1、Morningstar Equity Company Report|Report as of 1 Aug 2025 13:59,UTC|Reporting Currency:USD|Trading Currency:USD|Exchange:NASDAQ-ALL MARKETSPage 1 of 25?Monolithic Power Systems Inc MPWR QQQ 1 Aug 2025 13:48,UTCLast Price711.24 USD31 Jul 2025Fair Value Estimate840.00 USD1 Aug 2025 13:46,UTCPrice/FVE0

2、.85Market Cap35.21 USD Bil1 Aug 2025Economic MoatTMWideEquity Style Box6 Mid GrowthUncertaintyHighCapital AllocationStandardESG Risk Rating Assessment1;4 Jun 2025 05:00,UTCWilliam Kerwin,CFASenior Equity AnalystMorningstar+1 312 244 Jivyaa VaidyaAssociate Equity AnalystMContentsBusiness DescriptionB

3、usiness Strategy&Outlook(1 Aug 2025)Bulls Say/Bears Say(1 Aug 2025)Fair Value and Profit Drivers(1 Aug 2025)Economic Moat(1 Aug 2025)Risk and Uncertainty(1 Aug 2025)Financial Strength(1 Aug 2025)Capital Allocation(1 Aug 2025)FinancialsESG RiskRecent Analyst NotesResearch Methodology for Valuing Comp

4、aniesImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ primary analyst covering this co

5、mpany does not own its stock.Reporting Currency:USD|Trading Currency:USDCurrency amounts expressed with$are in U.S.dollars(USD)unless otherwise denoted.1The ESG Risk Rating Assessment is a representation of Sustainalytics ESG Risk Rating.Monolithic Power Is Taking Share Across End Markets With High-

6、Powered ChipsBusiness Strategy&Outlook William Kerwin,CFA,Senior Equity Analyst,1 Aug 2025We think Monolithic Power Systems is a disruptor in the power management chip market,using its proprietary process technology to differentiate from larger competitors.In our view,MPS differentiates from larger