Monolithic Power Systems (MPWR) FY2025 10-K Annual Report
Monolithic Power Systems (MPWR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Monolithic Power Systems FY2025 10-K Analysis
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
Monolithic Power Systems FY2025 Key Financial MetricsXBRL
Revenue
$2.8B
▲ +26.4% YoY
Net Income
$621M
▼ -65.2% YoY
Gross Margin
55.2%
▼ -14bp YoY
Operating Margin
26.1%
▲ +167bp YoY
Net Margin
22.3%
▼ -5868bp YoY
ROE
17.6%
▼ -3920bp YoY
Total Assets
$4.2B
▲ +16.0% YoY
EPS (Diluted)
$12.86
▼ -64.9% YoY
Operating Cash Flow
$838M
▲ +6.3% YoY
Source: XBRL data from Monolithic Power Systems FY2025 10-K filing on SEC EDGAR. All figures in USD.
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