Monolithic Power Systems, Inc.

MPWR · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Valuation
Market cap	$43,421	$28,863	$30,222	$16,599	$22,739	$16,881	$8,205	$5,358	$5,179	$3,776	$2,937	$1,924	$1,296	$777	$513	$592	$822	$423	$681	$328	$420	$85	–	$58	$56	$48	$46
Enterprise value	$42,189	$28,016	$29,119	$15,863	$22,014	$16,289	$7,752	$4,981	$4,880	$3,508	$2,702	$1,686	$1,069	$616	$339	$414	$657	$317	$570	$249	$356	$36	–	$40	–	$47	–
P/E (TTM) at period end	69.87×	18.13×	70.72×	37.93×	93.95×	102.70×	75.39×	50.90×	79.43×	71.63×	83.49×	54.21×	56.59×	49.31×	38.58×	20.02×	41.80×	17.44×	73.26×	–	82.18×	–	–	–	–	–	–
P/S (TTM) at period end	15.56×	13.08×	16.60×	9.25×	18.83×	19.99×	13.07×	9.20×	11.00×	9.72×	8.82×	6.81×	5.44×	3.63×	2.61×	2.70×	4.98×	2.63×	5.08×	3.12×	4.23×	1.78×	–	4.73×	6.88×	9.08×	77.08×
P/B at period end	12.30×	9.78×	14.74×	9.95×	18.28×	17.46×	10.61×	8.37×	9.92×	8.76×	7.97×	5.55×	4.01×	3.01×	2.11×	2.40×	3.86×	2.57×	4.96×	3.45×	5.37×	1.34×	–	29.14×	–	28.10×	–
EV / EBITDA (TTM)	54.01×	48.66×	55.79×	28.13×	75.62×	91.47×	66.02×	39.60×	52.18×	50.75×	49.25×	34.80×	29.65×	23.16×	15.30×	10.75×	25.16×	11.24×	41.13×	16.10×	26.22×	4.71×	–	–	–	–	–
EV / Sales (TTM)	15.12×	12.69×	15.99×	8.84×	18.23×	19.29×	12.35×	8.55×	10.36×	9.03×	8.11×	5.97×	4.49×	2.88×	1.72×	1.89×	3.98×	1.98×	4.25×	2.37×	3.59×	0.75×	–	3.32×	–	8.91×	–
Returns
Return on equity	17.6%	53.9%	20.8%	26.2%	19.5%	17.0%	14.1%	16.4%	12.5%	12.2%	9.5%	10.2%	7.1%	6.1%	5.5%	12.0%	9.2%	14.7%	6.8%	(3.0%)	6.5%	(7.0%)	(246.6%)	(163.6%)	–	(94.5%)	–
Return on invested capital	24.1%	23.7%	26.6%	31.8%	22.1%	24.3%	16.4%	21.6%	13.9%	15.7%	12.2%	15.6%	10.3%	8.3%	8.9%	14.4%	11.5%	26.3%	11.6%	–	7.7%	(14.3%)	–	–	–	(205.8%)	–
Dividend yield	0.7%	0.8%	0.6%	0.8%	0.5%	0.5%	0.8%	0.9%	0.7%	0.9%	1.0%	0.6%	–	4.6%	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	5.91×	5.31×	7.74×	5.36×	4.96×	5.73×	6.67×	7.22×	6.81×	7.24×	7.67×	8.35×	7.59×	9.13×	8.11×	7.75×	8.51×	5.53×	5.06×	4.83×	3.94×	7.28×	6.78×	8.02×	–	–	–
Debt / equity	0.00×	0.00×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Effective tax rate	18.9%	(177.9%)	15.5%	16.6%	11.1%	2.9%	3.8%	11.2%	21.4%	7.9%	17.2%	2.5%	4.6%	11.9%	3.1%	5.9%	2.4%	4.8%	34.9%	179.5%	36.6%	18.4%	–	–	–	–	–
Share count
Diluted shares outstanding	48	49	49	48	48	47	46	45	44	42	41	40	39	36	35	38	37	36	35	30	31	9	6	6	6	5	5

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999
Revenue and gross profit
Revenue	$3,273	$2,790	$2,207	$1,821	$1,794	$1,208	$844	$628	$582	$471	$389	$333	$283	$238	$214	$197	$219	$165	$161	$134	$105	$99	$48	$24	$12	$8	$5	$1
Cost of revenue	($1,467)	($1,251)	($986)	($800)	($746)	($522)	($378)	($282)	($260)	($213)	($178)	($153)	($130)	($110)	($101)	($95)	($97)	($67)	($61)	($49)	($38)	($36)	($19)	($11)	($7)	($6)	($4)	($0)
Gross profit	$1,807	$1,540	$1,221	$1,021	$1,049	$685	$466	$346	$323	$258	$211	$180	$153	$128	$113	$102	$121	$98	$99	$85	$67	$63	$28	$13	$5	$2	$1	$0
Operating expenses
Research and development	($413)	($382)	($325)	($264)	($240)	($191)	($138)	($108)	($93)	($82)	($74)	($66)	($59)	($50)	($49)	($45)	($44)	($38)	($35)	($27)	($22)	($15)	($8)	($5)	($4)	($3)	($1)	($1)
Selling, general and administrative	($454)	($429)	($357)	($276)	($282)	($232)	($162)	($134)	($114)	($97)	($83)	($72)	($67)	($55)	($50)	($40)	($41)	($37)	($42)	($30)	($28)	($18)	($13)	($11)	($4)	–	($1)	($0)
Total operating expenses	($866)	($811)	($682)	($539)	($522)	($423)	($307)	($244)	($209)	($181)	($156)	($139)	($117)	($104)	($96)	($88)	($91)	($78)	($77)	($76)	($66)	($57)	($34)	($16)	($9)	($6)	($3)	($1)
Total costs and expenses	($2,333)	($2,062)	($1,668)	($1,339)	($1,267)	($945)	($686)	($525)	($469)	($394)	($334)	($292)	($247)	($214)	($197)	($183)	($188)	($145)	($138)	($124)	($104)	($93)	($53)	($27)	($16)	($12)	($7)	($2)
Operating income	$940	$729	$539	$482	$527	$262	$159	$103	$113	$77	$54	$41	$35	$24	$17	$13	$30	$20	$23	$10	$1	$6	($6)	($3)	($3)	($3)	($2)	($1)
Earnings
EBITDA	$1,000	$781	$576	$522	$564	$291	$178	$117	$126	$94	$69	$55	$48	$36	$27	$22	$39	$26	$28	$14	$15	$14	$8	$1	($2)	($3)	–	–
Interest income	–	$29	$27	$23	$14	$12	$9	$7	$6	$5	$2	$2	$1	$0	$1	$1	$1	$1	$4	–	–	–	–	–	–	–	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$984	$766	$573	$506	$525	$272	$169	$113	$118	$83	$57	$42	$36	$24	$18	$14	$31	$20	$25	$14	$4	$8	($5)	–	–	–	($2)	($1)
Income tax expense	($182)	($145)	$1,019	($78)	($87)	($30)	($5)	($4)	($13)	($18)	($5)	($7)	($1)	($1)	($2)	($0)	($2)	($0)	($1)	($5)	($6)	($3)	$1	$0	$0	($3)	–	–
Net income	$802	$621	$1,592	$427	$438	$242	$164	$109	$105	$65	$53	$35	$35	$23	$16	$13	$30	$20	$24	$9	($3)	$5	($4)	($3)	($3)	($4)	($2)	($1)
Per share
Diluted EPS (GAAP)	$16.34	$12.86	$32.60	$8.76	$9.05	$5.05	$3.50	$2.38	$2.36	$1.50	$1.26	$0.86	$0.89	$0.59	$0.43	$0.38	$0.78	$0.54	$0.67	$0.33	($0.097)	$0.17	($0.49)	($0.49)	($0.55)	($0.63)	($0.33)	($0.28)
Basic EPS (GAAP)	$16.44	$12.94	$32.76	$8.98	$9.37	$5.28	$3.67	$2.52	$2.49	$1.58	$1.30	$0.89	$0.92	$0.61	$0.45	$0.39	$0.83	$0.57	$0.72	$0.37	($0.097)	$0.18	($0.49)	($0.49)	($0.55)	($0.63)	($0.33)	($0.28)
Basic shares outstanding	49	48	49	48	47	46	45	43	42	41	40	39	39	37	35	34	36	34	34	32	30	28	9	6	6	6	5	5
Margins
Gross margin	55.2%	55.2%	55.3%	56.1%	58.4%	56.8%	55.2%	55.2%	55.4%	54.8%	54.3%	54.1%	54.0%	53.7%	52.9%	51.7%	55.5%	59.2%	61.9%	63.6%	63.7%	63.7%	59.0%	54.8%	44.0%	26.5%	26.6%	16.7%
Operating margin	28.7%	26.1%	24.4%	26.5%	29.4%	21.7%	18.8%	16.3%	19.5%	16.4%	14.0%	12.3%	12.5%	10.0%	8.1%	6.8%	13.9%	11.8%	14.0%	7.2%	1.2%	6.5%	(11.6%)	(13.2%)	(27.0%)	(41.8%)	(31.1%)	(216.7%)
Net margin	24.5%	22.3%	72.1%	23.5%	24.4%	20.0%	19.5%	17.3%	18.1%	13.8%	13.6%	10.6%	12.6%	9.6%	7.4%	6.8%	13.5%	11.9%	15.1%	6.9%	(2.7%)	5.2%	(9.4%)	(12.5%)	(26.5%)	(43.9%)	(30.5%)	(216.7%)

