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Monolithic Power Systems (MPWR)

Market Price (4/13/2026): $1355.5 | Market Cap: $65.7 Bil
Sector: Information Technology | Industry: Semiconductors

Monolithic Power Systems (MPWR)

Market Price (4/13/2026): $1355.5
Market Cap: $65.7 Bil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Data Centers & Infrastructure, EV Manufacturing, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/SPrice/Sales ratio is 24x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 90x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 78x, P/EPrice/Earnings or Price/(Net Income) is 106x

Stock price has recently run up significantly
12M Rtn12 month market price return is 156%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8%

Key risks
MPWR key risks include [1] intense competition from established industry players and [2] significant supply chain vulnerabilities due to its heavy reliance on Chinese suppliers.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Data Centers & Infrastructure, EV Manufacturing, Show more.
3 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
4 Expensive valuation multiples
P/SPrice/Sales ratio is 24x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 90x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 78x, P/EPrice/Earnings or Price/(Net Income) is 106x
5 Stock price has recently run up significantly
12M Rtn12 month market price return is 156%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8%
7 Key risks
MPWR key risks include [1] intense competition from established industry players and [2] significant supply chain vulnerabilities due to its heavy reliance on Chinese suppliers.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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Monolithic Power Systems (MPWR) stock has gained about 50% since 12/31/2025 because of the following key factors:

1. Monolithic Power Systems reported robust Q4 2025 financial results and provided optimistic Q1 2026 revenue guidance, alongside a significant dividend increase. The company's Q4 2025 revenue reached $751.2 million, a 20.8% year-over-year increase, surpassing analyst estimates. Management also issued encouraging Q1 2026 revenue guidance of $770 million to $790 million, exceeding Wall Street consensus projections. Further reinforcing investor confidence, MPWR announced a 28% increase in its quarterly cash dividend to $2.00 per share.

2. The company capitalized on escalating demand for power management chips within the rapidly expanding Artificial Intelligence (AI) and data center sectors, notably in its Enterprise Data segment. Monolithic Power Systems is strategically positioned as a key provider of essential power management chips for AI infrastructure. Management raised its 2026 Enterprise Data growth outlook to more than 50% from a previous estimate of 35%, citing strong market demand and share gains.

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Stock Movement Drivers

Fundamental Drivers

The 49.7% change in MPWR stock from 12/31/2025 to 4/12/2026 was primarily driven by a 314.7% change in the company's P/E Multiple.
(LTM values as of)123120254122026Change
Stock Price ($)904.551353.8549.7%
Change Contribution By: 
Total Revenues ($ Mil)2,6612,7904.9%
Net Income Margin (%)63.9%22.3%-65.1%
P/E Multiple25.5105.7314.7%
Shares Outstanding (Mil)4849-1.2%
Cumulative Contribution49.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/12/2026
ReturnCorrelation
MPWR49.7% 
Market (SPY)-5.4%59.8%
Sector (XLK)-0.9%72.0%

Fundamental Drivers

The 47.6% change in MPWR stock from 9/30/2025 to 4/12/2026 was primarily driven by a 300.9% change in the company's P/E Multiple.
(LTM values as of)93020254122026Change
Stock Price ($)917.251353.8547.6%
Change Contribution By: 
Total Revenues ($ Mil)2,5442,7909.7%
Net Income Margin (%)65.5%22.3%-66.0%
P/E Multiple26.4105.7300.9%
Shares Outstanding (Mil)4849-1.3%
Cumulative Contribution47.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/12/2026
ReturnCorrelation
MPWR47.6% 
Market (SPY)-2.9%64.3%
Sector (XLK)1.4%73.1%

Fundamental Drivers

The 135.2% change in MPWR stock from 3/31/2025 to 4/12/2026 was primarily driven by a 504.8% change in the company's P/E Multiple.
(LTM values as of)33120254122026Change
Stock Price ($)575.611353.85135.2%
Change Contribution By: 
Total Revenues ($ Mil)2,2072,79026.4%
Net Income Margin (%)72.1%22.3%-69.1%
P/E Multiple17.5105.7504.8%
Shares Outstanding (Mil)4849-0.4%
Cumulative Contribution135.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/12/2026
ReturnCorrelation
MPWR135.2% 
Market (SPY)16.3%74.7%
Sector (XLK)38.8%78.3%

