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).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets fluctuated moderately over the observed periods. Starting around 15.37% in early 2020, it peaked at 27.72% at the end of 2020 and then generally trended downward with some recovery in early 2023, reaching 21.96%. A slight decline was noted towards early 2025, with the percentage settling near 16.75%. This indicates periods of asset liquidity variation, possibly reflecting changing cash management or capital allocation strategies.
- Short-term Investments
- Short-term investments as a percentage of total assets remained relatively high in 2020 and early 2021, generally between 32% and 34%. A notable decline began in late 2021 through 2022, reaching lows below 20% in mid-2023. However, there was a partial recovery in late 2023 and early 2024 before again dropping sharply to 4.73% in early 2025. This trend suggests shifts in investment portfolio composition or liquidity preferences over time.
- Accounts Receivable, Net
- The accounts receivable ratio demonstrated a gradual increase from early 2020 values near 5.39% to a peak around 8.87% by the end of 2022. A declining pattern followed into 2024, with values decreasing to approximately 4.77% by early 2025. This rise and subsequent fall may indicate changing sales volumes, credit terms, or collection efficacy.
- Inventories
- Inventory levels as a percentage of total assets initially increased from 13.05% in early 2020 to a high exceeding 21% by the end of 2022. Following this peak, inventories steadily decreased, falling below 12% by early 2025. The initial buildup may reflect stockpiling or supply chain adjustments, while the later reduction could suggest improved inventory turnover or changes in demand.
- Other Current Assets
- Other current assets maintained a relatively stable portion of total assets around 2% in 2020 and early 2022 but soared to above 6% by late 2023. Subsequently, they retreated to about 2.42% by early 2025. These fluctuations may be due to temporary balances in prepaid expenses or receivables classified outside primary categories.
- Current Assets
- Total current assets consistently represented a majority share of total assets, generally near 70% through early 2024. There is a pronounced drop to approximately 43.27% at the end of 2024 and early 2025. This sharp decrease corresponds with the reduction in short-term investments and may reflect a major asset reallocation or reclassification.
- Property and Equipment, Net
- This asset class steadily declined from an initial 23.5% in early 2020 to around 13.86% by early 2025. This suggests either asset disposals, depreciation outpacing new investments, or a strategic shift away from physical assets.
- Acquisition-related Intangible Assets, Net
- Introduced around mid-2023, acquisition-related intangible assets have remained a very small percentage of total assets (approximately 0.25% to 0.4%), indicating minor acquisition activity or valuation relative to the total asset base.
- Goodwill
- Goodwill decreased consistently from 0.65% in early 2020 to a low near 0.27% by late 2023, then experienced a noticeable increase to about 1.06% in early 2024 before declining again to around 0.68% by early 2025. This pattern points to impaired assets or retroactive adjustments with occasional acquisitions or revaluations.
- Deferred Tax Assets, Net
- Deferred tax assets accounted for about 1.3% of assets until early 2024, when they surged dramatically to 36.68% and remained elevated above 30% into early 2025. This significant increase might indicate recognition of substantial tax benefits, possibly related to carryforwards or tax planning maneuvers.
- Other Long-term Assets
- These assets have declined from around 4.5% in 2020 to roughly 3.57% by early 2025, with a brief peak over 12% in late 2022. The peak may represent a temporary increase in non-current receivables or investments that normalized afterward.
- Long-term Assets
- Long-term assets maintained a near stable contribution near 30% until early 2024, followed by a sharp increase coinciding with deferred tax assets growth, reaching over 56% by early 2025. This suggests reclassification or significant increases in deferred tax-related or other long-term holdings.
- Overall Asset Structure
- The data reveals a stable total asset distribution until early 2024, characterized by dominance of current assets, particularly cash, short-term investments, and inventories. Significant shifts appear starting in early 2024, marked by a substantial increase in deferred tax and long-term assets while current assets and short-term investments decline sharply. These dynamics suggest strategic changes, likely involving tax optimization, asset reallocation, and possible shifts in operating or investment activities aimed at optimizing the balance sheet composition over time.