Revenue growth has accelerated to 26.1% in 2026Q1, while the company maintains structural resilience with gross margins consistently hovering around 55%.
| 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 |
|---|
| Sales/Revenue | 2.96B | 2.79B | 2.21B | 1.82B | 1.79B | 1.21B | 844.45M | 627.92M | 582.38M | 470.93M | 388.67M | 333.07M | 282.54M | 238.09M | 213.81M | 196.52M | 218.84M | 165.01M | 160.51M | 134M | 105.02M | 99.13M | 47.6M | 24.2M | 12.21M |
| Revenue Growth % | 23.9% | 26.43% | 21.2% | 1.5% | 48.55% | 43.03% | 34.48% | 7.82% | 23.67% | 21.17% | 16.69% | 17.89% | 18.67% | 11.35% | 8.8% | -10.2% | 32.62% | 2.8% | 19.78% | 27.6% | 5.94% | 108.28% | 96.64% | 98.31% | - |
| Cost of Goods Sold | 1.33B | 1.25B | 986.23M | 799.95M | 745.6M | 522.34M | 378.5M | 281.6M | 259.71M | 212.65M | 177.79M | 152.9M | 129.92M | 110.19M | 100.67M | 94.92M | 97.38M | 67.33M | 61.18M | 48.78M | 38.11M | 36M | 19.49M | 10.93M | 6.83M |
| COGS % of Revenue | - | 44.82% | 44.68% | 43.93% | 41.56% | 43.25% | 44.82% | 44.85% | 44.6% | 45.15% | 45.74% | 45.91% | 45.98% | 46.28% | 47.08% | 48.3% | 44.5% | 40.8% | 38.12% | 36.4% | 36.29% | 36.32% | 40.95% | 45.16% | 55.97% |
| Gross Profit | 1.63B | 1.54B | 1.22B | 1.02B | 1.05B | 685.46M | 465.95M | 346.32M | 322.67M | 258.28M | 210.87M | 180.17M | 152.62M | 127.9M | 113.15M | 101.59M | 121.46M | 97.68M | 99.33M | 85.22M | 66.91M | 63.13M | 28.1M | 13.27M | 5.37M |
| Gross Margin % | 55.18% | 55.18% | 55.32% | 56.07% | 58.44% | 56.75% | 55.18% | 55.15% | 55.4% | 54.85% | 54.26% | 54.09% | 54.02% | 53.72% | 52.92% | 51.7% | 55.5% | 59.2% | 61.88% | 63.6% | 63.71% | 63.68% | 59.05% | 54.84% | 44.03% |
| Gross Profit Growth % | - | 26.12% | 19.56% | -2.62% | 52.97% | 47.11% | 34.54% | 7.33% | 24.93% | 22.48% | 17.04% | 18.05% | 19.33% | 13.04% | 11.37% | -16.35% | 24.34% | -1.66% | 16.55% | 27.37% | 5.99% | 124.62% | 111.72% | 146.99% | - |
| Operating Expenses | 830.55M | 811.11M | 681.51M | 539.38M | 521.77M | 423.04M | 307.07M | 243.76M | 209.18M | 180.86M | 156.43M | 139.1M | 117.32M | 103.99M | 95.87M | 88.18M | 90.96M | 78.15M | 76.82M | 75.55M | 65.67M | 56.66M | 33.24M | 16.48M | 8.67M |
| OpEx % of Revenue | - | 29.07% | 30.88% | 29.62% | 29.08% | 35.03% | 36.36% | 38.82% | 35.92% | 38.4% | 40.25% | 41.76% | 41.52% | 43.67% | 44.84% | 44.87% | 41.56% | 47.36% | 47.86% | 56.38% | 62.54% | 57.16% | 69.83% | 68.09% | 71.03% |
| Selling, General & Admin | 439.94M | 428.84M | 356.76M | 275.74M | 281.6M | 232.41M | 161.67M | 133.54M | 113.8M | 97.26M | 83.01M | 72.31M | 66.75M | 54.62M | 50.02M | 40.28M | 41.17M | 39.85M | 41.97M | 29.54M | 27.59M | 18.43M | 12.55M | 10.99M | 4.21M |
| SG&A % of Revenue | - | 15.37% | 16.16% | 15.14% | 15.7% | 19.24% | 19.14% | 21.27% | 19.54% | 20.65% | 21.36% | 21.71% | 23.63% | 22.94% | 23.39% | 20.5% | 18.81% | 24.15% | 26.15% | 22.04% | 26.28% | 18.6% | 26.37% | 45.39% | 34.49% |
| Research & Development | 390.6M | 382.26M | 324.75M | 263.64M | 240.17M | 190.63M | 137.6M | 107.76M | 93.45M | 82.36M | 73.64M | 65.79M | 58.59M | 49.73M | 48.8M | 44.52M | 44.37M | 38.3M | 34.85M | 27.34M | 22.3M | 14.83M | 7.69M | 5.49M | 4.46M |
| R&D % of Revenue | - | 13.7% | 14.71% | 14.48% | 13.39% | 15.78% | 16.29% | 17.16% | 16.05% | 17.49% | 18.95% | 19.75% | 20.74% | 20.89% | 22.82% | 22.65% | 20.28% | 23.21% | 21.71% | 20.4% | 21.24% | 14.96% | 16.15% | 22.7% | 36.53% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 7.8M | 2.46M | 1.92M | 1.24M | -229K | 1M | -8.03M | -371K | -2.94M | 3.38M | 5.42M | 0 | 0 | 18.67M | 15.78M | 23.4M | 7.83M | 0 | 0 |
