Monolithic Power Systems, Inc.MPWR
NasdaqGS•Technology•Semiconductors
Monolithic Power Systems, Inc. provides semiconductor-based power electronics solutions in China, Taiwan, South Korea, Southeast Asia, Europe, the United States, Japan, and internationally. The company offers direct current (DC) to DC solutions to convert and control voltages within a range of electronic systems, such as cloud-based and on-premises CPU servers and workstations, AI systems, memory, storage solutions, notebooks, infotainment, power sources, home appliances, network infrastructure, and satellite communications. It also provides alternating current (AC) to DC; driver metal-oxide-semiconductor field-effect transistors; power management integrated circuits (ICs); and current limit switch and lighting control products. The company serves storage and computing, enterprise data, automotive, communications, consumer, and industrial end markets through third-party distributors and value-added resellers. Monolithic Power Systems, Inc. was incorporated in 1997 and is based in West Palm Beach, Florida.
Monolithic Power Systems, Inc. (MPWR) reported trailing twelve months revenue of $2.96B as of March 2026, a 23.9% increase year-over-year. Quarterly revenue reached $804.18M, reflecting continued top-line momentum.
Monolithic Power Systems, Inc. generated $680.92M in TTM net income, with quarterly EBITDA of $256.26M. The operating margin expanded from 26.5% to 30.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (30.0%) and net margin (24.0%) indicates moderate non-operating costs. Net margin has improved from 21.0% a year ago, signaling stronger bottom-line efficiency.
MPWR trades at a P/E of 72.3x (a premium multiple) and a P/S of 16.6x. The price-to-book ratio of 13.4x indicates a significant premium over book value.
The company generated $179.40M in free cash flow over the trailing twelve months, a 17.0% decrease year-over-year, indicating cash generation ability. The balance sheet shows $4.45B in total assets with no in long-term debt against $3.68B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~26.3%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 37.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~26.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~27.0% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation