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MPWRMonolithic Power Systems

Technology · Semiconductors · Nasdaq

Monolithic Power Systems, Inc. is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. 10-K, Item 1

MPWR quote by TradingView
Employees
4,501
Headquarters
West Palm Beach, FL
CEO
Michael Hsing
Next results
around Feb 4, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)18.15Sales (ttm)3.7BNet income (ttm)893.2MSales growth+26.4%EPS growth-60.6%Sales Q/Q+63.1%
Free cash flow609.4MGross margin55.3%Oper. margin29.5%Net margin23.9%FCF margin16.3%ROE23.9%
ROA19.1%R&D / sales13.7%Dividend6.24Debt/Eq-Curr. ratio3.70Cash560.5M
Op. cash flow (ttm)873.0MEBITDA781.1MEBITDA margin28.0%Quick ratio2.82ROIC15.8%Payout ratio48.5%
Tax rate18.9%Stock pay / sales8.2%Shares out.48.8MShares Y/Y-1.1%Book / share76.56Cash / share11.49
Sales / share76.66Asset turnover0.80Inventory turns2.22Days sales out.33Sales 3Y CAGR+15.9%Sales 5Y CAGR+27.0%
EPS 3Y CAGR+12.4%EPS 5Y CAGR+29.7%Employees4,501Sales / employee831K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +26.4%+21.2% → +26.4% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

MPWR against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
MPWRPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+26.4%16th of 75 · median +14.1%
Net margin
23.9%27th of 75 · median 19.1%
Return on equity
23.9%35th of 69 · median 23.9%
Free cash flow margin
16.3%49th of 71 · median 22.3%
MPWR and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
MPWR Monolithic Power Systems$3.7B +26.4%55.3%23.9%23.9%16.3%-
P Everpure$4.3B +15.6%69.7%5.9%16.4%3.0%-
SWKS Skyworks Solutions$4.0B -2.2%40.7%7.2%5.1%10.8%0.09
TRMB Trimble Inc.$3.8B -2.6%69.6%-4.1%-3.2%20.7%0.31
LITE Lumentum$3.7B +83.2%45.9%-175.8%-143.9%9.5%0.60
FFIV F5, Inc.$3.3B +9.7%81.9%22.0%18.8%29.3%-

From $1.2B of sales to $242.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $685.5MRevenue to Cost of revenue: $522.3MGross profit to Operating profit: $262.4MGross profit to Operating expenses: $423.0MOperating profit to Net profit: $242.0MOperating profit to Tax & other: $20.4MOperating expenses to R&D: $190.6MOperating expenses to SG&A: $232.4M Revenue: $1.2B Revenue$1.2B +43% Y/Y Gross profit: $685.5M · 57% margin Gross profit$685.5M57% margin +47% Y/Y Cost of revenue: $522.3M · 43% of revenue Cost of revenue$522.3M43% of revenue Operating profit: $262.4M · 22% margin Operating profit$262.4M22% margin +65% Y/Y Operating expenses: $423.0M · 35% of revenue Operating expenses$423.0M35% of revenue Net profit: $242.0M · 20% margin Net profit$242.0M20% margin +47% Y/Y Tax & other: $20.4M · 2% of revenue Tax & other$20.4M2% of revenue R&D: $190.6M · 16% of revenue R&D$190.6M16% of revenue SG&A: $232.4M · 19% of revenue SG&A$232.4M19% of revenue

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From $1.8B of sales to $437.7M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $1.0BRevenue to Cost of revenue: $745.6MGross profit to Operating profit: $526.8MGross profit to Operating expenses: $521.8MOperating profit to Net profit: $437.7MOperating profit to Tax & other: $89.1MOperating expenses to R&D: $240.2MOperating expenses to SG&A: $281.6M Revenue: $1.8B Revenue$1.8B +49% Y/Y Gross profit: $1.0B · 58% margin Gross profit$1.0B58% margin +53% Y/Y Cost of revenue: $745.6M · 42% of revenue Cost of revenue$745.6M42% of revenue Operating profit: $526.8M · 29% margin Operating profit$526.8M29% margin +101% Y/Y Operating expenses: $521.8M · 29% of revenue Operating expenses$521.8M29% of revenue Net profit: $437.7M · 24% margin Net profit$437.7M24% margin +81% Y/Y Tax & other: $89.1M · 5% of revenue Tax & other$89.1M5% of revenue R&D: $240.2M · 13% of revenue R&D$240.2M13% of revenue SG&A: $281.6M · 16% of revenue SG&A$281.6M16% of revenue

