A Business at a Glance
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MONOLITHIC POWER SYSTEMS INC
MPWR
$64.5B
Mkt Cap
$1,333.81
-4.53%
MONOLITHIC POWER SYSTEMS INC (MPWR) has a current P/E ratio of 103.7, compared to its historical median P/E of 70.9. The stock is currently considered Expensive based on its historical valuation range.
MONOLITHIC POWER SYSTEMS INC (MPWR) has a 5-year average return on invested capital (ROIC) of 43.5%. This indicates strong capital allocation and a potential competitive advantage.
MONOLITHIC POWER SYSTEMS INC (MPWR) has a market capitalization of $65.5B. It is classified as a large-cap stock.
Yes, MONOLITHIC POWER SYSTEMS INC (MPWR) pays a dividend with a trailing twelve-month yield of 0.46%. The company also returns capital through share buybacks, with a buyback yield of 0.01%.
Based on historical P/E analysis, MONOLITHIC POWER SYSTEMS INC (MPWR) appears expensive. The current P/E of 103.7 is 46% above its historical median of 70.9. The estimated fair value CAGR (P/E method) is 42.4%.
MONOLITHIC POWER SYSTEMS INC (MPWR) operates in the Semiconductors & Related Devices industry, within the Technology sector.
Monolithic Power Systems is a fabless semiconductor company that designs and delivers high-performance analog and mixed-signal power management solutions for storage and computing, enterprise data, automotive, communications, consumer, and industrial applications. The company's core strengths include deep system-level knowledge, strong semiconductor design expertise, and proprietary technologies in semiconductor processes, system integration, and packaging that enable highly integrated, compact, and energy-efficient monolithic solutions. MPS differentiates itself through products that are smaller in size, more energy-efficient, more accurate and reliable, and more cost-effective than competing solutions, with product life cycles typically exceeding 10 years. The company operates a fabless model, selling primarily through third-party distributors and value-added resellers to end customers, with approximately 92% of revenue from Asia-based customers and over 4,500 employees worldwide across Asia, Europe, and the U.S. Key product families include DC-to-DC converters, AC-to-DC solutions, driver MOSFETs, power management ICs, current limit switches, and lighting control products, which are differentiated by high integration, high voltage operation, high load current, high switching speed, small footprint, and energy efficiency.
【Strong backlog-driven momentum】 Management expects enterprise data and automotive to remain key growth drivers into 2026, with extended ordering patterns and backlog visibility extending into Q2 and Q3 of 2026 providing increased confidence in the outlook. The company anticipates communications, particularly optical modules and data center switches, to be an area of growth in 2026, while automotive design wins in zonal architectures and battery management systems are expected to layer in through 2027. With improved backlog visibility, management believes it can resume incremental sequential gross margin improvements of 10–20 basis points quarter-over-quarter, though near-term margins are expected to remain in the mid-55% range pending further demand profile elongation. The company is managing capacity expansion to support anticipated demand, with plans to balance manufacturing capacity between China and outside China by year-end.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.0B | 2.8B | 2.2B | 1.8B | 1.8B | 1.2B |
| Net Income | 681M | 621M | 1.6B | 427M | 438M | 242M |
| EPS | $14.05 | $12.86 | $32.60 | $8.76 | $9.05 | $5.05 |
| Free Cash Flow | 630M | 663M | 624M | 581M | 188M | 226M |
| ROIC | 28.1% | 26.9% | 35.4% | 42.9% | 59.8% | 52.2% |
| Gross Margin | 55.2% | 55.2% | 55.3% | 56.1% | 58.4% | 56.8% |
| Debt/Equity | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.00 |
| Dividends/Share | $6.17 | $6.24 | $5.00 | $4.00 | $3.00 | $2.40 |
| Operating Income | 801M | 729M | 539M | 482M | 527M | 262M |
| Operating Margin | 27.1% | 26.1% | 24.4% | 26.5% | 29.4% | 21.7% |
| ROE | 18.5% | 19.2% | 63.7% | 23.0% | 30.1% | 21.9% |
| Shares Outstanding | 49M | 48M | 49M | 49M | 48M | 48M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 283M | 333M | 389M | 471M | 582M | 628M | 844M | 1.2B | 1.8B | 1.8B | 2.2B | 2.8B | 3.0B |
| Gross Margin | 54.0% | 54.1% | 54.3% | 54.8% | 55.4% | 55.2% | 55.2% | 56.8% | 58.4% | 56.1% | 55.3% | 55.2% | 55.2% |
| R&D | 59M | 66M | 74M | 82M | 93M | 108M | 138M | 191M | 240M | 264M | 325M | 382M | 391M |
| SG&A | 67M | 72M | 83M | 97M | 114M | 134M | 162M | 232M | 282M | 276M | 357M | 429M | 440M |
| EBIT | 35M | 41M | 54M | 77M | 113M | 103M | 159M | 262M | 527M | 482M | 539M | 729M | 801M |
| Op. Margin | 12.5% | 12.3% | 14.0% | 16.4% | 19.5% | 16.3% | 18.8% | 21.7% | 29.4% | 26.5% | 24.4% | 26.1% | 27.1% |
| Net Income | 35M | 35M | 53M | 65M | 105M | 109M | 164M | 242M | 438M | 427M | 1.6B | 621M | 681M |
| Net Margin | 12.6% | 10.6% | 13.6% | 13.8% | 18.1% | 17.3% | 19.5% | 20.0% | 24.4% | 23.5% | 72.1% | 22.3% | 23.0% |
| Non-Recurring | 0 | 339K | -57K | 3K | -22K | 259K | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 33.6% | 28.2% | 33.8% | 31.6% | 41.5% | 33.9% | 44.4% | 52.2% | 59.8% | 42.9% | 35.4% | 26.9% | 28.1% |
| ROE | 10.6% | 9.8% | 13.2% | 13.7% | 18.1% | 15.4% | 18.9% | 21.9% | 30.1% | 23.0% | 63.7% | 19.2% | 18.5% |
| ROA | 9.2% | 8.5% | 11.2% | 11.2% | 14.6% | 12.4% | 15.2% | 17.3% | 24.0% | 19.0% | 53.5% | 16.1% | 15.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 74M | 70M | 108M | 134M | 141M | 216M | 268M | 320M | 247M | 638M | 788M | 838M | 832M |
| Free Cash Flow | 65M | 54M | 71M | 68M | 119M | 120M | 212M | 226M | 188M | 581M | 624M | 663M | 630M |
| Owner Earnings | 28M | 14M | 48M | 65M | 69M | 123M | 163M | 168M | 49M | 448M | 546M | 558M | 560M |
| CapEx | 9.5M | 16M | 37M | 66M | 23M | 96M | 56M | 94M | 59M | 58M | 164M | 175M | 203M |
| Maint. CapEx | 13M | 14M | 15M | 16M | 12M | 15M | 19M | 29M | 37M | 40M | 36M | 53M | 56M |
| Growth CapEx | 0 | 2.2M | 22M | 50M | 10M | 81M | 36M | 66M | 22M | 17M | 128M | 122M | 146M |
| D&A | 13M | 14M | 15M | 16M | 12M | 15M | 19M | 29M | 37M | 40M | 36M | 53M | 56M |
| CapEx/OCF | 12.8% | 23.0% | 34.4% | 49.1% | 15.9% | 44.3% | 20.8% | 29.5% | 23.9% | 9.0% | 20.8% | 20.9% | 24.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 34M | 47M | 67M | 89M | 109M | 138M | 186M | 241M | 285M | 303M |
| Dividend Yield | N/A | N/A | N/A | 0.8% | 0.9% | 1.1% | 0.8% | 0.6% | 0.7% | 0.8% | 0.7% | 0.8% | 0.5% |
| Share Buybacks | 41M | 32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.7M | 636M | 6.6M | 6.6M |
| Buyback Yield | 2.3% | 1.3% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 2.1% | 0.0% | 0.0% |
| Stock-Based Comp | 33M | 42M | 45M | 53M | 61M | 79M | 86M | 123M | 161M | 150M | 206M | 227M | 216M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | -377M | -453M | -592M | -725M | -718M | -1.1B | -847M | -1.2B | -1.4B |
| Cash & Equiv. | 126M | 91M | 113M | 83M | 173M | 173M | 335M | 189M | 289M | 528M | 692M | 1.1B | 1.4B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.15 | 0.17 | 0.19 | 0.25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.01 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 346M | 369M | 431M | 522M | 640M | 773M | 967M | 1.2B | 1.7B | 2.0B | 3.0B | 3.5B | 3.7B |
| Total Assets | 399M | 431M | 511M | 653M | 793M | 956M | 1.2B | 1.6B | 2.1B | 2.4B | 3.5B | 4.2B | 4.4B |
| Total Liabilities | 53M | 63M | 80M | 131M | 153M | 183M | 242M | 342M | 390M | 384M | 565M | 663M | 771M |
| Intangibles | 6.8M | 5.1M | 3.0M | 951K | 111K | N/A | N/A | N/A | N/A | 0 | 9.9M | 8.8M | 8.5M |
| Retained Earnings | 100M | 101M | 119M | 144M | 195M | 229M | 299M | 425M | 716M | 947M | 2.3B | 2.6B | 2.7B |
| Working Capital | 271M | 289M | 330M | 383M | 500M | 557M | 695M | 898M | 1.1B | 1.6B | 1.3B | 1.8B | 1.8B |
| Current Assets | 308M | 332M | 383M | 449M | 581M | 655M | 842M | 1.1B | 1.4B | 1.8B | 1.6B | 2.2B | 2.3B |
| Current Liabilities | 37M | 43M | 53M | 66M | 80M | 98M | 147M | 227M | 263M | 235M | 295M | 369M | 487M |
