Monolithic Power Systems (MPS) designs and sells analog and mixed-signal semiconductor ICs focused on power management — chips that regulate, convert, and control voltage within electronic systems. MPS is fabless, but unlike most fabless peers, MPS develops its own proprietary semiconductor process and packaging technologies, which it installs at third-party foundries, giving MPS more control over yields and performance than companies relying on standard foundry processes. MPS sells primarily through distributors, with significant applications engineering support embedded in the sales process — MPS engineers work directly with customer engineers to design MPS products into their systems. Once a design win is secured, products typically have long life cycles, providing durable revenue streams. MPS breaks revenue into six end markets: Storage and Computing (~26%), Enterprise Data (~25%), Automotive (~21%), Communications (~11%), Consumer (~9%), and Industrial (~7%). A key strategic shift is MPS's transition from selling individual chips to selling integrated power modules, which carry higher dollar content per unit and simplify customer designs. In automotive, MPS is expanding from its original ADAS power position into 48-volt architectures, battery management systems, and traction inverter control. In enterprise data and AI, MPS is broadening its hyperscaler customer base and developing high-voltage rack power and vertical power delivery solutions. MPS targets a gross margin of 55-60% and returns substantial cash to shareholders via dividends and buybacks.