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Monolithic Power Systems

Our readA genuinely elite fabless analog compounder (43% 5yr ROIC) that has become a high-beta levered call on Nvidia's power-delivery socket — priced at ~112x trailing / ~49x NTM EV-EBITDA (peer median ~21x) while carrying an unremediated material weakness, an adverse ICFR opinion, and a live securities class action. Own the franchise, not this multiple; the gap between the Vera Rubin "70% share" dream and the Blackwell "allocation-at-risk" reality is the whole trade.

Website
Ticker
MPWR
Beat
hardware
Size
Public Company
Revenue
$981M
last stored quarter: Q2 ’26 — Q3 filed 3 Nov, not yet in our figures
Cash
$1.0B
as of Jun 2026
Researched · Stale
2 days ago
A newer SEC filing has been made since this research was written — check the primary sources before acting on a number here.

A genuinely elite fabless analog compounder (43% 5yr ROIC) that has become a high-beta levered call on Nvidia's power-delivery socket — priced at ~112x trailing / ~49x NTM EV-EBITDA (peer median ~21x) while carrying an unremediated material weakness, an adverse ICFR opinion, and a live securities class action. Own the franchise, not this multiple; the gap between the Vera Rubin "70% share" dream and the Blackwell "allocation-at-risk" reality is the whole trade.

Orbit · who it trades with and competes with
4 on the rings · 2 trade · 3 rival
7 mentions across our dossiers
Focus · Hardware
Monolithic Power Systems
MPWR · public
No published house view
Trades and competes with
Trades with
Competes with
Next prints in its web
Links · 4 companies · 2 trade · 3 rival
“peers on perceived value: MPS is "best" on integrated-module elegance; TI is "better" on analog scale/capacity; Infineon is "better" on high-power SiC.”Infineon Technologies · BOTH · from Monolithic Power Systems’s dossier
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Price

Weekly closes

MPWR · weekly close
1211.63 USD+6.3%
Friday 30 Oct 2026 · last 52 Fridays 872.35–1632.06
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 30,000 sh · 1 filing, Form 4 · 28 Sept 2026
  2. Short interest: 1,602,872 sh · 2.33 days to cover, FINRA · settled 15 Oct 2026
  3. Next print: in 93 days, Scheduled · 5 Feb 2027, scheduled
1211.63USD+6.3%hardware -0.4%MPWR · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 28 Sept 2026
1 filing · 30,000 shares
Shares sold shortFINRA · settled 15 Oct 2026
1,602,872 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.33
see the whole series
Financials

The reported figures

Revenue · quarterly
$981M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$981M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Monolithic Power Systems, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$475M USD28.5% share of revenue$149M USD$27.1M USD$421M USD47.9M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$454M USD24.1% share of revenue$140M USD$13.8M USD$528M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$458M USD20.9% share of revenue$232M USD$16.0M USD$488M USD48.7M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$507M USD23.0% share of revenue$109M USD$31.5M USD$550M USD48.8M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$620M USD26.5% share of revenue$198M USD$33.8M USD$700M USD48.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$622M USD26.3% share of revenue$103M USD$64.8M USD$692M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$638M USD26.5% share of revenue$216M USD$40.3M USD$637M USD47.9M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$665M USD24.8% share of revenue$189M USD$48.1M USD$787M USD47.9M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$737M USD26.5% share of revenue$197M USD$42.5M USD$1.1B USD47.9M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$751M USD26.6% share of revenue$63.9M USD$41.0M USD$1.1B USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$804M USD30.0% share of revenue$179M USD$70.8M USD$1.1B USD49.1M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$981M USD31.0% share of revenue$145M USD$82.4M USD$1.0B USD49.1M sharesFiled · primarysec.gov

