Vicor Corporation Common Stock (VICR) : juste valeur

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Vicor designs modular power conversion components, its Factorized Power Architecture bricks and current multiplier modules, which sit close to AI accelerators and high-performance compute racks where power density and efficiency matter most. The company's edge is in its proprietary packaging and power topology, which supports a 56.6% gross margin that is unusually high for a hardware supplier and suggests real pricing power rather than commodity exposure. Revenue growth of 49.3% points to demand from data center and AI customers pulling through the product line, and that is the near-term driver to test: whether orders hold as hyperscalers build out next-generation rack power. At 47.2 times forward earnings against 70.3 trailing, the market is already paying for a large part of that growth, so the question is durability of the margin, not the headline growth rate. A 20.1% ROE and 24.3% operating margin make it worth a deeper look at order backlog, customer concentration and how much of the growth is repeatable.