Detailed financial statements for Power Integrations, Inc. (POWI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Power Integrations, Inc. is a global leader in the development, manufacturing, and sale of analog and mixed-signal integrated circuits (ICs), alongside other essential electronic components and circuitry. Their primary expertise lies in delivering solutions for high-voltage power conversion worldwide. The company offers a comprehensive portfolio of alternating current to direct current (AC-DC) power conversion products.
Analysis Summary
Power Integrations, Inc. reported revenue of $443.5M in the most recent fiscal year, growing at a 5-year CAGR of -1.9%. Net income reached $22.1M, with a -20.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 53.6%, operating margin 7.9%, net margin 5.6%. Free cash flow grew at 9.6% CAGR over 5 years.
At $43.86 (closing price, October 30, 2026), POWI trades at a P/E of 98.61 and an ROE of 3.72%. Market capitalisation stands at $2.5B.
Balance sheet quality for POWI: current ratio of 6.5. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $87.1M represents 394% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $387.4M | $431.8M | $416.0M | $420.7M | $488.3M | $703.3M | $651.1M | $444.5M | $419.0M | $443.5M |
| Cost of Revenue | $196.2M | $218.1M | $201.2M | $207.3M | $244.7M | $342.6M | $284.2M | $215.6M | $194.2M | $201.9M |
| Gross Profit | $191.2M | $213.7M | $214.8M | $213.4M | $243.6M | $360.6M | $366.9M | $229.0M | $224.8M | $241.6M |
| Research & Development | $62.3M | $68.5M | $70.6M | $73.5M | $81.7M | $84.9M | $93.9M | $96.1M | $100.8M | $101.1M |
| Selling, General & Admin | $78.6M | $85.4M | $78.1M | $91.9M | $91.4M | $100.6M | $91.2M | $97.8M | $106.0M | $110.7M |
| Operating Expenses | $143.3M | $156.0M | $150.6M | -$3.6M | $173.1M | $185.6M | $186.5M | $193.9M | $206.8M | $220.2M |
| Operating Income | $47.8M | $57.6M | $55.6M | $217.0M | $70.5M | $175.1M | $180.4M | $35.1M | $17.9M | $21.4M |
| EBITDA | $72.3M | $82.1M | $79.8M | $72.5M | $98.6M | $211.1M | $220.8M | $83.3M | $65.3M | $49.0M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $48.9M | $60.3M | $59.8M | $222.4M | $75.3M | $176.1M | $183.4M | $45.9M | $30.8M | $21.0M |
| Income Tax | $1.0M | $32.7M | -$10.2M | $28.9M | $4.1M | $11.7M | $12.6M | -$9.8M | -$1.5M | -$1.1M |
| Net Income | $47.9M | $27.6M | $70.0M | $193.5M | $71.2M | $164.4M | $170.9M | $55.7M | $32.2M | $22.1M |
| EPS | $0.85 | $0.47 | $1.19 | $3.31 | $1.19 | $2.73 | $2.96 | $0.97 | $0.57 | $0.39 |
| EPS (Diluted) | $0.83 | $0.45 | $1.16 | $3.24 | $1.17 | $2.67 | $2.93 | $0.97 | $0.56 | $0.39 |
| Shares Outstanding (Diluted) | 59.2 M | 61.1 M | 60.3 M | 59.6 M | 60.8 M | 61.5 M | 58.4 M | 57.6 M | 57.1 M | 56.3 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $118.9M | $103.2M | $108.3M | $118.9M |
| Gross Profit | $64.9M | $54.6M | $56.9M | $64.6M |
| Operating Income | $10.3M | $10.2M | $6.2M | $8.9M |
| EBITDA | $5.4M | $17.8M | $10.5M | $13.0M |
| Net Income | -$1.4M | $13.3M | $3.3M | $9.8M |
| EPS | $-0.02 | $0.24 | $0.06 | $0.18 |