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From $1.8B of sales to $427.4M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $1.0BRevenue to Cost of revenue: $800.0MGross profit to Operating profit: $481.7MGross profit to Operating expenses: $539.4MOperating profit to Net profit: $403.3MOperating profit to Tax: $78.5MOther income to Net profit: $24.1MOperating expenses to R&D: $263.6MOperating expenses to SG&A: $275.7M Revenue: $1.8B Revenue$1.8B +2% Y/Y Gross profit: $1.0B · 56% margin Gross profit$1.0B56% margin −3% Y/Y Cost of revenue: $800.0M · 44% of revenue Cost of revenue$800.0M44% of revenue Operating profit: $481.7M · 26% margin Operating profit$481.7M26% margin −9% Y/Y Other income: $24.1M · 1% of revenue Other income$24.1M1% of revenue Operating expenses: $539.4M · 30% of revenue Operating expenses$539.4M30% of revenue Net profit: $427.4M · 23% margin Net profit$427.4M23% margin −2% Y/Y Tax: $78.5M · 4% of revenue Tax$78.5M4% of revenue R&D: $263.6M · 14% of revenue R&D$263.6M14% of revenue SG&A: $275.7M · 15% of revenue SG&A$275.7M15% of revenue

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From $2.8B of sales to $621.5M of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $1.5BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $728.6MGross profit to Operating expenses: $811.1MOperating profit to Net profit: $583.9MOperating profit to Tax: $144.7MOther income to Net profit: $37.6MOperating expenses to R&D: $382.3MOperating expenses to SG&A: $428.8M Revenue: $2.8B Revenue$2.8B +26% Y/Y Gross profit: $1.5B · 55% margin Gross profit$1.5B55% margin +26% Y/Y Cost of revenue: $1.3B · 45% of revenue Cost of revenue$1.3B45% of revenue Operating profit: $728.6M · 26% margin Operating profit$728.6M26% margin +35% Y/Y Other income: $37.6M · 1% of revenue Other income$37.6M1% of revenue Operating expenses: $811.1M · 29% of revenue Operating expenses$811.1M29% of revenue Net profit: $621.5M · 22% margin Net profit$621.5M22% margin −61% Y/Y Tax: $144.7M · 5% of revenue Tax$144.7M5% of revenue R&D: $382.3M · 14% of revenue R&D$382.3M14% of revenue SG&A: $428.8M · 15% of revenue SG&A$428.8M15% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median23.9% vs 19.1%
  • ✓
    Gross margin up over 5 years55.2% → 55.2%
  • ✓
    Return on equity above 15%23.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 13.6% → 22.3%

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$666.2M last year
  • !
    Share count up over 5 years+2.8%
  • ✓
    Dividend per share up over 5 years$2.00 → $6.24
  • ✓
    Cash from operations above net income$838.2M vs $621.5M
Free cash flow, FY2016 to FY2025: 70.7M → 666.2M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 2.8B Net income 621.5M
FY2016 revenue 388.7M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-19-003798 FY2016 net income 52.7M · NetIncomeLoss, 0001437749-19-003798 388.7M FY2016 FY2017 revenue 470.9M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-20-003943 FY2017 net income 65.2M · NetIncomeLoss, 0001437749-20-003943 470.9M FY2017 FY2018 revenue 582.4M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-21-004587 FY2018 net income 105.3M · NetIncomeLoss, 0001437749-21-004587 582.4M FY2018 FY2019 revenue 627.9M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-22-004460 FY2019 net income 108.8M · NetIncomeLoss, 0001437749-22-004460 627.9M FY2019 FY2020 revenue 844.5M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-23-004540 FY2020 net income 164.4M · NetIncomeLoss, 0001437749-23-004540 844.5M FY2020 FY2021 revenue 1.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-24-006133 FY2021 net income 242.0M · NetIncomeLoss, 0001437749-24-006133 1.2B FY2021 FY2022 revenue 1.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-25-005903 FY2022 net income 437.7M · NetIncomeLoss, 0001437749-25-005903 1.8B FY2022 FY2023 revenue 1.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-26-006113 FY2023 net income 427.4M · NetIncomeLoss, 0001437749-26-006113 1.8B FY2023 FY2024 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-26-006113 FY2024 net income 1.6B · NetIncomeLoss, 0001437749-26-006113 2.2B FY2024 FY2025 revenue 2.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-26-006113 FY2025 net income 621.5M · NetIncomeLoss, 0001437749-26-006113 2.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

