Monolithic Power
Monolithic Power Systems, Inc. is a fabless global company that provides high-performance, semiconductor-based power electronics solutions.
10-K, Feb 27, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001437749-26-006113 · filed Feb 27, 2026
Business
How does Monolithic Power make money?
Consumer Market is 39.6% of revenue.
Source and method
Revenue by segments, FY2016.
annual report FY2016 · 0001437749-17-003558 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($389M).
- Consumer Market: $154M · 39.6%
- Industrial Market: $89.6M · 23.1%
- Computing And Storage Market: $80.6M · 20.7%
- Communications Market: $64.7M · 16.7%
What is left of every $100?
Of every $100 in revenue, $22 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $2.8B
- Gross profit: $1.5B
- Operating income: $729M
- Net income: $621M
- Free cash flow: $666M
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“Incorporated in 1997, our three core strengths include deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging.”
“These combined advantages enable us to deliver reliable, compact, and monolithic solutions found in storage and computing, enterprise data, automotive, industrial, communications and consumer applications.”
“Our mission is to reduce energy and material consumption to improve all aspects of quality of life and create a sustainable future.”
Item 1 · Business · 10-K · 0001437749-26-006113 · filed Feb 27, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“Our product families are differentiated from those of our competitors with respect to their high degree of integration and strong levels of accuracy, power efficiency, quality and longevity, making them cost-effective and more sustainable relative to many competing solutions.”
Item 1 · Business · 10-K · 0001437749-26-006113 · filed Feb 27, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- R&D investment: no stored value to check the quoted number against.
KPIs
How fast is revenue growing?
Revenue grew 26% to $2.8B.
Revenue grew 48% YoY to $981M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 55.7%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
26.1% operating margin, up from 24.4%.
55.2% gross margin, down from 55.3%.
Operating income grew 35% to $729M.
Net income: $621M.
SG&A grew 20% to $429M.
EPS diluted: $12.86.
31.0% operating margin, up from 24.8%.
55.2% gross margin, up from 55.1%.
Operating income grew 84% YoY to $304M.
Net income: $257M.
SG&A grew 13% YoY to $119M.
EPS diluted: $5.22.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How much cash does it make, and where does it go?
Keeps $24 of every $100 as free cash.
Operating cash flow grew 6.3% to $838M.
Capex grew 18% to $172M.
Buybacks: $6.6M in FY2025.
Dividends grew 18% to $285M.
Stock-based compensation grew 11% to $227M.
Free cash flow fell 23% YoY to $145M.
Operating cash flow fell 4.1% YoY to $228M.
Capex grew 71% YoY to $82.4M.
Buybacks fell 100% YoY to $1.9M.
Dividends grew 35% YoY to $101M.
Stock-based compensation fell 12% YoY to $53.2M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How strong is the balance sheet?
Cash: $1.1B; debt not reported.
Total assets: $4.2B.
Equity: $3.5B in FY2025.
Cash grew 28% YoY to $1.0B.
Total assets: $4.7B.
Equity: $3.9B in FY2026 Q2.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Dependencies
How much revenue hangs on one customer?
One Monolithic Power customer: $726M.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Monolithic Power annual report)
“In 2025, three distributors accounted for 26%, 18% and 10% of our total revenue.”
10-K · 0001437749-26-006113 · filed Feb 27, 2026 · basis: filing text, verified verbatim
Suppliers named by Monolithic Power
No supplier among the covered companies is named in the filings.
Monolithic Power holds stakes in
No stake in a covered company found in SEC filings.
Others name Monolithic Power
1 competitor mention (e.g. onsemi) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 44 risk factors, one per theme.
Supply chain and manufacturing
“There are inherent risks associated with the operation of our manufacturing and testing facilities in China, which could increase product costs or cause a delay in product shipments.”
Item 1A · Risk Factors · 10-K · 0001437749-26-006113 · filed Feb 27, 2026
Trade, government policy and geopolitics
“We derive most of our revenue from direct or indirect sales to customers in Asia and have significant operations in Asia, which may expose us to political, cultural, regulatory, economic, foreign exchange, and operational risks.”
Item 1A · Risk Factors · 10-K · 0001437749-26-006113 · filed Feb 27, 2026
Regulation and legal proceedings
“Uncertainties with respect to China’s legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected changes in policies, laws and regulations in China could materially and adversely affect our operations.”
Item 1A · Risk Factors · 10-K · 0001437749-26-006113 · filed Feb 27, 2026
Economic conditions
“Our business has been and may be significantly impacted by worldwide economic conditions, in particular changing economic conditions in China.”
Item 1A · Risk Factors · 10-K · 0001437749-26-006113 · filed Feb 27, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Fmr LLC holds 10.5%.
Fmr LLC10.5%
13G/A · as of Jun 30, 2026 · filed Jul 8, 2026
BlackRock, Inc.10.2%
13G/A · as of Dec 31, 2025 · filed Jan 8, 2026
Vanguard Capital Management LLC7.25%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Invesco Ltd.5.2%
13G · as of Dec 31, 2025 · filed Jul 15, 2026
Vanguard Portfolio Management LLC5.14%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
3 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.8%
5.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Fmr LLC10.9%
5.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.6%
3.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.3%
2.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Invesco Ltd.4.9%
2.3M shares · 13F filed Aug 14, 2026 · share of 13F-reported
1,239 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 317 sales · $746M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 27 SEC metrics, FY2016–FY2025
Income statement 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Total assets | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | |||||
| Capex | ||||||||||
| Dividends | not reported | |||||||||
| Free cash flow calc. | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values