Monolithic Power Systems (MPWR) FY2025 results: revenue $2.8 billion, up 26.4% on the year

Monolithic Power Systems designs power electronics built on semiconductors: chips and modules that convert and control the voltages inside electronic equipment. It was incorporated in 1997 and is fabless, which means third parties manufacture, assemble and test its chips for it. Its parts go into storage and computing, enterprise data, automotive, industrial, communications and consumer applications. At the end of 2025 it employed 4,501 people across Asia, Europe and the United States, up from 4,017 a year earlier.

What it makes

The filing divides semiconductors into discrete devices, such as individual transistors, and integrated circuits, where many transistors and other elements are combined into a more complicated circuit. Integrated circuits divide again into digital, which store or perform arithmetic on data represented as ones and zeroes; analog, which handle real world signals such as temperature, pressure, light, sound or speed, and which also perform power management functions such as regulating or converting voltages; and mixed analog-and-digital, which put both on a single chip. Monolithic Power works in analog and in mixed analog-and-digital parts.

Its product families include direct current to direct current conversion, alternating current to direct current, driver metal-oxide-semiconductor field-effect transistors, power management integrated circuits, current limit switches and lighting control products. The DC to DC products are the ones the filing sets out at length: they convert and control voltages within servers and workstations, AI systems, memory, storage, notebooks, infotainment, power sources, home appliances, network infrastructure and satellite communications. Product life cycles are typically over 10 years.

Where the parts end up

Six end markets, each reported as a share of total revenue. In 2025 storage and computing was the largest at 26.3%, covering memory, storage solutions, notebooks and graphics cards, closely followed by enterprise data at 25.2%, which is cloud-based and on-premises CPU servers and workstations and AI systems. Automotive was 21.2%, covering driver assistance systems, infotainment, USB connectors, body electronics, motion control and lighting. Communications was 11.1%, consumer 9.1% and industrial 7.1%. The mix moves year to year: enterprise data was 32.5% in 2024 and 17.7% in 2023.

How it is made

Third parties manufacture, assemble and test the chips. In contrast to many fabless semiconductor companies, which use the process technologies and design rules their foundry partners set, Monolithic Power developed its own process and packaging technologies and works with its foundry partners to install those technologies on equipment inside the foundries' facilities. Wafers are made under contract in China, Taiwan, South Korea and Singapore. They go on to facilities in China, Taiwan, Singapore, Malaysia and South Korea for wafer sort, the test that identifies non-functioning dies. Assembly and packaging is done by independent subcontractors in China, Taiwan, Malaysia and South Korea, and final testing happens in China, Taiwan, Singapore, Malaysia and South Korea. Typical supply chain lead times for orders run 16 to 26 weeks.

How it reaches the buyer

Selling these parts takes engineering. The company keeps a staff of applications engineers who work directly with its customers' engineers in the development of the systems' electronics that contain its products, and its product positioning is secured through that technical sales and applications engineering effort. The sale itself then goes to end customers primarily through third-party distributors and value-added resellers. That concentrates the customer list: in 2025 three distributors accounted for 26%, 18% and 10% of total revenue, and no other direct customer accounted for more than 10%. Distribution agreements generally provide for payment within 30 to 90 days from the date of invoice. Worldwide sales are primarily billed and payable in US dollars. Asia took 92% of total revenue in 2025, against 94% in 2024 and 87% in 2023.

What it owns

As of the end of 2025 the company had 2,231 patents issued or pending, of which 654 patents had been issued in the United States, scheduled to expire at various times through December 2045. It patents aspects of its circuit and device designs and keeps its manufacturing process technologies as trade secrets instead. The filing states that its patents are material to the business but that it does not rely on any one particular patent for its success.

From Monolithic Power Systems' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.