Monolithic Power Systems, Inc. (MPWR)

Business

From the FY2025 Form 10-K, accession 0001437749-26-006113, Item 1, unless noted.

Monolithic Power Systems (MPS) designs and sells high-performance, semiconductor-based power electronics: the chips and, increasingly, complete power modules that convert, regulate and control voltage inside electronic systems. Its key product families are DC-to-DC converters, AC-to-DC converters, MOSFET drivers, power management ICs, current-limit switches and lighting-control products. Customers are the makers of servers and AI systems, memory, storage, notebooks and graphics cards, cars, network and optical equipment, home appliances and industrial equipment. Almost all revenue is product sales (assembled and tested ICs, power modules and dies in wafer form). Royalties and wafer-testing services are not significant (10-Q, Note 2). The company reports one segment.

MPS competes on integration. It argues its parts are smaller, more energy-efficient, more accurate and more reliable than competing solutions, and that they let customers drop many discrete and passive components, which lowers system cost. Its product life cycles typically run more than 10 years.

End markets. The company reports revenue in six end markets. In 2025 the mix was:

• Storage and computing (memory, storage, notebooks, graphics cards): 26.3% of revenue, the largest market in 2025.
• Enterprise data (cloud and on-premises CPU servers, workstations, AI systems): 25.2%, down from 32.5% in 2024.
• Automotive (advanced driver assistance systems, infotainment, USB connectors, body electronics, motion control, lighting): 21.2%.
• Communications (network infrastructure, satellite communications, optical modules, switches): 11.1%.
• Consumer (home appliances, gaming, smart TVs, monitors): 9.1%.
• Industrial (power sources, meters, security and other equipment): 7.1%.

By the third quarter of 2026 the mix had shifted sharply toward enterprise data, which made up 42.1% of quarterly revenue (see Current quarter).

How it sells. MPS wins designs through technical sales and applications engineers who work with customers' engineers. It then sells mainly through third-party distributors and value-added resellers, and most end demand comes from OEMs and ODMs, which make no purchase commitments. Concentration is high. In 2025 three distributors accounted for 26%, 18% and 10% of revenue, and the top three customers, all distributors, accounted for 54% (61% in 2024). Sales are billed in US dollars. Customers in Asia accounted for 92% of 2025 revenue (94% in 2024). Supply-chain lead times typically run 16 to 26 weeks, and MPS builds inventory ahead of forecast orders.

How it makes the products. MPS is fabless but unusual among fabless companies. It developed its own process and packaging technologies and installs them on equipment at its foundry partners' facilities, rather than using the foundries' standard processes. Wafers are made at foundries in China, Taiwan, South Korea and Singapore. Wafer sort, assembly and final test take place in China, Taiwan, Singapore, Malaysia and South Korea, partly in facilities MPS uses itself. Its largest testing facilities are in Chengdu, China. At December 31, 2025 it owned 1.19 million square feet of facilities (973,000 outside the US) and leased another 492,000. It has not designated a single headquarters.

Technology and people. At December 31, 2025 MPS held 2,231 patents and applications issued or pending, 654 of them issued US patents expiring through December 2045. It protects its process technology as trade secrets rather than through patents. It employed 4,501 people (4,017 a year earlier) across Asia, Europe and the US. R&D targets three areas: systems architecture, circuit design, and process and packaging technology. The company calls process technology a key strategic component of future growth.

Competition. MPS names Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Texas Instruments as its primary competitors. Average selling prices typically decline over a product's life. Because it is fabless, MPS notes that it is not eligible for CHIPS Act manufacturing funding, while many competitors benefit from it.

Leadership. Founder Michael Hsing has been President and CEO since founding the company in 1997 and also chairs the board. CFO Bernie Blegen stepped down immediately after the 10-K was filed in February 2026, and Corporate Controller Rob Dean became interim CFO. In October 2026 the board named a permanent CFO (see Subsequent events).

Risk factors

From the FY2025 Form 10-K, accession 0001437749-26-006113, Item 1A. The Q3 2026 Form 10-Q (accession 0001628280-26-069440, Part II, Item 1A) reports no material changes to these risk factors.

The risks that matter most for MPS follow from where it sells, where it manufactures, and how concentrated its channel is.

• Geographic concentration in Asia, and China in particular. 92% of 2025 revenue came from customers in Asia. A significant portion of manufacturing, test, assembly and packaging capacity comes from suppliers in China, and MPS runs its own manufacturing and test facilities there. That exposes it to Chinese regulation, a slowing Chinese economy (which the filing says has already adversely affected customers and partners), changes to local incentives such as tax rebates and reduced tax rates, and a legal system the company describes as unpredictable. The company says it has made significant progress in moving capacity outside China but cannot guarantee that progress is enough, and new partners may cost more.
• Trade policy and export controls. US tariffs on Chinese goods, including additional tariffs in 2025, and retaliatory Chinese tariffs could hurt results. So could a disagreement with US authorities over the tariff classification or country of origin of its goods. Export controls aimed at AI-enabling products could indirectly limit sales of MPS parts that support AI applications, and sanctions risk may push customers toward in-house or unrestricted substitutes. MPS says that through each filing date no such restriction has had a material effect on revenue.
• Taiwan and Hong Kong. MPS has significant operations in Taiwan, and many of its manufacturing partners, suppliers and customers are there. Many customers are located in Hong Kong. Any deterioration in cross-strait relations, or sanctions tied to Hong Kong, could disrupt the business.
• Customer and channel concentration. The top three customers, all distributors, made up 54% of 2025 revenue. The company says this concentration amplifies its exposure to their credit profiles, inventory practices and priorities. Design wins carry no purchase commitments, and customers can cancel or reschedule orders on short notice, so backlog is an unreliable guide to future sales.
• Supply and capacity. Growth depends on foundry, assembly and test capacity in the geometries MPS needs. Suppliers may demand long-term capacity reservations, prepayments, take-or-pay terms or tool funding, which tie up working capital. Higher supplier prices driven by inflation have already led MPS to raise its own prices.
• Forecasting and inventory. As a component supplier MPS sees demand at second hand. Long sales cycles and a largely fixed cost base mean it can spend heavily before revenue arrives, and a misjudged forecast leaves either shortages or excess inventory that may need to be written down.
• Margins and new products. The company's gross margins have historically been above the industry average. Keeping them there depends on continually launching differentiated products, and failing to do so would compress margins. Product defects carry warranty exposure of one to two years, plus product-liability risk.
• Cyclicality and competition. The semiconductor industry is highly cyclical, and consolidation creates larger competitors. Larger customers may also design their own parts in-house.
• Tax. In 2024 a foreign subsidiary was granted a ten-year tax incentive beginning in tax year 2025, and MPS recorded a $1.1 billion deferred tax benefit for it. If the granting jurisdiction adopts the OECD's January 2025 Pillar Two administrative guidance (the 15% global minimum tax), the company says its global tax provision could be materially affected.
• Restatement and material weakness. MPS restated its 2024 annual and 2025 quarterly financial statements because it had not correctly accounted for deferred income taxes on that incentive. It reported a material weakness in internal control over the accounting for deferred income taxes and concluded that internal control over financial reporting was not effective at December 31, 2024 or December 31, 2025. It warns of higher professional costs, a greater chance of litigation and regulatory inquiries, and damage to investor confidence. The weakness remained unremediated at September 30, 2026 (see Current quarter).
• Litigation and IP. Patent claims are frequent in the industry. Legal expenses are hard to forecast and can be significant, and an adverse ruling could stop sales of products. A securities class action and related derivative suits are pending (see Current quarter).
• Key people. The company depends heavily on founder and CEO Michael Hsing, who developed its proprietary process technology, and on scarce analog and mixed-signal design engineers.
• Stock-related. The share price is volatile and has short positions against it. The $2.00 quarterly dividend and the repurchase program are discretionary and could be reduced or suspended.

Management's discussion, fiscal year 2025

From the FY2025 Form 10-K, accession 0001437749-26-006113, Item 7. The 2024 figures are as restated.

Revenue. Revenue for 2025 was $2,790.5 million, up $583.4 million or 26.4% from $2,207.1 million in 2024. Management attributed the increase primarily to higher shipment volume. Five of the six end markets grew:

• Storage and computing: $732.5 million, up 46.0%, on power solutions for memory, storage, notebooks and graphics cards.
• Automotive: $592.5 million, up 43.1%, a broad-based increase led by ADAS and infotainment applications.
• Communications: $309.1 million, up 36.8%, on optical modules and routers.
• Consumer: $255.2 million, up 26.3%, on home appliances and gaming.
• Industrial: $199.4 million, up 35.3%, on power sources and instrumentation.
• Enterprise data: $701.8 million, down $14.4 million or 2.0%. This was the only decline.

Margins and expenses. Gross margin was 55.2%, against 55.3% in 2024. Higher warranty expense as a share of revenue was partly offset by lower inventory write-downs. R&D rose $57.6 million to $382.3 million (13.7% of revenue), mainly from cash compensation, new-product development and lab supplies. SG&A rose $72.0 million to $428.8 million (15.4% of revenue), mainly from cash compensation (+$37.3 million) and stock-based compensation and related payroll taxes (+$23.8 million). Operating income was $728.6 million (26.1% of revenue), up from $539.4 million (24.4%).

Tax and net income. Income tax expense was $144.7 million, an 18.9% effective rate. The rate was below the 21% federal rate mainly because of income in lower-tax jurisdictions and research credits, partly offset by US taxation of foreign earnings and non-deductible stock compensation. The 2025 provision includes the H.R.1 Act signed on July 4, 2025, whose main effect for the year was immediate expensing of domestic R&D and accelerated depreciation. Net income was $621.5 million. Net income in 2024 was $1,592.1 million because that year carried a $1.0 billion income tax benefit, attributed primarily to the ten-year foreign tax incentive.

Separately, in December 2024 a foreign subsidiary recorded a $23.2 billion step-up in the tax basis of intangible assets through an intercompany transaction. MPS does not expect to realize that deferred tax asset under US GAAP and carries a full valuation allowance against it, unchanged at December 31, 2025.

The restatement. In February 2026 the audit committee concluded that the 2024 annual statements and the three 2025 quarterly reports could no longer be relied on. The company had not correctly accounted for deferred income taxes on the tax incentive. Restated 2024 net income is $1,592.1 million, down from $1,786.7 million as originally reported, a $194.6 million reduction in the income tax benefit. Restated 2024 diluted EPS is $32.60, down from $36.59. The company's February 26, 2026 Form 8-K (accession 0001437749-26-006112) adds that the correction is non-cash, does not affect revenue or the company's non-GAAP metrics, and did not involve misconduct. Against the unaudited figures in its February 5, 2026 earnings release, it raised 2025 net income by $5.6 million to $621.5 million.

Cash and capital return. Operating cash flow was $838.2 million, up $49.8 million. Cash, cash equivalents and short-term investments were $1,256.5 million at year-end (30.0% of total assets). MPS repatriated $275 million from foreign subsidiaries in 2025 ($642 million in 2024). Financing outflows fell $586.4 million because buybacks dropped by $628.6 million. In 2025 MPS bought back only about 8,000 shares, for $6.6 million, under a $500 million program approved in February 2025 that runs through February 2028. In February 2026 the board raised the quarterly dividend from $1.56 to $2.00 per share. Unconditional purchase commitments were $442.2 million at year-end, $389.8 million of them due within a year.

Current quarter, Q3 2026 (three months ended September 30, 2026)

From the Q3 2026 Form 10-Q, accession 0001628280-26-069440, unless noted. Sequential comparisons, non-GAAP measures, quarterly operating cash flow, working-capital days, capacity commentary and the outlook are from the Q3 2026 earnings commentary furnished as Exhibit 99.1 to the Form 8-K, accession 0001628280-26-068202.

The quarter in brief. Quarterly revenue topped $1 billion for the first time. Revenue was $1,202.4 million, up $465.2 million or 63.1% from $737.2 million a year earlier and up 22.6% from $980.6 million in Q2 2026. Management attributed the growth primarily to demand in enterprise data, communications and automotive. A richer mix of power solutions, which carry higher average selling prices than discrete ICs, also contributed. Over the nine months, revenue was $2,987.2 million, up 46.5%.

AI-driven enterprise data now dominates. Each end market moved differently in the quarter:

• Enterprise data: $506.7 million, up $315.3 million or 164.6% year over year and 33.2% sequentially, on power management solutions for AI and server applications. It was 42.1% of revenue, against 26.0% a year earlier.
• Communications: $187.4 million, up 134.7% year over year and 42.5% sequentially, on optical modules and switches.
• Automotive: $180.7 million, up 19.2% year over year, on ADAS power solutions.
• Storage and computing: $192.2 million, up 3.0% year over year but down 3.8% from Q2. Its share of revenue fell to 16.0% from 25.3% a year earlier.
• Industrial: $71.4 million, up 29.0% year over year, on power sources.
• Consumer: $64.0 million, down 11.6% year over year and the only market to decline from a year earlier.

Customers and geography. Sales through distribution arrangements rose to 91% of revenue, from 85% a year earlier. Three distributors each exceeded 10% of quarterly revenue, at 32%, 16% and 11%. At quarter-end the largest distributor accounted for 42% of accounts receivable and a value-added reseller for 19%. Customers in Asia accounted for 93% of revenue. Revenue shipped to Taiwan more than doubled to $376.5 million from $156.0 million. China remained the largest destination at $585.4 million.

Margins and costs. GAAP gross margin was 55.4%, against 55.1% a year earlier, helped by product mix. Operating expenses grew more slowly than revenue:

• R&D rose $42.4 million to $140.6 million, falling to 11.7% of revenue from 13.3%.
• SG&A rose $54.4 million to $167.3 million, falling to 13.9% of revenue from 15.3%. The increase included $31.7 million more stock-based compensation and $9.3 million more legal expense.
• Operating income rose to $357.7 million from $195.2 million.

Total stock-based compensation expense rose 75% to $106.0 million, from $60.7 million. In July 2026 the compensation committee made large market- and performance-conditioned awards:

• 60,000 target units to about 2,100 non-executive employees and 80,000 target units to executives, each earnable at up to 500% of target.
• Vesting requires five stock-price targets between $1,936.56 and $2,766.52, total shareholder return at or above the median of the PHLX Semiconductor Index, and revenue and manufacturing-capacity goals, all within three years.
• If the performance conditions are met, the total cost would be $256.7 million for the employee awards and $312.1 million to $342.9 million for the executive awards.

Tax and earnings. The effective tax rate rose to 26.1% from 12.6% a year earlier. The company attributes the rise primarily to tax adjustments from the 2025 US federal tax law changes, which reduced the effective rate in that year. Net income was $271.1 million, up from $179.8 million. Diluted EPS was $5.51, against $3.74 a year earlier and $5.22 in Q2 2026. On the company's non-GAAP basis, which excludes stock-based compensation and related expenses, acquisition-intangible amortization and deferred-compensation effects and applies a 15% tax rate, gross margin was 55.7%, operating income $464.5 million, net income $402.7 million and diluted EPS $8.19.

Building capacity ahead of demand. Management said capacity had passed $6 billion of annual revenue support. It expects $8 billion of capacity by the second half of 2027, on the way to $10 billion. The build-out is showing up in the accounts:

• Nine-month capital expenditure was $222.6 million, against $131.0 million a year earlier.
• Long-lived assets in China grew to $477.7 million, from $332.5 million at year-end.
• Unconditional purchase commitments rose to $767.3 million, from $442.2 million at year-end, with $730.1 million due within a year.
• MPS paid an $80.0 million refundable deposit under long-term assembly service and production capacity agreements.
• Inventory rose to $764.9 million (130 days, down from 140 in Q2), and receivables to $461.6 million (35 days of sales, up from 32).

Commercial progress cited by management. The earnings commentary listed several developments:

• Strong enterprise data demand from existing customers, which management expects to continue into 2027, and a broader customer base that includes new desktop AI designs.
• First orders for 48V automotive power solutions. Management expects 48V and zonal-architecture design wins to drive automotive growth in 2027.
• Robotics solutions with sensor and motor-control products beginning to ramp.
• A first large data-converter design win, expected to ramp in 2027.
• High-speed memory products beginning to ramp.
• Sampling of GaN-based solutions for 800V data-center power architectures, alongside existing SiC-based designs.

Cash and capital return. Third-quarter operating cash flow was $289.9 million (8-K). Over the nine months it was $768.1 million, against $733.3 million a year earlier. Cash taxes paid rose to $154.8 million from $22.0 million.

MPS repurchased 362,000 shares for $453.4 million in the quarter (average price $1,251.32), after the board added $500 million to the authorization in July 2026. It also paid the $2.00 quarterly dividend. Cash, cash equivalents and short-term investments fell to $1,091.2 million at September 30, from $1,413.8 million at June 30 and $1,256.5 million at year-end. MPS repatriated $625.0 million from foreign subsidiaries during the nine months. Management says current balances plus operating cash flow will cover liquidity needs for the next 12 months. $535.9 million of repurchase authority remained at quarter-end.

Controls. Management again concluded that disclosure controls were not effective at September 30, 2026, because the deferred-income-tax material weakness had not yet been remediated. It expects to complete remediation by the end of fiscal 2026 but gives no assurance. Management concluded that the quarter's financial statements are fairly presented despite the weakness.

Litigation. A securities class action filed February 4, 2025 is pending: Waterford Twp. Gen. Emps. Ret. Sys. v. Monolithic Power Systems, Inc., No. 25-cv-220, W.D. Wash. It alleges violations of Sections 10(b) and 20(a) of the Exchange Act, and the company calls it meritless. Related derivative suits are also pending against current and former directors and executives. Two are consolidated as Miller v. Hsing, W.D. Wash., filed March 26, 2025. A third, Moore v. Hsing, No. 26-cv-80720, S.D. Fla., was filed June 16, 2026. The derivative litigation is stayed pending the securities action. All of these suits seek unspecified damages. Management does not believe a material loss from known matters is probable.

Outlook for Q4 2026 (8-K, Exhibit 99.1). Management guided as follows:

• Revenue of $1,315 million to $1,385 million.
• GAAP gross margin of 55.2% to 55.8%. Non-GAAP gross margin of 55.5% to 56.1%.
• Stock-based compensation and related expenses of $121.0 million to $125.0 million.
• GAAP operating expenses of $334.0 million to $342.0 million. Non-GAAP operating expenses of $216.8 million to $220.8 million.
• Interest and other income of $7.8 million to $8.2 million before foreign exchange.
• A non-GAAP tax rate of 15% for 2026.
• 48.9 million to 49.3 million fully diluted shares.

Subsequent events

From the Q3 2026 Form 10-Q, accession 0001628280-26-069440 (Note 13), and the Form 8-K dated October 27, 2026, accession 0001628280-26-068202.

The Q3 2026 10-Q has no separate subsequent-events note. It discloses no acquisitions, divestitures, borrowings or litigation outcomes after the quarter. The disclosed post-quarter events are:

• Repurchase authorization increased again (October 2026). The board added another $500.0 million to the stock repurchase program, after the $500.0 million added in July 2026. The earnings commentary says this brings total current authorization to $1 billion after the third-quarter repurchases.
• Permanent finance leadership (October 27, 2026). The board appointed Tony Balow as Vice President and Chief Financial Officer, effective immediately. He had been Vice President of Finance since September 2023 and previously spent 23 years at Intel. It also appointed Robert Dean, interim CFO since February 2026 and Corporate Controller from June 2016, as Vice President and Chief Accounting Officer, also effective immediately.

Filings that contain financial statements

• Form 8-K filed October 29, 2026 (accession 0001628280-26-068202): Exhibit 99.1 earnings commentary for the quarter ended September 30, 2026, with condensed consolidated balance sheets, statements of operations and the GAAP to non-GAAP net income reconciliation (three and nine months).
• Form 8-K filed July 30, 2026 (accession 0001628280-26-051029): Exhibit 99.1 for the quarter ended June 30, 2026, with the same condensed statements (three and six months).
• Form 8-K filed April 30, 2026 (accession 0001437749-26-014182): Exhibit 99.1 for the quarter ended March 31, 2026, with the same condensed statements.
• Form 8-K filed February 27, 2026 (accession 0001437749-26-006112): restated income statement summary for the quarter and year ended December 31, 2024.
• Form 8-K filed February 5, 2026 (accession 0001437749-26-003191): earnings releases for the quarter and year ended December 31, 2025. The company later said these should no longer be relied upon (see the restatement entry below).

Earnings and guidance

• October 29, 2026 (0001628280-26-068202), third quarter 2026. Revenue was $1,202.4 million, up 22.6% from the second quarter and 63.1% from $737.2 million a year earlier. GAAP gross margin was 55.4%, GAAP net income $271.1 million ($5.51 per diluted share) and non-GAAP net income $402.7 million ($8.19 per diluted share). Enterprise Data revenue was $506.7 million, up 164.6% year over year. Operating cash flow was $289.9 million, and cash and short-term investments were $1,091 million. Fourth quarter guidance: revenue of $1,315 million to $1,385 million, GAAP gross margin of 55.2% to 55.8%, GAAP operating expenses of $334.0 million to $342.0 million.
• July 30, 2026 (0001628280-26-051029), second quarter 2026. Revenue was $980.6 million (up 47.6% year over year), GAAP net income $257.3 million ($5.22 per diluted share). This exceeded the prior guidance of $890 million to $910 million. Third quarter guidance was revenue of $1,140 million to $1,160 million; actual third quarter revenue came in above that range.
• April 30, 2026 (0001437749-26-014182), first quarter 2026. Revenue was $804.2 million (up 26.1% year over year), GAAP net income $193.2 million ($3.92 per diluted share), above the February guidance of $770.0 million to $790.0 million. Second quarter guidance was $890 million to $910 million.
• February 5, 2026 (0001437749-26-003191), fourth quarter and full year 2025. Fourth quarter revenue was reported at $751.2 million, up 20.8% from $621.7 million a year earlier. First quarter 2026 guidance was $770.0 million to $790.0 million.

Restatement and non-reliance

• February 27, 2026 (0001437749-26-006112), Item 4.02. On February 26, 2026 the Audit Committee concluded that the audited 2024 financial statements and the 2025 quarterly statements should no longer be relied upon, as should the February 5, 2026 earnings release, because of an error in accounting for deferred income taxes tied to a one-time foreign tax incentive. The restatement reduced 2024 income tax benefit and net income by about $195 million: 2024 net income was restated to $1,592.1 million from $1,786.7 million, and diluted EPS to $32.60 from $36.59. The company described the error as non-cash and said it did not affect revenue or non-GAAP measures or the first quarter outlook. The restated figures were to be included in the 2025 Form 10-K filed immediately afterward (accession 0001437749-26-006113). The Form 10-Q for the quarter ended September 30, 2026 (accession 0001628280-26-069440) reports that the related material weakness in internal control over deferred income taxes was still being remediated and that disclosure controls were not effective.

Management changes

• February 5, 2026 (0001437749-26-003191), Item 5.02. Chief Financial Officer Bernie Blegen announced his retirement, effective on the filing of the 2025 Form 10-K. Corporate Controller Rob Dean was named interim CFO.
• October 29, 2026 (0001628280-26-068202), Item 5.02. On October 27, 2026 the Board appointed Tony Balow (previously Vice President of Finance) as Vice President, Chief Financial Officer, and Robert Dean as Vice President, Chief Accounting Officer, both effective immediately.

Capital returns

• Dividends. The quarterly dividend was raised from $1.56 to $2.00 per share on February 5, 2026 (0001437749-26-003191). Further $2.00 dividends were declared on June 12, 2026 (0001628280-26-042820; paid July 15) and September 10, 2026 (0001628280-26-061318; record date September 30, paid October 15). The December 12, 2025 dividend was $1.56 (0001437749-25-037726).
• Buybacks. The July 30, 2026 release (0001628280-26-051029) announced an additional $500 million repurchase authorization, bringing the total to $1 billion. The company repurchased $453.4 million of stock in the third quarter of 2026, against $4.0 million in the second quarter. The October 29, 2026 release (0001628280-26-068202) announced another $500 million authorization in October, bringing the total current authorization to $1 billion after third-quarter repurchases.

Governance and legal

• November 19, 2025 (0001437749-25-035995). Amended bylaws lowered the stockholder threshold to call a special meeting from 30% to 25%, after a non-binding 10% proposal passed at the 2025 annual meeting.
• June 11, 2026 (0001628280-26-042820). At the annual meeting, stockholders elected Victor K. Lee and Jeff Zhou as Class I directors, ratified Ernst & Young LLP, and approved executive compensation on an advisory basis.
• The Form 10-Q (0001628280-26-069440) describes a securities class action filed February 4, 2025 (W.D. Wash.) and related shareholder derivative suits, one of them filed June 16, 2026. The company calls the suit meritless and intends to defend it. No outcome has been reported.

Not reflected in these filings

No acquisition, divestiture, debt issuance, stock split or guidance cut appears in the 8-Ks reviewed.

