Monolithic Power Systems, Inc.
- Open
- 1396.97
- Day high
- 1407.09
- Day low
- 1360.34
- Prev close
- 1315.51
- Volume
- 823K
- Mkt cap
- $67.5B
- P/E (TTM)
- 98.4
- EPS (TTM)
- $13.96
- P/B
- 18.4
- P/S
- 22.8
- Yield
- 0.52%
- Per share
- $7.12
- ▼Insiders net selling -$171.2M over the last 3 months (0 open-market buys, 46 sales)
- 🏛Institutions mixed (13F)
Monolithic Power Systems, Inc. (MPWR) is a Technology company listed on NASDAQ. The stock is up 75% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 46 sales (SEC Form 4).
Monolithic Power Systems, Inc. (MPWR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MPWR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $4.90 | $5.10 | +4.1% | $804M | +2.8% |
| Feb 5, 2026 | $4.74 | $4.79 | +1.1% | $751M | +1.2% |
| Oct 30, 2025 | $4.64 | $4.73 | +1.9% | $737M | +2.0% |
| Jul 31, 2025 | $4.12 | $4.21 | +2.2% | $665M | +1.9% |
| May 1, 2025 | $4.01 | $4.04 | +0.7% | $638M | +0.5% |
| Feb 6, 2025 | $4.01 | $4.09 | +2.0% | $622M | +2.2% |
| Oct 30, 2024 | $3.97 | $4.06 | +2.3% | $620M | +3.3% |
| Aug 1, 2024 | $3.07 | $3.17 | +3.3% | $507M | +3.4% |
| May 1, 2024 | $2.66 | $2.81 | +5.6% | $458M | +2.3% |
| Feb 7, 2024 | $2.85 | $2.88 | +1.1% | $454M | +0.4% |
| May 4, 2023 | $2.96 | $3.00 | +1.4% | $451M | +0.4% |
| Feb 8, 2023 | $3.15 | $3.17 | +0.6% | $460M | +0.0% |
MPWR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Sciammas Mauriceofficer: EVP, WW Sales & Marketing | Sell | 30 | $1351.61 |
| Jun 3, 2026 | Sciammas Mauriceofficer: EVP, WW Sales & Marketing | Sell | 30 | $1533.95 |
| May 29, 2026 | Tseng Sariaofficer: EVP & General Counsel | Sell | 7,565 | $1700.00 |
| May 28, 2026 | DEAN ROBERT W IIofficer: Interim CFO | Sell | 22 | $1649.56 |
| May 27, 2026 | Zhou Jeffdirector | Sell | 486 | $1680.00 |
| May 27, 2026 | Tseng Sariaofficer: EVP & General Counsel | Sell | 5,000 | $1586.43 |
| May 20, 2026 | Hsing Michaeldirector, officer: CEO | Sell | 5,819 | $1467.62 |
| May 20, 2026 | Hsing Michaeldirector, officer: CEO | Sell | 608 | $1499.46 |
| May 20, 2026 | Hsing Michaeldirector, officer: CEO | Sell | 3,769 | $1507.70 |
| May 20, 2026 | Hsing Michaeldirector, officer: CEO | Sell | 6,688 | $1486.76 |
| May 20, 2026 | Hsing Michaeldirector, officer: CEO | Sell | 3,424 | $1462.61 |
| May 20, 2026 | Hsing Michaeldirector, officer: CEO | Sell | 352 | $1518.15 |
| May 20, 2026 | Hsing Michaeldirector, officer: CEO | Sell | 130 | $1521.43 |
| May 20, 2026 | Hsing Michaeldirector, officer: CEO | Sell | 4,082 | $1476.96 |
| May 20, 2026 | DEAN ROBERT W IIofficer: Interim CFO | Sell | 4 | $1563.28 |
Source: MPWR SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full MPWR insider & 13F page →Monolithic Power Systems, Inc. company profile
Overview
Monolithic Power Systems, Inc. (NASDAQ:MPWR) is a semiconductor company founded in 1997 and headquartered in Kirkland, Washington. The company went public in 2004 and has established itself as a leading provider of power management semiconductor solutions. Over its 27-year history, MPS has evolved from a traditional chip supplier into a comprehensive power electronics solutions provider, serving diverse markets including automotive, data centers, communications, and industrial applications. The company has achieved consistent growth, recording its 12th consecutive year of revenue growth in 2023 with revenues reaching $2.2 billion in 2024.
