Monolithic Power Systems vs Skyworks Solutions
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The short version
- Skyworks Solutions is the larger business, with $4.1B of revenue in fiscal 2025 against $2.8B for Monolithic Power Systems.
- Monolithic Power Systems grew revenue faster (26.4%, against −2.2%).
- Monolithic Power Systems kept more of each dollar of sales as operating profit (26.1% operating margin, against 12.2%).
- Skyworks Solutions turned more of its sales into free cash flow (27.1% FCF margin, against 23.9%).
- Monolithic Power Systems earned a higher return on the capital invested in it (27.1%, against 8.5%).
- Investors pay more for each dollar of Monolithic Power Systems’s earnings: a P/E of 69.6x against 43.2x for Skyworks Solutions.
| Latest fiscal year | MPWR · FY25 | SWKS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $56.2B | $12.6B |
| Revenue | $2.8B | $4.1B |
| Free cash flow | $666M | $1.1B |
| Net income | $622M | $477M |
| Growth | ||
| Revenue growth | 26.4% | −2.2% |
| 5-year growth | 27.0% | 4.0% |
| Share count change | −1.1% | −4.0% |
| Profitability | ||
| Gross margin | 55.2% | 41.2% |
| Operating margin | 26.1% | 12.2% |
| Net margin | 22.3% | 11.7% |
| FCF margin | 23.9% | 27.1% |
| Return on capital | 27.1% | 8.5% |
| Return on equity | 19.2% | 7.9% |
| Balance sheet | ||
| Net debt | −$1.3B | −$878M |
| Net debt / EBITDA | −1.6x | −0.9x |
| Dividends and buybacks | $291M | $1.3B |
| Valuation & quality | ||
| P/E | 69.6x | 43.2x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
MPWR $389M
SWKS $3.3B
FY17
MPWR $471M
SWKS $3.7B
FY18
MPWR $582M
SWKS $3.9B
FY19
MPWR $628M
SWKS $3.4B
FY20
MPWR $845M
SWKS $3.4B
FY21
MPWR $1.2B
SWKS $5.1B
FY22
MPWR $1.8B
SWKS $5.5B
FY23
MPWR $1.8B
SWKS $4.8B
FY24
MPWR $2.2B
SWKS $4.2B
FY25
MPWR $2.8B
SWKS $4.1B
MPWR
SWKS
Operating margin
FY16
MPWR 14.0%
SWKS 34.0%
FY17
MPWR 16.4%
SWKS 34.3%
FY18
MPWR 19.5%
SWKS 34.1%
FY19
MPWR 16.3%
SWKS 28.2%
FY20
MPWR 18.8%
SWKS 26.6%
FY21
MPWR 21.7%
SWKS 31.6%
FY22
MPWR 29.4%
SWKS 27.8%
FY23
MPWR 26.5%
SWKS 23.6%
FY24
MPWR 24.4%
SWKS 15.3%
FY25
MPWR 26.1%
SWKS 12.2%
MPWR
SWKS
Free cash flow
FY16
MPWR $70.7M
SWKS $888M
FY17
MPWR $68.1M
SWKS $1.2B
FY18
MPWR $119M
SWKS $838M
FY19
MPWR $121M
SWKS $969M
FY20
MPWR $212M
SWKS $815M
FY21
MPWR $226M
SWKS $1.1B
FY22
MPWR $188M
SWKS $935M
FY23
MPWR $581M
SWKS $1.6B
FY24
MPWR $642M
SWKS $1.7B
FY25
MPWR $666M
SWKS $1.1B
MPWR
SWKS
Return on capital
FY16
MPWR 33.8%
SWKS —
FY17
MPWR 31.6%
SWKS —
FY18
MPWR 41.5%
SWKS —
FY19
MPWR 34.0%
SWKS —
FY20
MPWR 44.7%
SWKS —
FY21
MPWR 52.4%
SWKS 31.2%
FY22
MPWR 60.6%
SWKS 20.2%
FY23
MPWR 43.5%
SWKS 15.9%
FY24
MPWR 35.6%
SWKS 9.9%
FY25
MPWR 27.1%
SWKS 8.5%
MPWR
SWKS
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.