Fundamental Drivers

The 176.7% change in MPWR stock from 3/31/2023 to 4/12/2026 was primarily driven by a 101.2% change in the company's P/E Multiple.
(LTM values as of)33120234122026Change
Stock Price ($)489.231353.85176.7%
Change Contribution By: 
Total Revenues ($ Mil)1,7942,79055.5%
Net Income Margin (%)24.4%22.3%-8.7%
P/E Multiple52.5105.7101.2%
Shares Outstanding (Mil)4749-3.1%
Cumulative Contribution176.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/12/2026
ReturnCorrelation
MPWR176.7% 
Market (SPY)63.3%65.6%
Sector (XLK)92.6%73.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MPWR Return35%-28%80%-6%54%47%279%
Peers Return44%-14%29%-9%6%18%81%
S&P 500 Return27%-19%24%23%16%-0%82%

Monthly Win Rates [3]
MPWR Win Rate58%42%67%50%58%75% 
Peers Win Rate65%38%62%35%47%65% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
MPWR Max Drawdown-18%-37%-3%-11%-23%0% 
Peers Max Drawdown-1%-29%-5%-18%-31%-4% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: TXN, ADI, NXPI, ON, MCHP. See MPWR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/10/2026 (YTD)

How Low Can It Go

Unique KeyEventMPWRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-46.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven86.3%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven272 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-29.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven41.6%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven38 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-31.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven45.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven170 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-72.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven260.6%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,706 days1,480 days

Compare to TXN, ADI, NXPI, ON, MCHP

In The Past

Monolithic Power Systems's stock fell -46.3% during the 2022 Inflation Shock from a high on 11/16/2021. A -46.3% loss requires a 86.3% gain to breakeven.

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About Monolithic Power Systems (MPWR)

Monolithic 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.

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  • Intel for power management chips
  • Texas Instruments for power management semiconductors

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  • DC-DC Integrated Circuits (ICs): These ICs are used to convert and control voltages in various electronic systems, such as portable devices, computers, and automotive applications.
  • Lighting Control Integrated Circuits (ICs): These ICs manage light sources for LCD panels in displays and are also utilized in general illumination products.

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Monolithic Power Systems (MPWR) sells its semiconductor-based power electronics solutions primarily to other companies, not directly to individuals.

Based on the provided company description, specific names of major customer companies are not disclosed. However, Monolithic Power Systems sells its products through the following channels and to the following types of customers:

  • Third-party distributors and value-added resellers
  • Original Equipment Manufacturers (OEMs)
  • Original Design Manufacturers (ODMs)
  • Electronic Manufacturing Service (EMS) providers
  • Other end customers

These customers integrate MPWR's components into various electronic systems for a wide range of markets, including:

  • Computing and storage (e.g., computers, notebooks, monitors)
  • Automotive (e.g., car navigation systems, infotainment applications)
  • Industrial (e.g., medical equipment, general illumination products)
  • Communications (e.g., wireless LAN access points)
  • Consumer (e.g., portable electronic devices, televisions)

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The major suppliers for Monolithic Power Systems (MPWR) are:

  • Taiwan Semiconductor Manufacturing Company Limited (TSM)
  • United Microelectronics Corporation (UMC)
  • Semiconductor Manufacturing International Corporation (00981)
  • ASE Technology Holding Co., Ltd. (ASX)
  • Amkor Technology, Inc. (AMKR)

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Michael Hsing, Chairman of the Board, President, and Chief Executive Officer

Michael Hsing founded Monolithic Power Systems in 1997 and has served as Chairman of the Board, President, and Chief Executive Officer since its inception. Prior to founding MPS, Mr. Hsing was a Senior Silicon Technology Developer at several analog integrated circuit companies, where he developed and patented key technologies in the power electronics sector. He led the company through its Initial Public Offering (IPO) in November 2004. He has also held positions as President of MPH Consulting, LLC (2008-Present) and Azen Energy, LLC (2009-2013). Mr. Hsing holds a Master of Science in Computer Science from the New York Institute of Technology and a Bachelor's degree in Foreign Languages and Literature from National Taiwan University.

