MONOLITHIC POWER SYSTEMS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MONOLITHIC POWER SYSTEMS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	389	471	582	628	844	1,208	1,794	1,821	2,207	2,790
Cost of revenue	178	213	260	282	378	522	746	800	986	1,251
Gross profit	211	258	323	346	466	685	1,049	1,021	1,221	1,540
Research and development	73.6	82.4	93.5	108	138	191	240	264	325	382
Selling, general and administrative	83	97.3	114	134	162	232	282	276	357	429
Operating expenses	156	181	209	244	307	423	522	539	682	811
Operating income	54.4	77.4	113	103	159	262	527	482	539	729
Other non-operating income	2.82	5.52	4.99	10.6	10.5	9.8	-1.85	24.1	33.6	37.6
Pre-tax income	57.3	82.9	118	113	169	272	525	506	573	766
Income tax	4.54	17.7	13.2	4.28	4.97	30.2	87.3	78.5	-1,019	145
Net income	52.7	65.2	105	109	164	242	438	427	1,592	621
EBITDA	69.1	93.5	126	117	178	291	564	522	576	781
EPS, basic	1.30	1.58	2.49	2.52	3.67	5.28	9.37	8.98	32.76	12.94
EPS, diluted	1.26	1.50	2.36	2.38	3.50	5.05	9.05	8.76	32.60	12.86
Shares, basic (weighted)	40.4	41.4	42.2	43.2	44.8	45.9	46.7	47.6	48.6	48
Shares, diluted (weighted)	41.9	43.6	44.6	45.8	47	47.9	48.4	48.8	48.8	48.3
Dividend per share	0.80	0.80	1.20	1.60	2.00	2.40	3.00	4.00	5.00	6.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	113	82.8	173	173	335	189	289	528	692	1,099
Short-term investments	156	216	205	282	260	536	449	581	171	157
Receivables	34.2	38	55.2	52.7	66.8	105	183	180	173	256
Inventory	71.5	99.3	136	128	157	259	447	384	420	565
Other current assets	9.04	12.8	11.9	19.6	23	35.5	42.7	147	110	107
Total current assets	383	449	581	655	842	1,125	1,411	1,819	1,565	2,184
Property, plant and equipment	85.2	145	150	228	282	363	357	369	495	628
Lease right-of-use assets			0	2.86	3.72			8.36	16.9	24.9
Goodwill	6.57	6.57	6.57	6.57	6.57	6.57	6.57	6.57	25.9	25.9
Intangible assets	3	0.95	0.11					0	9.94	8.79
Long-term investments	5.35	5.26	3.24	3.14	2.86	2.4	1.71	0.57	0.15	0.05
Other non-current assets	27.4	30.1	36	49.1	59.8	69.5	249	211	194	165
Total assets	511	653	793	956	1,208	1,586	2,059	2,434	3,516	4,194
Accounts payable	17.4	22.8	22.7	27.3	38.2	83	61.5	63	103	138
Accrued liabilities	22.9	27.5	39	44.8	63	81.3	114	116	128	145
Deferred revenue	3.55	4.74	2.52	3.41	7.24	4.3		2.79
Total current liabilities	52.9	65.9	80.4	98.2	147	227	263	235	295	369
Lease liabilities			0				1.66	5.57	13	20
Other non-current liabilities	23.2	33	38.5	47.1	57.9	67.2	73.4	88.7	112	128
Total liabilities	80	131	153	183	242	342	390	384	565	663
Paid-in capital	316	377	451	550	658	803	975	1,130	707	937
Retained earnings	119	144	195	229	299	425	716	947	2,293	2,610
Other comprehensive income	-4.22	1.81	-5.54	-5.48	10.1	15.9	-23.1	-27.1	-48.5	-15.2
Shareholders' equity	431	522	640	773	967	1,244	1,669	2,050	2,951	3,531
Total equity	431	522	640	773	967	1,244	1,669	2,050	2,951	3,531
Total liabilities and equity	511	653	793	956	1,208	1,586	2,059	2,434	3,516	4,194
Shares outstanding	40.8	41.6	42.5	43.6	45.3	46.3	47.1	48	47.8	48.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	52.7	65.2	105	109	164	242	438	427	1,592	621
Depreciation and amortization	14.7	16.1	12.3	14.9	19.2	28.7	37.1	40.2	36.4	52.5
Stock-based compensation	45	52.6	60.6	78.7	85.6	123	161	150	206	227
Deferred income tax	-0.01	-15.2	-0.84	-0.58	-1.63	-2.77	-13.2	5.87	-1,108	39.7
Change in receivables	-3.42	-3.79	-18.1	2.51	-14.1	-38	-77.9	2.88	7.33	-83.1
Change in inventory	-8.32	-27.8	-37.1	8.87	-29.5	-102	-188	63.6	-35.2	-145
Change in payables	5.48	3.08	0.87	3.05	10.4	32.9	-11.2	4.8	23.2	41.2
Cash from operations	108	134	141	216	268	320	247	638	788	838
Capital expenditures	-37.1	-65.8	-22.5	-95.8	-55.6	-94.4	-58.8	-57.6	-146	-172
Acquisitions							0	0	-33.3	0
Purchases of investments	-237	-141	-99.2	-213	-335	-395	-65.8	-583	-1,083	-397
Cash from investing	-55.7	-134	-14.7	-167	-39.2	-379	-12.5	-179	223	-157
Stock issued	1.34	0.15	0.06
Share buybacks						0	0	-3.7	-636	-6.6
Dividends paid		-33.9	-47.5	-67.3	-88.8	-109	-138	-186	-241	-285
Cash from financing	-28.1	-31.3	-34.6	-48.1	-71.6	-90.2	-129	-184	-872	-286
Exchange rate effect	-2.09	1.63	-2.21	-0.88	4.93	3.4	-6.04	-3.31	-8.47	12.5
Net change in cash	21.8	-29.9	89.9	0.26	162	-146	99.3	272	131	408
Free cash flow	70.7	68.1	119	120	212	226	188	581	642	666
Income taxes paid		3.62	7.13	10.7	1.41	21.1	85	85.1	79.6	95.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,367.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.2%	Gross profit / revenue.
Operating margin	28.7%	Operating income / revenue.
EBITDA margin	30.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	30.1%	Pre-tax income / revenue.
Net margin	24.5%	Net income / revenue.
FCF margin	17.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.1%	Cash from operations / revenue.
Effective tax rate	18.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.1%	Net income / average total assets.
Return on invested capital (ROIC)	26.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.6%	Research and development expense / revenue.
SG&A / revenue	13.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	6.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.2%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	27.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	35.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	35.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	35.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	34.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-61.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	30.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-60.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	29.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	50.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	52.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	25.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	24.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	27.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	25.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	19.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	28.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	29.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	19.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	26.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	28.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.98x	Current assets / current liabilities.
Quick ratio	3.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.84x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	16.9%	Total liabilities / total assets.
Working capital	$1.98B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	4.23x	Revenue / average property, plant and equipment.
Inventory turnover	2.17x	Cost of revenue / average inventory.
Days inventory	168 days	365 x average inventory / cost of revenue.
Receivables turnover	9.53x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	161 days	Days inventory + days sales outstanding - days payables.
FCF conversion	73.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$66.45	Revenue / diluted weighted shares.
FCF per share	$11.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.69	Cash from operations / diluted weighted shares.
Book value per share	$79.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$78.57	Tangible book value / shares outstanding.
Cash per share	$28.77	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	56.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$67.20B	Share price x shares outstanding.
Enterprise value	$65.79B	Market cap + total debt - cash - short-term investments.
P/E	83.8x	Market cap / net income. Only when net income is positive.
P/S	20.5x	Market cap / revenue.
P/B	17.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	17.4x	Market cap / tangible book value, when positive.
P/FCF	115x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	81.7x	Market cap / cash from operations, when positive.
EV/Sales	20.1x	Enterprise value / revenue.
EV/EBIT	70.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	65.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	112x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.9%	Free cash flow / market cap.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	6.74x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MONOLITHIC POWER SYSTEMS, INC.'s revenue in fiscal 2025?

MONOLITHIC POWER SYSTEMS, INC. reported revenue of $2.79B for fiscal 2025, 26.4% higher than the year before.

Was MONOLITHIC POWER SYSTEMS, INC. profitable in fiscal 2025?

Yes. Net income was $621.5M, a net margin of 22.3%.

How much free cash flow did MONOLITHIC POWER SYSTEMS, INC. generate in fiscal 2025?

Cash from operations of $838.2M minus capital expenditures of $172.0M left free cash flow of $666.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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