Maxlinear (MXL) AI Stock Analysis

• Market Cap: $1.69B
• Dividend Yield: N/A
• Average Volume (3M): 1.20M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.16
• Revenue Growth: 7.53%
• EPS Growth: 22.97%
• Country: US
• Employees: 1,294
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.19
• Shares Outstanding: 86,451,150
• 10 Day Avg. Volume: 1,156,888
• 30 Day Avg. Volume: 1,202,097
• PEG Ratio: 0.24
• Price to Book (P/B): 3.34
• Price to Sales (P/S): 3.23
• P/FCF Ratio: 214.96
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 3.84
• Enterprise Value/Gross Profit: 6.79
• Enterprise Value/Ebitda: -19.81
• 1Y Price Target: $22.79
• Price Target Upside: 16.69% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.85
• Revenue Forecast (FY): $562.83M

• Rating: 56 Neutral
• Price Target: $20.00 ▲(2.41% Upside)

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/Product Ramps

Keystone's PAM4 DSP ramp with $100M–$130M guidance and hyperscaler design wins creates a durable, high-volume infrastructure revenue stream. Successful execution materially diversifies revenue away from cyclical broadband, improves backlog visibility and raises long-term revenue stability.

High Gross Margins & Mix

Sustained gross margins near ~58% reflect a shift to higher-margin infrastructure and optical products. Structural margin advantage supports investment in R&D and SG&A while improving cash conversion as volumes scale, enabling durable operating leverage versus lower-margin competitors.

Lower Leverage / Balance Sheet Support

Material debt reduction since 2020 meaningfully lowers financial risk and increases flexibility to fund product ramps or opportunistic buybacks. A healthier leverage profile supports multi-quarter investments and reduces refinancing pressure during cyclical downturns.

Negative Factors

Sustained GAAP Losses

Multi-year GAAP operating and net losses have eroded equity and demonstrate the company's persistent difficulty converting revenue into operating profits. Continued losses limit internal funding capacity, raise dilution risk, and make long-term recovery contingent on flawless product ramp execution.

Volatile/Weak Cash Generation

Free cash flow recovery in 2025 is modest after a negative 2024, showing volatile cash generation. Limited, inconsistent FCF constrains self-funding for capex, R&D and commercialization, increasing reliance on external capital if operating losses persist or ramps require higher upfront investment.

Supply-Chain & Inventory Risk

Long optical lead times (~28 weeks) and elevated inventory (~130 days) raise working-capital needs and fulfillment risk. These structural supply-side constraints can delay revenue recognition, force higher safety stock, and increase the chance of obsolescence or margin pressure during product transitions.

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 worldwide. Its products integrate various portions of a high-speed communication system, including RF, high-performance analog, mixed-signal, digital signal processing, security engines, data compression, networking layers, and power management. The company offers broadband radio transceiver front ends, data converters, embedded systems and software architecture, and architecture and system design for highly integrated end-to-end communication platform solutions. Its products are used in various electronic devices, such as cable data over cable service interface specifications (DOCSIS), fiber and DSL broadband modems and gateways; Wi-Fi and wireline routers for home networking; radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; and fiber-optic modules for data center, metro, and long-haul transport networks, as well as power management and interface products. It serves electronics distributors, module makers, original equipment manufacturers (OEMs), and original design manufacturers (ODMs) through a direct sales force, third-party sales representatives, and a network of distributors. The company was incorporated in 2003 and is headquartered in Carlsbad, California.

How the Company Makes Money

MaxLinear generates revenue primarily through the sale of its semiconductor products, which are incorporated into various electronic devices and systems. The company's key revenue streams include broadband communications ICs, which are used extensively in cable modems and gateways, and data center solutions that support high-speed data transmission. Additionally, MaxLinear earns revenue from broadcast video processing solutions and other mixed-signal products. Significant partnerships with major telecommunications and technology firms enhance its market reach and sales potential, while ongoing innovation in RF and mixed-signal technology positions the company favorably in a competitive landscape. The diversification of its product offerings allows MaxLinear to cater to multiple sectors, thus stabilizing its revenue across varying market conditions.