Rob Dean, Interim Chief Financial Officer

Rob Dean currently serves as the Interim Chief Financial Officer for Monolithic Power Systems, a position he took on following the retirement of Bernie Blegen. He previously served as the Corporate Controller for MPS for nine years, joining the company in June 2016. Before joining Monolithic Power Systems, Mr. Dean held various senior finance and accounting roles at other publicly traded companies, including Netflix, Varian, and Applied Materials. He holds a Bachelor of Science in Accounting from San Jose State University and a Master of Business Administration from Santa Clara University.

Deming Xiao, Executive Vice President, Global Operations

Deming Xiao joined Monolithic Power Systems in May 2001 and currently serves as Executive Vice President of Global Operations. He has held several executive positions within the company, including Senior Vice President of Operations and President of MPS Asia Operations since January 2008. Mr. Xiao is responsible for worldwide manufacturing and supply chains, corporate technology developments, product and testing engineering, quality, reliability, and corporate IT. His prior experience includes engineering and management positions with Supertex Inc., National Semiconductor, Fairchild Imaging Sensors, and as an Engineering Account Manager at Chartered Semiconductor Manufacturing, Inc. Mr. Xiao holds a B.S. in Semiconductor Physics from Sichuan University, Chengdu, China, and an M.S. in Electrical Engineering from Wayne State University.

Maurice Sciammas, Executive Vice President, Worldwide Sales & Marketing

Maurice Sciammas joined Monolithic Power Systems in July 1999 and currently serves as Executive Vice President of Worldwide Sales & Marketing. Prior to his current role, he served as Senior Vice President, Sales and Marketing. Before joining MPS, Mr. Sciammas was the Director of IC Products at Supertex from 1990 to 1999 and also held positions at Micrel, Inc. He holds a B.S.E.E. degree from San Jose State University.

Saria Tseng, Executive Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary

Saria Tseng currently serves as Executive Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary. She joined Monolithic Power Systems in 2004 as Vice President, General Counsel and Corporate Secretary, and additionally served as Vice President, Strategic Corporate Development since 2009. Before her tenure at MPS, Ms. Tseng was Vice President and General Counsel at MaXXan Systems, Inc. from 2001 to 2004. She also worked as an attorney at Gray Cary Ware & Freidenrich, LLP and Jones, Day, Reavis & Pogue.

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Monolithic Power Systems (MPWR) faces several key business risks, primarily stemming from its operational model, industry dynamics, and recent financial reporting challenges.
  1. Customer Concentration and Foundry Dependence: Monolithic Power Systems operates a fabless model, making it reliant on third-party foundries for manufacturing its semiconductor-based power electronics solutions. This dependence exposes the company to potential supply chain disruptions, capacity constraints, and rising production costs. Furthermore, the company exhibits customer concentration, with a significant portion of its revenue derived from a limited number of distributors and direct customers. For example, in 2024, its two largest distributors accounted for 31% and 20% of total revenue, respectively. Moreover, indirect sales to a single customer, primarily for AI applications, constituted 17% of its total revenue in 2024, highlighting a substantial reliance on specific customer relationships, such as its role as a dominant power semiconductor supplier to Nvidia.
  2. Cyclicality of the Semiconductor Industry and Market Volatility: The semiconductor industry is inherently cyclical and subject to rapid shifts in demand and market sentiment. Monolithic Power Systems is exposed to market volatility, including broader semiconductor sector downturns influenced by macroeconomic factors like geopolitical tensions impacting energy costs. While the company has seen strong growth in segments like AI data centers, this also means it is vulnerable to shifts in investor sentiment or demand fluctuations within these high-growth markets. Short-term earnings visibility can be limited due to short order cycles, and a cooling of AI sentiment could lead to downside risk.
  3. Financial Reporting and Internal Control Weaknesses: Monolithic Power Systems recently announced that investors should no longer rely on its 2024 audited financial statements and 2025 quarterly results due to an unintentional tax accounting error related to a one-time foreign tax incentive. This issue necessitated a restatement of financial results and highlighted the company's need to remediate a "material weakness" in its internal controls over financial reporting. Such weaknesses can impact the reliability of the company's financial statements and investor confidence.

