Monolithic Power Systems, Inc.

The grade, in three tenses

Headline 7.1 out of ten, 9 of 9 metrics filed: past 6.3 out of ten, present 8.4 out of ten, future 6.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 1.9 out of ten. 2 warning events since 2017; the latest 2026-02-27. 19th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 9.0 out of ten. +24.5% a year over 10 filed years; profitable in 10 of 10. 90th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 7.2 out of ten. Share count steady. 60% of cash flow returned. Insiders: 330 sales, 0 purchases. 71st percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 8.2 out of ten. ROE 18%: 18¢ of profit per shareholder dollar. Leverage 16%: owes 16¢ per asset dollar. 82nd percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.8 out of ten. top 22% of 97 in its family; net margin 22.3%. 78th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 9.7 out of ten. top 3% of 66 in its family for leadership; chief executive since 2008. 97th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.9 out of ten. top 31% of 94 in its family for room to expand. 69th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 7.0 out of ten. top 30% of 93 in its family for growth drivers. 70th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.5 out of ten. bottom 35% of 88 in its family for expectations against reality. 35th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-27 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-30 (on EDGAR). Newest filing: Form 4, 2026-09-30. Filings on record since 2004. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-27.

The people

Michael Hsing founded Monolithic Power Systems in 1997 and has run it ever since, as president, chief executive and chairman of the board; he took the company public in 2004. Before founding it he was a senior silicon technology developer at several analog chip companies, where he developed and patented process technologies. The board keeps a lead independent director beside him, Herbert Chang, who has sat on it since September 1999. On the insider record this site holds, fifteen people have filed ownership forms for the company and twelve of them filed in the last fifteen months; Hsing's own first filing was in 2006, the first year the SEC's data sets reach. [1, 2, 3, 4]

Four other executive officers are named in the annual report, and the finance seat changed with it. Bernie Blegen had been chief financial officer since July 2016, after serving as corporate controller from August 2011 to March 2016 and as interim finance chief until that July; the report says that immediately after it was filed he would cease to serve, and that Rob Dean, the corporate controller, would take over as interim chief financial officer. Deming Xiao, executive vice president for global operations, joined in May 2001 and has been president of Asia operations since January 2008. Maurice Sciammas, who runs worldwide sales and marketing, joined in July 1999 from Supertex, where he had been director of IC products from 1990. Saria Tseng has been general counsel and corporate secretary since 2004 and took on strategic corporate development in 2009. [5, 6, 7, 8, 9, 4]

The board has seven members and six of them are independent: Herbert Chang, Eugen Elmiger, Victor K. Lee, Carintia Martinez, Eileen Wynne and Jeff Zhou. They are long serving, and drawn from the trades the company sells into. Chang, the lead independent director, has been on the board since September 1999 and is a venture capitalist. Lee joined in September 2006 and was finance chief of Ambarella. Zhou joined in February 2010 and ran MiaSole, a thin film solar business. Elmiger joined in October 2012 and runs maxon Group, which makes precision electric drives. Martinez joined in May 2021 and is chief digital information officer at Automotive Cells Company, a battery developer. Wynne joined in February 2023 and worked at Analog Devices, a rival the company names, from November 1999 to June 2019, ending as its chief accounting officer. [2, 10, 11, 12, 13, 14, 15, 16, 17]

At the end of 2025 the company employed 4,501 people across Asia, Europe and the United States, up from 4,017 a year before; the annual report gives no split by job. Some employees are covered by collective bargaining agreements, and it says it has never had a work stoppage or strike. Its largest testing plants are in Chengdu, China. Its property is mostly abroad and mostly owned: of the buildings over ten thousand square feet it counts, it owns 1,189,000 square feet, 973,000 of that outside the United States, and leases 492,000 more. [18, 19, 20]

How it operates

Monolithic Power Systems designs power electronics: the analog and mixed signal chips that convert and control the voltages inside an electronic system. It was incorporated in 1997. It is fabless, meaning it designs the chips and hires other companies to make, assemble and test them, but it does that unlike most: it has developed its own process and packaging technologies and gets its foundry partners to install them on equipment in their own factories for its use. Its main product families are direct current to direct current converters, alternating current to direct current converters, driver transistors, power management chips, current limit switches and lighting control parts. The direct current converters go into cloud and on premises processor servers and workstations, artificial intelligence systems, memory, storage, notebooks, car infotainment, power supplies, home appliances, network gear and satellite communications. [21, 22, 23, 24]

