olivLaw · US equity research
Power Integrations, Inc. POWI
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Power Integrations designs analog and mixed-signal chips for high-voltage power conversion, used in power supplies, gate drivers and motor controllers. Net revenue was 443.5 million USD in 2025, and the second quarter of 2026 brought 118.9 million USD, supported by industrial demand and its PowiGaN technology.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Power Integrations, Inc. (POWI) stock was 46.80 USD (−0.40% on the day), with market capitalisation 2.6 bn USD, P/E 104.2 on diluted EPS of 0.45 USD over the last 12 months, dividend yield 1.82%, beta 1.81, 52-week range 30.92–87.35 USD. Latest reported quarter (Q2 2026): revenue of 118.9 m USD (+2.7% YoY), net income of 9.8 m USD (+618.3% YoY), diluted EPS 0.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.5
- neutral
- Bollinger (20, 2)
- 43.46 – 50.49
- in the lower half of the band · %B 0.48 · band width 15.0%
- SMA 50 / 200
- 49.49 / 58.91
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.10 / -1.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.9% | −1.1% | −12.8 pp | — |
| 3 months | −24.5% | −0.5% | −24.0 pp | — |
| 6 months | −40.2% | +4.4% | −44.6 pp | — |
| Year to date | +31.7% | +12.3% | +19.4 pp | — |
| 1 year | +20.1% | +13.5% | +6.6 pp | +33.2% |
| 3 years | −37.4% | +76.4% | −113.9 pp | +34.4% |
| 5 years | −53.9% | +63.7% | −117.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 115.8 m | 105.3 m | 105.5 m | 115.9 m | 118.9 m | 103.2 m | 108.3 m | 118.9 m |
| Cost of revenue | 52.7 m | 48.0 m | 47.3 m | 51.9 m | 54.1 m | 48.6 m | 51.4 m | 54.3 m |
| Gross profit | 63.2 m | 57.3 m | 58.2 m | 64.0 m | 64.9 m | 54.6 m | 56.9 m | 64.6 m |
| Research & development | 25.8 m | 25.7 m | 24.1 m | 26.0 m | 26.7 m | 24.3 m | 26.3 m | 27.2 m |
| SG&A | — | — | 27.4 m | 30.2 m | — | — | 24.4 m | 28.1 m |
| Operating income | 11.6 m | 3.9 m | 6.7 m | -1.3 m | -4.0 m | 8.8 m | 1.5 m | 8.9 m |
| Pre-tax income | 14.3 m | 7.3 m | 9.9 m | 1.3 m | -1.4 m | 11.1 m | 3.9 m | 11.2 m |
| Income tax | 41.0 k | -1.8 m | 1.1 m | -24.0 k | -42.0 k | -2.1 m | 620.0 k | 1.4 m |
| Net income | 14.3 m | 9.1 m | 8.8 m | 1.4 m | -1.4 m | 13.3 m | 3.3 m | 9.8 m |
| Diluted EPS | 0.25 | 0.16 ≈ | 0.15 | 0.02 | -0.02 | 0.24 ≈ | 0.06 | 0.17 |
| Operating cash flow | 32.9 m ≈ | 14.7 m | 26.4 m | 29.1 m ≈ | 29.9 m ≈ | 26.2 m | 20.0 m | 22.0 m ≈ |
| Capex | 5.7 m ≈ | 3.0 m | 5.7 m | 5.9 m ≈ | 5.7 m ≈ | 7.1 m | 2.0 m | 4.3 m ≈ |
| Dividends paid | 11.4 m | 11.9 m | 12.0 m | 11.8 m | 11.8 m | 11.6 m | 12.0 m | 11.9 m |
| Share repurchases | 0 ≈ | 1.9 m | 23.1 m | 32.6 m ≈ | 42.4 m ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 90 percentile of its own 39-quarter history (min 13.1, median 38.4, max 186.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 416.0 m | 420.7 m | 488.3 m | 703.3 m | 651.1 m | 444.5 m | 419.0 m | 443.5 m |
| Revenue YoY | −3.7% | +1.1% | +16.1% | +44.0% | −7.4% | −31.7% | −5.8% | +5.9% |
| Net income | 70.0 m | 193.5 m | 71.2 m | 164.4 m | 170.9 m | 55.7 m | 32.2 m | 22.1 m |
| Net income YoY | +153.5% | +176.4% | −63.2% | +131.0% | +3.9% | −67.4% | −42.2% | −31.5% |
| Diluted EPS | 1.16 | 3.24 | 1.17 | 2.67 | 2.93 | 0.97 | 0.56 | 0.39 |
| Diluted EPS YoY | +28.9% | +179.3% | −63.9% | +128.2% | +9.7% | −66.9% | −42.3% | −30.4% |
| net % | 16.8% | 46.0% | 14.6% | 23.4% | 26.2% | 12.5% | 7.7% | 5.0% |
| Free cash flow | 59.3 m | 200.4 m | 55.0 m | 183.6 m | 176.1 m | 44.9 m | 63.9 m | 87.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 58.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 672.8 m USD
- Total assets
- 772.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.51x
- ROE
- 3.1%
- ROA
- 2.8%
- FCF margin