Maxlinear Financial Statement Overview

Summary

Mixed fundamentals: 2025 revenue rebounded (+10.5% YoY) and debt is down materially, but multi-year profitability deterioration persists with deep operating and net losses, and cash flow only modestly positive in 2025 after turning negative in 2024.

Income Statement

Revenue rebounded in 2025 (annual) to $468M (+10.5% YoY), but the broader trajectory is down sharply from 2022’s $1.12B and 2023–2024 declines. Profitability has deteriorated meaningfully: gross profit remains solid in dollars, yet operating results are deeply negative (2025 operating loss of $127M; 2024 even worse), and net losses widened to $137M in 2025 after a very large loss in 2024. The key strength is that sales stabilized in 2025, but the main weakness is the sustained inability to translate revenue into operating earnings since 2023.

Balance Sheet

The balance sheet is a relative support: debt has been reduced steadily from $393M (2020) to $136M (2025), lowering financial risk. However, equity has also compressed from ~$676M (2022) to $452M (2025), reflecting cumulative losses, and total assets have trended down versus 2022–2023. Overall leverage looks manageable, but continued losses are eroding the equity cushion.

Cash Flow

Cash generation has weakened materially versus the 2022 peak (operating cash flow $389M and free cash flow $347M). Since then, results have been volatile: 2024 turned negative (operating cash flow -$45M; free cash flow -$63M), while 2025 returned to modestly positive free cash flow (~$20M) but with a steep year-over-year decline versus the prior positive periods. The positive in 2025 is a return to cash generation; the key risk is that cash flow remains small relative to ongoing net losses, suggesting limited self-funding capacity if losses persist.

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

• Technical Analysis Sentiment: Positive
• Last Price: 19.53
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 19.53 is above the 20-day moving average (MA) of 18.64, above the 50-day MA of 18.38, and above the 200-day MA of 15.58, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 57.76 is Neutral, neither overbought nor oversold. The STOCH value of 87.46 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MXL.

Maxlinear Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLAB	74 Outperform	$2.29B	16.95	11.89%	―	-2.04%	8.84%
HIMX	69 Neutral	$1.35B	30.65	4.95%	4.48%	-3.62%	-20.33%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
VECO	61 Neutral	$2.03B	40.54	6.12%	―	-3.90%	-41.66%
MXL	56 Neutral	$1.69B	―	-28.23%	―	7.53%	22.97%
LASR	55 Neutral	$2.86B	-58.87	-19.18%	―	12.05%	14.24%
NVTS	48 Neutral	$1.91B	-12.98	-33.25%	―	-38.06%	-50.14%

Maxlinear Corporate Events

MaxLinear Adds Western Digital CFO Kris Sennesael to Board

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 running through the 2028 annual shareholders’ meeting and an immediate role on the audit committee. Sennesael’s extensive semiconductor and finance background, along with a director compensation package that includes cash retainers and a multi‑tranche restricted stock grant, is expected to bolster the board’s financial oversight and support MaxLinear’s strategic focus on disciplined investment and long‑term value creation for shareholders.

MaxLinear detailed that Sennesael’s equity award is split into an “annual initial award,” vesting by May 1, 2026 or before the next annual meeting, and a “full term initial award” vesting over three years, aligning his incentives with the company’s performance horizon. The company emphasized that his appointment followed no prior arrangements with third parties and that he will receive standard director indemnification, underscoring routine governance practices while adding seasoned capital markets and operational expertise to the board at a time of heightened industry and competitive pressures.

The most recent analyst rating on (MXL) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on Maxlinear stock, see the MXL Stock Forecast page.

MaxLinear Announces $75 Million Share Buyback Plan

On November 20, 2025, MaxLinear, Inc.’s board of directors approved a share repurchase program authorizing the buyback of up to $75 million of its common stock by November 20, 2028. This initiative reflects the company’s confidence in its long-term growth prospects and commitment to enhancing stockholder value, as it continues to focus on expanding its product offerings in data center optical interconnects, wireless infrastructure, and other key areas.

The most recent analyst rating on (MXL) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Maxlinear stock, see the MXL Stock Forecast page.