Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)
Interest Paid, Net of Tax
EV to FCFF Ratio, Current
EV to FCFF Ratio, Historical

Free Cash Flow to The Firm (FCFF)

Monolithic Power Systems Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income	437,672)	242,023)	164,375)	108,839)	105,268)
Net noncash charges	195,958)	149,627)	100,425)	89,653)	73,705)
Changes in operating assets and liabilities	(386,956)	(71,640)	3,003)	17,811)	(37,522)
Net cash provided by operating activities	246,674)	320,010)	267,803)	216,303)	141,451)
Interest paid, net of tax¹	—)	—)	—)	—)	—)
Purchases of property and equipment	(58,843)	(94,420)	(55,610)	(86,538)	(22,526)
Free cash flow to the firm (FCFF)	187,831)	225,590)	212,193)	129,765)	118,925)

Based on: 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).

¹ See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Monolithic Power Systems Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Monolithic Power Systems Inc. FCFF increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Interest Paid, Net of Tax

Monolithic Power Systems Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	16.60%	11.10%	2.90%	3.80%	11.20%
Interest Paid, Net of Tax
Interest paid, before tax	—)	—)	—)	—)	—)
Less: Interest paid, tax²	—)	—)	—)	—)	—)
Interest paid, net of tax	—)	—)	—)	—)	—)

Based on: 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).

¹ See details »

² 2022 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 16.60% = 0

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Enterprise Value to FCFF Ratio, Current

Monolithic Power Systems Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	18,765,784)
Free cash flow to the firm (FCFF)	187,831)
Valuation Ratio
EV/FCFF	99.91
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	221.10
Analog Devices Inc.	29.94
Applied Materials Inc.	22.83
Broadcom Inc.	35.28
Intel Corp.	—
KLA Corp.	29.28
Lam Research Corp.	24.71
Micron Technology Inc.	—
NVIDIA Corp.	84.27
ON Semiconductor Corp.	64.05
Qualcomm Inc.	20.07
Texas Instruments Inc.	110.50
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	83.31
EV/FCFF, Industry
Information Technology	43.50

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Enterprise Value to FCFF Ratio, Historical

Monolithic Power Systems Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	22,113,280)	20,736,031)	17,153,737)	6,620,264)	5,467,020)
Free cash flow to the firm (FCFF)²	187,831)	225,590)	212,193)	129,765)	118,925)
Valuation Ratio
EV/FCFF³	117.73	91.92	80.84	51.02	45.97
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	38.82	43.41	126.98	169.58	—
Analog Devices Inc.	23.12	39.16	27.12	21.68	16.04
Applied Materials Inc.	19.06	26.22	22.52	18.91	9.96
Broadcom Inc.	14.74	19.47	16.54	15.04	13.02
Intel Corp.	—	16.94	11.08	17.39	—
KLA Corp.	19.05	26.29	18.70	20.92	14.15
Lam Research Corp.	24.03	24.02	25.91	9.83	10.36
Micron Technology Inc.	18.28	33.81	292.39	14.33	5.37
NVIDIA Corp.	78.07	69.47	41.65	27.92	—
ON Semiconductor Corp.	20.67	19.86	33.03	46.88	—
Qualcomm Inc.	18.18	17.47	30.89	14.91	22.53
Texas Instruments Inc.	27.05	24.23	27.67	20.75	—
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	34.74	26.16	22.06	18.29	—
EV/FCFF, Industry
Information Technology	27.01	27.93	24.12	19.69	—

Based on: 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).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 22,113,280 ÷ 187,831 = 117.73

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Monolithic Power Systems Inc. EV/FCFF ratio increased from 2020 to 2021 and from 2021 to 2022.

Monolithic Power Systems Inc. (NASDAQ:MPWR)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical