Selected Financial Data
since 2005
Income Statement
Monolithic Power Systems Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Operating income | Net income (loss) |
|---|---|---|---|
| Dec 31, 2024 | 2,207,100) | 539,358) | 1,786,700) |
| Dec 31, 2023 | 1,821,072) | 481,736) | 427,374) |
| Dec 31, 2022 | 1,794,148) | 526,785) | 437,672) |
| Dec 31, 2021 | 1,207,798) | 262,417) | 242,023) |
| Dec 31, 2020 | 844,452) | 158,882) | 164,375) |
| Dec 31, 2019 | 627,921) | 102,562) | 108,839) |
| Dec 31, 2018 | 582,382) | 113,488) | 105,268) |
| Dec 31, 2017 | 470,929) | 77,424) | 65,203) |
| Dec 31, 2016 | 388,665) | 54,447) | 52,720) |
| Dec 31, 2015 | 333,067) | 41,070) | 35,172) |
| Dec 31, 2014 | 282,535) | 35,300) | 35,495) |
| Dec 31, 2013 | 238,091) | 23,915) | 22,898) |
| Dec 31, 2012 | 213,813) | 17,279) | 15,756) |
| Dec 31, 2011 | 196,519) | 13,417) | 13,301) |
| Dec 31, 2010 | 218,840) | 30,498) | 29,563) |
| Dec 31, 2009 | 165,008) | 19,530) | 19,674) |
| Dec 31, 2008 | 160,511) | 22,507) | 24,226) |
| Dec 31, 2007 | 134,004) | 9,670) | 11,580) |
| Dec 31, 2006 | 105,015) | 1,235) | (2,863) |
| Dec 31, 2005 | 99,131) | 6,464) | 5,107) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2024 is characterized by sustained long-term revenue expansion and significant scaling of profitability, with a notable acceleration in growth during the latter part of the period.
- Revenue Trajectory
- Revenue grew consistently from 99.1 million USD in 2005 to 2.207 billion USD by 2024. While growth was steady during the first decade, a period of rapid acceleration began around 2019, with revenue increasing from 627.9 million USD in 2019 to 1.794 billion USD by 2022. This represents a substantial scaling of market reach and sales volume over the 19-year period.
- Operating Efficiency and Profitability
- Operating income demonstrated a general upward trend, rising from 6.4 million USD in 2005 to 539.3 million USD in 2024. Early volatility was observed between 2005 and 2011, including a dip into 1.2 million USD in 2006. However, from 2012 onward, operating income grew more aggressively, reflecting improved operational leverage. The operating margin expanded significantly, particularly between 2020 and 2022, where operating income rose from 158.8 million USD to 526.7 million USD.
- Net Income and Bottom-Line Analysis
- Net income followed a trajectory similar to operating income for the majority of the period, with a loss of 2.8 million USD in 2006 being the only instance of negative earnings. Net income grew from 5.1 million USD in 2005 to 427.3 million USD in 2023. A significant divergence is observed in 2024, where net income spiked to 1.786 billion USD. Given that operating income for the same period was 539.3 million USD, this suggests the realization of substantial non-operating gains, tax benefits, or one-time extraordinary items in the final year of the analysis.
Overall, the financial data indicates a transition from a small-scale operation to a high-growth entity with increasing efficiency in converting revenue into operating profit, culminating in an exceptional increase in net earnings in 2024.
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Balance Sheet: Assets
Monolithic Power Systems Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 1,565,053) | 3,617,097) |
| Dec 31, 2023 | 1,819,499) | 2,434,353) |
| Dec 31, 2022 | 1,410,619) | 2,058,885) |
| Dec 31, 2021 | 1,124,852) | 1,585,825) |
| Dec 31, 2020 | 841,998) | 1,208,491) |
| Dec 31, 2019 | 655,206) | 956,375) |
| Dec 31, 2018 | 580,810) | 793,432) |
| Dec 31, 2017 | 449,170) | 652,569) |
| Dec 31, 2016 | 382,984) | 511,126) |
| Dec 31, 2015 | 331,928) | 431,285) |
| Dec 31, 2014 | 308,146) | 399,366) |
| Dec 31, 2013 | 292,086) | 368,908) |
| Dec 31, 2012 | 214,301) | 287,162) |
| Dec 31, 2011 | 211,505) | 273,867) |
| Dec 31, 2010 | 224,373) | 281,603) |
| Dec 31, 2009 | 203,499) | 241,821) |
| Dec 31, 2008 | 143,247) | 195,299) |
| Dec 31, 2007 | 148,760) | 172,590) |
| Dec 31, 2006 | 97,160) | 117,327) |
| Dec 31, 2005 | 87,717) | 100,775) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a consistent and significant expansion of the asset base over the twenty-year period ending December 31, 2024. Total assets grew from 100,775 thousand US dollars in 2005 to 3,617,097 thousand US dollars by 2024, representing a substantial increase in the company's overall scale and resource allocation.
- Total Asset Growth Trajectory
- A steady upward trend is observed from 2005 through 2016, followed by an acceleration in growth rates from 2017 onward. The most pronounced increase occurred between 2023 and 2024, where total assets rose from 2,434,353 thousand US dollars to 3,617,097 thousand US dollars. This surge in the final period indicates a significant acquisition of long-term resources or a major capital investment.
- Current Asset Performance
- Current assets maintained a positive growth trend for the majority of the analyzed period, increasing from 87,717 thousand US dollars in 2005 to a peak of 1,819,499 thousand US dollars in 2023. However, a reversal is noted in 2024, with current assets declining to 1,565,053 thousand US dollars, suggesting a reduction in liquid holdings or a shift in working capital management.
- Asset Composition and Structural Shifts
- For the bulk of the period, current assets constituted a high percentage of total assets, indicating a highly liquid balance sheet. This relationship shifted dramatically in 2024; while total assets reached a record high, current assets decreased. This divergence implies a substantial increase in non-current assets, such as property, plant, and equipment or intangible assets, fundamentally altering the company's asset structure toward long-term investments.
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Balance Sheet: Liabilities and Stockholders’ Equity
Monolithic Power Systems Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2024 | 294,567) | 471,330) | —) | 3,145,767) |
| Dec 31, 2023 | 235,035) | 384,414) | —) | 2,049,939) |
| Dec 31, 2022 | 263,400) | 390,283) | —) | 1,668,602) |
| Dec 31, 2021 | 226,944) | 341,840) | —) | 1,243,985) |
| Dec 31, 2020 | 146,969) | 241,904) | —) | 966,587) |
| Dec 31, 2019 | 98,225) | 182,884) | —) | 773,491) |
| Dec 31, 2018 | 80,439) | 153,339) | —) | 640,093) |
| Dec 31, 2017 | 65,917) | 130,562) | —) | 522,007) |
| Dec 31, 2016 | 52,921) | 80,010) | —) | 431,116) |
| Dec 31, 2015 | 43,283) | 62,769) | —) | 368,516) |
| Dec 31, 2014 | 36,861) | 52,941) | —) | 346,425) |
| Dec 31, 2013 | 38,489) | 45,509) | —) | 323,399) |
| Dec 31, 2012 | 23,460) | 28,868) | —) | 258,294) |
| Dec 31, 2011 | 26,070) | 30,990) | —) | 242,877) |
| Dec 31, 2010 | 28,970) | 34,708) | —) | 246,895) |
| Dec 31, 2009 | 23,922) | 28,864) | —) | 212,957) |
| Dec 31, 2008 | 25,882) | 30,654) | —) | 164,645) |
| Dec 31, 2007 | 29,412) | 35,053) | —) | 137,537) |
| Dec 31, 2006 | 20,122) | 22,375) | —) | 94,952) |
| Dec 31, 2005 | 22,267) | 22,607) | —) | 78,168) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet reflects a period of substantial expansion in both total liabilities and stockholders' equity over the twenty-year period ending December 31, 2024. While liabilities have increased in absolute terms, the growth in equity has significantly outpaced the accumulation of obligations, indicating a strengthening overall financial position and a conservative approach to leverage.
