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Monolithic Power Systems Inc. (NASDAQ:MPWR)

This company has been moved to the archive! The financial data has not been updated since May 5, 2025.

Common-Size Income Statement
Quarterly Data

Monolithic Power Systems Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue -44.60 -44.60 -44.62 -44.71 -44.87 -44.69 -44.50 -43.85 -42.63 -41.78 -41.28 -41.22 -42.05 -42.39 -42.41 -44.01 -44.56 -44.70 -44.86 -44.90 -44.84
Gross profit 55.40% 55.40% 55.38% 55.29% 55.13% 55.31% 55.50% 56.15% 57.37% 58.22% 58.72% 58.78% 57.95% 57.61% 57.59% 55.99% 55.44% 55.30% 55.14% 55.10% 55.16%
Research and development -14.47 -13.80 -13.72 -15.36 -16.60 -15.74 -13.64 -14.44 -14.12 -13.41 -13.58 -12.39 -14.32 -16.20 -15.29 -15.26 -16.46 -18.13 -14.54 -17.01 -15.66
Selling, general and administrative -14.47 -15.34 -15.22 -16.97 -17.68 -15.44 -13.31 -16.25 -15.70 -15.05 -14.49 -15.61 -18.17 -18.06 -18.46 -20.06 -20.86 -20.02 -17.48 -23.07 -20.81
Operating expenses -28.93% -29.13% -28.93% -32.33% -34.28% -31.18% -26.95% -30.68% -29.82% -28.46% -28.06% -28.00% -32.50% -34.26% -33.75% -35.32% -37.32% -38.15% -32.02% -40.08% -36.47%
Operating income 26.47% 26.27% 26.45% 22.97% 20.85% 24.13% 28.55% 25.46% 27.55% 29.76% 30.66% 30.78% 25.45% 23.35% 23.84% 20.67% 18.11% 17.15% 23.12% 15.01% 18.69%
Other income (expense), net 0.80 1.00 1.66 1.48 2.08 2.20 0.48 1.48 1.17 0.84 0.00 -1.10 -0.17 1.01 0.25 1.03 1.02 1.92 0.96 2.79 -1.03
Income before income taxes 27.27% 27.27% 28.11% 24.45% 22.94% 26.33% 29.03% 26.95% 28.73% 30.60% 30.66% 29.67% 25.28% 24.36% 24.09% 21.70% 19.13% 19.07% 24.08% 17.81% 17.66%
Income tax (expense) benefit -6.29 205.87 -4.82 -4.67 -2.73 -4.99 -3.52 -4.39 -4.38 -4.71 -5.56 -4.80 -4.22 -2.76 -2.83 -2.89 -1.28 -0.67 -2.66 -1.60 3.91
Net income 20.99% 233.14% 23.29% 19.78% 20.21% 21.34% 25.52% 22.56% 24.34% 25.89% 25.10% 24.88% 21.07% 21.60% 21.26% 18.81% 17.85% 18.40% 21.42% 16.20% 21.57%

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 financial performance from March 2020 through March 2025 is characterized by a general improvement in operational efficiency, followed by a period of stabilization. The company demonstrated a capacity to scale its operations while optimizing its cost structure, resulting in enhanced margins before a return to baseline levels in the most recent quarters.

Gross Profitability Trends
Gross profit margins showed a steady expansion from approximately 55% in early 2020, peaking at 58.78% in June 2022. This improvement was driven by a corresponding decrease in the cost of revenue, which dropped from a high of 44.90% to a low of 41.22% during the same period. Since the 2022 peak, gross margins have gradually normalized, stabilizing at 55.40% by the end of the analyzed period.
Operational Expense Management
A significant reduction in operating expenses as a percentage of revenue is observed. Total operating expenses peaked at 40.08% in June 2020 and declined to a low of 26.95% by September 2023. This efficiency gain was primarily driven by a downward trend in selling, general, and administrative (SG&A) expenses, which fell from peaks above 23% to a range of 14% to 15% in recent quarters. Research and development (R&D) spending remained more volatile but generally fluctuated between 12% and 18% of revenue, reflecting ongoing investment in innovation.
Operating Income Performance
Operating margins experienced substantial growth, rising from a low of 15.01% in June 2020 to a peak of 30.78% in June 2022. This expansion reflects the combined impact of improved gross margins and disciplined control over operating expenses. In the final year of the period, operating income margins remained robust, settling between 22.97% and 26.47%.
Net Income and Tax Anomalies
Net income typically ranged between 16% and 25% of revenue, closely tracking operating performance. However, a significant anomaly occurred in December 2024, where a substantial income tax benefit of 205.87% of revenue resulted in a net income spike to 233.14%. Excluding this non-recurring tax event, the net income margin returned to a normalized level of 20.99% by March 2025.

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