Monolithic Power Systems’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$981M+48% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $475M, as of Sep 2023Revenue Q4 ’23: $454M, as of Dec 2023Revenue Q1 ’24: $458M, as of Mar 2024Revenue Q2 ’24: $507M, as of Jun 2024Revenue Q3 ’24: $620M, as of Sep 2024Revenue Q4 ’24: $622M, as of Dec 2024Revenue Q1 ’25: $638M, as of Mar 2025Revenue Q2 ’25: $665M, as of Jun 2025Revenue Q3 ’25: $737M, as of Sep 2025Revenue Q4 ’25: $751M, as of Dec 2025Revenue Q1 ’26: $804M, as of Mar 2026Revenue Q2 ’26: $981M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
31.0%+6.2 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 28.5%, as of Sep 2023Operating margin Q4 ’23: 24.1%, as of Dec 2023Operating margin Q1 ’24: 20.9%, as of Mar 2024Operating margin Q2 ’24: 23.0%, as of Jun 2024Operating margin Q3 ’24: 26.5%, as of Sep 2024Operating margin Q4 ’24: 26.3%, as of Dec 2024Operating margin Q1 ’25: 26.5%, as of Mar 2025Operating margin Q2 ’25: 24.8%, as of Jun 2025Operating margin Q3 ’25: 26.5%, as of Sep 2025Operating margin Q4 ’25: 26.6%, as of Dec 2025Operating margin Q1 ’26: 30.0%, as of Mar 2026Operating margin Q2 ’26: 31.0%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$145M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $149M, as of Sep 2023Free cash flow Q4 ’23: $140M, as of Dec 2023Free cash flow Q1 ’24: $232M, as of Mar 2024Free cash flow Q2 ’24: $109M, as of Jun 2024Free cash flow Q3 ’24: $198M, as of Sep 2024Free cash flow Q4 ’24: $103M, as of Dec 2024Free cash flow Q1 ’25: $216M, as of Mar 2025Free cash flow Q2 ’25: $189M, as of Jun 2025Free cash flow Q3 ’25: $197M, as of Sep 2025Free cash flow Q4 ’25: $63.9M, as of Dec 2025Free cash flow Q1 ’26: $179M, as of Mar 2026Free cash flow Q2 ’26: $145M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$1.0B

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $421M, as of Sep 2023Cash Q4 ’23: $528M, as of Dec 2023Cash Q1 ’24: $488M, as of Mar 2024Cash Q2 ’24: $550M, as of Jun 2024Cash Q3 ’24: $700M, as of Sep 2024Cash Q4 ’24: $692M, as of Dec 2024Cash Q1 ’25: $637M, as of Mar 2025Cash Q2 ’25: $787M, as of Jun 2025Cash Q3 ’25: $1.1B, as of Sep 2025Cash Q4 ’25: $1.1B, as of Dec 2025Cash Q1 ’26: $1.1B, as of Mar 2026Cash Q2 ’26: $1.0B, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
49.1M+2.6% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 47.9M, as of Sep 2023Shares outstanding Q1 ’24: 48.7M, as of Mar 2024Shares outstanding Q2 ’24: 48.8M, as of Jun 2024Shares outstanding Q3 ’24: 48.8M, as of Sep 2024Shares outstanding Q1 ’25: 47.9M, as of Mar 2025Shares outstanding Q2 ’25: 47.9M, as of Jun 2025Shares outstanding Q3 ’25: 47.9M, as of Sep 2025Shares outstanding Q1 ’26: 49.1M, as of Mar 2026Shares outstanding Q2 ’26: 49.1M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateWhat happened
3 Nov 202610-Q: Monolithic Power Systems Q3 2026, revenue $1,202.4MQuarter ended 30 Sep 2026: revenue $1,202,409K (vs $737,176K), net income $271,067K, diluted EPS $5.51. Nine months revenue $2,987,236K.filing · SEC 10-Q · 3 Nov 2026
2 Nov 2026Sources added: 0 → 1The dossier's cited-link count grew from 0 to 1.editorial note · the dossier
29 Oct 20268-K: Q3 2026 results, revenue $1,202.4m; CFO appointedQ3 2026 revenue $1,202.4m (up 63.1% YoY); GAAP net income $271.1m, diluted EPS $5.51; Q4 2026 revenue outlook $1,315m-$1,385m. Item 5.02: Tony Balow appointed VP, CFO on 27 Oct 2026.guidance · SEC 8-K · 29 Oct 2026
dossier age
2 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 18 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-21), 541 words, 18 filing mentions
  2. The dossier: What held, 46 words, no filing mention
Research

The Monolithic Power Systems dossier

The verdict

A genuinely elite fabless analog compounder (43% 5yr ROIC) that has become a high-beta levered call on Nvidia's power-delivery socket — priced at ~112x trailing / ~49x NTM EV-EBITDA (peer median ~21x) while carrying an unremediated material weakness, an adverse ICFR opinion, and a live securities class action. Own the franchise, not this multiple; the gap between the Vera Rubin "70% share" dream and the Blackwell "allocation-at-risk" reality is the whole trade.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-21)

  1. Q3 2026 actuals (quarter ended 2026-09-30): revenue $1,202.4M, +22.6% QoQ and +63.1% YoY (Q2 2026 $980.6M; Q3 2025 $737.2M) [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3]. GAAP gross margin 55.4%; GAAP operating income $357.7M (29.7% margin); GAAP net income $271.1M, diluted EPS $5.51 ($3.74 a year earlier). Non-GAAP gross margin 55.7%, operating margin 38.6%, net income $402.7M, EPS $8.19 ($4.73) [8-K Q3].
  2. Above the company's own guide, twice. The Q2 release guided Q3 revenue of $1,140M to $1,160M [8-K Q2, Q3 Business Outlook]; actual $1,202.4M. Q2 revenue was $980.6M [8-K Q2], above the $890M to $910M Q2 guide the prior dossier quoted from.
  3. Q4 2026 guidance (guidance, not actuals): revenue $1,315M to $1,385M; GAAP gross margin 55.2% to 55.8%; non-GAAP 55.5% to 56.1%; GAAP opex $334M to $342M; stock-based compensation $121M to $125M; diluted shares 48.9M to 49.3M [8-K Q3, Q4 Business Outlook]. The H2 gross-margin "headwinds" the prior dossier flagged from the Q1 call do not show in Q3 actuals or the Q4 guide range (55.4% actual; 55.2% to 55.8% guided).
  4. Enterprise Data is now 42% of revenue. Q3 by end market [8-K Q3]: Enterprise Data $506.7M (+164.6% YoY, 42.1% of revenue); Storage & Computing $192.2M (+3.0%); Communications $187.4M (+134.7%, optical modules and switches); Automotive $180.7M (+19.2%); Industrial $71.4M (+29.0%); Consumer $64.0M (−11.6%). The release attributes the Enterprise Data rise to "power management solutions for AI and server applications." It names no customer and gives no share figure for any Nvidia platform.
  5. Stock comp doubled in Q3. Total stock-based compensation was $106.3M against $53.5M in Q2 [8-K Q3]; GAAP opex rose to $307.9M from $237.2M, and GAAP operating margin fell 1.3 points QoQ while non-GAAP rose 1.1 points [8-K Q3]. Q4 guidance has SBC rising again to $121M to $125M (fact 3).
  6. Working capital and cash. Receivables $461.6M (35 days, from 32); internal inventories $764.9M (130 days of current-quarter revenue, from 140) [8-K Q3]. Operating cash flow $289.9M. Cash and short-term investments fell to $1,091.2M from $1,413.8M, after $453.4M of buybacks in Q3 (Q2: $4.0M). In October the board added $500M of buyback authorization, for $1B outstanding [8-K Q3]. The Q3 dividend was $2.00 per share [sec.gov: 8-K 2026-09-10, https://www.sec.gov/Archives/edgar/data/1280452/000162828026061318/mpwr-20260910.htm].
  7. Capacity. The release says capacity now supports more than $6B of annual revenue, with $8B expected by the second half of 2027 [8-K Q3]. It also reports first 48V automotive orders, a first large data-converter design win, and sampling of GaN parts for 800V data-centre designs.
  8. CFO vacancy filled. On 2026-10-27 the board appointed Tony Balow (VP Finance since September 2023, 23 years at Intel before) as CFO, and Robert Dean (interim CFO since February 2026, Controller from 2016) as Chief Accounting Officer [8-K 5.02].
  9. Material weakness: still open at 2026-06-30. The Q2 Form 10-QThe quarterly version of the annual report. Lighter, and not audited. says the deferred-tax material weakness "was not remediated as of June 30, 2026" and that management "expects to remediate the material weakness by the end of fiscal year 2026" [10-Q Q2, Item 4]. The Q3 release still lists material weakness among its risk factors [8-K Q3, safe harbor].
  10. Litigation added a suit. The Q2 10-Q repeats the Waterford securities action and adds a third derivative suit, Moore v. Hsing, et al., No. 26-cv-80720 (S.D. Fla.), filed 2026-06-16 [10-Q Q2, legal proceedings].

What held

  • The business is still a single-segment fabless analog company growing through AI power (fact 4).
  • Gross margin stayed in its 55% band (fact 1).
  • The deferred-tax controls failure is not yet declared fixed, and the securities action is still live (facts 9, 10).

How our view changed

2 dossiers on Monolithic Power Systems since . The verdict has held each time.

Research trail

The research around Monolithic Power Systems

Covered in the Knowledge Base

Hardware — Memory & Compute Architecture

Company details

IndustrySemiconductors
SizePublic Company
WebsiteVisit Monolithic Power Systems

Others in hardware

5 names

Where Monolithic Power Systems sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.