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Monolithic Power Systems

MPWR Nasdaq Semiconductors Financials FY2016–FY2025

Monolithic Power Systems' revenue rose 26.4% to $2.8 billion in fiscal 2025. Its operating margin was 26.1%, up from 24.4% a year earlier. Free cash flow was $666 million, up 3.7%. It paid out $291 million in dividends and buybacks, 44% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$1,140.12

2.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.8B
26.4% vs prior year
Operating margin Operating income as a share of revenue.
26.1%
1.7 pts
Net income Profit after all expenses, interest and tax.
$622M
61.0%
Free cash flow Cash from operations minus capital spending.
$666M
3.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
27.1%
8.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$56.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
69.7x
On $16.37 EPS (TTM)

About these figures. Monolithic Power Systems has no borrowings, so its debt is zero.

What Monolithic Power Systems does

No business description yet.

Legal name
Monolithic Power Systems, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001437749-26-006113
0001280452

Revenue and margins

Monolithic Power Systems had $2.8B of revenue in fiscal 2025, up 26.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 29.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $666M in fiscal 2025, 23.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Monolithic Power Systems returned $291M to shareholders in fiscal 2025, 44% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Monolithic Power Systems yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.3B and divides by 48.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 69.6x · peers 43.2x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Monolithic Power Systems can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $725M$738M$1.1B$863M$1.3B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −2.5x−1.3x−2.1x−1.5x−1.6x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 5.0x5.4x7.7x5.3x5.9x
Quick ratio 3.8x3.7x6.1x3.9x4.4x
Total assets $1.6B$2.1B$2.4B$3.5B$4.2B
Total liabilities $342M$390M$384M$565M$663M
Shareholders' equity $1.2B$1.7B$2.0B$3.0B$3.5B
Net debt (− = net cash) −$725M−$738M−$1.1B−$863M−$1.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$74.7M

6 insiders

Of sales under plans

81%

$60.7M

DateInsiderTradeSharesPriceValueFiling
Sep 28, 2026 Michael HsingCEO, Director Sold plan 30,000 $1,344.97 $40.3M Form 4
Aug 24, 2026 Kuo Wei Herbert ChangDirector Sold 50 $1,281.57 $0.1M Form 4
Aug 24, 2026 Robert W Dean IIInterim CFO Sold 32 $1,297.72 $0.0M Form 4
Aug 17, 2026 Robert W Dean IIInterim CFO Sold 6 $1,413.64 $0.0M Form 4
Aug 11, 2026 Kuo Wei Herbert ChangDirector Sold 50 $1,420.00 $0.1M Form 4
Aug 5, 2026 Robert W Dean IIInterim CFO Sold 105 $1,344.27 $0.1M Form 4
Aug 3, 2026 Maurice SciammasEVP, WW Sales & Marketing Sold plan 30 $1,343.94 $0.0M Form 4
Jul 15, 2026 Maurice SciammasEVP, WW Sales & Marketing Sold plan 15,000 $1,349.73 $20.2M Form 4
Jul 1, 2026 Maurice SciammasEVP, WW Sales & Marketing Sold plan 30 $1,351.61 $0.0M Form 4
Jun 1, 2026 Maurice SciammasEVP, WW Sales & Marketing Sold plan 30 $1,533.95 $0.0M Form 4
May 27, 2026 Saria TsengEVP & General Counsel Sold 7,565 $1,700.00 $12.9M Form 4
May 26, 2026 Jeff ZhouDirector Sold 486 $1,680.00 $0.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 4 / 94 / 95 / 9
Accruals ratio −9.4%27.0%−5.6%
Altman Z'' 12.4711.0111.63

