NASDAQ: MPWR
Monolithic Power Systems
Technology · Semiconductors & Related Devices
52-week range
$833.18$1,714.09
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$67.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.37B |
| FY2017, ended Dec 31, 2017 | $4.73B |
| FY2018, ended Dec 31, 2018 | $4.99B |
| FY2019, ended Dec 31, 2019 | $7.94B |
| FY2020, ended Dec 31, 2020 | $16.7B |
| FY2021, ended Dec 31, 2021 | $22.9B |
| FY2022, ended Dec 31, 2022 | $16.7B |
| FY2023, ended Dec 31, 2023 | $30.7B |
| FY2024, ended Dec 31, 2024 | $28.3B |
| FY2025, ended Dec 31, 2025 | $44.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $67.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.27B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $389M |
| FY2017, ended Dec 31, 2017 | $471M |
| FY2018, ended Dec 31, 2018 | $582M |
| FY2019, ended Dec 31, 2019 | $628M |
| FY2020, ended Dec 31, 2020 | $844M |
| FY2021, ended Dec 31, 2021 | $1.21B |
| FY2022, ended Dec 31, 2022 | $1.79B |
| FY2023, ended Dec 31, 2023 | $1.82B |
| FY2024, ended Dec 31, 2024 | $2.21B |
| FY2025, ended Dec 31, 2025 | $2.79B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.27B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $52.7M | $70.7M |
| FY2017, ended Dec 31, 2017 | $65.2M | $68.1M |
| FY2018, ended Dec 31, 2018 | $105M | $119M |
| FY2019, ended Dec 31, 2019 | $109M | $120M |
| FY2020, ended Dec 31, 2020 | $164M | $212M |
| FY2021, ended Dec 31, 2021 | $242M | $226M |
| FY2022, ended Dec 31, 2022 | $438M | $188M |
| FY2023, ended Dec 31, 2023 | $427M | $581M |
| FY2024, ended Dec 31, 2024 | $1.59B | $642M |
| FY2025, ended Dec 31, 2025 | $621M | $666M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $802M | $586M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.01B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $113M |
| FY2017, ended Dec 31, 2017 | $82.8M |
| FY2018, ended Dec 31, 2018 | $173M |
| FY2019, ended Dec 31, 2019 | $173M |
| FY2020, ended Dec 31, 2020 | $335M |
| FY2021, ended Dec 31, 2021 | $189M |
| FY2022, ended Dec 31, 2022 | $289M |
| FY2023, ended Dec 31, 2023 | $528M |
| FY2024, ended Dec 31, 2024 | $692M |
| FY2025, ended Dec 31, 2025 | $1.10B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.01B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 19.4% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.49.1M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 41.2M |
| FY2017, ended Dec 31, 2017 | 42.1M |
| FY2018, ended Dec 31, 2018 | 42.9M |
| FY2019, ended Dec 31, 2019 | 44.6M |
| FY2020, ended Dec 31, 2020 | 45.6M |
| FY2021, ended Dec 31, 2021 | 46.5M |
| FY2022, ended Dec 31, 2022 | 47.3M |
| FY2023, ended Dec 31, 2023 | 48.7M |
| FY2024, ended Dec 31, 2024 | 47.9M |
| FY2025, ended Dec 31, 2025 | 49.1M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 49.1M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $202M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $45.0M |
| FY2017, ended Dec 31, 2017 | — | $52.6M |
| FY2018, ended Dec 31, 2018 | — | $60.6M |
| FY2019, ended Dec 31, 2019 | — | $78.7M |
| FY2020, ended Dec 31, 2020 | — | $85.6M |
| FY2021, ended Dec 31, 2021 | $0 | $123M |
| FY2022, ended Dec 31, 2022 | $0 | $161M |
| FY2023, ended Dec 31, 2023 | $3.70M | $150M |
| FY2024, ended Dec 31, 2024 | $636M | $206M |
| FY2025, ended Dec 31, 2025 | $6.60M | $227M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $6.96M | $209M |
Revenue (TTM)
$3.27B
+28.7% YoY
Net income (TTM)
$802M
−52.0% YoY
Cash
$1.01B
+27.7% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $59.5B
- P/E
- 74.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 18.2×
- Price / Book
- 15.3×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $3.27B
- Revenue Growth YoY
- 28.7%
- Revenue CAGR 3Y
- 15.9%
- Revenue CAGR 5Y
- 27.0%
- EPS Growth YoY
- −52.2%
- Net Income Growth YoY
- −52.0%
Profitability
Trailing 12 months- Gross Margin
- 55.2%
- Operating Margin
- 28.7%
- Net Margin
- 24.5%
- FCF Margin
- 17.9%
- Return on Equity
- 22.6%
Earnings
Trailing 12 months- Net Income
- $802M
- EPS (diluted)
- $16.39
- EBITDA
- $1.00B
- Operating Income
- $940M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.01B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $4.69B
- Total Liabilities
- $791M
- Shareholders' Equity
- $3.90B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $822M
- Capital Expenditure
- $237M
- Free Cash Flow
- $586M
Dividends and risk
Last 12 months- Dividend Yield
- 0.6%
- Dividend / Share
- $7.56
- Beta (5Y)
- 1.67
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 28.7% over the last year, to $3.27B.