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Monolithic Power Systems (MPWR) operates in several significant addressable markets for its semiconductor-based power electronics solutions.

For its direct current (DC) to DC integrated circuits (ICs), which constitute over 90% of its total revenues, the global DC-DC converter IC market was valued at approximately USD 11.33 billion in 2024 and is projected to reach nearly USD 20.20 billion by 2032. Another estimate for the global DC-DC converter IC market reported its value at USD 10.15 billion in 2023, with a projection to reach approximately USD 18.20 billion by 2030.

In the segment of lighting control ICs, specifically lighting driver ICs, the global market is projected to grow from US$ 23.79 billion in 2025 to US$ 40.77 billion by 2032.

Monolithic Power Systems itself indicates a broader Serviceable Addressable Market (SAM) of USD 27 billion in 2025, reflecting its expanded product portfolio within power management ICs. The company also identifies a substantial Serviceable Addressable Market of USD 7 billion within the automotive sector.

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Monolithic Power Systems (MPWR) is expected to drive future revenue growth over the next two to three years through several key areas:

  1. Robust Demand in Enterprise Data and AI Infrastructure: The company anticipates significant growth from its enterprise data segment, particularly fueled by strong demand for AI infrastructure. Analysts forecast over 50% growth in enterprise data revenue for 2026, driven by robust market demand, design wins across major hyperscalers, and increasing adoption of vertical power architectures.
  2. Growth in the Automotive Sector: The automotive segment is a key structural growth driver for MPWR. The company experienced approximately 43% year-over-year growth in automotive revenue in 2025, propelled by new 48-volt architectures, zonal controllers, and increased penetration of Advanced Driver-Assistance Systems (ADAS). This expansion is supported by the rising electronic content per vehicle, leading to greater power management complexity.
  3. Expansion of Product Portfolio and System-Level Solutions: Monolithic Power Systems is actively expanding its product portfolio and transitioning towards a "full-service, silicon-based solutions provider." The company is seeing momentum in module and optical transceiver solutions and is sampling advanced 800-volt data-center power solutions and higher current-density packaging. These initiatives are expected to drive future systems-level revenue and a shift from component-level silicon to more integrated module and system solutions.
  4. Increasing Penetration in Industrial Automation: MPWR expects revenue growth from expanding demand for high-efficiency power management solutions within industrial automation applications. While the industrial segment experienced a decline in 2023, the ongoing need for sophisticated power management in industrial settings is expected to contribute to future growth as MPWR increases its content per system in this market.

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Share Repurchases

  • Monolithic Power Systems authorized a new stock repurchase program of up to $500 million on February 6, 2025, which is set to expire on February 4, 2028.
  • The company's annual share buybacks totaled $636.244 million in 2024.
  • In 2023, annual share buybacks amounted to $3.741 million.

Share Issuance

  • Monolithic Power Systems' shares outstanding were 0.048 billion in 2025, representing a 1.08% decline from the previous year.
  • In 2024, shares outstanding were 0.049 billion, a 0.13% increase from 2023.
  • An Executive Vice President and Chief Financial Officer received 87,690 shares of common stock on October 25, 2025, as an award related to vested market-based restricted stock units.

Capital Expenditures

  • Capital expenditures in a recent quarter totaled $41.01 million (reported as an outflow).
  • Annual capital expenditures have generally ranged in the tens to hundreds of millions of dollars in recent years.

