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Monolithic Power Systems, Inc.

MPWR

Technology Semiconductors

Monolithic Power Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 26.4% from fiscal 2024.

Revenue
+63.1%
EPS
+48.6%
Free cash flow
+1,311.6%

Quarter to September 2026, against a year earlier

1,440.31 38.38 −2.60%
Market cap
$72.1B
P/E
81.1×
Fwd P/E
54.9×
Dividend yield
0.51%
F-score
6/9
ROIC
26.1%
Net debt / EBITDA
−1.6×
Dividend safety
88/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • China
  • Taiwan
  • South Korea
  • Southeast Asia
  • Europe
  • U.S.
  • Japan
  • Other

Every year since 2010 →

Insider Decisions last twelve months

Net sold
$576.6M
Trades
43 sells · 0 buys
Ownership
4.04%

Capital & Financial Ratios $m

Size
Market Cap 72,110
Revenue ttm 3,738
Net income ttm 897
Free cash flow ttm 609
Net debt Q (1,091)
Valuation
P/E 81.1 (above 35: high)
Forward P/E 54.9 (above 35: high)
Price / sales 19.4 (above 10: high)
Forward P/S Powerpack
Price / FCF 119.9
Price / book 19.4 (above 6: high)
Financial health
Current ratio Q 3.7 (at or above 1.5: strong)
Debt / equity Q n/m
Interest coverage Q 0.0
Growth
Revenue growth Q +63.1% (above 0%: growing)
Operating income growth Q +83.3% (above 0%: growing)
EPS, this year +63.9% (at or above 15%: strong)
EPS, next year A +58.9% (at or above 15%: strong)
Revenue, next year A +55.4% (at or above 10%: strong)
EPS, past 5 yrs +29.5% (at or above 15%: strong)
EPS, next 5 yrs A +48.4% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 19.1×, against a ten-year median of 12.6×; over the ten years it ranged from 6.3× in 2016 to 26.3× in 2026.
P/E against its own 10 years 74.08%
10-year low 10-year high
P/S against its own 10 years 85.35%
10-year low 10-year high
P/B against its own 10 years 94.51%
10-year low 10-year high
EV/Sales against its own 10 years 86.49%
10-year low 10-year high
EV/FCF against its own 10 years 95.53%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.51%
Annual rate
7.56
Payout ratio
41.7%
Growth, 2017–25
+29.3%/yr
  1. 0.80 ’17
  2. 1.20 ’18 +50
  3. 1.60 ’19 +33
  4. 2.00 ’20 +25
  5. 2.40 ’21 +20
  6. 3.00 ’22 +25
  7. 4.00 ’23 +33
  8. 5.00 ’24 +25
  9. 6.24 ’25 +25
  10. 7.83 ’26e +25
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,108 863 1,257 1,091
Receivables 180 173 256 462
Inventory 384 420 565 765
Other 147 110 107 54
1,819 1,565 2,184 2,372
2023 2024 2025 Q'26
Payables 63 103 138 236
ST’ Debt — — — —
Other — — — —
235 295 369 641

Compound Annual Growth %

10y 5y 3y
Sales 23.68% 27.00% 15.86%
Cash Flow 28.23% 25.63% 50.34%
Earnings 33.27% 30.47% 12.40%
Book Value 25.36% 29.58% 28.39%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 7.80 Actual 8.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.73 4.79 Beat by 0.06
Q1 FY26 4.89 5.10 Beat by 0.21
Q2 FY26 5.88 6.50 Beat by 0.62
Q3 FY26 7.80 8.19 Beat by 0.39
Q4 FY26 9.27 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.92 5.22 5.51 — —
’25 2.79 2.78 3.71 3.46 12.75
’24 1.89 2.05 2.95 25.87 32.60
’23 2.26 2.04 2.48 1.98 8.76
’22 1.65 2.37 2.57 2.45 9.05
’21 0.95 1.16 1.44 1.51 5.05
’20 0.77 0.64 1.18 0.90 3.50
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 804 981 1,202 — —
’25 638 665 737 751 2,790
’24 458 507 620 622 2,207
’23 451 441 475 454 1,821
’22 378 461 495 460 1,794
’21 254 293 324 337 1,208
’20 166 186 259 233 844
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 250 228 290 — —
’25 256 238 239 105 838
’24 248 141 232 168 788
’23 219 90 176 153 638
’22 107 105 (18) 52 247
’21 77 97 118 28 320
’20 51 59 77 80 268
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 186 154 206 — —
’25 216 399 (17) 63 663
’24 232 91 198 103 624
’23 210 82 149 140 581
’22 81 93 (25) 39 188
’21 58 58 98 11 225
’20 41 45 58 68 212
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 37.2% a year for ten years. It grew 41.2% a year over the last ten.

Implied
37.2%
10 years, reported
41.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 389 471 582 628 844 1,208 1,794 1,821 2,207 2,790 3,738 +24.5% 4,336 6,549 8,193 +43.2%
Gross margin, % 54.26 54.85 55.40 55.15 55.18 56.75 58.44 56.07 55.32 55.18 55.26 +0.9 pt
EBT 57 83 118 113 169 272 525 506 573 766 1,145 +33.4%
EBT margin, % 14.73 17.61 20.34 18.02 20.05 22.54 29.26 27.78 25.96 27.46 30.64 +12.7 pt
Net income 53 65 105 109 164 242 438 427 1,592 621 897 +31.5%
Per share, $
Per share, $ Revenue 9.61 11.39 13.79 14.55 18.83 26.34 38.40 38.25 45.41 58.09 76.21 +22.1%
Earnings 1.30 1.58 2.49 2.52 3.67 5.28 9.37 8.98 32.76 12.82 18.22 +29.0%
Cash flow 2.67 3.24 3.35 5.01 5.97 6.98 5.28 13.41 16.22 17.45 17.80 +23.2%
Capex (0.92) (1.59) (0.53) (2.03) (1.24) (2.08) (1.26) (1.21) (3.38) (3.64) (5.37) +16.5%
Free cash flow 1.75 1.65 2.82 2.98 4.73 4.90 4.02 12.20 12.84 13.81 12.42 +25.8%
Book value 10.66 12.62 15.15 17.92 21.56 27.13 35.71 43.06 60.72 73.52 76.12 +23.9%
Shares, m 40 41 42 43 45 46 47 48 49 48 49 +1.9%
Valuation, ×
Valuation, × P/E 64.32 74.08 46.69 70.64 100.06 93.43 36.64 67.26 17.99 70.70 81.14 64.2
P/S 8.70 10.21 8.43 12.24 19.45 18.73 8.93 15.79 13.03 15.60 19.39 13.1
P/B 7.84 9.21 7.67 9.93 16.99 18.18 9.60 14.03 9.74 12.33 19.42 11.6
EV/Sales 8.01 9.58 7.79 11.51 18.74 18.13 8.52 15.18 12.64 15.15 19.10 12.5
EV/FCF 44.04 66.28 38.12 55.71 74.59 98.03 82.37 47.80 44.69 63.94 118.14 61.6
Cash, $m
Cash, $m Operating cash flow 108 134 141 216 268 320 247 638 788 838 873 +25.6%
Capex (37) (66) (23) (88) (56) (95) (59) (58) (164) (175) (264) +18.8%
Free cash flow 71 68 119 129 212 225 188 581 624 663 609 +28.2%
Balance, $m
Balance, $m Working capital 330 383 500 557 695 898 1,147 1,584 1,270 1,814 1,731 +20.8%
Net debt (268) (299) (377) (455) (595) (725) (738) (1,108) (863) (1,257) (1,091) +18.7%
Shareholders’ equity 431 522 640 773 967 1,244 1,669 2,050 2,951 3,531 3,734 +26.3%
Returns, %
Returns, % ROA 11.19 11.21 14.56 12.44 15.19 17.32 24.02 19.02 53.51 16.12 20.15 +4.9 pt
ROIC 20.89 21.71 26.99 20.15 26.73 31.61 35.37 31.98 16.14 20.02 26.08 (0.9) pt
ROE 13.19 13.68 18.12 15.40 18.89 21.90 30.05 22.99 63.67 19.17 24.51 +6.0 pt
People
People Employees 578 1,500 1,737 2,002 2,209 2,773 3,247 3,564 4,017 4,501 — +25.6%
Revenue/emp, $m 0.67 0.31 0.34 0.31 0.38 0.44 0.55 0.51 0.55 0.62 — (0.9%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 9 Nov 2026

Business profile

Updated

Monolithic Power Systems, or MPS, designs semiconductor-based power electronics that manage electricity inside electronic equipment. It is a fabless company: it develops its products but relies on other companies to manufacture, assemble and test them. Founded in 1997, it is headquartered in Kirkland. Founder Michael Hsing is its chief executive.