Strength
Operating margin widened 2.7 pts in a year, to 28.7%.
Strength
Turns 17.9% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K71Good news
71Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Mar 3, 2025 · Read the filing on EDGAR
- Revenue rose 21.2% to $2.21 billion and operating income rose 12% to $539.4 million. Sales of power chips for AI more than doubled, lifting the enterprise data segment 121.8%.
- Net income jumped to $1.79 billion, mainly because of a one-time $1.2 billion tax benefit tied to a new ten-year foreign tax break, not because the business earned more.
- The inventory-control weakness reported last year has been fixed. Cash and short-term investments fell to $863 million after $640 million of buybacks, and the company still has no debt.
- In February 2025 a shareholder class action was filed claiming the company misled investors about its relationship with Nvidia.
Business momentum
Strong improvement
“Revenue for the year ended December 31, 2024 was $2.2 billion, an increase of $386.0 million, or 21.2%, from $1.8 billion for the year ended December 31, 2023.”
Outlook
Cautious
“We remain cautious in light of continued challenging macroeconomic conditions and will continue to monitor the potential impact on our operations.”
Financial stress
None
“we believe that our balances of cash, cash equivalents and short-term investments of $862.9 million as of December 31, 2024, along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for the next 12 months and beyond.”
Tone against the previous report
More positive
Red flags
- Minor
Major lawsuit
“On February 4, 2025, a purported class action lawsuit was filed against us and certain of our executives.”
Positives
AI-driven surge in enterprise data sales
“revenue from the enterprise data market increased $393.3 million, or 121.8%, from the same period in 2023. This increase was primarily due to higher sales of our power management solutions for AI applications.”
Inventory-control weakness fixed
“the remediation measures discussed above were effectively designed and operated effectively for a sufficient period of time to allow us to conclude that the material weakness had been remediated as of December 31, 2024.”
Strong cash generation and bigger shareholder payouts
“In February 2025, our Board of Directors approved an increase in the quarterly cash dividend from $1.25 per share to $1.56 per share”
Concerns
Gross margin slipped again on inventory write-downs
“The decrease in gross margin was mainly driven by higher inventory write-downs as a percentage of revenue.”
Costs grew faster than sales, led by stock pay
“The $81.0 million increase in SG&A expenses was driven by a $50.1 million increase in stock-based compensation expenses and related payroll taxes”
Consumer and industrial sales kept falling
“Revenue from the industrial market decreased $25.4 million, or 14.7%, from the same period in 2023.”
New risks since the previous report
Shareholder lawsuit over Nvidia relationship
“by making material misstatements or omissions relating to our business, including with respect to our business relationship with Nvidia.”
Sales more concentrated in a few distributors
“our top three customers, all of which are distributors, accounted for 61%, 55% and 52% of our revenue in each of the years ended December 31, 2024, 2023 and 2022, respectively.”
Global minimum tax rules could undo the new tax break
“If the new Administrative Guidance is adopted by the jurisdiction that granted the tax incentive, it may materially impact our global tax provision.”
New US tariffs from the incoming administration
“as well as additional tariffs imposed by the new U.S. administration in January 2025, some of which prompted, and could prompt additional, retaliatory Chinese tariffs on U.S. goods.”
Weak Chinese economy hurting customers and suppliers
“The current stagnation in China’s economy has adversely impacted, and could further adversely impact, our customers, prospective customers, suppliers, distributors and partners in China”
Biggest risks named
- Heavy reliance on Asia (94% of revenue) and on Chinese suppliers
- US-China tariffs and export limits, including on AI products
- Dependence on a few distributors and one large end customer
- Global minimum tax rules threatening the new tax benefit
- Shareholder lawsuit over Nvidia relationship
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | +2 | |
| Red flags | −1.2 | |
| New risks | −2 | |
| Score | 71 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Mar 3, 2025 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 29, 2024 | 38 | Mixed | 1 serious | |
| 10-K | Feb 24, 2023 | 70 | Strong improvement | None | |
| 10-K | Feb 25, 2022 | 70 | Strong improvement | None | |
| 10-K | Mar 1, 2021 | 72 | Strong improvement | None | |
| 10-K | Feb 28, 2020 | 54 | Mixed | None | |
| 10-K | Mar 1, 2019 | 73 | Strong improvement | None | |
| 10-K | Mar 1, 2018 | 72 | Strong improvement | None | |
| 10-K | Mar 1, 2017 | 76 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR