Monolithic Power Systems, Inc. MPWR
NasdaqSemiconductorsFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Sep 30 |
|---|---|---|
| Cash | 1.1 | 0.6 |
| Securities | 0.2 | 0.5 |
| Debt | 0.0 | 0.0 |
| Net cash | 1.3 | 1.1 |
| Equity | 3.5 | 3.7 |
- Debt / EBITDA
- 0.00×
- Debt / equity
- 0.00×
- Leases (12/31/25)
- $24M
- Diluted shares
- 49M
- Book value / share
- $75.91
- Price / book
- 18.1×
- Net cash / share
- $22.19
- Market cap
- $67.7B
- Enterprise value
- $66.6B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 63.1% | +44.2 pts | |
| Operating margin | 29.7% | +3.3 pts | |
| FCF margin | 18.3% | -8.3 pts | |
| Capex / revenue | 5.8% | -0.0 pts | |
| Enterprise Data revenue | $507M | +165% | |
| Storage and Computing revenue | $192M | +3% | |
| Automotive revenue | $181M | +19% | |
| Communications revenue | $187M | +135% | |
| Consumer revenue | $64M | -12% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About MPWR
Monolithic Power Systems designs power-control chips and modules for six end markets. Storage and Computing was the largest in 2025 at 26.3% of sales, followed by Enterprise Data at 25.2% and Automotive at 21.2%.
- Design In Qualification
High-touch applications engineering plus platform qualification creates switching costs; once designed in, sockets can persist across long product/platform life cycles.
- Operational Excellence
Proprietary process/packaging plus close foundry collaboration supports high integration, efficiency, and yield/performance, critical for high power-density data center designs.
- Design In Qualification
Design wins still matter (platform validation + engineering support), but consumer-compute platforms tend to allow more second-sourcing and faster re-design cycles than automotive/industrial.
- Operational Excellence
High integration, efficiency, and board-space reduction can win sockets in compute and graphics designs where thermals and size are binding constraints.
- Sep 9, 2026
MPS and GlobalFoundries signed a manufacturing partnership for MPS proprietary processes at a 300mm Singapore fab, targeting more capacity in early 2027.
- Jul 30, 2026
MPS reported initial customer orders for high-speed DDR5 memory components, opening an adjacent market beyond its existing memory power products.
- Jul 30, 2026
MPS reported sampling high-voltage AC-to-DC products for 800V data-center architectures, creating a new power-conversion opportunity that still requires customer qualification.
- Jul 30, 2026
MPS increased its buyback authorization by $500 million to $1 billion, allowing more capital returns while capacity investment expands.
- Jun 16, 2026
A shareholder filed a derivative suit against MPS directors and executives, adding to litigation related to alleged business disclosures; MPS reported no probable material loss at June 30.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 9.27 | 10.81 | 13.06 | 13.72 | 17.96 | 25.22 | 37.10 | 37.34 | 45.20 | 57.76 | 76.01 | +22.5%/yr | |
| Cash flow | 2.57 | 3.07 | 3.17 | 4.73 | 5.70 | 6.68 | 5.10 | 13.09 | 16.14 | 17.35 | 17.75 | +23.6%/yr | |
| Earnings | 1.26 | 1.50 | 2.36 | 2.38 | 3.50 | 5.05 | 9.05 | 8.76 | 32.60 | 12.86 | 18.16 | +29.5%/yr | |
| Free cash flow | 1.69 | 1.56 | 2.67 | 2.61 | 4.51 | 4.69 | 3.88 | 11.91 | 13.15 | 13.79 | 12.39 | +26.3%/yr | |
| Capex | 0.89 | 1.51 | 0.51 | 2.11 | 1.18 | 1.99 | 1.22 | 1.18 | 2.99 | 3.56 | 5.36 | +16.7%/yr | |
| Dividends | 0.79 | 0.78 | 1.06 | 1.47 | 1.89 | 2.28 | 2.85 | 3.81 | 4.93 | 5.90 | 7.17 | +25.0%/yr | |
| Book value | 10.29 | 11.98 | 14.35 | 16.90 | 20.56 | 25.98 | 34.51 | 42.03 | 60.43 | 73.10 | 75.91 | +24.3%/yr | |
| Diluted shares (M) | 42 | 44 | 45 | 46 | 47 | 48 | 48 | 49 | 49 | 48 | 49 | +1.6%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 0.4 | 0.5 | 0.6 | 0.6 | 0.8 | 1.2 | 1.8 | 1.8 | 2.2 | 2.8 | 3.7 | +24.5%/yr | |
| Operating income | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.5 | 0.5 | 0.5 | 0.7 | 1.1 | +33.4%/yr | |
| Net income | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 | 0.4 | 1.6 | 0.6 | 0.9 | +31.5%/yr | |
| Free cash flow | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.6 | 0.6 | 0.7 | 0.6 | +28.3%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 | 0.0 | 0.5 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | +27.0%/yr | |
| Net cash | 0.3 | 0.3 | 0.4 | 0.5 | 0.6 | 0.7 | 0.7 | 1.1 | 0.9 | 1.3 | 1.1 | +$1.0B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 54.3 | 54.8 | 55.4 | 55.2 | 55.2 | 56.8 | 58.4 | 56.1 | 55.3 | 55.2 | 55.3 | +0.9 pts | |
| Operating margin | 14.0 | 16.4 | 19.5 | 16.3 | 18.8 | 21.7 | 29.4 | 26.5 | 24.4 | 26.1 | 29.5 | +12.1 pts | |
| Net margin | 13.6 | 13.8 | 18.1 | 17.3 | 19.5 | 20.0 | 24.4 | 23.5 | 72.1 | 22.3 | 23.9 | +8.7 pts | |
| FCF margin | 18.2 | 14.5 | 20.4 | 19.0 | 25.1 | 18.6 | 10.5 | 31.9 | 29.1 | 23.9 | 16.3 | +5.7 pts | |
| ROIC | 28.1 | 29.2 | 36.3 | 27.1 | 35.9 | 42.5 | 47.6 | 43.0 | 21.7 | 26.9 | 35.1 | -1.2 pts | |
| Return on equity | 12.2 | 12.5 | 16.4 | 14.1 | 17.0 | 19.5 | 26.2 | 20.8 | 53.9 | 17.6 | 23.9 | +5.4 pts | |
| R&D % of revenue | 18.9 | 17.5 | 16.0 | 17.2 | 16.3 | 15.8 | 13.4 | 14.5 | 14.7 | 13.7 | 12.2 | -5.2 pts | |
| Stock pay % of revenue | 11.6 | 11.2 | 10.4 | 12.5 | 10.1 | 10.2 | 9.0 | 8.2 | 9.3 | 8.2 | 6.8 | -3.4 pts | |
| Capex % of revenue | 9.5 | 14.0 | 3.9 | 15.4 | 6.6 | 7.9 | 3.3 | 3.2 | 6.6 | 6.2 | 7.1 | -3.4 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- stable
- Pricing power
- weak
- Enterprise Data25.2%2 claims
- Storage and Computing26.3%2 claims
- Automotive21.2%2 claims
- Communications11.1%2 claims
- Consumer9.1%1 claim
- Industrial7.1%2 claims
Moat claims
- Applies to
- Enterprise Data
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
High-touch applications engineering plus platform qualification creates switching costs; once designed in, sockets can persist across long product/platform life cycles.
Q2 2026 revenue was $380.561 million and grew 164.3% year over year. AI and server power demand accelerated, but sales alone do not show retained sockets or an exclusive customer position.
- Enterprise Data revenue$507M+165%
- Second-source qualification by hyperscalers/OEMs
- Platform redesign displaces incumbents
- Power architecture shifts reduce discrete content
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Enterprise Data
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Proprietary process/packaging plus close foundry collaboration supports high integration, efficiency, and yield/performance, critical for high power-density data center designs.
Q2 2026 revenue was $380.561 million and grew 164.3% year over year. AI and server power demand accelerated, but sales alone do not show retained sockets or an exclusive customer position.
