Power Integrations (POWI)
Market Price (6/25/2026): $84.54 | Market Cap: $4.7 BilSector: Information Technology | Industry: Semiconductors
Power Integrations (POWI)
Market Price (6/25/2026): $84.54Market Cap: $4.7 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Datacenter Power. Themes include EV Manufacturing, Show more. | Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -73% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 408x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x, P/EPrice/Earnings or Price/(Net Income) is 274x Stock price has recently run up significantly6M Rtn6 month market price return is 122% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.2% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 130% 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 -2.7% Key risksPOWI key risks include [1] significant exposure to demand volatility and trade tensions from its over-reliance on the Chinese market, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Datacenter Power. Themes include EV Manufacturing, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -73% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 408x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x, P/EPrice/Earnings or Price/(Net Income) is 274x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 122% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.2% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 130% |
| 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 -2.7% |
| Key risksPOWI key risks include [1] significant exposure to demand volatility and trade tensions from its over-reliance on the Chinese market, Show more. |
Qualitative Assessment
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Power Integrations (POWI) stock has gained about 70% since 2/28/2026 because of the following key factors:
1. Strong Financial Performance and Upbeat Guidance in Fiscal Q1 2026. Power Integrations exceeded Wall Street's revenue and non-GAAP EPS expectations in fiscal Q1 2026 (ended March 31, 2026), reporting revenue of $108.3 million, which beat analyst estimates by 1.6%. Non-GAAP earnings per share (EPS) reached $0.25, surpassing consensus forecasts by 8.7% to 11%. Furthermore, the company provided an optimistic revenue forecast for fiscal Q2 2026, projecting between $115 million and $120 million, which, at the midpoint, exceeded analyst estimates by 2.2% and implied sequential growth of 6% to 11%.
2. Robust Growth in Industrial and Automotive Segments, Driven by PowiGaN Technology. Power Integrations demonstrated significant year-over-year growth in its industrial segment, with revenue increasing by 23% in fiscal Q1 2026, primarily driven by demand in renewable energy, battery storage, home automation, and automotive applications. The company is strategically expanding its high-voltage PowiGaN™ technology into new products, such as TOPSwitch-GaN, and is on track to double its automotive revenue in 2026, with a long-term target of $100 million in automotive revenue by 2029.
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Power Integrations (POWI) stock has gained about 70% since 2/28/2026 because of the following key factors:
1. Strong Financial Performance and Upbeat Guidance in Fiscal Q1 2026. Power Integrations exceeded Wall Street's revenue and non-GAAP EPS expectations in fiscal Q1 2026 (ended March 31, 2026), reporting revenue of $108.3 million, which beat analyst estimates by 1.6%. Non-GAAP earnings per share (EPS) reached $0.25, surpassing consensus forecasts by 8.7% to 11%. Furthermore, the company provided an optimistic revenue forecast for fiscal Q2 2026, projecting between $115 million and $120 million, which, at the midpoint, exceeded analyst estimates by 2.2% and implied sequential growth of 6% to 11%.
2. Robust Growth in Industrial and Automotive Segments, Driven by PowiGaN Technology. Power Integrations demonstrated significant year-over-year growth in its industrial segment, with revenue increasing by 23% in fiscal Q1 2026, primarily driven by demand in renewable energy, battery storage, home automation, and automotive applications. The company is strategically expanding its high-voltage PowiGaN™ technology into new products, such as TOPSwitch-GaN, and is on track to double its automotive revenue in 2026, with a long-term target of $100 million in automotive revenue by 2029.
3. Benefiting from the Accelerating AI Infrastructure Semiconductor Market. The broader semiconductor market is experiencing a significant upcycle, fueled by substantial investments in AI infrastructure, particularly in data centers. This trend is increasing demand for high-performance power conversion solutions, such as Power Integrations' gate-driver products and PowiGaN™ technology, which are critical for AI data centers and related applications like renewables and battery storage. The company also unveiled a new auxiliary PSU reference design for NVIDIA Kyber 800 VDC AI Data Centers in June 2026.
4. Positive Analyst Revisions and Price Target Increases. Several Wall Street analysts responded positively to Power Integrations' performance and strategic initiatives during the period. Needham initiated coverage with a "Buy" rating and a $90.00 price target in June 2026. Additionally, Stifel reiterated its "Buy" rating on the company, setting a price target of $82.00, highlighting Power Integrations' data center revenue focus. These actions reflect growing analyst confidence in the company's market position and future growth prospects.