| EPS (Diluted) | $-0.02 | $0.24 | $0.06 | $0.17 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $62.1M | $93.7M | $134.1M | $178.7M | $258.9M | $158.1M | $105.4M | $63.9M | $51.0M | $58.8M |
| Short-term Investments | $188.3M | $189.2M | $94.5M | $232.4M | $190.3M | $372.2M | $248.4M | $247.6M | $249.0M | $190.8M |
| Receivables | $7.3M | $16.8M | $11.1M | $24.3M | $35.9M | $42.9M | $20.8M | $14.7M | $27.2M | $18.3M |
| Inventory | $52.6M | $57.1M | $80.9M | $90.4M | $102.9M | $99.3M | $135.4M | $163.2M | $165.6M | $166.9M |
| Total Current Assets | $318.5M | $364.5M | $332.4M | $541.3M | $601.2M | $686.8M | $525.1M | $511.6M | $514.0M | $458.3M |
| Property, Plant & Equipment | $95.3M | $111.7M | $114.1M | $116.6M | $166.2M | $179.8M | $176.7M | $164.2M | $149.6M | $146.5M |
| Goodwill | $91.8M | $91.8M | $91.8M | $91.8M | $91.8M | $91.8M | $91.8M | $91.8M | $95.3M | $95.3M |
| Intangible Assets | $31.5M | $25.4M | $21.2M | $16.9M | $12.5M | $9.0M | $6.6M | $4.4M | $8.1M | $7.2M |
| Total Assets | $555.3M | $621.1M | $588.7M | $803.9M | $903.3M | $1.01B | $840.1M | $819.9M | $828.8M | $772.2M |
| Accounts Payable | $29.7M | $33.2M | $31.6M | $27.4M | $34.7M | $43.7M | $30.1M | $26.4M | $29.8M | $34.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $3.0M | $2.9M | $2.6M | $2.9M | 0 |
| Total Current Liabilities | $59.9M | $51.1M | $48.4M | $50.5M | $62.5M | $72.3M | $58.4M | $48.9M | $55.3M | $70.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $8.4M | $5.8M | $7.4M | $12.6M | 0 |
| Total Liabilities | $67.2M | $73.4M | $61.6M | $79.3M | $92.9M | $102.5M | $84.9M | $67.6M | $79.1M | $99.4M |
| Retained Earnings | $317.9M | $351.4M | $402.6M | $575.5M | $621.6M | $753.4M | $762.5M | $753.7M | $734.0M | $673.9M |
| Total Equity | $488.1M | $547.7M | $527.1M | $724.5M | $810.4M | $912.0M | $755.2M | $752.2M | $749.8M | $672.8M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | $19.8M | $14.6M | $17.3M | $28.2M | 0 |
| Net Debt | -$250.5M | -$282.9M | -$228.6M | -$411.1M | -$449.2M | -$510.6M | -$339.3M | -$294.2M | -$271.8M | -$249.5M |
| Working Capital | $258.6M | $313.5M | $284.1M | $490.9M | $538.7M | $614.5M | $466.7M | $462.7M | $458.7M | $388.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $48.6M | $58.8M | $63.4M | $70.6M |
| Total Assets | $772.5M | $772.2M | $770.7M | $779.0M |
| Total Liabilities | $100.6M | $99.4M | $98.9M | $98.5M |
| Total Equity | $672.0M | $672.8M | $671.8M | $680.5M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $47.9M | $27.6M | $70.0M | $193.5M | $71.2M | $164.4M | $170.9M | $55.7M | $32.2M | $22.1M |
| Depreciation & Amortization | $23.5M | $24.5M | $24.2M | $24.4M | $28.1M | $34.9M | $37.3M | $37.4M | $34.6M | $28.0M |
| Stock-based Compensation | $20.9M | $24.7M | $21.6M | $23.3M | $30.9M | $37.6M | $22.4M | $28.5M | $35.1M | $39.7M |
| Change in Working Capital | $5.2M | -$12.2M | -$28.1M | -$20.8M | -$4.9M | $2.4M | -$18.0M | -$45.9M | -$10.7M | $22.4M |
| Operating Cash Flow | $97.9M | $82.0M | $84.0M | $224.5M | $125.6M | $230.9M | $215.3M | $65.8M | $81.2M | $111.5M |
| Capital Expenditure | -$12.2M | -$32.5M | -$25.6M | -$25.1M | -$70.6M | -$47.3M | -$39.2M | -$20.9M | -$17.3M | -$24.4M |
| Acquisitions | 0 | 0 | $900,000 | 0 | 0 | $35,000 | 0 | 0 | -$9.5M | $150,000 |
| Stock Repurchased | -$6.4M | -$9.2M | -$103.2M | -$7.3M | -$2.6M | -$73.9M | -$311.1M | -$55.3M | -$27.9M | -$98.1M |
| Dividends Paid | -$15.1M | -$16.6M | -$18.8M | -$20.5M | -$25.1M | -$32.6M | -$41.5M | -$44.0M | -$46.0M | -$47.2M |
| Free Cash Flow | $85.7M | $49.5M | $58.4M | $199.4M | $55.0M | $183.6M | $176.1M | $44.9M | $63.9M | $87.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $29.9M | $26.2M | $20.0M | $22.0M |
| Capital Expenditure | -$5.7M | -$7.0M | -$2.0M | -$4.3M |
| Free Cash Flow | $24.2M | $19.2M | $18.0M | $17.7M |
| Dividends Paid | -$11.8M | -$11.6M | -$11.9M | -$11.9M |
| Stock-based Compensation | $21.2M | -$275,000 | $6.3M | $11.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.5% | -3.7% | +1.1% | +16.1% | +44.0% | -7.4% | -31.7% | -5.8% | +5.9% | |
| Net Income Growth (YoY) | -42.3% | +153.5% | +176.4% | -63.2% | +131.0% | +3.9% | -67.4% | -42.2% | -31.5% | |
| EPS Growth (YoY) | -44.7% | +153.2% | +178.2% | -64.0% | +129.4% | +8.4% | -67.2% | -41.2% | -31.6% | |
| Shares Change (YoY) | +3.1% | -1.3% | -1.1% | +2.0% | +1.0% | -5.0% | -1.3% | -0.9% | -1.4% | |
| FCF Growth (YoY) | -42.2% | +17.9% | +241.4% | -72.4% | +233.6% | -4.1% | -74.5% | +42.4% | +36.4% | |
| Gross Margin | 49.3% | 49.5% | 51.6% | 50.7% | 49.9% | 51.3% | 56.3% | 51.5% | 53.6% | 54.5% |
| Operating Margin | 12.4% | 13.3% | 13.4% | 51.6% | 14.4% | 24.9% | 27.7% | 7.9% | 4.3% | 4.8% |
| EBITDA Margin | 18.7% | 19.0% | 19.2% | 17.2% | 20.2% | 30.0% | 33.9% | 18.7% | 15.6% | 11.0% |
| Net Margin | 12.4% | 6.4% | 16.8% | 46.0% | 14.6% | 23.4% | 26.2% | 12.5% | 7.7% | 5.0% |
| FCF Margin | 22.1% | 11.5% | 14.0% | 47.4% | 11.3% | 26.1% | 27.0% | 10.1% | 15.3% | 19.6% |
| Effective Tax Rate | 2.1% | 54.2% | -17.1% | 13.0% | 5.4% | 6.7% | 6.9% | -21.4% | -4.8% | -5.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.45 | $0.81 | $0.97 | $3.34 | $0.90 | $2.99 | $3.02 | $0.78 | $1.12 | $1.55 |
| Dividends Per Share | $0.25 | $0.27 | $0.31 | $0.34 | $0.41 | $0.53 | $0.71 | $0.76 | $0.81 | $0.84 |
| Shares Outstanding (Basic) | 57.9 M | 59.3 M | 58.9 M | 58.5 M | 59.7 M | 60.3 M | 57.8 M | 57.2 M | 56.8 M | 56.1 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 3.72% |
| Return on Invested Capital | 5.00% |
| Return on Assets | 3.22% |
| Gross Margin | 53.64% |
| Operating Margin | 7.93% |
| Net Margin | 5.58% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 7.07 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 14.52 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 39.91 | 78.26 | 25.62 | 14.94 | 68.79 | 34.03 | 24.23 | 84.65 | 108.25 | 91.13 |
| P/B | 4.02 | 3.99 | 3.41 | 4.00 | 6.03 | 6.14 | 5.49 | 6.24 | 4.68 | 2.96 |
| P/S | 5.07 | 5.06 | 4.32 | 6.88 | 10.00 | 7.97 | 6.37 | 10.56 | 8.37 | 4.49 |
| Gross Margin | 49.3% | 49.5% | 51.6% | 50.7% | 49.9% | 51.3% | 56.3% | 51.5% | 53.6% | 54.5% |
| Operating Margin | 12.4% | 13.3% | 13.4% | 51.6% | 14.4% | 24.9% | 27.7% | 7.9% | 4.3% | 4.8% |
| Net Margin | 12.4% | 6.4% | 16.8% | 46.0% | 14.6% | 23.4% | 26.2% | 12.5% | 7.7% | 5.0% |
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