| Operating Income | 801.03M | 728.64M | 539.36M | 481.74M | 526.78M | 262.42M | 158.88M | 102.56M | 113.49M | 77.42M | 54.45M | 41.07M | 35.3M | 23.91M | 17.28M | 13.42M | 30.5M | 19.53M | 22.51M | 9.67M | 1.24M | 6.46M | -5.53M | -3.21M | -3.29M |
| Operating Margin % | 27.09% | 26.11% | 24.44% | 26.45% | 29.36% | 21.73% | 18.81% | 16.33% | 19.49% | 16.44% | 14.01% | 12.33% | 12.49% | 10.04% | 8.08% | 6.83% | 13.94% | 11.84% | 14.02% | 7.22% | 1.18% | 6.52% | -11.62% | -13.25% | -26.99% |
| Operating Income Growth % | - | 35.09% | 11.96% | -8.55% | 100.74% | 65.16% | 54.91% | -9.63% | 46.58% | 42.2% | 32.57% | 16.35% | 47.61% | 38.41% | 28.78% | -56.01% | 56.16% | -13.23% | 132.75% | 683% | -80.89% | 216.9% | -72.48% | 2.69% | - |
| EBITDA | 856.66M | 779.66M | 575.79M | 521.9M | 563.9M | 291.12M | 178.07M | 117.43M | 125.8M | 93.53M | 69.12M | 54.85M | 48.43M | 36.08M | 26.61M | 22.15M | 38.51M | 26.1M | 28.23M | 13.85M | 15.48M | 13.57M | 7.63M | 868.27K | -2.49M |
| EBITDA Margin % | 28.97% | 27.94% | 26.09% | 28.66% | 31.43% | 24.1% | 21.09% | 18.7% | 21.6% | 19.86% | 17.78% | 16.47% | 17.14% | 15.15% | 12.45% | 11.27% | 17.6% | 15.82% | 17.59% | 10.34% | 14.74% | 13.69% | 16.03% | 3.59% | -20.36% |
| EBITDA Growth % | 31.34% | 35.41% | 10.32% | -7.45% | 93.7% | 63.49% | 51.64% | -6.65% | 34.51% | 35.31% | 26.01% | 13.26% | 34.25% | 35.56% | 20.15% | -42.49% | 47.55% | -7.54% | 103.78% | -10.52% | 14.12% | 77.81% | 778.79% | 134.93% | - |
| D&A (Non-Cash Add-back) | 55.63M | 51.03M | 36.43M | 40.17M | 37.11M | 28.7M | 19.19M | 14.87M | 12.31M | 16.1M | 14.67M | 13.78M | 13.13M | 12.16M | 9.33M | 8.73M | 8.02M | 6.57M | 5.72M | 4.18M | 14.25M | 7.1M | 13.16M | 4.07M | 809.11K |
| EBIT | 839.51M | 766.22M | 572.91M | 505.84M | 524.94M | 272.22M | 166.69M | 105.03M | 115.41M | 78.67M | 54.22M | 42.07M | 27.27M | 23.54M | 14.33M | 16.8M | 35.92M | 19.53M | 22.51M | 9.67M | 1.24M | 6.46M | -5.24M | -3.21M | -3.29M |
| Net Interest Income | 34.8M | 29.15M | 27.09M | 23.36M | 14.37M | 11.64M | 9.33M | 7.3M | 6.32M | 5.35M | 2.49M | 1.61M | 1.11M | 92K | 611K | 671K | 1.16M | 1.05M | 3.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 34.8M | 29.15M | 27.09M | 23.36M | 14.37M | 11.64M | 9.33M | 7.3M | 6.32M | 5.35M | 2.49M | 1.61M | 1.11M | 92K | 611K | 671K | 1.16M | 1.05M | 3.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 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 |
| Other Income/Expense | 38.48M | 37.58M | 33.55M | 24.11M | -1.85M | 9.8M | 10.46M | 10.56M | 4.99M | 5.52M | 2.82M | 1.42M | 1.09M | 92K | 611K | 309K | 922K | 618K | 2.94M | 4.6M | 2.36M | 1.59M | -7.76M | 0 | 0 |
| Pretax Income | 839.51M | 766.22M | 572.91M | 505.84M | 524.94M | 272.22M | 169.34M | 113.12M | 118.48M | 82.94M | 57.26M | 42.49M | 36.39M | 24.01M | 17.89M | 13.73M | 31.42M | 20.15M | 25.44M | 14.27M | 3.6M | 8.06M | -5.45M | 0 | 0 |
| Pretax Margin % | 28.39% | 27.46% | 25.96% | 27.78% | 29.26% | 22.54% | 20.05% | 18.02% | 20.34% | 17.61% | 14.73% | 12.76% | 12.88% | 10.08% | 8.37% | 6.98% | 14.36% | 12.21% | 15.85% | 10.65% | 3.43% | 8.13% | -11.46% | - | - |
| Income Tax | 164.15M | 150.29M | -1.21B | 78.47M | 87.27M | 30.2M | 4.97M | 4.28M | 13.21M | 17.74M | 4.54M | 7.32M | 897K | 1.11M | 2.13M | 425K | 1.86M | 474K | 1.22M | 4.98M | 6.46M | 2.95M | -1M | -169.89K | -57.15K |
| Effective Tax Rate % | 19.55% | 19.61% | -211.86% | 15.51% | 16.62% | 11.09% | 2.93% | 3.78% | 11.15% | 21.39% | 7.94% | 17.22% | 2.46% | 4.62% | 11.93% | 3.1% | 5.91% | 2.35% | 4.78% | 34.9% | 179.55% | 36.61% | 18.36% | - | - |
| Net Income | 675.36M | 615.93M | 1.79B | 427.37M | 437.67M | 242.02M | 164.38M | 108.84M | 105.27M | 65.2M | 52.72M | 35.17M | 35.49M | 22.9M | 15.76M | 13.3M | 29.56M | 19.67M | 24.23M | 9.29M | -2.86M | 5.11M | -4.45M | -3.04M | -3.24M |
| Net Margin % | 22.84% | 22.07% | 80.95% | 23.47% | 24.39% | 20.04% | 19.47% | 17.33% | 18.08% | 13.85% | 13.56% | 10.56% | 12.56% | 9.62% | 7.37% | 6.77% | 13.51% | 11.92% | 15.09% | 6.93% | -2.73% | 5.15% | -9.35% | -12.54% | -26.52% |
| Net Income Growth % | -63.05% | -65.53% | 318.06% | -2.35% | 80.84% | 47.24% | 51.03% | 3.39% | 61.45% | 23.68% | 49.89% | -0.91% | 55.01% | 45.33% | 18.46% | -55.01% | 50.26% | -18.79% | 160.75% | 424.52% | -156.06% | 214.74% | -46.6% | 6.22% | - |
| Net Income (Continuing) | 675.36M | 615.93M | 1.79B | 427.37M | 437.67M | 242.02M | 164.38M | 108.84M | 105.27M | 65.2M | 52.72M | 35.17M | 35.49M | 22.9M | 15.76M | 13.3M | 29.56M | 19.67M | 24.23M | 9.29M | -2.86M | 5.11M | -3.72M | -3.04M | -3.24M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | 13.72 | 12.75 | 36.59 | 8.76 | 9.05 | 5.05 | 3.50 | 2.38 | 2.36 | 1.50 | 1.26 | 0.86 | 0.89 | 0.59 | 0.43 | 0.38 | 0.78 | 0.54 | 0.67 | 0.33 | -0.10 | 0.17 | -0.49 | -0.49 | -0.55 |
| EPS Growth % | -63.18% | -65.15% | 317.69% | -3.2% | 79.21% | 44.29% | 47.06% | 0.85% | 57.33% | 19.05% | 46.51% | -3.37% | 50.85% | 37.21% | 13.16% | -51.28% | 44.44% | -19.4% | 103.03% | 440.21% | -157.06% | 134.69% | 0% | 10.91% | - |
| EPS (Basic) | - | 12.82 | 36.76 | 8.98 | 9.37 | 5.28 | 3.67 | 2.52 | 2.36 | 1.58 | 1.30 | 0.89 | 0.92 | 0.61 | 0.45 | 0.39 | 0.83 | 0.57 | 0.72 | 0.37 | -0.10 | 0.18 | -0.49 | -0.49 | -0.55 |
| Diluted Shares Outstanding | 49.24M | 48.31M | 48.84M | 48.77M | 48.36M | 47.89M | 47.01M | 45.76M | 44.6M | 43.58M | 41.91M | 40.87M | 39.79M | 38.62M | 36.25M | 35.16M | 37.83M | 36.63M | 36.12M | 35.09M | 29.5M | 30.87M | 9.13M | 6.14M | 5.86M |
| Basic Shares Outstanding | 49.1M | 48.03M | 48.6M | 47.61M | 46.73M | 45.85M | 44.84M | 43.16M | 44.6M | 41.35M | 40.44M | 39.47M | 38.69M | 37.39M | 34.87M | 34.05M | 35.83M | 34.31M | 33.51M | 31.7M | 29.5M | 28M | 9.13M | 6.14M | 5.86M |
| Dividend Payout Ratio | - | 46.24% | 13.47% | 43.49% | 31.52% | 45.19% | 54.01% | 61.83% | 45.1% | 52.03% | 62.78% | 85.2% | 32.84% | - | 226.35% | - | - | - | - | - | - | - | - | - | - |
Geopolitical Supply Chain Concentration
As reported in recent financial statements, MPWR's quarterly revenue growth has accelerated to 26.1% in 2026Q1, reflecting a sustained upward trajectory in top-line performance that appears driven by the increasing integration of proprietary power management solutions within high-performance computing and enterprise data center infrastructure.
The consistent expansion in quarterly revenue suggests that the company is successfully capturing a larger share of the power delivery market for next-generation AI hardware. This growth appears durable, as the shift toward 48V architectures likely creates a structural tailwind that may persist beyond short-term cyclical fluctuations.