Analyst consensus

Buy25 analysts

Bearish · 0 · Hold · 3 · Bullish · 22

Earnings history

	EPS	Estimate
Q3 2024	$4.06	$3.97	Beat
Q4 2024	$4.09	$4.01	Beat
Q1 2025	$4.04	$4.01	Beat
Q2 2025	$4.21	$4.12	Beat
Q3 2025	$4.73	$4.64	Beat
Q4 2025	$4.79	$4.74	Beat
Q1 2026	$5.10	$4.90	Beat
Q2 2026	$6.50	$5.87	Beat

Peers

Company overview

IPO dateNov 19, 2004

CEOMichael R. Hsing

Employees4,501

SectorTechnology

IndustrySemiconductors

CountryUS

ExchangeNASDAQ Global Select

Websitewww.monolithicpower.com

Monolithic Power Systems, Inc. specializes in the creation, promotion, and sale of advanced semiconductor components for power management. Their innovative solutions cater to a broad spectrum of industries, including information technology, data storage, automotive, industrial applications, telecommunications, and consumer electronics. A core offering consists of direct current (DC) to DC integrated circuits (ICs), which are vital for regulating and transforming electrical voltages in diverse systems such as portable gadgets, wireless local area network access points, personal computers, displays, car entertainment systems, and medical devices. Additionally, they provide integrated circuits specifically designed for lighting control, essential for illuminating liquid crystal display (LCD) panels in laptops, monitors, vehicle navigation systems, and televisions, alongside general illumination products. The company reaches its clientele, which includes major equipment manufacturers, design firms, and electronics assembly providers, as well as other customers, through both direct sales and an extensive network of distributors and resellers across key global regions like China, Taiwan, Europe, South Korea, Southeast Asia, Japan, the United States, and beyond. Founded in 1997, the company's headquarters are situated in Kirkland, Washington.

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