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Monolithic Power Systems, Inc.

Rank #200Hypergrowth

MPWR · Nasdaq · Technology

Monolithic Power Systems, Inc. (MPWR) — Rank #200 by gross profitability (GP/assets 0.33) · ROE 16.0% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0001280452 · all metrics point-in-time as of the filing date.

About

Monolithic Power Systems, Inc. provides semiconductor-based power electronics solutions in China, Taiwan, South Korea, Southeast Asia, Europe, the United States, Japan, and internationally.

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The company offers direct current (DC) to DC solutions to convert and control voltages within a range of electronic systems, such as cloud-based and on-premises CPU servers and workstations, AI systems, memory, storage solutions, notebooks, infotainment, power sources, home appliances, network infrastructure, and satellite communications. It also provides alternating current (AC) to DC; driver metal-oxide-semiconductor field-effect transistors; power management integrated circuits (ICs); and current limit switch and lighting control products. The company serves storage and computing, enterprise data, automotive, communications, consumer, and industrial end markets through third-party distributors and value-added resellers. Monolithic Power Systems, Inc.

was incorporated in 1997 and is based in West Palm Beach, Florida.

Industry
Semiconductors
Sector
Technology
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

MPWR+138.4% · +19.0% CAGRSPY+80.3% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$56.50B

P/E (annual)

89.4

P/S (annual)

20.2

P/B

14.5

P/OCF (annual)

67.4

Shareholder Yield

-20.9%

Employees

4,501

Industry

Semiconductors

Exchange

Nasdaq

Signal Flags

3 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.33
Return on equity
16.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.20
Current ratio
4.98×
Net cash
$1.41B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
8.2%

Growth

1/2 pass
Revenue growth
887.7%
Piotroski F-Score
5 / 9
Share dilution
21.4%

Terry Smith quality gate

Passes 3/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

27.3%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 21.4% — per-share value needs a total required return of 48.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 10.1%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

21.9%

r = 10% (base)

27.3%

r = 12%

32.0%

Net debt / market cap: -2.5%

Base FCF: $666.2M3Y mean FCF: $54.4M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

57.7xFair
23.3xmed 59.3x108.1x

P / S

Price / revenue per share

10.4xExpensive
0.0xmed 6.6x14.7x

P / B

Price / book value per share

9.5xExpensive
0.0xmed 5.3x13.2x

P / GP

Price / gross profit per share

18.8xExpensive
0.0xmed 12.3x27.1x

P / FCF

Price / free cash flow per share

51.1xExpensive
0.2xmed 32.5x87.2x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.33

Primary signal (Novy-Marx).

6th of 17 SIC 3674 peers

Return on equity

16.0%

Gross margin

55.2%

5th of 17 SIC 3674 peers

Revenue growth (YoY)

887.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2012201320142015
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

—

Earnings CAGR (3Y)

12.4%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.20

4th of 16 SIC 3674 peers (best = lowest)

Current ratio

4.98×

6th of 17 SIC 3674 peers

Quick ratio

3.53×

Net cash

$1.41B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$666.19M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.07

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

8.2%

Stock-based comp intensity.

Dividend safety

Composite score

3.5 / 5

Good
Payout ratio
45.8%4/5 Strong
FCF coverage
2.34×4/5 Strong
Dividend growth streak
8 yr4/5 Strong
Balance-sheet health
D/E 0.20 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20102015
Decline
Capital Return
Op. Leverage
View full financial statements →