Applied Materials, Inc. (AMAT)
Applied Materials makes the manufacturing equipment that chipmakers use to fabricate semiconductors. As the largest supplier in its field, its orders serve as a leading indicator of industry capital spending.
AMAT vs MPWR: how the two businesses compare
- Bigger business: AMAT, with $28.4B of yearly revenue, about 10× MPWR's $2.8B.
- More profitable: AMAT keeps 25 cents of each sales dollar as profit, against 22 cents at MPWR.
- More cash from each sale: MPWR turns 30 cents of each sales dollar into operating cash flow, against 28 cents at AMAT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Applied Materials (AMAT) is the larger business by reported revenue: $28.4B in its fiscal year ended Oct 2025, about 10× MPWR's $2.8B (fiscal year ended Dec 2025). AMAT's net margin was 24.7% and MPWR's 22.3%. Both file with the SEC under the same industry code, SIC 3674 (Semiconductors & Related Devices).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Semiconductors & Related Devices
- Same classification
- Different
- AMAT October 26 · MPWR December 31
- Feb 27, 2026
AMAT vs MPWR: quick comparison
| Company fact | AMAT | MPWR |
|---|---|---|
| Company | Applied Materials, Inc. | Monolithic Power Systems, Inc. |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | Santa Clara, California | — |
| Founded | 1967 | — |
| SEC industry | Semiconductors & Related Devices | Semiconductors & Related Devices |
| Fiscal year-end | October 26 | December 31 |
| Latest annual filing | 10-K · 2025-12-12 | 10-K · 2026-02-27 |
AMAT vs MPWR: audited financials
- Scale: AMAT's $28.4B of revenue is about 10× MPWR's $2.8B.
- Net margin: AMAT kept 24.7% of revenue as net income versus 22.3% at MPWR.
- Cash conversion: operating cash flow equalled AMAT 28.1% of revenue, or 1.14× net income; MPWR 30.0% of revenue, or 1.35× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-10-26 for AMAT, 2025-12-31 for MPWR), so each figure reflects somewhat different demand and cost conditions.
| Metric | AMAT | MPWR |
|---|---|---|
| Revenue | $28.4B2024-10-28 to 2025-10-26 · SEC filing | $2.8B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $7.0B2024-10-28 to 2025-10-26 · SEC filing | $621M2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $8.0B2024-10-28 to 2025-10-26 · SEC filing | $838M2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $8.662024-10-28 to 2025-10-26 · SEC filing | $12.862025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 24.7%2024-10-28 to 2025-10-26 · SEC filing | 22.3%2025-01-01 to 2025-12-31 · SEC filing |
AMAT: FY ending 2025-10-26 · MPWR: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where AMAT and MPWR overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3674, Semiconductors & Related Devices.
- Shared research theme: Artificial intelligence.
Differences
- Offset fiscal calendars: AMAT's year ends October 26 and MPWR's December 31, about 2 months apart.
- Only AMAT maps to Tariffs & trade.
- Scale: AMAT reported about 10× the annual revenue of MPWR.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Monolithic Power Systems, Inc. (MPWR)
Monolithic Power Systems designs high-efficiency power-management chips for computing, automotive, and consumer electronics.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves AMAT
We have not yet published a company-specific driver list for AMAT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-12-12.
What moves MPWR
We have not yet published a company-specific driver list for MPWR. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-27.
The investment question
You now know AMAT reports about 10× MPWR's revenue, and AMAT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, and which evidence in the next filings would prove that assumption wrong.
Members-only research
What members are reading this month
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
- Citadel bought the AI fire sale. The seller had run out of time.
Up 439% in the first half, down about 67% in July: how an AI hedge fund ended up selling a roughly $16 billion stock book to Citadel at a discount.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. AMAT's fiscal year ends October 26, while MPWR's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 30 matched transaction rows for AMAT and 6 matched transaction rows for MPWR. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
AMAT primary filings
MPWR primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
AMAT vs MPWR FAQs
Are AMAT and MPWR direct competitors?
Applied Materials and Monolithic Power Systems share the SEC industry classification “Semiconductors & Related Devices.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is AMAT or MPWR the bigger company by revenue?
Applied Materials (AMAT) is the larger business by reported revenue: $28.4B in its fiscal year ended Oct 2025, about 10× MPWR's $2.8B (fiscal year ended Dec 2025). AMAT's net margin was 24.7% and MPWR's 22.3%. Both file with the SEC under the same industry code, SIC 3674 (Semiconductors & Related Devices). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, AMAT or MPWR?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this AMAT vs MPWR comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Applied Materials, Inc. and Monolithic Power Systems, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
AMAT vs MPWR compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included