Monolithic Power Systems
ConvictionModerate
Fabless chip designer using a proprietary BCD process on standard third-party CMOS foundries; largely in-house automated final test; sells silicon + integrated power modules into computing/AI, automotive, industrial, communications, storage and consumer end markets via direct + distribution.
Revenue
$2.79B FY2025~$2.96B TTM through Q1 FY26Rev growth
+26.4% FY2025 YoYFY24 +21.2%); Q1 FY26 record $804.2M, +26.1% YoY / +7.1% QoQGross margin
~55.2% GAAP FY202555.5% non-GAAP, held four straight quarters); Q2 FY26 guide ~55.1-55.7%Op margin
~26.5% GAAP FY2025Capex intensity
Low - fabless model keeps capex to low-to-mid single-digit % of revenuespend skews to test capacity, not fabsMarket cap
~$63.36BNasdaq: MPWR, Jul 6, 2026Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-27. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$1.2B
FY’22
$1.8B+49%
FY’23
$1.8B+2%
FY’24
$2.2B+21%
FY’25
$2.8B+26%
Margins & balance sheet — FY’25
Gross margin55.2%
Operating margin26.1%
Net margin22.3%
Net cash$1.1B
The read
Where our coverage leans
Coverage leans bullish
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