Monolithic Power Systems Inc. (MPWR) intrinsic value & 10-year financials
Monolithic Power Systems Inc. (MPWR) has a Graham intrinsic value of $427.15 per share. At $1,210.86 on Oct 17, 2026, the stock trades 183% above that value. Over the last 10 fiscal years revenue grew 24.5% a year to $2.8B, with an average return on invested capital of 20.5%.
- Graham intrinsic value
- $427.15
- Share price (Oct 17, 2026)
- $1,210.86
- Price vs Graham value
- 183% above
- Market cap
- $58.5B
- Revenue (FY2025)
- $2.8B
- Revenue growth (10-yr CAGR)
- 24.5%
- ROIC (10-yr avg)
- 20.5%
- Free cash flow (FY2025)
- $666.2M
MPWR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.8B | $621.5M | $12.86 | $666.2M | 26.1% | 24.0% |
| FY2024 | $2.2B | $1.8B | $36.59 | $642.3M | 24.4% | 27.0% |
| FY2023 | $1.8B | $427.4M | $8.76 | $580.6M | 26.5% | 28.0% |
| FY2022 | $1.8B | $437.7M | $9.05 | $187.8M | 29.4% | 31.8% |
| FY2021 | $1.2B | $242.0M | $5.05 | $225.6M | 21.7% | 21.1% |
| FY2020 | $844.5M | $164.4M | $3.50 | $212.2M | 18.8% | 17.7% |
| FY2019 | $627.9M | $108.8M | $2.38 | $120.5M | 16.3% | 14.0% |
| FY2018 | $582.4M | $105.3M | $2.36 | $118.9M | 19.5% | 17.4% |
| FY2017 | $470.9M | $65.2M | $1.50 | $68.0M | 16.4% | 12.8% |
| FY2016 | $388.7M | $52.7M | $1.26 | $70.7M | 14.0% | 11.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Monolithic Power Systems is a consistent compounder, expanding top-line revenue at 24.5% annually over the past decade.
Monolithic Power Systems has earned high returns on invested capital, averaging 20.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Monolithic Power Systems has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Monolithic Power Systems is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $427.15 per share.