Monolithic Power Systems, Inc. (MPS) is a fabless global company that designs, develops, and markets high-performance, semiconductor-based power electronics solutions. The company focuses on providing innovative power solutions across various markets, including storage and computing, enterprise data, automotive, industrial, communications, and consumer markets . MPS's product offerings are primarily divided into two main families: DC to DC products and Lighting Control products . The company's revenue is predominantly derived from sales to customers outside North America, with a significant portion coming from Asia .
- DC to DC Products - Develops integrated circuits used for voltage conversion and control in a wide range of electronic systems, serving as the most significant contributor to the company's revenue.
- Lighting Control Products - Provides solutions for backlighting and general illumination, contributing to the company's offerings in lighting applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael Hsing ExecutiveBoard | President, CEO, and Chairman of the Board | None | Founder of MPWR in 1997; holds a B.S.E.E. from the University of Florida; inventor on numerous patents in power electronics. | View Report → |
Bernie Blegen Executive | Executive Vice President and CFO | None | Joined MPWR in 2011 as Corporate Controller; became CFO in 2016; oversees finance, accounting, tax, treasury, and investor relations. | |
Deming Xiao Executive | Executive Vice President and President of Asia Operations | None | Joined MPWR in 2001; previously Foundry Manager and SVP of Operations; holds a B.S. in Semiconductor Physics and an M.S.E.E.. | |
Maurice Sciammas Executive | Executive Vice President, Worldwide Sales and Marketing | None | Joined MPWR in 1999; previously VP of Products and VP of Sales; holds a B.S.E.E. from San Jose State University. | |
Saria Tseng Executive | EVP, Strategic Corporate Development, General Counsel, and Corporate Secretary | None | Joined MPWR in 2004; previously VP, General Counsel; holds Master of Laws degrees from UC Berkeley and Chinese Culture University. | |
Carintia Martinez Board | Director | CIO at IHS Towers | Board member since 2021; over 30 years of experience in IT and cybersecurity; previously VP and CIO at Thales Alenia Space. | |
Eileen Wynne Board | Director | None | Board member since 2023; extensive experience in finance and accounting; previously interim CFO at IDEX Biometrics ASA and VP/CAO at Analog Devices. | |
Eugen Elmiger Board | Director | CEO of Maxon Group; Board Member at Kardex | Board member since 2012; over 30 years of experience in international marketing, sales, and strategic planning; CEO of Maxon Group since 2011. | |
Herbert Chang Board | Director | General Partner of GrowStar Partners Group Limited | Board member since 1999; extensive experience in high-tech investments; previously General Manager of Mutto Optronics Corporation. | |
Jeff Zhou Board | Director | None | Board member since 2010; over 40 years of experience in global manufacturing, electronics, and renewable energy industries; previously CEO of MiaSol\u00e9. | |
Victor K. Lee Board | Director | None | Board member since 2006; extensive financial expertise; previously CFO at Ambarella, Inc. and other companies. |
- With your recent disclosure of a customer exceeding 10% of revenue, can you clarify whether this customer concentration is expected to continue, and what risks it might pose to your business strategy?
- Given that the Street is projecting your Enterprise Data segment to reach nearly $1.1 billion in revenue next year, do you believe this expectation is reasonable amidst the competitive pressures and potential pricing challenges you've mentioned?
- Considering that internal inventory days have decreased significantly while channel inventory remains lean, is there a risk that some of your recent growth is driven by inventory fill, and how are you managing inventory levels to prevent future shortages or overages?
- With increasing competition in the AI power market, including aggressive pricing strategies from Chinese suppliers, are you experiencing any pricing pressure, and what measures are you taking to sustain your market position and margins?
- Although you've invested in expanding your data converters product line, revenue from this segment remains small; what challenges are you facing in gaining market share, and how do you plan to accelerate growth in this area?
Research analysts who have asked questions during MONOLITHIC POWER SYSTEMS earnings calls.
Quinn Bolton
Needham & Company, LLC
6 questions for MPWR
Ross Seymore
Deutsche Bank
6 questions for MPWR
Tore Svanberg
Stifel Financial Corp.
6 questions for MPWR
Gary Mobley
Loop Capital
5 questions for MPWR
Joshua Buchalter
TD Cowen
4 questions for MPWR
William Stein
Truist Securities
4 questions for MPWR
Chris Caso
Wolfe Research LLC
3 questions for MPWR
Christopher Caso
Wolfe Research
3 questions for MPWR
Jack Egan
Charter Equity Research
3 questions for MPWR
Kelsey Chia
Citigroup Inc.
