Monolithic Power Systems (MPWR) financial statements
Monolithic Power Systems reported revenue of $2.8B in fiscal 2025, up 24.5% a year over 9 years.
Net income was $621M and the operating margin 26.1%, against 14.0% in 2016.
Free cash flow was $666M, and the company returned $285M in dividends and $7M in net buybacks.
The diluted share count rose 15% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Monolithic Power Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $389M | $471M | $582M | $628M | $844M | $1.2B | $1.8B | $1.8B | $2.2B | $2.8B |
| Cost of revenue | $178M | $213M | $260M | $282M | $378M | $522M | $746M | $800M | $986M | $1.3B |
| Gross profit | $211M | $258M | $323M | $346M | $466M | $685M | $1.0B | $1.0B | $1.2B | $1.5B |
| Research and development | $74M | $82M | $93M | $108M | $138M | $191M | $240M | $264M | $325M | $382M |
| Selling, general and admin | $83M | $97M | $114M | $134M | $162M | $232M | $282M | $276M | $357M | $429M |
| Operating income | $54M | $77M | $113M | $103M | $159M | $262M | $527M | $482M | $539M | $729M |
| Pre-tax income | $57M | $83M | $118M | $113M | $169M | $272M | $525M | $506M | $573M | $766M |
| Income tax | $5M | $18M | $13M | $4M | $5M | $30M | $87M | $78M | -$1.0B | $145M |
| Net income | $53M | $65M | $105M | $109M | $164M | $242M | $438M | $427M | $1.6B | $621M |
| EPS (diluted) | $1.26 | $1.50 | $2.36 | $2.38 | $3.50 | $5.05 | $9.05 | $8.76 | $32.60 | $12.86 |
| Diluted shares | 42M | 44M | 45M | 46M | 47M | 48M | 48M | 49M | 49M | 48M |
| Gross margin | 54.3% | 54.8% | 55.4% | 55.2% | 55.2% | 56.8% | 58.4% | 56.1% | 55.3% | 55.2% |
| Operating margin | 14.0% | 16.4% | 19.5% | 16.3% | 18.8% | 21.7% | 29.4% | 26.5% | 24.4% | 26.1% |
| Net margin | 13.6% | 13.8% | 18.1% | 17.3% | 19.5% | 20.0% | 24.4% | 23.5% | 72.1% | 22.3% |
Balance sheet
Fiscal years, from Monolithic Power Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $268M | $299M | $377M | $455M | $595M | $725M | $738M | $1.1B | $863M | $1.3B |
| Receivables | $34M | $38M | $55M | $53M | $67M | $105M | $183M | $180M | $173M | $256M |
| Inventory | $71M | $99M | $136M | $128M | $157M | $259M | $447M | $384M | $420M | $565M |
| Total current assets | $383M | $449M | $581M | $655M | $842M | $1.1B | $1.4B | $1.8B | $1.6B | $2.2B |
| Property, plant and equipment | $85M | $145M | $150M | $228M | $282M | $363M | $357M | $369M | $495M | $628M |
| Goodwill | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $26M | $26M |
| Total assets | $511M | $653M | $793M | $956M | $1.2B | $1.6B | $2.1B | $2.4B | $3.5B | $4.2B |
| Total current liabilities | $53M | $66M | $80M | $98M | $147M | $227M | $263M | $235M | $295M | $369M |
| Total liabilities | $80M | $131M | $153M | $183M | $242M | $342M | $390M | $384M | $565M | $663M |
| Shareholders' equity | $431M | $522M | $640M | $773M | $967M | $1.2B | $1.7B | $2.0B | $3.0B | $3.5B |
| Net debt | -$113M | -$83M | -$173M | -$173M | -$335M | -$189M | -$289M | -$528M | -$692M | -$1.1B |
Cash flow
Fiscal years, from Monolithic Power Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $108M | $134M | $141M | $216M | $268M | $320M | $247M | $638M | $788M | $838M |
| Capital spending | $37M | $66M | $23M | $96M | $56M | $94M | $59M | $58M | $146M | $172M |
| Free cash flow | $71M | $68M | $119M | $120M | $212M | $226M | $188M | $581M | $642M | $666M |
| Stock-based compensation | $45M | $53M | $61M | $79M | $86M | $123M | $161M | $150M | $206M | $227M |
| Dividends paid | — | $34M | $47M | $67M | $89M | $109M | $138M | $186M | $241M | $285M |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$4M | -$636M | -$7M |
| Free cash flow margin | 18.2% | 14.5% | 20.4% | 19.2% | 25.1% | 18.7% | 10.5% | 31.9% | 29.1% | 23.9% |
| Dividends per share | — | $0.78 | $1.06 | $1.47 | $1.89 | $2.28 | $2.85 | $3.81 | $4.93 | $5.90 |
Questions
What was Monolithic Power Systems's revenue in 2025?
$2.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Monolithic Power Systems generate?
$666M in fiscal 2025 (operating cash flow minus capital spending).
From Monolithic Power Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.