Monolithic Power Systems Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	1,786,700)	427,374)	437,672)	242,023)	164,375)
Net noncash charges	(1,090,358)	180,515)	195,958)	149,627)	100,425)
Changes in operating assets and liabilities	92,068)	30,324)	(386,956)	(71,640)	3,003)
Net cash provided by operating activities	788,410)	638,213)	246,674)	320,010)	267,803)
Interest paid, net of tax¹	—)	—)	—)	—)	—)
Purchases of property and equipment	(146,118)	(57,578)	(58,843)	(94,420)	(55,610)
Free cash flow to the firm (FCFF)	642,292)	580,635)	187,831)	225,590)	212,193)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Monolithic Power Systems Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Monolithic Power Systems Inc. FCFF increased from 2022 to 2023 and from 2023 to 2024.

Monolithic Power Systems Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	21.00%	15.50%	16.60%	11.10%	2.90%
Interest Paid, Net of Tax
Interest paid, before tax	—)	—)	—)	—)	—)
Less: Interest paid, tax²	—)	—)	—)	—)	—)
Interest paid, net of tax	—)	—)	—)	—)	—)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 21.00% = 0

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Monolithic Power Systems Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	27,925,581)
Free cash flow to the firm (FCFF)	642,292)
Valuation Ratio
EV/FCFF	43.48
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	68.77
Analog Devices Inc.	32.31
Applied Materials Inc.	15.23
Broadcom Inc.	40.44
Intel Corp.	—
KLA Corp.	29.09
Lam Research Corp.	22.76
Micron Technology Inc.	183.51
NVIDIA Corp.	43.95
Qualcomm Inc.	14.79
Texas Instruments Inc.	88.29
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	67.32
EV/FCFF, Industry
Information Technology	41.30

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Monolithic Power Systems Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	26,847,639)	33,896,186)	22,113,280)	20,736,031)	17,153,737)
Free cash flow to the firm (FCFF)²	642,292)	580,635)	187,831)	225,590)	212,193)
Valuation Ratio
EV/FCFF³	41.80	58.38	117.73	91.92	80.84
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	72.30	225.41	38.82	43.41	126.98
Analog Devices Inc.	33.82	25.61	23.12	39.16	27.12
Applied Materials Inc.	17.55	17.40	19.06	26.22	22.52
Broadcom Inc.	51.00	28.53	14.74	19.47	16.54
Intel Corp.	—	—	—	16.94	11.08
KLA Corp.	29.56	19.99	19.05	26.29	18.70
Lam Research Corp.	24.56	17.99	24.08	24.40	26.78
Micron Technology Inc.	203.18	—	16.58	28.79	188.88
NVIDIA Corp.	61.32	142.92	78.06	69.50	41.66
Qualcomm Inc.	16.26	11.61	18.18	17.47	30.89
Texas Instruments Inc.	89.36	89.85	27.02	24.20	27.67
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	56.69	60.26	35.28	26.38	22.16
EV/FCFF, Industry
Information Technology	40.33	34.40	26.74	27.56	23.97

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 26,847,639 ÷ 642,292 = 41.80

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Monolithic Power Systems Inc. EV/FCFF ratio decreased from 2022 to 2023 and from 2023 to 2024.

Monolithic Power Systems Inc. (NASDAQ:MPWR)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical