MPWRMonolithic Power Systems, Inc.
Industry Semis analog Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
Held at $1,140
Promises vs. what happened
15 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q4 '24 revenue $600-620M | Q3 '24 | $621.7M, above the top; opex over | Held |
| Q1 '25 revenue $610-630M | Q4 '24 | raised at the analyst day; $637.6M | Held |
| Enterprise Data ramps in H2 '25 | Q1 '25 | +53% in H2, but the year still fell 2% | Held |
| Dividend up 25% to $1.56 | Q4 '24 | paid, then raised again to $2.00 | Held |
| Q1 '26 revenue $770-790M | Q4 '25 | $804.2M, above the top | Held |
| Q2 '26 revenue $890-910M | Q1 '26 | $980.6M, 7.8% above the top | Held |
| Silicon carbide inverter ramps in late '25 | Q4 '24 | never mentioned again | Dropped |
| 24-bit converters ramp in H2 '25 | Q4 '24 | never mentioned again | Dropped |
| $500M buyback over three years | Q4 '24 | unused 17 months on; topped up to $1B | Open |
| Capacity past $4B, new goal $6B | Q1 '26 | extended 'significantly beyond $6B' — no number | Open |
| 48V and zonal automotive support 2026 growth | Q4 '25 | automotive +5-8%; a socket count instead of revenue | Open |
| 800V data-centre power from sampling to solutions | Q4 '25 | still sampling; no revenue, customer or date | Open |
| DDR5 memory parts widen the market | Q2 '26 | first orders only; no figure | Open |
| Q3 '26 revenue $1,140-1,160M | Q2 '26 | open; reports about late Oct '26 | Open |
| Q3 '25 revenue $710-730M and opex $143-147M | Q2 '25 | revenue beat; opex $1.3M over the top | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
RecordsPage one since Q3 '24
AI powerPage one since Q4 '25
DiversifiedOff page one Q1 '26
SolutionsOff page one Q1 '26
CapacityPage one since Q4 '25
AutomotivePage one since Q2 '26
StoragePage one since Q1 '26
CommsOff page one Q2 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Record quarterly revenue
“In Q3 2024, MPS achieved record quarterly revenue of $620.1 million, 22.2% higher than revenue in the second quarter of 2024 and 30.6% higher than revenue in the third quarter of 2023.”
Deck MPS Q3 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Record quarterly revenue
“In Q4 2024, MPS achieved record quarterly revenue of $621.7 million, slightly higher than revenue in the third quarter of 2024 and 36.9% higher than revenue in the fourth quarter of 2023.”
Deck MPS Q4 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Record quarterly revenue
“In Q1 2025, MPS achieved record quarterly revenue of $637.6 million, slightly higher than revenue in the fourth quarter of 2024 and 39.2% higher than revenue in the first quarter of 2024.”
Deck MPS Q1 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Record quarterly revenue
“In Q2 2025, MPS achieved record quarterly revenue of $664.6 million, 4.2% higher than revenue in the first quarter of 2025 and 31.0% higher than revenue in the second quarter of 2024.”
Deck MPS Q2 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Record quarterly revenue
“In the third quarter of 2025, MPS achieved record quarterly revenue of $737.2 million, 10.9% higher than revenue in the second quarter of 2025 and 18.9% higher than revenue in the third quarter of 2024.”
Deck MPS Q3 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Record quarterly revenue
“In Q4 2025, MPS achieved record quarterly revenue of $751.2 million, 1.9% higher than revenue in the third quarter of 2025 and 20.8% higher than revenue in the fourth quarter of 2024.”
Deck MPS Q4 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Record quarterly revenue
“In the first quarter of 2026 , MPS achieved record quarterly revenue of $804.2 million, 7.1% higher than the fourth quarter of 2025 and 26.1% higher than revenue in the first quarter of 2025 .”
Deck MPS Q1 2026 Earnings Commentary (8-K exhibit) · EXHIBIT 99.1 ·
Record quarterly revenue
“In the second quarter of 2026, MPS achieved record quarterly revenue of $980.6 million, 21.9% higher than the first quarter of 2026 and 47.6% higher than revenue in the second quarter of 2025.”
Deck MPS Q2 2026 Earnings Commentary (8-K exhibit) · Ongoing Business Conditions ·
Enterprise Data and AI power
“In our Enterprise Data market, third quarter 2024 revenue of $184.5 million decreased 1.5% from the second quarter of 2024.”
Deck MPS Q3 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Enterprise Data and AI power
“This 121.7% increase was due to higher sales of our power management solutions for AI and server applications.”
Deck MPS Q4 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Enterprise Data and AI power
“| We continue to win designs across all major Enterprise Data customers with revenue ramps expected in the second half of this year.”
Deck MPS Q1 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Enterprise Data and AI power
“| We began initial shipments of our power solutions to support our customers new ASIC based AI products.”
Deck MPS Q2 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Enterprise Data and AI power
“The sequential increase was primarily driven by higher sales of our power management solutions for AI applications.”
Deck MPS Q3 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Enterprise Data and AI power
“5. | We expanded our customer base in Data Center for power solutions across AI, server, memory, optical modules, and switch applications with leading edge current density, power efficiency, and packaging.”
Deck MPS Q4 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Enterprise Data and AI power
“| The pipeline for our Automotive and Enterprise Data end markets, including server, continued to accelerate as we won multiple new projects across customers and regions.”
Deck MPS Q1 2026 Earnings Commentary (8-K exhibit) · EXHIBIT 99.1 ·
Enterprise Data and AI power
“All end markets grew sequentially with Enterprise Data growing 45% as we continued to see strong, broad-based ordering patterns.”
Deck MPS Q2 2026 Earnings Commentary (8-K exhibit) · Ongoing Business Conditions ·
Diversified market strategy
“Our performance during the quarter reflected the strength of our diversified market strategy as we saw improved ordering trends across most end markets, and benefited from revenue ramps associated with design wins secured in past years.”
Deck MPS Q3 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Diversified market strategy
“| We continued to see diversified revenue growth across all our end markets.”
Deck MPS Q2 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Diversified market strategy
“| Our diversified market strategy drove year-over-year revenue growth in all our end markets.”
Deck MPS Q3 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Diversified market strategy
“1. | Our non-Enterprise Data end markets grew by over 40% year-over-year, showcasing the strength of our diversified business model.”
Deck MPS Q4 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Diversified market strategy
“We continue to adjust to the fluid geopolitical and macro-economic environment, but our diversified market strategy remains unchanged:”
Deck MPS Q1 2026 Earnings Commentary (8-K exhibit) · EXHIBIT 99.1 ·
Diversified market strategy
“Our quarterly performance was the result of our continued innovation, our consistent execution and the resilience of our diversified market and supply chain strategy.”
Deck MPS Q2 2026 Earnings Commentary (8-K exhibit) · Ongoing Business Conditions ·
From chip supplier to solutions provider
““Our results continue to demonstrate the success of our proven, long-term growth strategy and our transformation from being only a chip supplier to a full solutions provider,” said Michael Hsing, CEO and founder of MPS.”
Deck MPS Q3 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
From chip supplier to solutions provider
““Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS.”
Deck MPS Q4 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
From chip supplier to solutions provider
“| We had our first design win for a full BMS solution on a robotics platform continuing our shift from chips to solutions.”
Deck MPS Q3 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
From chip supplier to solutions provider
“3. | We had record module revenue and positioned for a further shift to solutions by sampling our 800V power solution for data center.”
Deck MPS Q4 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
From chip supplier to solutions provider
““Our results demonstrate the strength of our diversified model and our continued success in transforming from a chip-only, semiconductor supplier to a full service solutions provider,” said Michael Hsing, CEO and founder of MPS.”
Deck MPS Q2 2026 Earnings Commentary (8-K exhibit) · Ongoing Business Conditions ·
Supply chain and capacity
“In addition, we continue to expand and diversify our global supply chain which will allow us to capture future growth, maintain supply stability, and swiftly adapt to market changes as they occur.”
Deck MPS Q3 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Supply chain and capacity
“2. | We achieved our milestone of securing more than $4B of geographically balanced capacity and continue to add additional supply chain partners to support future growth.”
Deck MPS Q4 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Supply chain and capacity
“| MPS continued to grow our capacity past our original $4B plan, with a new goal of reaching $6B in the near future.”
Deck MPS Q1 2026 Earnings Commentary (8-K exhibit) · EXHIBIT 99.1 ·
Supply chain and capacity
“We extended our capacity goal significantly beyond $6B to support future revenue growth and our transformation into a full solution provider.”
Deck MPS Q2 2026 Earnings Commentary (8-K exhibit) · Ongoing Business Conditions ·
Automotive
“| Automotive was up 28% sequentially across all areas including infotainment, lighting, ADAS, and body controls.”
Deck MPS Q3 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Automotive
“| Finally, Q1’25 Automotive revenue increased 13% from Q4’24, the third consecutive quarter of sequential double-digit growth.”
Deck MPS Q1 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Automotive
“| We continued to expand our automotive customer base with another major Tier 1 supplier adopting MPS for its next generation ADAS solution.”
Deck MPS Q3 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Automotive
“4. | In automotive, we launched solutions for 48V and Zonal architectures including the first fully integrated 48V e-fuse and a kilowatt level zonal controller that will support growth in 2026 and beyond.”
Deck MPS Q4 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Automotive
“In our Automotive market, so far this year, we have shipped products for over 1500 new sockets as we increase our footprint in both ADAS and other applications within the vehicle.”
Deck MPS Q2 2026 Earnings Commentary (8-K exhibit) · Ongoing Business Conditions ·
Storage, computing and memory
“| Storage and Compute was up 25% sequentially on the strength of demand for DDR5 and SSD memory, and notebooks.”
Deck MPS Q3 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Storage, computing and memory
“| In Q1, Storage and Computing segment revenue increased 38% quarter-over-quarter on strong demand for both memory and notebook solutions.”
Deck MPS Q1 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Storage, computing and memory
“| Storage and Compute revenue grew sequentially off a strong Q1 as we continued to see demand for both memory and notebook power solutions.”
Deck MPS Q2 2025 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Storage, computing and memory
“| We sampled our first high speed interface products for DDR5 at major customers.”
Deck MPS Q1 2026 Earnings Commentary (8-K exhibit) · EXHIBIT 99.1 ·
Storage, computing and memory
“We received initial orders for high-speed DDR5 memory components which we expect to grow our SAM into next year.”
Deck MPS Q2 2026 Earnings Commentary (8-K exhibit) · Ongoing Business Conditions ·
Communications: optical modules and switches
“| Communications was up 65% from Q2 2024 reflecting new product ramps for Wi-Fi, optical, networking, and router solutions.”
Deck MPS Q3 2024 Earnings Commentary (8-K exhibit) · EXHIBIT 99.2 ·
Communications: optical modules and switches
“| Our Communications end market grew 33% sequentially on the strength of our power solutions for optical modules and switches.”
Deck MPS Q1 2026 Earnings Commentary (8-K exhibit) · EXHIBIT 99.1 ·
Communications: optical modules and switches
“Second quarter 2026 Communications revenue of $131.5 million was up 18.0% from the first quarter of 2026 primarily as a result of higher sales of power solutions for optical modules and switches. Second quarter 2026 Communications revenue was up 78.3% year over year.”
Deck MPS Q2 2026 Earnings Commentary (8-K exhibit) · Ongoing Business Conditions ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Records
- The opening sentence of every commentary — eight consecutive record quarters, and revenue above the top of its guided range in all seven a later release checks.
- AI power
- Off the highlights while the segment was falling in late 2024, back on from Q1 '25, and now 38.8% of revenue. No customer, product generation or AI revenue figure is ever given.
- Diversified
- Led the highlights in 2025 — the year Enterprise Data fell 2% — and moved to the body in 2026 when Enterprise Data led again. The slide follows the growth.
- Solutions
- The chief executive's quote in all eight. Module revenue is called a record in Q4 '25 and never given as a number; Q2 '26 quietly drops the word 'silicon-based' from the quote.
- Capacity
- The only forward dollar figure MPS gives, and it has gone backwards as a figure: $4bn secured, 'a new goal of reaching $6bn in the near future', then 'significantly beyond $6bn' one quarter later with no number at all.
- Automotive
- Percentages while it grew 43% in 2025; in 2026, with growth at 5-8%, the highlight becomes a count of sockets shipped.
- Storage
- In five of eight, and the home of the DDR5 memory parts first sampled in Q1 '26 and first ordered in Q2 — with no revenue or market figure attached.
- Comms
- In three of eight: optical modules and switches, always as a product list rather than a number.
- New
- Q2 '26: the first orders for high-speed DDR5 memory components, and a second $500M added to a repurchase authorisation that had not been used.
- Quiet
- Two products stated once and never mentioned again — a silicon carbide inverter and 24-bit converters, both promised for the second half of 2025 — and the annual revenue split by end market, last shown in two commentaries.
Every quarterly report we’ve saved · 7
The press releases and shareholder letters behind this page.
