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Designs power-management chips that convert and regulate electricity inside servers, EVs, industrial gear and consumer devices.
Designs power-management chips that convert and regulate electricity inside servers, EVs, industrial gear and consumer devices.
Designs power chips and relies on outside foundries to make its wafers, which keeps operations light. Sales follow design wins in each product generation, and its largest customers are makers of AI servers and graphics cards. Founder Michael Hsing remains chief executive.
Moat: narrow (IP / patents, process know-how, customer qualification). Proprietary power-module packaging and design-wins with GPU power delivery are hard to unseat mid-cycle.
Headquarters: Kirkland, Washington, US · Founded: 1997 · Employees: 4,501
Size Monolithic Power Systems (MPWR) is a United States Information Technology company (Semiconductors) with a market value of $58.1B, the 223rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $1,190 on 6 Nov 2026.
Performance Over six months the shares fell 25.5%, against -16.2% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 40.5% over the last twelve months (peer median +23.7%); the operating margin is 29.5% (peer median 20.6%).
Valuation It trades at 28.3× forward earnings against a peer median of 21.1× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 19.3 points above its cost of capital (13.4% WACC).
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.74B | $2.79B | $2.21B | $1.82B | $1.79B |
| Revenue growth | — | +26% | +21% | +2% | — |
| Gross profit | $2.07B | $1.54B | $1.22B | $1.02B | $1.05B |
| EBITDA | $1.17B | $781M | $576M | $522M | $572M |
| Net income | $892M | $621M | $1.59B | $427M | $438M |
| Free cash flow | $609M | $666M | $642M | $581M | $188M |
| Capital expenditure | $264M | $175M | $164M | $57.6M | $58.8M |
| Total debt | $21.4M | $24.1M | $15.8M | $7.87M | $3.80M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Monolithic Power Systems MPWR | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% |
| Texas Instruments TXN | $253B | -4% | +20% | 41% | 24.6× | 23.3% |
| Analog Devices ADI | $176B | -13% | +34% | 36% | 22.4× | 27.8% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
| Vishay Intertechnology VSH | $3.57B | -32% | +18% | 5% | 13.2× | 18.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MPWR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.1% | -24.5% | 6th highest of 21 |
| 6-month return | -25.5% | -16.2% | 9th lowest of 21 |
| Distance from 52-week high | -30.4% | -51.7% | 3rd highest of 21 |
| Revenue growth (TTM) | +40.5% | +23.7% | 7th highest of 21 |
| Operating margin | 29.5% | 20.6% | 7th highest of 20 |
| Forward P/E | 28.3× | 21.1× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 39.6% | 23.2% | 4th most demanding of 14 |
| Growth delivered (Del g) | +27.0% | +7.9% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | +12.6 pp | +9.0 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | +19.3 pp | -0.9 pp | 6th highest of 20 |
| EV / EBITDA | 48.8× | 16.2× | 2nd most expensive of 15 |
| Net debt / EBITDA | -0.9× | 0.6× | 2nd least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% | +7.3% |
| Infineon Technologies IFX.DE | Germany | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% | +11.3% |
| Ase Technology 3711.TW | Taiwan | $70.4B | +2% | +25% | 11% | 17.3× | n/a | n/a |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
| Cambricon Technologies 688256.SS | China | $75.7B | -30% | +104% | 33% | 87.3× | n/a | n/a |
| SMIC 0981.HK | Hong Kong | $76.7B | -41% | +20% | 9% | 32.9× | n/a | n/a |
| Zhongji Innolight 300308.SZ | China | $79.4B | -48% | +162% | 41% | 15.4× | 23.2% | +40.3% |
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| Kioxia 285A.T | Japan | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% | +18.8% |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 25.0× | 54.4% | +22.5% |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| Montage Technology 688008.SS | China | $25.5B | -13% | +33% | 42% | 43.7× | 39.7% | +24.5% |