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Research · S&P 500 · Information Technology
MPWR · Monolithic Power Systems
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
40/60
moderate value scoreEarnings & returns
EPS Trend
3/5Diluted EPS: $9.05 (2022), $8.76 (2023), $32.60 (2024), $12.75 (2025). It ended above 2022 but did not rise in 2 of 3 years; the framework scores that as 3.
ROE Trend
5/5ROE (net income / common equity): 26.2% (2022), 20.8% (2023), 53.9% (2024), 17.6% (2025). Median 23.5%, lowest 17.6%; the framework scores a median above 20% as 5.
ROIC
4/5ROIC of 19.1%: operating income of $728.64M divided by $3.82B of capital (total assets $4.19B minus current liabilities $369.37M), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 15-20% as 4.
Profit Margins
5/5Net margin of 24.5%; the framework scores above 20% as 5; gross margin 55.2%, operating margin 31.0%.
Balance sheet & cash
Debt-to-Equity
5/5Net cash: total debt $18.93M, total cash $1.41B. The framework scores a net cash position as 5.
Free Cash Flow
5/5Free cash flow (operating cash flow minus capital expenditure): $187.83M (2022), $580.63M (2023), $624.12M (2024), $663.26M (2025). It rose every year; the framework scores that as 5.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $716.40M (2022), $947.06M (2023), $2.29B (2024), $2.61B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $16.44 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $779.62 (EPS CAGR 20.6% capped at 20%). Current price $1,210.86; price is 55.3% above the model value.
DCF Value
1/5FCF/share = $9.041, stage 1 growth = 20.0% (revenue CAGR 23.8% capped at 20%) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $59.14, PV of terminal value = $205.55, DCF value = $264.68. Current price $1,210.86; price is 357.5% above the model value.
Margin of Safety
1/5Graham value $779.62 (price is 55.3% above the model value); DCF value $264.68 (price is 357.5% above the model value).
Price-to-Book
1/5P/B of 15.28; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 6 of 10 years (2016-2025); lowest 11.9%, highest 29.3%.
Gross margin, each year
Between 54.3% and 58.4% over 10 years (a range of 4.1 points).
Competition, in the company’s own words · 10-K filed Feb 27, 2026
The analog and mixed-signal semiconductor industry is highly competitive, and we expect competitive pressures to continue. Our ability to compete effectively and to expand our business will depend on our ability to continue to recruit both applications engineering and design engineering personnel, our ability to introduce new products, our ability to maintain the rate at which we introduce these new products, and our ability to meet our end customers’ energy efficiency goals. Our industry is characterized by decreasing average selling prices over the life of a product. We compete with domestic and international semiconductor companies, many of which have substantially greater financial and other resources with which to pursue engineering, manufacturing, marketing, and distribution of their products. In some cases, our competitors have a broader number of product offerings that may enable them to more effectively market and sell to customers and engage sales partners. We are in direct and active competition, with respect to one or more of our product lines, with several manufacturers of such products. We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Texas Instruments.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $1.50B paid out against $2.06B of free cash flow (pass); total debt $1.66M to $19.97M, up 1100.2%, 0.0x EBITDA (pass: at most 2x EBITDA); shares outstanding 0.05B to 0.05B, up 3.4% (fail: up more than 2%). 3 of 4 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $16.44, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 20.6%)
IV = $779.62
Current price $1,210.86 vs Graham value $779.62 — price is 55.3% above the model value.
DCF:
FCF/share = $9.041
Stage 1 growth = 20.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Stage 1 g capped at 20.0% (3-year revenue CAGR was 23.8%)
Y1: $10.850 → PV $9.863
Y2: $13.019 → PV $10.760
Y3: $15.623 → PV $11.738
Y4: $18.748 → PV $12.805
Y5: $22.498 → PV $13.969
Stage 1 PV sum = $59.14
Terminal value at end of Y5 = $331.04
PV of terminal value = $205.55
DCF value = $264.68
Current price $1,210.86 vs DCF value $264.68 — price is 357.5% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $1210.86. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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