- Q3 2025 release · 8-K 30 Oct 2025
- Q2 2025 release · 8-K 31 Jul 2025
- Q1 2025 release · 8-K 1 May 2025
- Q1 FY2025 release · filed copy 20 Mar 2025
- Q4 2024 release · 8-K 6 Feb 2025
- Q3 2024 release · 8-K 30 Oct 2024
- Q2 2024 release · 8-K 1 Aug 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 16% | 22% | 25% | 30% | 23% | 17% | 15% | 17% |
| Growth & sales | 23% | 24% | 18% | 39% | 27% | 17% | 35% | 22% |
| Pricing & margins | 6% | 3% | 10% | · | 18% | 14% | 10% | 4% |
| Guidance & outlook | 19% | 19% | 28% | 43% | 45% | 21% | 50% | 26% |
| Capacity & supply | 26% | 19% | 22% | 30% | 50% | 28% | 30% | 39% |
| Capital & financing | · | · | 2% | · | 5% | 3% | 5% | · |
| Competition | 10% | 8% | 10% | 13% | 18% | 10% | 5% | 9% |
| Products & technology | 13% | 11% | 15% | 22% | 23% | 14% | 25% | 9% |
| Macro & regulation | 3% | · | 12% | 9% | 5% | 3% | 10% | 4% |
| Other | 42% | 51% | 42% | 17% | 5% | 45% | 10% | 35% |
| Questions | 31 | 37 | 40 | 23 | 22 | 29 | 20 | 23 |
| How much the CEO talked | 66% | 42% | 63% | 45% | 62% | 44% | 61% | 52% |
Who’s in charge, who’s selling
read from the filings · 1 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
Accounts declared unreliable, and an adverse opinion on internal control
On 26 Feb '26 the audit committee determined the FY2024 accounts and all four 2025 quarterly reports should no longer be relied upon — along with every earnings release and presentation covering them — and the 10-K filed the next day restated $194.6M out of FY2024's tax benefit. Management found a material weakness in deferred-tax controls and concluded controls were not effective at the end of both 2025 and 2024; Ernst & Young's attestation says the company "has not maintained effective internal control over financial reporting". At 30 Jun '26 the weakness was still open and disclosure controls were still reported as not effective.
Tier 2 · live
The chief financial officer gave notice three weeks before the restatement; the job is still interim
Bernie Blegen, chief financial officer since July 2016, told the board on 3 Feb '26 he would retire with effect on the filing of the 2025 annual report — the report that carried the restatement. Robert Dean, the corporate controller, became interim chief financial officer at that moment and nothing filed since names a permanent successor. Nothing read connects the retirement to the restatement, and nothing read gives any other reason for it.
Tier 2 · improving
Founder, chairman, president and chief executive, over a board averaging fourteen years
Michael Hsing has held all three titles since founding MPS in 1997; the counterweight is a lead independent director, Herbert Chang, who has been a director since 1999. The proxy puts the independent directors' average tenure at about fourteen years, and four of the seven joined in 2012 or earlier. The board is classified until the 2030 meeting under a phased unwind holders approved in 2025, and until then directors may be removed only for cause. Against that, insiders hold 3.6% of the company and the founder 2.1% — the largest insider stake of the names read here.
Tier 2 · worsening
$763.8M of insider selling in a year, and not one purchase
336 sales by 12 insiders in the year to Q2 '26, about 1.2% of the market value of the company, against zero purchases, with 35.9% under pre-set plans. The founder sold 140,000 shares for about $176M in February and May 2026; four other officers and four directors also sold. The company meanwhile has not bought a share: the $500M authorisation of February 2025 was unused seventeen months later, share-based pay of $0.87bn over five years exceeded $0.65bn of buybacks, and the count rose from 48M to 49M.
Tier 3 · stable
Owners voted for a 10% special-meeting right; the board gave 25%
At the June 2025 meeting holders passed, 24.6M to 17.6M, a proposal to let 10% of the stock call a special meeting, against a 30% bylaw threshold. In November 2025 the board cut it to 25%, saying it had consulted a majority in interest of its top ten holders, who supported a threshold "significantly higher than 10%". No further change is proposed. Separately, three distributors are 54% of revenue and a significant part of test, assembly and packaging sits in China, with the split of new capacity inside and outside China not disclosed.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Lee (Audit, Class I)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 4.44M withheld | 10.2% |
| Zhou (Audit, Class I)A board seat. | — | 2.60M withheld | 6.0% |
| Martinez (Class III)A board seat. | 3.59M withheld | — | 8.5% in '25 |
| Chang (Lead independent, Class III)A board seat. | 3.47M withheld | — | 8.2% in '25 |
| Hsing (Chairman, President and CEO)A board seat. | 2.23M withheld | — | 5.3% in '25 |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 1.42M against | 1.41M against | 3.2% |
| 10% special meeting (passed '25)Shareholders' right to act between annual meetings. A lower threshold to call a special meeting, or the right to act by written consent, lets a group of shareholders force a vote without waiting a year. More shareholder power; boards usually oppose it. Here the number is the votes for it. | 17.6M against | — | 58% for |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets and Form 4s, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| Hsing, founder and chief executive | 140,000 shares | about $176M in Feb and May '26; 1,034,099 held after, 2.1% |
| All insiders | $763.8M | 336 sales by 12 people, no purchases — about 1.2% of the company |
| Three other officers | 136,873 shares | Xiao 52,875, Tseng 56,238, Sciammas 27,760; four directors also sold |
| Of that, pre-planned | 35.9% | about a third of the value under pre-set 10b5-1 plans |