Better Bets vs. Monolithic Power Systems (MPWR)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
15-Day Rally Sends Monolithic Power Systems Stock Up 21%04/11/2026
2Better Bet Than Monolithic Power Systems Stock: NVDA, MU Deliver More04/01/2026
3How Low Can MPWR Really Go In A Market Crash?03/12/2026
4Can NVIDIA Outrun Monolithic Power Systems in the Next Rally?02/26/2026
5What Is Happening With Monolithic Power Systems Stock?01/31/2026
6Earn 8.7% Today or Buy MPWR 40% Cheaper - It's a Win-Win01/03/2026
7Monolithic Power Systems Earnings Notes12/29/2026
8ARTICLES 
9Monolithic Power Systems Stock On Fire: Up 21% With 5-Day Winning Streak04/11/2026
10S&P 500 Stocks Trading At 52-Week High04/08/2026
11NVDA, MU Top Monolithic Power Systems Stock on Price & Potential04/01/2026
12S&P 500 Movers | Winners: ON, SNDK, MPWR | Losers: CEG, MKC, CF04/01/2026
13Pay Less, Gain More: MU, NVDA Top Monolithic Power Systems Stock03/18/2026

Trade Ideas

Select ideas related to MPWR.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PANW_3312026_Insider_Buying_GTE_1Mil_EBITp+DE_V203312026PANWPalo Alto NetworksInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		0.0%0.0%0.0%
ALKT_3312026_Insider_Buying_45D_2Buy_200K03312026ALKTAlkami TechnologyInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
DBX_3272026_Dip_Buyer_FCFYield03272026DBXDropboxDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		2.6%2.6%0.0%
DLB_3272026_Dip_Buyer_FCFYield03272026DLBDolby LaboratoriesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
PTC_3272026_Dip_Buyer_FCFYield03272026PTCPTCDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
MPWR_10032025_Monopoly_xInd_xCD_Getting_Cheaper10032025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		19.4%19.4%-6.7%
MPWR_3312025_Dip_Buyer_ValueBuy03312025MPWRMonolithic Power SystemsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		53.2%89.9%-21.5%

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Peer Comparisons

Peers to compare with:

Financials

MPWRTXNADINXPIONMCHPMedian
NameMonolith.Texas In.Analog D.NXP Semi.ON Semic.Microchi. 
Mkt Price1,353.85214.73350.14204.3768.6571.56209.55
Mkt Cap65.7195.2171.251.627.538.758.6
Rev LTM2,79017,68211,75712,2695,9954,3728,876
Op Inc LTM7296,1403,4923,0357512771,893
FCF LTM6632,6034,5602,2831,4198201,851
FCF 3Y Avg6231,8173,6622,2321,0231,5351,676
CFO LTM8387,1535,0542,8201,7609112,290
CFO 3Y Avg7556,6304,4823,0381,8811,7352,460

Growth & Margins

MPWRTXNADINXPIONMCHPMedian
NameMonolith.Texas In.Analog D.NXP Semi.ON Semic.Microchi. 
Rev Chg LTM26.4%13.0%25.9%-2.7%-15.3%-8.1%5.2%
Rev Chg 3Y Avg16.4%-3.4%-0.5%-2.4%-10.1%-15.4%-2.9%
Rev Chg Q20.8%10.4%30.4%7.2%-11.2%15.6%13.0%
QoQ Delta Rev Chg LTM4.9%2.4%6.7%1.9%-3.1%3.8%3.1%
Op Mgn LTM26.1%34.7%29.7%24.7%12.5%6.3%25.4%
Op Mgn 3Y Avg25.7%36.9%27.1%26.7%23.7%19.0%26.2%
QoQ Delta Op Mgn LTM0.1%-0.1%2.5%-0.2%-2.5%2.7%0.0%
CFO/Rev LTM30.0%40.5%43.0%23.0%29.4%20.8%29.7%
CFO/Rev 3Y Avg33.6%39.2%41.1%23.8%26.7%27.2%30.4%
FCF/Rev LTM23.8%14.7%38.8%18.6%23.7%18.8%21.2%
FCF/Rev 3Y Avg28.0%10.7%33.6%17.5%15.4%24.0%20.8%

