MONOLITHIC POWER SYSTEMS INCMPWR
MONOLITHIC POWER SYSTEMS INC Financial Overview 2021–2025
Updated Jul 10, 2026Monolithic Power Systems (MPWR) saw its enterprise data revenue explode by 121.8% in FY2024, fueled directly by demand for AI power management solutions. This structural shift in end-market demand has transformed the semiconductor firm from a broad-based component supplier into a high-leverage AI infrastructure play, cementing its central investment thesis.
The company’s top-line trajectory underscores this rapid evolution, as total revenue grew from $1.21 billion in FY2021 to $2.8 billion in FY2025. While expanding total sales by 26.4% in FY2025, MPWR maintained a resilient 55.2% gross margin, effectively absorbing higher warranty and inventory costs. However, growth has not been completely seamless. A non-cash accounting error tied to a deferred foreign tax incentive forced a restatement for FY2024 and early 2025, triggering a material weakness in internal controls. Despite these back-office missteps, management aggressively returned capital, executing a $500 million stock repurchase program and hiking the quarterly dividend to $2.00 per share in early 2026.
The market has richly rewarded this strategic pivot. At the close of FY2025, MPWR commanded a $44.1 billion market cap, with the stock finishing the year at $906.36. Trading at a premium 70.5x earnings multiple, investors are aggressively pricing in the continued scaling of data center infrastructure while looking past the company's recent accounting turbulence.
Recent Developments (Q4 2025 and Q1 2026)
In Q1 2026, MPWR posted total revenue of $804.2 million, a 26.1% year-over-year increase. The enterprise data sector drove this expansion, jumping 97.7% year-over-year to $262.8 million on AI and server demand. Operating income grew 42.9% to $241.2 million, and gross margins held at 55.3%. Concurrently, the company initiated a leadership transition following the retirement of CFO Bernie Blegen, appointing Rob Dean as interim CFO.
Bulls argue the 43.1% year-over-year increase in Q1 2026 net income to $193.2 million confirms strong operational leverage. Bears contend the valuation leaves no margin for error, with shares trading at a 122.3x earnings multiple and a $76.6 billion market cap as of May 4, 2026.
What to watch: the permanent appointment of a new CFO; sequential revenue growth in the enterprise data segment.
Rev
$2.79B
FY2025
NI
$621.5M
FY2025
EPS
$12.94
FY2025
OCF
$838.2M
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All MPWR Financial Metrics(56)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Deferred Revenue
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
MONOLITHIC POWER SYSTEMS INC 8-K Report, Financial Results (Jul 30, 2026)
Monolithic Power Systems, Inc. (MPWR) has filed an 8-K report on July 30, 2026, announcing its financial results for the fiscal quarter ended June 30, 2026. The company issued a press release detailing these results, which is incorporated by reference into this filing. Investors should refer to the attached press release (Exhibit 99.1) for the specific financial performance metrics and operational highlights for the second quarter of 2026. This filing serves as a notification of the earnings release and provides access to the detailed financial information.
MONOLITHIC POWER SYSTEMS INC 8-K Report, Shareholder Vote Results (Jun 12, 2026)
Monolithic Power Systems, Inc. (MPWR) filed an 8-K on June 12, 2026, detailing the outcomes of its 2026 annual meeting of stockholders and announcing a quarterly cash dividend. Key among the stockholder meeting results was the overwhelming election of two Class I directors and the ratification of Ernst & Young LLP as the independent auditor for the fiscal year ending December 31, 2026. The advisory vote on executive compensation for 2025 was also approved by a significant majority of shareholders. Furthermore, the company announced its second quarter cash dividend of $2.00 per share, payable on July 15, 2026, to stockholders of record as of June 30, 2026. This dividend payment underscores the company's ongoing commitment to returning value to its shareholders. Investors should note the strong support for the company's leadership and governance, as evidenced by the voting results at the annual meeting.
MONOLITHIC POWER SYSTEMS INC 8-K Report, Financial Results (Apr 30, 2026)
Monolithic Power Systems, Inc. (MPWR) filed an 8-K on April 30, 2026, to report its financial results for the first quarter ended March 31, 2026. The core of this filing is the press release (Exhibit 99.1) containing these results, which provides investors with an update on the company's performance. While the 8-K itself is procedural, the attached press release is the primary source of material information regarding MPWR's operational and financial outcomes for the period. Investors should refer to the press release for detailed financial figures, including revenue, profitability, and any forward-looking statements or guidance. This filing indicates the company is complying with its disclosure obligations by making these quarterly results publicly available. The lack of a specific headquarters address is noted as a compliance measure due to operations spanning multiple global locations.
MONOLITHIC POWER SYSTEMS INC 8-K Report, Financial Restatement (Feb 27, 2026)
Monolithic Power Systems, Inc. (MPWR) has filed an 8-K report on February 27, 2026, announcing that its previously issued financial statements for the fiscal year ended December 31, 2024, and interim periods in 2025, should no longer be relied upon. This is due to an unintentional error related to the accounting for deferred income taxes associated with a foreign jurisdiction's tax incentive. The company emphasizes that this is a non-cash error and does not impact key operational metrics such as revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income, and non-GAAP diluted net income per share. The restatement primarily affects the "income tax benefit, net" and "deferred income taxes," resulting in a decrease of $195 million for the year ended December 31, 2024. The company will file its 2025 Form 10-K shortly to include these restated financials.
MONOLITHIC POWER SYSTEMS INC 8-K Report, Financial Results (Feb 5, 2026)
Monolithic Power Systems, Inc. (MPWR) filed an 8-K on February 5, 2026, detailing its fourth quarter and full-year 2025 financial results, a significant increase in its quarterly dividend, and a change in its Chief Financial Officer position. The company announced a substantial hike in its quarterly cash dividend, raising it from $1.56 to $2.00 per share, signaling confidence in its financial health and commitment to returning value to shareholders. This dividend increase is effective with the first quarter dividend payable on April 15, 2026. In addition to the financial and dividend news, MPWR announced the impending retirement of its long-serving Executive Vice President and Chief Financial Officer, Bernie Blegen. Mr. Blegen will continue his duties until the release of the company's 2025 annual report on Form 10-K and will remain with the company thereafter to facilitate a smooth leadership transition. Rob Dean, the current Corporate Controller, has been appointed as interim CFO, effective upon Mr. Blegen's retirement.
View all 8-K filings →