3 questions for MPWR
Richard Schafer
Oppenheimer & Co. Inc.
3 questions for MPWR
Rick Schafer
Oppenheimer & Co. Inc.
3 questions for MPWR
Joe Quatrochi
Wells Fargo
2 questions for MPWR
Joseph Quatrochi
Wells Fargo Securities, LLC
2 questions for MPWR
Josh Buchalter
TD Cowen
2 questions for MPWR
Hans Mosesmann
Rosenblatt Securities
1 question for MPWR
Wei Chia
Citigroup
1 question for MPWR
William Kerwin
Morningstar
1 question for MPWR
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company is identified as a primary competitor in the analog and mixed-signal semiconductor industry, which is highly competitive and characterized by decreasing average selling prices over the life of a product. | |
Infineon Technologies | The company is listed as a direct competitor in the analog and mixed-signal semiconductor market, competing on factors such as product integration, energy efficiency, and cost-effectiveness. |
The company is mentioned as a competitor with substantial financial and other resources, competing in various product lines within the semiconductor industry. | |
The company is noted as a competitor in the analog and mixed-signal semiconductor space, with competition expected to intensify due to industry consolidation. | |
The company is identified as a competitor in the semiconductor market, where competition is based on factors such as product size, energy efficiency, and price points. | |
Renesas Electronics | The company is listed as a competitor in the analog and mixed-signal semiconductor industry, which is characterized by a high level of competition and technological advancements. |
ROHM Semiconductor | The company is mentioned as a competitor in the semiconductor market, competing on product integration and energy efficiency. |
The company is identified as a competitor in the analog and mixed-signal semiconductor industry, where competition is driven by innovation and cost-effectiveness. | |
The company is listed as a competitor in the semiconductor market, competing on factors such as product functionality and energy efficiency. | |
The company is noted as a primary competitor in the analog and mixed-signal semiconductor industry, with substantial resources and a broad range of product offerings. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Distributor A | Third-party distributor | All | 2024: 31% of total revenue , 28% AR. 2023: 26% of total revenue , 42% AR. 2022: 24% of total revenue. |
Distributor B | Third-party distributor | All | 2024: 20% of total revenue , 29% AR. 2023: 19% of total revenue , 13% AR. 2022: 19% of total revenue. |
Distributor C | Third-party distributor | All | 2023: 10% of total revenue , 10% AR. Below 10% in other periods. |
Indirect AI Customer | Indirect customer | All | 2024: 17% of total revenue. Below 10% in 2023 and 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Axign | 2024 | Completed acquisition by Monolithic Power Systems (MPWR) for a purchase consideration of approximately $33.4–33.7 million in cash, including adjustments for escrow and working capital. The deal strategically acquired Axign’s class-D audio IC technology along with key tangible and intangible assets—such as developed technology, in-process R&D, and goodwill from an assembled workforce—with the aim to enhance MPWR's portfolio in consumer and automotive applications. |
Recent press releases and 8-K filings for MPWR.
- Achieved record Q3 revenue of $737.2 million, up 10.9% sequentially and 18.9% year-over-year, driven by growth across all end markets.
- Secured new design wins, including a Tier 1 ADAS solution in automotive and its first full battery management system for a robotics platform, underscoring its shift toward system-level silicon solutions.
- Raised Q4 2025 revenue guidance by ~1%, citing stronger-than-anticipated enterprise data and industrial market momentum carrying into early 2026.
- Expects enterprise data segment to grow 30-40% in 2026, with the bulk of ramps in H2, and maintains a mid-55% gross margin outlook.
- Record Q3 revenue of $737.2 M, up 10.9% QoQ and 18.9% YoY, driven by diversified end-market strength.
- Q4 2025 revenue guidance up ~1% sequentially, underpinned by momentum in enterprise data and industrial segments.
- Notable design wins include expanded ADAS solutions for automotive and first full battery management system for robotics, supporting transition to system-level offerings.
- Gross margins remain in the mid-55% range, expected to stay steady (±20–30 bps) absent extended backlog visibility.
- Enterprise data segment projected to grow 30–40% in 2026, with major ramps in H2 2026 from vertical power and module solutions.
- Record Q3 revenue of $737.2 million, up 10.9% sequentially and 18.9% year-over-year.
- CFO highlighted strong momentum in enterprise data and industrial markets as new customer layering drives growth into Q4 and early 2026.
