Monolithic Power Systems (MPWR)
Market Price (5/20/2026): $1463.79 | Market Cap: $71.9 BilSector: Information Technology | Industry: Semiconductors
Monolithic Power Systems (MPWR)
Market Price (5/20/2026): $1463.79Market Cap: $71.9 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Data Centers & Infrastructure, EV Manufacturing, Show more. | Expensive valuation multiplesP/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 87x, P/EPrice/Earnings or Price/(Net Income) is 106x Stock price has recently run up significantly12M Rtn12 month market price return is 111% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% Key risksMPWR key risks include [1] intense competition from established industry players and [2] significant supply chain vulnerabilities due to its heavy reliance on Chinese suppliers. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Data Centers & Infrastructure, EV Manufacturing, Show more. |
| Expensive valuation multiplesP/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 87x, P/EPrice/Earnings or Price/(Net Income) is 106x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 111% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% |
| Key risksMPWR key risks include [1] intense competition from established industry players and [2] significant supply chain vulnerabilities due to its heavy reliance on Chinese suppliers. |
Qualitative Assessment
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1. Monolithic Power Systems delivered strong financial results for Q1 2026, surpassing analyst expectations.
The company reported record quarterly revenue of $804.2 million, a 26.1% increase year-over-year and 7.1% sequentially, exceeding the consensus estimate of $781.93 million. Non-GAAP diluted earnings per share (EPS) reached $5.10, topping the analyst consensus of $4.90 by $0.20. Following these robust results, MPWR provided an optimistic Q2 2026 revenue forecast in the range of $890 million to $910 million.
2. The company experienced significant growth in its Enterprise Data and Communications markets, fueled by demand in AI and related infrastructure.
Enterprise Data revenue saw a substantial increase of 97.7% year-over-year and 12.6% quarter-over-quarter in Q1 2026, driven by robust demand for power management solutions in AI and server applications. Additionally, the Communications end market grew 33.1% sequentially and 55.5% year-over-year, primarily due to strong sales of power solutions for optical modules and switches. Management further demonstrated confidence by raising its Enterprise Data growth floor for 2026 to approximately 85% year-over-year.
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Stock Movement Drivers
Fundamental Drivers
The 30.9% change in MPWR stock from 1/31/2026 to 5/19/2026 was primarily driven by a 235.2% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 1121.91 | 1468.11 | 30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,661 | 2,957 | 11.1% |
| Net Income Margin (%) | 64.0% | 23.0% | -64.0% |
| P/E Multiple | 31.6 | 105.9 | 235.2% |
| Shares Outstanding (Mil) | 48 | 49 | -2.4% |
| Cumulative Contribution | 30.9% |
Market Drivers
1/31/2026 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MPWR | 30.9% | |
| Market (SPY) | 6.3% | 66.3% |
| Sector (XLK) | 20.6% | 65.8% |
Fundamental Drivers
The 46.6% change in MPWR stock from 10/31/2025 to 5/19/2026 was primarily driven by a 268.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 1001.30 | 1468.11 | 46.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,544 | 2,957 | 16.2% |
| Net Income Margin (%) | 65.6% | 23.0% | -64.9% |
| P/E Multiple | 28.7 | 105.9 | 268.2% |
| Shares Outstanding (Mil) | 48 | 49 | -2.5% |
| Cumulative Contribution | 46.6% |
Market Drivers
10/31/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MPWR | 46.6% | |
| Market (SPY) | 8.2% | 65.4% |
| Sector (XLK) | 15.5% | 66.8% |
Fundamental Drivers
The 149.4% change in MPWR stock from 4/30/2025 to 5/19/2026 was primarily driven by a 492.5% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 588.63 | 1468.11 | 149.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,207 | 2,957 | 34.0% |
| Net Income Margin (%) | 72.1% | 23.0% | -68.1% |
| P/E Multiple | 17.9 | 105.9 | 492.5% |
| Shares Outstanding (Mil) | 48 | 49 | -1.6% |
| Cumulative Contribution | 149.4% |
Market Drivers
4/30/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MPWR | 149.4% | |
| Market (SPY) | 33.8% | 61.4% |
| Sector (XLK) | 66.0% | 64.6% |
Fundamental Drivers
The 225.1% change in MPWR stock from 4/30/2023 to 5/19/2026 was primarily driven by a 118.4% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 451.53 | 1468.11 | 225.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,794 | 2,957 | 64.8% |
| Net Income Margin (%) | 24.4% | 23.0% | -5.6% |
| P/E Multiple | 48.5 | 105.9 | 118.4% |
| Shares Outstanding (Mil) | 47 | 49 | -4.3% |
| Cumulative Contribution | 225.1% |
Market Drivers
4/30/2023 to 5/19/2026| Return | Correlation | |
|---|---|---|
| MPWR | 225.1% | |
| Market (SPY) | 83.3% | 65.9% |
| Sector (XLK) | 134.5% | 72.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MPWR Return | 35% | -28% | 80% | -6% | 54% | 64% | 322% |
| Peers Return | 44% | -14% | 29% | -9% | 6% | 63% | 150% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| MPWR Win Rate | 58% | 42% | 67% | 50% | 58% | 60% | |
| Peers Win Rate | 65% | 38% | 62% | 35% | 47% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| MPWR Max Drawdown | -25% | -42% | -32% | -41% | -37% | -18% | |
| Peers Max Drawdown | -16% | -31% | -27% | -27% | -39% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 5/19/2026 (YTD)
How Low Can It Go
| Event | MPWR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.1% | -18.8% |
| % Gain to Breakeven | 51.7% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.1% | -7.8% |
| % Gain to Breakeven | 13.7% | 8.5% |
| Time to Breakeven | 6 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.4% | -9.5% |
| % Gain to Breakeven | 37.7% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.3% | -6.7% |
| % Gain to Breakeven | 25.5% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.2% | -24.5% |
| % Gain to Breakeven | 59.2% | 32.4% |
| Time to Breakeven | 118 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.6% | 50.9% |
| Time to Breakeven | 38 days | 140 days |
In The Past
Monolithic Power Systems's stock fell -34.1% during the 2025 US Tariff Shock. Such a loss loss requires a 51.7% gain to breakeven.
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Asset Allocation
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| Event | MPWR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.1% | -18.8% |
| % Gain to Breakeven | 51.7% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.4% | -9.5% |
| % Gain to Breakeven | 37.7% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.3% | -6.7% |
| % Gain to Breakeven | 25.5% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.2% | -24.5% |
| % Gain to Breakeven | 59.2% | 32.4% |
| Time to Breakeven | 118 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.6% | 50.9% |
| Time to Breakeven | 38 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -27.6% | -6.8% |
| % Gain to Breakeven | 38.1% | 7.3% |
| Time to Breakeven | 43 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.6% | -17.9% |
| % Gain to Breakeven | 44.2% | 21.8% |
| Time to Breakeven | 65 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.1% | -15.4% |
| % Gain to Breakeven | 43.1% | 18.2% |
| Time to Breakeven | 899 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -65.0% | -53.4% |
| % Gain to Breakeven | 185.4% | 114.4% |
| Time to Breakeven | 188 days | 1085 days |
In The Past
Monolithic Power Systems's stock fell -34.1% during the 2025 US Tariff Shock. Such a loss loss requires a 51.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Monolithic Power Systems (MPWR)
AI Analysis | Feedback
- Intel for power management chips
- Texas Instruments for power management semiconductors
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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)
AI Analysis | Feedback
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.
AI Analysis | Feedback
Monolithic Power Systems (MPWR) faces several key business risks, primarily stemming from its operational model, industry dynamics, and recent financial reporting challenges.- 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.
- 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.
- 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.
AI Analysis | Feedback
Monolithic Power Systems (MPWR) is expected to drive future revenue growth over the next two to three years through several key areas:
- 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.
- 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.
- 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.
- 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.