Business
Monolithic Power Systems operates in the power management semiconductor industry, designing and manufacturing integrated circuits (ICs) that convert, control, and manage electrical power in electronic systems. Power management is a critical function in virtually all electronic devices, as most systems require multiple voltage levels and precise power control to operate efficiently. The company's core products are DC-to-DC converter ICs, which take direct current power at one voltage level and convert it to another voltage level with high efficiency. These chips are essential components in everything from smartphones and laptops to electric vehicles and data center servers. For example, a laptop might receive 19 volts from its power adapter but need 1.2 volts for its processor, 3.3 volts for memory, and 5 volts for USB ports - MPS's chips handle these conversions. MPS has diversified across multiple market segments with varying revenue contributions: 1. Storage and Computing (approximately 27% of revenue): Power solutions for solid-state drives, hard disk drives, and computing systems including AI accelerators and enterprise servers. 2. Automotive (approximately 22% of revenue): Power management for electric vehicles, advanced driver assistance systems (ADAS), infotainment systems, and traditional automotive electronics. This includes specialized solutions for 48-volt and 800-volt EV architectures. 3. Enterprise Data (approximately 18% of revenue): High-performance power delivery solutions for data centers, including vertical power delivery systems that mount directly under server processors for maximum efficiency. 4. Consumer (approximately 13% of revenue): Power management for smartphones, tablets, gaming devices, and home appliances. 5. Communications (approximately 11% of revenue): Solutions for networking equipment, wireless infrastructure, fiber optic systems, and telecommunications hardware. 6. Industrial (approximately 9% of revenue): Power solutions for factory automation, robotics, medical equipment, and building management systems. Beyond traditional semiconductor chips, MPS has expanded into power modules - complete power systems that combine multiple chips with supporting components into plug-and-play solutions. This module business represents approximately $200 million in annual revenue and is growing faster than the company's overall growth rate.
Revenue model
MPS generates revenue primarily through product sales of semiconductor chips and power modules to original equipment manufacturers (OEMs), original design manufacturers (ODMs), and electronic manufacturing service providers. The company sells both directly to large customers and through a network of distributors and value-added resellers globally. The business model benefits from several key characteristics. First, power management is a design-in business where customers select MPS solutions during the product development phase, creating multi-year revenue visibility once designs are won. Second, the company's solutions are often mission-critical components where performance and reliability matter more than price, allowing for premium pricing. Third, MPS has been transitioning from selling individual chips to providing complete system-level solutions, which command higher margins and create stronger customer relationships. Several factors influence the company's profitability margins. Positive margin drivers include the ongoing shift toward higher-value solutions and modules, increasing power complexity in electronic systems (especially AI accelerators requiring sophisticated power delivery), the premium nature of automotive and enterprise applications, and MPS's technological leadership in areas like vertical power delivery. The company's gross margins have historically ranged from 55-60%. Margin pressures can arise from competitive pricing in commodity segments, inventory adjustments during market downturns, the cyclical nature of semiconductor demand, and the need for continuous R&D investment to maintain technological leadership. Additionally, as a fabless semiconductor company, MPS relies on third-party foundries for manufacturing, making it subject to capacity constraints and foundry pricing dynamics. The company has been actively diversifying its supply chain across multiple countries including Taiwan, Singapore, and Malaysia to mitigate geopolitical risks and ensure supply security.
