Maxlinear Inc (MXL)
NASDAQ:MXL
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Maxlinear
(NASDAQ:MXL)
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Rating:56Neutral
Price Target:
$16.50
▼(-8.23% Downside)
Action:ReiteratedDate:02/18/26
The score is held back primarily by weak financial performance (ongoing GAAP losses and only modest recent free cash flow despite a healthier debt profile). Offsetting this, the latest earnings call outlined improving operational momentum and margin outlook with strong infrastructure/optical growth drivers, and the technical picture is positive with price above key moving averages.
Positive Factors
Infrastructure ramps (Keystone)
Keystone's $100–$130M 2026 guide and ~76% YoY infrastructure growth indicate a structural shift toward higher-growth, higher-value data‑center optical products. Major hyperscaler design wins provide multi-quarter revenue visibility and scale economies as ramps progress, supporting durable revenue diversification.
Negative Factors
Sustained GAAP losses
Despite revenue stabilization, the company remains loss‑making on a GAAP basis. Large operating and net losses, together with sizeable non‑cash adjustments, erode equity and limit internal funding capacity. Persistent GAAP deficits raise execution risk until sustained operating profitability is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Infrastructure ramps (Keystone)
Keystone's $100–$130M 2026 guide and ~76% YoY infrastructure growth indicate a structural shift toward higher-growth, higher-value data‑center optical products. Major hyperscaler design wins provide multi-quarter revenue visibility and scale economies as ramps progress, supporting durable revenue diversification.
Read all positive factors
Maxlinear (MXL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.55B
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)―
Beta (1Y)2.10
Revenue Growth7.53%
EPS Growth22.97%
CountryUS
Employees1,294
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.19
Shares Outstanding86,451,150
10 Day Avg. Volume1,003,637
30 Day Avg. Volume1,062,776
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)3.34
Price to Sales (P/S)3.23
P/FCF Ratio214.96
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue3.50
Enterprise Value/Gross Profit6.20
Enterprise Value/Ebitda-18.07
Forecast
1Y Price Target
$22.08Price Target Upside22.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.85
Revenue Forecast (FY)$562.83M
Maxlinear Business Overview & Revenue Model
Company Description
MaxLinear, Inc. provides radiofrequency (RF), high-performance analog, and mixed-signal communications systems-on-chip solutions (SoCs) for the connected home, wired and wireless infrastructure, and industrial and multi-market applications worldwi...
How the Company Makes Money
MaxLinear makes money primarily by selling semiconductor products (ICs/SoCs) to original equipment manufacturers (OEMs) and their manufacturing partners for incorporation into end products such as broadband access gateways/modems, optical access e...
Maxlinear Key Performance Indicators (KPIs)
Maxlinear Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive operational and financial momentum: high single- to double-digit revenue growth (30% FY, 48% Q4 YoY), robust infrastructure and optical ramps (Keystone guidance $100M–$130M in 2026), improved non-GAAP profitability and cash generation, and active share repurchases. Key risks discussed include a Q4 GAAP operating loss driven by sizable non-cash adjustments, expected weakness in broadband/cable revenue for 2026, supply-chain lead-time risks in optical, and elevated inventory days. On balance, the company presented multiple clear growth drivers and improving margins that outweigh the noted headwinds.Positive Updates
Strong Revenue Growth
Total revenue for Q4 2025 was $136.4M, up 8% sequentially and up 48% year-over-year (Q4 2024: $92.2M). For the full year 2025, revenue grew ~30% year-over-year.
Negative Updates
GAAP Operating Loss and Large Non-Cash Adjustments
Q4 GAAP loss from operations was (11)% of revenue while non-GAAP was +16%; significant deltas driven by ~ $28.1M of stock-based compensation and performance equity accruals, ~$6M of acquisition-related costs and ~$2.6M of acquisition-related intangible amortization impacting GAAP results.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Total revenue for Q4 2025 was $136.4M, up 8% sequentially and up 48% year-over-year (Q4 2024: $92.2M). For the full year 2025, revenue grew ~30% year-over-year.