Valuation

MPWRTXNADINXPIONMCHPMedian
NameMonolith.Texas In.Analog D.NXP Semi.ON Semic.Microchi. 
Mkt Cap65.7195.2171.251.627.538.758.6
P/S23.511.014.64.24.68.99.9
P/EBIT90.131.248.216.5136.2221.469.2
P/E105.739.063.225.5227.6-562.551.1
P/CFO78.327.333.918.315.642.530.6
Total Yield1.2%5.1%2.7%5.9%0.4%1.7%2.2%
Dividend Yield0.2%2.6%1.1%2.0%0.0%1.9%1.5%
FCF Yield 3Y Avg1.9%1.1%3.3%4.0%4.1%3.8%3.5%
D/E0.00.10.10.20.10.10.1
Net D/E-0.00.00.00.20.00.10.0

Returns

MPWRTXNADINXPIONMCHPMedian
NameMonolith.Texas In.Analog D.NXP Semi.ON Semic.Microchi. 
1M Rtn28.9%12.6%14.4%7.6%17.3%15.5%15.0%
3M Rtn41.5%13.6%16.7%-14.8%10.4%-4.3%12.0%
6M Rtn50.2%27.0%56.4%0.5%50.1%20.2%38.5%
12M Rtn155.9%50.1%98.4%23.4%95.7%90.4%93.1%
3Y Rtn190.5%31.2%94.8%25.7%-11.5%-3.8%28.4%
1M Excs Rtn26.0%7.5%9.1%2.2%15.3%8.2%8.6%
3M Excs Rtn43.0%16.2%18.9%-12.1%14.3%-0.6%15.2%
6M Excs Rtn37.6%19.1%47.2%-9.5%34.0%7.6%26.6%
12M Excs Rtn162.9%14.9%77.2%-1.1%78.1%71.7%74.5%
3Y Excs Rtn120.5%-36.0%22.5%-43.6%-78.8%-71.8%-39.8%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Design, development, marketing and sale of high-performance, semiconductor-based power electronics2,2071,821   
Direct current (DC) to Direct current (DC)  1,6971,147800
Lighting Control  986044
Total2,2071,8211,7941,208844


Price Behavior

Price Behavior
Market Price$1,353.85 
Market Cap ($ Bil)65.7 
First Trading Date11/19/2004 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$1,136.88$955.08
DMA Trendupup
Distance from DMA19.1%41.8%
 3M1YR
Volatility53.1%46.3%
Downside Capture0.030.74
Upside Capture268.39219.89
Correlation (SPY)48.5%58.6%
MPWR Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta2.282.322.192.372.192.33
Up Beta2.813.042.722.592.402.35
Down Beta3.161.941.992.262.062.12
Up Capture217%279%350%387%460%3621%
Bmk +ve Days7162765139424
Stock +ve Days11213772135398
Down Capture155%193%142%172%142%113%
Bmk -ve Days12233358110323
Stock -ve Days11212654117353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MPWR
MPWR201.0%54.2%2.22-
Sector ETF (XLK)59.7%25.3%1.8077.1%
Equity (SPY)31.2%17.3%1.4773.9%
Gold (GLD)60.1%27.8%1.6916.3%
Commodities (DBC)29.8%16.6%1.5817.2%
Real Estate (VNQ)21.3%15.2%1.0736.5%
Bitcoin (BTCUSD)-4.3%43.7%0.0233.9%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MPWR
MPWR30.0%52.7%0.69-
Sector ETF (XLK)16.5%24.7%0.6075.8%
Equity (SPY)11.1%17.0%0.5068.3%
Gold (GLD)22.1%17.8%1.0214.2%
Commodities (DBC)11.8%18.8%0.5212.7%
Real Estate (VNQ)3.7%18.8%0.1040.8%
Bitcoin (BTCUSD)4.3%56.5%0.3027.1%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MPWR
MPWR36.7%46.6%0.85-
Sector ETF (XLK)21.7%24.3%0.8276.8%
Equity (SPY)13.8%17.9%0.6669.6%
Gold (GLD)14.2%15.9%0.7410.4%
Commodities (DBC)8.6%17.6%0.4119.3%
Real Estate (VNQ)5.1%20.7%0.2243.4%
Bitcoin (BTCUSD)67.6%66.9%1.0718.3%

