Monolithic Power Systems, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, China was 55% and Taiwan was 20% of revenue; China rose from 51% in the fiscal year to Dec 2023.

Quarters: Monolithic Power Systems, Inc.'s SEC filings, named by the month they end. Fiscal years: Monolithic Power Systems, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $22.3 ends up as net income. Net margin fell from 24.4% to 22.3% over the past 3 years.

Circled: Dec 2024 (net 233.1%, operating 26.3%). Net margin is usually about 3 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Monolithic Power Systems, Inc.'s annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 55.4% and steady for 5 quarters; inventory at 165 days, up from 155 a year earlier; capital spending 7.1% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

Monolithic Power Systems's latest annual report names none of its suppliers or customers, but one customer it does not name accounts for 26% of its revenue. GlobalFoundries’s press release names Monolithic Power Systems as a customer. Monolithic Power Systems’s press release names Vanguard International Semiconductor as a supplier.

Suppliers

GlobalFoundries GFS

Vanguard International Semiconductor 5347.TWO

 

MMPWRMonolithic Power Systems

Customers

Unnamed customer 26%

Monolithic Power Systems's 10-Q for the quarter to Sep 2026 gives three customers' shares of its revenue: Distributor A (32%), Distributor B (16%) and Distributor D (11%).

From Monolithic Power Systems, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Only the companies Monolithic Power Systems names in its 10-K filed Feb 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Also from other documents: GlobalFoundries’s press release, published Sep 9, 2026 (source); Monolithic Power Systems’s press release, published Dec 12, 2022 (source). Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 79.8x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

Priced 280% above the peer median of 21x.

At 79.8× trailing earnings MPWR is inside the middle of its five-year range; the five-year median is 67.3×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $1,821, 26% above the current price; 100% of 16 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 16 analysts (100%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $1,047.27 to $1,782.00 (+70%), while MPWR went from $924.29 to $1,447.40 (+57%). In the past three months targets were raised twice and cut 3 times. 2 upgrades and no downgrades over the year; the latest: Rosenblatt moved it to Buy from Neutral on Oct 30, 2026.

The day after each of these reports the stock moved +8.2% (Dec 2025, beat); +3.7% (Mar 2026, beat); +14.2% (Jun 2026, beat); 0.0% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $9.42 a share, 97% more than the $4.79 of a year earlier, and revenue of $1.4B, up 80% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $46.34 a share, 58% more than the year before's estimate of $29.24, and revenue of $6.5B, up 51% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $609M in free cash flow over the year and returned more than it generated: $808M went back to shareholders (dividends plus buybacks), so $199M came from cash on hand or borrowing.

Monolithic Power Systems had 49M diluted shares in the quarter ended Sep 2026, 2.4% more than a year earlier, and 0.8% more each year on average since Jun 2020. It spent $455M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 5.9, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 8 funds whose copy leaves MPWR out (on the exchange, not in the app yet): Mirae Asset Global Investments, Canada Pension Plan Investment Board, Norges Bank, Swiss National Bank, Bridgewater Associates, Rob Bresnahan and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held MPWR at the end of their latest quarter (for most, Q3 2026). Over that quarter 7 added shares, 3 cut, 1 bought new and 1 held the same. The largest of them is Norges Bank, 751,399 shares worth $1.0B at Jun 30, 2026, 3.4% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of MPWR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $650M of MPWR on the open market in the 12 months to Nov 12, 2026; none bought. 39% of the sales were made under 10b5-1 plans, set up in advance. The largest was Michael Hsing (CEO; director), who sold $281M in 53 sales.

From the Form 4s filed with the SEC about Monolithic Power Systems, Inc. (74 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 33 other transactions (grants, shares sold to pay tax, gifts and other transfers).