MPWR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue2.8B
FY2016: 388.7MFY2017: 470.9MFY2018: 582.4MFY2019: 627.9MFY2020: 844.5MFY2021: 1.2BFY2022: 1.8BFY2023: 1.8BFY2024: 2.2BFY2025: 2.8B FY2017FY2019FY2021FY2023FY2025
Net income621.5M
FY2016: 52.7MFY2017: 65.2MFY2018: 105.3MFY2019: 108.8MFY2020: 164.4MFY2021: 242.0MFY2022: 437.7MFY2023: 427.4MFY2024: 1.6BFY2025: 621.5M FY2017FY2019FY2021FY2023FY2025
Free cash flow666.2M
FY2016: 70.7MFY2017: 68.1MFY2018: 118.9MFY2019: 120.5MFY2020: 212.2MFY2021: 225.6MFY2022: 187.8MFY2023: 580.6MFY2024: 642.3MFY2025: 666.2M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)12.86
FY2016: 1.26FY2017: 1.50FY2018: 2.36FY2019: 2.38FY2020: 3.50FY2021: 5.05FY2022: 9.05FY2023: 8.76FY2024: 32.60FY2025: 12.86 FY2017FY2019FY2021FY2023FY2025
Dividend per share6.24
FY2016: 0.80FY2017: 0.80FY2018: 1.20FY2019: 1.60FY2020: 2.00FY2021: 2.40FY2022: 3.00FY2023: 4.00FY2024: 5.00FY2025: 6.24 FY2017FY2019FY2021FY2023FY2025
Diluted shares48.3M
FY2016: 41.9MFY2017: 43.6MFY2018: 44.6MFY2019: 45.8MFY2020: 47.0MFY2021: 47.9MFY2022: 48.4MFY2023: 48.8MFY2024: 48.8MFY2025: 48.3M FY2017FY2019FY2021FY2023FY2025

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
CHINA 1.5B55.3% +31.1%
TAIWAN 550.1M19.7% -4.8%
KOREA, REPUBLIC OF 252.7M9.1% +50.5%
South East Asia 148.1M5.3% +88.1%
Europe 113.5M4.1% +30.6%
UNITED STATES 96.7M3.5% +75.1%
JAPAN 84.4M3.0% +36.9%
Other Region 484K0.0% +56.1%

