The company maintains a pristine financial position with zero debt and a total asset base that has expanded to $4.4 billion as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 2.33B | 2.18B | 1.57B | 1.82B | 1.41B | 1.12B | 842M | 655.21M | 580.81M | 449.17M | 382.98M | 331.93M | 308.15M | 292.09M | 214.3M | 211.5M | 224.37M | 203.5M | 143.25M | 148.69M | 97.16M | 87.72M | 60.34M | 19.64M | 20.07M |
| Cash & Short-Term Investments | 1.37B | 1.26B | 862.95M | 1.11B | 737.87M | 725.08M | 595.11M | 455.4M | 377.28M | 299.09M | 268.22M | 234.96M | 238.72M | 226.34M | 160.63M | 174.2M | 177.72M | 165.63M | 105.19M | 110.88M | 78.49M | 63.91M | 49.02M | 13.14M | 17.22M |
| Cash Only | 1.06B | 1.1B | 691.82M | 527.84M | 288.61M | 189.26M | 334.94M | 172.96M | 172.7M | 82.76M | 112.7M | 90.86M | 126.27M | 101.21M | 75.1M | 96.37M | 48.01M | 46.72M | 83.27M | 83.11M | 50.82M | 25.09M | 32.02M | 12.14M | 17.22M |
| Short-Term Investments | 304.18M | 157.24M | 171.13M | 580.63M | 449.27M | 535.82M | 260.17M | 282.44M | 204.58M | 216.33M | 155.52M | 144.1M | 112.45M | 125.13M | 85.52M | 77.83M | 129.71M | 118.91M | 21.92M | 27.77M | 27.67M | 38.81M | 17M | 1.01M | 0 |
| Accounts Receivable | 302.14M | 315.63M | 232.53M | 250M | 197.19M | 126.48M | 81.26M | 61.3M | 60.99M | 40.62M | 35.48M | 30.83M | 25.63M | 23.73M | 19.38M | 15.1M | 18.35M | 15.52M | 9.12M | 8.24M | 9.16M | 9.54M | 4M | 4.57M | 1.32M |
| Days Sales Outstanding | 32.53 | 41.28 | 38.45 | 50.11 | 40.12 | 38.22 | 35.12 | 35.63 | 38.23 | 31.49 | 33.32 | 33.79 | 33.11 | 36.38 | 33.09 | 28.04 | 30.6 | 34.33 | 20.73 | 22.44 | 31.82 | 35.12 | 30.64 | 68.86 | 39.33 |
| Inventory | 619.16M | 564.65M | 419.61M | 383.7M | 447.29M | 259.42M | 157.06M | 127.5M | 136.38M | 99.28M | 71.47M | 63.21M | 40.92M | 39.74M | 32.12M | 20.1M | 25.79M | 19.62M | 18.89M | 17.49M | 6.74M | 6.17M | 5.4M | 1.6M | 1.27M |
| Days Inventory Outstanding | 150.08 | 164.78 | 155.3 | 175.07 | 218.97 | 181.28 | 151.46 | 165.26 | 191.67 | 170.41 | 146.72 | 150.89 | 114.96 | 131.63 | 116.45 | 77.3 | 96.66 | 106.34 | 112.67 | 130.85 | 64.54 | 62.5 | 101.09 | 53.39 | 67.7 |
| Other Current Assets | 42.69M | 46.98M | 13.88M | 48.36M | 17.22M | 4.35M | 3.53M | 3.02M | 2.73M | 1.22M | 565K | 798K | 0 | 0 | 1K | 421K | 204K | 5K | 7.43M | 7.42M | 1.66M | 6.61M | 1.39M | 0 | 0 |
| Total Non-Current Assets | 2.12B | 2.01B | 2.05B | 614.85M | 648.27M | 460.97M | 366.49M | 301.17M | 212.62M | 202.28M | 128.14M | 99.36M | 91.22M | 76.82M | 71.17M | 62.36M | 57.23M | 38.32M | 52.05M | 23.81M | 20.17M | 13.06M | 11.61M | 2.97M | 1.54M |
| Property, Plant & Equipment | 693.86M | 652.58M | 529.14M | 368.95M | 357.16M | 362.96M | 281.53M | 231.18M | 150M | 144.64M | 85.17M | 65.36M | 62.94M | 64.84M | 59.41M | 47.79M | 37.26M | 17.97M | 14.16M | 14.18M | 11.36M | 6.24M | 4.18M | 2.15M | 1.47M |
| Fixed Asset Turnover | 4.65x | 4.28x | 4.17x | 4.94x | 5.02x | 3.33x | 3.00x | 2.72x | 3.88x | 3.26x | 4.56x | 5.10x | 4.49x | 3.67x | 3.60x | 4.11x | 5.87x | 9.18x | 11.33x | 9.45x | 9.25x | 15.89x | 11.39x | 11.26x | 8.31x |
