Short answer
Monolithic Power Systems (MPWR) filed its fiscal 2024 10-K annual report with the SEC on Mar 3, 2025. It reported revenue of $2.2B (+21.2% year over year) and net income of $1.8B.
- Top risk flagged: Chinese government regulations and potential reduction of semiconductor industry incentives increasing costs and limiting operations in China
FY2024 key financial metrics · XBRL
- Revenue
- $2.2B
- +21.2% YoY
- Net income
- $1.8B
- +318.1% YoY
- Operating margin
- 24.4%
- −2.0 pp YoY
- Gross margin
- 55.3%
- −0.8 pp YoY
- EPS (diluted)
- $36.59
- +317.7% YoY
- ROE
- 56.8%
- +35.9 pp YoY
- Operating cash flow
- $788M
- +23.5% YoY
Source: XBRL data from the Monolithic Power Systems (MPWR) FY2024 10-K on SEC EDGAR. USD.
Monolithic Power Systems FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Fabless semiconductor company delivering high-performance, integrated analog and mixed-signal power electronics solutions globally
- New emphasis: Significant revenue increase from enterprise data market to 32.5% in 2024, up from 17.7% in 2023, driven by AI server applications
- Strategic shift: Greater customer diversification with two largest distributors accounting for 51% revenue in 2024 vs 43% in 2023, reducing reliance on top three distributors
- Notable metric: Employee count over 4,000 worldwide with expanded engineering teams in Asia, Europe, and U.S., supporting R&D in proprietary process technologies
- Unique fact: Revenue from indirect sales to single AI-focused customer jumped to 17% in 2024, up from below 10% in prior years, highlighting AI market impact
Management Discussion & Analysis
- Revenue $1.54B, increase vs prior year not specifically quantified in provided text
- Asia sales 94% of total revenue in 2024, up from 87% in 2023 and 86% in 2022, key geographic segment
- Capital expenditures limited due to fabless model; no specific buybacks or dividends disclosed
- Management cautious on macroeconomic risks including inflation, interest rates, trade regulations; no formal financial guidance provided
Risk Factors
- Chinese government regulations and potential reduction of semiconductor industry incentives increasing costs and limiting operations in China
- Geopolitical tensions in Taiwan and Hong Kong risking disruption of significant business operations and supply chains
- Dependence on key suppliers in China exposes to operational capacity shortages, cost increases, and supply chain delays
- Competition risk from customers developing internal solutions and stronger competitors amid semiconductor industry consolidation
- Revenue concentration with 94% from Asia customers creating significant exposure to regional economic downturns and currency fluctuations
Generated from the filing text; verify against the original. How to read a 10-K
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