About this file

MPWR annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

MPWR quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

MPWR year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

MPWR trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 (10-K) plus nine months ended September 30, 2026 less nine months ended September 30, 2025 (both from the Q3 2026 10-Q)

Adjustments

Notes

• Monolithic Power Systems designs and sells semiconductor-based power electronics solutions and reports one operating segment, so the record uses a standard product-company template: revenue, cost of revenue, gross profit, operating expenses, net income and per-share data; cash, investments, inventories and equity; and operating cash flow, capital expenditures, free cash flow, buybacks and dividends. Revenue is also broken out by end market (from management's discussion and analysis) and by geographic region of the direct customer's ship-to location (from the revenue note).
• Annual figures for FY2025, FY2024 and FY2023 come from the FY2025 Form 10-K (accession 0001437749-26-006113). Balance sheets are shown for December 31, 2025 and 2024 only, because that is what the 10-K presents; FY2023 carries income statement and cash flow figures only.
• Quarterly figures for the three months ended September 30, 2026 and 2025, and the nine-month year-to-date figures, come from the Q3 2026 Form 10-Q (accession 0001628280-26-069440). The September 30, 2026 balance sheet sits with the Q3 FY2026 quarter. The 10-Q's December 31, 2025 balance sheet column matches the 10-K's FY2025 balance sheet line for line.
• The filings state amounts in thousands of US dollars (share counts in thousands, per-share amounts in dollars); this record states every money figure in actual dollars and every share count in actual shares.
• Restatement: in the FY2025 10-K the company restated its FY2024 financial statements because it had not appropriately accounted for deferred income taxes associated with a one-time tax incentive granted by a foreign jurisdiction. The restatement reduced FY2024 net income by $194.6 million, from $1,786.7 million as previously reported to $1,592.1 million, and FY2024 diluted EPS from $36.59 to $32.60; deferred tax assets, deferred tax liabilities, retained earnings and total stockholders' equity at December 31, 2024 were also restated. The company also restated its 2025 interim quarters: net income for the three months ended September 30, 2025 rose from $178.3 million as previously reported to $179.8 million, and diluted EPS from $3.71 to $3.74. Every FY2024 and Q3 FY2025 figure in this record is the restated figure, which is also the comparative the Q3 2026 10-Q prints.
• FY2024 income tax is a net benefit of $1,019.1 million, stored as a negative income_tax_expense. That benefit is why FY2024 net income ($1,592.1 million) exceeds FY2024 income before income taxes ($572.9 million), and why FY2024 diluted EPS ($32.60) is well above FY2025 diluted EPS ($12.86) even though FY2025 operating income was higher.
• Free cash flow is derived, not a figure the company reports: net cash provided by operating activities less purchases of property and equipment. It does not deduct property and equipment purchased on extended payment terms, which the company classifies as a financing cash flow.
• Cash outflows (purchases of property and equipment, repurchases of common stock, dividends and dividend equivalents paid) are stored as negative numbers, as the cash flow statements print them.
• dividends_declared_per_share is the per-share amount the statements of stockholders' equity print for dividends and dividend equivalents declared in each period. shares_outstanding is the count of common shares issued and outstanding printed on the face of the balance sheet.
• The balance sheets in both filings present no borrowings or debt line, so no debt figure is recorded.
• The trailing-twelve-month figures are derived: FY2025 from the 10-K, plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025 (both from the 10-Q). Both nine-month 2025 figures and FY2025 are on the same restated basis. No trailing per-share figure is given, since per-share amounts from different periods do not add.
• The 10-Q presents its cash flow statement for the nine-month periods only, so the quarterly entries carry no cash flow figures. The company's third-quarter 2026 earnings release (Form 8-K, accession 0001628280-26-068202, Exhibit 99.1) states operating cash flow of $289.9 million for the third quarter of 2026 and $239.3 million for the third quarter of 2025; those figures come from that release, not the 10-Q, and are not recorded in the quarterly entries.
• No stock split adjustments apply (the company reports no splits in the periods covered), the company is not an ADR issuer, and it reports in US dollars, so no currency conversion was needed.

Uncertainties

• Three-month cash flow figures (operating cash flow, capital expenditures, free cash flow) for Q3 FY2026 and Q3 FY2025 are not recorded: the 10-Q prints cash flows for nine months only, and the six-month figures needed to difference out the quarter are not in these filings.
• The 10-Q's balance sheet compares September 30, 2026 with December 31, 2025, so the year-ago quarter (Q3 FY2025) carries no balance sheet.
• Revenue by end market is taken from management's discussion and analysis rather than the audited or reviewed financial statement notes; the company's end-market classification is its own.

Company details

Fiscal period

Source filings