POWER INTEGRATIONS INC
POWIdata completeness 88%18 fiscal years on fileData notes: no data for concept 'totalDebt'
POWER INTEGRATIONS INC earns about 13% on invested capital, comfortably above its ~9% cost of capital, and has bought back 8% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $10.25 and $17.25 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $703.3M1 | $651.1M2 | $444.5M3 | $419M3 | $443.5M3 |
| Net income | $164.4M4 | $170.9M5 | $55.7M6 | $32.2M6 | $22.1M6 |
| Operating cash flow | $230.9M7 | $215.3M8 | $65.8M9 | $81.2M9 | $111.5M9 |
| Capital expenditure | $47.3M10 | $39.2M11 | $20.9M12 | $17.3M12 | $24.4M12 |
| Free cash flow (derived) | $183.6M7 | $176.1M8 | $44.9M9 | $63.9M9 | $87.1M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $158.1M13 | $105.4M14 | $63.9M15 | $51M16 | $58.8M16 |
| Diluted shares | 61.5M | 58.4M | 57.6M | 57.1M | 56.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $119.46 of net worth that earned you $3.92 and generated $15.47 of cash last year.
It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $10.25 and $17.25 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$63.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$63.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$55.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $17.25 |
| Base | 0.0% | $17.25 |
| Bull | 5.0% | $21.17 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000833640-24-000030 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0000833640-25-000043 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0000833640-26-000037 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0000833640-24-000030 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000833640-25-000043 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000833640-26-000037 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000833640-24-000030 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000833640-25-000043 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000833640-26-000037 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000833640-24-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000833640-25-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000833640-26-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000833640-23-000025 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000833640-24-000030 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0000833640-25-000043 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0000833640-26-000037 (CashAndCashEquivalentsAtCarryingValue)