VICR Nasdaq Russell 1000 Earnings call
Vicor Corporation (VICR) · Q2 2026 results and valuation
Share price: $168.10 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 21 Jul 2026 and 21 Apr 2026
Net income up 140.9% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+140.9%
Net income vs Q1 2026
Outlook given
Net income 49.8M vs 20.7M
Revenue +26.9%
Against the same quarter last year (Q2 2025) it is +20.8% — part of the move on last quarter is seasonal.
2 · How management spoke
Restrained
Less upbeat than 71% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Key theme
The market opportunity for Vertical Power Delivery is growing rapidly as AI data center hyperscalers and OEMs require the technology to meet compute…
Valuation
Is Vicor Corporation undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $68.59 a share — the stock trades 145% above it. Today's price assumes 22.9% growth a year.
Current price
$168.10
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+22.9% for 10 yrs
Fair value / share
$68.59
Buy below
$51.45
Price vs fair value
Overvalued 145%
Price vs buy-below price
Overvalued >200%
Read between the lines
-
Guidance
The company expects a nearly 10% increase in Q3 revenue and over $600 million in 2026 revenue due to the addition of incremental capacity.
Source quote
“As we bring on incremental capacity, we expect a nearly 10% increase in Q3 revenue and over $600 million in 2026 revenue.”
-
Figure
Advanced products revenue increased 45% sequentially to $94.2 million and brick products revenue increased 2.4% sequentially to $49.2 million.
Source quote
“Advanced products revenue increased 45% sequentially to $94.2 million, and brick products revenue increased 2.4% sequentially to $49.2 million.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Within each of the four markets of HPC, industrial, automotive, and aerospace and defense, we have customers who are on the cutting edge of high-growth applications with the most demanding...”
“The market opportunity is growing rapidly, and competitors are challenged to deliver on two key specifications, current gain and current density.”
“To achieve these growth objectives, we are planning for double-digit sequential increases in product revenue for advanced products.”
Full figures
USD · ROIC.AI fundamentals (NASDAQ:VICR, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 143.4M | 113.0M | +26.9% | 141.0M | +1.6% |
| Gross profit | 83.1M | 62.4M | +33.3% | 92.1M | −9.8% |
| Operating income | 34.9M | 16.9M | +106.6% | 45.4M | −23.2% |
| Net income | 49.8M | 20.7M | +140.9% | 41.2M | +20.8% |
| EPS | 1.08 | 0.44 | +146.3% | 0.91 | +19.1% |
| P/E today 102.2 | — | 53.8 | — | 31.1 | — |
Topics
Most discussed now
- New Vicor is on its way to raising the bar past amps per square millimeter late this year, beginning of next year.
- New Vicor has a huge efficiency advantage relative to these competitive alternatives, but that doesn't mean it can't play a support...
- New The initial license agreement that was closed in Q2 does not, for the first couple of years, provide for a...
- New Vicor is in a privileged position that with limited capacity, it has the opportunity to select those engagements that make...
- New As time progresses, Vicor is inevitably getting close to full capacity utilization with the first chip fab, and that's why it is...
Faded since Q1 2026
- Dropped That's a onetime discrete item that doesn't get baked into the effective tax rate.
- Fading Wafer scale engines and future embedded multi-die and CoWoS packages for AI chiplet solutions are uniquely enabled by vertical power...
- Fading With capacity in its first chip fab earmarked for existing strategic customers, Vicor will continue to be selective as it...
Latest announcements
Official filings, newest first.
- Articles or bylaws amended · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K