Reports › MPWR › 10-K FY2025

SEC filings, compared

What changed in Monolithic Power Systems,'s 10-K for the fiscal year ended December 31, 2025

Compared with the 10-K for the fiscal year ended December 31, 2024. Item 1A and Item 7 analysed; every summary checked against the quoted filing text.

Registrant: MONOLITHIC POWER SYSTEMS, INC. · MPWR
This filing: 0001437749-26-006113 ↗ · filed Feb 27, 2026
Compared with: 0001437749-25-005903 ↗ · filed Mar 3, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

96 material changes among 145 changed paragraphs

16 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	2,790,459,000USD · Jan 1, 2025 to Dec 31, 2025	2,207,100,000USD · Jan 1, 2024 to Dec 31, 2024
Net income or lossus-gaap:NetIncomeLoss	621,483,000USD · Jan 1, 2025 to Dec 31, 2025	1,786,700,000USD · Jan 1, 2024 to Dec 31, 2024
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	1,099,302,000USD · at Dec 31, 2025	691,816,000USD · at Dec 31, 2024
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	838,202,000USD · Jan 1, 2025 to Dec 31, 2025	788,410,000USD · Jan 1, 2024 to Dec 31, 2024

Not compared. A change is shown only when both filings state the prior year identically, which is our check that the two columns describe the same reporting entity. That check did not pass for this pair, so each figure stands on its own filing. How a report is made

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001437749-26-006113 · FY2024: 0001437749-25-005903

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

6 material additions

Item 1A · Risk Factors

5 of 5 shown · In filing order, too few to rank

01AddedItem 1A › Risk Factors Summary

Summary · quote-checked

Added a risk concerning operations in China that could increase product costs or delay product shipments.

The new bullet discloses a geographic operational dependency and specific potential effects on costs and shipments, adding substantive risk information.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 27, 2026

[added] • | inherent risks associated with the operation in China, which could increase product costs or cause a delay in product shipments;

Cite this change

"inherent risks associated with the operation in China, which could increase product costs or cause a delay in product shipments;"

Monolithic Power Systems,, Form 10-K for FY2025, Item 1A, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

02AddedItem 1A › Risk Factors Summary

Summary · quote-checked

Added a risk concerning examination of income tax returns and potential adverse tax outcomes.

The new bullet discloses a tax examination risk and possible changes in effective tax rates or other adverse outcomes, adding substantive risk information.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 27, 2026

[added] • | examination of our income tax returns, which could result in changes in effective tax rates or other adverse outcomes;

Cite this change

"• | examination of our income tax returns, which could result in changes in effective tax rates or other adverse outcomes;"

Monolithic Power Systems,, Form 10-K for FY2025, Item 1A, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

03AddedItem 1A › Risks Associated with Strategic Investments and Initiatives › We may not realize the anticipated benefits of any company or business that we acquire. In addition, acquisitions could result in diluting the ownership interests of our stockholders, reduce our cash balances and/or cause us to incur debt or to assume contingent liabilities, which could adversely affect our business.

Summary · quote-checked

Added a risk concerning integration of acquired technology or products into existing products or offerings.

The new disclosure identifies acquisition integration as a specific business risk, adding substantive risk content rather than merely rephrasing existing language.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 27, 2026

[added] • | integrating the acquired company's technology or products into our products or product offerings;

Cite this change

"integrating the acquired company's technology or products into our products or product offerings;"

Monolithic Power Systems,, Form 10-K for FY2025, Item 1A, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

04AddedItem 1A › Risks Associated with Financial Reporting › Our worldwide tax rates, financial position and operating results may be affected by changes in the relevant tax laws, interpretation of such tax laws or the influence of certain tax policy efforts.

Summary · quote-checked

Added a risk disclosure concerning OECD Pillar Two guidance, the G7 Statement, and potential effects on future global tax provision and results of operations.

