Thursday tape attributes a +17.66% session to a licensing story on the wire with no filing behind it — attributed and unconfirmed. Stock-events checked: no VICR row dated 2026-09-12 to 2026-09-18. |
| 2026-09-23 | $283.16 | Guidance raise folded: on 2026-09-21 Vicor raised Q3 sequential revenue growth guidance from near 10% to over 20% on royalties from a new non-exclusive Vertical Power Delivery license; four leading OEMs/hyperscalers now licensed (issuer release; StreetInsider 2026-09-22). The 09-18 'attributed and unconfirmed' licensing story now has an issuer release behind it. Tape: 7D +53.97% (a +19.9% session on 2.5x volume per the 2026-09-22 brief; 09-23 +5.52%), RSI 72.5, +40.8%/+34.0%/+35.0% vs the 20-/50-/200-day, 3M -12.14%, -26.00% from the high; 1Y +426.12% with a one-year excess return of +410.35. points Top rewritten with a flag-entry call above the September 18 close. Multiples restated at the new price (27.5x TTM revenue, 89.9x TTM GAAP net income). Stock-events checked: no VICR row dated 2026-09-19 to 2026-09-23. No newly filed period on disk (Q2 2026, filed 2026-07-29, remains newest; the guidance 8-K is not in the filing cache). |
| 2026-09-28 | $285.10 | RSI 71.1; +33.4% vs SMA20; 30D +51.9%. The long trend remains intact; The newest verified quarter ends 2026-06-30 (filed 2026-07-29); revenue was $143.4M. Against 2025-06-30 revenue of $96.0M, that is +49.3% year over year. The news search for the latest move failed; the last completed search was on 2026-09-22. No company event for VICR was recorded between September 24 and 28. |
Sources
- Vicor 2025 Form 10-K — products, strategy, customer model, manufacturing, patents, founder control and filed risks.
- Vicor Q2 2026 Form 10-Q — revenue, segment mix, royalties, backlog, margins, inventory and balance sheet.
- Vicor Q1 2026 results.
- NuttyCLD, “AI Power Crisis Part 3 — The Last Few Centimeters”.
- NuttyCLD, “The Economics of the Last 1 cm”.
- massive{10k-business,10k-risk_factors,income-statements,balance-sheets}.json`
- VICR{edgar/key-financials.json,news/latest.json}`
- ai-power — September 23, 2026 price truth; 2026-09-18-monster-scan — secular-outperformer tier placement.
- 2026-09-17-market-brief — the Thursday licensing story with no filing behind it, and Friday's quarterly options expiry.
research/stock-events/— no VICR row dated 2026-09-12 to 2026-09-23.- Vicor, "Vicor Corporation Raises Q3 2026 Revenue Guidance," 2026-09-21 and StreetInsider, 2026-09-22 — carried in latest (fetched 2026-09-22).
- Motley Fool, Q2 2026 call transcript — the ITC-timing caution on licensing revenue.
- 2026-09-22-market-brief — the 19.9% session on 2.5x volume.
- 2026-07-21-vicr-earnings — print reaction.
- 2026-08-23-social-search-vicr-vicor — public-discussion quality check.
- 2026-{07,08}--vicr-4-.md` — insider-sale receipts; primary filing URLs within each capture.
2026-09-28 refresh receipts
2026-09-28 settled-close receipt: *, VICR row dated 2026-09-28; tape values above are bound to the current summary fields.
2026-09-28 financial-period check: income-statements and key-financials; newest verified 2026-06-30 period, filed 2026-07-29 (Massive statement / SEC period cross-check).
Vicor prior-period reconciliation: the Massive row labels $141.046M as 2025 Q2 revenue, but the original 2025 Q2 SEC direct-quarter fact is $96.046M; the current $143.352M quarter is therefore +49.3% versus the filed direct-quarter comparator. The vendor comparator was held out of the year-over-year calculation.
2026-09-28 news receipt check: latest, fetched 2026-09-22; receipt is not current; latest-session cause remains unassigned.
2026-09-28 stock-event scan:
research/stock-events/, no VICR row dated 2026-09-24 through 2026-09-28.2026-09-28 captured-follows scan: tweets has 1 September 24–28 document(s) tagging VICR.
Retrospective social-search receipt (captured 2026-09-29): 2026-09-29-social-search-vicr-vicor-corporation; quality/attention check only, not a September 28 event or price source.
2026-09-29 browser discovery check for VICR: news-discovery-google-sep29 (key
VICR); search links only, not evidence of an event or of absence of news.