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Monolithic Power Systems, Inc. (MPWR) 10-Year Financial Performance & Capital Metrics

MPWR • • Industrial / General
TechnologySemiconductorsAnalog & Mixed-Signal SemiconductorsPower Management & Analog ICs
AboutMonolithic Power Systems, Inc. engages in the design, development, marketing, and sale of semiconductor-based power electronics solutions for the computing and storage, automotive, industrial, communications, and consumer markets. The company provides direct current (DC) to DC integrated circuits (ICs) that are used to convert and control voltages of various electronic systems, such as portable electronic devices, wireless LAN access points, computers and notebooks, monitors, infotainment applications, and medical equipment. It also offers lighting control ICs for backlighting that are used in systems, which provide the light source for LCD panels in notebook computers, monitors, car navigation systems, and televisions, as well as for general illumination products. The company sells its products through third-party distributors and value-added resellers, as well as directly to original equipment manufacturers, original design manufacturers, electronic manufacturing service providers, and other end customers in China, Taiwan, Europe, South Korea, Southeast Asia, Japan, the United States, and internationally. Monolithic Power Systems, Inc. was incorporated in 1997 and is headquartered in Kirkland, Washington.Show more
  • Revenue $2.21B +21.2%
  • EBITDA $576M +10.3%
  • Net Income $1.79B +318.1%
  • EPS (Diluted) 36.59 +317.7%
  • Gross Margin 55.32% -1.3%
  • EBITDA Margin 26.09% -9.0%
  • Operating Margin 24.44% -7.6%
  • Net Margin 80.95% +244.9%
  • ROE 68.78% +199.2%
  • ROIC 20.24% -18.5%
  • Debt/Equity 0.01 +84.9%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Excellent 3Y average ROE of 40.6%
  • ✓Strong 5Y profit CAGR of 75.0%
  • ✓FCF machine: 29.1% free cash flow margin
  • ✓Strong 5Y sales CAGR of 28.6%
  • ✓Healthy 5Y average net margin of 33.7%

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Expensive at 15.3x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y22.82%
5Y28.58%
3Y22.26%
TTM30.48%

Profit (Net Income) CAGR

10Y47.98%
5Y75.01%
3Y94.71%
TTM336.43%

EPS CAGR

10Y45.01%
5Y72.73%
3Y93.5%
TTM341.49%

ROCE

10Y Avg18.44%
5Y Avg23.06%
3Y Avg25.68%
Latest19.54%

Peer Comparison

Power Management & Analog ICs
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Valuation
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
POWIPower Integrations, Inc.2.26B40.9073.04-5.75%4.03%2.67%2.82%
DIODDiodes Incorporated2.52B54.2657.12-21.1%4.49%3.3%1.84%0.05
TXNTexas Instruments Incorporated171.3B188.5336.26-10.72%29.21%30.33%0.87%0.80
MPWRMonolithic Power Systems, Inc.47.11B983.2826.8721.2%71.22%53.12%1.36%0.01
STMSTMicroelectronics N.V.25.27B28.4317.13-23.24%5.29%3.42%0.18
ONON Semiconductor Corporation23.91B59.4116.37-14.19%5.16%4.03%5.07%0.38
MXMagnachip Semiconductor Corporation102.91M2.86-1.990.73%-18.84%-14.85%0.11
AOSLAlpha and Omega Semiconductor Limited666.16M22.16-6.725.92%-13.86%-11.58%0.06