Latest Trefis Analyses
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
| 10032025 | MPWR | Monolithic Power Systems | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 22.2% | 76.4% | -6.7% |
| 03312025 | MPWR | Monolithic Power Systems | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 53.2% | 89.9% | -21.5% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 298.29 |
| Mkt Cap | 73.2 |
| Rev LTM | 8,910 |
| Op Inc LTM | 2,138 |
| FCF LTM | 1,868 |
| FCF 3Y Avg | 1,787 |
| CFO LTM | 2,222 |
| CFO 3Y Avg | 2,458 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.6% |
| Rev Chg 3Y Avg | -1.3% |
| Rev Chg Q | 17.1% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Inc Chg LTM | 8.8% |
| Op Inc Chg 3Y Avg | -7.1% |
| Op Mgn LTM | 26.3% |
| Op Mgn 3Y Avg | 26.3% |
| QoQ Delta Op Mgn LTM | 1.9% |
| CFO/Rev LTM | 26.1% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 21.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 73.2 |
| P/S | 13.1 |
| P/Op Inc | 49.7 |
| P/EBIT | 57.8 |
| P/E | 62.0 |
| P/CFO | 37.6 |
| Total Yield | 1.8% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 22.1% |
| 3M Rtn | 24.3% |
| 6M Rtn | 82.2% |
| 12M Rtn | 76.2% |
| 3Y Rtn | 85.9% |
| 1M Excs Rtn | 15.6% |
| 3M Excs Rtn | 17.4% |
| 6M Excs Rtn | 66.7% |
| 12M Excs Rtn | 51.6% |
| 3Y Excs Rtn | 18.2% |
Comparison Analyses
Price Behavior
| Market Price | $1,468.11 | |
| Market Cap ($ Bil) | 71.2 | |
| First Trading Date | 11/19/2004 | |
| Distance from 52W High | -11.6% | |
| 50 Days | 200 Days | |
| DMA Price | $1,344.96 | $1,064.45 |
| DMA Trend | up | up |
| Distance from DMA | 9.2% | 37.9% |
| 3M | 1YR | |
| Volatility | 53.2% | 45.6% |
| Downside Capture | 230.67 | 192.89 |
| Upside Capture | 253.10 | 232.08 |
| Correlation (SPY) | 68.1% | 58.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.11 | 2.29 | 2.34 | 2.23 | 2.25 | 2.35 |
| Up Beta | 3.22 | 3.21 | 3.17 | 2.83 | 3.04 | 2.43 |
| Down Beta | -2.64 | 2.85 | 2.10 | 2.17 | 1.91 | 2.13 |
| Up Capture | 296% | 290% | 321% | 330% | 462% | 4491% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 16 | 26 | 37 | 75 | 136 | 404 |
| Down Capture | -802% | 92% | 142% | 149% | 140% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 6 | 17 | 27 | 50 | 116 | 349 |
[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 | |
|---|---|---|---|---|
| MPWR | 107.4% | 45.6% | 1.73 | - |
| Sector ETF (XLK) | 48.6% | 20.5% | 1.82 | 62.4% |
| Equity (SPY) | 25.0% | 12.1% | 1.55 | 58.8% |
| Gold (GLD) | 40.0% | 26.8% | 1.23 | 24.1% |
| Commodities (DBC) | 49.4% | 18.5% | 2.03 | -12.0% |
| Real Estate (VNQ) | 9.7% | 13.4% | 0.45 | 21.8% |
| Bitcoin (BTCUSD) | -25.6% | 41.9% | -0.59 | 29.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MPWR | |
|---|---|---|---|---|
| MPWR | 37.9% | 52.9% | 0.80 | - |
| Sector ETF (XLK) | 22.4% | 24.8% | 0.79 | 75.1% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 68.2% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 14.5% |
| Commodities (DBC) | 11.0% | 19.4% | 0.45 | 9.6% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 40.8% |
| Bitcoin (BTCUSD) | 9.4% | 55.6% | 0.38 | 26.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MPWR | |
|---|---|---|---|---|
| MPWR | 38.3% | 46.9% | 0.87 | - |
| Sector ETF (XLK) | 24.6% | 24.4% | 0.91 | 76.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 69.5% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 11.0% |
| Commodities (DBC) | 8.4% | 17.9% | 0.38 | 17.2% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 43.5% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | -1.9% | -2.4% | |
