Arm Holdings vs Monolithic Power Systems
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The short version
- Arm Holdings is the larger business, with $4.9B of revenue in fiscal 2026 against $2.8B for Monolithic Power Systems, about 1.8 times as much.
- Monolithic Power Systems grew revenue faster (26.4%, against 22.8%).
- Monolithic Power Systems kept more of each dollar of sales as operating profit (26.1% operating margin, against 18.3%).
- Monolithic Power Systems turned more of its sales into free cash flow (23.9% FCF margin, against 19.9%).
| Latest fiscal year | ARM · FY26 | MPWR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $224.6B | $56.2B |
| Revenue | $4.9B | $2.8B |
| Free cash flow | $979M | $666M |
| Net income | $904M | $622M |
| Growth | ||
| Revenue growth | 22.8% | 26.4% |
| 5-year growth | — | 27.0% |
| Share count change | 0.5% | −1.1% |
| Profitability | ||
| Gross margin | 97.5% | 55.2% |
| Operating margin | 18.3% | 26.1% |
| Net margin | 18.4% | 22.3% |
| FCF margin | 19.9% | 23.9% |
| Return on capital | — | 27.1% |
| Return on equity | 12.0% | 19.2% |
| Balance sheet | ||
| Net debt | — | −$1.3B |
| Net debt / EBITDA | — | −1.6x |
| Dividends and buybacks | $0.0M | $291M |
| Valuation & quality | ||
| P/E | — | 69.6x |
| Piotroski F-score | — | 5 |
Revenue
FY17
ARM —
MPWR $471M
FY18
ARM —
MPWR $582M
FY19
ARM —
MPWR $628M
FY20
ARM —
MPWR $845M
FY21
ARM —
MPWR $1.2B
FY22
ARM $2.7B
MPWR $1.8B
FY23
ARM $2.7B
MPWR $1.8B
FY24
ARM $3.2B
MPWR $2.2B
FY25
ARM $4.0B
MPWR $2.8B
FY26
ARM $4.9B
MPWR —
ARM
MPWR
Operating margin
FY17
ARM —
MPWR 16.4%
FY18
ARM —
MPWR 19.5%
FY19
ARM —
MPWR 16.3%
FY20
ARM —
MPWR 18.8%
FY21
ARM —
MPWR 21.7%
FY22
ARM 23.4%
MPWR 29.4%
FY23
ARM 25.1%
MPWR 26.5%
FY24
ARM 3.4%
MPWR 24.4%
FY25
ARM 20.7%
MPWR 26.1%
FY26
ARM 18.3%
MPWR —
ARM
MPWR
Free cash flow
FY17
ARM —
MPWR $68.1M
FY18
ARM —
MPWR $119M
FY19
ARM —
MPWR $121M
FY20
ARM —
MPWR $212M
FY21
ARM —
MPWR $226M
FY22
ARM $424M
MPWR $188M
FY23
ARM $675M
MPWR $581M
FY24
ARM $998M
MPWR $642M
FY25
ARM $178M
MPWR $666M
FY26
ARM $979M
MPWR —
ARM
MPWR
Return on capital
FY17
ARM —
MPWR 31.6%
FY18
ARM —
MPWR 41.5%
FY19
ARM —
MPWR 34.0%
FY20
ARM —
MPWR 44.7%
FY21
ARM —
MPWR 52.4%
FY22
ARM —
MPWR 60.6%
FY23
ARM —
MPWR 43.5%
FY24
ARM —
MPWR 35.6%
FY25
ARM —
MPWR 27.1%
FY26
ARM —
MPWR —
ARM
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.