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Stock Movement Drivers
Fundamental Drivers
The 71.2% change in POWI stock from 2/28/2026 to 6/24/2026 was primarily driven by a 128.6% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.80 | 81.86 | 71.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 444 | 446 | 0.6% |
| Net Income Margin (%) | 5.0% | 3.7% | -25.3% |
| P/E Multiple | 119.7 | 273.7 | 128.6% |
| Shares Outstanding (Mil) | 55 | 56 | -0.3% |
| Cumulative Contribution | 71.2% |
Market Drivers
2/28/2026 to 6/24/2026| Return | Correlation | |
|---|---|---|
| POWI | 71.2% | |
| Market (SPY) | 7.2% | 46.9% |
| Sector (XLK) | 32.1% | 57.5% |
Fundamental Drivers
The 145.3% change in POWI stock from 11/30/2025 to 6/24/2026 was primarily driven by a 163.7% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.37 | 81.86 | 145.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 446 | 446 | 0.2% |
| Net Income Margin (%) | 4.0% | 3.7% | -7.6% |
| P/E Multiple | 103.8 | 273.7 | 163.7% |
| Shares Outstanding (Mil) | 56 | 56 | 0.5% |
| Cumulative Contribution | 145.3% |
Market Drivers
11/30/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| POWI | 145.3% | |
| Market (SPY) | 7.9% | 44.7% |
| Sector (XLK) | 28.3% | 51.7% |
Fundamental Drivers
The 67.5% change in POWI stock from 5/31/2025 to 6/24/2026 was primarily driven by a 265.1% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.86 | 81.86 | 67.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 433 | 446 | 3.1% |
| Net Income Margin (%) | 8.6% | 3.7% | -56.6% |
| P/E Multiple | 75.0 | 273.7 | 265.1% |
| Shares Outstanding (Mil) | 57 | 56 | 2.5% |
| Cumulative Contribution | 67.5% |
Market Drivers
5/31/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| POWI | 67.5% | |
| Market (SPY) | 25.8% | 48.3% |
| Sector (XLK) | 59.5% | 48.7% |
Fundamental Drivers
The -1.2% change in POWI stock from 5/31/2023 to 6/24/2026 was primarily driven by a -83.7% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.85 | 81.86 | -1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 575 | 446 | -22.4% |
| Net Income Margin (%) | 22.9% | 3.7% | -83.7% |
| P/E Multiple | 36.0 | 273.7 | 660.6% |
| Shares Outstanding (Mil) | 57 | 56 | 2.9% |
| Cumulative Contribution | -1.2% |
Market Drivers
5/31/2023 to 6/24/2026| Return | Correlation | |
|---|---|---|
| POWI | -1.2% | |
| Market (SPY) | 82.4% | 55.1% |
| Sector (XLK) | 127.5% | 55.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| POWI Return | 14% | -22% | 16% | -24% | -41% | 128% | 5% |
| Peers Return | 45% | -16% | 38% | -3% | 14% | 68% | 214% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| POWI Win Rate | 42% | 50% | 58% | 33% | 42% | 83% | |
| Peers Win Rate | 67% | 38% | 62% | 40% | 52% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| POWI Max Drawdown | -24% | -36% | -31% | -29% | -53% | -14% | |
| Peers Max Drawdown | -17% | -32% | -28% | -26% | -37% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ON, MPWR, TXN, ADI, NXPI.
[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 6/24/2026 (YTD)
How Low Can It Go
| Event | POWI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.4% | -18.8% |
| % Gain to Breakeven | 52.5% | 23.1% |
| Time to Breakeven | 378 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.2% | -7.8% |
| % Gain to Breakeven | 20.7% | 8.5% |
| Time to Breakeven | 616 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.5% | -6.7% |
| % Gain to Breakeven | 15.6% | 7.1% |
| Time to Breakeven | 20 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.7% | -24.5% |
| % Gain to Breakeven | 46.4% | 32.4% |
| Time to Breakeven | 238 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.7% | -33.7% |
| % Gain to Breakeven | 27.7% | 50.9% |
| Time to Breakeven | 44 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.0% | -19.2% |
| % Gain to Breakeven | 20.5% | 23.8% |
| Time to Breakeven | 31 days | 105 days |
In The Past
Power Integrations's stock fell -34.4% during the 2025 US Tariff Shock. Such a loss loss requires a 52.5% gain to breakeven.
