# Monolithic Power Systems, Inc. (MPWR)

> Source: Nexqual · https://nexqual.com/MPWR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Monolithic Power Systems, Inc. (MPWR), nexqual.com/MPWR" · informational, not investment advice.

**Price:** USD 1,167.93 (-8.99% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1,283.32 · day 1,148.47–1,230.42 · 52w 833.18–1,714.09 · market cap $57.4B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.27B, net income $802M (24.5% margin), free cash flow $586M (SEC filings).
- Valuation: P/E 71.6x (avg 53.5x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold MPWR (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 25 Form 4 filings, $254M; 16 not under a Rule 10b5-1 plan ($154M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 14 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (17 analysts), mean target USD 1,799.8 (range 1,500–2,100).
- Total return with dividends: 1Y +9.8% vs S&P 500 +14.9%; 5Y +137.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 7.75, revenue estimate $1.16B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.21B | $1.79B | $1.82B | $2.21B | $2.79B | $3.27B |
| Gross profit | $685M | $1.05B | $1.02B | $1.22B | $1.54B | — |
| Operating income | $262M | $527M | $482M | $539M | $729M | $940M |
| Net income | $242M | $438M | $427M | $1.59B | $621M | $802M |
| EPS (diluted) | $5.05 | $9.05 | $8.76 | $32.60 | $12.86 | — |
| Free cash flow | $226M | $188M | $581M | $642M | $666M | $586M |
| Gross margin | 56.8% | 58.4% | 56.1% | 55.3% | 55.2% | — |
| Operating margin | 21.7% | 29.4% | 26.5% | 24.4% | 26.1% | 28.7% |
| Net margin | 20.0% | 24.4% | 23.5% | 72.1% | 22.3% | 24.5% |
| Revenue growth | +43.0% | +48.5% | +1.5% | +21.2% | +26.4% | — |
| Cash + short-term investments | $725M | $738M | $1.11B | $863M | $1.26B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 71.6x · P/S 17.5x · P/FCF 98.0x · P/B 14.7x · FCF yield 1.02% · Earnings yield 1.40% · Dividend yield (paid, TTM) 0.57%
P/E at fiscal year-ends: Dec 2025 70.5x, Dec 2024 18.1x, Dec 2023 72.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold MPWR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 0.69% | $5.1M | Added +0.2% |
| Lee Ainslie | Maverick Capital | 0.01% | $820K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
9 of 25 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-28 | Hsing Michael | CEO | 30,000 | $40.3M | 3% | Yes | Routine (sold in Jan & Feb & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-24 | Dean Robert W Ii | Interim CFO | 32 | $42K | 0.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-24 | Chang Kuo Wei Herbert | Director | 50 | $64K | 8.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Dean Robert W Ii | Interim CFO | 6 | $8K | 0.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Chang Kuo Wei Herbert | Director | 50 | $71K | 8.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-05 | Dean Robert W Ii | Interim CFO | 105 | $141K | 1.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Sciammas Maurice | EVP, WW Sales & Marketing | 30 | $40K | 0% | Yes | Routine (sold in Feb & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-07-15 | Sciammas Maurice | EVP, WW Sales & Marketing | 15,000 | $20.2M | 6% | Yes | Routine (sold in Feb & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Sciammas Maurice | EVP, WW Sales & Marketing | 30 | $41K | 0% | Yes | Routine (sold in Feb & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-01 | Sciammas Maurice | EVP, WW Sales & Marketing | 30 | $46K | 0% | Yes | Routine (sold in Feb & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-27 | Tseng Saria | EVP & General Counsel | 7,565 | $12.9M | 5% | No | Routine (sold in Feb & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-26 | Dean Robert W Ii | Interim CFO | 22 | $36K | 0.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Zhou Jeff | Director | 486 | $816K | 11.3% | No | Too little history (no open-market trades in 2023) |
| 2026-05-22 | Tseng Saria | EVP & General Counsel | 5,000 | $7.9M | 3.2% | No | Routine (sold in Feb & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Hsing Michael | CEO | 40,000 | $59.3M | 3.9% | No | Routine (sold in Jan & Feb & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Dean Robert W Ii | Interim CFO | 4 | $6K | 0.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-15 | Sciammas Maurice | EVP, WW Sales & Marketing | 12,000 | $18.7M | 4.4% | Yes | Routine (sold in Feb & May & Nov each year 2023–2025) |
| 2026-05-06 | Elmiger Eugen J | Director | 12,000 | $19.0M | 69% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Xiao Deming | EVP, Global Operations | 30,000 | $49.6M | 11.5% | No | Routine (sold in Feb & Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-06 | Wynne Eileen | Director | 335 | $530K | 25% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.88 on a 1–5 scale), 17 analysts; mean target USD 1,799.8 (low 1,500, high 2,100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Wells Fargo | Target lowered | Overweight | $1800 → $1550 |
| 2026-10-19 | TD Cowen | Target lowered | Buy | $1850 → $1700 |
| 2026-09-03 | StoneX | Initiated | Buy | $1800 |
| 2026-07-31 | Wells Fargo | Target raised | Overweight | $1700 → $1800 |
| 2026-07-31 | Truist Securities | Target raised | Buy | $1805 → $1889 |
| 2026-07-31 | Keybanc | Target raised | Overweight | $2000 → $2100 |
| 2026-07-31 | Rosenblatt | Maintained | Neutral | $1575 |
| 2026-07-31 | Needham | Target raised | Buy | $1750 → $2000 |
| 2026-07-20 | Wells Fargo | Target lowered | Overweight | $1860 → $1700 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.8% | +137.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.8% | +18.8% |
| Volatility (annualized) | 54.7% | 48.3% |
| Max drawdown | -32.3% (Jun 2026→Sep 2026) | -48.9% (Oct 2024→Mar 2025) |

## Peers (Semiconductors)
NXPI (NXP Semiconductors N.V.) USD 237.79 -1.89% · UMC (United Microelectronics Corpora) USD 18.53 -6.51% · ALAB (Astera Labs, Inc.) USD 257.82 -11.11% · MCHP (Microchip Technology Incorporat) USD 74.52 -3.41% · ASX (ASE Technology Holding Co., Ltd) USD 37.74 -11.01% · STM (STMicroelectronics N.V.) USD 44.09 -7.04%

## More
Full page: https://nexqual.com/MPWR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MPWR's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Analog Devices (ADI) | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Tex…" |
| Competitor | Infineon | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Tex…" |
| Competitor | NXP Semiconductors (NXPI) | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Tex…" |
| Competitor | onsemi (ON) | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Tex…" |
| Competitor | Renesas | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Tex…" |
| Competitor | STMicroelectronics (STM) | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Tex…" |
| Competitor | Texas Instruments (TXN) | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Tex…" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| China | $502.0M | 51.2% | +26.1% |
| Taiwan | $260.5M | 26.6% | +148.2% |
| South Korea | $87.9M | 9.0% | +38.4% |
| Southeast Asia | $49.0M | 5.0% | +40.4% |
| Europe | $34.8M | 3.6% | +31.5% |
| U.S. | $26.2M | 2.7% | +44.6% |
| Japan | $20.2M | 2.1% | +8.8% |
| Other | $120,000 | 0.0% | -4.0% |
| Total revenue | $980.6M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 28%, 15%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $7.75 | $6.48 | +19.6% | $1.16B | 14 |
| Next quarter (ends 2026-12-31) | $8.16 | $6.70 | +21.7% | $1.22B | 14 |
| Current fiscal year (ends 2026-12-31) | $27.55 | $24.17 | +14.0% | $4.16B | 15 |
| Next fiscal year (ends 2027-12-31) | $35.27 | $30.59 | +15.3% | $5.33B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±15.6%; last 8 reports averaged ±9.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 68.8% | ±15.6% |
| 2026-12-18 | 56 | 61.1% | ±19.4% |
| 2027-01-15 | 84 | 58.0% | ±22.4% |
| 2027-02-19 | 119 | 58.0% | ±26.6% |
| 2027-03-19 | 147 | 57.2% | ±29.1% |
| 2027-05-21 | 210 | 57.7% | ±34.8% |
| 2027-06-17 | 237 | 57.1% | ±36.5% |
| 2027-09-17 | 329 | 56.6% | ±42.4% |