Based on the company's reported figures, gross margins have remained remarkably stable at approximately 55% over the last ten quarters, indicating that MPWR maintains significant pricing power despite the variable cost pressures inherent in its fabless-lite manufacturing model and reliance on third-party foundry partners.
The ability to maintain such consistent margins suggests that the company's monolithic integration technology provides a distinct value proposition that customers are willing to pay for. Investors should monitor whether this margin profile can be sustained if foundry pricing volatility increases or if competitive pressures in the power semiconductor space intensify.
According to the provided income statement data, operating income has scaled from $95.5 million in 2024Q1 to $241.2 million in 2026Q1, demonstrating significant operating leverage as the company effectively manages its SG&A and R&D expenses relative to the rapid expansion of its gross profit base.
This trend suggests that the company is achieving greater economies of scale as its revenue base grows, allowing for improved operating margins. The efficiency in managing overhead while continuing to invest in R&D appears to be a key driver of the company's ability to translate top-line growth into bottom-line profitability.
Analysis of recent filings reveals that stock-based compensation remains a material component of operating expenses, with quarterly figures frequently exceeding $40 million, which warrants careful adjustment when evaluating the true cash-generative capacity and underlying quality of the company's reported net income and diluted EPS.
While the company reports strong net income, the recurring nature of stock-based compensation suggests that shareholders should be mindful of potential dilution. The volatility in net income, particularly in 2024Q4, appears to be influenced by non-operating items that may obscure the core operational performance of the business.
As indicated by the company's revenue recognition policy, which records sales upon shipment to distributors rather than end-users, there is a latent risk that headline revenue figures may temporarily decouple from actual end-market demand if channel inventories accumulate during periods of slowing enterprise hardware spending.
This accounting nuance suggests that investors should look beyond quarterly revenue growth to assess sell-through data and distributor inventory levels. A sudden correction in channel inventory could lead to a deceleration in revenue growth that may not be immediately apparent in the current income statement trajectory.
Quick answers to the most common questions about buying MPWR stock.
For fiscal year 2025, Monolithic Power Systems, Inc. (MPWR) reported total revenue of $2.79B. This represents a 22762.1% increase compared to $12.2M in 2002.
Monolithic Power Systems, Inc. (MPWR) is profitable, generating $615.9M in net income for the fiscal year ending 2025 with a net profit margin of 22.1%.
Monolithic Power Systems, Inc. (MPWR) reported an operating income of $728.6M, resulting in an operating profit margin of 26.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Monolithic Power Systems, Inc. (MPWR) generated $1.54B in gross profit for the year, representing a gross profit margin of 55.2%. This demonstrates the company's core pricing power and production efficiency.