- Secured key design wins: next-generation automotive ADAS solutions and first full battery management system for robotics, underscoring the shift to full-service silicon-based offerings.
- Management expects gross margins to remain in the mid-55% range, constrained by short-term order visibility.
- Monolithic Power Systems reported Q3 2025 revenue of $737.2 M (up 10.9% QoQ; 18.9% YoY) and GAAP net income of $178.3 M (+33.3% QoQ), or $3.71 EPS.
- Non-GAAP net income was $227.1 M, or $4.73 EPS, reflecting a 12.3% QoQ and 14.3% YoY increase.
- All end markets saw YoY growth, led by Storage & Computing (+29.6%) and Automotive (+36.1%).
- Cash, cash equivalents and short-term investments totaled $1.27 B, and operating cash flow was $239.3 M in the quarter.
- For Q4 2025, MPS forecasts revenue of $730 M–$750 M and non-GAAP gross margin of 55.2%–55.8%.
- Third-quarter revenue was $737.2 million, up 10.9% sequentially and 18.9% year-over-year.
- GAAP net income of $178.3 million ($3.71 diluted EPS) and non-GAAP net income of $227.1 million ($4.73 diluted EPS).
- Non-GAAP gross margin of 55.5% and operating margin of 35.4% in Q3 2025.
- All end markets grew year-over-year, led by Automotive (+36.1%) and Storage & Computing (+29.6%).
- Fourth-quarter revenue guidance set at $730 million to $750 million.
- Revenue reached $2.748 B in 2025, marking a 24.9% CAGR since 2018 vs. 5.1% industry growth.
- Non-GAAP EPS was $14.12 in 2024, alongside a 55.8% non-GAAP gross margin.
- Free cash flow of $638 M in 2024, with 74% returned to shareholders via $636 M in buybacks and $241 M in dividends; $640 M repurchased (2018–24), $500 M buyback authorization remaining.
- ESG metrics: 18% reduction in greenhouse gas emissions, 40% renewable electricity usage, and 40% of workforce are women in 2024.
- Reed Semiconductor filed a patent infringement lawsuit against Monolithic Power Systems in the U.S. District Court for the Western District of Texas, alleging infringement of U.S. Patent No. 7,960,955 covering power semiconductor devices.
- The complaint asserts MPS engaged in bad-faith interference with Reed’s business relationships and labels MPS’s prior lawsuits (2023–2025) as baseless.
- Reed emphasizes its significant R&D investments in technologies such as Constant On-Time control, Smart Power Stage architecture, and DDR5 PMICs, accusing MPS of improperly profiting from misappropriated IP.
- Q2 revenue of $664.6 M, up 4.2% sequentially and 31% year-over-year, marking a record quarter.
- Q3 guidance targets ~8% sequential growth at midpoint; enterprise data expected to grow 20–30%, consumer seasonality positive, other markets high-single-digits, with storage & compute showing caution.
- AI ASIC programs are beginning initial shipments across multiple customers, and the $4 B SAM for enterprise data remains unchanged for the near- to mid-term.
- Automotive content ramps are driving strong demand, with full-year growth of 40–50% anticipated and further step-ups in Q3–Q4 as new platforms launch.
- Capacity can support up to $4 B in annual revenue, with a goal of 50% capacity outside China by year-end; channel inventories remain lean to meet short-lead-time demand.
- Q1 2025 revenue reached $637.6 million, marking a 39.2% YoY increase compared to Q1 2024 and a sequential increase from Q4 2024
- Reported GAAP net income of $133.8 million and diluted EPS of $2.79, reflecting improved profitability
- Diversified innovation across robotics, automotive, data center, building automation, medical and audio drove strong performance, design wins, and ramp opportunities in the second half
- Strong performance in key end markets is highlighted by sequential growth in Storage & Computing and Automotive segments along with forward guidance for Q2 2025
- Ongoing global diversification in manufacturing and R&D supports the strategic shift towards delivering full-service, silicon-based solutions
- The Board approved Amended and Restated Bylaws effective immediately, which include new shareholder rights and procedures for calling special meetings, provided a shareholder holds at least 30% of voting stock continuously for one year.
- The amendments establish detailed procedures for stockholder-nominated director elections and proxy access, outlining disclosure and nomination requirements to ensure clarity in governance.
- Additional provisions cover matters including forum selection for legal disputes and enhanced indemnification for directors and officers, reinforcing the company’s governance framework.