- 19.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 488.3 m | 703.3 m | 651.1 m | 444.5 m | 419.0 m | 443.5 m | SEC (XBRL)· 06 Feb 2026verified |
| Cost of revenue | 244.7 m | 342.6 m | 284.2 m | 215.6 m | 194.2 m | 201.9 m | SEC (XBRL)· 06 Feb 2026verified |
| Gross profit | 243.6 m | 360.6 m | 366.9 m | 229.0 m | 224.8 m | 241.6 m | SEC (XBRL)· 06 Feb 2026verified |
| Research & development | 81.7 m | 84.9 m | 93.9 m | 96.1 m | 100.8 m | 101.1 m | SEC (XBRL)· 06 Feb 2026verified |
| Operating income | 70.5 m | 175.1 m | 180.4 m | 35.1 m | 17.9 m | 10.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Pre-tax income | 75.3 m | 176.1 m | 183.4 m | 45.9 m | 30.8 m | 21.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Income tax | 4.1 m | 11.7 m | 12.6 m | -9.8 m | -1.5 m | -1.1 m | SEC (XBRL)· 06 Feb 2026verified |
| Net income | 71.2 m | 164.4 m | 170.9 m | 55.7 m | 32.2 m | 22.1 m | SEC (XBRL)· 06 Feb 2026verified |
| Diluted EPS | 1.17 | 2.67 | 2.93 | 0.97 | 0.56 | 0.39 | SEC (XBRL)· 06 Feb 2026verified |
| Weighted average diluted shares | 60.8 m | 61.5 m | 58.4 m | 57.6 m | 57.1 m | 56.3 m | SEC (XBRL)· 06 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 258.9 m | 158.1 m | 105.4 m | 63.9 m | 51.0 m | 58.8 m | SEC (XBRL)· 06 Feb 2026verified |
| Receivables | 35.9 m | — | — | — | — | 18.3 m | SEC (XBRL)· 06 Aug 2026verified |
| Inventories | 102.9 m | 99.3 m | 135.4 m | 163.2 m | 165.6 m | 166.9 m | SEC (XBRL)· 06 Feb 2026verified |
| Current assets | 601.2 m | 686.8 m | 525.1 m | 511.6 m | 514.0 m | 458.3 m | SEC (XBRL)· 06 Feb 2026verified |
| Property, plant & equipment, net | 166.2 m | 179.8 m | 176.7 m | 164.2 m | 149.6 m | 146.5 m | SEC (XBRL)· 06 Feb 2026verified |
| Goodwill | 91.8 m | 91.8 m | 91.8 m | 91.8 m | 95.3 m | 95.3 m | SEC (XBRL)· 06 Feb 2026verified |
| Intangibles (excl. goodwill) | 12.5 m | 9.0 m | 6.6 m | 4.4 m | 8.1 m | 7.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Total assets | 903.3 m | 1.0 bn | 840.1 m | 819.9 m | 828.8 m | 772.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Accounts payable | 34.7 m | 43.7 m | 30.1 m | 26.4 m | 29.8 m | 34.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Current liabilities | 62.5 m | 72.3 m | 58.4 m | 48.9 m | 55.3 m | 70.4 m | SEC (XBRL)· 06 Feb 2026verified |
| Total liabilities | 92.9 m | 102.5 m | 84.9 m | 67.6 m | 79.1 m | 99.4 m | SEC (XBRL)· 06 Feb 2026verified |
| Equity | 810.4 m † | 912.0 m † | 755.2 m † | 752.2 m † | 749.8 m † | 672.8 m † | SEC (XBRL)· 06 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 125.6 m | 230.9 m | 215.3 m | 65.8 m | 81.2 m | 111.5 m | SEC (XBRL)· 06 Feb 2026verified |
| Capex | 70.6 m | 47.3 m | 39.2 m | 20.9 m | 17.3 m | 24.4 m | SEC (XBRL)· 06 Feb 2026verified |
| Free cash flow | 55.0 m ≈ | 183.6 m ≈ | 176.1 m ≈ | 44.9 m ≈ | 63.9 m ≈ | 87.1 m ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Investing cash flow | -28.3 m | -232.8 m | 78.3 m | -14.2 m | -25.9 m | 36.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Financing cash flow | -17.2 m | -98.8 m | -346.4 m | -93.0 m | -68.2 m | -139.9 m | SEC (XBRL)· 06 Feb 2026verified |
| Dividends paid | 25.1 m | 32.6 m | 41.5 m | 44.0 m | 46.0 m | 47.2 m | SEC (XBRL)· 06 Feb 2026verified |
| Share repurchases | 2.6 m | 73.9 m | 311.1 m | 55.3 m | 27.9 m | 98.1 m | SEC (XBRL)· 06 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.6 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 53.6% | 34 (on a fixed band) | 14% |
| EBIT margin · Quality | 3.4% | 39 (vs peers) | 11% |
| FCF margin · Quality | 17.6% | 70 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -12.0% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 5.9% | 36 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 7.1x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 60 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.4% | 90 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth12/100 · 2/2 factors with a value
- Quality47/100 · 3/3 factors with a value
- Returns90/100 · 1/1 factors with a value
- Valuation· partial60/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
POWER INTEGRATIONS, INC. (POWI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 443.5 m USD in 2025; YoY growth 5.9%; net margin 5.6%; ROE 3.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF margin: 17.6%
- Current ratio: 7.1x
- Shareholder yield (distributions): 3.4%
What contradicts it
- Revenue CAGR 3Y: -12.0%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NVDANvidia Corp | 4,823.1 bn | 25.3 | 117.2% | 63.7% | +65.5% | +13% / +328% |
| AVGOBroadcom Inc. | 1,553.7 bn | 41.6 | 44.2% | 42.9% | +23.9% | −19% / +252% |
| MUMicron Technology, Inc. | 899.7 bn | 10.7 | 88.3% | 63.8% | +256.3% | +236% / +945% |
| AMDAdvanced Micro Devices, Inc | 801.6 bn | 106.3 | 11.8% | 16.8% | +34.3% | +125% / +303% |
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +44% / +30% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +42% / −0% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
| QQnity Electronics, Inc. | 24.8 bn | 42.0 | 7.6% | 11.5% | +9.7% | +46% / unavailable |
| GFSGLOBALFOUNDRIES Inc. | 22.4 bn | 25.4 | 7.8% | 13.0% | +0.6% | +13% / −25% |
| FSLRFirst Solar, Inc. | 20.9 bn | 11.3 | 18.7% | 37.1% | +24.1% | −29% / +23% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 17.8 bn | 74.6 | 17.2% | 20.7% | +32.6% | +33% / +178% |
| RMBSRambus Inc | 8.9 bn | 34.1 | 19.6% | 33.4% | +27.1% | −13% / +23% |
| ALGMAllegro Microsystems, Inc. | 5.8 bn | 209.1 | 3.2% | 3.1% | +22.8% | +17% / +15% |
| AAOIApplied Optoelectronics, Inc. | 5.0 bn | — | -5.4% | -9.6% | +82.8% | +121% / +347% |
| HIMXHimax Technologies, Inc. | 3.6 bn | 80.3 | 4.9% | 5.3% | −8.2% | +38% / +83% |
| KLICKulicke And Soffa Industries, Inc. | 3.6 bn | 31.5 | 13.2% | 12.2% | −7.4% | +52% / +33% |
| PENGPenguin Solutions, Inc. | 2.9 bn | 18.6 | 39.5% | 10.4% | +26.5% | +139% / +190% |
1- and 3-year price returns: for POWI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.99 Total return -46% · Per year -46% | 44.40 Total return -4% · Per year -4% | 67.18 Total return 45% · Per year 45% |
| 3 years | 19.84 Total return -56% · Per year -24% | 40.07 Total return -12% · Per year -4% | 67.18 Total return 47% · Per year 14% |
| 5 years | 15.75 Total return -64% · Per year -18% | 36.16 Total return -19% · Per year -4% | 67.18 Total return 49% · Per year 8% |
- Exit P/E± 10.02
- Net margin± 7.01
- Annual revenue growth± 6.33
- Annual dilution± 0.59
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Power Integrations designs analog and mixed-signal chips for high-voltage power conversion, used in power supplies, gate drivers and motor controllers. Net revenue was 443.5 million USD in 2025, and the second quarter of 2026 brought 118.9 million USD, supported by industrial demand and its PowiGaN technology.
SWOT
Strengths
Weaknesses
- Heavy dependence on a small number of customers and distributors, whose top group accounts for more than half of revenue 1.
- Almost all sales are international, which exposes the company to currency and trade risks 1.
- Operating income is low relative to revenue, and profitability depends on product mix and exchange rates 1.
Opportunities
- Demand from AI data centers, grid infrastructure and electric vehicles could grow if high-voltage GaN is adopted 3.
- Expansion into new markets such as industrial motors and renewable power conversion could add revenue 1.
- Energy efficiency regulations could keep pushing adoption of the company's integrated solutions 1.
