MPWRMONOLITHIC POWER SYSTEMS, INC.
Semiconductors & Related Devices
- Revenue
- $2.8B
- 26% YoY
- Operating margin
- 26.1%
- 6.9% YoY
- EBITDA
- $781M
- 36% YoY
- Market cap
- $59.5B
- Employees
- 4,500
- $620K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 4.0
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$20M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo135% of net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo35% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$620K · 67th pctBottom quartile of its SIC industry
- Quiet on AINo4.0 per 10K words · 79th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$59.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$728M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.8B | $1.8B | $2.2B | $2.8B | 26% |
| Operating income | $262M | $527M | $482M | $539M | $729M | 35% |
| Net income | $242M | $438M | $427M | $1.6B | $621M | 61% |
| Operating cash flow | $320M | $247M | $638M | $788M | $838M | 6.3% |
| Capex | $94M | $59M | $58M | $146M | $172M | 18% |
| Stock-based comp | $123M | $161M | $150M | $206M | $227M | 11% |
| Buybacks | $0 | $0 | $4M | $636M | $7M | 99% |
| Dividends | $109M | $138M | $186M | $241M | $285M | 18% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $728M · 313
- Net
- −$728M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $20M | $250M | 257 | 253 |
| FY2024 | $19M | $22M | 166 | 178 |
| FY2023 | $15M | $138M | 176 | 149 |
| FY2022 | $21M | −$67M | 98 | 91 |
| FY2021 | $20M | $114M | 135 | 141 |