It reaches the companies that use its chips through other companies. In 2025, 85% of sales went through distribution arrangements with third party distributors and value added resellers, and three distributors alone accounted for 26%, 18% and 10% of revenue, 54% between them; no direct customer outside that group reached a tenth of revenue. The same three stood behind 35%, 14% and 11% of the money owed to the company at the year end, against 28% and 29% for two of them a year earlier. Those agreements can be ended with or without cause on notice. Behind the distributors sit the equipment makers: the filing says a high percentage of its products are eventually sold to original equipment manufacturers and original design manufacturers, which decide to design its chips in but give no purchase commitment. [25, 26, 27, 28, 29, 30]

By where the goods are shipped, China took 1.5 billion dollars of 2025 revenue, 55.3% of the total, up 31.1% on the year. Taiwan came next at 550.1 million, 19.7%, and was the only region that shrank, down 4.8%. South Korea brought in 252.7 million, up 50.5%; South East Asia 148.1 million, up 88.1%; Europe 113.5 million; the United States 96.7 million; and Japan 84.4 million. Customers in Asia were 92% of revenue in 2025, against 87% two years earlier. The company tags this by its customers' ship to locations, so it shows where the parts land, not where the finished machines are sold. [31, 32, 33]

Its silicon comes from several suppliers in foundries in China, Taiwan, South Korea and Singapore. The wafers then go for sorting, the test that finds dead chips, to plants in China, Taiwan, Singapore, Malaysia and South Korea that the company and its partners both use; independent subcontractors in China, Taiwan, Malaysia and South Korea assemble and package them; and final testing happens again across those five countries. The company also runs manufacturing and testing plants of its own in China. Orders take 16 to 26 weeks through that chain, so it builds stock in advance against its own forecast. At the end of 2025 it had committed 442.2 million dollars to suppliers and other parties, 389.8 million of it due within a year. [34, 35, 36, 37, 38]

It reports as a single segment. The chief executive is its chief operating decision maker, and he looks at net income for the whole company and the cash it makes from operations to decide how much to put back into the business and how much to return to shareholders. It tells the SEC that it has operations in many places in the United States, Europe and Asia and has not identified any single one as its headquarters; the address on the cover, in West Palm Beach, Florida, is there to satisfy the regulator's requirement, and that is where this site's record files it. [39, 40, 41]

The specifics

This annual report corrects the year before it. While preparing the 2025 accounts the company found it had not accounted properly for deferred income taxes tied to a one time tax incentive granted by a foreign jurisdiction; the correction cut the 2024 income tax benefit and deferred income taxes by 194.6 million dollars. The 2024 statements were restated, and so were the quarters ended March 31, June 30 and September 30 of 2025. The company identified a material weakness in the controls over its review of deferred taxes, and concluded that its internal control over financial reporting was not effective at the end of either 2024 or 2025; Ernst & Young LLP reached the same conclusion in its own report. Management expects the repair to be finished during 2026, and the filing tells readers to rely on this report rather than the earlier ones. [42, 43, 44, 45, 46, 47]

Shareholders are suing. A class action was filed on February 4, 2025 in the Western District of Washington, captioned Waterford Twp. Gen. Emps. Ret. Sys. v. Monolithic Power Systems, Inc., et al., alleging that the company and certain of its executives made material misstatements or omissions about the business; the company says the suit is meritless and that it intends to defend against it vigorously. Two shareholder derivative suits brought against current and one former director and certain executives were consolidated as Miller v. Hsing, et al., and are on hold pending the class action. On what it knows, the company says it does not believe a material loss from known matters is probable. [48, 49, 50]

It protects its work two ways: patents on its circuit and device designs, and trade secrecy on its manufacturing processes. At the end of 2025 it held 2,231 patents and applications issued or pending, 654 of them patents issued in the United States, running out at various dates through December 2045. It names as its main competitors Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Texas Instruments, and says its industry is one where the average selling price of a product falls over its life. [51, 52, 17, 53]