| Per Share Data | |||||||||||||
| EPS | 0.89 | 0.86 | 1.26 | 1.50 | 2.36 | 2.38 | 3.50 | 5.05 | 9.05 | 8.76 | 32.60 | 12.86 | 14.05 |
| Owner EPS | 0.69 | 0.35 | 1.15 | 1.50 | 1.54 | 2.68 | 3.47 | 3.50 | 1.00 | 9.19 | 11.19 | 11.55 | 11.40 |
| Book Value | 8.69 | 9.01 | 10.30 | 12.01 | 14.35 | 16.91 | 20.58 | 25.96 | 34.50 | 42.02 | 60.43 | 73.08 | 74.85 |
| Cash Flow/Share | 1.86 | 1.71 | 2.58 | 3.08 | 3.17 | 4.73 | 5.70 | 6.68 | 5.10 | 13.08 | 16.14 | 17.34 | 15.00 |
| Dividends/Share | 0.45 | 0.80 | 0.80 | 0.80 | 1.20 | 1.60 | 2.00 | 2.40 | 3.00 | 4.00 | 5.00 | 6.24 | 6.17 |
| Shares Out. | 39.9M | 40.9M | 41.8M | 43.5M | 44.6M | 45.7M | 47.0M | 47.9M | 48.4M | 48.8M | 48.8M | 48.3M | 49.1M |
| Valuation | |||||||||||||
| P/E Ratio | 51.2 | 68.5 | 61.4 | 70.8 | 46.1 | 71.5 | 99.2 | 95.6 | 36.7 | 71.1 | 18.6 | 73.5 | 94.9 |
| P/FCF | 28.1 | 44.8 | 45.8 | 67.8 | 40.8 | 64.6 | 76.8 | 102.5 | 85.4 | 52.3 | 47.4 | 68.8 | 104.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 80.1 |
| Price/Book | 5.2 | 6.5 | 7.5 | 8.8 | 7.6 | 10.1 | 16.9 | 18.6 | 9.6 | 14.8 | 10.0 | 12.9 | 17.8 |
| Price/Sales | 5.2 | 6.0 | 6.9 | 8.6 | 9.1 | 10.0 | 12.7 | 16.1 | 10.9 | 12.9 | 16.3 | 13.1 | 22.2 |
| FCF Yield | 3.6% | 2.2% | 2.2% | 1.5% | 2.5% | 1.5% | 1.3% | 1.0% | 1.2% | 1.9% | 2.1% | 1.5% | 1.0% |
| Market Cap | 1.8B | 2.4B | 3.2B | 4.6B | 4.9B | 7.8B | 16.3B | 23.1B | 16.0B | 30.4B | 29.6B | 45.7B | 65.5B |
| Avg. Price | 36.54 | 48.84 | 64.40 | 93.41 | 118.69 | 136.68 | 228.00 | 407.01 | 405.80 | 480.56 | 736.66 | 756.68 | 1,333.81 |
| Year-End Price | 45.53 | 58.87 | 77.35 | 106.13 | 108.78 | 170.21 | 347.14 | 482.57 | 331.85 | 622.74 | 606.40 | 944.72 | 1,333.81 |
MONOLITHIC POWER SYSTEMS INC passes 7 of 9 quality checks, indicating strong fundamentals.
MONOLITHIC POWER SYSTEMS INC trades at 103.7x trailing earnings, compared to its 15-year median P/E of 70.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 98.3x vs a median of 64.6x. The company's 5-year average ROIC is 43.5% with a gross margin of 56.4%. Total shareholder yield (dividends) is 0.5%. At current prices, the estimated annualized return to fair value is +32.0%.
MONOLITHIC POWER SYSTEMS INC (MPWR) reported annual revenue of $2.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
MONOLITHIC POWER SYSTEMS INC (MPWR) has a net profit margin of 22.3%. This is a strong margin indicating high profitability.
MONOLITHIC POWER SYSTEMS INC (MPWR) generated $663 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MONOLITHIC POWER SYSTEMS INC (MPWR) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
MONOLITHIC POWER SYSTEMS INC (MPWR) reported earnings per share (EPS) of $12.86 in its most recent fiscal year.
MONOLITHIC POWER SYSTEMS INC (MPWR) has a return on equity (ROE) of 19.2%. This indicates the company generates strong returns for shareholders.
MONOLITHIC POWER SYSTEMS INC (MPWR) has a 5-year average gross margin of 56.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for MONOLITHIC POWER SYSTEMS INC (MPWR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MONOLITHIC POWER SYSTEMS INC (MPWR) has a book value per share of $73.08, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects enterprise data and automotive to remain key growth drivers into 2026, with extended ordering patterns and backlog visibility extending into Q2 and Q3 of 2026 providing increased confidence in the outlook. The company anticipates communications, particularly optical modules and data center switches, to be an area of growth in 2026, while automotive design wins in zonal architectures and battery management systems are expected to layer in through 2027. With improved backlog visibility, management believes it can resume incremental sequential gross margin improvements of 10–20 basis points quarter-over-quarter, though near-term margins are expected to remain in the mid-55% range pending further demand profile elongation. The company is managing capacity expansion to support anticipated demand, with plans to balance manufacturing capacity between China and outside China by year-end.