As of Q4'25, MPWR reports Cash & Short-term Investments of USD 1.26B, while maintaining zero debt. This reflects a strong liquidity position with no outstanding borrowings at the latest data point. From Q1'23 to Q4'25, MPWR's cash holdings have generally trended upward, rising from USD 918M to a peak of USD 1.46B in Q3'24 before a temporary dip to USD 863M in Q4'24, and subsequently recovering to USD 1.26B by Q4'25. Throughout the entire period, the company consistently reported zero debt, highlighting a conservative capital structure and robust balance sheet.