- Liability Trajectory
- Current liabilities remained relatively stable from 2005 to 2012, fluctuating between $20.1 million and $29.4 million. A sustained upward trend began in 2013, with a sharp acceleration observed between 2019 and 2022, where obligations rose from $98.2 million to $263.4 million. Total liabilities followed a similar pattern, increasing from $22.6 million in 2005 to $471.3 million in 2024. Notably, the divergence between current and total liabilities widened significantly starting in 2017, suggesting an increase in long-term non-current liabilities.
- Equity Expansion
- Stockholders' equity has exhibited consistent and aggressive growth throughout the entire period. Starting at $78.2 million in 2005, equity exceeded $1 billion by 2021 and reached $3.15 billion by December 31, 2024. This represents a nearly forty-fold increase over two decades, reflecting a massive accumulation of net assets.
- Solvency and Capital Structure
- The capital structure is characterized by a dominant equity position. In 2005, stockholders' equity was approximately 3.4 times the total liabilities. By 2024, this ratio increased to approximately 6.7 times, demonstrating that equity grew at a much faster rate than liabilities. The absence of reported total debt throughout the period further suggests a financial strategy that avoids traditional debt financing in favor of equity and operational liabilities.
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Cash Flow Statement
Monolithic Power Systems Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 788,410) | 223,047) | (872,227) |
| Dec 31, 2023 | 638,213) | (178,726) | (183,725) |
| Dec 31, 2022 | 246,674) | (12,510) | (128,785) |
| Dec 31, 2021 | 320,010) | (378,886) | (90,206) |
| Dec 31, 2020 | 267,803) | (39,177) | (71,557) |
| Dec 31, 2019 | 216,303) | (167,112) | (48,050) |
| Dec 31, 2018 | 141,451) | (14,740) | (34,559) |
| Dec 31, 2017 | 133,821) | (134,060) | (31,325) |
| Dec 31, 2016 | 107,786) | (55,726) | (28,127) |
| Dec 31, 2015 | 69,736) | (57,197) | (46,652) |
| Dec 31, 2014 | 74,133) | (9,367) | (39,227) |
| Dec 31, 2013 | 60,686) | (54,324) | 18,850) |
| Dec 31, 2012 | 24,912) | (26,837) | (19,553) |
| Dec 31, 2011 | 43,685) | 36,222) | (31,975) |
| Dec 31, 2010 | 48,494) | (33,751) | (14,047) |
| Dec 31, 2009 | 31,764) | (82,128) | 13,618) |
| Dec 31, 2008 | 39,590) | (29,615) | (9,785) |
| Dec 31, 2007 | 26,125) | (13,947) | 19,978) |
| Dec 31, 2006 | 11,819) | 6,605) | 7,330) |
| Dec 31, 2005 | 17,211) | (26,589) | 2,714) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory over the analyzed period demonstrates a transition from a growth-phase entity to a high-liquidity organization characterized by aggressive operating cash generation and substantial capital returns. Net cash provided by operating activities has exhibited consistent long-term growth, scaling from 17.2 million USD in 2005 to 788.4 million USD in 2024, reflecting a significant expansion in the core business's ability to generate cash.
- Operating Cash Flow Performance
- A sustained upward trend is evident in operating cash flows, with a notable acceleration occurring after 2019. The growth became particularly pronounced between 2022 and 2024, where net cash provided by operating activities increased from 246.7 million USD to 788.4 million USD, indicating a rapid scaling of operational efficiency or market demand.
- Investing Activity Patterns
- Investing activities remained predominantly negative for the majority of the period, consistent with a strategy of continuous capital expenditure and asset acquisition. Significant investment peaks occurred in 2019 (167.1 million USD) and 2021 (378.9 million USD). However, a reversal occurred in 2024, with net cash provided by investing activities shifting to a positive 223.0 million USD, suggesting a significant liquidation of assets or the realization of investment gains.
- Financing Activity Dynamics
- The financing profile shifted from initial capital accumulation to consistent capital distribution. Between 2005 and 2009, financing activities were intermittently positive, indicating external funding. From 2010 onward, financing activities became consistently negative, reflecting the repayment of debt or returns to shareholders. This culminated in a substantial outflow of 872.2 million USD in 2024, the largest single-year financing expenditure in the analyzed period.
- Overall Cash Flow Synergy
- The relationship between the three cash flow components indicates a mature financial lifecycle. The company has evolved from relying on financing and modest operations to a state where massive operating cash inflows and investing inflows in 2024 provided the necessary liquidity to fund an unprecedented level of financing outflows.
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Per Share Data
Monolithic Power Systems Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 36.76 | 36.59 | 5.00 |
| Dec 31, 2023 | 8.98 | 8.76 | 4.00 |
| Dec 31, 2022 | 9.37 | 9.05 | 3.00 |
| Dec 31, 2021 | 5.28 | 5.05 | 2.40 |
| Dec 31, 2020 | 3.67 | 3.50 | 2.00 |
| Dec 31, 2019 | 2.52 | 2.38 | 1.60 |
| Dec 31, 2018 | 2.49 | 2.36 | 1.20 |
| Dec 31, 2017 | 1.58 | 1.50 | 0.80 |
| Dec 31, 2016 | 1.30 | 1.26 | 0.80 |
| Dec 31, 2015 | 0.89 | 0.86 | 0.80 |
| Dec 31, 2014 | 0.92 | 0.89 | 0.45 |
| Dec 31, 2013 | 0.61 | 0.59 | 0.00 |
| Dec 31, 2012 | 0.45 | 0.43 | 1.00 |
| Dec 31, 2011 | 0.39 | 0.38 | 0.00 |
| Dec 31, 2010 | 0.83 | 0.78 | 0.00 |
| Dec 31, 2009 | 0.57 | 0.54 | 0.00 |
| Dec 31, 2008 | 0.72 | 0.67 | 0.00 |
| Dec 31, 2007 | 0.37 | 0.33 | 0.00 |
| Dec 31, 2006 | -0.10 | -0.10 | 0.00 |
| Dec 31, 2005 | 0.18 | 0.17 | 0.00 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Earnings per share exhibited a long-term upward trajectory from 2005 to 2024, characterized by an initial phase of volatility followed by a period of accelerated expansion. While the early years were marked by fluctuations, including a loss in 2006 and a contraction in 2011, a consistent growth pattern emerged after 2012, culminating in a significant spike in profitability by 2024.
- Earnings Per Share Trends
- Basic earnings per share grew from 0.18 in 2005 to 3.67 in 2019. A period of rapid acceleration began in 2020, with earnings reaching 9.37 in 2022. Despite a slight moderation to 8.98 in 2023, a substantial increase occurred in 2024, where basic earnings per share rose to 36.76.
- Dilution Impact
- Diluted earnings per share mirrored the movement of basic earnings throughout the entire period. The narrow variance between basic and diluted figures suggests that the impact of potentially dilutive securities remained minimal and did not significantly erode the value attributable to common shareholders.
- Dividend Growth and Policy
- Dividend distributions were absent until 2012. Following an initial payment of 1.00 in 2012 and a subsequent reset to 0.45 in 2014, a progressive dividend policy was established. Payments increased steadily from 0.80 in 2015 to 5.00 in 2024, indicating a consistent increase in the cash return to shareholders that scales alongside earnings growth.
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