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Monolithic Power Systems cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$221M in Q3 2026 · $609M over twelve months

Operating cash flow$290M
Capital spending−$69.3M
Free cash flow+$221M
Cash / net income1.1×
Cash conversion cycle118 days

Analysis

In Q3 2026, Monolithic Power Systems generated $290M of operating cash flow and spent $69.3M on capital projects, leaving free cash flow of $221M. That is $23.8M more than in Q3 2025 ($197M).

Over the twelve months to Sep 30, 2026, operating cash flow was $873M; the largest uses were buybacks ($458M), dividends ($353M), other investing ($333M); besides operations, cash came from shares issued ($10.7M); the cash balance fell by $521M.

Operating cash flow was $290M against net income of $271M — 1.1× profit, roughly in line with earnings. The largest differences: receivables −$118M, stock-based pay +$106M, inventory −$89.0M.

Its cash conversion cycle was 118 days (receivables 31 + inventory 123 − payables 36).

Free cash flow

Monolithic Power Systems: free cash flow by quarterMonolithic Power Systems: free cash flow by quarter$103MQ4 2024$216MQ1 2025$189MQ2 2025$197MQ3 2025$63.9MQ4 2025$179MQ1 2026$145MQ2 2026$221MQ3 2026
Operating cash flow less capital spending.
Monolithic Power Systems: operating cash flow against capital spendingMonolithic Power Systems: operating cash flow against capital spendingOperating cash flowCapital spending$168M$64.8MQ4 2024$256M$40.3MQ1 2025$238M$48.1MQ2 2025$239M$42.5MQ3 2025$105M$41.0MQ4 2025$250M$70.8MQ1 2026$228M$82.4MQ2 2026$290M$69.3MQ3 2026
Latest (Q3 2026): Operating cash flow $290M, Capital spending $69.3M.

Capital allocation, year by year

Monolithic Power Systems: where the cash came from (up) and went (down), by fiscal yearMonolithic Power Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $320MFY2021: Shares issued $17.3MFY2021: Asset sales $25KFY2021: Capital spending −$94.4MFY2021: Dividends −$109M$337MFY2021FY2022: Operating cash flow $247MFY2022: Shares issued $5.4MFY2022: Capital spending −$58.8MFY2022: Dividends −$138M$252MFY2022FY2023: Operating cash flow $638MFY2023: Shares issued $1.1MFY2023: Capital spending −$57.6MFY2023: Buybacks −$3.7MFY2023: Dividends −$186M$639MFY2023FY2024: Operating cash flow $788MFY2024: Capital spending −$146MFY2024: Acquisitions −$33.3MFY2024: Buybacks −$636MFY2024: Dividends −$241M$788MFY2024FY2025: Operating cash flow $838MFY2025: Shares issued $9.2MFY2025: Capital spending −$172MFY2025: Buybacks −$6.6MFY2025: Dividends −$285M$847MFY2025
Over these 5 years operating cash flow totalled $2.8B; the largest uses were dividends ($959M) and buybacks ($646M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debtnone
Net cash$1.1B

Monolithic Power Systems funds itself: free cash flow was $609M over the last twelve months, with $1.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Monolithic Power Systems: sources (+) and uses (−) of cash, Q3 2026Monolithic Power Systems: sources (+) and uses (−) of cash, Q3 2026Buybacks−$453MCash drawn (+) / kept (−)$445MOperating cash flow$290MOther investing−$119MDividends−$98.5MCapital spending−$69.3MShares issued$4.8MExchange rates$2.2MOther financing−$1.7M
Monolithic Power Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Monolithic Power Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$873MCash drawn (+) / kept (−)$521MBuybacks−$458MDividends−$353MOther investing−$333MCapital spending−$264MShares issued$10.7MExchange rates$7.8MOther financing−$4.2M

From profit to cash

Monolithic Power Systems: net income to operating cash flow, Q3 2026Monolithic Power Systems: net income to operating cash flow, Q3 2026Net income$271MDepreciation & amortization$18.8MStock-based pay$106MDeferred taxes−$135KOther non-cash−$339KReceivables−$118MInventory−$89.0MPayables$62.2MAccrued liabilities$20.7MEmployee-related liabilities$42.0MPrepaid and other assets−$52.7MIncome taxes payable$31.4MOperating cash flow$290M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263112336118
Q2 20263013437127
Q1 20263114839140
Q4 20253014638138
Q3 20252713838128
Q2 20252814439133
Q1 20252713836129
Q4 20242514036129

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$290M−$69.3M−$453M−$98.5M$4.8M$445M$221M
Q2 2026$228M−$82.4M—−$101M—$57.3M$145M
Q1 2026$250M−$70.8M—−$78.4M$5.8M$36.4M$179M
Q4 2025$105M−$41.0M−$897K−$74.8M—−$18.1M$63.9M
Q3 2025$239M−$42.5M−$2.1M−$74.9M$3.9M−$294M$197M
Q2 2025$238M−$48.1M−$2.6M−$75.1M—−$150M$189M
Q1 2025$256M−$40.3M—−$60.0M$5.3M$54.5M$216M
Q4 2024$168M−$64.8M−$622M−$61.9M—$8.5M$103M

Monolithic Power Systems: income statement and cash flow

Monolithic Power Systems, Q3 2026: revenue $1.2B (+63% year over year), operating margin 29.7%. The chart follows the revenue to costs, profit and cash.

Monolithic Power Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.