Monolithic Power Systems
MPWR · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 31
Monolithic Power Systems reported revenue of $2.8B in the fiscal year ended Dec 2025, up 26.4% from the year before. Operating income was $729M, an operating margin of 26.1%, and net income was $621M. Operating cash flow of $838M less capital expenditure of $172M left free cash flow of $666M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.8B | $1.8B | $2.2B | $2.8B |
| Cost of revenue | $522M | $746M | $800M | $986M | $1.3B |
| Gross profit | $685M | $1B | $1B | $1.2B | $1.5B |
| Selling, general & admin | $232M | $282M | $276M | $357M | $429M |
| Operating income | $262M | $527M | $482M | $539M | $729M |
| Pre-tax income | $272M | $525M | $506M | $573M | $766M |
| Income tax | $30M | $87M | $78M | −$1B | $145M |
| Net income | $242M | $438M | $427M | $1.6B | $621M |
| Diluted EPS | 5.05 | 9.05 | 8.76 | 32.60 | 12.86 |
| Diluted shares | 48M | 48M | 49M | 49M | 48M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $189M | $289M | $528M | $692M | $1.1B |
| Receivables | $105M | $183M | $180M | $173M | $256M |
| Inventory | $259M | $447M | $384M | $420M | $565M |
| Current assets | $1.1B | $1.4B | $1.8B | $1.6B | $2.2B |
| Net PP&E | $363M | $357M | $369M | $495M | $628M |
| Goodwill | $7M | $7M | $7M | $26M | $26M |
| Total assets | $1.6B | $2.1B | $2.4B | $3.5B | $4.2B |
| Payables | $83M | $61M | $63M | $103M | $138M |
| Deferred revenue | $4M | – | $3M | – | – |
| Current liabilities | $227M | $263M | $235M | $295M | $369M |
| Total liabilities | $342M | $390M | $384M | $565M | $663M |
| Shareholders' equity | $1.2B | $1.7B | $2B | $3B | $3.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $320M | $247M | $638M | $788M | $838M |
| Capital expenditure | $94M | $59M | $58M | $146M | $172M |
| Free cash flow | $226M | $188M | $581M | $642M | $666M |
| Depreciation & amortisation | $29M | $37M | $40M | $36M | $53M |
| Stock-based compensation | $123M | $161M | $150M | $206M | $227M |
| Acquisitions | – | $0 | $0 | $33M | $0 |
| Share buybacks | $0 | $0 | $4M | $636M | $7M |
| Dividends paid | $109M | $138M | $186M | $241M | $285M |
| Dividend per share | 2.40 | 3.00 | 4.00 | 5.00 | 6.24 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 48.5% | 1.5% | 21.2% | 26.4% |
| Operating income growth (YoY) | – | 100.7% | −8.6% | 12.0% | 35.1% |
| EPS growth (YoY) | – | 79.2% | −3.2% | 272.1% | −60.6% |
| Gross margin | 56.8% | 58.4% | 56.1% | 55.3% | 55.2% |
| Operating margin | 21.7% | 29.4% | 26.5% | 24.4% | 26.1% |
| Net margin | 20.0% | 24.4% | 23.5% | 72.1% | 22.3% |
| Return on equityBlank when equity is negative | 19.5% | 26.2% | 20.8% | 53.9% | 17.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.3% | 29.3% | 21.9% | 16.7% | 19.1% |
| Free cash flow margin | 18.7% | 10.5% | 31.9% | 29.1% | 23.9% |
| Cash conversion (CFO ÷ net income) | 1.32x | 0.56x | 1.49x | 0.50x | 1.35x |
| Receivable days | 32 | 37 | 36 | 29 | 33 |
| Inventory days | 181 | 219 | 175 | 155 | 165 |
| Payable days | 58 | 30 | 29 | 38 | 40 |
| Current ratio | 4.96x | 5.36x | 7.74x | 5.31x | 5.91x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.