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Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity2.0 Mil
Short Interest: % Change Since 3152026-0.1%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest3.7 days
Basic Shares Quantity48.5 Mil
Short % of Basic Shares4.1%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/5/20266.4%-0.0%-8.1%
10/30/2025-7.6%-11.9%-12.4%
7/31/202510.5%12.2%17.5%
5/1/20255.9%6.4%11.1%
2/6/20259.0%5.9%-12.0%
10/30/2024-17.5%-14.6%-38.3%
8/1/20241.4%7.5%19.1%
5/1/20249.2%9.3%12.7%
...
SUMMARY STATS   
# Positive181617
# Negative687
Median Positive6.5%11.6%8.9%
Median Negative-6.0%-3.6%-12.0%
Max Positive14.2%22.2%36.7%
Max Negative-17.5%-14.6%-38.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/27/202610-K
09/30/202511/05/202510-Q
06/30/202508/04/202510-Q
03/31/202505/05/202510-Q
12/31/202403/03/202510-K
09/30/202411/06/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
09/30/202211/09/202210-Q
06/30/202208/05/202210-Q
03/31/202205/10/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue770.00 Mil780.00 Mil790.00 Mil5.4% RaisedGuidance: 740.00 Mil for Q4 2025
Q1 2026 GAAP Gross Margin54.9%55.2%55.5%00AffirmedGuidance: 55.2% for Q4 2025
Q1 2026 Non-GAAP Gross Margin55.2%55.5%55.8%00AffirmedGuidance: 55.5% for Q4 2025
Q1 2026 GAAP Operating Expenses207.10 Mil210.10 Mil213.10 Mil0.1% RaisedGuidance: 209.80 Mil for Q4 2025
Q1 2026 Non-GAAP Operating Expenses156.00 Mil158.00 Mil160.00 Mil7.1% RaisedGuidance: 147.50 Mil for Q4 2025
Q1 2026 Stock-based compensation and related expenses52.80 Mil53.80 Mil54.80 Mil-16.2% LoweredGuidance: 64.20 Mil for Q4 2025
Q1 2026 Interest and other income7.40 Mil7.60 Mil7.80 Mil0 AffirmedGuidance: 7.60 Mil for Q4 2025
Q1 2026 Fully diluted shares outstanding49.00 Mil49.20 Mil49.40 Mil1.0% RaisedGuidance: 48.70 Mil for Q4 2025
2026 Non-GAAP tax rate 15.0% 0 AffirmedGuidance: 15.0% for 2025

Prior: Q3 2025 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Revenue730.00 Mil740.00 Mil750.00 Mil2.8% Higher NewActual: 720.00 Mil for Q3 2025
Q4 2025 GAAP Gross Margin54.9%55.2%55.5%00Same NewActual: 55.2% for Q3 2025
Q4 2025 Non-GAAP Gross Margin55.2%55.5%55.8%00Same NewActual: 55.5% for Q3 2025
Q4 2025 GAAP Operating Expenses206.80 Mil209.80 Mil212.80 Mil2.7% Higher NewActual: 204.30 Mil for Q3 2025
Q4 2025 Non-GAAP Operating Expenses145.50 Mil147.50 Mil149.50 Mil1.7% Higher NewActual: 145.00 Mil for Q3 2025
Q4 2025 Stock-based compensation and related expenses63.20 Mil64.20 Mil65.20 Mil5.1% Higher NewActual: 61.10 Mil for Q3 2025
Q4 2025 Interest and other income7.40 Mil7.60 Mil7.80 Mil15.2% Higher NewActual: 6.60 Mil for Q3 2025
Q4 2025 Fully diluted shares outstanding48.50 Mil48.70 Mil48.90 Mil1.2% Higher NewActual: 48.10 Mil for Q3 2025
2025 Non-GAAP tax rate 15.0% 00Same NewActual: 15.0% for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Lee, Victor KDirectSell1022026930.86600558,51626,033,362Form
2Blegen, TheodoreEVP and CFODirectSell1022026940.473,0002,821,39964,263,956Form
3Lee, Victor KDirectSell12242025951.721,000951,71927,187,763Form
4Blegen, TheodoreEVP and CFODirectSell12012025908.213,0002,724,62364,784,280Form
5Tseng, SariaEVP & General CounselDirectSell11262025926.4720,00018,529,316155,026,446Form

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