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+333.07M388.67M470.93M582.38M627.92M844.45M1.21B1.79B1.82B2.21B
Revenue Growth %0.18%0.17%0.21%0.24%0.08%0.34%0.43%0.49%0.02%0.21%
Cost of Goods Sold+152.9M177.79M212.65M259.71M281.6M378.5M522.34M745.6M799.95M986.23M
COGS % of Revenue0.46%0.46%0.45%0.45%0.45%0.45%0.43%0.42%0.44%0.45%
Gross Profit+180.17M210.87M258.28M322.67M346.32M465.95M685.46M1.05B1.02B1.22B
Gross Margin %0.54%0.54%0.55%0.55%0.55%0.55%0.57%0.58%0.56%0.55%
Gross Profit Growth %0.18%0.17%0.22%0.25%0.07%0.35%0.47%0.53%-0.03%0.2%
Operating Expenses+139.1M156.43M180.86M209.18M243.76M307.07M423.04M521.77M539.38M681.51M
OpEx % of Revenue0.42%0.4%0.38%0.36%0.39%0.36%0.35%0.29%0.3%0.31%
Selling, General & Admin72.31M83.01M97.26M113.8M133.54M161.67M232.41M281.6M275.74M356.76M
SG&A % of Revenue0.22%0.21%0.21%0.2%0.21%0.19%0.19%0.16%0.15%0.16%
Research & Development65.79M73.64M82.36M93.45M107.76M137.6M190.63M240.17M263.64M324.75M
R&D % of Revenue0.2%0.19%0.17%0.16%0.17%0.16%0.16%0.13%0.14%0.15%
Other Operating Expenses1M-229K1.24M1.92M2.46M7.8M0000
Operating Income+41.07M54.45M77.42M113.49M102.56M158.88M262.42M526.78M481.74M539.36M
Operating Margin %0.12%0.14%0.16%0.19%0.16%0.19%0.22%0.29%0.26%0.24%
Operating Income Growth %0.16%0.33%0.42%0.47%-0.1%0.55%0.65%1.01%-0.09%0.12%
EBITDA+54.85M69.12M93.53M125.8M117.43M178.07M291.12M563.9M521.9M575.79M
EBITDA Margin %0.16%0.18%0.2%0.22%0.19%0.21%0.24%0.31%0.29%0.26%
EBITDA Growth %0.13%0.26%0.35%0.35%-0.07%0.52%0.63%0.94%-0.07%0.1%
D&A (Non-Cash Add-back)13.78M14.67M16.1M12.31M14.87M19.19M28.7M37.11M40.17M36.43M
EBIT42.07M54.22M78.67M115.41M105.03M166.69M262.42M526.78M481.74M539.36M
Net Interest Income+1.61M2.49M5.35M6.32M7.3M9.33M11.64M14.37M23.36M27.09M
Interest Income1.61M2.49M5.35M6.32M7.3M9.33M11.64M14.37M23.36M27.09M
Interest Expense0000000000
Other Income/Expense1.42M2.82M5.52M4.99M10.56M10.46M9.8M-1.85M24.11M33.55M
Pretax Income+42.49M57.26M82.94M118.48M113.12M169.34M272.22M524.94M505.84M572.91M
Pretax Margin %0.13%0.15%0.18%0.2%0.18%0.2%0.23%0.29%0.28%0.26%
Income Tax+7.32M4.54M17.74M13.21M4.28M4.97M30.2M87.27M78.47M-1.21B
Effective Tax Rate %0.83%0.92%0.79%0.89%0.96%0.97%0.89%0.83%0.84%3.12%
Net Income+35.17M52.72M65.2M105.27M108.84M164.38M242.02M437.67M427.37M1.79B
Net Margin %0.11%0.14%0.14%0.18%0.17%0.19%0.2%0.24%0.23%0.81%
Net Income Growth %-0.01%0.5%0.24%0.61%0.03%0.51%0.47%0.81%-0.02%3.18%
Net Income (Continuing)35.17M52.72M65.2M105.27M108.84M164.38M242.02M437.67M427.37M1.79B
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+0.861.261.502.362.383.505.059.058.7636.59
EPS Growth %-0.03%0.47%0.19%0.57%0.01%0.47%0.44%0.79%-0.03%3.18%
EPS (Basic)0.891.301.582.362.523.675.289.378.9836.76
Diluted Shares Outstanding40.87M41.91M43.58M44.6M45.76M47.01M47.89M48.36M48.77M48.84M
Basic Shares Outstanding39.47M40.44M41.35M44.6M43.16M44.84M45.85M46.73M47.61M48.6M
Dividend Payout Ratio0.85%0.63%0.52%0.45%0.62%0.54%0.45%0.32%0.43%0.13%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+331.93M382.98M449.17M580.81M655.21M842M1.12B1.41B1.82B1.57B