The new paragraph identifies specific international tax developments, uncertainty over adoption and further guidance, and a potential material adverse effect on tax provision and operating results.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 27, 2026

[added] In January 2025, the OECD released new Administrative Guidance on the application of the Global Anti-Base Erosion Model Rules affecting Pillar Two. In June 2025, the Group of Seven agreed to exclude U.S. Multi-National Entities from certain aspects of the global minimum tax (the "G7 Statement"). We will continue to monitor developments of the new Administrative Guidance and the G7 Statement. We cannot predict the timing or manner in which we would adopt the new Administrative Guidance, the G7 Statement, or whether the OECD will release additional guidance in the future. The potential impact could materially and adversely our future global tax provision and results of operations.

Cite this change

"In January 2025, the OECD released new Administrative Guidance on the application of the Global Anti-Base Erosion Model Rules affecting Pillar Two."

Monolithic Power Systems,, Form 10-K for FY2025, Item 1A, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

05AddedItem 1A › Risks Associated with Financial Reporting › The restatement of our 2024 annual financial statements and our 2025 quarterly financial statements may affect investor confidence and raise reputational issues and may subject us to additional risks and uncertainties, including increased professional costs and the increased possibility of legal proceedings and regulatory inquiries.

Summary · quote-checked

Added a risk disclosure concerning financial statement restatements, related accounting and legal costs, regulatory inquiries, litigation, investor confidence, reputation and stock price.

The new paragraph discloses a specific accounting error and restatement, resulting costs, and potential legal, regulatory, reputational and market consequences.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 27, 2026

[added] As discussed in Notes 2 and 17 to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K, we restated our audited consolidated financial statements for the fiscal year ended December 31, 2024 and our unaudited condensed consolidated financial statements for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025 after we determined that we had not appropriately accounted for deferred income taxes associated with a one-time tax incentive granted by a certain foreign jurisdiction. As a result of this error and the resulting restatement of our audited consolidated financial statements and unaudited condensed consolidated financial statements for the impacted periods, we have incurred, and may continue to incur, unanticipated accounting and legal fees in connection with or related to the restatement, and are subject to a number of additional risks and uncertainties, including the increased possibility of litigation and regulatory inquiries. The restatement may adversely affect investor confidence in the accuracy of our financial disclosures, may harm our reputation and our business and could cause our stock price to decline.

Cite this change

"The restatement may adversely affect investor confidence in the accuracy of our financial disclosures, may harm our reputation and our business and could cause our stock price to decline."

Monolithic Power Systems,, Form 10-K for FY2025, Item 1A, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

Item 7 · MD&A

1 of 1 shown · In filing order, too few to rank

01AddedItem 7 › Income Tax Expense (Benefit), Net

Summary · quote-checked

Added disclosure of the H.R.1 Act and its estimated impact on 2025 tax expense through R&D expensing and accelerated depreciation.

The new paragraph identifies enacted tax-law changes and a resulting tax provision impact, adding a substantive tax obligation and accounting effect.

Filing text · FY2024 10-K · filed Mar 3, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 27, 2026

[added] The budget reconciliation bill H.R.1 ("H.R.1 Act") signed into law on July 4, 2025, makes permanent certain expiring provisions of the 2017 Tax Cuts and Jobs Act and makes modifications to the existing tax framework. The primary impact for the current year is the immediate tax expensing of prior year unamortized and current year domestic R&D expenses and accelerated depreciation in the year ended December 31, 2025. Our tax provision for the year ended December 31, 2025 includes the estimated impact of the H.R.1 Act.

Cite this change

"The budget reconciliation bill H.R.1 ("H.R.1 Act") signed into law on July 4, 2025, makes permanent certain expiring provisions of the 2017 Tax Cuts and Jobs Act and makes modifications to the existing tax framework."

Monolithic Power Systems,, Form 10-K for FY2025, Item 7, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

11 material removals

Item 1A · Risk Factors

2 of 5 shown · Ordered by the model, quote-checked

01RemovedItem 1A › Risks Associated with Supply and Manufacturing › We currently depend on third-party suppliers to provide us with wafers for our products. If any of our wafer suppliers are acquired, become insolvent or capacity constrained, or are otherwise unable to provide us sufficient wafers at acceptable yields or at anticipated costs, our revenue and gross margin may decline or we may not be able to fulfill our customer orders.

Summary · quote-checked

Removed disclosure that customer order cancellations could leave the company obligated to purchase unsellable wafers, harming financial results and cash flows.

