Monolithic Power Systems, Inc. (MPWR) Cash Flow Statement
Where MPWR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $838.2M +6.3% vs 2024
- Capital expenditures
- $172.0M 6.2% of revenue
- Free cash flow
- $666.2M 23.9% margin
- Returned to shareholders
- $292.5M 44% of free cash flow
- Change in cash
- $407.6M cash at year-end $1.10B
Drawn to scale: where the cash came from and how it was used. Hover for values.
MPWR operating cash flow, capex and free cash flow
MPWR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $107.8M2016 | $838.2M2025 | +25.6%/yr | |
| Capital expenditures | $37.1M2016 | $172.0M2025 | +18.6%/yr | |
| Free cash flow | $70.7M2016 | $666.2M2025 | +28.3%/yr | |
| Free cash flow margin | 18.2%2016 | 23.9%2025 | +5.7 pts | |
| Operating cash flow / net income | 2.042016 | 1.352025 | −0.70 | |
| Stock-based compensation | $45.0M2016 | $227.5M2025 | +19.7%/yr | |
| Dividends paid | $33.1M2016 | $284.8M2025 | +27.0%/yr | |
| Share buybacks (net) | $02016 | $7.7M2025 | — | |
| Capex / revenue | 9.5%2016 | 6.2%2025 | −3.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MPWR cash flow by activity
MPWR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MPWR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $621.5M | $1.79B | $427.4M | $437.7M | $242.0M | $164.4M | $108.8M | $105.3M | $65.2M | $52.7M |
| Depreciation & amortization | $52.5M | $36.4M | $40.2M | $37.1M | $28.7M | $19.2M | $14.9M | $12.3M | $16.1M | $14.7M |
| Stock-based compensation | $227.5M | $205.6M | $149.7M | $161.0M | $123.5M | $85.6M | $78.7M | $60.6M | $52.6M | $45.0M |
| Change in working capital | −$88.1M | $92.1M | $30.3M | −$387.0M | −$71.6M | $3.0M | $17.8M | −$37.5M | $15.7M | −$2.9M |
| Other non-cash items | $24.8M | −$1.33B | −$9.4M | −$2.1M | −$2.6M | −$4.3M | −$3.9M | $787,000 | −$15.8M | −$1.7M |
| Cash from operating activities | $838.2M | $788.4M | $638.2M | $246.7M | $320.0M | $267.8M | $216.3M | $141.5M | $133.8M | $107.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$172.0M | −$146.1M | −$57.6M | −$58.8M | −$95.2M | −$55.6M | −$96.8M | −$22.5M | −$65.8M | −$37.1M |
| Investments (net) | $22.1M | $223.0M | −$262.9M | $62.8M | −$281.1M | $19.1M | −$76.5M | $11.9M | −$134.1M | −$55.7M |
| Acquisitions & other investing | −$7.4M | $146.1M | $141.7M | −$16.5M | −$2.5M | −$2.7M | $6.2M | −$4.1M | $65.8M | $37.1M |
| Cash from investing activities | −$157.3M | $223.0M | −$178.7M | −$12.5M | −$378.9M | −$39.2M | −$167.1M | −$14.7M | −$134.1M | −$55.7M |
| Financing activities | ||||||||||
| Dividends paid | −$284.8M | −$240.6M | −$185.8M | −$138.0M | −$109.4M | −$88.8M | −$67.3M | −$47.5M | −$33.9M | −$33.1M |
| Share repurchases & issuance (net) | −$7.7M | −$636.2M | −$3.7M | $5.9M | $4.7M | $3.8M | $3.3M | $13.7M | $2.9M | $3.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $6.6M | $4.6M | $5.9M | $3.3M | $14.5M | $13.4M | $16.0M | −$749,000 | −$250,000 | $1.2M |
| Cash from financing activities | −$285.9M | −$872.2M | −$183.7M | −$128.8M | −$90.2M | −$71.6M | −$48.0M | −$34.6M | −$31.3M | −$28.1M |
| Summary | ||||||||||
| Net change in cash | $407.6M | $130.8M | $272.5M | $99.3M | −$145.7M | $162.0M | $258,000 | $89.9M | −$29.9M | $21.8M |
| Cash at end of period | $1.10B | $691.9M | $561.2M | $288.7M | $189.4M | $335.1M | $173.1M | $172.8M | $82.8M | $112.7M |
| Free cash flow | $666.2M | $642.3M | $580.6M | $187.8M | $224.8M | $212.2M | $119.5M | $118.9M | $68.0M | $70.7M |
| Free cash flow margin | 23.9% | 29.1% | 31.9% | 10.5% | 18.6% | 25.1% | 19.0% | 20.4% | 14.4% | 18.2% |
| Capex / revenue | 6.2% | 6.6% | 3.2% | 3.3% | 7.9% | 6.6% | 15.4% | 3.9% | 14.0% | 9.5% |
| Operating cash flow / net income | 1.35 | 0.44 | 1.49 | 0.56 | 1.32 | 1.63 | 1.99 | 1.34 | 2.05 | 2.04 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $257.3M | $193.2M | $170.1M | $178.3M | $133.7M | $133.8M | $1.45B | $144.4M | $100.4M | $92.5M | $96.9M | $121.2M |
| Depreciation & amortization | $17.1M | $15.1M | $14.2M | $13.7M | $13.1M | $11.4M | $10.0M | $9.4M | $8.7M | $8.3M | $10.2M | $10.0M |
| Stock-based compensation | $53.2M | $41.1M | −$173.6M | −$120.9M | $60.1M | $52.8M | $56.0M | $51.4M | $52.3M | $45.9M | $41.1M | $33.6M |
| Change in working capital | −$89.8M | $83,000 | −$149.3M | −$17.9M | $29.8M | $49.3M | −$47.7M | $37.8M | −$7.3M | $109.3M | $18.9M | $13.5M |
| Other non-cash items | −$9.8M | $740,000 | $243.4M | $186.1M | $921,000 | $9.0M | −$1.30B | −$11.3M | −$13.1M | −$8.0M | −$13.8M | −$2.4M |
| Cash from operating activities | $227.9M | $250.3M | $104.9M | $239.3M | $237.6M | $256.4M | $167.7M | $231.7M | $141.0M | $248.1M | $153.3M | $175.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$82.4M | −$70.8M | −$43.0M | −$40.5M | −$50.1M | −$40.3M | −$64.8M | −$33.8M | −$31.5M | −$16.0M | −$13.8M | −$27.1M |
| Investments (net) | −$101.8M | −$147.4M | $33.0M | $127.6M | −$15.8M | −$257.5M | $519.2M | −$26.8M | −$3.4M | −$266.0M | $34.0M | −$213.0M |
| Acquisitions & other investing | −$278,000 | $5.9M | −$1.6M | $40.5M | $50.1M | $40.3M | $64.8M | $33.8M | $31.5M | $16.0M | $13.8M | $27.1M |
| Cash from investing activities | −$184.5M | −$212.3M | −$11.6M | $127.6M | −$15.8M | −$257.5M | $519.2M | −$26.8M | −$3.4M | −$266.0M | $34.0M | −$213.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$101.1M | −$78.4M | −$74.8M | −$74.9M | −$75.1M | −$60.0M | −$61.9M | −$61.2M | −$68.1M | −$49.6M | −$50.6M | −$49.4M |
| Share repurchases & issuance (net) | −$4.0M | — | −$2.0M | −$1.6M | −$3.7M | $5.3M | −$622.1M | −$5.5M | −$4.5M | −$4.1M | −$3.7M | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.8M | $3.1M | −$494,000 | $3.3M | −$659,000 | −$1.2M | −$1.4M | $3.5M | −$1.0M | $3.6M | −$94,000 | $2.3M |
| Cash from financing activities | −$103.3M | −$75.3M | −$77.3M | −$73.2M | −$79.4M | −$55.9M | −$685.4M | −$63.2M | −$73.6M | −$50.0M | −$54.4M | −$47.1M |
| Summary | ||||||||||||
| Net change in cash | −$57.3M | −$36.4M | $18.1M | $293.9M | $150.0M | −$54.5M | −$8.5M | $150.0M | $62.2M | −$72.8M | $139.9M | −$85.8M |
| Cash at end of period | $1.01B | $1.06B | $1.10B | $1.08B | $787.5M | $637.5M | $691.9M | $700.5M | $550.5M | $488.3M | $561.0M | $421.3M |
| Free cash flow | $145.5M | $179.4M | $61.9M | $198.8M | $187.5M | $216.0M | $102.9M | $197.9M | $109.5M | $232.1M | $139.5M | $148.8M |
| Free cash flow margin | 14.8% | 22.3% | 8.2% | 27.0% | 28.2% | 33.9% | 16.5% | 31.9% | 21.6% | 50.7% | 30.7% | 31.3% |
| Capex / revenue | 8.4% | 8.8% | 5.7% | 5.5% | 7.5% | 6.3% | 10.4% | 5.5% | 6.2% | 3.5% | 3.0% | 5.7% |
| Operating cash flow / net income | 0.89 | 1.30 | 0.62 | 1.34 | 1.78 | 1.92 | 0.12 | 1.60 | 1.40 | 2.68 | 1.58 | 1.45 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MPWR cash generation
In fiscal 2025 (ended December 31, 2025), Monolithic Power generated $838.2 million of cash from operations (up 6.3%) and spent $172.0 million on capital expenditures, leaving free cash flow of $666.2 million, 23.9% of revenue. It returned $292.5 million to shareholders through dividends ($284.8 million) and net share buybacks ($7.7 million). Cash and equivalents rose by $407.6 million over the year.
Related: MPWR income statement, MPWR balance sheet, MPWR dividend history. See the MPWR stock overview for the latest quote and news.
MPWR cash flow FAQ
What is Monolithic Power's free cash flow?
Monolithic Power's free cash flow was $666.2 million in fiscal 2025: $838.2 million of operating cash flow minus $172.0 million of capital expenditures It was $642.3 million a year earlier..
How much cash does Monolithic Power generate from operations?
Monolithic Power generated $838.2 million of cash from operating activities in fiscal 2025, 1.35 times its net income of $621.5 million.
How much does Monolithic Power spend on capital expenditures?
Monolithic Power spent $172.0 million on capital expenditures in fiscal 2025, 6.2% of revenue, compared with $146.1 million the year before.
How much stock does Monolithic Power buy back?
Monolithic Power spent $7.7 million on net share repurchases in fiscal 2025.
How much does Monolithic Power pay in dividends?
Monolithic Power paid $284.8 million in dividends in fiscal 2025, 42.8% of free cash flow.