- Enterprise Data revenue$507M+165%
- Inventory$765M+51%
- Competitors close the efficiency/integration gap
- Foundry capacity tightness limits supply responsiveness
- Architectural transitions increase requalification risk
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Storage and Computing
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Design wins still matter (platform validation + engineering support), but consumer-compute platforms tend to allow more second-sourcing and faster re-design cycles than automotive/industrial.
Q2 2026 revenue was $199.830 million and grew 2.3% year over year. Memory, storage and notebook design-ins remain useful, but slow current growth does not establish a stronger competitive position.
- Storage and Computing revenue$192M+3%
- Platform refresh cycles increase churn risk
- Aggressive price competition drives alternates
- Reference designs reduce differentiation
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Storage and Computing
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
High integration, efficiency, and board-space reduction can win sockets in compute and graphics designs where thermals and size are binding constraints.
Q2 2026 revenue was $199.830 million and grew 2.3% year over year. Memory, storage and notebook design-ins remain useful, but slow current growth does not establish a stronger competitive position.
- Storage and Computing revenue$192M+3%
- Inventory$765M+51%
- Competitors replicate integration/efficiency advantages
- Node/process transitions introduce execution risk
- Foundry constraints limit ability to meet peak demand
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Automotive
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 6, 2026
Automotive programs typically require extensive validation and tend to stay in production for many years, increasing switching costs once a device is qualified and designed into a platform.
MPS shipped products for more than 1,500 new automotive sockets in the first half of 2026, broadening its qualified footprint; Q2 revenue reached $157.068 million, up 8.2%. Retention and pricing at later platform refreshes remain unreported.
- Automotive revenue$181M+19%
- Automotive new sockets shipped≥1,500
- Automotive dual-sourcing requirements
- Cost-down demands over program life
- OEM platform consolidation reduces socket count
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Automotive
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Differentiation via integration, efficiency, and longevity supports automotive adoption where reliability and thermal performance are critical.
Q2 2026 revenue was $157.068 million and grew 8.2% year over year. Infotainment and lighting demand grew, while long qualification cycles still face customer cost-down and second sourcing.
- Automotive revenue$181M+19%
- Inventory$765M+51%
- Competitors match reliability/efficiency
- Supply chain disruptions impact qualification ramps
- Transition to new vehicle electrical architectures changes content
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Communications
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Engineering support and qualification still create switching frictions, but comms infrastructure cycles and design portability can allow faster competitive displacement than automotive/industrial.
Q2 2026 revenue was $131.571 million and grew 78.3% year over year. Optical-module, network and satellite applications grew, but new-platform orders do not prove lasting pricing power.
- Communications revenue$187M+135%
- Telecom capex downturns reduce sockets and volumes
- Standards/reference designs reduce differentiation
- Customer consolidation increases bargaining power
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Communications
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Integration and efficiency advantages can matter for optical modules and infrastructure thermals, but the edge can be competed away with rapid product iteration by peers.
Q2 2026 revenue was $131.571 million and grew 78.3% year over year. Optical-module, network and satellite applications grew, but new-platform orders do not prove lasting pricing power.
- Communications revenue$187M+135%
- Inventory$765M+51%
- Competitors match efficiency/performance quickly
- Foundry/process transitions disrupt execution
- Customer moves to alternative architectures
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Consumer
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Integration, efficiency, and board-space reduction can win designs, but the segment is vulnerable to fast follower competition and price-driven substitution.
Q2 2026 revenue was $56.805 million and declined 4.8% year over year. Consumer demand fell despite the wider audio offering, leaving the performance advantage contested by price competition.
- Consumer revenue$64M-12%
- Inventory$765M+51%
- Commoditization of mainstream power functions
- Rapid product cycles reduce incumbency benefits
- Channel-driven price competition
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Industrial
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Industrial designs often have long service lives and conservative redesign cadence, increasing persistence of qualified power components once designed in.
Q2 2026 revenue was $54.807 million and grew 17.3% year over year. Power-source and instrumentation demand grew, but no customer-retention or yield series proves that the advantage has widened.
