Latest Ratios: P/E Ratio 99.8x · EV/EBITDA 78.8x · ROE 18.4%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $62.5B | $43.8B | $28.9B | $30.8B | $17.1B | $23.6B | $17.2B | $8.1B | $5.2B | $4.9B | $3.4B |
| Enterprise Value | $61.5B | $42.7B | $28.2B | $30.2B | $16.8B | $23.4B | $16.9B | $8.0B | $5.0B | $4.8B | $3.3B |
| P/E Ratio → | 99.83 | 71.09 | 16.17 | 72.01 | 39.07 | 97.69 | 104.64 | 74.80 | 49.26 | 74.91 | 65.02 |
| P/S Ratio | 22.41 | 15.69 | 13.09 | 16.89 | 9.53 | 19.56 | 20.39 | 12.97 | 8.90 | 10.40 | 8.84 |
| P/B Ratio | 17.41 | 12.40 | 9.19 | 15.01 | 10.25 | 18.99 | 17.81 | 10.53 | 8.10 | 9.38 | 7.97 |
| P/FCF | 93.87 | 65.73 | 44.99 | 52.98 | 91.04 | 105.11 | 81.15 | 68.16 | 43.60 | 71.96 | 48.59 |
| P/OCF | 74.60 | 52.24 | 36.65 | 48.20 | 69.32 | 73.83 | 64.29 | 37.66 | 36.66 | 36.59 | 31.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.31 | 12.79 | 16.61 | 9.37 | 19.40 | 20.00 | 12.70 | 8.61 | 10.22 | 8.55 |
| EV / EBITDA | 78.83 | 54.78 | 49.01 | 57.94 | 29.82 | 80.50 | 94.83 | 67.92 | 39.84 | 51.47 | 48.05 |
| EV / EBIT | 84.35 | 55.74 | 49.26 | 59.78 | 32.03 | 86.09 | 101.30 | 75.94 | 43.43 | 61.19 | 61.26 |
| EV / FCF | — | 64.11 | 43.94 | 52.08 | 89.51 | 104.26 | 79.59 | 66.74 | 42.15 | 70.74 | 47.00 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.2% | 55.2% | 55.3% | 56.1% | 58.4% | 56.8% | 55.2% | 55.2% | 55.4% | 54.8% | 54.3% |
| Operating Margin | 26.1% | 26.1% | 24.4% | 26.5% | 29.4% | 21.7% | 18.8% | 16.3% | 19.5% | 16.4% | 14.0% |
| Net Profit Margin | 22.1% | 22.1% | 81.0% | 23.5% | 24.4% | 20.0% | 19.5% | 17.3% | 18.1% | 13.8% | 13.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.4% | 18.4% | 68.8% | 23.0% | 30.1% | 21.9% | 18.9% | 15.4% | 18.1% | 13.7% | 13.2% |
| ROA | 15.8% | 15.8% | 59.1% | 19.0% | 24.0% | 17.3% | 15.2% | 12.4% | 14.6% | 11.2% | 11.2% |
| ROIC | 22.2% | 22.2% | 20.2% | 24.8% | 32.4% | 23.3% | 19.3% | 14.4% | 18.8% | 15.3% | 13.7% |
| ROCE | 20.4% | 20.4% | 19.5% | 24.1% | 33.4% | 21.7% | 16.6% | 13.1% | 17.5% | 14.8% | 12.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | — | 0.00 | 0.00 | — | — | — |
| Debt / EBITDA | 0.03 | 0.03 | 0.03 | 0.01 | 0.00 | — | 0.02 | 0.02 | — | — | — |
| Net Debt / Equity | — | -0.30 | -0.21 | -0.25 | -0.17 | -0.15 | -0.34 | -0.22 | -0.27 | -0.16 | -0.26 |
| Net Debt / EBITDA | -1.38 | -1.38 | -1.17 | -1.00 | -0.51 | -0.65 | -1.86 | -1.45 | -1.37 | -0.88 | -1.63 |
| Debt / FCF | — | -1.61 | -1.05 | -0.90 | -1.53 | -0.84 | -1.56 | -1.43 | -1.45 | -1.22 | -1.59 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($1.1B) exceeds total debt ($24M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.91 | 5.91 | 5.31 | 7.74 | 5.36 | 4.96 | 5.73 | 6.67 | 7.22 | 6.93 | 7.24 |
| Quick Ratio | 4.38 | 4.38 | 3.89 | 6.11 | 3.66 | 3.81 | 4.66 | 5.37 | 5.53 | 5.40 | 5.89 |
| Cash Ratio | 3.40 | 3.40 | 2.93 | 4.72 | 2.80 | 3.19 | 4.05 | 4.64 | 4.69 | 4.62 | 5.07 |
| Asset Turnover | — | 0.67 | 0.61 | 0.75 | 0.87 | 0.76 | 0.70 | 0.66 | 0.73 | 0.72 | 0.76 |
| Inventory Turnover | 2.22 | 2.22 | 2.35 | 2.08 | 1.67 | 2.01 | 2.41 | 2.21 | 1.90 | 2.14 | 2.49 |
| Days Sales Outstanding | — | 41.28 | 38.45 | 50.11 | 40.12 | 38.22 | 35.12 | 35.63 | 38.23 | 31.49 | 33.32 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.7% | 0.8% | 0.6% | 0.8% | 0.5% | 0.5% | 0.8% | 0.9% | 0.7% | 1.0% |
| Payout Ratio | 46.2% | 46.2% | 13.5% | 43.5% | 31.5% | 45.2% | 54.0% | 61.8% | 45.1% | 52.0% | 62.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.4% | 6.2% | 1.4% | 2.6% | 1.0% | 1.0% | 1.3% | 2.0% | 1.3% | 1.5% |
| FCF Yield | 1.1% | 1.5% | 2.2% | 1.9% | 1.1% | 1.0% | 1.2% | 1.5% | 2.3% | 1.4% | 2.1% |
| Buyback Yield | 0.0% | 0.0% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.5% | 0.7% | 3.0% | 0.6% | 0.8% | 0.5% | 0.5% | 0.9% | 0.9% | 0.7% | 1.0% |
| Shares Outstanding | — | $48M | $49M | $49M | $48M | $48M | $47M | $46M | $45M | $44M | $42M |
Geopolitical Supply Chain Concentration
According to current market data, MPWR trades at a TTM P/E of 103.01, significantly exceeding traditional analog semiconductor peers, which suggests that investors are pricing the company as a high-growth AI infrastructure enabler rather than a cyclical component manufacturer within the broader technology sector.
The forward P/E of 54.76 implies that the market anticipates sustained, above-average earnings growth driven by the company's proprietary power management solutions. This valuation premium warrants caution, as any deceleration in AI-related capital expenditure could lead to a rapid compression of multiples given the high expectations embedded in the current share price.
Based on reported financial statements, MPWR's ROIC has fluctuated between 4.5% and 7.4% over the last ten quarters, reflecting a disciplined approach to capital deployment that prioritizes high-margin design wins over the heavy asset investment typical of traditional semiconductor manufacturing firms.
The company's ability to maintain these returns without significant debt highlights the effectiveness of its fabless-lite model. However, investors should monitor whether the recent trend toward lower ROIC levels indicates increasing competition or rising costs associated with securing advanced foundry capacity for next-generation power stages.
As reported in recent filings, MPWR's cash conversion cycle has remained elevated, ranging from 128 to 194 days, which appears primarily driven by high days inventory outstanding (DIO) as the company maintains strategic stock levels to mitigate potential supply chain disruptions in the semiconductor industry.
While high inventory levels provide a buffer against supply volatility, they also tie up significant working capital and increase the risk of obsolescence if product cycles shift rapidly. The relatively low asset turnover of 0.19 suggests that the company's growth is currently more dependent on product complexity and pricing power than on the rapid velocity of its asset base.
Based on the provided quarterly data, MPWR maintains a strong liquidity position with a current ratio consistently above 4.79, indicating that the company possesses ample short-term assets to cover its obligations even under conditions of severe operational stress or prolonged industry-wide demand downturns.
The absence of meaningful debt, as evidenced by a near-zero D/E ratio, provides the company with significant financial flexibility to navigate cyclicality. This liquidity profile is a structural advantage that allows management to continue R&D investment during periods when more leveraged competitors might be forced to curtail spending.
Institutional analysts frequently misapply traditional analog semiconductor valuation metrics, such as P/S or P/E, to MPWR, failing to account for the company's unique role as a critical enabler of high-density power delivery in the rapidly evolving AI hardware stack.
By treating MPWR as a standard cyclical analog player, the market may overlook the 'complexity premium' associated with its proprietary monolithic integration technology. Investors should instead focus on 'content per server' and design win momentum, as these metrics more accurately capture the company's long-term value creation potential than static valuation multiples.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying MPWR stock.
Monolithic Power Systems, Inc.'s current P/E ratio is 99.8x. The historical average is 59.1x. This places it at the 95th percentile of its historical range.
Monolithic Power Systems, Inc.'s current EV/EBITDA is 78.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.1x.
Monolithic Power Systems, Inc.'s return on equity (ROE) is 18.4%. The historical average is -1.4%.
Based on historical data, Monolithic Power Systems, Inc. is trading at a P/E of 99.8x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Monolithic Power Systems, Inc.'s current dividend yield is 0.46% with a payout ratio of 46.2%.
Monolithic Power Systems, Inc. has 55.2% gross margin and 26.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Monolithic Power Systems, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.