| 2/5/2026 | 6.4% | -0.0% | -8.1% |
| 10/30/2025 | -7.6% | -11.9% | -12.4% |
| 7/31/2025 | 10.5% | 12.2% | 17.5% |
| 5/1/2025 | 5.9% | 6.4% | 11.1% |
| 2/6/2025 | 9.0% | 5.9% | -12.0% |
| 10/30/2024 | -17.5% | -14.6% | -38.3% |
| 8/1/2024 | 1.4% | 7.5% | 19.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 16 |
| # Negative | 7 | 9 | 7 |
| Median Positive | 6.6% | 11.9% | 9.0% |
| Median Negative | -4.4% | -3.2% | -12.0% |
| Max Positive | 14.2% | 22.2% | 36.7% |
| Max Negative | -17.5% | -14.6% | -38.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 770.00 Mil | 780.00 Mil | 790.00 Mil | 5.4% | Raised | Guidance: 740.00 Mil for Q4 2025 | |
| Q1 2026 GAAP Gross Margin | 54.9% | 55.2% | 55.5% | 0 | 0 | Affirmed | Guidance: 55.2% for Q4 2025 |
| Q1 2026 Non-GAAP Gross Margin | 55.2% | 55.5% | 55.8% | 0 | 0 | Affirmed | Guidance: 55.5% for Q4 2025 |
| Q1 2026 GAAP Operating Expenses | 207.10 Mil | 210.10 Mil | 213.10 Mil | 0.1% | Raised | Guidance: 209.80 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Expenses | 156.00 Mil | 158.00 Mil | 160.00 Mil | 7.1% | Raised | Guidance: 147.50 Mil for Q4 2025 | |
| Q1 2026 Stock-based compensation and related expenses | 52.80 Mil | 53.80 Mil | 54.80 Mil | -16.2% | Lowered | Guidance: 64.20 Mil for Q4 2025 | |
| Q1 2026 Interest and other income | 7.40 Mil | 7.60 Mil | 7.80 Mil | 0 | Affirmed | Guidance: 7.60 Mil for Q4 2025 | |
| Q1 2026 Fully diluted shares outstanding | 49.00 Mil | 49.20 Mil | 49.40 Mil | 1.0% | Raised | Guidance: 48.70 Mil for Q4 2025 | |
| 2026 Non-GAAP tax rate | 15.0% | 0 | Affirmed | Guidance: 15.0% for 2025 | |||
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 730.00 Mil | 740.00 Mil | 750.00 Mil | 2.8% | Higher New | Actual: 720.00 Mil for Q3 2025 | |
| Q4 2025 GAAP Gross Margin | 54.9% | 55.2% | 55.5% | 0 | 0 | Same New | Actual: 55.2% for Q3 2025 |
| Q4 2025 Non-GAAP Gross Margin | 55.2% | 55.5% | 55.8% | 0 | 0 | Same New | Actual: 55.5% for Q3 2025 |
| Q4 2025 GAAP Operating Expenses | 206.80 Mil | 209.80 Mil | 212.80 Mil | 2.7% | Higher New | Actual: 204.30 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP Operating Expenses | 145.50 Mil | 147.50 Mil | 149.50 Mil | 1.7% | Higher New | Actual: 145.00 Mil for Q3 2025 | |
| Q4 2025 Stock-based compensation and related expenses | 63.20 Mil | 64.20 Mil | 65.20 Mil | 5.1% | Higher New | Actual: 61.10 Mil for Q3 2025 | |
| Q4 2025 Interest and other income | 7.40 Mil | 7.60 Mil | 7.80 Mil | 15.2% | Higher New | Actual: 6.60 Mil for Q3 2025 | |
| Q4 2025 Fully diluted shares outstanding | 48.50 Mil | 48.70 Mil | 48.90 Mil | 1.2% | Higher New | Actual: 48.10 Mil for Q3 2025 | |
| 2025 Non-GAAP tax rate | 15.0% | 0 | 0 | Same New | Actual: 15.0% for 2025 | ||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sciammas, Maurice | EVP, WW Sales & Marketing | Direct | Sell | 5192026 | 1561.40 | 12,000 | 18,736,850 | 260,198,629 | Form |
| 2 | Elmiger, Eugen J | Direct | Sell | 5082026 | 1584.96 | 12,000 | 19,019,482 | 8,561,937 | Form | |
| 3 | Xiao, Deming | EVP, Global Operations | Direct | Sell | 5082026 | 1654.55 | 30,000 | 49,636,560 | 340,769,879 | Form |
| 4 | Wynne, Eileen | Direct | Sell | 5082026 | 1582.68 | 335 | 530,198 | 1,593,759 | Form | |
| 5 | Zhou, Jeff | Direct | Sell | 5062026 | 1650.00 | 500 | 825,000 | 7,071,900 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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