# Power Integrations, Inc. (POWI)

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

**Price:** USD 47.12 (-2.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 48.25 · day 45.91–47.79 · 52w 30.86–91.18 · market cap $2.63B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $449M, net income $25.1M (5.6% margin), free cash flow $79.0M (SEC filings).
- Valuation: P/E 105.0x (avg 95.0x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income $9.7M vs operating income $15.2M over the last four quarters; P/E excluding non-operating income ≈171.6x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $28.3M; 10 not under a Rule 10b5-1 plan ($28.3M); 0 by opportunistic insiders, 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.20 on a 1–5 scale) (5 analysts), mean target USD 71.75 (range 65–80).
- Total return with dividends: 1Y +9.7% vs S&P 500 +14.9%; 5Y -50.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.42, revenue estimate $126M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $703M | $651M | $445M | $419M | $444M | $449M |
| Gross profit | $361M | $367M | $229M | $225M | $242M | — |
| Operating income | $175M | $180M | $35.1M | $17.9M | $10.2M | $15.2M |
| Net income | $164M | $171M | $55.7M | $32.2M | $22.1M | $25.1M |
| EPS (diluted) | $2.67 | $2.93 | $0.97 | $0.56 | $0.39 | — |
| Free cash flow | $184M | $176M | $44.9M | $63.9M | $87.1M | $79.0M |
| Gross margin | 51.3% | 56.3% | 51.5% | 53.6% | 54.5% | — |
| Operating margin | 24.9% | 27.7% | 7.9% | 4.3% | 2.3% | 3.4% |
| Net margin | 23.4% | 26.2% | 12.5% | 7.7% | 5.0% | 5.6% |
| Revenue growth | +44.0% | -7.4% | -31.7% | -5.8% | +5.9% | — |
| Cash + short-term investments | $530M | $354M | $312M | $300M | $250M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 105.0x · P/E ex non-operating (est.) ≈171.6x · P/S 5.9x · P/FCF 33.3x · P/B 3.9x · FCF yield 3.00% · Earnings yield 0.95% · Dividend yield (paid, TTM) 1.79% · Buyback yield (TTM) 1.61%
P/E at fiscal year-ends: Dec 2025 90.6x, Dec 2024 109.4x, Dec 2023 84.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 10 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 |
|---|---|---|---|---|---|---|---|
| 2026-07-22 | Lloyd Jennifer A | President and CEO | 12,690 | $936K | 8.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-29 | Gupta Sunil | Sr. Vice President, Operations | 6,860 | $574K | 9.6% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-28 | Balakrishnan Balu | Director | 124,287 | $10.7M | 30.8% | No | Routine (sold in Feb & Apr each year 2023–2025; this trade is outside those months) |
| 2026-05-27 | Brathwaite Nicholas | Director | 1,728 | $150K | 7.2% | No | Too little history (no open-market trades in 2025) |
| 2026-05-26 | Gupta Sunil | Sr. Vice President, Operations | 15,894 | $1.3M | 18.2% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-26 | Brathwaite Nicholas | Director | 6,655 | $550K | 21.7% | No | Too little history (no open-market trades in 2025) |
| 2026-05-26 | Balakrishnan Balu | Director | 118,573 | $9.7M | 22.7% | No | Routine (sold in Feb & Apr each year 2023–2025; this trade is outside those months) |
| 2026-05-21 | Balakrishnan Balu | Director | 53,880 | $3.8M | 9.4% | No | Routine (sold in Feb & Apr each year 2023–2025; this trade is outside those months) |
| 2026-05-13 | Brathwaite Nicholas | Director | 6,895 | $499K | 18.4% | No | Too little history (no open-market trades in 2025) |
| 2026-04-02 | Jain Gagan | VP, Worldwide Sales | 313 | $16K | 1.2% | No | Too little history (no open-market trades in 2023) |
% 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 2.20 on a 1–5 scale), 5 analysts; mean target USD 71.75 (low 65, high 80).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Susquehanna | Target lowered | Positive | $85 → $70 |
| 2026-10-05 | Stifel | Target lowered | Buy | $80 → $72 |
| 2026-08-06 | Stifel | Target lowered | Buy | $95 → $80 |
| 2026-08-06 | Needham | Target lowered | Buy | $90 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.7% | -50.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.8% | -13.2% |
| Volatility (annualized) | 57.3% | 42.5% |
| Max drawdown | -48.8% (Jun 2026→Oct 2026) | -67.7% (Nov 2021→Nov 2025) |

