Monolithic Power Systems

MPWR · NASDAQ

$1,248.74−$4.92 (−0.39%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $1,253.66

MPWR analyst rating

BuyConsensus of 9 analysts over the last 12 months. 89% rate it a buy.

Strong buy0
Buy8
Hold1
Underperform0
Sell0

12-month price target · 18 analysts

Average $1,827.30 (+46.3% upside)

Low: $1,102.92
Now: $1,248.74
High: $2,205.00

Upgrades and downgrades

The latest rating actions, newest first

MPWR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 20, 2026	Maintains	Overweight	$1,800.00 → $1,550.00	54%
TD Cowen	Oct 19, 2026	Maintains	Buy	$1,850.00 → $1,700.00	39%
StoneX	Sep 3, 2026	Initiates	Buy	$1,800.00	60%
Wells Fargo	Jul 31, 2026	Maintains	Overweight	$1,700.00 → $1,800.00	54%
Truist Securities	Jul 31, 2026	Maintains	Buy	$1,805.00 → $1,889.00	75%
Keybanc	Jul 31, 2026	Maintains	Overweight	$2,000.00 → $2,100.00	57%
Rosenblatt	Jul 31, 2026	Maintains	Neutral	$1,575.00	53%
Needham	Jul 31, 2026	Maintains	Buy	$1,750.00 → $2,000.00	44%
Wells Fargo	Jul 20, 2026	Maintains	Overweight	$1,860.00 → $1,700.00	54%
TD Cowen	May 1, 2026	Maintains	Buy	$1,550.00 → $1,850.00	39%

The case for and against

Updated Oct 14, 2026

Bull case

Monolithic Power Systems is well positioned for durable upside because its fabless model, proprietary BCD process technology, and application-specific design approach have enabled consistent share gains in voltage regulators and the broader analog market, even though 2025 shares were only 10.6% and 6.3%, respectively. Its strongest growth engine is Enterprise Data, which is roughly 40% of FY26 revenue and has been driven by rising AI accelerator power demands, including NVIDIA’s move toward 800 VDC and higher-content platforms that could expand addressable content by nearly 3.0x. Financially, the company delivered Q2 sales of $980.6 million, gross margin of 55.6%, operating margin of 37.5%, and EPS of $6.50, while guiding Q3 sales to $1,150 million and EPS to $7.68, underscoring both execution and improving revenue visibility.

Bear case

Monolithic Power Systems is vulnerable because much of its recent growth depends on AI-driven data center spending, yet that capex could slow, while the company’s Enterprise Data segment may remain margin-dilutive due to concentrated GPU and CPU customers. It also faces execution and supply-chain risk, with close to 50% of manufacturing in mainland China, 90% of revenue flowing through distribution, and each day of inventory representing an $11.0-$12.0 million revenue delta. Despite only 10.6% voltage regulator share and 6.3% overall analog IC share in 2025, the stock already carries a $60.0B+ market cap and a rich 43x forward P/E, leaving little room for shortfalls, competition, or a slower FY26 ramp.

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