MONOLITHIC POWER SYSTEMS INC FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $2.8B |
| Gross margin | 55.2% |
| Operating income | $728.6M |
| Net income | $621.5M |
| Diluted EPS | $12.86 |
| Cash & equivalents | $1.1B |
| Total assets | $4.2B |
| Long-term debt | — not reported |
Key takeaway
MPWR's top three distributor customers accounted for 54% of 2025 revenue, down from 61% in 2024 but still a significant concentration risk.
🔒 4 more takeaways in the full analysis
Beneath the surface
The effective tax rate of 18.9% versus the 21% federal statutory rate was aided by a 2.5% research tax credit benefit, partially offset by a 5.2% hit from non-deductible share-based compensation, indicating stock comp materially affects reported taxes.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for MPWR.
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