Stock Analysis on Net

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.

Income Statement 
Quarterly Data

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

US$ in thousands

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 637,554 621,665 620,119 507,431 457,885 454,012 474,867 441,128 451,065 460,012 495,418 461,004 377,714 336,504 323,522 293,317 254,455 233,043 259,422 186,209 165,778
Cost of revenue (284,324) (277,257) (276,676) (226,853) (205,444) (202,889) (211,326) (193,453) (192,285) (192,203) (204,516) (190,043) (158,834) (142,630) (137,211) (129,102) (113,396) (104,169) (116,382) (83,616) (74,331)
Gross profit 353,230 344,408 343,443 280,578 252,441 251,123 263,541 247,675 258,780 267,809 290,902 270,961 218,880 193,874 186,311 164,215 141,059 128,874 143,040 102,593 91,447
Research and development (92,227) (85,762) (85,051) (77,945) (75,990) (71,459) (64,787) (63,688) (63,709) (61,673) (67,263) (57,131) (54,104) (54,514) (49,468) (44,753) (41,892) (42,252) (37,717) (31,673) (25,956)
Selling, general and administrative (92,244) (95,339) (94,364) (86,097) (80,964) (70,095) (63,188) (71,662) (70,795) (69,244) (71,768) (71,942) (68,642) (60,788) (59,712) (58,834) (53,081) (46,660) (45,344) (42,965) (34,505)
Operating expenses (184,471) (181,101) (179,415) (164,042) (156,954) (141,554) (127,975) (135,350) (134,504) (130,917) (139,031) (129,073) (122,746) (115,302) (109,180) (103,587) (94,973) (88,912) (83,061) (74,638) (60,461)
Operating income 168,759 163,307 164,028 116,536 95,487 109,569 135,566 112,325 124,276 136,892 151,871 141,888 96,134 78,572 77,131 60,628 46,086 39,962 59,979 27,955 30,986
Other income (expense), net 5,131 6,224 10,278 7,512 9,540 9,976 2,289 6,543 5,297 3,873 5 (5,092) (634) 3,391 793 3,031 2,587 4,480 2,494 5,200 (1,714)
Income before income taxes 173,890 169,531 174,306 124,048 105,027 119,545 137,855 118,868 129,573 140,765 151,876 136,796 95,500 81,963 77,924 63,659 48,673 44,442 62,473 33,155 29,272
Income tax (expense) benefit (40,099) 1,279,832 (29,876) (23,682) (12,486) (22,640) (16,692) (19,364) (19,771) (21,675) (27,539) (22,117) (15,934) (9,292) (9,154) (8,490) (3,260) (1,556) (6,907) (2,988) 6,484
Net income 133,791 1,449,363 144,430 100,366 92,541 96,905 121,163 99,504 109,802 119,090 124,337 114,679 79,566 72,671 68,770 55,169 45,413 42,886 55,566 30,167 35,756

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 data reveals a consistent upward trend in revenue over the analyzed periods, growing from approximately $166 million in early 2020 to over $637 million by the first quarter of 2025. Revenue increases show periodic accelerations, notably between 2021 and 2022, and again from 2023 onward, indicating strong top-line growth momentum.

Cost of revenue has also risen steadily, from about $74 million in the first quarter of 2020 to around $284 million by the first quarter of 2025. However, the growth in cost of revenue is proportionate to revenue increases, reflecting ongoing operational scaling. Gross profit has grown significantly, increasing from roughly $91 million to $353 million across the same timeframe. This suggests that despite rising costs, the company has maintained a relatively robust gross margin, with gross profit margins moderately improving as the business expands.

Operating expenses, which include research and development as well as selling, general, and administrative costs, have generally increased in absolute terms. Research and development expenses rose from about $26 million to $92 million, indicating sustained and heightened investment in innovation or product development. Selling, general, and administrative expenses increased from approximately $35 million to $92 million, reflecting expanded operational and marketing activities possibly aligned with revenue growth.

Operating income experienced considerable growth, starting near $31 million in early 2020 and reaching approximately $169 million by the first quarter of 2025, despite some fluctuations. The income trend highlights improved operational efficiency and scaling benefits, although there were intermediate periods where operating income growth decelerated, potentially due to margin pressure or increased expenses.

Other income (expense), net, fluctuated over time with both positive and negative values reported. From a loss of about $1.7 million in early 2020, it shifted into gains peaking around $10 million in some quarters, indicating variable contributions from non-operational activities or financial instruments, which periodically boosted overall profitability.

Income before income taxes followed a pattern similar to operating income, increasing substantially from approximately $29 million to nearly $174 million. This points to strong profitability before tax considerations, supported by operational gains and other income fluctuations.

Income tax expenses showed notable volatility. Initially moderate, the tax expense increased significantly reaching nearly $40 million in some quarters but then demonstrated an extraordinary spike with a large tax benefit exceeding $1.27 billion in the first quarter of 2025, followed by a reversion to more typical levels. This anomaly suggests a one-time tax event, adjustment, or benefit markedly affecting net income in that period.

Net income growth mirrors the overall positive profit trajectory, moving from about $36 million to over $133 million by early 2025, excluding the extraordinary tax-affected quarter where net income surged past $1.4 billion. This trend reflects the company’s ability to translate revenue growth into bottom-line profits, driven by expanding gross profits, controlled operating expenses relative to revenue, and occasional gains from other income sources. The exceptional net income spike due to tax benefits is a significant outlier relative to the consistent earnings growth trend.

Revenue
Consistent growth from $166M to $638M, with stronger increases in 2021-2022 and post-2023.
Cost of Revenue
Rises in line with revenue, reaching $284M, maintaining gross margin stability.
Gross Profit
Strong increase from $91M to $353M, indicating sustained profitability at the gross level.
Research and Development Expenses
Continuous growth, reflecting raised investments, from $26M to $92M.
Selling, General and Administrative Expenses
Increased with scale, from $35M to $92M, supporting expansion.
Operating Income
Grew from $31M to $169M with fluctuations, showing improved operating efficiency.
Other Income (Expense), Net
Variable, switching from losses to gains, sometimes contributing up to $10M positively.
Income Before Taxes
Rises in line with operating income and other income, reaching $174M.
Income Tax Expense
Generally increased with income but includes a large, atypical tax benefit exceeding $1.27B in early 2025.
Net Income
Steady growth from $36M to $134M, except for a large spike to $1.4B linked to the tax event.