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POWI, Power Integrations

Semiconductors asset-light Cyclical

Power supplies, which convert the high-voltage AC from a wall outlet to the low-voltage DC required by most electronic devices.

We design, develop and market analog and mixed-signal integrated circuits ("ICs") and other electronic components and circuitry used in high-voltage power conversion.

Our products are used in power converters that convert electricity from a high-voltage source to the type of power required for a specified downstream use.

Latest annual: FY2025 10-K

POWI · Power Integrations

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$444M

+5.9% YoY · −2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $446M 5-yr avg $532M

Gross margin 54% 5-yr avg 53%

Operating margin 1.1% 5-yr avg 13.4%

ROIC 1% 5-yr avg 11%

Owner-earnings margin 19% 5-yr avg 20%

Free cash flow margin 19% 5-yr avg 20%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 51% and operating margin about 13% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 2.3% to 52% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Inventory runs near 21% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 11%). The steadier read is owner earnings: roughly 17% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 7 regions, the largest Hong Kong/China at 55%.

Revenue by geography, FY2025

Hong Kong/China55%$246M
South Korea9%$40M
Other8%$36M
Germany6%$27M
Taiwan6%$26M
India5%$24M
Other10%$46M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$390M	$432M	$416M	$421M	$488M	$703M	$651M	$445M	$419M	$444M	$446M	RevenueRevenue
49%	49%	52%	51%	50%	51%	56%	52%	54%	54%	54%	Gross marginGross mgn
8%	8%	9%	9%	8%	6%	4%	7%	9%	10%	9%	SG&A / revenueSG&A/rev
16%	16%	17%	17%	17%	12%	14%	22%	24%	23%	23%	R&D / revenueR&D/rev
$49M	$58M	$56M	$217M	$70M	$175M	$180M	$35M	$18M	$10M	$5M	Operating incomeOp. inc.
12.5%	13.3%	13.4%	51.6%	14.4%	24.9%	27.7%	7.9%	4.3%	2.3%	1.1%	Operating marginOp. mgn
$49M	$28M	$70M	$193M	$71M	$164M	$171M	$56M	$32M	$22M	$17M	Net incomeNet inc.
2%	54%	—	13%	5%	7%	7%	—	-5%	-5%	—	Effective tax rateTax rate
											Cash flow & returns
$98M	$82M	$84M	$224M	$126M	$231M	$215M	$66M	$81M	$112M	$105M	Operating cash flowOp. cash
$17M	$18M	$19M	$19M	$24M	$31M	$35M	$35M	$33M	$27M	$26M	DepreciationDeprec.
$11M	$11M	($27M)	($12M)	($192K)	($3M)	($13M)	($54M)	($19M)	$23M	$25M	Working capital & otherWC & other
$12M	$32M	$25M	$24M	$71M	$47M	$39M	$21M	$17M	$24M	$21M	CapexCapex
3.1%	7.5%	5.9%	5.7%	14.5%	6.7%	6.0%	4.7%	4.1%	5.5%	4.6%	Capex / revenueCapex/rev
$86M	$50M	$59M	$200M	$55M	$184M	$176M	$45M	$64M	$87M	$85M	Owner earningsOwner earn.
22.0%	11.5%	14.3%	47.6%	11.3%	26.1%	27.0%	10.1%	15.3%	19.6%	18.9%	Owner earnings marginOE mgn
$86M	$50M	$59M	$200M	$55M	$184M	$176M	$45M	$64M	$87M	$85M	Free cash flowFCF
22.0%	11.5%	14.3%	47.6%	11.3%	26.1%	27.0%	10.1%	15.3%	19.6%	18.9%	Free cash flow marginFCF mgn
$0	$0	—	—	—	—	$0	$0	$10M	$0	$0	AcquisitionsAcquis.
$15M	$17M	$19M	$21M	$25M	$33M	$41M	$44M	$46M	$47M	$47M	Dividends paidDiv. paid
$6M	$9M	$103M	$7M	$3M	$74M	$311M	$55M	$28M	$98M	—	BuybacksBuybacks
11%	6%	14%	35%	12%	22%	26%	5%	3%	2%	1%	ROICROIC
10%	5%	13%	27%	9%	18%	23%	7%	4%	3%	2%	Return on equityROE
7%	2%	10%	24%	6%	14%	17%	2%	−2%	−4%	−5%	Retained to equityRetained/eq
											Balance sheet
$250M	$283M	$229M	$411M	$449M	$530M	$354M	$312M	$300M	$250M	$257M	Cash & investmentsCash+inv
$7M	$17M	$11M	$24M	$36M	$41M	$21M	$15M	$27M	$18M	$14M	ReceivablesReceiv.
$53M	$57M	$81M	$90M	$103M	$99M	$135M	$163M	$166M	$167M	$163M	InventoryInvent.
$30M	$33M	$32M	$27M	$35M	$44M	$30M	$26M	$30M	$34M	$31M	Accounts payablePayables
$29M	$41M	$60M	$87M	$104M	$97M	$126M	$151M	$163M	$151M	$146M	Operating working capitalOper. WC
$318M	$365M	$332M	$541M	$601M	$687M	$525M	$512M	$514M	$458M	$458M	Current assetsCur. assets
$44M	$51M	$48M	$50M	$63M	$72M	$58M	$49M	$55M	$70M	$67M	Current liabilitiesCur. liab.
7.2×	7.1×	6.9×	10.7×	9.6×	9.5×	9.0×	10.5×	9.3×	6.5×	6.9×	Current ratioCurr. ratio
$92M	$92M	$92M	$92M	$92M	$92M	$92M	$92M	$95M	$95M	$95M	GoodwillGoodwill
$554M	$621M	$589M	$804M	$903M	$1.0B	$840M	$820M	$829M	$772M	$771M	Total assetsAssets
($250M)	($283M)	($229M)	($411M)	($449M)	($530M)	($354M)	($312M)	($300M)	($250M)	($257M)	Net debt / (cash)Net debt
$503M	$548M	$527M	$725M	$810M	$912M	$755M	$752M	$750M	$673M	$672M	Shareholders’ equityEquity
5.4%	5.7%	5.2%	5.5%	6.3%	5.3%	3.4%	6.4%	8.4%	8.9%	8.4%	Stock comp / revenueSBC/rev
											Per share
59.2M	61.1M	60.3M	59.6M	60.8M	61.5M	58.4M	57.6M	57.1M	56.3M	55.9M	Shares out (diluted)Shares
$6.58	$7.07	$6.90	$7.05	$8.03	$11.44	$11.16	$7.71	$7.33	$7.87	$7.99	Revenue / shareRev/sh
$0.83	$0.45	$1.16	$3.24	$1.17	$2.67	$2.93	$0.97	$0.56	$0.39	$0.30	EPS (diluted)EPS
$1.45	$0.81	$0.98	$3.36	$0.90	$2.99	$3.02	$0.78	$1.12	$1.55	$1.51	Owner earnings / shareOE/sh
$1.45	$0.81	$0.98	$3.36	$0.90	$2.99	$3.02	$0.78	$1.12	$1.55	$1.51	Free cash flow / shareFCF/sh
$0.25	$0.27	$0.31	$0.34	$0.41	$0.53	$0.71	$0.76	$0.81	$0.84	$0.84	Dividends / shareDiv/sh
$0.21	$0.53	$0.41	$0.40	$1.16	$0.77	$0.67	$0.36	$0.30	$0.43	$0.37	Cap. spending / shareCapex/sh
$8.49	$8.97	$8.74	$12.15	$13.32	$14.84	$12.94	$13.05	$13.12	$11.95	$12.02	Book value / shareBVPS

