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Company file · MPWR

Monolithic Power Systems

South East Asia was Monolithic Power Systems' fastest-growing region in FY2025, up 88.1%

Revenue rose 26.4% to $2.8B in FY2025, from $2.2B in FY2024. Net income fell 61.0% to $621M. China was the largest region, at 55% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 27, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026) · Data pulled Nov 11, 2026

Key facts

Monolithic Power Systems (Nasdaq: MPWR) closed fiscal 2025 on Dec 31, 2025 with revenue of $2.8B, up 26.4% from a year before; net income came to $621M, down 61.0%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.2B, up 63.1% on the same stretch of the prior year, and net income of $271M. Broken down by region, China led with 55% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 3, 2026).

Revenue$2.8BFY2025 · +26.4% vs FY2024
Net income$621MFY2025 · −61.0% vs FY2024
Operating cash flow$838MFY2025 · +6.3% vs FY2024
Cash & equivalents$561Mat Sep 30, 2026 · −49.0% vs FY2025 end
Diluted shares48MFY2025 avg · −1.1% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $1.8B1.8Net income FY2023: $427M0.43FY2023Revenue FY2024: $2.2B2.2Net income FY2024: $1.6B1.6FY2024Revenue FY2025: $2.8B2.8Net income FY2025: $621M0.62FY2025Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-K FY2025, filed Feb 27, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $638M0.64FY2026 Q1: $804M0.80Q1FY2025 Q2: $665M0.66FY2026 Q2: $981M0.98Q2FY2025 Q3: $737M0.74FY2026 Q3: $1.2B1.2Q3Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-Q filed May 4, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 3, 2026

How it makes money

FY2025 total by categoryChina: $1.5B (55%)Taiwan: $550M (20%)Korea, Republic Of: $253M (9%)South East Asia: $148M (5%)Europe: $114M (4%)United States: $97M (3%)Japan: $84M (3%)Other Region: $0M (0%)$2.8BFY2025 totalData: Ticker Sage, from SEC EDGARtickersage.com

By region, FY2025

  • LineAmountSharevs FY2024
  • China$1.5B55%+31.1%
  • Taiwan$550M20%−4.8%
  • Korea, Republic Of$253M9%+50.5%
  • South East Asia$148M5%+88.1%
  • Europe$114M4%+30.6%
  • United States$97M3%+75.1%
  • Japan$84M3%+36.9%
  • Other Region$0M0%+56.1%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: China (55%), Taiwan (20%), Korea, Republic Of (9%) and South East Asia (5%), as shares of total revenue. Total revenue was $2.8B.

By region: three-year mixShare of the total each fiscal year
ChinaTaiwanKorea, Republic OfSouth East AsiaEuropeUnited StatesJapanOther Region

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$1.2B Q3 2026
$737M Q3 2025
63.1% increase
Net income
$271M Q3 2026
$180M Q3 2025
50.8% increase

Source: Monolithic Power Systems 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

By region

China
$585M Q3 2026
$394M Q3 2025
48.6% increase
Taiwan
$376M Q3 2026
$156M Q3 2025
141.4% increase
Korea, Republic Of
$83M Q3 2026
$63M Q3 2025
31.6% increase
South East Asia
$49M Q3 2026
$39M Q3 2025
25.3% increase
Europe
$47M Q3 2026
$34M Q3 2025
40.4% increase
United States
$36M Q3 2026
$30M Q3 2025
20.3% increase
Japan
$26M Q3 2026
$22M Q3 2025
17.3% increase
Other Region
$0M Q3 2026
$0M Q3 2025
8.0% increase

Source: Monolithic Power Systems 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026

  • Cash & equivalents $561M at Sep 30, 2026, vs $1.1B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $768M vs $733M a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 26.4% in FY2025 to $2.8B, from $2.2B a year earlier. 10-K, FY2025
  • Operating cash flow rose 6.3% in FY2025 to $838M. 10-K, FY2025
  • Diluted shares fell 1.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
  • Revenue in the quarter ended Sep 30, 2026 was $1.2B, up 63.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

  • Net income fell 61.0% in FY2025 to $621M, from $1.6B. 10-K, FY2025
  • Taiwan revenue fell 4.8% in FY2025 to $550M. 10-K, FY2025
  • The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include chip cycles; customer concentration; export rules and trade. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Monolithic Power Systems is in the semiconductors industry, part of the information technology sector. The SEC files it under Semiconductors & Related Devices.

The full description of Monolithic Power Systems' business is in Item 1 of its 10-K, linked below. This page shows its revenue by region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the semiconductors industry. They are not a summary of Monolithic Power Systems’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. Chip cyclesDemand for chips swings between shortages and gluts, and orders can be cut quickly.
  2. Customer concentrationA few large customers can account for much of sales.
  3. Export rules and tradeExport controls and tariffs can limit sales to some customers or countries.
  4. Manufacturing supplyIt depends on outside factories and suppliers, and disruptions can delay products.
  5. Competition and design winsCustomers pick suppliers product by product, so losing a design can cost years of sales.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$1.8B$2.2B$2.8B
Net income$427M$1.6B$621M
Operating cash flow$638M$788M$838M
Cash & equivalents (year end)$528M$692M$1.1B
Diluted shares49M49M48M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

    What we left out

    • Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.

    Recent filings

    FormFiledPeriod
    10-QNov 3, 2026Sep 30, 2026
    10-QAug 5, 2026Jun 30, 2026
    10-QMay 4, 2026Mar 31, 2026
    DEF 14AApr 30, 2026Jun 11, 2026
    10-KFeb 27, 2026Dec 31, 2025

    Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

    Common questions about Monolithic Power Systems

    How does Monolithic Power Systems make money?

    Fiscal 2025 revenue: $2.8B. By region in FY2025: China (55%), Taiwan (20%), Korea, Republic Of (9%) and South East Asia (5%), as shares of total revenue. Total revenue was $2.8B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

    What was Monolithic Power Systems's revenue in fiscal 2025?

    $2.8B, up 26.4% from fiscal 2024 ($2.2B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $1.8B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

    Is Monolithic Power Systems profitable?

    Net income was $621M in fiscal 2025 (down 61.0%; fiscal 2024 was $1.6B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $271M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

    What did Monolithic Power Systems report in its latest quarterly filing?

    For the three months to Sep 30, 2026: revenue $1.2B (up 63.1% from $737M) and net income $271M (up 50.8% from $180M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026.

    What are the main risks Monolithic Power Systems faces?

    Monolithic Power Systems's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the semiconductors industry include Chip cycles; customer concentration; export rules and trade; manufacturing supply; competition and design wins. The first: Demand for chips swings between shortages and gluts, and orders can be cut quickly. Source: 10-K, Item 1A Risk Factors.

    Where do these Monolithic Power Systems numbers come from?

    The 10-K filed Feb 27, 2026 (fiscal 2025) and the 10-Q filed Nov 3, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

    Tracked funds that report owning Monolithic Power Systems

    From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

    Disclosures

    Editor holdings in MPWR
    The editor holds no position in Monolithic Power Systems (MPWR). As of Nov 11, 2026.
    Trading rule
    The editor does not buy or sell MPWR from 3 days before to 3 days after this page is published or substantively updated.
    Compensation
    Nobody paid for this page. No affiliate links on this page.
    Sources
    The company's SEC filings, linked next to each number or, for charts, in the source line under them.
    Last updated
    Nov 4, 2026

    General education, the same for every reader. Not a recommendation to buy, sell or hold MPWR, and it doesn't consider your situation.

    Compare with peers

    CompanyFiscal yearRevenueRevenue growthNet income
    Monolithic Power SystemsMPWRFY2025$2.8B+26.4%$621M
    NvidiaNVDAFY2026$215.9B+65.5%$120.1B
    BroadcomAVGOFY2025$63.9B+23.9%$23.1B
    MicronMUFY2026$133.2B+256.3%$85.0B
    AMDFY2025$34.6B+34.3%$4.3B

    Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

    More company files

    New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.