The removed paragraph disclosed a specific supply-chain exposure and potential obligation with consequences for financial condition, results of operations and cash flows.

Why the model ranked it here

The removal eliminates disclosure of a specific customer-cancellation exposure that could leave the company obligated to buy unsellable wafers and impair cash flows.

Filing text · FY2024 10-K · filed Mar 3, 2025

Should any of our suppliers be acquired or become insolvent or capacity constrained, we may not be able to fulfill our customer orders, which would likely cause a decline in our revenue. While certain aspects of our relationships with these suppliers are contractual, many important aspects of our relationships depend on our suppliers' continued cooperation and our management of such relationships with the suppliers. Our relationships could be negatively impacted by changes in control or changes in the management team of the suppliers. In addition, the fabrication of ICs is a highly complex and precise process. Problems in the fabrication process can cause a substantial percentage of wafers to be rejected or numerous ICs on each wafer to be non-functional. This could potentially reduce yields and supply of our products. The failure of our suppliers to provide wafers at acceptable yields could prevent us from fulfilling our customer orders and would likely cause a decline in our revenue. In addition, adverse macroeconomic conditions, such as inflationary pressures resulting from worldwide supply chain constraints and other factors, have increased, and may continue to increase, the prices we pay to our suppliers. As a result of the increased costs, we have raised, and may be required to further raise the prices of our products in order to remain profitable, which could result in a loss of customers and reduced revenue. If we are unable to increase our prices to reflect higher costs, our margins will decrease. Further, as is common in the semiconductor industry, our customers may reschedule or cancel orders on relatively short notice. [removed] If our customers cancel orders after we submit a committed forecast to our suppliers for the corresponding wafers, we may be required to purchase wafers that we may not be able to resell, which would adversely affect our financial condition, results of operations and cash flows.

Filing text · FY2025 10-K · filed Feb 27, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"If our customers cancel orders after we submit a committed forecast to our suppliers for the corresponding wafers, we may be required to purchase wafers that we may not be able to resell, which would adversely affect our financial condition, results of operations and cash flows."

Monolithic Power Systems,, Form 10-K for FY2024, Item 1A, accession 0001437749-25-005903, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925005903/mpwr20241231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

02RemovedItem 1A › Risks Associated with IT and Cybersecurity › We are subject to various U.S. and international laws, policies and other regulations regarding data protection.

Summary · quote-checked

Removed disclosure of Chinese cybersecurity and data-protection laws, regulatory uncertainty, government oversight, and potential fines for noncompliance.

The removed paragraph described specific legal requirements, regulatory uncertainty, cross-border data-transfer approvals, and fines, so its deletion changes disclosed regulatory and compliance risks.

Why the model ranked it here

The removal eliminates disclosure of Chinese data-security requirements, regulatory uncertainty, government oversight, and potential fines affecting the company’s compliance exposure.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Privacy, cyber security, and data protection are becoming increasingly significant issues. To address these issues, the Standing Committee of the National People's Congress promulgated the Cyber Security Law of the People's Republic of China (the "Cyber Security Law"), which took effect on June 1, 2017. The Cyber Security Law sets forth various requirements relating to the collection, use, storage, disclosure and security of data, among other things. On June 10, 2021, the National People's Congress passed the Data Security Law of the People's Republic of China (the "Data Security Law"), which became effective on September 1, 2021. The Data Security Law is the first comprehensive data security legislation in China, which becomes a key supplement to the Cyber Security Law and aims to regulate a wide range of issues in relation to the collection, storage, processing, use, provision, transaction and publication of any kind of data. Various Chinese agencies are expected to issue additional regulations in the future to define these requirements more precisely. For example, the Personal Information Protection Law ("PIPL"), took effect on November 1, 2021. PIPL is aimed at protecting and controlling the use and transfer of personal data in China. There is significant uncertainty in how regulators will interpret and enforce the law, and it contains provisions that allow substantial government oversight and include fines for failure to obtain required approval from China's cyber and data protection regulators for cross-border transfers of personal data.