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| Event | POWI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.4% | -18.8% |
| % Gain to Breakeven | 52.5% | 23.1% |
| Time to Breakeven | 378 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.7% | -24.5% |
| % Gain to Breakeven | 46.4% | 32.4% |
| Time to Breakeven | 238 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.7% | -33.7% |
| % Gain to Breakeven | 27.7% | 50.9% |
| Time to Breakeven | 44 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -38.9% | -6.8% |
| % Gain to Breakeven | 63.7% | 7.3% |
| Time to Breakeven | 366 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.2% | -17.9% |
| % Gain to Breakeven | 32.0% | 21.8% |
| Time to Breakeven | 179 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -28.3% | -15.4% |
| % Gain to Breakeven | 39.5% | 18.2% |
| Time to Breakeven | 240 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.2% | -53.4% |
| % Gain to Breakeven | 123.3% | 114.4% |
| Time to Breakeven | 274 days | 1085 days |
In The Past
Power Integrations's stock fell -34.4% during the 2025 US Tariff Shock. Such a loss loss requires a 52.5% 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 Power Integrations (POWI)
Power Integrations (POWI) is a leading designer and manufacturer of analog and mixed-signal integrated circuits (ICs) that specialize in high-voltage power conversion. Essentially, the company's technology is fundamental to efficiently managing and converting electrical power within a vast range of electronic devices and systems. Their products are critical for converting alternating current (AC) into direct current (DC) and for handling high-power applications, ensuring devices operate reliably and with optimized energy consumption.
The company's product portfolio is diverse, addressing power requirements from less than one watt to hundreds of watts. Key offerings include AC-to-DC power conversion ICs found in ubiquitous devices like mobile device chargers, consumer appliances, utility meters, LCD monitors, and LED lighting. For higher power demands, Power Integrations provides high-voltage gate drivers under the SCALE and SCALE-iDriver families, which are essential for electric vehicles (EVs) in powertrain and charging systems, as well as industrial motors, solar, and wind-power systems. They also offer motor-driver ICs for energy-efficient operation in appliances like refrigerators and washing machines, along with high-voltage diodes.
Power Integrations serves a broad global customer base, primarily original equipment manufacturers (OEMs) and merchant power supply manufacturers across the communications, computer, consumer, and industrial markets. Their components are integral to the final products these customers produce, highlighting POWI's role as a critical enabler of modern electronics and power infrastructure worldwide.
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Here are a few analogies to describe Power Integrations (POWI):
- They're like the 'Intel Inside' for power management, making the critical chips that efficiently handle electricity in everything from phone chargers to electric cars.
- Think of them as a specialized version of Texas Instruments or Analog Devices, but focused solely on high-voltage integrated circuits that efficiently convert and manage power across a vast range of electronics.
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- AC-DC Power Conversion Products: Integrated circuits designed to convert alternating current to direct current for a broad range of applications including mobile devices, consumer appliances, and industrial systems.
- High-Voltage Diodes: Electronic components specifically engineered for use in high-voltage power conversion applications.
- High-Voltage Gate-Driver Products (SCALE and SCALE-2): Integrated circuits used to efficiently operate high-voltage switches such as insulated-gate bipolar transistors and silicon-carbide MOSFETs.
- SCALE-iDriver: A specialized gate-driver product family developed for powertrain and charging applications in electric vehicles.
- Motor-Driver ICs: Integrated circuits designed to control electric motors in various consumer appliances, including refrigerators, fans, and washing machines.
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Power Integrations (POWI) primarily sells its products to other companies, specifically Original Equipment Manufacturers (OEMs) and merchant power supply manufacturers. The company's integrated circuits and electronic components are designed into a wide array of end products across various markets.
Based on the provided information, specific customer company names are not listed. However, Power Integrations serves manufacturers in the following key markets and applications:
- Consumer Electronics: Including mobile-device chargers, consumer appliances (refrigerator compressors, ceiling fans, air purifiers, dishwashers, laundry machines), utility meters, LCD monitors, main and standby power supplies for desktop computers and TVs, and LED lighting.
- Industrial Applications: Such as industrial motors, solar and wind-power systems, and high-voltage DC transmission systems.
- Electric Vehicles: Providing high-voltage gate-driver products and SCALE-iDriver for powertrain and charging applications.
The company sells its products through a direct sales force, as well as a network of independent sales representatives and distributors, reaching these manufacturers globally.
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- Taiwan Semiconductor Manufacturing Company Limited (TSM)
- United Microelectronics Corporation (UMC)
- Semiconductor Manufacturing International Corporation (0981)
- ASE Technology Holding Co., Ltd. (ASX)
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- Amkor Technology, Inc. (AMKR)
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Jennifer Lloyd, President and CEO
Dr. Lloyd joined Power Integrations as president, CEO, and a board member in July 2025. Prior to this, she spent nearly three decades at Analog Devices, Inc., a global semiconductor leader. Her roles at Analog Devices included corporate vice president, where she led the company's multi-market power business unit, and leadership positions for Analog's precision franchise and its healthcare and consumer unit. Dr. Lloyd holds doctoral, master's, and bachelor's degrees in electrical engineering and computer science from the Massachusetts Institute of Technology.
Nancy Erba, Chief Financial Officer
Ms. Erba became Power Integrations' chief financial officer in January 2026. Before joining Power Integrations, she served as CFO at Infinera Corporation, a supplier of optical networking solutions, from 2019 until its acquisition by Nokia in 2025. From 2016 to 2019, she was the CFO at Immersion Corporation, a leader in haptic touch technology. Earlier in her career, Ms. Erba held various leadership positions in finance, business operations, and corporate development at Seagate Technology.
Radu Barsan, Vice President of Technology
Dr. Barsan has served as Vice President of Technology at Power Integrations since January 2013, overseeing the company's technology development, foundry engineering, and quality organizations. He brings over 30 years of experience in engineering management, technology development, and manufacturing in silicon and compound-semiconductor technologies. Most recently, he was president and CEO of Redfern Integrated Optics, Inc., a privately held optoelectronics company. His previous experience includes engineering-management roles at Phaethon Communications, Cirrus Logic, Advanced Micro Devices, and Cypress Semiconductor.
Sunny Gupta, Senior Vice President, Operations
Mr. Gupta joined Power Integrations in 2020. Previously, he was vice president of operations at Renesas Electronics Corporation. Before that, he served as senior vice president of global operations at Intersil Corporation until its acquisition by Renesas. Mr. Gupta's earlier career also includes a role as director of worldwide customer quality engineering at Qualcomm and 16 years in wafer fab operations and quality at National Semiconductor.
Julie Currie, Chief People and Transformation Officer
Ms. Currie joined Power Integrations in November 2025, bringing over 25 years of global experience in leading people and organizational transformation across the technology sector. She is responsible for all aspects of Power Integrations' people strategy and enterprise transformation. Prior to Power Integrations, Ms. Currie served as chief people officer at high-growth technology companies like GRAIL Biotech and Amplitude. She also held senior leadership roles at larger organizations such as Sony PlayStation, AMD, and Western Digital.
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The key risks to Power Integrations' business are:
-
Intense Industry Competition and Market Cyclicality: Power Integrations operates in a highly competitive high-voltage power supply industry, facing pressure on market share and pricing from larger rivals. Its focus on a specific niche, despite technological leadership, makes it vulnerable to this competition. Furthermore, the company's operating results have historically been volatile and difficult to predict due to demand fluctuations in its end markets, such as consumer appliances and mobile device chargers, and the cyclical nature of the semiconductor industry. This volatility has contributed to flat long-term revenue growth and shrinking operating margins.
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Reliance on International Sales and Exposure to Geopolitical and Trade Risks: A significant portion of Power Integrations' net revenue is generated from international sales, particularly from markets like China and Hong Kong. This reliance exposes the company to risks associated with regional economic fluctuations, trade tensions, tariffs, trade barriers, and foreign currency exchange rate fluctuations, which can disrupt operations and reduce demand for its products.
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Intellectual Property Risks: As a technology-driven company that designs, develops, and markets integrated circuits and electronic components, Power Integrations' competitive advantage heavily depends on its intellectual property and proprietary technologies, such as its Gallium Nitride (GaN) products. The company faces risks related to the protection and enforcement of its intellectual property rights, potential patent expirations, and ongoing litigation, which could lead to significant losses, impact market share, and reduce profitability.
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Power Integrations (POWI) operates within several significant addressable markets for its high-voltage power conversion products and integrated circuits. Here are the estimated market sizes for its main product categories:
AC to DC Power Conversion Products
- The global AC DC power adapters market was valued at approximately USD 43.18 billion in 2025 and is projected to grow to USD 132.04 billion by 2031, demonstrating a compound annual growth rate (CAGR) of 19.69% over the 2026-2031 period. This market includes products like those used in mobile device chargers, consumer appliances, and LED lighting.
- More broadly, the global AC-DC converter market was valued at approximately USD 36.60 billion in 2024 and is projected to reach USD 85.61 billion by 2034, with a CAGR of roughly 8.06% between 2025 and 2034. This market is driven by increasing demand for consumer electronics, industrial automation, renewable energy installations, and electric vehicle charging infrastructure.
