MONOLITHIC POWER SYSTEMS INC（MPWR）の決算・業績分析
MONOLITHIC POWER SYSTEMS INCの2025年有価証券報告書をAI分析。売上高$2.8B(+26.4%)。営業利益$729M。Information Technology。
目次
MONOLITHIC POWER SYSTEMS INCの2025年度 業績サマリー
MONOLITHIC POWER SYSTEMS INC（証券コード: MPWR）の2025年度決算・業績分析。売上高は$2.8B（前年比+26.4%）。営業利益は$729M（前年比+35.1%）。純利益は$621M（前年比-65.2%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
MONOLITHIC POWER SYSTEMS INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged to $1.8B (+48.5% YoY) with gross margin of 58.4% (XBRL)
- Operating income jumped 100.7% YoY to $527M, driven by efficiency gains (XBRL)
- Net income reached $438M (+80.8% YoY), supported by strong profitability (XBRL)
- Cash reserves grew to $528M, with 7.74x current ratio indicating robust liquidity (XBRL)
- ROE of 35.2% and ROA of 18.0% reflect strong capital efficiency (XBRL)
MONOLITHIC POWER SYSTEMS INCの売上高変化の要因
- •Revenue grew 48.5% YoY to $1.8B, driven by new product development and strong demand in Asia (94% of revenue) (10-K). While no segment breakdown is provided, enterprise data and storage/computing markets represent the largest revenue contributors. The 5-year revenue CAGR of 25.6% underscores sustained growth, supported by market expansion and product innovation (XBRL).
MONOLITHIC POWER SYSTEMS INCの営業利益変化の要因
- •Gross margin of 58.4% and operating margin of 29.4% reflect strong cost control and pricing power (XBRL). Operating income surged 100.7% YoY to $527M, while net income rose 80.8% YoY to $438M. These gains align with efficiency improvements and focus on core business strengths (10-K). R&D expenses of $240M highlight investment in innovation, though SG&A expenses are not explicitly detailed (XBRL).
MONOLITHIC POWER SYSTEMS INCの事業リスクと対応
Dependence on Asian markets (especially China) exposes MPWR to political, regulatory, and economic risks (10-K)
Chinese government regulations and trade policy changes could disrupt operations (10-K)
Political instability in Taiwan and Hong Kong due to tensions with China (10-K)
Reliance on Chinese suppliers for wafers and manufacturing capacity (10-K)
Cyclical semiconductor industry and competition from larger firms (10-K)
MONOLITHIC POWER SYSTEMS INCの今後の見通し・業績予想
MONOLITHIC POWER SYSTEMS INCの事業内容
Monolithic Power Systems (MPWR) is a fabless semiconductor company specializing in high-performance power electronics solutions, primarily analog and mixed-signal ICs (10-K). Key products include DC-to-DC and AC-to-DC ICs, driver MOSFETs, power management ICs, and lighting control products. Major end markets are enterprise data (32.5% of 2024 revenue), storage and computing (22.7%), automotive (18.8%), and others. The company leverages proprietary technologies in integration, energy efficiency, and packaging to differentiate itself in a competitive landscape (10-K). With over 4,000 global employees, MPWR emphasizes innovation and manufacturing efficiency as growth enablers (10-K).
MONOLITHIC POWER SYSTEMS INCのAI業績分析レポート（2024年度）
Monolithic Power Systems Inc (MPWR) FY2024 Annual Report Analysis
Highlights
Business Overview
Monolithic Power Systems (MPWR) is a fabless semiconductor company specializing in high-performance power electronics solutions, primarily analog and mixed-signal ICs (10-K). Key products include DC-to-DC and AC-to-DC ICs, driver MOSFETs, power management ICs, and lighting control products. Major end markets are enterprise data (32.5% of 2024 revenue), storage and computing (22.7%), automotive (18.8%), and others. The company leverages proprietary technologies in integration, energy efficiency, and packaging to differentiate itself in a competitive landscape (10-K). With over 4,000 global employees, MPWR emphasizes innovation and manufacturing efficiency as growth enablers (10-K).
Revenue Analysis
Revenue grew 48.5% YoY to $1.8B, driven by new product development and strong demand in Asia (94% of revenue) (10-K). While no segment breakdown is provided, enterprise data and storage/computing markets represent the largest revenue contributors. The 5-year revenue CAGR of 25.6% underscores sustained growth, supported by market expansion and product innovation (XBRL).
Profitability Analysis
Gross margin of 58.4% and operating margin of 29.4% reflect strong cost control and pricing power (XBRL). Operating income surged 100.7% YoY to $527M, while net income rose 80.8% YoY to $438M. These gains align with efficiency improvements and focus on core business strengths (10-K). R&D expenses of $240M highlight investment in innovation, though SG&A expenses are not explicitly detailed (XBRL).
Balance Sheet Analysis
Equity ratio of 51.1% and debt-to-equity ratio of 0.31x indicate a conservative capital structure (XBRL). Current ratio of 7.74x and $528M in cash reserves demonstrate strong liquidity. Total assets grew to $2.4B in FY2024, with total equity reaching $1.2B (XBRL).
Cash Flow Analysis
Operating cash flow of $247M supported free cash flow of $188M after $59M in CapEx (XBRL). Dividends paid totaled $138M, with no share repurchases conducted during the year. The company's cash reserves of $528M provide flexibility for growth initiatives and shareholder returns.
Working Capital Analysis
Cash conversion cycle (CCC) of 194 days reflects 37 days receivables, 188 days inventory, and 31 days payables (XBRL).
Risks
Outlook
Management highlights reliance on Asia (94% revenue), macroeconomic risks, litigation management, and cyclical industry dynamics as key trends impacting future results (10-K). Product innovation and manufacturing efficiency are emphasized as growth enablers, though no specific FY2025 guidance is provided (10-K).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 582M | 628M | 844M | 1.2B | 1.8B | 1.8B |
| Operating Income | 113M | 103M | 159M | 262M | 527M | 482M |
| Net Income | 105M | 109M | 164M | 242M | 438M | 427M |
| Total Assets | 956M | 1.2B | 1.6B | 2.1B | 2.4B | 3.5B |
| Total Equity | 522M | 640M | 773M | 967M | 1.2B | 1.7B |
| Operating Cash Flow | 141M | 216M | 268M | 320M | 247M | 638M |
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