The company focuses on analog and mixed-signal chips. Among other functions, these chips regulate or convert voltage so that electronic components receive the power they need. MPS also combines functions into modules and single-chip solutions, using its own designs, manufacturing processes and packaging technologies.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
China 1,544 55.34%
Taiwan 550 19.71%
South Korea 253 9.06%
Southeast Asia 148 5.31%
Europe 114 4.07%
U.S. 97 3.47%
Japan 84 3.03%
Other 0 0.02%
Gross margin 55.18%
Operating margin 26.11%
Pre-tax margin 27.46%

Revenue by segment since 2010

Monolithic Power Systems, Inc. vs peers in Semiconductors (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MRVL Marvell Technology, Inc. $148.0B 55.0× 78.4× +36.55% (above 0%: growing) +47.83% (above 0%: growing) +14.45% (above 0%: growing) 53.14% 16.78% Compare
ASX ASE Technology Holding Co., Ltd. $83.5B 34.2× 31.6× +35.74% (above 0%: growing) +126.53% (above 0%: growing) −127.04% (below 0%: shrinking) 22.10% 13.57% Compare
MPWR Monolithic Power Systems, Inc. $72.1B 81.1× 54.9× +63.11% (above 0%: growing) +48.55% (above 0%: growing) +1,311.55% (above 0%: growing) 55.35% 29.75%
NXPI NXP Semiconductors N.V. $67.9B 21.1× 17.0× +19.32% (above 0%: growing) +40.40% (above 0%: growing) +140.74% (above 0%: growing) 57.82% 32.44% Compare
STM STMicroelectronics N.V. $41.5B 78.5× 38.0× +17.89% (above 0%: growing) +22.22% (above 0%: growing) +211.65% (above 0%: growing) 37.29% 9.77% Compare
ALAB Astera Labs, Inc. $40.4B 85.9× 55.2× +153.67% (above 0%: growing) +94.56% (above 0%: growing) +103.24% (above 0%: growing) 72.28% 30.61% Compare
UMC United Microelectronics Corporation $40.3B 14.9× 15.4× +17.66% (above 0%: growing) +2.90% (above 0%: growing) +74.50% (above 0%: growing) 33.95% 25.11% Compare
MCHP Microchip Technology Incorporated $33.8B 45.0× 27.1× +42.19% (above 0%: growing) +2,361.33% (above 0%: growing) +667.64% (above 0%: growing) 65.86% 28.65% Compare
ON ON Semiconductor Corporation $28.7B 41.8× 28.6× +11.05% (above 0%: growing) +28.19% (above 0%: growing) +33.45% (above 0%: growing) 41.40% 21.96% Compare
Median of peers $40.9B 43.4× 30.1× +27.53% +44.12% +88.87% 47.27% 23.54%

All 68 Semiconductors stocks →

From the latest earnings call

Updated

  • CFO Tony Balow said enterprise data demand from existing customers was expected to continue into 2027, alongside growth in modules and customer diversification.
  • Balow said MPS had exceeded $6 billion in annual revenue-supporting capacity and expected $8 billion by the second half of 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.52%
Held by the ten largest 53.04%
Holder Shares Stake Change
Vanguard 6.14m 12.50% +43.65k
BlackRock 5.59m 11.38% −482.54k
Fidelity (FMR) 5.18m 10.54% +776.43k
Invesco 2.34m 4.77% −172.06k
State Street 2.28m 4.64% +93.73k
Geode Capital Management 1.20m 2.43% −236.78k
T. Rowe Price 976.80k 1.99% −1.01m
Franklin Templeton 824.20k 1.68% −121.19k
Goldman Sachs 780.65k 1.59% +212.59k
Norges Bank 751.40k 1.53% +751.40k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.93m 250.15m 256.61
2024 18.98m 21.91m 166.15
2023 14.64m 138.25m 175.91
2022 20.66m (66.60m) 97.85
2021 20.25m 114.05m 135.49

Ownership

Directors and executive officers, together 3.60%
The Vanguard Group 12.10%
BlackRock, Inc. 10.00%
FMR LLC 8.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Monolithic Power Systems, Inc. (MPWR) Latest News

4 Nov

Impact 3 · · Trefis

3 Nov

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 3 · · Zacks

31 Oct

Impact 4 · · StockStory
Impact 3 · · Simply Wall St.

30 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · Moby
Impact 3 · · Zacks

29 Oct

Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

28 Oct

Impact 3 · · StockStory

27 Oct

Impact 4 · · Zacks

26 Oct

Impact 4 · · Zacks

22 Oct

Impact 4 · · Trefis
Impact 4 · · Zacks

21 Oct

Impact 4 · · Trefis

16 Oct

Impact 4 · · Zacks

15 Oct

Impact 3 · · Zacks

13 Oct

Impact 4 · · Barchart

10 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

9 Oct

Impact 4 · · Insider Monkey

MPWR metrics, ten years each

stockrow.com/MPWR · Data as of Nov 9, 2026 · For information only; not investment advice. · © 2026 stockrow.com