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Monolithic Power Systems, Inc. (MPWR) stock

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NASDAQ: MPWR Nasdaq Semiconductors Next results ~February 4, 2027

B Fundamentals grade

Monolithic Power Systems is a fabless semiconductor company, incorporated in 1997, that designs power electronics built on high-performance analogue and mixed-signal integrated circuits. Its chips convert, regulate and manage voltage within electronic systems. Key product families include DC-to-DC and AC-to-DC converters, MOSFET drivers, power management ICs, current-limit switches and lighting-control products.

The company sells to equipment manufacturers, supported by applications engineers who help customers design its parts into their systems. It reaches end customers mainly through third-party distributors and value-added resellers under distribution agreements, with sales concentrated among a few large distributors. Operating a fabless model, it owns no factories, instead contracting foundries and subcontractors in China, Taiwan, South Korea, Singapore and Malaysia to make, assemble and test its chips.

Its products serve six end markets—storage and computing, enterprise data, automotive, communications, consumer and industrial—with storage and computing the largest in 2025. The firm keeps sales offices across Asia, Europe and the United States, employs over 4,500 people, and held 2,231 issued or pending patents at the end of 2025. Most of its revenue comes from customers in Asia.

Based on Monolithic Power Systems, Inc.'s 10-K filed February 27, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$660

Cash-flow model

Base case. Range ~$520–$850 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 47% below it.

Price used: $1243.95, November 2, 2026

Monolithic Power Systems, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Monolithic Power Systems files

Where Monolithic Power Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.27bn, up 28.7% on a year earlier, faster than 23.9% a quarter earlier. Free-cash-flow margin fell to 17.9% from 27.8% a year earlier. Operating margin widened to 28.7% from 26.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $536 a share, against a share price of $1,271. At that price, our model says the market is pricing in about 36.8% a year of cash-flow growth for five years, faster than the 22.1% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Monolithic Power Systems, Inc.'s trailing-twelve-month revenue grew 28.7% year on year, with a free-cash-flow margin of 17.9%. Where it stands out: operating margin of 28.7% ranks 13 of 75 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$660 per share in the base case (~$520–$850 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 17.1% while net income fell 52.0%: a 35pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 28.7% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • Growth speeding up. The growth rate is 4.8 points higher than a quarter earlier.
  • High operating margin. 28.7% of revenue is left as operating profit, against a median of 4.8% for semiconductor companies we cover.
  • Net cash. Cash exceeds long-term debt by $1.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $1,243.95 is 47% above our value per share of $660.
  • High earnings multiple. The shares trade at 76 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 2.5 against the S&P 500.
  • Insiders selling. 11 insiders sold $728M of stock over the past 365 days and none bought (36% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 73% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$8.19 against an average estimate of $7.75: beat by 5.7%
Revenue
$981m, up 47.6% on a year earlier
Share reaction
0.0% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $1,140m to $1,160m (the third quarter of 2026 ending September 30); GAAP gross margin 55.2% to 55.8% (the third quarter of 2026 ending September 30)
Next report
October 29, 2026; average EPS estimate $8.16

Monolithic Power Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.7%
  • 1 week+6.6%
  • 1 month-13.6%
  • This year+37.9%
  • 1 year+24.6%
  • 5 years+139.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.3B
Operating margin
28.7%
Net margin
24.5%
EPS (TTM, diluted)
$16.39

Growth

Revenue growth
+28.7%
Change in growth rate
+4.8 pts
Share count change
+1.1%

Cash

Free cash flow (TTM)
$586M
FCF margin
17.9%
Stock pay % of revenue
6.4%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Announcement
  4. Results
  5. Guidance
  6. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Monolithic Power Systems, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 37.7% a year of cash-flow growth for five years.That is faster than the 22.1% a year revenue growth Monolithic Power Systems has delivered.

