VICRVICOR CORP

Electronic Components, NEC

Revenue: $408M; 14% YoY
Operating margin: 20.1%; 5601% YoY
EBITDA: $103M; 493% YoY
Market cap: $2.2B
Employees: 1,092; $373K revenue each
Net debt / EBITDA: —
AI in 10-K: 6.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$702K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
118% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$373K · 46th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.0 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$412M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$359M	$399M	$405M	$359M	$408M	14%
Operating income	$56M	$27M	$51M	−$1M	$82M	6346%
Net income	$57M	$25M	$54M	$6M	$119M	1834%
Operating cash flow	$54M	$23M	$75M	$51M	$140M	174%
Capex	$48M	$64M	$33M	$24M	$20M	14%
Stock-based comp	$7M	$10M	$13M	$15M	$17M	9.7%
Buybacks	—	$0	$0	$497K	$35M	6977%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $412M · 981
Net: −$412M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$702K	$2M	119	142
FY2024	$719K	$785K	52	134
FY2023	$821K	$819K	49	123
FY2022	$657K	−$10M	58	106
FY2021	$464K	$8M	138	127