Verdict
Overvalued
What is Vicor Corporation (VICR) worth?
Currently $214.70 — 38% premium to Dolphy’s fair value · ● live
● live · as of 2026-07-21 21:13 · Market cap $11.8B
As of 2026-07-14, Vicor Corporation (VICR) looks overvalued. Dolphy estimates a fair value of $156.00 versus a current price of $214.70 — a 38% premium to fair value.
Executive summary
Vicor Corporation has ridden the AI infrastructure wave to a 621% gain over the past year, transforming from a niche power-conversion supplier into a market-darling AI play at an $11.8B market cap. The thesis is real: Vicor's proprietary Factorized Power Architecture (FPA) and 48V DC distribution solutions address a critical bottleneck in AI数据中心 — delivering efficient, high-density power to increasingly power-hungry GPUs and accelerators. FY2025 revenue surged 26% to $453M, net income swung from $6M to $119M, and the company is generating licensing royalties from its IP.
But the stock has outrun the fundamentals. Q2 2025 was a clear outlier quarter ($141M revenue, 65.3% gross margin). Since then, quarterly revenue has settled to $107-113M with gross margins compressing to ~55%. Q1 2026 generated negative free cash flow (-$16M) on elevated capex. The company itself warns of customer concentration risk as it transitions to serving 'a small number of relatively large volume customers.'
At $259, Vicor trades at ~99x TTM EBITDA, ~87x TTM EPS, and ~26x TTM revenue. Our scenario-weighted DCF yields a fair value of $156, implying the stock is ~66% overvalued. While the AI power delivery opportunity is genuine and Vicor's technology is differentiated, the current price offers no margin of safety and embeds expectations that leave no room for even modest disappointment.
How we value it
Scenario-weighted DCF (primary), cross-checked with forward P/E comps
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About Vicor Corporation
Vicor Corporation, together with its subsidiaries, designs, develops, manufactures, and markets modular power components and power systems for converting electrical power for use in electrically powered devices in the United States, Europe, the Asia Pacific, and internationally. The company offers a range of brick-format DC-DC converters; complementary components that provide AC line rectification, input filtering, power factor correction, and transient protection; and input and output voltage, and output power products, as well as sells electrical and mechanical accessories. It also designs, sells, and services custom power system solutions. It serves independent manufacturers of electronic devices, original equipment manufacturers, original design manufacturers, and their contract manufacturers in the aerospace and aviation, defense electronics, satellites, factory automation, instrumentation, test equipment, transportation, telecommunications and networking infrastructure, and vehicle markets. Vicor Corporation was incorporated in 1981 and is headquartered in Andover, Massachusetts.
Frequently asked questions
Is VICR a buy?
As of 2026-07-14, Vicor Corporation (VICR) looks overvalued. Dolphy estimates a fair value of $156.00 versus a current price of $214.70 — a 38% premium to fair value.
What is VICR's fair value?
Dolphy's estimated fair value for Vicor Corporation (VICR) is $156.00, versus a current market price of $214.70.
Is VICR overvalued or undervalued?
Vicor Corporation (VICR) currently looks overvalued — trading at a 38% premium to Dolphy's estimated fair value of $156.00.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.