- Industrial revenue$71M+29%
- Second-sourcing requirements in some industrial accounts
- Macro/industrial cycle downturn reduces volumes
- Technology shifts require requalification
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
- Applies to
- Industrial
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Efficiency, integration, and reliability/quality can reduce system cost and improve uptime, supporting durable differentiation for industrial equipment makers.
Q2 2026 revenue was $54.807 million and grew 17.3% year over year. Power-source and instrumentation demand grew, but no customer-retention or yield series proves that the advantage has widened.
- Industrial revenue$71M+29%
- Inventory$765M+51%
- Competitors match reliability/efficiency benchmarks
- Supply disruptions create qualification risk for customers
- Process transitions introduce yield/quality volatility
- FilingMonolithic Power Systems, Inc. Form 10-K (FY ended 2025-12-31)Feb 27, 2026
Profile change log
- Oct 6, 2026 · analyst revision
The six market weights now use FY2025 revenue, making Storage and Computing the largest full-year business. Q2 sales, sourced trajectories, debate, management and six power-IC markets complete the operating case; Automotive design-in trajectory widens on more than 1,500 newly shipped sockets; strengths and segment evidence labels are unchanged.
- Oct 6, 2026 · business change
MPS and GlobalFoundries signed a manufacturing partnership for MPS proprietary processes at a 300mm Singapore fab, targeting more capacity in early 2027.
- Oct 6, 2026 · business change
A shareholder filed a derivative suit against MPS directors and executives, adding to litigation related to alleged business disclosures; MPS reported no probable material loss at June 30.
- Oct 6, 2026 · business change
MPS restated 2024 tax accounting and 2025 interim results, reducing 2024 net income by $194.642 million and identifying a deferred-tax control weakness.
- Oct 6, 2026 · business change
MPS announced CFO Bernie Blegen’s retirement after its annual filing, with controller Rob Dean becoming interim CFO while the company seeks a successor.
- Oct 6, 2026 · business change
MPS bought Axign for $33.3 million net of acquired cash, adding digital feedback technology for lower-power consumer and automotive audio systems.
- Oct 6, 2026 · business change
MPS increased its buyback authorization by $500 million to $1 billion, allowing more capital returns while capacity investment expands.
- Oct 6, 2026 · business change
MPS reported sampling high-voltage AC-to-DC products for 800V data-center architectures, creating a new power-conversion opportunity that still requires customer qualification.
- Oct 6, 2026 · business change
MPS reported initial customer orders for high-speed DDR5 memory components, opening an adjacent market beyond its existing memory power products.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Storage and computing power ICs
Power-control chips and modules for notebook computers, memory power, storage devices and graphics cards. Excludes the processors, memory and storage media themselves, and enterprise-server power products.
- Texas Instruments
- Analog Devices
- Infineon Technologies
- STMicroelectronics
- Renesas Electronics
- Monolithic Power Systems
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| MPWR | 74 | 55.3% | 29.5% | |
| Industry median | 13 | 75 | 53.7% | 20.1% |
| Sector median | 77 | 75 | 64.7% | 23.8% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Memory and storage platform transitions require new power-management designs.
- More capable notebooks and graphics cards increase thermal and power-density needs.
- Engineering support and reference designs shorten a customer’s qualification process.
- Consumer and business computer replacement spending drives unit demand.
- Frequent platform refreshes let customers qualify competing power chips.
- Price-sensitive notebook and storage manufacturers demand cost reductions.
- Higher interest rates and weaker household or business spending delay computer replacement.
- Tariffs and export controls can disrupt hardware assembly and cross-border demand.
Bulls & bears
Can MPS keep its power designs through successive AI and automotive platforms while adding reliable capacity without losing gross margin?
Arguments
What to watch
- 1Enterprise Data and Automotive revenue through platform transitions
- 2GAAP gross margin and inventory balance
- 3Cash generation, new-fab qualification and deferred-tax control remediation
Next check: Check Q4 2026 results for AI and automotive sales, inventory, tax controls and qualification of the new capacity planned for 2027.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 9, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 74/100 by <a href="https://www.findmymoat.com/stocks/XNAS:MPWR">Find My Moat</a> (as of September 2026)Curation & Accuracy
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