## Peers (Semiconductors)
NVTS (Navitas Semiconductor Corporati) USD 8.49 -7.31% · DIOD (Diodes Incorporated) USD 81.64 -8.10% · VSH (Vishay Intertechnology, Inc.) USD 27.03 -9.54% · SYNA (Synaptics Incorporated) USD 117.04 -0.39% · PI (Impinj, Inc.) USD 162.7 -9.01% · CRUS (Cirrus Logic, Inc.) USD 110.49 -0.14%

## More
Full page: https://nexqual.com/POWI · 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 POWI's own 10-K filed 2026-02-06 (https://www.sec.gov/Archives/edgar/data/833640/000083364026000037/powi-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Lapis Semiconductor | "We contract with three foundries for the manufacture of the vast majority of our silicon wafers: (1) Lapis Semiconductor Co., Ltd., or Lapis, (formerly OKI Electric Industry), (2) Seiko Epson Corporation, or Epson and (3…" |
| Supplier | Seiko Epson | "We contract with three foundries for the manufacture of the vast majority of our silicon wafers: (1) Lapis Semiconductor Co., Ltd., or Lapis, (formerly OKI Electric Industry), (2) Seiko Epson Corporation, or Epson and (3…" |
| Supplier | X-FAB Semiconductor Foundries | "We contract with three foundries for the manufacture of the vast majority of our silicon wafers: (1) Lapis Semiconductor Co., Ltd., or Lapis, (formerly OKI Electric Industry), (2) Seiko Epson Corporation, or Epson and (3…" |
| Competitor | Infineon | "Competing alternatives to our high-voltage ICs for the power-supply market include monolithic and hybrid ICs from companies such as STMicroelectronics, Infineon Technologies and Sanken Electric Company, as well as PWM-co…" |
| Competitor | STMicroelectronics (STM) | "Competing alternatives to our high-voltage ICs for the power-supply market include monolithic and hybrid ICs from companies such as STMicroelectronics, Infineon Technologies and Sanken Electric Company, as well as PWM-co…" |
| Competitor | NXP Semiconductors (NXPI) | "Such controller chips are produced by a large number of vendors, including those listed above as well as others including NXP Semiconductors, Texas Instruments, Diodes Inc., On-Bright Electronics, MediaTek Inc., Renesas …" |
| Competitor | Texas Instruments (TXN) | "Such controller chips are produced by a large number of vendors, including those listed above as well as others including NXP Semiconductors, Texas Instruments, Diodes Inc., On-Bright Electronics, MediaTek Inc., Renesas …" |
| Competitor | MediaTek | "Such controller chips are produced by a large number of vendors, including those listed above as well as others including NXP Semiconductors, Texas Instruments, Diodes Inc., On-Bright Electronics, MediaTek Inc., Renesas …" |
| Competitor | Renesas | "Such controller chips are produced by a large number of vendors, including those listed above as well as others including NXP Semiconductors, Texas Instruments, Diodes Inc., On-Bright Electronics, MediaTek Inc., Renesas …" |
| Competitor | onsemi (ON) | "Our motor-driver ICs compete with power modules from such companies as ON Semiconductor, Infineon, STMicroelectronics, Mitsubishi and Sanken as well as discrete designs from a wide range of other suppliers." |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hong Kong/China | $53.2M | 44.7% | -21.4% |
| Other APAC | $27.8M | 23.3% | +8.5% |
| EMEA | $17.4M | 14.7% | +36.6% |
| Singapore | $15.9M | 13.4% | +300.0% |
| Americas | $4.7M | 3.9% | -20.4% |
| Total revenue | $118.9M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 33%, 16%, 11%, 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.41 | $0.39 | +5.2% | $126.0M | 4 |
| Next quarter (ends 2026-12-31) | $0.40 | $0.38 | +6.9% | $124.4M | 4 |
| Current fiscal year (ends 2026-12-31) | $1.39 | $1.33 | +4.2% | $477.4M | 5 |
| Next fiscal year (ends 2027-12-31) | $1.87 | $1.85 | +1.1% | $545.4M | 5 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±16.3%; last 8 reports averaged ±5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 72.4% | ±16.3% |
| 2026-12-18 | 56 | 68.3% | ±21.3% |
| 2027-01-15 | 84 | 61.7% | ±23.2% |
| 2027-04-16 | 175 | 64.7% | ±34.6% |
| 2027-06-17 | 237 | 60.8% | ±37.5% |