Risks
- Volatile resultsmedium
Operating results have varied significantly and are hard to forecast, which could lead to missing analyst expectations and a lower share price 1.
- Customer concentrationhigh
A small number of customers and distributors generate most revenue, so losing one could significantly affect results 1.
- Trade and tariff riskhigh
US tariffs and retaliatory measures by partner countries could reduce demand and pressure prices, and US-China trade tensions have escalated 12.
- Asia and wafer supply dependencemedium
Most end products are made in Asia and wafers are largely bought from Japan, exposing the company to logistics and currency risks 1.
- Litigation and restructuringmedium
The company has been involved in an employee litigation matter and carried out a workforce reduction in 2026, and the financial and reputational effects could persist 12.
Investment thesis
What would need to be true (bull case)
- Industrial market growth and better profitability in the second quarter of 2026 suggest the business model could return to growth 23.
- The 2200 V GaN technology and AI data center solutions could open higher-value segments if adoption accelerates 3.
- The dividend and share repurchase programs show a commitment to returning capital to shareholders, which may support investor confidence 2.
What would break the thesis
- A high share of large customers and distributors could make revenue vulnerable to changes in orders or channel inventory 1.
- Tariffs and trade tensions could reduce end demand and force the company to accept lower prices 1.
- Margins declined in the second quarter of 2026 due to product mix and the yen, which could continue if these conditions persist 2.
What to watch
- Delivery against third-quarter revenue guidance of 122 to 130 million USDQ3 2026
- Gross margin trend against guidanceQ3 2026
- Effects of tariffs on industry demandnext 10-K
- Adoption of the 2200 V GaN technology in new designs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
The company designs and sells integrated circuits for high-voltage power conversion, mainly AC-DC converters in power supplies for appliances, smart meters, phones and internet-of-things devices. Its chips integrate the high-voltage transistor, drivers and control circuitry in one package, which reduces component count, size and design time for customers. Most customers are in Asia, where most equipment is manufactured, and almost all sales are international 1.
Segments
AC-DC power conversion
The TOPSwitch, InnoSwitch and InnoMux families cover power supplies up to about 500 watts, including automotive versions for electric vehicles. The InnoSwitch family with GaN transistors was extended to 900 and 1250 volt ratings 1.
High-voltage gate drivers
The SCALE and SCALE-iDriver products serve applications from a few kilowatts up to gigawatts, including industrial motors, HVDC transmission and electric vehicles. This line contributed to higher industrial sales in 2025 1.
BLDC motor drivers
The BridgeSwitch families address BLDC motors up to about one horsepower, used in refrigerator compressors, fans and pumps. BridgeSwitch-2 was introduced in 2024 1.
Market context
The company has expanded its served available market to about 5 billion USD through new product families, LED drivers, gate drivers and BLDC motor drivers 1. Growth in the number of power converters has largely been offset by falling average selling prices, so market growth depends on penetrating new applications. Management cites renewable energy, grid infrastructure and AI data center investment as demand drivers in the August 2026 release 3.
Trends
- Energy efficiency rulestailwind
Mandatory efficiency standards for external power supplies and standby consumption in the US and EU support demand for the company's energy-saving solutions 1.
- Renewables and AI infrastructuretailwind
Management says investment in renewable energy, grid infrastructure and AI data centers raises demand for efficiency and power density, and the new 2200 V GaN technology could support these roadmaps over the long term 3.
- Tariffs and trade tensionsheadwind
US tariffs and retaliatory measures by other countries could reduce demand for end products containing the company's chips and put pressure on prices 1.
- Price pressure and the yenmixed
The industry is price-sensitive, and a change in the dollar against the Japanese yen affects gross margin because wafers are largely bought from Japanese foundries 1.
Competitive position
The source does not name direct competitors. The market is described as price-sensitive, and competitive pressure could reduce selling prices and revenue, as noted in the risk factors 1. Discrete component designs from multiple suppliers also compete with the company's integrated solutions 1.
- Discrete component suppliers for power supplies
The source notes that power converters can be built from discrete components bought from many suppliers, which compete with integrated solutions 1.
- Rivals that penetrate new markets
The risk that a competitor enters additional markets first or takes share in existing ones is stated explicitly in the annual report 1.
- Asian power component makers
Customers manufacturing in Asia may also become indirect competitors through in-house or alternative solutions, a point raised in the trade risk discussion 1.
- IGBT and SiC transistor module makers
IGBT and SiC modules are the alternative technologies in high-power applications that the company seeks to address with GaN 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report14 Aug 2026Departure or appointment of officers
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Proxy statement21 Apr 2026
- Annual report06 Feb 2026
- Current report05 Feb 2026Material agreement · Results of operations · Exit or disposal costs · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Power Integrations, Inc. · 06 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Power Integrations, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Power Integrations, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.