Latest revenue
$804.2M
as of 2026-03-31
Latest net income
$193.2M
as of 2026-03-31
Net margin
24.0%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $78.11B
- Enterprise value
- $77.03B
- P/E (trailing)
- 125.7×
- Forward P/E
- —
- P/B
- 21.89×
- Dividend yield
- 0.4%
- 52-wk high
- $1675.42
- 52-wk low
- $643.36
- Beta
- —
- Shares out
- 49.1M
5-year trend
What this company does
Monolithic Power Systems designs analog and mixed-signal power management chips that regulate electricity inside data centers, cars, industrial equipment, and consumer devices. It earns revenue almost entirely from selling these semiconductors to OEMs and distributors, with Q3 2025 sales of $737 million producing a 55% gross margin. Revenue jumped 29% year-over-year for the first nine months of 2025, driven by AI data center demand, while the company sits on over $1.2 billion in cash and investments with no debt.
Generated from MPWR's filing dated 2026-02-27
Key risks
- Inventory build: inventories rose 21% to $506M against $737M quarterly revenue, signaling potential demand softness or channel overhang.
- Heavy stock-based comp dilution: $174M SBC over nine months equals ~39% of net income, materially inflating non-GAAP earnings quality.
- Customer concentration in AI/data-center: rapid revenue growth (+29% YoY) leaves MPWR exposed if hyperscaler orders or NVIDIA-related demand decelerate.
Generated from MPWR's filing dated 2026-02-27
Profitability
Gross margin
55.2%
0.2%Operating margin
26.1%
6.9%Net margin
22.3%
72.5%Return on equity
17.6%
79.8%Return on assets
14.8%
70.0%Leverage
Debt / equity
0.19×
75.5%Debt / assets
15.8%
63.5%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $804.2M | +26.1% | $193.2M | +44.4% | 24.0% |
Q4 2025 2025-12-31 | $751.2M | +20.8% | $175.7M | -87.9% | 23.4% |
Q3 2025 2025-09-30 | $737.2M | +18.9% | $178.3M | +23.4% | 24.2% |
Q2 2025 2025-06-30 | $664.6M | +31.0% | $133.7M | +33.2% | 20.1% |
Q1 2025 2025-03-31 | $637.6M | +39.2% | $133.8M | +44.6% | 21.0% |
Q4 2024 2024-12-31 | $621.7M | — | $1.45B | — | 233.1% |
Q3 2024 2024-09-30 | $620.1M | +30.6% | $144.4M | +19.2% | 23.3% |
Q2 2024 2024-06-30 | $507.4M | +15.0% | $100.4M | +0.9% | 19.8% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Semiconductors & Related Devices · SIC 3674
Your notes
Keep private notes on MPWR — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$742.1M
Net activity
−$742.1M
Distinct insiders
12
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns MPWR
Institutional value
$17.05B
Total shares held
16.3M
Distinct holders
749
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 3.1M | $3.37B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 2.5M | $2.75B | — | New |
| 3 | Invesco Ltd. | 1.5M | $1.62B | — | New |
| 4 | UBS Group AG | 540.4K | $590.9M | — | New |
| 5 | Voya Investment Management LLC | 393.6K | $429.9M | — | New |
| 6 | Legal & General Group Plc | 380.1K | $415.6M | — | New |
| 7 | CITIGROUP INC | 340.8K | $372.6M | — | New |
| 8 | Bank of New York Mellon Corp | 289.8K | $316.9M | — | New |
| 9 | VANGUARD FIDUCIARY TRUST CO | 278.5K | $304.5M | — | New |
| 10 | BNP PARIBAS FINANCIAL MARKETS | 224.0K | $244.9M | — | New |
| 11 | DEUTSCHE BANK AG\ | 181.7K | $198.7M | — | New |
| 12 | PRINCIPAL FINANCIAL GROUP INC | 174.2K | $190.5M | — | New |
| 13 | California Public Employees Retirement System | 159.7K | $174.6M | — | New |
| 14 | HSBC HOLDINGS PLC | 158.9K | $173.5M | — | New |
| 15 | Nuveen, LLC | 155.9K | $170.4M | — | New |
| 16 | DIMENSIONAL FUND ADVISORS LP | 153.8K | $168.1M | — | New |
| 17 | NOMURA ASSET MANAGEMENT CO LTD | 146.9K | $160.6M | — | New |
| 18 | Swiss National Bank | 140.5K | $153.7M | — | New |
| 19 | VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | 139.4K | $152.4M | — | New |
| 20 | TimesSquare Capital Management, LLC | 138.8K | $151.8M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Gross margin held at 55.1% despite NVIDIA Blackwell rumors of MPWR losing socket share—quantify FY26 AI/data-center revenue concentration risk.
- 2
Inventories jumped to $506M from $420M, up 21% YTD against 29% revenue growth—is this stocking ahead of share loss?
- 3
Stock-based comp hit $174M, roughly 39% of net income—why repurchase only $4.5M YTD versus $227M dividends amid this dilution?
Refreshed when MPWR files a new report · last from 2026-02-27