| Goodwill | 25.94M | 25.94M | 25.94M | 6.57M | 6.57M | 6.57M | 6.57M | 6.57M | 6.57M | 6.57M | 6.57M | 6.57M | 6.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 8.5M | 8.79M | 9.94M | 0 | 0 | 0 | 0 | 0 | 111K | 951K | 3M | 5.05M | 6.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 268K | 268K | 0 | 0 | 0 | 0 | 6.26M | 3.14M | 3.24M | 5.26M | 5.35M | 5.36M | 5.39M | 9.86M | 11.76M | 13.68M | 19.18M | 19.45M | 37.43M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 206.62M | 139.94M | 160.18M | 211.28M | 249.29M | 69.52M | 53.58M | 43.09M | 35.98M | 30.07M | 27.41M | 16.34M | 8.46M | 1.64M | 1.02M | 654K | 749K | 734K | 438K | 8.88M | 8.81M | 6.82M | 6.78M | 816.9K | 76.83K |
| Total Assets | 4.45B | 4.19B | 3.62B | 2.43B | 2.06B | 1.59B | 1.21B | 956.38M | 793.43M | 651.45M | 511.13M | 431.29M | 399.37M | 368.91M | 287.16M | 273.87M | 281.6M | 241.82M | 195.3M | 172.5M | 117.33M | 100.78M | 71.95M | 22.6M | 21.61M |
| Asset Turnover | 0.70x | 0.67x | 0.61x | 0.75x | 0.87x | 0.76x | 0.70x | 0.66x | 0.73x | 0.72x | 0.76x | 0.77x | 0.71x | 0.65x | 0.74x | 0.72x | 0.78x | 0.68x | 0.82x | 0.78x | 0.90x | 0.98x | 0.66x | 1.07x | 0.56x |
| Asset Growth % | 130.2% | 15.95% | 48.59% | 18.24% | 29.83% | 31.22% | 26.36% | 20.54% | 21.8% | 27.45% | 18.51% | 7.99% | 8.26% | 28.47% | 4.85% | -2.75% | 16.45% | 23.82% | 13.22% | 47.02% | 16.42% | 40.07% | 218.31% | 4.58% | - |
| Total Current Liabilities | 486.96M | 369.37M | 294.57M | 235.03M | 263.4M | 226.94M | 146.97M | 98.22M | 80.44M | 64.8M | 52.92M | 43.28M | 36.86M | 38.49M | 23.46M | 26.07M | 28.97M | 23.92M | 25.88M | 29.41M | 20.12M | 22.27M | 8.28M | 2.89M | 2.5M |
| Accounts Payable | 174.5M | 138.27M | 102.53M | 62.96M | 61.46M | 83.03M | 38.17M | 27.27M | 22.68M | 22.81M | 17.43M | 13.49M | 13.14M | 10.69M | 9.86M | 8.9M | 8.98M | 7.79M | 4.67M | 6.15M | 5.91M | 6.58M | 3.4M | 1.79M | 1.59M |
| Days Payables Outstanding | 40.23 | 40.35 | 37.94 | 28.73 | 30.09 | 58.02 | 36.81 | 35.35 | 31.87 | 39.16 | 35.78 | 32.2 | 36.91 | 35.42 | 35.75 | 34.24 | 33.65 | 42.21 | 27.88 | 46.05 | 56.6 | 66.74 | 63.6 | 59.86 | 85.01 |
| Short-Term Debt | 0 | 4.13M | 2.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 4.3M | 7.24M | 3.41M | 2.52M | 6.59M | 6.8M | 5.24M | 3.91M | 2.52M | 2.2M | 3.6M | 0 | 0 | 841K | 1.31M | 687K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 312.46M | 59.49M | 61.1M | 56.29M | 88.26M | 64.08M | 50.44M | 31.69M | 24.16M | 18.24M | 14.52M | 12.18M | 10.78M | 21.37M | 8.65M | 10.41M | 0 | 0 | -841K | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 4.79x | 5.91x | 5.31x | 7.74x | 5.36x | 4.96x | 5.73x | 6.67x | 7.22x | 6.93x | 7.24x | 7.67x | 8.36x | 7.59x | 9.13x | 8.11x | 7.75x | 8.51x | 5.53x | 5.06x | 4.83x | 3.94x | 7.28x | 6.78x | 8.02x |
| Quick Ratio | 3.52x | 4.38x | 3.89x | 6.11x | 3.66x | 3.81x | 4.66x | 5.37x | 5.53x | 5.40x | 5.89x | 6.21x | 7.25x | 6.56x | 7.77x | 7.34x | 6.85x | 7.69x | 4.80x | 4.46x | 4.49x | 3.66x | 6.63x | 6.23x | 7.52x |
| Cash Conversion Cycle | 142.38 | 165.72 | 155.81 | 196.46 | 229 | 161.48 | 149.78 | 165.55 | 198.03 | 162.74 | 144.26 | 152.48 | 111.16 | 132.58 | 113.79 | 71.11 | 93.61 | 98.46 | 105.52 | 107.24 | 39.76 | 30.88 | 68.14 | 62.39 | 22.02 |
