Ticker Teardown Dossier
Vicor ($VICR), taken apart the way the desk does.
Vicor (VICR) Teardown Dossier · As of 2026-11-02, refreshed after Q3 2026 results
The VICR dossier is the desk's Vicor teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of Vicor's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
2,208 words · about 10 min to read · 10 sections · data as of 2 November 2026 · last refreshed after Q3 2026 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- The business: not a utility
- The june quarter: reported, not guided
- The licensing leg: no longer an option
- The fab: the bear case rotated
- The bear case: five ways it breaks
- Valuation: one frame only
- The chart: be honest
- The verdict
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-09-16, with prices as of 2026-09-15. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-02.
The setup
Vicor is up 255% over the past year, and it has handed back 52% from the high it set this summer. In the same stretch the company raised its own revenue targets and bought two more factories. Which one is wrong here, the tape or the business? The level I would actually watch is at the end of this dossier.
The business: not a utility
Start with what Vicor sells, because most people file it in the wrong drawer. When the market says AI power it means generation: gas turbines, nuclear restarts, the merchant power names. Vicor sells none of that. It sells the last few centimetres. An Nvidia NVL72 rack pulls around 120 kilowatts today, and the Rubin class roadmap points at roughly 250. At that density the old twelve volt distribution bus stops working, and delivering 1500 amps at under one volt into the edge of a die becomes its own engineering problem. Vicor splits regulation from transformation and puts the final step down module right beside the load. That is the whole product.
The june quarter: reported, not guided
The figures the company actually reported for the June quarter. Revenue, $143.4 million, up 26.9% from $113.0 million in the March quarter. Gross margin 58.0%, up from 55.2%. Net income $49.8 million, or $1.04 a share. One year backlog closed at $380 million, up 26% in a single quarter and up 145% on the year. Those are reported numbers, not estimates.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 | 2026-09-30 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Source filing | 10-K 2025-03-03 | 10-Q 2025-04-30 | 10-Q 2025-08-01 | 10-Q 2025-10-29 | 10-K 2026-03-02 | 10-Q 2026-04-30 | 10-Q 2026-07-29 | 10-Q 2026-10-26 |
| Revenue | 96.2 | 94.0 | 141.0 | 110.4 | 107.3 | 113.0 | 143.4 | 197.1 |
| Gross margin | 52.4% | 47.2% | 65.3% | 57.5% | 55.4% | 55.2% | 58.0% | 68.3% |
| Operating income | 9.2 | -0.1 | 45.4 | 20.9 | 15.7 | 16.9 | 34.9 | 72.1 |
| Net income | 10.2 | 2.5 | 41.2 | 28.3 | 46.5 | 20.7 | 49.8 | 63.3 |
| Operating cash flow | 10.1 | 20.1 | 65.2 | 38.5 | 15.7 | -3.9 | 34.1 | 50.2 |
| Capex | -1.7 | -4.5 | -6.2 | -4.0 | -5.5 | -12.4 | -11.2 | -16.1 |
| Free cash flow | 8.4 | 15.6 | 59.0 | 34.5 | 10.2 | -16.3 | 23.0 | 34.0 |
| Cash and equivalents | 277.3 | 296.1 | 338.5 | 362.4 | 402.8 | 404.2 | 453.6 | 513.1 |
| Debt (book, excl. leases) | n/r | n/r | n/r | n/r | n/r | n/r | n/r | n/r |
| Diluted shares (M) | 45.2* | 45.5 | 45.1 | 44.9 | 45.5* | 47.3 | 47.7 | 47.6 |
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It reads our $VICR data (thesis, key levels, peers, a year of prices) and any chart screenshot you paste, then explains the setup in plain English. Free with an email login, 5 questions a day. Education only: it never tells you to buy or sell, and it can be wrong, so check the numbers.
What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $VICR and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.