Filing Flows › Vicor (VICR) › Takeover & LBO
Is Vicor (VICR) a takeover target?
A leveraged buyout at today's price plus 30% ($253.20 a share) would return a loss of about 6% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 2.5% of companies with its figures were bought within a year (0.5× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $253.20 | today's $194.77 plus 30% |
| × shares | 47.6 million | |
| = Equity value | $12.1B | |
| + Debt refinanced | $0 | |
| − Cash | $404M | |
| = Enterprise value | $11.7B | 72.6× EBITDA of $161M |
| Fees | $233M | 2% of the price |
| New debt | $883M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $11.0B | 93% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $256M | $156M | $67.5M | $52.7M | $830M |
| Year 2 | $252M | $153M | $63.5M | $54.6M | $776M |
| Year 3 | $252M | $153M | $59.3M | $58.3M | $717M |
| Year 4 | $255M | $156M | $54.9M | $63.5M | $654M |
| Year 5 | $263M | $160M | $50.0M | $70.7M | $583M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 55.2× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $8.9B | |
| − Debt left | $583M | |
| = Buyer's equity | $8.3B | |
| Money multiple | 0.75× | on $11.0B put in |
| Buyer's yearly return (IRR) | −5.5% |
Price against return
What the buyer makes at other premiums over today's $194.77.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $214.25 | −1.9% |
| 20% | $233.72 | −3.8% |
| 30% | $253.20 | −5.5% |
| 40% | $272.68 | −7.1% |
| 50% | $292.16 | −8.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $263M | |
| EBITDA, last 12 months | $161M | 60.9% of revenue |
| Depreciation and amortization | $20.9M | |
| Capital spending | $28.2M | |
| Debt | $0 | |
| Cash | $404M | |
| Share price | $194.77 | on Oct 26, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows -3.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 12% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Vicor would cost about $253.20 a share, $12.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $218.14 | $10.4B |
| Median | 30% | $253.20 | $12.1B |
| High end (a quarter paid more) | 31% | $255.15 | $12.1B |
The odds, from history
Historically 2.5% of companies with its figures were bought within a year (0.5× the average). Its figures put it in decile 2 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Vicor's latest quarter
Vicor, Q3 2026: revenue $197M (+78% year over year), operating margin 36.6%, net earnings $63.3M, operating cash flow $50.2M. The chart follows the revenue to costs, profit and cash.
Questions
Is Vicor being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Vicor?
A leveraged buyout at today's price plus 30% ($253.20 a share) would return a loss of about 6% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Vicor cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Vicor would cost about $253.20 a share, $12.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.