| Total Non-Current Liabilities | 284.5M | 293.34M | 176.76M | 149.38M | 126.88M | 114.9M | 94.94M | 84.66M | 72.9M | 64.64M | 27.09M | 19.49M | 16.08M | 7.02M | 0 | 4.92M | 5.74M | 4.94M | 4.77M | 5.78M | 2.25M | 340K | 161.45K | 18.48M | 17.13M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 50.99M | 19.97M | 12.97M | 5.57M | 1.66M | 0 | 1.69M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 180.8M | 90.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.88M | 5.54M | 0 | 0 | 5.01M | 4.92M | 4.76M | 0 | 0 | 131K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 194.18M | 182.88M | 163.79M | 143.81M | 125.22M | 114.9M | 93.24M | 83.56M | 72.9M | 64.64M | 27.09M | 19.49M | 10.2M | 1.48M | 5.41M | 4.92M | 723K | 27K | 10K | 5.64M | 2.25M | 209K | 161K | 18.48M | 17.13M |
| Total Liabilities | 771.46M | 662.7M | 471.33M | 384.41M | 390.28M | 341.84M | 241.9M | 182.88M | 153.34M | 129.44M | 80.01M | 62.77M | 52.94M | 45.51M | 28.87M | 30.99M | 34.71M | 28.86M | 30.65M | 35.19M | 22.38M | 22.61M | 8.45M | 21.37M | 19.63M |
| Total Debt | 0 | 24.1M | 15.79M | 5.57M | 1.66M | 0 | 3.1M | 2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -1.06B | -1.08B | -676.02M | -522.28M | -286.94M | -189.26M | -331.85M | -170.6M | -172.7M | -82.76M | -112.7M | -90.86M | -126.27M | -101.21M | -75.1M | -96.37M | -48.01M | -46.72M | -83.27M | -83.11M | -50.82M | -25.09M | -32.02M | -12.14M | -17.22M |
| Debt / Equity | 0.00x | 0.01x | 0.01x | 0.00x | 0.00x | - | 0.00x | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.00x | 0.03x | 0.03x | 0.01x | 0.00x | - | 0.02x | 0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.24x | -1.38x | -1.17x | -1.00x | -0.51x | -0.65x | -1.86x | -1.45x | -1.37x | -0.88x | -1.63x | -1.66x | -2.61x | -2.81x | -2.82x | -4.35x | -1.25x | -1.79x | -2.95x | -6.00x | -3.28x | -1.85x | -4.20x | -13.98x | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 3.68B | 3.53B | 3.15B | 2.05B | 1.67B | 1.24B | 966.59M | 773.49M | 640.09M | 522.01M | 431.12M | 368.52M | 346.43M | 323.4M | 258.29M | 242.88M | 246.9M | 212.96M | 164.65M | 137.31M | 94.95M | 78.17M | 63.5M | 1.23M | 1.98M |
| Equity Growth % | 131.47% | 12.26% | 53.46% | 22.85% | 34.13% | 28.7% | 24.96% | 20.84% | 22.62% | 21.08% | 16.99% | 6.38% | 7.12% | 25.21% | 6.35% | -1.63% | 15.94% | 29.34% | 19.91% | 44.61% | 21.47% | 23.09% | 5058.62% | -37.81% | - |
| Book Value per Share | 74.68 | 73.10 | 64.42 | 42.03 | 34.51 | 25.98 | 20.56 | 16.90 | 14.35 | 11.98 | 10.29 | 9.02 | 8.71 | 8.37 | 7.13 | 6.91 | 6.53 | 5.81 | 4.56 | 3.91 | 3.22 | 2.53 | 6.95 | 0.20 | 0.34 |
| Total Shareholders' Equity | 3.68B | 3.53B | 3.15B | 2.05B | 1.67B | 1.24B | 966.59M | 773.49M | 640.09M | 522.01M | 431.12M | 368.52M | 346.43M | 323.4M | 258.29M | 242.88M | 246.9M | 212.96M | 164.65M | 137.31M | 94.95M | 78.17M | 63.5M | 1.23M | 1.98M |
| Common Stock | 983.93M | 937M | 706.82M | 1.13B | 975.28M | 803.23M | 657.7M | 549.52M | 450.91M | 376.59M | 315.97M | 265.76M | 240.5M | 234.2M | 194.08M | 159.34M | 178.27M | 175.52M | 147.3M | 146.03M | 113.53M | 98.34M | 93.53M | 13.53M | 2.09M |
| Retained Earnings | 2.7B | 2.61B | 2.49B | 947.06M | 716.4M | 424.88M | 298.75M | 229.45M | 194.73M | 143.61M | 119.36M | 101.29M | 100.11M | 82.94M | 60.04M | 79.95M | 66.65M | 37.09M | 17.41M | -9.19M | -17.89M | -15.09M | -20.69M | -15.06M | -10.68M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -10.11M | -15.15M | -48.51M | -27.06M | -23.08M | 15.88M | 10.14M | -5.48M | -5.54M | 1.81M | -4.21M | 1.47M | 5.81M | 6.26M | 0 | 3.59M | 1.98M | 354K | -64K | 462K | -685K | -5.08M | -9.33M | -8.41M | -595.83K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical Supply Chain Concentration
