Stock Analysis on Net
Stock Analysis on Net

Monolithic Power Systems Inc. (NASDAQ:MPWR)

Price to FCFE (P/FCFE) 

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Monolithic Power Systems Inc., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income 427,374 437,672 242,023 164,375 108,839
Net noncash charges 180,515 195,958 149,627 100,425 89,653
Changes in operating assets and liabilities 30,324 (386,956) (71,640) 3,003 17,811
Net cash provided by operating activities 638,213 246,674 320,010 267,803 216,303
Purchases of property and equipment (57,578) (58,843) (94,420) (55,610) (86,538)
Free cash flow to equity (FCFE) 580,635 187,831 225,590 212,193 129,765

Based on: 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), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Monolithic Power Systems Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Monolithic Power Systems Inc. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

Monolithic Power Systems Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 48,780,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 580,635
FCFE per share 11.90
Current share price (P) 593.22
Valuation Ratio
P/FCFE 49.84
Benchmarks
P/FCFE, Competitors1
Advanced Micro Devices Inc. 172.57
Analog Devices Inc. 28.33
Applied Materials Inc. 16.47
Broadcom Inc. 26.03
First Solar Inc. —
Intel Corp. —
KLA Corp. 22.35
Lam Research Corp. 23.10
Micron Technology Inc. —
NVIDIA Corp. 128.00
Qualcomm Inc. 16.41
Texas Instruments Inc. 44.29
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 114.97
P/FCFE, Industry
Information Technology 53.73

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Monolithic Power Systems Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 48,661,000 47,305,000 46,509,000 45,621,000 44,602,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 580,635 187,831 225,590 212,193 129,765
FCFE per share3 11.93 3.97 4.85 4.65 2.91
Share price1, 4 720.04 483.06 461.44 389.05 158.64
Valuation Ratio
P/FCFE5 60.34 121.66 95.13 83.64 54.53
Benchmarks
P/FCFE, Competitors6
Advanced Micro Devices Inc. 241.70 33.46 44.72 133.51 —
Analog Devices Inc. 22.28 24.14 34.67 33.98 37.52
Applied Materials Inc. 17.53 19.17 27.20 23.21 19.53
Broadcom Inc. 30.06 14.62 22.35 9.16 5.64
First Solar Inc. — 61.91 — — —
Intel Corp. — — 14.25 8.57 16.55
KLA Corp. 26.78 9.01 28.05 19.15 9.84
Lam Research Corp. 18.67 24.95 34.58 16.89 6.14
Micron Technology Inc. — 18.66 37.24 81.71 13.92
NVIDIA Corp. 151.07 54.83 35.22 44.24 30.15
Qualcomm Inc. 11.97 19.13 17.93 34.91 16.39
Texas Instruments Inc. 37.61 23.88 21.87 24.10 18.77
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 48.44 29.45 25.31 18.07 14.34
P/FCFE, Industry
Information Technology 33.63 26.79 27.64 23.72 19.16

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 580,635,000 ÷ 48,661,000 = 11.93

4 Closing price as at the filing date of Monolithic Power Systems Inc. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 720.04 ÷ 11.93 = 60.34

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Monolithic Power Systems Inc. P/FCFE ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.