Common-Size Income Statement
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Monolithic Power Systems Inc. pages available for free this week:
- Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Monolithic Power Systems Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Revenue and Cost of Revenue
- Revenue remained stable at 100% across all periods. The cost of revenue as a percentage of revenue showed a moderate decline from -44.82% in 2020 to -41.56% in 2022, indicating improved cost efficiency; however, it increased again to -44.68% by 2024, suggesting some erosion of cost control in the latest year.
- Gross Profit
- Gross profit margin improved consistently from 55.18% in 2020 to a peak of 58.44% in 2022. After 2022, it diminished slightly but remained above 55%, indicating overall strength in profitability at the gross level despite slight recent pressures.
- Operating Expenses
- Operating expenses, including research and development (R&D) and selling, general and administrative (SG&A) costs, decreased as a percentage of revenue from 36.36% in 2020 to 29.08% in 2022, reflecting enhanced operational efficiency. This downward trend reversed moderately in 2023 and 2024, bringing operating expenses closer to 30%, though still below the 2020 level.
- Research and Development
- R&D expenditure showed a clear reduction from -16.29% in 2020 to -13.39% in 2022, followed by a slight increase to -14.71% by 2024. This pattern may imply a strategic realignment or optimized spending after an initial efficiency gain.
- Selling, General and Administrative Expenses
- SG&A expenses decreased markedly from -20.07% in 2020 to -15.7% in 2022, then increased slightly afterward, reaching -16.16% in 2024, consistent with the overall operating expenses pattern.
- Operating Income
- Operating income improved from 18.81% in 2020 to a high of 29.36% in 2022, aligning with reduced operating expenses and higher gross profit. It later decreased but remained robust at 24.44% in 2024, signaling sustained operational profitability despite recent margin compression.
- Other Income and Expense Items
- Interest income showed slight variability but remained around 1.1%, while amortization of discounts/premiums on securities fluctuated, turning positive in the last two years, which slightly contributed to income. Gains and losses on deferred compensation plan investments were minor and inconsistent. Charitable contributions steadily increased as a percentage of revenue, indicating growing social expenditure. Other income items showed some volatility but generally provided small positive contributions to net income.
- Income Before Taxes and Income Tax Expense
- Income before income taxes rose from 20.05% in 2020 to a peak of 29.26% in 2022 before moderating to 25.96% in 2024. Income tax expense, typically a small negative, turned sharply positive in 2024 to 54.99%, indicating a significant one-time tax benefit or adjustment impacting reported earnings considerably in that year.
- Net Income
- Net income showed steady improvement from 19.47% in 2020 to 24.39% in 2022, with a slight dip thereafter but a pronounced spike to 80.95% in 2024. This substantial increase in 2024 is likely driven by the notable income tax benefit recorded that year and indicates an unusual earnings event rather than a typical operating performance improvement.