Monolithic Power Systems (MPWR) FY2022 results: revenue $1.8 billion, up 48.5% on the year

Monolithic Power Systems, Inc. (MPWR) reported revenue of $1.8 billion for fiscal 2022, the year ended 31 December 2022, up 48.5% on the year before. Net income was $438 million, up 80.8%, and diluted earnings per share $9.05. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$1.8 billion

+48.5% on the year

FY2015FY2022

Operating margin

29.4%

21.7% a year earlier

FY2015FY2022

Net income

$438 million

+80.8% on the year

FY2015FY2022

Diluted EPS

$9.05

+79.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,794	1,208	844	+48.5%
Cost of revenue	746	522	378	+42.7%
Gross profit	1,049	685	466	+53.0%
Gross margin	58.4%	56.8%	55.2%
Research and development	240	191	138	+26.0%
Selling, general and administrative	282	232	162	+21.2%
Operating income	527	262	159	+100.7%
Operating margin	29.4%	21.7%	18.8%
Pre-tax income	525	272	169	+92.8%
Income tax	87.3	30.2	5.0	+189.0%
Effective tax rate	16.6%	11.1%	2.9%
Net income	438	242	164	+80.8%
Net margin	24.4%	20.0%	19.5%
Diluted EPS	$9.05	$5.05	$3.50	+79.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	247	320	268	-22.9%
Capital expenditure	58.8	94.4	55.6	-37.7%
Free cash flow	188	226	212	-16.7%
Free cash flow margin	10.5%	18.7%	25.1%
Cash from investing	-12.5	-379	-39.2
Cash from financing	-129	-90.2	-71.6
Depreciation and amortisation	37.1	28.7	19.2	+29.3%
Share-based compensation	161	123	85.6	+30.4%
Buybacks	0.0	0.0	n/a
Dividends paid	138	109	88.8	+26.2%
Dividend per share	$3.00	$2.40	$2.00	+25.0%
Diluted shares, weighted	48m	48m	47m	+1.0%
Shares outstanding at period end	47m	46m	45m	+1.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,669	1,244	967	+34.1%
Debt	n/a	0.0	n/a
Operating lease liabilities	1.7	n/a	n/a
Other liabilities	389	342	242	+13.7%
Total liabilities and equity	2,059	1,586	1,208	+29.8%
Fixed assets	357	363	282	-1.6%
Goodwill	6.6	6.6	6.6	0.0%
Investments	451	538	263	-16.2%
Cash and equivalents	289	189	335	+52.5%
Receivables	183	105	66.8	+74.3%
Inventory	447	259	157	+72.4%
Other assets	326	125	98.5	+161.3%
Total assets	2,059	1,586	1,208	+29.8%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.