High-Voltage Gate-Driver Products
- The global gate driver IC market was valued at around USD 1.70 billion in 2025 and is anticipated to expand to USD 2.45 billion by 2033, with a CAGR of 5% between 2026 and 2033. Another estimate places the global gate driver IC market size at USD 2.03 billion in 2024, expected to reach USD 3.34 billion by 2032, growing at a CAGR of 6.42%. These drivers are crucial for applications in renewable energy systems, industrial automation, and electric vehicles.
- Specifically for the electric vehicle (EV) sector, the global high-voltage gate driver board market for EVs reached USD 1.22 billion in 2024 and is forecasted to attain USD 4.17 billion by 2033, expanding at a robust CAGR of 15.8%.
- The global isolated gate drivers market, a component of high-voltage gate drivers, is estimated at USD 0.17 billion in 2026 and is expected to grow to USD 0.31 billion by 2035, at a CAGR of 7.53%.
Motor-Driver ICs
- The global motor driver IC market was valued at USD 6.8 billion in 2025 and is projected to reach USD 12.16 billion by 2035, exhibiting a CAGR of 6.1%. Another report indicates the global motor driver IC market size was USD 7.29 billion in 2025, projected to grow to USD 13.71 billion by 2034 at a CAGR of 7.26%. This growth is largely fueled by the increasing adoption of electric vehicles, industrial automation, and the rising use of motors in smart appliances.
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1. Strong Growth in the Industrial Segment: Power Integrations anticipates continued robust revenue growth from its industrial segment, building on a strong performance in 2025 where revenues were up nearly 20% for the year. This growth is propelled by significant macroeconomic trends such as electrification and grid modernization. Key applications contributing to this driver include renewables, energy storage, high-voltage DC transmission, and smart meters.
2. Increasing Adoption of GaN and High-Power Products: The company achieved a 10% increase in design win value in 2025, largely driven by its Gallium Nitride (GaN) and high-power product offerings. GaN technology is specifically highlighted by Power Integrations as "the Future of HV Power Conversion," indicating a strategic focus and expected continued market penetration.
3. Expansion into AI Data Center Applications: Power Integrations is strategically investing in and collaborating on solutions for AI data centers. Notably, the company is working with NVIDIA on an 800V DC architecture specifically for AI data centers, with production targeted for late 2026. While this market may take more time to become a significant revenue contributor, it represents a crucial long-term growth opportunity.
4. Growth in Automotive Solutions: The company is focused on the automotive market, offering solutions for efficient and compact high-voltage power conversion and control. Despite some short-term challenges in the broader automotive sector, strategic investments in this area, particularly for powertrain and charging applications in electric vehicles, are considered key for long-term value creation and revenue expansion.
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[1] Share Repurchases
- In 2025, Power Integrations repurchased 2.0 million shares of its common stock for $98.1 million, exhausting its existing repurchase authorization.
- On May 12, 2025, the company announced a new share repurchase program authorizing the repurchase of up to an additional $50 million worth of its shares, with no expiration date.
- Power Integrations returned $145 million to shareholders in 2025 through a combination of buybacks and dividends.
[2] Share Issuance
- The number of outstanding shares decreased in recent years, from 60.25 million in 2021 to 55.79 million in 2025, indicating a net effect of repurchases outweighing any issuances, likely from equity compensation.
- The company's 2025 Inducement Award Plan allows for grants of Restricted Stock Units (RSUs), Performance Stock Units (PSUs), and Performance-Restricted Stock Units (PRSUs), which are forms of share issuance for employee compensation.
[5] Capital Expenditures
- Capital expenditures for Power Integrations totaled $24 million in 2025.
- The company plans to continue capital expenditure in fiscal year 2026, primarily for machinery and equipment to support future growth.