Cash & Short-Term Investments234.96M268.22M299.09M377.28M455.4M595.11M725.08M737.87M1.11B862.95M
Cash Only90.86M112.7M82.76M172.7M172.96M334.94M189.26M288.61M527.84M691.82M
Short-Term Investments144.1M155.52M216.33M204.58M282.44M260.17M535.82M449.27M580.63M171.13M
Accounts Receivable30.83M35.48M40.62M60.99M61.3M81.26M126.48M197.19M250M232.53M
Days Sales Outstanding33.7933.3231.4938.2335.6335.1238.2240.1250.1138.45
Inventory63.21M71.47M99.28M136.38M127.5M157.06M259.42M447.29M383.7M419.61M
Days Inventory Outstanding150.89146.72170.41191.67165.26151.46181.28218.97175.07155.3
Other Current Assets798K565K1.22M2.73M3.02M3.53M4.35M17.22M48.36M13.88M
Total Non-Current Assets+99.36M128.14M202.28M212.62M301.17M366.49M460.97M648.27M614.85M2.05B
Property, Plant & Equipment65.36M85.17M144.64M150M231.18M281.53M362.96M357.16M368.95M529.14M
Fixed Asset Turnover5.10x4.56x3.26x3.88x2.72x3.00x3.33x5.02x4.94x4.17x
Goodwill6.57M6.57M6.57M6.57M6.57M6.57M6.57M6.57M6.57M25.94M
Intangible Assets5.05M3M951K111K000009.94M
Long-Term Investments5.36M5.35M5.26M3.24M3.14M6.26M0000
Other Non-Current Assets16.34M27.41M30.07M35.98M43.09M53.58M69.52M249.29M211.28M160.18M
Total Assets+431.29M511.13M651.45M793.43M956.38M1.21B1.59B2.06B2.43B3.62B
Asset Turnover0.77x0.76x0.72x0.73x0.66x0.70x0.76x0.87x0.75x0.61x
Asset Growth %0.08%0.19%0.27%0.22%0.21%0.26%0.31%0.3%0.18%0.49%
Total Current Liabilities+43.28M52.92M64.8M80.44M98.22M146.97M226.94M263.4M235.03M294.57M
Accounts Payable13.49M17.43M22.81M22.68M27.27M38.17M83.03M61.46M62.96M102.53M
Days Payables Outstanding32.235.7839.1631.8735.3536.8158.0230.0928.7337.94
Short-Term Debt0000000002.82M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K000
Other Current Liabilities12.18M14.52M18.24M24.16M31.69M50.44M64.08M88.26M56.29M61.1M
Current Ratio7.67x7.24x6.93x7.22x6.67x5.73x4.96x5.36x7.74x5.31x
Quick Ratio6.21x5.89x5.40x5.53x5.37x4.66x3.81x3.66x6.11x3.89x
Cash Conversion Cycle152.48144.26162.74198.03165.55149.78161.48229196.46155.81
Total Non-Current Liabilities+19.49M27.09M64.64M72.9M84.66M94.94M114.9M126.88M149.38M176.76M
Long-Term Debt0000000000
Capital Lease Obligations00001.1M1.69M01.66M5.57M12.97M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities19.49M27.09M64.64M72.9M83.56M93.24M114.9M125.22M143.81M163.79M
Total Liabilities62.77M80.01M129.44M153.34M182.88M241.9M341.84M390.28M384.41M471.33M
Total Debt+00002.36M3.1M01.66M5.57M15.79M
Net Debt-90.86M-112.7M-82.76M-172.7M-170.6M-331.85M-189.26M-286.94M-522.28M-678.84M
Debt / Equity----0.00x0.00x-0.00x0.00x0.01x
Debt / EBITDA----0.02x0.02x-0.00x0.01x0.03x
Net Debt / EBITDA-1.66x-1.63x-0.88x-1.37x-1.45x-1.86x-0.65x-0.51x-1.00x-1.18x
Interest Coverage----------
Total Equity+368.52M431.12M522.01M640.09M773.49M966.59M1.24B1.67B2.05B3.15B
Equity Growth %0.06%0.17%0.21%0.23%0.21%0.25%0.29%0.34%0.23%0.53%
Book Value per Share9.0210.2911.9814.3516.9020.5625.9834.5142.0364.42