  • Priced in37.7%
  • Last 12 months28.7%
  • 3 years a year21.0%
  • 5 years a year22.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1311.48, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$660
Price used
$1311.48close November 3, 2026
Implied change
▼ 49%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Monolithic Power Systems, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($560M, FY2026 Q2 TTM), growing 40.8% and 22.8% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$520–~$850 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Monolithic Power Systems, Inc.'s free cash flow after stock-based pay ( $560M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Monolithic Power Systems, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.76 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$660 ~$520–$850 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$380 ~$260–$490 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$530 ~$500–$910 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$290 ~$230–$370 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$230 ~$210–$260 Left out: out of range vs price (0.19x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$500 ~$290–$660 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Monolithic Power Systems, Inc. with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −34%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $193$252$330$433$567$740
8.5% $155$197$254$327$422$545
10% $131$164$208$264$337$430

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$58.24$75.76$104.72$109.42$169.38$351.44$476.16$343.88$618.22$583.90$901.84$1243.95
Market value$2.4bn$3.2bn$4.6bn$4.9bn$7.8bn$16.5bn$22.8bn$16.6bn$30.2bn$28.5bn$43.6bn$60.9bn
+ Net debt (− = net cash)−$91m−$113m−$83m−$173m−$173m−$335m−$189m−$289m−$528m−$692m−$1.1bn−$1.0bn
Enterprise value$2.3bn$3.1bn$4.5bn$4.7bn$7.6bn$16.2bn$22.6bn$16.3bn$29.6bn$27.8bn$42.5bn$59.9bn
Multiples
Price / sales 7.1x8.2x9.7x8.4x12.3x19.6x18.9x9.3x16.6x12.9x15.6x18.6x
Price / earnings 67.7x60.2x70.0x46.4x71.2x100.5x94.2x38.0x70.6x17.9x70.1x75.9x
Price / free cash flow 44.3x44.9x67.1x41.0x64.3x77.9x101.1x88.5x51.9x44.4x65.4x103.9x
EV / EBITDA 41.7x44.3x47.9x37.4x64.5x90.9x77.7x29.0x56.8x48.3x54.4x59.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

80 /100

Strong moat

How hard Monolithic Power Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.8% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 55.3%, moving by 1.1 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 22.0%; its worst year was 14.5%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.4% of revenue.

  • Discipline 6 / 20

    The diluted share count rose 3.0% over five years; stock-based pay has been a median 10.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $27.55 +55% $4.2bn +49%
Next $35.27 +28% $5.3bn +28%

Next year's EPS estimate has moved +15.3% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +14.0% on 90 days ago. In the last 30 days, 1 analyst raised Monolithic Power Systems, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Monolithic Power Systems, Inc., last 90 days
$20.00 $25.00 $30.00 $35.00 $40.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $24.17 Current fiscal year, 60 days ago: $27.43 Current fiscal year, 30 days ago: $27.43 Current fiscal year, 7 days ago: $27.52 Current fiscal year, Now: $27.55 $27.55 Next fiscal year, 90 days ago: $30.59 Next fiscal year, 60 days ago: $34.80 Next fiscal year, 30 days ago: $34.87 Next fiscal year, 7 days ago: $35.16 Next fiscal year, Now: $35.27 $35.27

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $24.17$30.59
60 days ago $27.43$34.80
30 days ago $27.43$34.87
7 days ago $27.52$35.16
Now $27.55$35.27