Moving work out of China has been a goal with pay attached to it. Performance shares granted to the executive officers in February 2023 set two tests: beating the analog industry's average revenue growth over three years, and securing additional manufacturing capacity outside China, the second able to pay up to an additional 200% of the shares granted. On what was achieved, 208,000 shares were awarded for the first test and 139,000 for the second, all vesting on December 31, 2025. The filing still says a significant portion of its manufacturing, testing, assembly and packaging capacity comes from key suppliers in China, that it has made significant progress in diversifying outside it, and that there is no guarantee the progress is enough. Its own spending on buildings and equipment rose to 172.0 million dollars in 2025 from 146.1 million in 2024 and 57.6 million in 2023, and of the long lived assets it reports by country, China holds more than any other. [54, 55, 56, 57, 58, 59]

What drives growth, line by line

Revenue was 2.8 billion dollars in 2025, an increase of 583.4 million, or 26.4%, on 2024, which the company puts down primarily to increases in shipment volume. Gross margin was 55.2% against 55.3% the year before, which it puts down to higher warranty expenses as a share of revenue, partly offset by lower inventory write downs. Operating income was 728.6 million. Net income fell to 621.5 million from 1.6 billion, but that comparison is a tax artefact: 2024 carried a one billion dollar income tax benefit from a ten year incentive granted to a foreign subsidiary, and 2025 carried a 144.7 million tax expense. [59, 60, 61, 62, 63]

Storage and Computing. The largest market in 2025 and the fastest growing: 732.5 million dollars, up 230.9 million or 46.0%, and 26.3% of revenue against 22.7% the year before. The company credits higher sales of power solutions for memory, storage, notebooks and graphic cards. The applications it lists under the heading are memory, storage solutions, notebooks and graphics cards. [64, 65, 66]

Enterprise Data. The second largest market, and the only one that shrank: down 14.4 million dollars, or 2.0%, on 2024. It had been the largest the year before, at 32.5% of a smaller total, against storage and computing's 22.7%; in 2025 it was 25.2%. The company names what moved every other market and says nothing about what moved this one. The applications it lists here are cloud based and on premises central processor servers and workstations, and artificial intelligence systems. [67, 65, 66, 68]

Automotive. 592.5 million dollars, up 178.5 million or 43.1%, and 21.2% of revenue. The company calls the rise broad based and credits higher sales of its highly integrated parts for advanced driver assistance systems and infotainment. The applications it lists are advanced driver assistance systems, infotainment, USB connectors, body electronics, motion control and lighting systems. [69, 70]

Communications. 309.1 million dollars, up 83.2 million or 36.8%, and 11.1% of revenue, which the company puts down to higher sales of power solutions for optical modules and routers. The applications it lists are network infrastructure, satellite communications, optical modules, switches and other wireless solutions. [71, 72]

Consumer. 255.2 million dollars, up 53.2 million or 26.3%, and 9.1% of revenue, the same share as the year before. The company credits higher sales of products for home appliances and gaming. The applications it lists are home appliances, gaming, smart TVs, lighting, monitors and stereos. [73, 74]

Industrial. The smallest market: 199.4 million dollars, up 52.0 million or 35.3%, and 7.1% of revenue. The company puts it down to higher sales for power sources and instrumentation applications. The applications it lists are power sources, industrial meters, security and other industrial equipment. [75, 76]

What comes next, in the company's own words: it plans to keep introducing products inside its existing families and in new categories, and says its ability to achieve revenue growth will depend in part on innovating for customers' changing needs, entering new market segments, winning designs, spreading sales across regions, widening its customer base and continuing to secure manufacturing capacity. It also says the restatement has already cost it unplanned accounting and legal fees, that more may follow, and that it raises the chance of litigation and regulatory inquiries. [77, 78]

What the desk infers (inferred, not filed)

• The fall in enterprise data revenue, alone among the six markets, most likely reflects lost content or share at one or a few large server and artificial intelligence customers rather than weak demand across that market. Because: Enterprise data fell 14.4 million dollars, or 2.0%, in a year when revenue as a whole rose 26.4% and every other market rose by between 26.3% and 46.0%. [60, 64, 67, 73] The company names a driver for every other market's move and gives none for this one. [64, 67, 75] The market covers cloud based and on premises servers, workstations and artificial intelligence systems, and the company reaches the companies that build them through distributors rather than directly. [25, 68] The filing warns that a major customer changing its products or technologies, or buying a competitor's parts instead, could have a material adverse impact if the lost orders are not replaced. [79] A high percentage of its products are eventually sold to equipment makers whose technical specifications can change rapidly, and which give no purchase commitment even after choosing to design its chips in. [30] Confidence 55 of 100. Wrong if: A statement by the company, or a filing, attributing the enterprise data decline to lower demand across cloud and artificial intelligence server buying generally rather than to a change at particular customers or programmes.
• Monolithic Power Systems is fabless only at the front end: it buys its wafers, but much of the sorting and testing happens in plants it owns, which is where its claim to proprietary packaging and process technology lives. Because: It calls itself fabless and contracts several suppliers to make its wafers in foundries in China, Taiwan, South Korea and Singapore. [21, 34] It says it has manufacturing and testing facilities in China, and that its largest testing facilities are in Chengdu. [19, 36] Wafer sort and final testing happen at facilities that it and its partners both use, language it does not apply to assembly and packaging, which go to independent subcontractors. [34, 35] Unlike many fabless companies, it says it developed its own process and packaging technologies and has its foundry partners install them on equipment in their factories for its use. [22] It owns 1,189,000 square feet of buildings over ten thousand square feet apiece against 492,000 leased, and its spending on buildings and equipment rose to 172.0 million dollars in 2025 from 57.6 million in 2023. [20, 59] Confidence 75 of 100. Wrong if: A filing saying that the plants it owns are design centres and offices, or that wafer sort, assembly and final test are all performed by third parties on their own equipment.
• The foreign jurisdiction that granted the ten year tax incentive behind the 2024 benefit, and behind the restatement that corrected it, is most likely China. Because: The incentive was granted to one foreign subsidiary in 2024 and begins in tax year 2025. [63] The reduced tax rates the company holds in its subsidiaries in Chengdu and Hangzhou, China, for research work, run through 2025, the year the new incentive starts. [63, 80] Among its risks it lists changes in tax regulations in China that may affect its tax status in Chengdu, Hangzhou and other regions where it has significant operations. [81] China is where it holds more long lived assets than any other country, and where a significant portion of its manufacturing, testing, assembly and packaging capacity sits. [57, 58] Confidence 45 of 100. Wrong if: A filing, or a country by country tax disclosure, naming the jurisdiction that granted the ten year incentive as somewhere other than China.

