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MPWR

Monolithic Power Systems, Inc.

MPWR

Monolithic Power Systems, Inc. • NASDAQ
$928.17 ▲ 0.35% (+3.22)
Market Cap $44.47 B
52w High $1123.38
52w Low $438.86
Dividend Yield 6.24%
P/E 23.81
Volume 283.77K
Outstanding Shares 47.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $737.176M ▲ $211.045M ▲ $178.274M ▲ 24.183% ▲ $3.72 ▲ $219.276M ▲
Q2-2025 $664.574M ▲ $201.258M ▲ $133.726M ▼ 20.122% ▼ $2.79 ▼ $177.878M ▼
Q1-2025 $637.554M ▲ $184.471M ▲ $133.791M ▼ 20.985% ▼ $2.8 ▼ $180.208M ▲
Q4-2024 $621.665M ▲ $181.101M ▲ $1.449B ▲ 233.142% ▲ $30 ▲ $173.35M ▼
Q3-2024 $620.119M $179.415M $144.43M 23.291% $2.96 $173.473M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.269B ▲ $4.206B ▲ $638.445M ▲ $3.568B ▲
Q2-2025 $1.146B ▲ $3.972B ▲ $570.142M ▲ $3.402B ▲
Q1-2025 $1.027B ▲ $3.806B ▲ $538.75M ▲ $3.267B ▲
Q4-2024 $862.946M ▼ $3.617B ▲ $471.33M ▼ $3.146B ▲
Q3-2024 $1.462B $2.855B $503.05M $2.352B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $178.274M ▲ $239.268M ▲ $127.565M ▲ $-73.24M ▲ $293.869M ▲ $198.753M ▲
Q2-2025 $133.726M ▼ $237.637M ▼ $-15.798M ▲ $-79.411M ▼ $150.042M ▲ $187.494M ▼
Q1-2025 $133.791M ▼ $256.387M ▲ $-257.485M ▼ $-55.916M ▲ $-54.459M ▼ $216.045M ▲
Q4-2024 $1.449B ▲ $167.681M ▼ $519.175M ▲ $-685.374M ▼ $-8.54M ▼ $102.879M ▼
Q3-2024 $144.43M $231.703M $-26.762M $-63.215M $150.006M $197.885M

Revenue by Products

Product Q4-2023Q1-2024Q2-2024Q3-2024
DC To DC Products
DC To DC Products
 $430.00M ▲$420.00M ▼$500.00M ▲$620.00M ▲
Lighting Control Products
Lighting Control Products
 $30.00M ▲$40.00M ▲$10.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, moving from a mid-sized base to more than double that level today. Growth accelerated after 2020 and has stayed strong even as the broader semiconductor cycle has been choppy. Profit quality looks strong: gross profit has grown at least as fast as sales, suggesting good pricing power and favorable product mix. Operating profit has expanded even faster, showing good cost control and operating leverage as the company scales. Net income shows a very sharp jump in the most recent year that is far larger than the increase in sales or operating profit. That suggests there may be significant one-time items, tax effects, or accounting gains boosting reported earnings. In other words, core profitability looks strong and improving, but the latest bottom-line result may overstate the “normal” earnings power.

Balance Sheet

Balance Sheet The balance sheet is conservatively financed and has strengthened year after year. Total assets have grown steadily, reflecting ongoing investment in the business and a larger cash position. Debt is essentially negligible, while shareholders’ equity has climbed consistently. This combination points to a company funding growth mostly from its own profits rather than borrowing, which generally lowers financial risk. The growing cash balance and low leverage provide flexibility to keep investing through industry cycles, but also mean returns depend heavily on management’s capital allocation decisions rather than on financial engineering.

Cash Flow

Cash Flow Cash generation has improved meaningfully over the last five years. Operating cash flow has risen alongside earnings, and free cash flow has increased at a healthy pace as well, indicating that accounting profits are well supported by real cash. Capital spending has stepped up but remains moderate relative to cash generated, consistent with a fabless semiconductor model that does not require massive factory investments. Even after these investments, the company has been consistently cash-flow positive, building financial flexibility for R&D, potential acquisitions, or shareholder returns. Overall, cash flow trends look solid, but as with all chip companies, they remain exposed to swings in end-market demand.

Competitive Edge

Competitive Edge Within power management semiconductors, the company occupies an attractive niche built around highly integrated power solutions rather than commodity components. Its proprietary process technology, strong analog and mixed‑signal expertise, and reputation for high performance create meaningful differentiation. Design wins tend to be sticky because once a customer designs in these chips, switching to another supplier is costly and risky. This creates high switching costs and recurring revenue streams as long as customer products remain in production. The focus on fast-growing areas—such as data centers and AI accelerators, advanced automotive electronics, and enterprise infrastructure—positions it in structurally expanding markets, but also puts it in direct competition with some of the strongest players in the industry. Execution and continued innovation are critical to maintaining its edge.

Innovation and R&D

Innovation and R&D Innovation is central to the company’s strategy. Its core strength lies in integrating many power functions onto a single chip, improving efficiency, shrinking size, and simplifying customers’ designs. This approach is protected by a meaningful patent portfolio and know‑how that is difficult to replicate quickly. The firm is investing heavily in next‑generation solutions for AI data centers, automotive electronics, and other high‑performance applications. Partnerships with major technology and automotive ecosystem players, and work on advanced materials such as GaN and SiC, show a clear push to stay on the leading edge. The main risk is that the bar keeps rising: peers are also investing aggressively, and the company must keep refreshing its product roadmap, securing new design wins, and scaling production through its foundry partners to sustain its current innovation lead.

Summary

Across the financials, Monolithic Power Systems shows a picture of steady revenue growth, expanding margins, strong cash generation, and a very conservative balance sheet with minimal debt. The notable spike in recent net income likely includes non‑recurring elements, so underlying profitability should be viewed as strong but not as explosive as the latest headline figure suggests. Strategically, the firm appears well positioned in a specialized and high‑value corner of the semiconductor market, with meaningful competitive advantages in integration, efficiency, and design support. Its fabless model and strong cash flow give it flexibility, while its focus on AI, automotive, and data‑center power solutions taps into powerful long‑term demand trends. Key things to watch going forward include the durability of design wins in AI and automotive, the company’s ability to keep out‑innovating larger rivals, and how it balances R&D, capital spending, and shareholder returns through future industry cycles.

NEWS

October 30, 2025 · 4:01 PM UTC

Monolithic Power Systems Announces Results for the Third Quarter Ended September 30, 2025

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October 9, 2025 · 4:01 PM UTC

Monolithic Power Systems to Report Third Quarter 2025 Results on October 30, 2025

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October 6, 2025 · 4:24 PM UTC

Reed Semiconductor Files Patent Infringement Lawsuit Against Monolithic Power Systems

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October 1, 2025 · 5:30 PM UTC

Johnson Fistel Investigates Monolithic Power Systems on Behalf of Long-Term Shareholders

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