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $7.75 $8.19 +5.7%
Jun 2026 $5.88 $6.50 +10.5%
Mar 2026 $4.90 $5.10 +4.0%
Dec 2025 $4.74 $4.79 +1.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Revenue the third quarter of 2026 ending September 30 $1,140m to $1,160m
    “Revenue in the range of $1,140 million to $1,160 million.” source
  • GAAP gross margin the third quarter of 2026 ending September 30 55.2% to 55.8% GAAP
    “GAAP gross margin in the range of 55.2% to 55.8%.” source
  • Non-GAAP gross margin the third quarter of 2026 ending September 30 55.4% to 56% Non-GAAP
    “Non-GAAP gross margin in the range of 55.4% to 56.0%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.” source
  • Non-GAAP tax rate 2026 about 15% Non-GAAP
    “Non-GAAP tax rate of 15% for 2026.” source
  • Total stock-based compensation and related expenses the third quarter of 2026 ending September 30 $53.2m to $55.2m
    “Total stock-based compensation and related expenses in the range of $53.2 million to $55.2 million including approximately $1.7 million that would be charged to cost of goods sold.” source
  • GAAP operating expenses the third quarter of 2026 ending September 30 $253m to $259m GAAP
    “GAAP operating expenses between $252.7 million and $258.7 million.” source
Show 4 more items
  • Non-GAAP operating expenses the third quarter of 2026 ending September 30 $201m to $205m Non-GAAP
    “Non-GAAP operating expenses in the range of $201.2 million to $205.2 million.” source
  • Stock-based compensation and related expenses excluded from non-GAAP operating expenses guidance the third quarter of 2026 ending September 30 $51.5m to $53.5m
    “This estimate excludes stock-based compensation and related expenses in the range of $51.5 million to $53.5 million.” source
  • Interest and other income the third quarter of 2026 ending September 30 $7.8m to $8.2m
    “Interest and other income in the range from $7.8 million to $8.2 million before foreign exchange gains or losses.” source
  • Fully diluted shares outstanding the third quarter of 2026 ending September 30 49.1m to 49.5m
    “Fully diluted shares outstanding in the range of 49.1 to 49.5 million shares.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Monolithic Power Systems, Inc.'s revenue by +40.8% next year and +22.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+45.1%, weight 56%) , management guidance (+56.0%, weight 19%) and the company's own record (+20.0%, weight 25%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy1694%
Hold16%
Sell00%

Monthly trend

  1. Oct 202631317
  2. Sep 202631317
  3. Aug 202631216
  4. Jul 202631115

Counts of recommendations published by analysts covering Monolithic Power Systems, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.4%
of tradable shares
Days to cover
2.14
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.6%
of shares
Employees
4,501
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +24.6%

$998.30 on October 31, 2025 to $1243.95

ThenNowEffect
Revenue (last 12 months) $2.5bn $3.3bn +28.7%
Net margin 65.6% 24.5% −62.7%
P/E multiple 28.9x 75.9x +162.3%
Share count 48m 49m −1.1%

Biggest factor: net margin.

Last 3 years +157.9%

$482.36 on November 3, 2023 to $1243.95

ThenNowEffect
Revenue (last 12 months) $1.8bn $3.3bn +77.2%
Net margin 24.5% 24.5% 0.0%
P/E multiple 51.8x 75.9x +46.6%
Share count 49m 49m −0.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MPWR+36%−28%+80%−6%+55%+38%
Industry peers (median)+35%−39%+15%−15%+16%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MPWR58%42%67%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MPWR−25%−42%−32%−41%−37%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 52% from August 21, 2024 to April 8, 2025. Getting back needed a 107% gain, reached on October 6, 2025, 181 days after the low.

Price behaviour

52-week range
$851.25 – $1684.83
From 52-week high
−26.2%
vs 50-day average
−2.2%
vs 200-day average
−5.3%
Volatility (1 year)
54%
Beta vs S&P 500
2.54

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±9.0%
After a week
8 up, 3 down
typical move ±8.4%
After a month
7 up, 4 down
typical move ±12.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 0.0% −2.1% — —
July 30, 2026 +14.2% +2.4% +8.8% +0.6%
April 30, 2026 +3.7% +1.3% +3.2% +1.0%
February 5, 2026 +8.2% +0.6% +1.7% −6.6%
October 30, 2025 −8.1% −0.8% −12.4% −15.1%
July 31, 2025 +7.5% −2.0% +9.2% +14.4%
May 1, 2025 +7.4% +2.2% +7.9% +12.7%
February 6, 2025 +10.2% −0.6% +7.1% −11.1%
October 30, 2024 −18.6% −2.3% −15.9% −39.2%
August 1, 2024 −7.8% −3.3% −2.3% +8.3%
May 1, 2024 +6.5% +0.6% +6.6% +9.9%
February 7, 2024 +16.4% +0.9% +17.7% +15.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Monolithic Power Systems, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.17× the last 60 days’ realised volatility , richer than 47% of the 229 stocks we screen today.
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MPWR Monolithic Power Systems, Inc. Grade B $1,263.67

Own 100 shares, sell the $1,450 call expiring December 18, 2026 (46 days) for $36.90 a share — $3,690 per contract.

Previous session · Bid $36.90, ask $48.00, quoted Mon 2 Nov, 17:30 New York time with MPWR at $1,263.67. Option prices move with the shares: check the live chain at your broker before trading.

  • If MPWR ends below $1,450: you keep your shares and the $3,690 — 2.9% extra on the position, 23.2% a year at that pace.
  • If it ends above $1,450: your shares are sold at $1,450, a total return of 17.7% including the premium — at or above our value of ~$660.
$22.3k $0 −$24.5k Break-even $1,226.77 Price $1,263.67 ← Our value ~$660
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$3,690
Annualised
23.2%
Break-even
$1,226.77
Max gain
$22,323
Chance of selling
~31%

Collar

Own the shares, buy the $1,150 put and sell the $1,450 call, both expiring December 18, 2026 (46 days).

  • Net cost of $30.10 a share ($3,010 per contract of 100 shares).
  • Worst case at expiry: -11.4%, if the shares fall below $1,150 (-9.0% from today).
  • Best case at expiry: +12.4%, if the shares rise above $1,450 (+14.7%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $660: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Monolithic Power Systems, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Monolithic Power Systems, Inc.
$1.5B $2B $2.5B $3B $3.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.8B Revenue (TTM), FY23 Q4: $1.8B Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.9B Revenue (TTM), FY24 Q3: $2B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.5B Revenue (TTM), FY25 Q3: $2.7B Revenue (TTM), FY25 Q4: $2.8B Revenue (TTM), FY26 Q1: $3B Revenue (TTM), FY26 Q2: $3.3B $3.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.8B
FY23 Q4 $1.8B
FY24 Q1 $1.8B
FY24 Q2 $1.9B
FY24 Q3 $2B
FY24 Q4 $2.2B
FY25 Q1 $2.4B
FY25 Q2 $2.5B
FY25 Q3 $2.7B
FY25 Q4 $2.8B
FY26 Q1 $3B
FY26 Q2 $3.3B
Revenue growth, TTM YoY Monolithic Power Systems, Inc.
-10% 0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 9.4% Revenue growth, TTM YoY, FY23 Q4: 1.5% Revenue growth, TTM YoY, FY24 Q1: -2.1% Revenue growth, TTM YoY, FY24 Q2: 2.5% Revenue growth, TTM YoY, FY24 Q3: 11.6% Revenue growth, TTM YoY, FY24 Q4: 21.2% Revenue growth, TTM YoY, FY25 Q1: 30.6% Revenue growth, TTM YoY, FY25 Q2: 34.3% Revenue growth, TTM YoY, FY25 Q3: 30.5% Revenue growth, TTM YoY, FY25 Q4: 26.4% Revenue growth, TTM YoY, FY26 Q1: 23.9% Revenue growth, TTM YoY, FY26 Q2: 28.7% 28.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 9.4%
FY23 Q4 1.5%
FY24 Q1 -2.1%
FY24 Q2 2.5%
FY24 Q3 11.6%
FY24 Q4 21.2%
FY25 Q1 30.6%
FY25 Q2 34.3%
FY25 Q3 30.5%
FY25 Q4 26.4%
FY26 Q1 23.9%
FY26 Q2 28.7%
Operating margin (TTM) Monolithic Power Systems, Inc.
22% 24% 26% 28% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 27.9% Operating margin (TTM), FY23 Q4: 26.5% Operating margin (TTM), FY24 Q1: 24.8% Operating margin (TTM), FY24 Q2: 24.1% Operating margin (TTM), FY24 Q3: 23.8% Operating margin (TTM), FY24 Q4: 24.4% Operating margin (TTM), FY25 Q1: 25.7% Operating margin (TTM), FY25 Q2: 26.0% Operating margin (TTM), FY25 Q3: 26.0% Operating margin (TTM), FY25 Q4: 26.1% Operating margin (TTM), FY26 Q1: 27.1% Operating margin (TTM), FY26 Q2: 28.7% 28.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 27.9%
FY23 Q4 26.5%
FY24 Q1 24.8%
FY24 Q2 24.1%
FY24 Q3 23.8%
FY24 Q4 24.4%
FY25 Q1 25.7%
FY25 Q2 26.0%
FY25 Q3 26.0%
FY25 Q4 26.1%
FY26 Q1 27.1%
FY26 Q2 28.7%
FCF margin (TTM) Monolithic Power Systems, Inc.
15% 20% 25% 30% 35% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 26.3% FCF margin (TTM), FY23 Q4: 31.9% FCF margin (TTM), FY24 Q1: 33.0% FCF margin (TTM), FY24 Q2: 33.3% FCF margin (TTM), FY24 Q3: 33.3% FCF margin (TTM), FY24 Q4: 29.1% FCF margin (TTM), FY25 Q1: 26.2% FCF margin (TTM), FY25 Q2: 27.8% FCF margin (TTM), FY25 Q3: 26.5% FCF margin (TTM), FY25 Q4: 23.9% FCF margin (TTM), FY26 Q1: 21.3% FCF margin (TTM), FY26 Q2: 17.9% 17.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 26.3%
FY23 Q4 31.9%
FY24 Q1 33.0%
FY24 Q2 33.3%
FY24 Q3 33.3%
FY24 Q4 29.1%
FY25 Q1 26.2%
FY25 Q2 27.8%
FY25 Q3 26.5%
FY25 Q4 23.9%
FY26 Q1 21.3%
FY26 Q2 17.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Monolithic Power Systems took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.8B
  2. Other income $37.6M · 1.3%
  3. Cost of revenue $1.3B · 44.8%
  4. Gross profit $1.5B · 55.2%
  5. Research and development $382M · 13.7%
  6. Selling, general and admin $429M · 15.4%
  7. Operating income $729M · 26.1%
  8. Income tax $145M · 5.2%
  9. Net income $621M · 22.3%

Shares of revenue. Source: Monolithic Power Systems's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 165 219 197 214 238 283 333 389 471 582 628 844 1,208 1,794 1,821 2,207 2,790 3,273
Gross profit 98 121 102 113 128 153 180 211 258 323 346 466 685 1,049 1,021 1,221 1,540 1,807
EBITDA 26 39 22 27 36 48 55 69 94 126 117 178 291 564 522 576 781 1,000
Operating income 20 30 13 17 24 35 41 54 77 113 103 159 262 527 482 539 729 940
Net income 20 30 13 16 23 35 35 53 65 105 109 164 242 438 427 1,592 621 802
Diluted EPS $0.54 $0.78 $0.38 $0.43 $0.59 $0.89 $0.86 $1.26 $1.50 $2.36 $2.38 $3.50 $5.05 $9.05 $8.76 $32.60 $12.86 $16.39
Growth (year on year)
Revenue — +32.6% −10.2% +8.8% +11.4% +18.7% +17.9% +16.7% +21.2% +23.7% +7.8% +34.5% +43.0% +48.5% +1.5% +21.2% +26.4% +28.7%
EBITDA — +47.5% −42.5% +20.1% +35.6% +34.2% +13.3% +26.0% +35.3% +34.5% −6.7% +51.6% +63.5% +93.7% −7.4% +10.3% +35.7% +41.9%
Operating income — +56.2% −56.0% +28.8% +38.4% +47.6% +16.3% +32.6% +42.2% +46.6% −9.6% +54.9% +65.2% +100.7% −8.6% +12.0% +35.1% +42.3%
Net income — +50.3% −55.0% +18.5% +45.3% +55.0% −0.9% +49.9% +23.7% +61.4% +3.4% +51.0% +47.2% +80.8% −2.4% +272.5% −61.0% −52.0%
Diluted EPS — +44.4% −51.3% +13.2% +37.2% +50.8% −3.4% +46.5% +19.0% +57.3% +0.8% +47.1% +44.3% +79.2% −3.2% +272.1% −60.6% −52.5%
Margins
Gross margin 59.2% 55.5% 51.7% 52.9% 53.7% 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%
EBITDA margin 15.8% 17.6% 11.3% 12.4% 15.2% 17.1% 16.5% 17.8% 19.9% 21.6% 18.7% 21.1% 24.1% 31.4% 28.7% 26.1% 28.0% 30.6%
Operating margin 11.8% 13.9% 6.8% 8.1% 10.0% 12.5% 12.3% 14.0% 16.4% 19.5% 16.3% 18.8% 21.7% 29.4% 26.5% 24.4% 26.1% 28.7%
Net margin 11.9% 13.5% 6.8% 7.4% 9.6% 12.6% 10.6% 13.6% 13.8% 18.1% 17.3% 19.5% 20.0% 24.4% 23.5% 72.1% 22.3% 24.5%
Free-cash-flow margin 13.2% 11.8% 11.5% 1.8% 18.9% 22.9% 16.1% 18.2% 14.5% 20.4% 19.2% 25.1% 18.7% 10.5% 31.9% 29.1% 23.9% 17.9%
Cash flow
Cash from operations 32 48 44 25 61 74 70 108 134 141 216 268 320 247 638 788 838 822
Capital spending 10 23 21 21 16 10 16 37 66 23 96 56 94 59 58 146 172 237
Free cash flow 22 26 23 4 45 65 54 71 68 119 120 212 226 188 581 642 666 586
Stock-based pay 15 17 13 19 21 33 42 45 53 61 79 86 123 161 150 206 227 209
Free cash flow after stock pay 7 9 10 −15 24 31 12 26 15 58 42 127 102 27 431 437 439 377
Balance sheet
Cash 47 48 96 75 101 126 91 113 83 173 173 335 189 289 528 692 1,099 1,006
Total debt 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −47 −48 −96 −75 −100 −126 −91 −113 −83 −173 −173 −335 −189 −289 −528 −692 −1,099 −1,006
Diluted shares 37m 38m 35m 36m 39m 40m 41m 42m 44m 45m 46m 47m 48m 48m 49m 49m 48m 49m
Returned to shareholders
Dividends — — — 36 — — — — 34 47 67 89 109 138 186 241 285 329
Buybacks — 32 38 — 21 41 32 — — — — — 0 0 4 636 7 —
Total returned — 32 38 36 21 41 32 — 34 47 67 89 109 138 190 877 291 329

