Common-Size Balance Sheet: Assets
Quarterly Data
Monolithic Power Systems Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The asset composition of the company exhibits a period of relative stability followed by a significant structural shift beginning in late 2024. For the majority of the analyzed period, the balance sheet was heavily weighted toward current assets, which consistently represented approximately 70% of total assets. However, a sharp reallocation occurred in the final two quarters, where current assets declined to below 50%, while long-term assets increased to over 50% of the total asset base.
- Liquidity and Cash Management
- Cash and cash equivalents remained volatile but generally ranged between 11% and 27% of total assets. A more pronounced trend is observed in short-term investments, which served as a primary asset driver from 2020 through mid-2024, often exceeding 30% of total assets. In December 2024, these investments saw a precipitous decline to 4.73%, before recovering slightly to 10.23% by March 2025, indicating a major shift in how the company manages its liquid reserves.
- Working Capital Trends
- Inventories showed a distinct growth cycle, rising from approximately 13% in early 2020 to a peak of 21.72% by December 2022. This upward trend suggests a period of inventory accumulation that subsequently normalized, with inventories returning to 11.95% by March 2025. Accounts receivable remained relatively stable as a percentage of assets, typically fluctuating between 5% and 9%, suggesting consistent credit management relative to the growth of the overall asset base.
- Fixed and Long-Term Asset Evolution
- Property and equipment, net, exhibited a steady long-term decline, dropping from 23.50% in March 2020 to 13.86% in March 2025. This suggests that the company's total asset growth has outpaced its investment in physical infrastructure. The emergence of acquisition-related intangible assets starting in March 2024, though small in percentage, indicates recent inorganic growth activity.
- Significant Balance Sheet Reclassification
- The most striking anomaly occurs in the final two quarters of the data set. Deferred tax assets, which historically remained below 2% of total assets, surged to 36.68% in December 2024 and 34.64% in March 2025. This spike is the primary driver behind the overall increase in long-term assets and the corresponding decrease in the proportion of current assets, fundamentally altering the common-size profile of the balance sheet.
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