Microchip Technology vs Monolithic Power Systems
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The short version
- Microchip Technology is the larger business, with $4.7B of revenue in fiscal 2026 against $2.8B for Monolithic Power Systems, about 1.7 times as much.
- Monolithic Power Systems grew revenue faster (26.4%, against 7.1%).
- Monolithic Power Systems kept more of each dollar of sales as operating profit (26.1% operating margin, against 10.4%).
- Monolithic Power Systems turned more of its sales into free cash flow (23.9% FCF margin, against 18.5%).
- Monolithic Power Systems earned a higher return on the capital invested in it (27.1%, against 3.5%).
- Investors pay more for each dollar of Microchip Technology’s earnings: a P/E of 108.9x against 69.6x for Monolithic Power Systems.
| Latest fiscal year | MCHP · FY26 | MPWR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $40.8B | $56.2B |
| Revenue | $4.7B | $2.8B |
| Free cash flow | $871M | $666M |
| Net income | $230M | $622M |
| Growth | ||
| Revenue growth | 7.1% | 26.4% |
| 5-year growth | −2.8% | 27.0% |
| Share count change | 1.5% | −1.1% |
| Profitability | ||
| Gross margin | 57.7% | 55.2% |
| Operating margin | 10.4% | 26.1% |
| Net margin | 4.9% | 22.3% |
| FCF margin | 18.5% | 23.9% |
| Return on capital | 3.5% | 27.1% |
| Return on equity | 3.4% | 19.2% |
| Balance sheet | ||
| Net debt | $5.3B | −$1.3B |
| Net debt / EBITDA | 4.5x | −1.6x |
| Dividends and buybacks | $984M | $291M |
| Valuation & quality | ||
| P/E | 108.9x | 69.6x |
| Piotroski F-score | 6 | 5 |
Revenue
FY17
MCHP $3.4B
MPWR $471M
FY18
MCHP $4.0B
MPWR $582M
FY19
MCHP $5.3B
MPWR $628M
FY20
MCHP $5.3B
MPWR $845M
FY21
MCHP $5.4B
MPWR $1.2B
FY22
MCHP $6.8B
MPWR $1.8B
FY23
MCHP $8.4B
MPWR $1.8B
FY24
MCHP $7.6B
MPWR $2.2B
FY25
MCHP $4.4B
MPWR $2.8B
FY26
MCHP $4.7B
MPWR —
MCHP
MPWR
Operating margin
FY17
MCHP 8.1%
MPWR 16.4%
FY18
MCHP 23.5%
MPWR 19.5%
FY19
MCHP 13.4%
MPWR 16.3%
FY20
MCHP 12.3%
MPWR 18.8%
FY21
MCHP 18.4%
MPWR 21.7%
FY22
MCHP 27.1%
MPWR 29.4%
FY23
MCHP 36.9%
MPWR 26.5%
FY24
MCHP 33.7%
MPWR 24.4%
FY25
MCHP 6.7%
MPWR 26.1%
FY26
MCHP 10.4%
MPWR —
MCHP
MPWR
Free cash flow
FY17
MCHP $1.0B
MPWR $68.1M
FY18
MCHP $1.2B
MPWR $119M
FY19
MCHP $1.4B
MPWR $121M
FY20
MCHP $1.5B
MPWR $212M
FY21
MCHP $1.8B
MPWR $226M
FY22
MCHP $2.5B
MPWR $188M
FY23
MCHP $3.1B
MPWR $581M
FY24
MCHP $2.6B
MPWR $642M
FY25
MCHP $772M
MPWR $666M
FY26
MCHP $871M
MPWR —
MCHP
MPWR
Return on capital
FY17
MCHP 7.8%
MPWR 31.6%
FY18
MCHP 10.3%
MPWR 41.5%
FY19
MCHP 7.4%
MPWR 34.0%
FY20
MCHP 4.3%
MPWR 44.7%
FY21
MCHP 7.0%
MPWR 52.4%
FY22
MCHP 11.8%
MPWR 60.6%
FY23
MCHP 18.5%
MPWR 43.5%
FY24
MCHP 16.5%
MPWR 35.6%
FY25
MCHP 1.2%
MPWR 27.1%
FY26
MCHP 3.5%
MPWR —
MCHP
MPWR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.