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $4.7bn
Short-term assets $2.5bnLonger-term assets $2.2bn
What it owes, and who funded it · $4.7bn
Short-term liabilities $498mLonger-term liabilities $293mShareholders' equity $3.9bn
  • Short-term assets cover short-term liabilities $2.5bn of assets due within a year against $498m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.5bn short-term assets against $293m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Monolithic Power Systems, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$6.6M
Dividends (TTM)
$329M
Returned to shareholders
44%
of free cash flow
Buybacks, last 3 fiscal years
$647M
Diluted share count
+1.1%
year over year
Total shareholder yield
0.6%
dividends 0.5% + buybacks 0.0% of market value
Dividend payout ratio
41%
of net income paid out
R&D spending
12.6%
of revenue
Sales & admin spending
13.9%
of revenue
Days sales outstanding
38 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated MPWR NXT SWKS ARM FSLR MCHP Median
Revenue, last 12 months $3.3bn $3.8bn $4.0bn $4.9bn $5.0bn $5.1bn $1.1bn
Revenue growth, last 12 months 28.7% 13.7% 0.1% 22.8% −0.7% 20.9% 13.7%
Revenue growth, 3-year average 21.0% 22.5% −6.8% — 16.6% −16.4% 3.9%
Revenue growth, latest quarter 47.6% 22.5% −3.1% — −22.8% 38.0% 20.1%
Gross margin 55.2% 33.0% 40.7% 97.5% 49.3% 60.2% 48.3%
Operating margin 28.7% 19.0% 7.6% 18.3% 37.7% 15.5% 4.8%
Operating margin, 3-year average 26.3% 21.9% 12.6% — 34.1% 15.6% 4.8%
Net margin 24.5% 16.0% 7.2% 18.4% 37.1% 9.3% 5.3%
Cash from operations / revenue 25.1% 15.0% 17.8% 31.0% 16.7% 23.4% 17.4%
Free-cash-flow margin 17.9% 13.4% 10.2% 19.9% 4.6% 21.7% 9.6%
Free-cash-flow margin, 3-year average 26.3% 15.5% 26.2% — 0.5% 23.2% 8.5%
Stock pay / revenue 6.4% 3.3% 5.8% 21.4% 0.5% 5.4% 5.8%
Change in share count 1.1% 2.5% −4.8% 0.5% 0.2% 2.2% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 28.7% 13.7% 20 of 75
Change in growth rate Growth +4.8pp +3.7pp 31 of 75
Gross margin Profitability 55.2% 48.3% 26 of 73
Operating margin Profitability 28.7% 4.8% 13 of 75
Net margin Profitability 24.5% 5.3% 13 of 75
Free-cash-flow margin Cash generation 17.9% 9.6% 23 of 75
Stock pay as % of revenue Cash generation 6.4% 6.4% 38 of 74
Change in share count Balance sheet 1.1% 0.9% 40 of 72
Days sales outstanding Balance sheet 38 days 58 days 16 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
China $1.5B 55.3% ▲ 31.1%
Taiwan $550M 19.7% ▼ 4.8%
South Korea $253M 9.1% ▲ 50.5%
South East Asia $148M 5.3% ▲ 88.1%
Europe $114M 4.1% ▲ 30.6%
United States $96.7M 3.5% ▲ 75.1%
Japan $84.4M 3.0% ▲ 36.9%
Other Region $484,000 0.0% ▲ 56.1%