- Capital expenditures contribute to the company's free cash flow, which was $87 million in 2025, $64 million in 2024, and $45 million in 2023.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 298.59 |
| Mkt Cap | 72.4 |
| Rev LTM | 9,339 |
| Op Inc LTM | 2,138 |
| FCF LTM | 1,868 |
| FCF 3Y Avg | 1,555 |
| CFO LTM | 2,222 |
| CFO 3Y Avg | 2,458 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.0% |
| Rev Chg 3Y Avg | -1.3% |
| Rev Chg Q | 15.4% |
| QoQ Delta Rev Chg LTM | 3.5% |
| 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 | 1.1% |
| CFO/Rev LTM | 26.1% |
| CFO/Rev 3Y Avg | 29.4% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 17.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 72.4 |
| P/S | 12.6 |
| P/Op Inc | 45.5 |
| P/EBIT | 55.6 |
| P/E | 70.2 |
| P/CFO | 37.3 |
| Total Yield | 2.0% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Price Behavior
| Market Price | $81.86 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 12/12/1997 | |
| Distance from 52W High | -6.3% | |
| 50 Days | 200 Days | |
| DMA Price | $74.33 | $50.23 |
| DMA Trend | up | up |
| Distance from DMA | 10.1% | 63.0% |
| 3M | 1YR | |
| Volatility | 72.0% | 58.2% |
| Downside Capture | 179.77 | 203.02 |
| Upside Capture | 273.07 | 203.71 |
| Correlation (SPY) | 49.9% | 47.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.71 | 1.63 | 1.67 | 1.56 | 2.15 | 1.67 |
| Up Beta | 2.47 | 2.21 | 1.88 | 1.77 | 2.78 | 1.59 |
| Down Beta | -4.95 | -2.66 | 1.32 | 1.36 | 1.98 | 1.45 |
| Up Capture | 427% | 309% | 314% | 359% | 332% | 548% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 15 | 30 | 41 | 76 | 130 | 373 |
| Down Capture | 520% | 37% | 71% | 51% | 154% | 112% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 5 | 10 | 21 | 47 | 119 | 377 |
[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 POWI | |
|---|---|---|---|---|
| POWI | 52.1% | 58.1% | 0.93 | - |
| Sector ETF (XLK) | 51.6% | 23.5% | 1.70 | 48.3% |
| Equity (SPY) | 23.3% | 12.5% | 1.40 | 47.7% |
| Gold (GLD) | 17.7% | 27.7% | 0.57 | 17.9% |
| Commodities (DBC) | 18.2% | 18.6% | 0.76 | 0.1% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.56 | 15.0% |
| Bitcoin (BTCUSD) | -40.6% | 42.4% | -1.11 | 22.1% |
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 POWI | |
|---|---|---|---|---|
| POWI | 1.1% | 44.8% | 0.16 | - |
| Sector ETF (XLK) | 21.8% | 25.3% | 0.76 | 61.8% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 59.4% |
| Gold (GLD) | 16.4% | 18.3% | 0.73 | 13.0% |
| Commodities (DBC) | 6.9% | 19.5% | 0.26 | 11.8% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 38.8% |
| Bitcoin (BTCUSD) | 10.4% | 54.1% | 0.39 | 26.7% |
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 POWI | |
|---|---|---|---|---|
| POWI | 12.8% | 41.8% | 0.43 | - |
| Sector ETF (XLK) | 25.1% | 24.7% | 0.92 | 65.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 62.4% |
| Gold (GLD) | 11.5% | 16.1% | 0.59 | 9.6% |
| Commodities (DBC) | 5.7% | 18.0% | 0.24 | 17.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 40.9% |
| Bitcoin (BTCUSD) | 57.2% | 66.5% | 0.97 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 2.0% | -0.2% | 7.0% |
| 2/5/2026 | 0.3% | -1.1% | 0.3% |
| 11/5/2025 | 1.6% | -9.2% | -5.7% |
| 8/6/2025 | -9.2% | 2.0% | -5.0% |
| 5/12/2025 | -6.2% | -10.9% | -1.7% |
| 2/6/2025 | -1.8% | -1.6% | -1.9% |
| 11/6/2024 | -1.6% | -4.7% | -4.6% |
| 8/6/2024 | -7.0% | -4.8% | -6.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 10 |
| # Negative | 15 | 15 | 14 |
| Median Positive | 4.2% | 7.5% | 7.6% |
| Median Negative | -5.5% | -4.2% | -4.9% |
| Max Positive | 14.1% | 16.9% | 27.6% |
| Max Negative | -9.2% | -10.9% | -18.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 2.0% | -0.2% | 7.0% |
| 2/5/2026 | 0.3% | -1.1% | 0.3% |
| 11/5/2025 | 1.6% | -9.2% | -5.7% |
| 8/6/2025 | -9.2% | 2.0% | -5.0% |
| 5/12/2025 | -6.2% | -10.9% | -1.7% |
| 2/6/2025 | -1.8% | -1.6% | -1.9% |
| 11/6/2024 | -1.6% | -4.7% | -4.6% |
| 8/6/2024 | -7.0% | -4.8% | -6.9% |
| 5/7/2024 | 9.2% | 10.2% | 8.0% |
| 2/8/2024 | 4.2% | -3.4% | -4.8% |
| 11/7/2023 | -6.9% | 1.6% | 4.6% |
| 8/3/2023 | -6.4% | -5.9% | -4.9% |
| 5/4/2023 | 7.6% | 7.5% | 18.3% |
| 2/6/2023 | -2.1% | -4.2% | -5.1% |
| 11/2/2022 | -6.4% | 5.4% | 19.4% |
| 8/4/2022 | -3.3% | -5.9% | -18.8% |
| 4/28/2022 | -5.5% | -1.8% | 0.5% |
| 2/3/2022 | 5.0% | 9.8% | 7.2% |
| 10/28/2021 | -3.5% | -4.5% | -2.9% |
| 7/29/2021 | 14.1% | 16.9% | 27.6% |
| 4/29/2021 | -1.5% | -3.9% | -2.1% |
| 2/2/2021 | -6.9% | 0.6% | -6.6% |
| 10/29/2020 | 3.2% | 11.6% | 22.5% |
| 7/30/2020 | -2.9% | -4.2% | -9.8% |
| SUMMARY STATS | |||
| # Positive | 9 | 9 | 10 |
| # Negative | 15 | 15 | 14 |
| Median Positive | 4.2% | 7.5% | 7.6% |
| Median Negative | -5.5% | -4.2% | -4.9% |
| Max Positive | 14.1% | 16.9% | 27.6% |
| Max Negative | -9.2% | -10.9% | -18.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/07/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/05/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/07/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
| 06/30/2019 | 07/25/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 115.00 Mil | 117.50 Mil | 120.00 Mil | 10.3% | Raised | Guidance: 106.50 Mil for Q1 2026 | |
| Q2 2026 GAAP Gross Margin | 53.5% | 54.0% | 54.5% | 2.9% | 1.5% | Raised | Guidance: 52.5% for Q1 2026 |
| Q2 2026 Non-GAAP Gross Margin | 54.0% | 54.5% | 55.0% | 1.9% | 1.0% | Raised | Guidance: 53.5% for Q1 2026 |
| Q2 2026 GAAP Operating Expenses | 55.00 Mil | 55.50 Mil | 56.00 Mil | 1.4% | Raised | Guidance: 54.75 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Operating Expenses | 46.50 Mil | 47.00 Mil | 47.50 Mil | 2.2% | Raised | Guidance: 46.00 Mil for Q1 2026 | |
| Q2 2026 GAAP Operating Margin | 5.5% | 6.5% | 7.5% | ||||
| Q2 2026 Non-GAAP Operating Margin | 13.5% | 14.5% | 15.5% | ||||
Prior: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 104.00 Mil | 106.50 Mil | 109.00 Mil | 3.9% | Higher New | Guidance: 102.50 Mil for Q4 2025 | |
| Q1 2026 GAAP Gross Margin | 52.0% | 52.5% | 53.0% | -1.4% | -0.8% | Lower New | Guidance: 53.25% for Q4 2025 |
| Q1 2026 Non-GAAP Gross Margin | 53.0% | 53.5% | 54.0% | -0.5% | -0.2% | Lower New | Guidance: 53.75% for Q4 2025 |
| Q1 2026 GAAP Operating Expenses | 54.00 Mil | 54.75 Mil | 55.50 Mil | -2.2% | Lower New | Guidance: 56.00 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Expenses | 45.50 Mil | 46.00 Mil | 46.50 Mil | -2.1% | Lower New | Guidance: 47.00 Mil for Q4 2025 | |
| Q1 2026 Dividends | 0.21 | ||||||
Insider Activity
Updated 6/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gupta, Sunil | Sr. Vice President, Operations | Direct | Sell | 6022026 | 83.67 | 6,860 | 573,960 | 5,386,443 | Form |
| 2 | Balakrishnan, Balu | by Trust | Sell | 5292026 | 86.44 | 124,287 | 10,743,130 | 24,160,827 | Form | |
| 3 | Brathwaite, Nicholas | Direct | Sell | 5292026 | 86.62 | 1,728 | 149,679 | 1,925,216 | Form | |
| 4 | Gupta, Sunil | Sr. Vice President, Operations | Direct | Sell | 5282026 | 82.18 | 15,894 | 1,306,245 | 5,854,763 | Form |
| 5 | Brathwaite, Nicholas | Direct | Sell | 5282026 | 82.71 | 6,655 | 550,462 | 1,981,331 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gupta, Sunil | Sr. Vice President, Operations | Direct | Sell | 6022026 | 83.67 | 6,860 | 573,960 | 5,386,443 | Form |
| 2 | Balakrishnan, Balu | by Trust | Sell | 5292026 | 86.44 | 124,287 | 10,743,130 | 24,160,827 | Form | |
| 3 | Brathwaite, Nicholas | Direct | Sell | 5292026 | 86.62 | 1,728 | 149,679 | 1,925,216 | Form | |
| 4 | Gupta, Sunil | Sr. Vice President, Operations | Direct | Sell | 5282026 | 82.18 | 15,894 | 1,306,245 | 5,854,763 | Form |
| 5 | Brathwaite, Nicholas | Direct | Sell | 5282026 | 82.71 | 6,655 | 550,462 | 1,981,331 | Form | |
| 6 | Balakrishnan, Balu | by Trust | Sell | 5282026 | 81.72 | 118,573 | 9,690,190 | 33,000,158 | Form | |
| 7 | Balakrishnan, Balu | by Trust | Sell | 5262026 | 70.71 | 53,880 | 3,810,033 | 36,938,931 | Form | |
| 8 | Brathwaite, Nicholas | Direct | Sell | 5152026 | 72.41 | 6,895 | 499,272 | 2,216,419 | Form | |
| 9 | Jain, Gagan | VP, Worldwide Sales | Direct | Sell | 4062026 | 51.93 | 313 | 16,254 | 1,327,077 | Form |
| 10 | Jain, Gagan | VP, Worldwide Sales | Direct | Sell | 2272026 | 48.22 | 3,481 | 167,859 | 1,483,730 | Form |
| 11 | Balakrishnan, Balu | by Trust | Sell | 2102026 | 47.20 | 4,995 | 235,752 | 27,197,900 | Form | |
| 12 | Gupta, Sunil | VP of Operations | Direct | Sell | 2102026 | 45.97 | 1,272 | 58,474 | 4,456,010 | Form |
| 13 | Balakrishnan, Balu | by Trust | Sell | 2102026 | 46.53 | 6,368 | 296,302 | 27,045,493 | Form | |
| 14 | Lloyd, Jennifer A | President and CEO | Direct | Sell | 2102026 | 46.57 | 3,322 | 154,705 | 3,553,594 | Form |
| 15 | Gupta, Sunil | VP of Operations | Direct | Sell | 2102026 | 46.57 | 1,401 | 65,244 | 4,573,368 | Form |
| 16 | Balakrishnan, Balu | by Trust | Sell | 2052026 | 44.75 | 10,080 | 451,112 | 25,747,903 | Form | |
| 17 | Gupta, Sunil | VP of Operations | Direct | Sell | 2052026 | 45.58 | 2,168 | 98,826 | 4,365,375 | Form |
| 18 | Jain, Gagan | VP, Worldwide Sales | Direct | Sell | 2052026 | 45.58 | 157 | 7,157 | 1,488,510 | Form |
| 19 | Balakrishnan, Balu | by Trust | Sell | 2022026 | 46.59 | 5,581 | 260,036 | 27,266,562 | Form | |
| 20 | Jain, Gagan | VP, Worldwide Sales | Direct | Sell | 1292026 | 46.50 | 995 | 46,268 | 1,513,532 | Form |
| 21 | Gupta, Sunil | VP of Operations | Direct | Sell | 1292026 | 46.50 | 1,698 | 78,957 | 4,541,758 | Form |
| 22 | Jain, Gagan | VP, Worldwide Sales | Direct | Sell | 11262025 | 33.80 | 1,033 | 34,915 | 581,766 | Form |
| 23 | Verity, Robert Eric | Interim CFO | Direct | Sell | 11052025 | 40.21 | 110 | 4,424 | 328,433 | Form |
| 24 | Jain, Gagan | VP, Worldwide Sales | Direct | Sell | 11052025 | 40.22 | 111 | 4,464 | 733,748 | Form |
| 25 | Jain, Gagan | VP, Worldwide Sales | Direct | Sell | 9252025 | 41.43 | 456 | 18,892 | 760,489 | Form |
| 26 | Bailey, Doug | Former VP Marketing | Direct | Sell | 8262025 | 47.38 | 14,998 | 710,586 | 1,696,157 | Form |
| 27 | Bailey, Doug | Former VP Marketing | Direct | Sell | 8202025 | 46.41 | 16,989 | 788,403 | 2,357,368 | Form |
| 28 | Bailey, Doug | VP Marketing | Direct | Sell | 8182025 | 46.86 | 16,989 | 796,084 | 3,176,417 | Form |
| 29 | Jain, Gagan | VP, Worldwide Sales | Direct | Sell | 8142025 | 46.05 | 2,036 | 93,759 | 866,302 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
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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