Filing text · FY2025 10-K · filed Feb 27, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Privacy, cyber security, and data protection are becoming increasingly significant issues. To address these issues, the Standing Committee of the National People's Congress promulgated the Cyber Security Law of the People's Republic of China (the "Cyber Security Law"), which took effect on June 1, 2017. The Cyber Security Law sets forth various requirements relating to the collection, use, storage, disclosure and security of data, among other things. On June 10, 2021, the National People's Congress passed the Data Security Law of the People's Republic of China (the "Data Security Law"), which became effective on September 1, 2021. The Data Security Law is the first comprehensive data security legislation in China, which becomes a key supplement to the Cyber Security Law and aims to regulate a wide range of issues in relation to the collection, storage, processing, use, provision, transaction and publication of any kind of data. Various Chinese agencies are expected to issue additional regulations in the future to define these requirements more precisely. For example, the Personal Information Protection Law ("PIPL"), took effect on November 1, 2021. PIPL is aimed at protecting and controlling the use and transfer of personal data in China. There is significant uncertainty in how regulators will interpret and enforce the law, and it contains provisions that allow substantial government oversight and include fines for failure to obtain required approval from China's cyber and data protection regulators for cross-border transfers of personal data."

Monolithic Power Systems,, Form 10-K for FY2024, Item 1A, accession 0001437749-25-005903, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925005903/mpwr20241231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

Show all 5 in Item 1A (3 more, in filing order)

Item 7 · MD&A

3 of 6 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Cash Requirements

Summary · quote-checked

Removed disclosure of a four-year silicon wafer supply agreement and $60.0 million in remaining prepayments.

The removed paragraph disclosed a manufacturing-capacity dependency and outstanding prepayments, changing the stated commitments and supplier-related exposure.

Why the model ranked it here

The removal obscures a manufacturing-capacity dependency and substantial supplier prepayments that affect commitments and operational exposure.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In May 2022, we entered into a long-term supply agreement in order to secure manufacturing production capacity for silicon wafers over a four-year period. As of December 31, 2024, we had remaining prepayments under this agreement of $60.0 million reported in other long-term assets on the Consolidated Balance Sheets.

Filing text · FY2025 10-K · filed Feb 27, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In May 2022, we entered into a long-term supply agreement in order to secure manufacturing production capacity for silicon wafers over a four-year period. As of December 31, 2024, we had remaining prepayments under this agreement of $60.0 million reported in other long-term assets on the Consolidated Balance Sheets."

Monolithic Power Systems,, Form 10-K for FY2024, Item 7, accession 0001437749-25-005903, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925005903/mpwr20241231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

02RemovedItem 7 › Income Tax Expense (Benefit), Net

Summary · quote-checked

Removed disclosure of Bermuda's 15% corporate income tax, its 2025 applicability, and no related expense recorded as of December 31, 2024.

The removed paragraph described a new tax obligation, its applicability to the company’s group, and the resulting accounting treatment, changing disclosed tax exposure.

Why the model ranked it here

The removal obscures a newly applicable corporate tax exposure and its accounting treatment.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In December 2023, Bermuda Corporate Income Tax Act of 2023 (the "Bermuda CIT Act") was enacted and signed into law. The Bermuda CIT Act includes a 15% corporate income tax ("CIT") applicable to Bermuda businesses that are multinational enterprise ("MNE") groups with annual revenue of €750M or more beginning in 2025. As the Bermuda CIT Act is not effective until January 1, 2025, and we do not expect to realize material taxable income in Bermuda in 2025, no changes to income tax expense related to the Bermuda CIT Act have been recorded as of December 31, 2024.

Filing text · FY2025 10-K · filed Feb 27, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In December 2023, Bermuda Corporate Income Tax Act of 2023 (the "Bermuda CIT Act") was enacted and signed into law. The Bermuda CIT Act includes a 15% corporate income tax ("CIT") applicable to Bermuda businesses that are multinational enterprise ("MNE") groups with annual revenue of €750M or more beginning in 2025. As the Bermuda CIT Act is not effective until January 1, 2025, and we do not expect to realize material taxable income in Bermuda in 2025, no changes to income tax expense related to the Bermuda CIT Act have been recorded as of December 31, 2024."

Monolithic Power Systems,, Form 10-K for FY2024, Item 7, accession 0001437749-25-005903, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925005903/mpwr20241231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

03RemovedItem 7 › Cash Requirements

Summary · quote-checked

The current filing removes disclosure of operating lease obligations, including total and short-term amounts.

A dropped lease-obligation statement removes information about a contractual payment obligation and liquidity-related commitment, which is substantive under the rubric.

Why the model ranked it here

The removal eliminates visibility into contractual lease obligations relevant to liquidity and future cash commitments.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Operating lease obligations represent the undiscounted remaining lease payments primarily for our leased facilities and equipment. As of December 31, 2024, these obligations totaled $15.8 million, of which $3.6 million was short-term.

Filing text · FY2025 10-K · filed Feb 27, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Operating lease obligations represent the undiscounted remaining lease payments primarily for our leased facilities and equipment. As of December 31, 2024, these obligations totaled $15.8 million, of which $3.6 million was short-term."

Monolithic Power Systems,, Form 10-K for FY2024, Item 7, accession 0001437749-25-005903, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925005903/mpwr20241231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

04RemovedItem 7 › Cash Requirements

Summary · quote-checked

Removed disclosure of the transition tax liability, its installment payment terms, and remaining short-term balance.

The removed paragraph disclosed a tax obligation, payment schedule, and outstanding liability, so its deletion changes the substance of the MD&A disclosure.

Why the model ranked it here

The removal obscures an outstanding tax liability and the required installment payment schedule.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] The transition tax liability represents the one-time, mandatory deemed repatriation tax imposed on previously deferred foreign earnings under the U.S. Tax Cuts and Jobs Act enacted in December 2017 (the "2017 Tax Act"). As permitted by the 2017 Tax Act, we have elected to pay the tax liability in installments on an interest-free basis through 2025. As of December 31, 2024, the remaining liability totaled $6.2 million, all of which was short-term.

Filing text · FY2025 10-K · filed Feb 27, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"The transition tax liability represents the one-time, mandatory deemed repatriation tax imposed on previously deferred foreign earnings under the U.S. Tax Cuts and Jobs Act enacted in December 2017 (the "2017 Tax Act"). As permitted by the 2017 Tax Act, we have elected to pay the tax liability in installments on an interest-free basis through 2025. As of December 31, 2024, the remaining liability totaled $6.2 million, all of which was short-term."

Monolithic Power Systems,, Form 10-K for FY2024, Item 7, accession 0001437749-25-005903, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925005903/mpwr20241231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

05RemovedItem 7 › Inventory Valuation

Summary · quote-checked

The inventory valuation policy and related risk of additional write-downs were removed.

The removed paragraph disclosed valuation methodology, demand and market assumptions, and potential additional inventory write-downs, changing the stated accounting exposure and risk disclosure.

Why the model ranked it here

The removal obscures inventory valuation assumptions and the risk that weaker demand or market conditions could require further write-downs.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] Inventories are stated at the lower of standard cost (which approximates actual cost determined on a first-in first-out basis) and estimated net realizable value. We write down excess and obsolete inventories based on their age and forecasted demand, which includes estimates taking into consideration our revenue forecast, outlook on market and economic conditions, technology changes, new product introductions and changes in strategic direction. If actual demand or market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Conversely, if actual demand or market conditions are more favorable, inventories may be sold that were previously written down.

Filing text · FY2025 10-K · filed Feb 27, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"Inventories are stated at the lower of standard cost (which approximates actual cost determined on a first-in first-out basis) and estimated net realizable value."

Monolithic Power Systems,, Form 10-K for FY2024, Item 7, accession 0001437749-25-005903, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925005903/mpwr20241231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

06RemovedItem 7 › Cash Requirements

Summary · quote-checked

The disclosure of a $640.0 million stock repurchase authorization and its utilization was removed.

Removing this paragraph eliminates disclosure of a repurchase program, its authorization period, and the statement that the authorized amount was utilized, changing the disclosed capital-allocation information.

Why the model ranked it here

The removal eliminates visibility into an authorized stock repurchase program and its use as a capital-allocation tool.

Filing text · FY2024 10-K · filed Mar 3, 2025

[removed] In October 2023, our Board of Directors approved a stock repurchase program authorizing us to repurchase up to $640.0 million of our common stock through October 29, 2026. As of December 31, 2024, the authorized amount under this program was utilized.

Filing text · FY2025 10-K · filed Feb 27, 2026

No corresponding language in the FY2025 10-K.

Cite this change

"In October 2023, our Board of Directors approved a stock repurchase program authorizing us to repurchase up to $640.0 million of our common stock through October 29, 2026. As of December 31, 2024, the authorized amount under this program was utilized."

Monolithic Power Systems,, Form 10-K for FY2024, Item 7, accession 0001437749-25-005903, filed 3 March 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925005903/mpwr20241231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

Show fewer in Item 7

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

79 material changes

Item 1A · Risk Factors

3 of 55 shown · Ordered by the model, quote-checked

01ChangedItem 1A › Risks Associated with Financial Reporting › We face risks in connection with our internal control over financial reporting and the identified material weakness.

Summary · quote-checked

The disclosure shifts from a remediated weakness and potential future weaknesses to an identified deferred-tax weakness, ineffective controls, misstatement risk, and possible regulatory sanctions.

The paragraph adds a specific control deficiency, current ineffectiveness, risks of untimely misstatements and reporting delays, potential SEC investigations and sanctions, and adverse effects on common-stock value.

Why the model ranked it here

The company now reports ineffective internal controls tied to a specific deferred-tax weakness, with heightened misstatement, reporting-delay and regulatory-sanction exposure.

Filing text · FY2024 10-K · filed Mar 3, 2025

As more fully disclosed in Item 9A. Controls and Procedures of this Annual Report, a material weakness was identified in ~~[removed] the audit of our fiscal year ended December 31, 2023, which has been subsequently remediated~~ as of December 31, ~~[removed] 2024. We cannot provide assurance that we~~ will not in the future identify ~~[removed] new~~ material weaknesses in our internal control over financial reporting, which may impact the reliability of our financial reporting and financial statements.

Filing text · FY2025 10-K · filed Feb 27, 2026

As more fully disclosed in Item 9A. Controls and Procedures of this Annual Report, a material weakness was identified in [added] internal control over financial reporting related to the accounting for deferred income taxes. Due to this finding of a material weakness, we concluded that our internal control over financial reporting was not effective as of December 31, [added] 2024 and December 31, 2025. Until this material weakness is remediated, there is a reasonable possibility that a material misstatement of our interim or annual financial statements will not [added] be prevented or detected on a timely basis. In addition, we may experience delays in satisfying our reporting obligations to comply with SEC rules and regulations, which could result in investigations and sanctions by regulatory authorities. Furthermore, we may in the future identify [added] additional material weaknesses in our internal control over financial reporting, which may impact the reliability of our financial reporting and financial statements.[added] Any of these results could adversely affect our business and the value of our common stock.

Cite this change

"a material weakness was identified in internal control over financial reporting related to the accounting for deferred income taxes. Due to this finding of a material weakness, we concluded that our internal control over financial reporting was not effective as of December 31, 2024 and December 31, 2025."

Monolithic Power Systems,, Form 10-K for FY2025, Item 1A, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

02ChangedItem 1A › Risk Factors Summary

Summary · quote-checked

The risk summary now expressly includes an identified material weakness and restatement of prior financial statements.

The added disclosures identify a specific internal-control deficiency and a restatement, substantively expanding the stated financial-reporting risks.

Why the model ranked it here

The risk summary now identifies both a material weakness and a restatement, materially changing the reader’s view of financial-reporting reliability.

Filing text · FY2024 10-K · filed Mar 3, 2025

• | risks in connection with our internal control over financial ~~[removed] reporting;~~

Filing text · FY2025 10-K · filed Feb 27, 2026

• | risks in connection with our internal control over financial [added] reporting, the identified material weakness and the restatement of our prior financial statements;

Cite this change

"• | risks in connection with our internal control over financial reporting, the identified material weakness and the restatement of our prior financial statements;"

Monolithic Power Systems,, Form 10-K for FY2025, Item 1A, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

03ChangedItem 1A › Risks Associated with Financial Reporting › We are subject to regulatory and reporting standards related to ESG matters, which could increase our expenses.

Summary · quote-checked

The paragraph changes unanticipated legal proceedings from a possibility to an occurrence that may continue.

The revised wording states the company has been subject to unanticipated legal proceedings, changing the disclosure from solely prospective risk to realized and ongoing exposure.

Why the model ranked it here

The company now states that unanticipated legal proceedings have occurred and may continue, changing this from a hypothetical risk to realized ongoing exposure.

Filing text · FY2024 10-K · filed Mar 3, 2025

Given our inability to control the timing and nature of significant events in our legal proceedings that either have arisen or may arise, our legal expenses are difficult to forecast and may vary substantially from our publicly disclosed forecasts with respect to any given quarter, and we could be liable for significant damages or other expenses, which could harm our stock price and financial condition. Historically, we have incurred significant expenses in connection with various legal proceedings that vary with the level of activity in the proceeding. It is difficult for us to forecast our legal expenses for any given quarter, which adversely affects our ability to forecast our expected results of operations, and the ultimate outcome of such legal proceedings, including any damages we might incur is difficult to predict. We ~~[removed] may also be~~ subject to unanticipated legal proceedings, which would result in us incurring unexpected legal expenses. If we fail to meet the expectations of securities or industry analysts as a result of unexpected changes in our legal expenses or we are found liable for significant damages or other expenses, our stock price and results of operations could be materially and adversely affected.

Filing text · FY2025 10-K · filed Feb 27, 2026

Given our inability to control the timing and nature of significant events in our legal proceedings that either have arisen or may arise, our legal expenses are difficult to forecast and may vary substantially from our publicly disclosed forecasts with respect to any given quarter, and we could be liable for significant damages or other expenses, which could harm our stock price and financial condition. Historically, we have incurred significant expenses in connection with various legal proceedings that vary with the level of activity in the proceeding. It is difficult for us to forecast our legal expenses for any given quarter, which adversely affects our ability to forecast our expected results of operations, and the ultimate outcome of such legal proceedings, including any damages we might incur is difficult to predict. We [added] have been, and may continue to be, subject to unanticipated legal proceedings, which would result in us incurring unexpected legal expenses. If we fail to meet the expectations of securities or industry analysts as a result of unexpected changes in our legal expenses or we are found liable for significant damages or other expenses, our stock price and results of operations could be materially and adversely affected.

Cite this change

"We have been, and may continue to be, subject to unanticipated legal proceedings, which would result in us incurring unexpected legal expenses."

Monolithic Power Systems,, Form 10-K for FY2025, Item 1A, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

Show all 55 in Item 1A (52 more, in filing order)

Item 7 · MD&A

2 of 24 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Cash Requirements

Summary · quote-checked

The liquidity disclosure adds tariffs and retaliatory measures as risks, updates cash balances, and narrows the sufficiency outlook from beyond 12 months to the next 12 months.

The paragraph adds a named source of liquidity risk and changes the stated coverage horizon, while the updated balance figure also changes the disclosed liquidity position.

Why the model ranked it here

This changes the stated liquidity risk, shortens the sufficiency horizon, and alters the disclosed liquidity position.

Filing text · FY2024 10-K · filed Mar 3, 2025

Although consequences of economic uncertainties and macroeconomic ~~[removed] conditions and~~ other factors could adversely affect our liquidity and capital resources in the future, and cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above, we believe that our balances of cash, cash equivalents and short-term investments of ~~[removed] $862.9 million~~ as of December 31, ~~[removed] 2024,~~ along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for the next 12 ~~[removed] months and beyond.~~

Filing text · FY2025 10-K · filed Feb 27, 2026

Although consequences of economic uncertainties and macroeconomic [added] conditions, including tariffs and retaliatory measures and announcements regarding the same, and many other factors could adversely affect our liquidity and capital resources in the future, and cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above, we believe that our balances of cash, cash equivalents and short-term investments of [added] $1.3 billion as of December 31, [added] 2025, along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for the next 12 [added] months.

