POWIPOWER INTEGRATIONS INC

Semiconductors & Related Devices

Revenue: $444M; 5.9% YoY
Operating margin: 2.3%; 46% YoY
EBITDA: $37M; 27% YoY
Market cap: $2.4B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 3.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
505% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
130% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$30M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$703M	$651M	$445M	$419M	$444M	5.9%
Operating income	$175M	$180M	$35M	$18M	$10M	43%
Net income	$164M	$171M	$56M	$32M	$22M	31%
Operating cash flow	$231M	$215M	$66M	$81M	$112M	37%
Capex	$47M	$39M	$21M	$17M	$24M	41%
Stock-based comp	$38M	$22M	$29M	$35M	$40M	13%
Buybacks	$74M	$311M	$55M	$28M	$98M	252%
Dividends	$33M	$41M	$44M	$46M	$47M	2.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $30M · 35
Net: −$30M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	46	268
FY2024	—	—	78	287
FY2023	—	—	103	155
FY2022	—	—	89	93
FY2021	—	—	114	143