Competitive moat
MPS possesses a moderate to strong competitive moat built primarily on technological differentiation and customer switching costs. The company's strongest moat lies in its proprietary BCD (Bipolar-CMOS-DMOS) process technology, which enables higher integration and better performance than standard semiconductor processes. This technology barrier requires significant R&D investment and specialized expertise that competitors cannot easily replicate. The design-in nature of the power management business creates meaningful switching costs. Once customers integrate MPS solutions into their products, changing suppliers requires extensive re-engineering, testing, and qualification processes that can take 12-18 months. This creates customer stickiness and recurring revenue streams over product lifecycles. MPS has also built application-specific expertise across diverse markets, particularly in emerging areas like AI power delivery and automotive electrification. The company's ability to provide complete system solutions rather than just individual chips differentiates it from pure-play semiconductor competitors and creates higher barriers to entry. However, the moat faces several challenges. The semiconductor industry is inherently competitive with well-funded competitors including Analog Devices, Texas Instruments, and Infineon Technologies. In commodity segments, pricing pressure remains intense. Additionally, large customers like hyperscalers (Google, Amazon, Meta) have been developing internal power management capabilities, potentially reducing dependence on external suppliers. The company's moat is strongest in specialized applications requiring high performance and reliability (automotive, enterprise data centers, AI accelerators) and weakest in high-volume consumer applications where cost often trumps performance. MPS's ongoing transformation toward system-level solutions and expansion into adjacent technologies like silicon carbide and digital signal processing represents efforts to strengthen and broaden its competitive position.
Risks & safety
MPS demonstrates a strong margin of safety with robust financial fundamentals and conservative capital structure. • Financial Strength: Current ratio of 4.92x and quick ratio of 3.67x indicate excellent liquidity. The company maintains $637 million in cash and short-term investments against minimal debt. • Debt Position: Debt-to-equity ratio of just 0.44%, indicating virtually no financial leverage risk. The company operates with minimal debt obligations. • Cash Generation: Strong free cash flow of $216 million in Q1 2025, with operating cash flow of $256 million. Full-year 2024 free cash flow reached $642 million. • Valuation Metrics: Trading at P/E ratio of 51.9x based on recent quarterly earnings, which appears elevated for a semiconductor company. EV/EBITDA of 40.2x suggests premium valuation. • Profitability: Net margin of approximately 21% in Q1 2025, demonstrating strong operational efficiency and pricing power. • Other Considerations: The company has been returning significant cash to shareholders through dividends and share repurchases, completing a $640 million buyback program in 2024. However, the high valuation multiples suggest limited downside protection at current price levels.
Recent development
Over the past few years, MPS has undergone a significant strategic transformation from a traditional semiconductor chip supplier to a comprehensive power solutions provider. This evolution includes developing complete power modules and system-level solutions that combine multiple chips with supporting components, allowing customers to implement plug-and-play power systems rather than designing individual components. The company has made substantial investments in emerging technologies, including silicon carbide power devices for clean energy applications, digital signal processors through the acquisition of Axign B.V., and advanced battery management systems. These investments position MPS for growth in next-generation applications like electric vehicles, renewable energy systems, and advanced computing platforms. AI and data center expansion has become a major growth driver, with AI-related power solutions representing approximately 20-25% of total revenue. MPS has developed specialized vertical power delivery solutions that mount directly under server processors, providing superior efficiency for AI accelerators and high-performance computing applications. The company is engaged with multiple hyperscale customers and expects significant growth opportunities as AI infrastructure continues expanding. In the automotive sector, MPS has secured numerous design wins across electric vehicle platforms, particularly in China's rapidly growing EV market. The company is well-positioned for the industry's transition to 48-volt and 800-volt electrical architectures, which require sophisticated power management solutions. The company has also been diversifying its global footprint, expanding manufacturing partnerships beyond China to include facilities in Taiwan, Singapore, and Malaysia. This geographic diversification reduces geopolitical risks while ensuring supply chain resilience. Additionally, MPS has established design centers in multiple regions to support local customer requirements and accelerate product development cycles.
MPWR company profile · for informational purposes only — not investment advice.
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