MPWR Technology

Monolithic Power Systems, Inc.

$1,328.30+6.78%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Technology
Industry: Semiconductors
Country: United States
Market cap: 65.3B USD
Enterprise value: 63.9B USD
Full-time employees: 4,501

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.68 vs a peer median of 0.87)bigger price swings (beta 1.68 vs peers 0.87)

Ranks #248 of 1,612 technology companies (top 16%)

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $583M vs $647M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +4.3% from December 2022 to July 2026.
Over three fiscal years Monolithic Power Systems recorded $583M of stock-based pay expense and spent $647M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (+4.3%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Monolithic Power Systems recorded $583M of stock-based pay expense and spent $647M repurchasing shares. The share count barely moved (+4.3%), so much of the repurchasing offset new employee shares rather than shrinking the count.
Investment surge. Capital spending 6.2% of revenue, up from 3.3% in 2022.
Monolithic Power Systems is spending 6.2% of revenue on facilities and equipment, up from 3.3% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $844M in 2020 to $2.8B in 2025.
Monolithic Power Systems's fiscal-year revenue rose in each of the five years to 2025, from $844M to $2.8B.
Wide margins. Operating margin 29% (12 months to Jun 2026) vs a peer median of 6.3%.Operating margin 29% vs peers 6.3%.
Monolithic Power Systems keeps 29% of revenue as operating profit, more than 93% of peers (median 6.3%).

StockQuotient Score

68/ 100

Oct 5 68 → Nov 4 68

Valuation

Is the price right?

27/100

Weak▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 29 → 27

Share price +9.6%-1
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.2%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.45Sector median: 0.0225 · MAD: 0.0225

EBITDA yield1.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.74Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield0.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.67Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield6.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

67/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 10.7%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-53.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.11Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth21.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.04Sector median: 0.0483 · MAD: 0.0793

Revenue growth28.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.98Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

94/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin28.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.16Sector median: 0.0631 · MAD: 0.0710

Return on assets17.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.87Sector median: 0.0293 · MAD: 0.0362

Return on invested capital25.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.21Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin55.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity20.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Debt / equity
▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.68

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.19Sector median: 0.8710 · MAD: 0.3700

Current ratio4.98×

SEC filings · latest balance sheetReported value33% base weight · Z-score 4.59Sector median: 1.8295 · MAD: 0.6848

Debt / equity<0.01×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.08Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Monolithic Power Systems

Is Monolithic Power Systems getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 68/100 since Oct 28, 2026.
How is Monolithic Power Systems valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 27/100 against 1,711 technology peers. EBITDA yield 1.6% vs a peer median of 4.2% (weaker than 72% of peers).EBITDA yield 1.6% vs peers 4.2% (weaker than 72% of peers).
Is Monolithic Power Systems growing?: Yes, faster than most of its peers. Growth scores 67/100 against 1,711 technology peers. 3-year revenue growth 21.0% vs a peer median of 4.8% (stronger than 88% of peers).3-year revenue growth 21.0% vs peers 4.8% (stronger than 88% of peers). Earnings per share growth -53.2% vs a peer median of 11.1% (weaker than 93% of peers).Earnings per share growth -53.2% vs peers 11.1% (weaker than 93% of peers).
How profitable is Monolithic Power Systems?: More profitable than most of its peers. Profitability scores 94/100 against 1,711 technology peers. Return on assets 17.1% vs a peer median of 2.9% (stronger than 95% of peers).Return on assets 17.1% vs peers 2.9% (stronger than 95% of peers).
How risky is Monolithic Power Systems?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity <0.01× vs a peer median of 0.25× (stronger than 94% of peers).Debt / equity <0.01× vs peers 0.25× (stronger than 94% of peers). Beta 1.68 vs a peer median of 0.87 (weaker than 88% of peers).Beta 1.68 vs peers 0.87 (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.0B USD	3.3B USD	+10.7%
Net income (12 months)	679.7M USD	801.9M USD	+18.0%
Operating margin	27.1%	28.7%	+1.6 pts
Free cash flow (12 months)	629.5M USD	585.5M USD	−7.0%
Cash	1.1B USD	1.0B USD	−5.4%
Shares outstanding	49.1M	49.1M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Semiconductors · 41 companies

Valuations in Semiconductors are near the top of their range since 2016.

94% of months since 2016 were valued lower than now.
73% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +53% and earnings −2% (medians): prices rose faster than earnings.
Median price-to-sales is +324% vs the whole market, against a usual +98%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	56.8%	58.4%	56.1%	55.3%	55.2%	▼ 0.1 pts
Operating margin	21.7%	29.4%	26.5%	24.4%	26.1%	▲ 1.7 pts
Net margin	20.0%	24.4%	23.5%	72.1%	22.3%	▼ 50 pts
Return on assets (ROA)	15.3%	21.3%	17.6%	45.3%	14.8%	▼ 30 pts
Return on equity (ROE)	19.5%	26.2%	20.8%	53.9%	17.6%	▼ 36 pts
Free cash flow margin	18.7%	10.5%	31.9%	29.1%	23.9%	▼ 5.2 pts
Current ratio	4.96×	5.36×	7.74×	5.31×	5.91×	▲ 11%
Quick ratio	3.81×	3.66×	6.11×	3.89×	4.38×	▲ 13%

MPWR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.68 vs a peer median of 0.87)bigger price swings (beta 1.68 vs peers 0.87)

Ranks #248 of 1,612 technology companies (top 16%)

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $583M vs $647M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +4.3% from December 2022 to July 2026.

Over three fiscal years Monolithic Power Systems recorded $583M of stock-based pay expense and spent $647M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (+4.3%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Monolithic Power Systems recorded $583M of stock-based pay expense and spent $647M repurchasing shares. The share count barely moved (+4.3%), so much of the repurchasing offset new employee shares rather than shrinking the count.

Investment surge. Capital spending 6.2% of revenue, up from 3.3% in 2022.

Monolithic Power Systems is spending 6.2% of revenue on facilities and equipment, up from 3.3% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $844M in 2020 to $2.8B in 2025.

Monolithic Power Systems's fiscal-year revenue rose in each of the five years to 2025, from $844M to $2.8B.

Wide margins. Operating margin 29% (12 months to Jun 2026) vs a peer median of 6.3%.Operating margin 29% vs peers 6.3%.

Monolithic Power Systems keeps 29% of revenue as operating profit, more than 93% of peers (median 6.3%).

Questions investors ask about Monolithic Power Systems

Is Monolithic Power Systems getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 68/100 since Oct 28, 2026.

How is Monolithic Power Systems valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 27/100 against 1,711 technology peers. EBITDA yield 1.6% vs a peer median of 4.2% (weaker than 72% of peers).EBITDA yield 1.6% vs peers 4.2% (weaker than 72% of peers).

Is Monolithic Power Systems growing?

Yes, faster than most of its peers. Growth scores 67/100 against 1,711 technology peers. 3-year revenue growth 21.0% vs a peer median of 4.8% (stronger than 88% of peers).3-year revenue growth 21.0% vs peers 4.8% (stronger than 88% of peers). Earnings per share growth -53.2% vs a peer median of 11.1% (weaker than 93% of peers).Earnings per share growth -53.2% vs peers 11.1% (weaker than 93% of peers).

How profitable is Monolithic Power Systems?

More profitable than most of its peers. Profitability scores 94/100 against 1,711 technology peers. Return on assets 17.1% vs a peer median of 2.9% (stronger than 95% of peers).Return on assets 17.1% vs peers 2.9% (stronger than 95% of peers).

How risky is Monolithic Power Systems?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity <0.01× vs a peer median of 0.25× (stronger than 94% of peers).Debt / equity <0.01× vs peers 0.25× (stronger than 94% of peers). Beta 1.68 vs a peer median of 0.87 (weaker than 88% of peers).Beta 1.68 vs peers 0.87 (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.0B USD

3.3B USD

+10.7%

Net income (12 months)

679.7M USD

801.9M USD

+18.0%

Operating margin

27.1%

28.7%

+1.6 pts

Free cash flow (12 months)

629.5M USD

585.5M USD

−7.0%

Cash

1.1B USD

1.0B USD

−5.4%

Shares outstanding

49.1M

49.1M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

56.8%

58.4%

56.1%

55.3%

55.2%

▼ 0.1 pts

Operating margin

21.7%

29.4%

26.5%

24.4%

26.1%

▲ 1.7 pts

Net margin

20.0%

24.4%

23.5%

72.1%

22.3%

▼ 50 pts

Return on assets (ROA)

15.3%

21.3%

17.6%

45.3%

14.8%

▼ 30 pts

Return on equity (ROE)

19.5%

26.2%

20.8%

53.9%

17.6%

▼ 36 pts

Free cash flow margin

18.7%

10.5%

31.9%

29.1%

23.9%

▼ 5.2 pts

Current ratio

4.96×

5.36×

7.74×

5.31×

5.91×

▲ 11%

Quick ratio

3.81×

3.66×

6.11×

3.89×

4.38×

▲ 13%