Short answer
Monolithic Power Systems (MPWR) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $2.8B (+26.4% year over year) and net income of $621M.
- Top risk flagged: 92% of revenue from Asia customers; export control rules targeting AI-enabling products risk cutting off key market access
FY2025 key financial metrics · XBRL
- Revenue
- $2.8B
- +26.4% YoY
- Net income
- $621M
- −65.2% YoY
- Operating margin
- 26.1%
- +1.7 pp YoY
- Gross margin
- 55.2%
- −0.1 pp YoY
- EPS (diluted)
- $12.86
- −64.9% YoY
- ROE
- 17.6%
- −39.2 pp YoY
- Operating cash flow
- $838M
- +6.3% YoY
Source: XBRL data from the Monolithic Power Systems (MPWR) FY2025 10-K on SEC EDGAR. USD.
Monolithic Power Systems FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Fabless analog/mixed-signal IC maker serving storage, enterprise data, automotive, communications, consumer, and industrial end markets via proprietary process/packaging tech
- Enterprise data revenue share fell sharply to 25.2% from 32.5%; storage & computing rose to 26.3% from 22.7%, reclaiming top-market position: reflects AI server demand normalization
- Automotive segment grew to 21.2% of revenue from 18.8%, signaling continued diversification away from cloud concentration
- Headcount grew 12% YoY to 4,501 employees (from 4,017), with 2,231 patents/applications as of Dec 31, 2025
- CFO Bernie Blegen departing immediately post-filing; Corporate Controller Rob Dean stepping in as Interim CFO: notable leadership transition disclosed within the 10-K itself
Management Discussion & Analysis
- Revenue $2.79B, up $583.4M (+26.4% YoY) driven by volume growth; Storage & Computing best segment at $732.5M (+46.0%), Enterprise Data worst at -$14.4M (-2.0%)
- Operating margin 26.1% vs 24.4%; gross margin 55.2% vs 55.3%; net margin 22.3% vs 72.1% (2024 inflated by $1.0B one-time tax benefit)
- Operating cash flow $838.2M vs $788.4M prior year; cash + investments $1.26B vs $862.9M
- Buybacks minimal at $6.6M (new $500M program, $493.4M remaining); quarterly dividend raised from $1.56 to $2.00/share effective April 2026
- Key risks: tariffs/export controls, global macro uncertainty; $442.2M purchase obligations outstanding, $389.8M due within 12 months
Risk Factors
- 92% of revenue from Asia customers; export control rules targeting AI-enabling products risk cutting off key market access
- Top 3 distributors (all distributors) = 54% of FY2025 revenue; single distributor loss could materially disrupt financials
- Material weakness in deferred income tax accounting identified; internal controls deemed ineffective at Dec 31, 2024 and 2025
- CHIPS Act excludes fabless model; MPS ineligible for funding while competitors gain production capacity and shorter lead times
- $1.1B deferred tax benefit from 10-year foreign tax incentive at risk if OECD Pillar Two Administrative Guidance adopted by granting jurisdiction
Generated from the filing text; verify against the original. How to read a 10-K
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