As reported in recent financial filings, MPWR has grown its total assets from $2.4 billion in 2023Q4 to $4.4 billion by 2026Q1, signaling a rapid scaling of the balance sheet that appears to be driven by sustained demand for high-performance power management solutions in enterprise computing.
The consistent expansion of total assets alongside a stable equity base suggests that the company is successfully converting its operational success into tangible balance sheet strength. This trajectory indicates that the business model is effectively capturing value from the AI-driven power architecture transition without requiring excessive external financing.
Based on the company's reported figures, MPWR maintains a robust liquidity position with $1.1 billion in cash as of 2026Q1, providing a significant buffer that supports operational agility and R&D investment despite the inherent volatility of the semiconductor industry's supply chain and foundry-dependent manufacturing model.
The current ratio of 4.79 indicates that the company is well-positioned to meet its short-term obligations without reliance on credit markets. This liquidity profile provides management with the strategic optionality to navigate potential supply chain disruptions or cyclical downturns in the broader semiconductor market.
According to the provided balance sheet data, equity has expanded from $2.0 billion in 2023Q4 to $3.7 billion in 2026Q1, primarily fueled by the accumulation of retained earnings which rose to $2.7 billion, reflecting the company's ability to generate and reinvest significant internal capital over time.
The growth in retained earnings underscores the profitability of the company's proprietary power management ICs and suggests that the business is largely self-funding its growth initiatives. Investors should monitor whether this equity accumulation continues to outpace potential dilution from ongoing stock-based compensation programs.
As evidenced by the near-zero debt levels reported in recent SEC filings, MPWR maintains a pristine balance sheet, yet this headline strength may obscure the underlying sensitivity to variable foundry costs and the potential for inventory accumulation within the distributor channel during periods of slowing demand.
While the lack of leverage is a clear positive, the company's reliance on third-party foundries means that its operational risk is shifted from financial leverage to supply chain and cost-of-goods-sold volatility. The absence of debt should not be interpreted as a total lack of risk, as the company remains highly exposed to the cyclicality of its end-markets.
Quick answers to the most common questions about buying MPWR stock.
As of 2025, Monolithic Power Systems, Inc. (MPWR) had total assets of $4.19B including $2.18B in current assets.
Monolithic Power Systems, Inc. (MPWR) carries total debt of $24.1M, offset by $1.26B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Monolithic Power Systems, Inc. (MPWR) has total shareholders' equity (book value) of $3.53B ($73.10 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Monolithic Power Systems, Inc. (MPWR) reported a current ratio of 5.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.