Rankings Semiconductors Vicor
Vicor
63
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−14
- FCF yield−5
- Customer concentration−4
Strengths
- Net cash+2
- Raised guidance+2
- Order book+1
How the score is built
From 100 to 63, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 174.97 USD
- Median analyst target
- 380.00 USD
- Upside to median
- +117.2%
- Analysts
- 4
- Target range
- 350.00 – 450.00 USD
- 52-week change
- +93%
- P/E (trailing)
- 45.8
- Forward P/E
- 32.0
- PEG
- 1.07
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−10 of −30
- −3Margin and quality of earningsOperating margin 20.0% (TTM), but the net margin of 30.7% is due to a tax benefit of $43m and royalties. The operating margin was only 5.3–15.5% in 2021–2025, and according to an analyst the product gross margin fell a couple of hundred basis points in Q2 when royalties are stripped out.
- −3Quality of growthRevenue was flat at $359-408m in 2021-2025, and growth has only come now. Q2 revenue ($143.4m) included $15m from a single licence agreement, which falls to $5m in Q3; the year before included $45m from a patent settlement. Part of the 'growth' is thus lumpy licence payments.
- −2Free cash flowFCF fell 47% to $51m (TTM; FCF margin 10.8% versus 29.2% in 2025) because working capital and capex rose. Inventory rose 10% in Q2 to $104.5m with only 2.1 turns a year.
- −2DilutionShare count has risen 2.4% over a year; shares were issued for 81.6m $ (options) against buybacks of only 17.6m $ (TTM), and stock-based compensation is 16.8m $ (3.5% of revenue).
Price
Today's multiples against the company's own history and its peers. · 2 findings−19 of −35
- −14Multiples vs own historyEV/Sales 24.9 versus 4.4–14.8 in 2021–2025, P/B 14.7 versus 3.7–13.1 and EV/EBITDA 103 versus 26–79 – all the highest in the period. Forward P/E 49 is within 39–70, but only because Vicor has always been expensive; even on analysts' 2027 EPS ($6.12), P/E is 43 – above Nvidia and Vertiv. The stock is up 417% in a year.
- −5FCF yieldP/FCF 239 and FCF yield 0.4% (TTM) versus 1.3-2.4% in 2023-2025. The price assumes that revenue more than doubles toward the target of USD 2.5bn with a 40% operating margin.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−13 of −35
- −4Customer concentrationAnalysts asked on the Q2 call whether Cerebras was a customer above 10% and mentioned an estimate of 25-30% of revenue next year; management referred to the 10-Q and declined to comment on Google, AMD and Broadcom. Licensing revenue comes from a number of OEMs and one hyperscaler.
- −3Dependence on patent casesNew licence agreements are not expected until the second ITC case receives its final ruling in 2027. Two-year licence agreements must be renegotiated when they expire, and Q2's operating costs rose due to results-dependent legal fees. Part of earnings therefore rests on litigation.
- −2Capacity and executionFab-1 in Andover is approaching full utilisation. On 11/9 Vicor bought two plots in New Hampshire for Fab-2 and Fab-3 (almost 1 million square feet) with about a year's lead time to first operation. It is a large build-out for a company with $474m in revenue and risk of bottlenecks and delays.
- −2Insider tradingFounder and CEO Patrizio Vinciarelli has sold several times since December 2025, including 50,000 shares at about USD 167 in March 2026 and 20,000 shares in July, in total about USD 46.5m in insider sales. No insider purchases found; insiders still own 44%, however.
- −2Volatility and sentimentBeta 2.38, the share price is +417% over 52 weeks, and 7.95% of the free float is sold short. The free float is only 25.7m shares.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Net cashCash of $453.6m against debt of $7.6m gives net cash of $446m (about 3.6% of market cap); in addition there are CHIPS Act tax credits ($14.3m received in July).
- +2Raised guidanceQ2 guidance raised from $126m to $142m in May, and the full-year expectation lifted from about $570m to over $600m with almost 10% sequential growth in Q3.
- +1Order bookThe one-year order book rose 26% in the quarter to $379.7m (about 80% of TTM revenue); according to management, only a little of the increase came from the licence agreement, and book-to-bill was above 1.
Caveats
What the score does not capture, or where the data is weak.
Industry set to Semiconductors (power modules from its own ChiP fab; closest peer is Monolithic Power) – could also be Power grid & electrical equipment. TTM net income (145m $) is inflated by a tax benefit (−43m $ in tax) and royalties; operating income is 95m $. FY2025 included a patent settlement of 45m $. The share from AI/data centres is not disclosed directly; Cerebras' share (analyst estimate 25–30% next year) is not confirmed by the company – check the 10-Q. Only 4 analysts cover the stock. The Q3 report is due 20 Oct 2026.
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