Read all positive updates
Company Guidance
For Q1 2026, MaxLinear guided revenue of $130 million to $140 million, calling for growth from infrastructure offset by seasonal declines in broadband, connectivity and industrial multimarket. They expect GAAP gross margin of approximately 56%–59% and non‑GAAP gross margin of approximately 58%–61%; GAAP operating expenses of $85 million–$90 million and non‑GAAP operating expenses of $58 million–$64 million; GAAP interest and other expense of roughly $2.1 million–$2.7 million and non‑GAAP interest and other of about $2.0 million–$2.6 million (FX volatility cited as the primary risk). Tax guidance was a GAAP tax provision of ~$4.0 million and a non‑GAAP tax provision of ~$0.8 million, with an expected basic share count of ~88 million and diluted share count of ~91 million, and management noted they do not provide a reconciliation of non‑GAAP guidance due to uncertainty around stock‑based compensation and potential impairments.Maxlinear Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
62
Positive
Cash Flow
44
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 467.64M | 360.53M | 693.26M | 1.12B | 892.40M |
| Gross Profit | 265.81M | 192.42M | 382.78M | 637.81M | 472.20M |
| EBITDA | -58.37M | -181.69M | 9.53M | 255.86M | 145.27M |
| Net Income | -136.68M | -245.20M | -73.15M | 125.04M | 41.97M |
Balance Sheet | |||||
| Total Assets | 796.40M | 866.88M | 1.08B | 1.19B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 74.22M | 119.58M | 188.34M | 206.86M | 130.68M |
| Total Debt | 157.34M | 149.36M | 157.75M | 155.60M | 339.68M |
| Total Liabilities | 344.50M | 350.60M | 397.80M | 509.77M | 563.26M |
| Stockholders Equity | 451.89M | 516.28M | 686.26M | 676.38M | 489.20M |
Cash Flow | |||||
| Free Cash Flow | 7.02M | -62.98M | 11.59M | 347.47M | 129.06M |
| Operating Cash Flow | 19.62M | -45.30M | 25.05M | 388.73M | 168.23M |
| Investing Cash Flow | -19.80M | -23.45M | -15.94M | -91.76M | -91.76M |
| Financing Cash Flow | -18.66M | 1.29M | -8.03M | -240.40M | -91.90M |
Maxlinear Technical Analysis
Positive
17.98
Price Trends
17.73
Positive
17.39
Positive
16.51
Positive
Market Momentum
-0.04
Negative
54.95
Neutral
74.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MXL, the sentiment is Positive. The current price of 17.98 is above the 20-day moving average (MA) of 16.91, above the 50-day MA of 17.73, and above the 200-day MA of 16.51, indicating a bullish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 54.95 is Neutral, neither overbought nor oversold. The STOCH value of 74.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MXL.
Maxlinear Risk Analysis
Maxlinear disclosed 40 risk factors in its most recent earnings report. Maxlinear reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Maxlinear Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.41B | 12.15 | 11.84% | ― | -2.04% | 8.84% | |
66 Neutral | $3.35B | -81.41 | -10.74% | ― | 12.05% | 14.24% | |
62 Neutral | $2.08B | 47.89 | 4.13% | ― | -3.90% | -41.66% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $1.35B | 32.53 | 4.96% | 4.48% | -3.62% | -20.33% | |
58 Neutral | $2.03B | -12.55 | -30.27% | ― | -38.06% | -50.14% | |
56 Neutral | $1.55B | -11.04 | -28.80% | ― | 7.53% | 22.97% |
* Technology Sector Average
MXL
Maxlinear
17.98
8.51
89.86%
HIMX
Himax Technologies
7.93
2.04
34.73%
PLAB
Photronics
40.85
23.48
135.18%
VECO
Veeco
34.36
16.42
91.53%
LASR
nLIGHT
60.12
53.22
771.30%
NVTS
Navitas Semiconductor
8.80
7.05
402.86%
Maxlinear Corporate Events
Business Operations and StrategyExecutive/Board Changes
MaxLinear Adds Western Digital CFO Kris Sennesael to Board
Positive
Feb 17, 2026
MaxLinear announced on February 17, 2026, that it had appointed Kris Sennesael, Executive Vice President and Chief Financial Officer of Western Digital, to its board of directors effective February 13, 2026, as a Class I director with a term runni...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.