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Monolithic Power Systems MPWR $56.2B 26.4% 26.1% 23.9% 27.1% 69.7x 5
Cirrus Logic CRUS $5.9B 5.3% 23.1% 31.9% 29.6% 13.7x 8 Compare →
Skyworks Solutions SWKS $12.6B −2.2% 12.2% 27.1% 8.5% 43.2x 5 Compare →
Microchip Technology MCHP $40.8B 7.1% 10.4% 18.5% 3.5% 108.9x 6 Compare →
Arm Holdings ARM $224.6B 22.8% 18.3% 19.9% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $389M $471M $582M $628M $845M $1.2B $1.8B $1.8B $2.2B $2.8B
Gross profit $211M $258M $323M $346M $466M $686M $1.0B $1.0B $1.2B $1.5B
Research and development $73.6M $82.4M $93.5M $108M $138M $191M $240M $264M $325M $382M
Operating income $54.4M $77.4M $114M $103M $159M $262M $527M $482M $539M $729M
Pretax income $57.3M $82.9M $119M $113M $169M $272M $525M $506M $573M $766M
Income tax $4.5M $17.7M $13.2M $4.3M $5.0M $30.2M $87.3M $78.5M −$1.0B $145M
Net income $52.7M $65.2M $105M $109M $164M $242M $438M $427M $1.6B $622M
Diluted EPS $1.26 $1.50 $2.36 $2.38 $3.50 $5.05 $9.05 $8.76 $32.60 $12.86
Diluted shares 0.04B 0.04B 0.04B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $108M $134M $142M $216M $268M $320M $247M $638M $788M $838M
Capital expenditure $37.1M $65.8M $22.5M $95.8M $55.6M $94.4M $58.8M $57.6M $146M $172M
Free cash flow $70.7M $68.1M $119M $121M $212M $226M $188M $581M $642M $666M
Depreciation and amortization $14.7M $16.1M $12.3M $14.9M $19.2M $28.7M $37.1M $40.2M $36.4M $52.5M
Stock-based compensation $45.0M $52.6M $60.6M $78.7M $85.6M $124M $161M $150M $206M $228M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $33.3M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $3.7M $636M $6.6M
Dividends paid $0.0M $33.9M $47.5M $67.3M $88.8M $109M $138M $186M $241M $285M
Dividends and buybacks $0.0M $33.9M $47.5M $67.3M $88.8M $109M $138M $190M $877M $291M
Balance sheet
Cash and short-term investments $268M $299M $377M $455M $595M $725M $738M $1.1B $863M $1.3B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $383M $449M $581M $655M $842M $1.1B $1.4B $1.8B $1.6B $2.2B
Current liabilities $52.9M $65.9M $80.4M $98.2M $147M $227M $263M $235M $295M $369M
Inventory $71.5M $99.3M $136M $128M $157M $259M $447M $384M $420M $565M
Property and equipment, net $85.2M $145M $150M $228M $282M $363M $357M $369M $495M $628M
Total assets $511M $653M $793M $956M $1.2B $1.6B $2.1B $2.4B $3.5B $4.2B
Total liabilities $80.0M $131M $153M $183M $242M $342M $390M $384M $565M $663M
Shareholders' equity $431M $522M $640M $774M $967M $1.2B $1.7B $2.0B $3.0B $3.5B
Margins
Gross margin 54.3% 54.9% 55.4% 55.2% 55.2% 56.8% 58.4% 56.1% 55.3% 55.2%
Operating margin 14.0% 16.4% 19.5% 16.3% 18.8% 21.7% 29.4% 26.5% 24.4% 26.1%
EBITDA margin 17.8% 19.9% 21.6% 18.7% 21.1% 24.1% 31.4% 28.7% 26.1% 28.0%
Net margin 13.6% 13.9% 18.1% 17.3% 19.5% 20.0% 24.4% 23.5% 72.1% 22.3%
FCF margin 18.2% 14.5% 20.4% 19.2% 25.1% 18.7% 10.5% 31.9% 29.1% 23.9%
Returns
Return on capital 33.8% 31.6% 41.5% 34.0% 44.7% 52.4% 60.6% 43.5% 35.6% 27.1%
Return on capital employed 12.9% 14.8% 17.5% 13.1% 16.6% 21.7% 33.4% 24.1% 19.9% 20.7%
Return on equity 13.2% 13.7% 18.1% 15.4% 18.9% 21.9% 30.1% 23.0% 63.7% 19.2%
Return on assets 11.2% 11.2% 14.6% 12.4% 15.2% 17.3% 24.0% 19.0% 53.5% 16.1%
Growth
Revenue growth 16.7% 21.2% 23.7% 7.8% 34.5% 43.0% 48.6% 1.5% 21.2% 26.4%
Net income growth 49.9% 23.7% 61.5% 3.4% 51.0% 47.2% 80.8% −2.4% 272.5% −61.0%
EPS growth 46.5% 19.1% 57.3% 0.9% 47.1% 44.3% 79.2% −3.2% 272.2% −60.6%
FCF growth 31.6% −3.7% 74.8% 1.3% 76.1% 6.3% −16.7% 209.1% 10.6% 3.7%
Share count change 2.6% 4.0% 2.4% 2.6% 2.7% 1.9% 1.0% 0.9% 0.1% −1.1%
Financial health
Net debt / EBITDA −3.9x −3.2x −3.0x −3.9x −3.3x −2.5x −1.3x −2.1x −1.5x −1.6x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 7.2x 6.8x 7.2x 6.7x 5.7x 5.0x 5.4x 7.7x 5.3x 5.9x
Quick ratio 5.9x 5.3x 5.5x 5.4x 4.7x 3.8x 3.7x 6.1x 3.9x 4.4x
Capital allocation
Capex / revenue 9.6% 14.0% 3.9% 15.3% 6.6% 7.8% 3.3% 3.2% 6.6% 6.2%
Stock comp / revenue 11.6% 11.2% 10.4% 12.5% 10.1% 10.2% 9.0% 8.2% 9.3% 8.2%
Payouts / FCF 0.0% 49.9% 39.9% 55.9% 41.8% 48.5% 73.5% 32.6% 136.5% 43.7%
Quality scores
Piotroski F-score 6.0 6.0 6.0 3.0 6.0 6.0 6.0 4.0 4.0 5.0
Altman Z'' 11.4 9.6 10.3 9.8 9.7 9.5 11.0 12.5 11.0 11.6
Accruals ratio −11.7% −11.8% −5.0% −12.3% −9.6% −5.6% 10.5% −9.4% 27.0% −5.6%

Source: SEC EDGAR XBRL filings (CIK 0001280452). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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