Cite this change

"Although consequences of economic uncertainties and macroeconomic conditions, including tariffs and retaliatory measures and announcements regarding the same, and many other factors could adversely affect our liquidity and capital resources in the future, and cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above, we believe that our balances of cash, cash equivalents and short-term investments of $1.3 billion as of December 31, 2025, along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for the next 12 months."

Monolithic Power Systems,, Form 10-K for FY2025, Item 7, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

02ChangedItem 7 › Revenue

Summary · quote-checked

The MD&A updates end-market revenue results, including changed growth directions and substantially different stated drivers across markets.

This is more than a fiscal-year update: several markets reverse from decreases to increases, while stated sales drivers and offsets change materially.

Why the model ranked it here

This reverses the reported direction of end-market performance and changes the explanation of the company’s revenue drivers.

Filing text · FY2024 10-K · filed Mar 3, 2025

~~[removed] For the year ended December 31, 2024, revenue from the enterprise data market increased $393.3~~ million, or ~~[removed] 121.8%,~~ from the same period in ~~[removed] 2023.~~ This increase was primarily ~~[removed] due to higher~~ sales of ~~[removed] our power management~~ solutions for ~~[removed] AI applications.~~ Revenue from the ~~[removed] communications market increased $21.0~~ million, or ~~[removed] 10.2%,~~ from the same period in [removed] 2023. The increase was a result of higher sales of power solutions for optical modules and routers, partially offset by lower sales of networking solutions. Revenue from the automotive market increased $19.3 million, or ~~[removed] 4.9%,~~ from the same period in ~~[removed] 2023.~~ This increase was primarily driven by increased sales of our highly integrated applications supporting advanced driver assistance ~~[removed] systems, partially offset by lower sales of applications supporting body electronics~~ and infotainment. ~~[removed] Revenue from the storage and computing market increased $10.4~~ million, or ~~[removed] 2.1%,~~ from the same period in ~~[removed] 2023. This increase was primarily driven by increased sales of products for notebooks. Revenue from the consumer market decreased $32.6~~ million, or ~~[removed] 13.9%,~~ from the same period in ~~[removed] 2023. This decrease~~ was a result of ~~[removed] broad market weakness. Revenue~~ from the industrial market ~~[removed] decreased $25.4~~ million, or ~~[removed] 14.7%,~~ from the same period in ~~[removed] 2023. This decrease primarily reflected lower sales of products related to industrial meter and security~~ applications.

Filing text · FY2025 10-K · filed Feb 27, 2026

[added] By end market, full year 2025 revenue for storage and computing of $732.5 million increased $230.9 million, or [added] 46.0%, from the same period in [added] 2024. This increase was primarily [added] driven by increased sales of [added] power solutions for [added] memory, storage, notebooks and graphic cards. Revenue from the [added] enterprise data market decreased $14.4 million, or [added] 2.0%, from the same period in [added] 2024. Full year 2025 automotive revenue of $592.5 million increased $178.5 million, or [added] 43.1%, from the same period in [added] 2024. This increase was [added] broad-based and primarily driven by increased sales of our highly integrated applications supporting advanced driver assistance [added] systems and infotainment. [added] Communications revenue of $309.1 million increased $83.2 million, or [added] 36.8%, from the same period in [added] 2024 due to higher sales of power solutions for optical modules and routers. Full year 2025 consumer revenue of $255.2 million increased $53.2 million, or [added] 26.3%, from the same period in [added] 2024. This increase was a result of [added] higher sales of products for home appliances and gaming. Revenue of $199.4 million from the industrial market [added] increased $52.0 million, or [added] 35.3%, from the same period in [added] 2024 due to higher sales for power sources and instrumentation applications.

Cite this change

"Full year 2025 consumer revenue of $255.2 million increased $53.2 million, or 26.3%, from the same period in 2024. This increase was a result of higher sales of products for home appliances and gaming."

Monolithic Power Systems,, Form 10-K for FY2025, Item 7, accession 0001437749-26-006113, filed 27 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774926006113/mpwr20251231_10k.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-26-006113?ref=quote

Show all 24 in Item 7 (22 more, in filing order)

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