Maxlinear (MXL)
NASDAQ:MXL
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Maxlinear
(NASDAQ:MXL)
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Rating:60Neutral
Price Target:
$107.00
▲(307.31% Upside)
Action:Reiterated
Date:05/12/26
The score is driven by improving fundamentals and a positive forward setup from the latest guidance (data-center/infrastructure ramp and raised optical outlook), supported by strong technical trend strength. Offsetting this are still-weak profitability (deep TTM losses/negative ROE), a valuation signal penalized by negative earnings (negative P/E), and very overextended momentum readings that elevate near-term downside risk.
Positive Factors
AI/Data‑center revenue ramp
MaxLinear’s materially higher 2026 optical data‑center guidance and management callout of a step‑function ramp indicate a structural shift toward AI/cloud demand. A sustained hyperscaler ramp can reconfigure the revenue mix to higher‑margin infrastructure products and support multi‑year growth visibility.
Negative Factors
Sustained GAAP losses & weak returns
Despite revenue growth, persistent GAAP losses and negative returns on equity indicate the company still consumes shareholder capital. If GAAP profitability does not structurally improve, recurring losses could erode equity, constrain strategic investments, and limit long‑term shareholder value creation.
Read all positive and negative factors
Positive Factors
Negative Factors
AI/Data‑center revenue ramp
MaxLinear’s materially higher 2026 optical data‑center guidance and management callout of a step‑function ramp indicate a structural shift toward AI/cloud demand. A sustained hyperscaler ramp can reconfigure the revenue mix to higher‑margin infrastructure products and support multi‑year growth visibility.
Read all positive factors
Maxlinear Key Performance Indicators (KPIs)
Maxlinear (MXL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.83B
Dividend YieldN/A
Average Volume (3M)5.89M
Price to Earnings (P/E)―
Beta (1Y)2.57
Revenue Growth40.89%
EPS Growth42.62%
CountryUS
Employees1,294
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-1.52
Shares Outstanding89,545,960
10 Day Avg. Volume5,460,320
30 Day Avg. Volume5,885,657
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 Cap1.10
Enterprise Value/Revenue16.87
Enterprise Value/Gross Profit29.60
Enterprise Value/Ebitda-140.87
Forecast
1Y Price Target
$50.40Price Target Upside91.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)1.3
Revenue Forecast (FY)$649.16M
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 Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and market momentum story: strong top‑line growth (Q1 revenue +43% YoY), a dramatic infrastructure/data‑center surge (+136% YoY), raised optical data center guidance ($150M–$170M), multiple product ramps and design wins, and solid non‑GAAP margins and Q2 revenue guidance. Offsetting these positives were notable near‑term financial and execution frictions: GAAP operating loss driven by large stock‑based compensation and acquisition‑related charges, working capital outflows and inventory builds to secure wafers, rising input costs pressuring gross margin leverage, concentration/timing risks around early hyperscaler ramps, and some broadband roadmap timing delays. Overall, the upside from accelerating data center ramps, product wins, and doubled‑down guidance materially outweigh the lowlights, though execution and margin risks remain to monitor.Positive Updates
Strong Top-Line Growth
Revenue of $137.2M in Q1 2026, up 43% year‑over‑year from $95.5M and slightly up from $136.4M in the prior quarter, driven by accelerating data center demand.
Negative Updates
GAAP Operating Loss Despite Non‑GAAP Profitability
GAAP loss from operations was 13% of revenue in Q1, while non‑GAAP income from operations was 16% of revenue—highlighting material adjustments (stock comp, acquisition costs) driving GAAP results.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Revenue of $137.2M in Q1 2026, up 43% year‑over‑year from $95.5M and slightly up from $136.4M in the prior quarter, driven by accelerating data center demand.