10-K 0001437749-26-006113, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue388.7M470.9M582.4M627.9M844.5M1.2B1.8B1.8B2.2B2.8B
Cost of revenue177.8M212.6M259.7M281.6M378.5M522.3M745.6M800.0M986.2M1.3B
Gross profit210.9M258.3M322.7M346.3M466.0M685.5M1.0B1.0B1.2B1.5B
R&D73.6M82.4M93.5M107.8M137.6M190.6M240.2M263.6M324.7M382.3M
SG&A83.0M97.3M113.8M133.5M161.7M232.4M281.6M275.7M356.8M428.8M
Operating income54.4M77.4M113.5M102.6M158.9M262.4M526.8M481.7M539.4M728.6M
Pretax income57.3M82.9M118.5M113.1M169.3M272.2M524.9M505.8M572.9M766.2M
Income tax4.5M17.7M13.2M4.3M5.0M30.2M87.3M78.5M-1.0B144.7M
Net income52.7M65.2M105.3M108.8M164.4M242.0M437.7M427.4M1.6B621.5M
EPS (diluted)1.261.502.362.383.505.059.058.7632.6012.86
Diluted shares41.9M43.6M44.6M45.8M47.0M47.9M48.4M48.8M48.8M48.3M
Depreciation & amortization14.7M16.1M12.3M14.9M19.2M28.7M37.1M40.2M36.4M52.5M
EBITDA69.1M93.5M125.8M117.4M178.1M291.1M563.9M521.9M575.8M781.1M
Gross margin54.3%54.8%55.4%55.2%55.2%56.8%58.4%56.1%55.3%55.2%
Operating margin14.0%16.4%19.5%16.3%18.8%21.7%29.4%26.5%24.4%26.1%
Net margin13.6%13.8%18.1%17.3%19.5%20.0%24.4%23.5%72.1%22.3%
Revenue growth-+21.2%+23.7%+7.8%+34.5%+43.0%+48.5%+1.5%+21.2%+26.4%
EPS growth-+19.0%+57.3%+0.8%+47.1%+44.3%+79.2%-3.2%+272%-60.6%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash112.7M82.8M172.7M173.0M334.9M189.3M288.6M527.8M691.8M1.1B
Short-term investments155.5M216.3M204.6M282.4M260.2M535.8M449.3M580.6M171.1M157.2M
Receivables34.2M38.0M55.2M52.7M66.8M104.8M182.7M179.9M172.5M255.6M
Inventory71.5M99.3M136.4M127.5M157.1M259.4M447.3M383.7M419.6M564.6M
Current assets383.0M449.2M580.8M655.2M842.0M1.1B1.4B1.8B1.6B2.2B
Property & equipment85.2M144.6M150.0M228.3M281.5M363.0M357.2M369.0M494.9M627.7M
Goodwill6.6M6.6M6.6M6.6M6.6M6.6M6.6M6.6M25.9M25.9M
Total assets511.1M652.6M793.4M956.4M1.2B1.6B2.1B2.4B3.5B4.2B
Accounts payable17.4M22.8M22.7M27.3M38.2M83.0M61.5M63.0M102.5M138.3M
Current liabilities52.9M65.9M80.4M98.2M147.0M226.9M263.4M235.0M294.6M369.4M
Total liabilities80.0M130.6M153.3M182.9M241.9M341.8M390.3M384.4M564.7M662.7M
Shareholders' equity431.1M522.0M640.1M773.5M966.6M1.2B1.7B2.0B3.0B3.5B
Retained earnings119.4M143.6M194.7M229.4M298.7M424.9M716.4M947.1M2.3B2.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow107.8M133.8M141.5M216.3M267.8M320.0M246.7M638.2M788.4M838.2M
Capital spending37.1M65.8M22.5M95.8M55.6M94.4M58.8M57.6M146.1M172.0M
Free cash flow70.7M68.1M118.9M120.5M212.2M225.6M187.8M580.6M642.3M666.2M
Stock-based pay (added back)45.0M52.6M60.6M78.7M85.6M123.5M161.0M149.7M205.6M227.5M
Dividends paid-33.9M47.5M67.3M88.8M109.4M138.0M185.8M240.6M284.8M
Buybacks-----003.7M636.2M6.6M
Acquisitions------0033.3M0
Investing cash flow-55.7M-134.1M-14.7M-167.1M-39.2M-378.9M-12.5M-178.7M223.0M-157.3M
Financing cash flow-28.1M-31.3M-34.6M-48.0M-71.6M-90.2M-128.8M-183.7M-872.2M-285.9M
Dividend per share0.800.801.201.602.002.403.004.005.006.24

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)45.0M52.6M60.6M78.7M85.6M123.5M161.0M149.7M205.6M227.5M
Stock-based pay / revenue11.6%11.2%10.4%12.5%10.1%10.2%9.0%8.2%9.3%8.2%
Operating lease cost---1.5M1.5M2.5M2.7M3.1M3.9M5.2M
Operating lease cash paid---1.4M1.5M2.3M2.8M3.0M4.3M4.8M
Right-of-use assets--02.9M3.7M--8.4M16.9M24.9M
Operating lease liabilities--0----7.9M15.8M24.1M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on MPWR in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MPWR/export.csv") into a cell.