MPWR US S&P 500NASDAQ-100Russell 1000 Earnings call · transcribed from the recording
Monolithic Power Systems (MPWR) · Q3 2026 results and valuation
Share price: $1478.69 · 2026-11-11
Monolithic Power Systems is a fabless semiconductor company that provides power electronics solutions, including power management integrated circuits. The company serves the storage, computing, enterprise data, automotive, communications, consumer, and industrial markets globally. Source: 10-K annual report (2026-02-27)
Results Q3 2026 vs Q2 2026 · previous quarter · published 29 Oct 2026 and 30 Jul 2026
Net income up 5.4% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+5.4%
Net income vs Q2 2026
Outlook given
Net income 271.1M vs 257.3M
Revenue +22.6%
2 · How management spoke
Upbeat
More upbeat than 74% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out Nothing unusual flagged this period.
Valuation
Is Monolithic Power Systems undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 15.9% growth a year (3-year revenue growth), the model's fair value is $522.50 a share — the stock trades 183% above it. Today's price assumes 30.9% growth a year.
Current price
$1478.69
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+30.9% for 10 yrs
Fair value / share
$522.50
Buy below
$391.88
Price vs fair value
Overvalued 183%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
In its enterprise data and market, Monolithic Power Systems saw strong demand across…
Source quote
“In our enterprise data and market, we saw strong demand across... We expect to have $8 billion of capacity in place by the second half of 2027, on our way to $10 billion in support of our rapidly expanding business.”
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Figure
In Q3, NPS achieved another significant milestone, exceeding $1 billion in quarterly revenue for the first time.
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Fading
Monolithic Power Systems' performance was a result of its continued innovation, its consistent and the resilience of its diversified market strategy.
Source quote
“Our performance was a result of our continued innovation, our consistent and the resilience of our diversified market strategy. In Q2, MPS achieved record quarterly revenue of $981 million 22% higher than the first quarter of 26 and 48% higher than the second quarter of 25. Let me take a few moments to call out a few of the highlights from the quarter.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Beyond our strong enterprise data growth in automotive, we received first orders for 48-volt power solutions and expect design wins for 48-volt and zonal architectures to be a driver of...”
“In Q3, NPS achieved another significant milestone, exceeding $1 billion in quarterly revenue for the first time.”
“And I know I've talked about this before, but to answer your question, why are you starting to see the accelerated growth in that particular end market is because you...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.20B | 980.6M | +22.6% | 737.2M | +63.1% |
| Gross profit | 665.5M | 541.1M | +23.0% | 406.2M | +63.8% |
| Operating income | 357.7M | 303.9M | +17.7% | 195.2M | +83.3% |
| Net income | 271.1M | 257.3M | +5.4% | 179.8M | +50.8% |
| EPS | 5.51 | 5.22 | +5.6% | 3.74 | +47.3% |
| P/E today 65.6 | 74.2 | 84.3 | −10.1 | 26.2 | +48.0 |
Topics
Most discussed now
- I would like to call over to Tony.
- New Using its in-house developed AI design tools, Monolithic Power Systems significantly expanded its customer base in traditional areas, as…
Faded since Q2 2026
- Dropped Deming platform refreshes that drive content, then, of course, CPU.
- Dropped Monolithic Power Systems has talked about ramping existing customers, ramping new customers, seeing the module content increase, per Rick's…
- Dropped Feel pretty similar You are certainly being led by the data-centric businesses
- Dropped Where people are asking for expedites, because obviously that can influence Monolithic Power Systems' own supply chain and then finally…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Director or officer change · SEC 8-K
- Other events · SEC 8-K
The Company announced a third-quarter cash dividend of $2.00 per share to be paid on October 15, 2026, to stockholders of record as of September 30, 2026.
- Results of operations · SEC 8-K
Monolithic Power Systems, Inc. issued a press release on July 30, 2026, regarding its financial results for the quarter ended June 30, 2026.
- Shareholder vote results; Other events · SEC 8-K
The company announced a second quarter cash dividend of $2.00 per share to be paid on July 15, 2026, to stockholders of record as of June 30, 2026.
- Results of operations · SEC 8-K
Monolithic Power Systems, Inc. issued a press release on April 30, 2026, regarding its financial results for the quarter ended March 31, 2026.
- 4.02 · SEC 8-K
Monolithic Power Systems, Inc. is restating its 2024 and 2025 financial statements due to a non-cash error, resulting in a $195 million decrease to the income tax benefit for the year ended December 31, 2024.
- Results of operations; Director or officer change; Other events · SEC 8-K
Monolithic Power Systems, Inc. announced a quarterly dividend increase from $1.56 to $2.00 per share and the appointment of Rob Dean as interim Chief Financial Officer following Bernie Blegen's retirement.
- Other events · SEC 8-K
Monolithic Power Systems, Inc. declared a fourth quarter cash dividend of $1.56 per share to be paid on January 15, 2026, for stockholders of record as of December 31, 2025.