Read all positive updates
Company Guidance
For Q2 2026 the company guided revenue of $160–170M, GAAP gross margin of 56%–59% and non‑GAAP gross margin of 58%–61%, GAAP operating expenses of $91–97M and non‑GAAP operating expenses of $61–66M, GAAP and non‑GAAP interest and other expense of ~$1.8–2.2M, a GAAP tax benefit of ~$2M and a non‑GAAP tax provision of ~$1M, and GAAP/non‑GAAP diluted share count of ~95M each. Management also raised its 2026 optical data center revenue outlook to $150–170M, said Infrastructure (Q1 Infrastructure was ~$63M) will drive a step‑function revenue increase beginning in Q2 with strong run rates into 2027, and expects all four end markets to grow sequentially. For context, Q1 revenue was $137.2M with Q1 GAAP/non‑GAAP gross margins of 57.5%/59.5%, Q1 GAAP/non‑GAAP operating expenses of $96.1M/$59.9M, Q1 interest/other of $1.4M/$1.3M, net cash used in operations of ~$8.9M, cash of ~$89.9M, DSO ~27 days and inventory ~128 days.Maxlinear Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 508.90M | 467.64M | 360.53M | 693.26M | 1.12B | 892.40M |
| Gross Profit | 289.93M | 265.81M | 192.42M | 382.78M | 637.81M | 472.20M |
| EBITDA | -60.93M | -58.37M | -181.69M | 9.53M | 255.86M | 145.27M |
| Net Income | -132.10M | -136.68M | -245.20M | -73.15M | 125.04M | 41.97M |
Balance Sheet | ||||||
| Total Assets | 771.27M | 796.40M | 866.88M | 1.08B | 1.19B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 62.50M | 74.22M | 119.58M | 188.34M | 206.86M | 130.68M |
| Total Debt | 151.18M | 157.34M | 149.36M | 157.75M | 155.60M | 339.68M |
| Total Liabilities | 317.08M | 344.50M | 350.60M | 397.80M | 509.77M | 563.26M |
| Stockholders Equity | 454.19M | 451.89M | 516.28M | 686.26M | 676.38M | 489.20M |
Cash Flow | ||||||
| Free Cash Flow | 10.15M | 7.02M | -62.98M | 11.59M | 347.47M | 129.06M |
| Operating Cash Flow | 22.15M | 19.62M | -45.30M | 25.05M | 388.73M | 168.23M |
| Investing Cash Flow | -22.05M | -19.80M | -23.45M | -15.94M | -91.76M | -91.76M |
| Financing Cash Flow | -14.24M | -18.66M | 1.29M | -8.03M | -240.40M | -91.90M |
Maxlinear Technical Analysis
Positive
26.27
Price Trends
41.98
Positive
30.12
Positive
23.08
Positive
Market Momentum
15.88
Positive
72.05
Negative
52.68
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 26.27 is below the 20-day moving average (MA) of 75.81, below the 50-day MA of 41.98, and above the 200-day MA of 23.08, indicating a bullish trend. The MACD of 15.88 indicates Positive momentum. The RSI at 72.05 is Negative, neither overbought nor oversold. The STOCH value of 52.68 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $2.80B | 12.15 | 11.84% | ― | -0.06% | -1.01% | |
67 Neutral | $4.00B | 1,196.12 | -5.40% | ― | 40.91% | 74.24% | |
66 Neutral | $3.40B | -1,578.41 | 2.64% | ― | -7.71% | -66.03% | |
62 Neutral | $3.16B | 42.83 | 3.60% | 4.48% | -10.57% | -62.96% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $7.83B | -8.44 | -28.42% | ― | 40.89% | 42.62% | |
60 Neutral | $4.60B | -14.43 | -32.99% | ― | -45.38% | -19.24% |
* Technology Sector Average
MXL
Maxlinear
94.86
82.79
685.92%
HIMX
Himax Technologies
19.29
11.17
137.62%
PLAB
Photronics
45.77
25.34
124.03%
VECO
Veeco
54.69
34.31
168.33%
LASR
nLIGHT
69.49
55.65
402.10%
NVTS
Navitas Semiconductor
19.43
17.43
871.50%
Maxlinear Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
MaxLinear Guides Strong Q2 Growth Amid AI Data Center Demand
Positive
Apr 23, 2026
On April 22, 2026, MaxLinear amended its senior secured revolving credit facility with Wells Fargo and other lenders, extending the maturity from June 2026 to March 2028 and increasing total commitments by $30 million to $130 million, while tighte...
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.