Monolithic Power Systems (MPWR)
Forward P/E is 37.5x against a peer median of 15.59x, a ratio of 2.41x — well above the 1.3x overvalued threshold — with trailing P/E 73.93x. The growth exception does not clear it: latest-quarter revenue grew +47.6% year over year (PRIMARY, SEC filings/EDGAR), short of the +50% exceptional bar, and PEG is 1.17, not below about 1. It is not labelled a bubble because earnings are real and substantial and PEG near 1 means the priced growth roughly matches forecast earnings growth, rather than requiring demand to accelerate beyond the semiconductor cluster's already-rising +36.5% median.
What would change this label: Moves to FAIRLY PRICED if revenue growth sustains at +50% YoY or better with PEG at or below about 1.0 for two consecutive quarters, or if the forward P/E compresses below about 17.9x (1.15x the current peer median); moves toward BUBBLE if growth slows below +25% YoY while the forward P/E stays above about 27.3x (1.75x the peer median).
Monolithic Power's shares cost about 38 times next year's expected earnings, more than twice similar chip companies at about 16 times. Its sales grew about 48%, which is excellent, but not quite enough to justify paying that much more than rivals. The shares look overpriced, even though the business itself is performing very well.
Both lines start at 100 on 2020-09-01. Over the full window Monolithic Power Systems returned +344.53% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Monolithic Power Systems: -51.9% (2024-08-21 to 2025-04-08). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 37.5x against a peer median of 15.59x, a ratio of 2.41x — well above the 1.3x overvalued threshold — with trailing P/E 73.93x. The growth exception does not clear it: latest-quarter revenue grew +47.6% year over year (PRIMARY, SEC filings/EDGAR), short of the +50% exceptional bar, and PEG is 1.17, not below about 1. It is not labelled a bubble because earnings are real and substantial and PEG near 1 means the priced growth roughly matches forecast earnings growth, rather than requiring demand to accelerate beyond the semiconductor cluster's already-rising +36.5% median. The company’s forward P/E is 37.5× against a peer median of 15.6×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Semiconductors group's median latest-quarter revenue growth was 36.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +47.6% versus a year earlier (SEC filings).
| Company | Price (Oct 27, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Monolithic Power Systems (MPWR) | $1,211.89 | 37.5× | 73.9× |
| NXPI | $253.50 | 14.4× | 19.9× |
| MCHP | $78.48 | 20.1× | 115.7× |
| ON | $75.70 | 19.4× | 48.5× |
| FSLR | $171.62 | 8.1× | 10.6× |
| SWKS | $86.38 | 15.6× | 44.6× |
| Peer median | 15.6× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $981M | 55.2% | $257M | 5.22 | $145M |
| Q/E Mar 2026 2026-03-31 | $804M | 55.3% | $193M | 3.92 | $179M |
| Q/E Dec 2025 2025-12-31 | $751M | 55.1% | $176M | — | $64M |
| Q/E Sep 2025 2025-09-30 | $737M | 55.1% | $178M | 3.71 | $197M |
| Q/E Jun 2025 2025-06-30 | $665M | 55.1% | $134M | 2.78 | $189M |
| Q/E Mar 2025 2025-03-31 | $638M | 55.4% | $134M | 2.79 | $216M |
| Q/E Dec 2024 2024-12-31 | $622M | 55.4% | $1.4B | — | $103M |
| Q/E Sep 2024 2024-09-30 | $620M | 55.4% | $144M | 2.95 | $198M |
| Q/E Jun 2024 2024-06-30 | $507M | 55.3% | $100M | 2.05 | $109M |
| Q/E Mar 2024 2024-03-31 | $458M | 55.1% | $93M | 1.89 | $232M |
| Q/E Dec 2023 2023-12-31 | $454M | 55.3% | $97M | — | $140M |
| Q/E Sep 2023 2023-09-30 | $475M | 55.5% | $121M | 2.48 | $149M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | MONOLITHIC POWER SYSTEMS, INC. |
| Chief executive | Michael R. Hsing (source: https://en.wikipedia.org/wiki/Monolithic_Power_Systems) |
| Sector | Technology — Semiconductors — sells power-management and analog integrated circuits |
| Share price (Oct 27, 2026) | $1,211.89 |
| Market value (market cap) | $59.6B — share price times shares outstanding of 49,143,000 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $3.3B |
| Net income, last twelve months | $804M |
| Free cash flow, last twelve months | $586M |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +344.53% vs +118.28% |
| Worst peak-to-trough fall | -51.9% (2024-08-21 to 2025-04-08) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Brief fetch note: browser.open of the statistics page failed with a 429 rate-limit error; values were recorded from the stockanalysis.com Statistics & Valuation result returned by browser.search.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001280452.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001280452.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/MPWR/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.