Share counts before 2018 are restated ×2 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+2.0%/yr	−0.4%/yr
Owner earnings / share	+0.7%/yr	+11.3%/yr
EPS	−7.9%/yr	−19.6%/yr
Dividends / share	+14.2%/yr	+15.2%/yr
Capital spending / share	+8.6%/yr	−17.9%/yr
Book value / share	+3.9%/yr	−2.2%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

56Mpeak FY2021

ROIC

2%low FY2025

Gross margin

54%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$87Mowner earningsvs.$22Mnet incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $22M of profit into $87M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$22M

Owner earnings$87M · 20% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$22M	$32M	$56M	$171M	$164M
Depreciation & amortizationnon-cash charge added back	+$27M	+$33M	+$35M	+$35M	+$31M
Stock-based compensationreal costnon-cash, but a real cost	+$40M	+$35M	+$29M	+$22M	+$38M
Working capital & othertiming of cash in and out, other non-cash items	+$23M	−$19M	−$54M	−$13M	−$3M
Cash from operations	$112M	$81M	$66M	$215M	$231M
Capital expenditurecash put back in to keep running and to grow	−$24M	−$17M	−$21M	−$39M	−$47M
Owner earnings	$87M	$64M	$45M	$176M	$184M
Owner-earnings marginowner earnings ÷ revenue	20%	15%	10%	27%	26%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $40M), owner earnings is nearer $47M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$250M

Net cash, debt-free

Cash $59M + ST investments $191M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $250M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 255d

Long (60+ days)

DSO 15 + DIO 302 − DPO 61 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 3%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 15%

High through the cycle

10-yr median margin, range 10%–48%; latest $87M = operating cash $112M − maintenance capex $24M

Industry peers: median 14%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 20% of revenue this year, a 15% median across 10 years. Treating stock comp as the real expense it is (less $40M of SBC) leaves $47M.
Are earnings backed by cash? 5.05×

Cash-backed

Cash from ops $112M ÷ net income $22M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 167%

Returned more than it generated

Dividends + buybacks $145M ÷ Owner Earnings $87M

What this means
The company returned more than it generated: against $87M of Owner Earnings, $145M (167%) went back to shareholders, $47M dividends, $98M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $40M stock comp, the real buyback was about $58M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.90×

Maintaining

Capex $24M ÷ depreciation $27M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $444M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 6.51×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −25%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.66/share (latest year $0.40), the averaged base the calculator's gate runs on, and book value is $12.08/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 13% → 5% (3-yr avg ends)

In the filing’s words The words explain the slip: the filing names price competition rather than pricing actions of its own — a business that looks to take its price, not set it.

What this means
Through the cycle the operating margin slipped — about 13% early to 5% lately, median 13% — competition or costs are biting in.
Owner earnings growth +1%/yr

What this means
Owner earnings grew about 1% a year over the record.
Worst year 2025 · 2.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“These markets may also not develop as anticipated if AI training and inference costs drop materially due to customer adoption of less expensive alternative technologies or approaches, or if customers achieve desired performance using alternative solutions that reduce the need for certain components.…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$458M

Cash & short-term investments$257M
Receivables$14M
Inventory$163M
Other current assets$24M

Current liabilities$67M

Accounts payable$31M
Other current liabilities$35M

Current ratio6.88×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.44×stricter: inventory excluded

Cash ratio3.86×strictest: cash alone against what's due

Working capital$392Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+2.6%the freshest read on whether the business is still growing

Current ratio, recent quarters10.0× → 6.9×

Deeper floors

Tangible book value$569Mequity stripped of goodwill & intangibles

Net current asset value$359MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$19M$19M of it operating leases

Deferred revenue$18Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $1.3B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$313M · 24%
Dividends$307M · 23%
Buybacks$695M · 53%
Retained (debt / cash)$3M · 0%

Returned to owners$1.0B
100% of the owner earnings the business produced over the span, $307M as dividends and $695M as buybacks.
Average price paid for buybacks—
Buybacks ran $695M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−5.7%
The diluted count fell from 59M to 56M, so the buybacks outran the stock issued to staff.
Dividend record$0.84/sh
Paid in 10 of the years on record, the per-share dividend growing about 14% a year. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$6.6M	$16.7M	$184M
2022	$7.0M	−$13.1M	$176M
2023	$8.2M	$6.8M	$45M
2024	$8.6M	$8.8M	$64M
2025	$8.2M	−$839k	$87M
2025	$6.3M	$6.0M	$87M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio75:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$40M
The slice of the business handed to employees in shares this year, 9% of revenue, equal to 389% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Power Integrations is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid receivables and inventory outpace sales?15% → 40% of sales
Receivables and inventory grew from $59M to $177M while revenue grew 15%: working capital is climbing faster than sales (15% of revenue then, 40% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$361M · 81% of revenue on the largest customers (TTM)
“Our top ten customers, including distributors that resell to OEMs and merchant power supply manufacturers, accounted for approximately 81%, 79% and 80% of net revenue in 2025, 2024 and 2023, respectively.”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Semiconductors

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AOSLAlpha and Omega Semiconductor Limited	$696M	26%	2.6%	3%	2%
KLICKulicke and Soffa Industries Inc.	$654M	47%	9.4%	8%	14%
LSCCLattice Semiconductor	$523M	60%	9.1%	9%	22%
SHLSShoals Technologies Group Inc.	$475M	36%	17.0%	10%	17%
MXLMaxLinear Inc.	$468M	55%	-5.3%	-3%	15%
POWIPower Integrations	$444M	51%	13.4%	11%	17%
SKYTSkyWater Technology Inc.	$442M	16%	-6.2%	-14%	-12%
AMBAAmbarella	$391M	61%	-21.4%	-15%	11%
Group median	—	49%	5.8%	6%	14%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Power Integrations has delivered.

Today’s price $

Through the cycle, Power Integrations earns about $77M on its 17.4% median owner-earnings margin. This year’s 19.6% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($77M) Net of stock comp (−$37M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−20%/yr

Owner-earnings growth · ’16→’25+1%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $85M on 56M shares outstanding, per the 10-Q cover, as of 2026-05-04; net cash $257M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh POWI against another business →

The owners of POWI: the meeting and the votes →

Cite: Owner Scorecard, "Power Integrations (POWI), the owner's record," https://ownerscorecard.com/c/POWI, data as of 2026-07-09.

Manual order: ← POST its page in the Manual POWL →

Industry order: ← POET the Semiconductors chapter Q →