VICOR CORP

Vicor's Q2 FY2026 print beat EPS consensus by 67.7% on a revenue beat of just 3.6%, and the gap between those two numbers is the whole essay: this was a margin-and-royalty event, not a demand event, and the market should price the durable mix shift in advanced products while discounting the earnings quality.

VICOR CORP reported Q2 FY2026. EPS came in at $1.04 against a $0.62 consensus, beat by 67.7%. Revenue was $143.4M versus $138.4M expected, beat by 3.6%. Gross margin was 55.2%, up 0 bps from last quarter.

VICOR CORP VICOR CORP reported a strong Q1 FY2026, beating both revenue and EPS estimates by 3.3% and 17.7%, respectively. The market may be underestimating the company's capacity expansion and its impact on future revenue growth. This print suggests that VICOR is not only capitalizing on its existing backlog but is also positioning itself for sustained growth through strategic capacity investments.

Vicor's Q4 FY2025 print delivered a headline EPS beat of +165.8%, but the beat was manufactured below the operating line by a $27.3 million deferred tax benefit, while the revenue line the street actually underwrites came in fractionally light. The variant perception: the market is about to capitalize accounting income at an operating multiple, when the real debate should be whether the fab can credibly approach the $800 million product run rate management hinted at, and whether the "hundreds of millions" licensing promise is a moat or a mirage.