Power Integrations (POWI) FY2024 results: revenue $419 million, down 5.8% on the year

Power Integrations Inc. (POWI) reported revenue of $419 million for fiscal 2024, the year ended 31 December 2024, down 5.8% on the year before. Net income was $32 million, down 42.2%, and diluted earnings per share $0.56. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2025.

Revenue

$419 million

-5.8% on the year

FY2017FY2024

Operating margin

4.3%

7.9% a year earlier

FY2017FY2024

Net income

$32 million

-42.2% on the year

FY2017FY2024

Diluted EPS

$0.56

-42.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	419	445	651	-5.8%
Cost of revenue	194	216	284	-9.9%
Gross profit	225	229	367	-1.8%
Gross margin	53.6%	51.5%	56.3%
Research and development	101	96.1	93.9	+4.9%
Operating income	17.9	35.1	180	-48.9%
Operating margin	4.3%	7.9%	27.7%
Pre-tax income	30.8	45.9	183	-33.0%
Income tax	-1.5	-9.8	12.6
Effective tax rate	-4.8%	-21.4%	6.9%
Net income	32.2	55.7	171	-42.2%
Net margin	7.7%	12.5%	26.2%
Diluted EPS	$0.56	$0.97	$2.93	-42.3%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	81.2	65.8	215	+23.5%
Capital expenditure	17.3	20.9	39.2	-17.2%
Free cash flow	63.9	44.9	176	+42.4%
Free cash flow margin	15.3%	10.1%	27.0%
Cash from investing	-25.9	-14.2	78.3
Cash from financing	-68.2	-93.0	-346
Depreciation and amortisation	34.6	37.4	37.3	-7.5%
Share-based compensation	35.1	28.5	22.4	+23.0%
Buybacks	27.9	55.3	311	-49.6%
Dividends paid	46.0	44.0	41.5	+4.6%
Diluted shares, weighted	57m	58m	58m	-0.9%
Shares outstanding at period end	57m	57m	57m	+0.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	750	752	755	-0.3%
Debt	0.0	0.0	0.0
Operating lease liabilities	12.6	7.4	5.8	+71.8%
Other liabilities	66.4	60.3	79.0	+10.2%
Total liabilities and equity	829	820	840	+1.1%
Fixed assets	150	164	177	-8.9%
Goodwill	95.3	91.8	91.8	+3.7%
Intangible assets	8.1	4.4	6.6	+82.5%
Investments	249	248	248	+0.6%
Cash and equivalents	51.0	63.9	105	-20.3%
Receivables	27.2	14.7	20.8	+85.2%
Inventory	166	163	135	+1.5%
Other assets	83.1	70.0	54.9	+18.8%
Total assets	829	820	840	+1.1%

10-K for the year ended 31 December 2024, filed 7 February 2025: the filing.