Common-Size Income Statement
Quarterly Data
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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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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 analysis of the quarterly financial data reveals several notable trends and patterns across the key performance metrics expressed as percentages of revenue.
- Cost of Revenue and Gross Profit
- The cost of revenue as a percentage of revenue generally trends downward from approximately 44.8% in early 2020 to around 44.6% by early 2025, with some fluctuations. This gradual reduction indicates a modest improvement in cost management relative to revenue. Correspondingly, gross profit margins have improved over the period, increasing from about 55.1% to a more stable range near 55.4%, peaking around 58.7% in mid-2022 before normalizing lower. This upward shift in gross profit margin suggests enhanced efficiency or favorable pricing dynamics.
- Research and Development (R&D)
- R&D expenses as a percentage of revenue exhibit significant variability. Initially fluctuating around 15% to 18%, there is a reduction to lower levels near 13% to 14% from 2022 onward. However, some quarters show upward spikes back towards 16-17%. This pattern suggests periodic re-allocation or adjustment of R&D investment, possibly in response to strategic initiatives or shifting priorities.
- Selling, General and Administrative (SG&A) Expenses
- SG&A expenses display a decreasing trend overall across the period analyzed. The percentage declined from a peak near 23% in the first half of 2020 to around 14-16% in more recent periods. This decline implies improved operational efficiency and tighter expense control in administrative and selling functions.
- Operating Expenses and Operating Income
- Operating expenses as a percentage of revenue largely follow a downward trajectory from above 36% in early 2020 to below 29% by early 2025, despite some intermittent increases. This decrease aligns with the trends observed in SG&A and R&D expenditures. Operating income percentages reflect corresponding improvements, increasing from roughly 18.7% in early 2020 to a range consistently exceeding 25% in recent quarters, indicating stronger operational profitability.
- Other Income (Expense), Net
- This metric is somewhat volatile, fluctuating between negative and positive values throughout the timeline. While often close to zero, positive contributions of around 1-2% are observed in many quarters post-2020, reflecting some positive influence from non-operating activities.
- Income Before Income Taxes and Income Tax Expense
- Pre-tax income margins closely track operating income trends, increasing overall from about 17.7% to near 27% towards the end of the period. Income tax expense percentages are mostly negative, indicating tax payments, but the data shows a notable anomaly with a large positive tax benefit in the quarter ending March 31, 2025, suggesting an adjustment or extraordinary tax event in that quarter.
- Net Income
- Net income margins reflect the combined effects of operating performance and tax impacts. Margins have generally increased from around 21.6% in early 2020 to levels exceeding 20% in recent periods, peaking significantly in the first quarter of 2025 due to the extraordinary tax benefit noted. Excluding this anomaly, net income margins maintain a strong, relatively stable range around 20-25%, demonstrating ongoing profitable operations.
In summary, the data indicates that the company has generally improved its profitability margins over the period analyzed through better management of costs and operating expenses. Gross profit margins have improved, and operational efficiency gains are evident in the declining operating expenses and growing operating income. Fluctuations in tax expenses, particularly the extraordinary benefit in early 2025, materially impact net income in specific quarters but do not obscure the overall positive profitability trend.