Total Shareholders' Equity368.52M431.12M522.01M640.09M773.49M966.59M1.24B1.67B2.05B3.15B
Common Stock265.76M315.97M376.59M450.91M549.52M657.7M803.23M975.28M1.13B706.82M
Retained Earnings101.29M119.36M143.61M194.73M229.45M298.75M424.88M716.4M947.06M2.49B
Treasury Stock0000000000
Accumulated OCI1.47M-4.21M1.81M-5.54M-5.48M10.14M15.88M-23.08M-27.06M-48.51M
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+69.74M107.79M133.82M141.45M216.3M267.8M320.01M246.67M638.21M788.41M
Operating CF Margin %0.21%0.28%0.28%0.24%0.34%0.32%0.26%0.14%0.35%0.36%
Operating CF Growth %-0.06%0.55%0.24%0.06%0.53%0.24%0.19%-0.23%1.59%0.24%
Net Income35.17M52.72M65.2M105.27M108.84M164.38M242.02M437.67M427.37M1.79B
Depreciation & Amortization13.78M14.67M16.1M12.31M14.87M19.19M28.7M37.11M40.17M36.43M
Stock-Based Compensation41.56M44.99M52.62M60.61M78.7M85.55M123.48M160.99M149.71M205.64M
Deferred Taxes42K-5K-15.24M-843K-577K-1.63M-2.77M-13.22M5.87M-1.3B
Other Non-Cash Items-8.18M-1.65M-558K1.63M-3.34M-2.69M221K11.07M-15.23M-29.52M
Working Capital Changes-12.65M-2.95M15.7M-37.52M17.81M3M-71.64M-386.96M30.32M92.07M
Change in Receivables-5.2M-3.42M-3.79M-18.08M2.51M-14.12M-37.98M-77.9M2.88M7.33M
Change in Inventory-22.21M-8.32M-27.8M-37.06M8.87M-29.5M-102.32M-188.07M63.58M-35.22M
Change in Payables147K5.48M3.08M871K3.05M10.41M32.93M-11.24M4.8M23.17M
Cash from Investing+-57.2M-55.73M-134.06M-14.74M-167.11M-39.18M-378.89M-12.51M-178.73M223.05M
Capital Expenditures-16.02M-37.11M-65.77M-22.53M-96.79M-55.64M-95.24M-58.84M-57.58M-146.12M
CapEx % of Revenue0.05%0.1%0.14%0.04%0.15%0.07%0.08%0.03%0.03%0.07%
Acquisitions----------
Investments----------
Other Investing-8.04M-5.05M-5.26M-4.15M-3.08M-2.7M-1.75M-16.49M-6.85M-22.98M
Cash from Financing+-46.65M-28.13M-31.32M-34.56M-48.05M-71.56M-90.21M-128.78M-183.72M-872.23M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-29.96M-33.1M-33.93M-47.48M-67.29M-88.79M-109.36M-137.97M-185.84M-240.62M
Share Repurchases----------
Other Financing15.6M1.17M-250K-749K-683K-5.36M-2.83M-2.06M5.86M-4.09M
Net Change in Cash----------
Free Cash Flow+53.71M70.67M68.05M118.92M119.52M212.16M224.77M187.83M580.63M642.29M
FCF Margin %0.16%0.18%0.14%0.2%0.19%0.25%0.19%0.1%0.32%0.29%
FCF Growth %-0.17%0.32%-0.04%0.75%0%0.78%0.06%-0.16%2.09%0.11%
FCF per Share1.311.691.562.672.614.514.693.8811.9113.15
FCF Conversion (FCF/Net Income)1.98x2.04x2.05x1.34x1.99x1.63x1.32x0.56x1.49x0.44x
Interest Paid0000000000
Taxes Paid3.32M1.23M3.62M7.13M10.7M1.41M21.15M85.03M85.13M79.56M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)9.84%13.19%13.68%18.12%15.4%18.89%21.9%30.05%22.99%68.78%
Return on Invested Capital (ROIC)12.38%13.7%15.33%18.78%14.37%19.26%23.3%32.43%24.84%20.24%
Gross Margin54.09%54.26%54.85%55.4%55.15%55.18%56.75%58.44%56.07%55.32%
Net Margin10.56%13.56%13.85%18.08%17.33%19.47%20.04%24.39%23.47%80.95%
Debt / Equity----0.00x0.00x-0.00x0.00x0.01x
FCF Conversion1.98x2.04x2.05x1.34x1.99x1.63x1.32x0.56x1.49x0.44x
Revenue Growth17.89%16.69%21.17%23.67%7.82%34.48%43.03%48.55%1.5%21.2%