From Monolithic Power Systems, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$65.6B
Institutions reporting
1,238
Shares held vs prior quarter
▲ 0.7%
Positions opened / closed
200 / 76

Top buyers and sellers, Q2 2026: 620 institutions bought and 534 sold ; the biggest buyer was FMR LLC (+776K shares) and the biggest seller T. Rowe Price Investment Management, Inc (−722K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7.7B 5.6M 11.8% ▼ 7.9%
FMR LLC $7.2B 5.2M 10.9% ▲ 17.6%
Vanguard Capital Management LLC $4.3B 3.1M 6.6% ▲ 1.4%
Vanguard Portfolio Management LLC $3.5B 2.5M 5.3% ▼ 0.5%
Invesco Ltd. $3.2B 2.3M 4.9% ▼ 6.8%
State Street Corp $3.2B 2.3M 4.8% ▲ 4.3%
Geode Capital Management, LLC $1.6B 1.2M 2.5% ▼ 16.5%
Price T Rowe Associates Inc $1.4B 977K 2.1% ▼ 22.7%
Franklin Resources Inc $1.1B 812K 1.7% ▼ 12.6%
Goldman Sachs Group Inc $1.1B 781K 1.6% ▲ 37.4%
Norges Bank $1B 751K 1.6% —
Van Eck Associates Corp $1B 746K 1.6% ▲ 42.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Monolithic Power Systems, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $728M 313 trades by 11 insiders · 36% under pre-set plans
Net ▼ $728M net selling
Insider Date Trade Shares Price Value
Hsing Michael CEO September 28, 2026 Sell pre-set plan 130 $1356.94 $176,402
Hsing Michael CEO September 28, 2026 Sell pre-set plan 10,967 $1351.43 $14.8M
Hsing Michael CEO September 28, 2026 Sell pre-set plan 6,343 $1347.15 $8.5M
Hsing Michael CEO September 28, 2026 Sell pre-set plan 5,783 $1343.76 $7.8M
Hsing Michael CEO September 28, 2026 Sell pre-set plan 2,949 $1338.66 $3.9M
Hsing Michael CEO September 28, 2026 Sell pre-set plan 1,111 $1333.34 $1.5M
Hsing Michael CEO September 28, 2026 Sell pre-set plan 2,121 $1328.54 $2.8M
Hsing Michael CEO September 28, 2026 Sell pre-set plan 596 $1323.31 $788,693
Chang Kuo Wei Herbert Director August 24, 2026 Sell 50 $1281.57 $64,078
Dean Robert W Ii Interim CFO August 24, 2026 Sell 32 $1297.72 $41,527
Dean Robert W Ii Interim CFO August 17, 2026 Sell 6 $1413.64 $8,482
Chang Kuo Wei Herbert Director August 11, 2026 Sell 50 $1420.00 $71,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Monolithic Power Systems, Inc. shares.

  • Byron Donalds(R-FL 19):Sale (partial), $1,001 - $15,000, traded June 5, 2026, filed July 15, 2026
  • Byron Donalds(R-FL 19):Sale (partial), $1,001 - $15,000, traded June 5, 2026, filed July 15, 2026
  • Michael Guest(R-MS 3):Purchase, $1,001 - $15,000, traded October 20, 2025, filed November 19, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Monolithic Power Systems, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Monolithic Power Systems, Inc. in brief

What does Monolithic Power Systems, Inc. do?
Monolithic Power Systems, Inc. is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is Monolithic Power Systems, Inc.'s stock ticker?
Monolithic Power Systems, Inc. trades under the ticker MPWR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Monolithic Power Systems, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Monolithic Power Systems, Inc. reported revenue of $3.3B, 28.7% higher than a year earlier, according to its SEC filings.
What is Monolithic Power Systems, Inc.'s free cash flow?
Monolithic Power Systems, Inc.'s free-cash-flow margin is 17.9% of revenue over the trailing twelve months, ranking 23 of the 75 semiconductor companies we cover.
What is Monolithic Power Systems, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Monolithic Power Systems, Inc.'s free cash flow after stock-based pay gives ~$660 per share in the base case, and ~$520–$850 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Monolithic Power Systems, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Monolithic Power Systems, Inc. buying back stock, and does it pay a dividend?
Monolithic Power Systems, Inc. spent $6.6M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.1% over the year.
What is Monolithic Power Systems, Inc.'s market cap?
On November 2, 2026, Monolithic Power Systems, Inc.'s market capitalisation was about $60.9B, with a price-to-earnings ratio of 75.9 and net debt of -$1B. Market figures come from third-party market data and may be delayed.
Does Monolithic Power Systems, Inc. pay a dividend?
Yes: Monolithic Power Systems, Inc. paid $329M in dividends over the trailing twelve months, a dividend yield of 0.54% and a payout ratio of 41.1%.
Who are Monolithic Power Systems, Inc.'s competitors?
In our Semiconductors peer group, the companies closest to Monolithic Power Systems, Inc. are Nextpower Inc., Skyworks Solutions, Inc., ARM Holdings PLC, First Solar, Inc. and Microchip Technology Inc. The side-by-side comparison below sets their revenue, margins and growth against Monolithic Power Systems, Inc.'s.
Are insiders buying or selling Monolithic Power Systems, Inc. stock?
Over the last 12 months, Monolithic Power Systems, Inc.'s directors and officers reported 0 open-market purchases and 313 sales on Form 4. The insider trading page charts every trade.
When is Monolithic Power Systems, Inc.'s next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Monolithic Power Systems, Inc. announces its own schedule.