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Monolithic Power SystemsMPWR

Legal name
Monolithic Power Systems, Inc.
Sector
Technology
Industry
Semiconductors & Related Devices
Exchange
Nasdaq

Stock Price $MPWR

Latest filings

You are here#46 of 103 in Technology by market cap

Filing record · 2016–202610-K1110-Q338-K93

MPWR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 93 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jun ’20Jun ’20
  2. Leadership change8-K · Feb ’23Feb ’23
  3. FY2024 annual report10-K · Mar ’25Mar ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $2.79B
YoY changeLargest recent move+48.5%in FY22Latest +26.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All MPWR Financial Metrics56 metrics

Income Statement15

Balance Sheet23

Cash Flow13

Per Share5

02—Overview

Monolithic Power Systems Financial Overview 2021–2025

Updated Nov 4, 2026

Monolithic Power Systems (MPWR) saw its enterprise data revenue explode by 121.8%a 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 billionb 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 billionc 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 (Q2 and Q3 2026)

Monolithic Power Systems accelerated its top-line momentum, reporting record Q3 2026 revenue of $1.202 billiond, a 63.1% year-over-year surge. This beat followed a strong Q2 2026, which saw sales hit $980.6 million. Enterprise Data remains the primary engine, soaring 164.6% year-over-year in the third quarter alongside a 134.7% jump in Communications. Profitability mirrored this expansion, with non-GAAP diluted EPS rising 73.2% year-over-year to $8.19 in Q3 2026. Amid this growth, the company appointed Tony Balow as Chief Financial Officer and authorized an additional $500 million for share repurchases, bringing cash balances down to $560.5 million.

Bulls argue the aggressive Q4 2026 revenue guidance of $1.315 billion to $1.385 billione proves demand for AI and server power solutions remains structurally robust. Conversely, bears caution that trading at 103.3x earnings as of November 3, 2026, the stock is priced for perfection and highly sensitive to rising operating expenses.

What to watch: margin impacts from elevated R&D and stock-based compensation costs; sequential trends in inventory levels.

03—Filings

Recent SEC Filings

  1. 8-KMonolithic Power Systems 8-K Report, Financial Results (Oct 29, 2026)Monolithic Power Systems, Inc. (MPWR) reported strong third-quarter 2026 financial results, demonstrating significant year-over-year growth across key metrics. The company achieved a record quarterly revenue of $1.202 billion, marking a 63.1% increase compared to the prior year's third quarter. This robust performance was driven by substantial growth in the Enterprise Data and Communications end markets, which saw revenue increases of 164.6% and 134.7% year-over-year, respectively. Non-GAAP diluted Earnings Per Share (EPS) also saw a substantial jump to $8.19, up 73.2% year-over-year. Beyond the financial results, the company announced significant leadership changes, appointing Tony Balow as the new Chief Financial Officer (CFO) and Robert Dean as Chief Accounting Officer (CAO). These appointments bring experienced internal talent to critical financial roles. Furthermore, the company provided a positive outlook for the fourth quarter of 2026, forecasting revenue between $1.315 billion and $1.385 billion, indicating continued strong performance. The company also announced an additional $500 million authorization for stock repurchases, signaling confidence in its financial position and commitment to shareholder returns.
  2. 8-KMonolithic Power Systems 8-K Report, Corporate Update (Sep 10, 2026)Monolithic Power Systems (MPWR) filed a brief Form 8-K on September 10, 2026, to disclose that it issued a press release announcing a third-quarter 2026 cash dividend of $2.00 per common share. The dividend is payable to stockholders of record as of the close of business on September 30, 2026, with payment scheduled for October 15, 2026. The filing is routine in nature under Item 8.01 (Other Events) and contains no financial results, guidance, or material operating developments. For investors, the key takeaway is the continued commitment to shareholder returns through a regular quarterly dividend. The filing does not disclose the total cash cost of the dividend, the dividend's yield relative to the share price, or whether the payout is changing from prior quarters. Those details would need to be cross-referenced against the company's prior dividend history, share count, and recent 10-Q disclosures. The 8-K also notes that MPS operates across the U.S., Europe, and Asia without a single headquarters location, and that the Schaffhausen, Switzerland dateline in the press release reflects the issuing location. This is a standard disclosure for the company and does not signal any change in corporate structure or governance.
  3. 8-KMonolithic Power Systems 8-K Report, Financial Results (Jul 30, 2026)Monolithic Power Systems (MPWR) reported record second-quarter 2026 revenue of $980.6 million, up 21.9% sequentially and 47.6% year over year. Every end market grew sequentially, led by Enterprise Data, which rose 44.8% quarter over quarter to $380.6 million and now represents 38.8% of revenue. GAAP net income was $257.3 million ($5.22 per diluted share), and non-GAAP net income was $320.1 million ($6.50 per diluted share). GAAP operating margin expanded to 31.0% from 30.0% in Q1 and 24.8% a year earlier, and non-GAAP operating margin reached 37.5%. Gross margin was essentially flat at 55.2% GAAP and 55.6% non-GAAP. The third-quarter outlook calls for revenue of $1,140 million to $1,160 million, which implies roughly 16% to 18% sequential growth at the midpoint of the range. Guidance also calls for GAAP gross margin of 55.2% to 55.8% and a 15% non-GAAP tax rate for 2026. The Board added $500 million to the stock repurchase authorization, bringing the total to $1 billion. Management highlighted new opportunities, including initial orders for high-speed DDR5 memory components, sampling of high-voltage AC-to-DC products for 800V data center architectures, and more than 1,500 new automotive sockets shipped year to date. Balance sheet liquidity is solid, with $1,413.8 million in cash and short-term investments. Inventory rose to $675.8 million, though days of inventory fell to 140 from 157. Investors should weigh the strong growth against concentration in AI and data center demand, which is highly cyclical and dependent on a few large customers. The filing also notes a material weakness in internal control that management is working to remediate, which is a governance item to monitor. The filing is furnished under Item 2.02 and is not deemed filed under the Exchange Act.
  4. 8-KMonolithic Power Systems 8-K Report, Shareholder Vote Results (Jun 12, 2026)Monolithic Power Systems (MPWR) filed an 8-K on June 12, 2026 covering three routine items: the results of its June 11, 2026 annual meeting, and a second-quarter cash dividend. The filing contains no earnings, guidance, or operational data, so investors should read it mainly as a confirmation of shareholder support and a dividend declaration. Stockholders re-elected two Class I directors, Victor K. Lee and Jeff Zhou, to three-year terms ending at the 2029 annual meeting. Lee received about 89.8% of votes cast for, with about 10.2% withheld. Zhou received about 94.0% for and 6.0% withheld, so Lee drew noticeably more opposition. Stockholders also ratified Ernst & Young LLP as auditor for 2026 with about 99.8% of votes cast in favor, and approved the 2025 named executive officer compensation on an advisory basis with about 96.8% of for-and-against votes in favor. The company declared a $2.00 per share cash dividend, payable July 15, 2026 to stockholders of record at the close of business on June 30, 2026. The filing does not state total shares outstanding or the aggregate payout, and it does not say whether this dividend is a regular recurring payment, so investors should check prior disclosures for those details.
  5. 8-KMonolithic Power Systems 8-K Report, Financial Results (Apr 30, 2026)Monolithic Power Systems (MPS) reported record first-quarter 2026 revenue of $804.2 million, up 7.1% sequentially and 26.1% year over year, driven primarily by Enterprise Data (up 12.6% QoQ and nearly doubled YoY to $262.8 million) and Communications (up 33.1% QoQ to $111.5 million, on optical modules and switches). GAAP operating margin expanded to 30.0% from 26.6% in Q4 2025, with GAAP diluted EPS of $3.92 versus $3.49 a quarter earlier; non-GAAP diluted EPS was $5.10. Gross margin held steady at roughly 55%, while GAAP operating expenses fell 4.9% sequentially on lower stock-based compensation ($48.5 million versus $66.9 million). Balance sheet and cash generation were strong. Operating cash flow rose to $250.3 million from $104.9 million, and cash plus short-term investments reached $1,367.1 million. However, working capital metrics warrant monitoring: accounts receivable days rose to 34 from 31, and internal inventories climbed to $619.2 million (157 days of current-quarter revenue, up from 153). Management stated that days of inventory on next-quarter revenue improved to 140 days. For Q2 2026, management guided revenue of $890 million to $910 million, implying continued sequential growth, with non-GAAP gross margin of 55.3% to 55.9% and non-GAAP operating expenses of $167 million to $171 million. The filing also notes that the company is working to remediate a material weakness in internal controls, and the Form 8-K was signed by Robert Dean as Interim Chief Financial Officer, a leadership detail investors should watch. The results are furnished under Item 2.02 rather than filed, and the company disclosed that it has no single headquarters location.
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04—See also

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