Revenue by Segment

2013201620172018201920202021202220232024
DC To DC Products211.34M350.93M431.86M537.51M589.65M800.48M1.15B1.7B1.72B-
DC To DC Products Growth-66.05%23.06%24.46%9.70%35.75%43.33%47.87%1.30%-
Lighting Control Products26.75M37.73M39.07M44.87M38.27M43.97M60.47M97.55M102.45M-
Lighting Control Products Growth-41.04%3.53%14.85%-14.71%14.90%37.51%61.33%5.02%-

Revenue by Geography

2013201620172018201920202021202220232024
CHINA141.4M245.17M257.79M334.73M382.74M516.52M700.99M938.95M934.77M1.18B
CHINA Growth-73.39%5.15%29.85%14.34%34.95%35.71%33.95%-0.44%26.06%
TAIWAN, PROVINCE OF CHINA34.25M45.41M83.36M75.31M73.8M109.26M169.13M233.04M307.5M577.96M
TAIWAN, PROVINCE OF CHINA Growth-32.60%83.55%-9.66%-2.00%48.04%54.80%37.79%31.95%87.95%
KOREA, REPUBLIC OF9.99M27.71M34.16M41.24M43.9M64.09M93.03M189.48M169.87M167.9M
KOREA, REPUBLIC OF Growth-177.32%23.26%20.74%6.46%46.00%45.14%103.68%-10.35%-1.16%
Europe15.35M27.55M38.14M49.48M49.47M56.33M85.2M145.58M132.62M86.9M
Europe Growth-79.49%38.42%29.74%-0.03%13.87%51.26%70.87%-8.90%-34.48%
South East Asia21.76M19.64M25.75M36.49M32.03M42.4M54.61M95.74M85.15M78.77M
South East Asia Growth--9.72%31.10%41.70%-12.23%32.38%28.79%75.31%-11.06%-7.50%
JAPAN7.5M14.32M20.19M26.85M27.81M35.46M68.72M91.05M93.34M61.7M
JAPAN Growth-91.03%40.99%33.02%3.57%27.50%93.79%32.49%2.52%-33.90%
UNITED STATES7.53M8.57M11.11M17.62M17.84M20.1M35.77M99.8M97.29M55.23M
UNITED STATES Growth-13.85%29.72%58.56%1.22%12.68%77.98%179.02%-2.51%-43.23%
Other Region320K288K435K658K334K293K354K509K534K310K
Other Region Growth--10.00%51.04%51.26%-49.24%-12.28%20.82%43.79%4.91%-41.95%

Frequently Asked Questions

Valuation & Price

Monolithic Power Systems, Inc. (MPWR) has a price-to-earnings (P/E) ratio of 26.9x. This suggests investors expect higher future growth.

Growth & Financials

Monolithic Power Systems, Inc. (MPWR) reported $2.66B in revenue for fiscal year 2024. This represents a 1254% increase from $196.5M in 2011.

Monolithic Power Systems, Inc. (MPWR) grew revenue by 21.2% over the past year. This is strong growth.

Yes, Monolithic Power Systems, Inc. (MPWR) is profitable, generating $1.90B in net income for fiscal year 2024 (81.0% net margin).

Dividend & Returns

Yes, Monolithic Power Systems, Inc. (MPWR) pays a dividend with a yield of 0.50%. This makes it attractive for income-focused investors.

Monolithic Power Systems, Inc. (MPWR) has a return on equity (ROE) of 68.8%. This is excellent, indicating efficient use of shareholder capital.

Monolithic Power Systems, Inc. (MPWR) generated $705.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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