Sources

1. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Michael Hsing founded MPS in 1997 and currently serves as our President, Chief Executive Officer, Chairman of the Board of Directors. Prior to founding MPS, Mr. Hsing was a Senior Silicon Technology Developer at several analog IC companies, where he developed and patented key technologies, which set new standards in the Power Electronics industry. In 2004, Mr. Hsing took the company through its IPO.”
2. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “Herbert Chang has served on our Board since September 1999. Mr. Chang is currently the general partner of GrowStar Partners Group Limited, which position he has held since July 2007. Mr. Chang is a venture capitalist and focuses on investing in companies in the semiconductor, telecommunications, networking, software and Internet industries.”
3. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “As such, Mr. Hsing holds the position of Chairman, President and Chief Executive Officer, and the Board has designated one of the independent directors, Mr. Chang, as the Lead Independent Director.”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Effective immediately following the filing of this Annual Report on Form 10-K, Mr. Blegen will cease to serve as Executive Vice President and Chief Financial Officer. Mr. Rob Dean, our current Corporate Controller, will commence serving as the Interim Chief Financial Officer at that time.”
6. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Bernie Blegen currently serves as Executive Vice President and Chief Financial Officer. He has served as our Chief Financial Officer since July 2016 and is responsible for finance, accounting, tax, treasury and investor relations. From August 2011 to March 2016, Mr. Blegen served as our Corporate Controller, and from March 2016 to July 2016, as our interim Chief Financial Officer.”
7. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Deming Xiao currently serves as our Executive Vice President of Global Operations. He served as our President of Asia Operations since January 2008. Since joining us in May 2001, Mr. Xiao held several executive positions, including Foundry Manager and Senior Vice President of Operations.”
8. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Maurice Sciammas currently serves as our Executive Vice President of Worldwide Sales and Marketing. Mr. Sciammas joined us in July 1999 and served as Senior Vice President of Worldwide Sales and Marketing until he was appointed to his current position. Before joining us, he was Director of IC Products at Supertex from 1990 to 1999.”
9. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Saria Tseng currently serves as Executive Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary. She has served as our Vice President, General Counsel and Corporate Secretary since 2004 and additionally as our Vice President, Strategic Corporate Development since 2009.”
10. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “The Board has determined that Herbert Chang, Eugen Elmiger, Victor K. Lee, Carintia Martinez, Eileen Wynne and Jeff Zhou are “independent” under the applicable listing standards of the NASDAQ Stock Market.”
11. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “Our Board includes seven members who are well-qualified to serve on the Board and represent our stockholders’ best interests.”
12. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “Eugen Elmiger has served on our Board since October 2012. Mr. Elmiger currently serves as Chief Executive Officer of maxon Group, a provider of high precision electric drive systems, which position he has held since January 2011.”
13. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “Victor K. Lee has served on our Board since September 2006. Mr. Lee was a member of the board of directors at MoSys, Inc., a fabless semiconductor company, from June 2012 to June 2016. Mr. Lee served as Chief Financial Officer of Ambarella, Inc., a fabless semiconductor company, from August 2007 to March 2011.”
14. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “Eileen Wynne has served on our Board since February 2023. Ms. Wynne served as interim Chief Financial Officer of IDEX Biometrics ASA (“IDEX”), a provider of fingerprint identification technologies, from August 2022 to September 2023, and supported IDEX on a consulting basis from December 2020 to June 2024. From November 1999 to June 2019, Ms. Wynne held various managerial and senior roles at Analog Devices, Inc., a global semiconductor company, including Vice President and Chief Accounting Officer from May 2013 to June 2019”
15. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “Carintia Martinez has served on our Board since May 2021. Ms. Martinez currently serves as Chief Digital Information Officer of Automotive Cells Company, a developer of battery technology for electric vehicles, which position she has held since January 2025.”
16. Monolithic Power Systems, Inc., Form DEF 14A filed 2026-04-30: “Jeff Zhou has served on our Board since February 2010. Dr. Zhou is a retired business executive. Before his retirement, Dr. Zhou served as Executive Vice Chairman of MiaSolé, a developer of thin film solar technology, from 2018 to 2019.”
17. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Texas Instruments.”
18. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “As of December 31, 2025, we employed 4,501 employees in various locations in Asia, Europe and the U.S., compared with 4,017 employees as of December 31, 2024. Certain employees are subject to collective bargaining agreements. We have never experienced an employee-based work stoppage or strike.”
19. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Our largest testing facilities in Chengdu, China are ISO 14001 and ISO 45001 certified.”
20. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “As of December 31, 2025, our owned and leased facilities in the U.S. and other countries that are individually in excess of 10,000 square feet consisted of: U.S. Other Countries Total (In square feet) Owned facilities 216,000 973,000 1,189,000 Leased facilities 23,000 469,000 492,000 Total facilities 239,000 1,442,000 1,681,000”
21. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Monolithic Power Systems, Inc. is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. Incorporated in 1997, our three core strengths include deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging.”
22. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “We utilize a fabless business model, working with third parties to manufacture, assemble and test our ICs. This fabless approach allows us to focus our engineering and design resources on our strengths and to reduce our fixed costs and capital expenditures. In contrast to many fabless semiconductor companies, which utilize standard process technologies and design rules established by their foundry partners, we have developed our own proprietary process and packaging technologies and collaborate with our foundry partners to install our technologies on equipment in their facilities for use on our behalf.”
23. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Our key product families include, but are not limited to, the Direct Current (“DC”) to DC, Alternating Current (“AC”) to DC, driver metal-oxide-semiconductor field-effect transistor, power management IC, current limit switch and lighting control products.”
24. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “For example, DC to DC solutions are used to convert and control voltages within a broad range of electronic systems, such as cloud-based and on-premises CPU servers and workstations, AI systems, memory, storage solutions, notebooks, infotainment, power sources, home appliances, network infrastructure and satellite communications.”
25. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The Company sells its products to end customers primarily through third-party distributors and value-added resellers. For the years ended December 31, 2025, 2024 and 2023, 85%, 89% and 86%, respectively, of the Company’s total sales were made through distribution arrangements.”
26. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “In 2025, three distributors accounted for 26%, 18% and 10% of our total revenue. In 2024, two distributors accounted for 31% and 20% of our total revenue. In 2023, three distributors accounted for 26%, 19% and 10% of our total revenue. No other direct customers accounted for more than 10% of our full-year, total revenue in any of the periods presented.”
27. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Specifically, our top three customers, all of which are distributors, accounted for an aggregate of 54%, 61% and 55% of our revenue in the years ended December 31, 2025, 2024 and 2023, respectively.”
28. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The following table summarizes those customers with accounts receivable equal to 10% or more of the Company’s total accounts receivable: December 31, Customer 2025 2024 Distributor A 35 % 28 % Distributor B 14 % 29 % Distributor C 11”
29. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The Company’s agreements with these third-party distributors were made in the ordinary course of business and may be terminated with or without cause by these distributors with advance notice.”
30. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Moreover, we believe a high percentage of our products are eventually sold to a number of original equipment manufacturers (“OEMs”) and original design manufacturers (“ODMs”). Although we communicate with OEMs and ODMs to achieve “design wins,” which are decisions by OEMs and ODMs to incorporate our products, we do not have purchase commitments from these customers. Therefore, there can be no assurance that the OEMs and ODMs will continue to incorporate our ICs into their products, even if we may have secured a design win with them. OEM and ODM technical specifications and requirements can change rapidly”
31. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
32. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations.”
33. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Our revenue from sales to customers in Asia was 92%, 94% and 87% of our total revenue for the years ended December 31, 2025, 2024 and 2023, respectively.”
34. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “We maintain a diversified and adaptable supply chain. We currently contract with several suppliers to manufacture our wafers in foundries located in China, Taiwan, South Korea and Singapore. Once our silicon wafers have been produced, they are shipped to facilities in China, Taiwan, Singapore, Malaysia and South Korea that we and our partners utilize for wafer sort, which is a testing process performed to identify non-functioning dies. Our semiconductor products are then assembled and packaged by independent subcontractors in China, Taiwan, Malaysia and South Korea.”
35. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The assembled ICs are then sent for final testing to facilities in China, Taiwan, Singapore, Malaysia and South Korea that we and our partners utilize prior to shipping to our customers.”
36. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “There are inherent risks associated with the operation of our manufacturing and testing facilities in China, which could increase product costs or cause a delay in product shipments. We have manufacturing and testing facilities in China.”
37. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Typical supply chain lead times for orders are generally 16 to 26 weeks. We often build inventory in advance based on our forecast of future customer orders.”
38. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “As of December 31, 2025, total estimated future unconditional purchase commitments to all suppliers and other parties were $442.2 million, of which $389.8 million was due within a year.”
39. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The Company operates in one reportable segment that includes the design, development, marketing and sale of high-performance, semiconductor-based power electronics solutions for the storage and computing, enterprise data, automotive, industrial, communications and consumer end markets. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for the purposes of allocating resources and evaluating financial performance.”
40. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “We have operations in multiple locations in the U.S., Europe and Asia and have not identified a single location as the Company’s headquarters. We are including this address to comply with the Securities and Exchange Commission’s requirements.”
41. The record on this page: the filing record (the EDGAR submissions feed)
42. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “In connection with the preparation of the Company’s Consolidated Financial Statements as of and for the fiscal year ended December 31, 2025, the Company discovered that in the prior year it had not appropriately accounted for deferred income taxes associated with a one-time tax incentive granted by a certain foreign jurisdiction. The restatement results in a decrease to income tax benefit, net and deferred income taxes by $194.6 million in the consolidated financial statements as of and for the year ended December 31, 2024.”
43. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “we restated our audited consolidated financial statements for the fiscal year ended December 31, 2024 and our unaudited condensed consolidated financial statements for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025 after we determined that we had not appropriately accounted for deferred income taxes associated with a one-time tax incentive granted by a certain foreign jurisdiction.”
44. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “As more fully disclosed in Item 9A. Controls and Procedures of this Annual Report, a material weakness was identified in internal control over financial reporting related to the accounting for deferred income taxes. Due to this finding of a material weakness, we concluded that our internal control over financial reporting was not effective as of December 31, 2024 and December 31, 2025.”
45. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, Monolithic Power Systems, Inc. (the Company) has not maintained effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.”
46. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Management believes the foregoing plans will effectively remediate the deficiency constituting the material weakness and believes that the remediation of this material weakness (including necessary testing) will be completed during 2026. However, there can be no assurance as to when such remediation will be completed.”
47. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Accordingly, investors should rely only on the financial information and other disclosures regarding the restated periods in this Form 10-K or in future filings with the Securities and Exchange Commission (as applicable), and not on any Previous Filings, earnings releases or similar communications relating to the restated periods.”
48. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “On February 4, 2025, a class action lawsuit was filed against us and certain of our executives. The lawsuit is captioned Waterford Twp. Gen. Emps. Ret. Sys. v. Monolithic Power Systems, Inc., et al., No. 25-cv-220 (W.D. Wash.) (the “Securities Action”) and alleges that we violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, by making material misstatements or omissions relating to our business. We believe the lawsuit is meritless and currently intend to defend against it vigorously.”
49. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The shareholder derivative suits have been consolidated under the caption Miller v. Hsing, et al., No. 25-cv-527 (W.D. Wash.), filed on March 26, 2025 (the “Derivative Litigation”). The Securities Action and Derivative Litigation seek unspecified amounts of damages and/or attorneys’ fees and other relief. The Derivative Litigation is stayed pending developments in the Securities Action.”
50. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “We defend ourselves vigorously against any such claims. Based on current information and management assessment, we do not believe that a material loss from known matters is probable as of December 31, 2025.”
51. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “As of December 31, 2025, we had 2,231 patents/applications issued or pending, of which 654 patents have been issued in the U.S. Our issued patents are scheduled to expire at various times through December 2045.”
52. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “In general, we have elected to pursue patent protection for aspects of our circuit and device designs that we believe are patentable and to protect our manufacturing process technologies by maintaining those process technologies as trade secrets.”
53. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Our industry is characterized by decreasing average selling prices over the life of a product.”
54. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “For the second goal, the executive officers could earn up to an additional 200% of the target number of the 2023 Executive PSUs if the Company secures additional manufacturing capacity outside China during the three-year performance period. Based on the actual manufacturing capacity outside China at the end of the performance period, a total of 139,000 shares were awarded to the executive officers, which fully vested on December 31, 2025.”
55. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Based on the actual revenue achievement at the end of the performance period, a total of 208,000 shares were awarded to the executive officers, which fully vested on December 31, 2025.”
56. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “In February 2023, the Compensation Committee granted 69,000 PSUs to the executive officers, which represented the target number of shares that could be earned based on the degree of achievement of two sets of performance goals (the “2023 Executive PSUs”). For the first goal, the executive officers could earn up to 300% of the target number of the 2023 Executive PSUs based on the achievement of the Company’s average three-year (2023 through 2025) revenue growth rate in excess of the analog industry’s average three-year revenue growth rate as published by the SIA.”
57. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “A significant portion of our manufacturing, testing, assembly and packaging capacity comes from key suppliers located in China. As a result, we are subject to significant political, regulatory, tax, economic, foreign exchange, and operational risks due to this geographic concentration in our business. Although we have made significant progress in diversifying capacity outside of China, there is no guarantee that our progress is sufficient or will be sufficient to mitigate these risks.”
58. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The following is a summary of long-lived assets by geographic region (in thousands): December 31, Country 2025 2024 China $ 332,506 $ 237,649 U.S. 165,107 171,514 Taiwan 65,081 42,388 Other 64,995 43,394 Total $ 627,689 $ 494,945”
59. The record on this page: the filed annual figures (EDGAR's company facts)
60. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Revenue for the full year ended December 31, 2025 was $2.8 billion, an increase of $583.4 million, or 26.4%, from $2.2 billion for the year ended December 31, 2024. The increase in revenue was primarily due to increases in shipment volume.”
61. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Gross margin was 55.2% for the year ended December 31, 2025, compared with 55.3% for the year ended December 31, 2024. The decrease in gross margin was mainly driven by higher warranty expenses as a percentage of revenue, partially offset by lower inventory write-downs as a percentage of revenue.”
62. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The income tax expense for the year ended December 31, 2025 was $144.7 million, or 18.9% of pre-tax income.”
63. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The income tax benefit for the year ended December 31, 2024 was $1.0 billion, or 177.9% of pre-tax income. The effective tax rate was lower than the federal statutory rate of 21% primarily due to tax benefits associated with a ten-year tax incentive. In 2024, one of our foreign subsidiaries was granted a ten-year tax incentive, beginning in 2025.”
64. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “By end market, full year 2025 revenue for storage and computing of $732.5 million increased $230.9 million, or 46.0%, from the same period in 2024. This increase was primarily driven by increased sales of power solutions for memory, storage, notebooks and graphic cards.”
65. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Storage and computing was our largest end market in 2025, closely followed by enterprise data.”
66. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Storage and Computing Memory, storage solutions, notebooks, and graphics cards 26.3 % 22.7 % 27.0”
67. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Revenue from the enterprise data market decreased $14.4 million, or 2.0%, from the same period in 2024.”
68. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Enterprise Data Cloud-based and on-premises CPU servers and workstations, and artificial intelligence (“AI”) systems 25.2 % 32.5 % 17.7”
69. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Full year 2025 automotive revenue of $592.5 million increased $178.5 million, or 43.1%, from the same period in 2024. This increase was broad-based and primarily driven by increased sales of our highly integrated applications supporting advanced driver assistance systems and infotainment.”
70. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Automotive Advanced driver assistance systems, infotainment, USB connectors, body electronics, motion control, and lighting systems 21.2 % 18.8 % 21.7”
71. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Communications revenue of $309.1 million increased $83.2 million, or 36.8%, from the same period in 2024 due to higher sales of power solutions for optical modules and routers.”
72. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Communications Network infrastructure, satellite communications, optical modules, switches, and other wireless solutions 11.1 % 10.2 % 11.3”
73. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Full year 2025 consumer revenue of $255.2 million increased $53.2 million, or 26.3%, from the same period in 2024. This increase was a result of higher sales of products for home appliances and gaming.”
74. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Consumer Home appliances, gaming, smart TVs, lighting, monitors, and stereos 9.1 % 9.1 % 12.9”
75. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Revenue of $199.4 million from the industrial market increased $52.0 million, or 35.3%, from the same period in 2024 due to higher sales for power sources and instrumentation applications.”
76. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “Industrial Power sources, industrial meters, security, and other industrial equipment 7.1 % 6.7 % 9.4”
77. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “In the future, we plan to continue to introduce new products within our existing product families, as well as in new innovative product categories. Our ability to achieve revenue growth will depend, in part, upon our ability to continue to innovate while fulfilling our customers’ evolving needs, enter new market segments, obtain design wins, grow our sales in a diversified way across regions, expand our customer base and continue to secure manufacturing capacity.”
78. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “As a result of this error and the resulting restatement of our audited consolidated financial statements and unaudited condensed consolidated financial statements for the impacted periods, we have incurred, and may continue to incur, unanticipated accounting and legal fees in connection with or related to the restatement, and are subject to a number of additional risks and uncertainties, including the increased possibility of litigation and regulatory inquiries.”
79. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “If we lose a major customer or a major customer changes their products or technologies or chooses to purchase our competitors’ products such that they decrease, or eliminate the amount of our products they purchase, and we are not able to replace such customers with additional orders from other customers, this could result in a material adverse impact on our financial condition and results of operations.”
80. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “The Company currently has reduced tax rates in its subsidiaries in Chengdu and Hangzhou, China through 2025 for performing R&D activities.”
81. Monolithic Power Systems, Inc., Form 10-K filed 2026-02-27: “changes in tax regulations in China that may impact our tax status in Chengdu, Hangzhou and other regions where we have significant operations”

Where the revenue comes from

By geography: China 55%, Taiwan 20%, South Korea 9%, South East Asia 5%, Europe 4%, United States 4%. As tagged in its annual report (Form 10-K, filed 2026-02-27).

Who runs it

Hsing, Michael (CEO); Dean, Robert W II (Interim CFO); Blegen, Theodore (EVP and CFO); Tseng, Saria (EVP & General Counsel); Sciammas, Maurice (EVP, WW Sales & Marketing); Xiao, Deming (EVP, Global Operations); Chang, Kuo Wei Herbert (director); Zhou, Jeff (director); Elmiger, Eugen J (director); Wynne, Eileen (director); and 2 more. 12 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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