Maxlinear (MXL)
NASDAQ:MXL
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Maxlinear
(NASDAQ:MXL)
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Rating:60Neutral
Price Target:
$63.00
▲(139.82% Upside)
Action:ReiteratedDate:04/25/26
The score is held back primarily by weak profitability (large GAAP losses, negative margins and ROE) despite improving revenue, solid gross margins, and a return to positive free cash flow. Offsetting this, the latest earnings call signals accelerating data-center-driven growth with raised outlook and strong near-term guidance, while the stock’s trend is strong but technically stretched, increasing pullback risk. Valuation remains difficult to justify on earnings given the negative P/E and no dividend yield provided.
Positive Factors
Data‑center infrastructure ramp
Management raised optical data center revenue to $150–$170M and expects a step‑function revenue increase beginning in Q2, indicating multi‑year secular demand from hyperscalers. This shift supports durable top‑line expansion and rebalances the mix toward higher‑margin infrastructure products.
Negative Factors
Weak GAAP profitability / ROE
Despite improving revenue, deeply negative GAAP margins and a ~-28% TTM ROE show the company is still destroying shareholder value on an accounting basis. Persistent GAAP losses can erode equity, limit strategic optionality and require sustained operational improvement to convert growth into lasting profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Data‑center infrastructure ramp
Management raised optical data center revenue to $150–$170M and expects a step‑function revenue increase beginning in Q2, indicating multi‑year secular demand from hyperscalers. This shift supports durable top‑line expansion and rebalances the mix toward higher‑margin infrastructure products.
Read all positive factors
Maxlinear (MXL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.40B
Dividend YieldN/A
Average Volume (3M)1.12M
Price to Earnings (P/E)―
Beta (1Y)2.39
Revenue Growth40.89%
EPS Growth42.62%
CountryUS
Employees1,294
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.22
Shares Outstanding89,545,960
10 Day Avg. Volume1,462,044
30 Day Avg. Volume1,120,574
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 Cap1.01
Enterprise Value/Revenue10.77
Enterprise Value/Gross Profit18.91
Enterprise Value/Ebitda-89.96
Forecast
1Y Price Target
$47.67Price Target Upside81.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.86
Revenue Forecast (FY)$565.26M
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: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 | 61.08M | 74.22M | 119.58M | 188.34M | 206.86M | 130.68M |
| Total Debt | 141.76M | 157.34M | 149.36M | 157.75M | 155.60M | 339.68M |
| Total Liabilities | 270.43M | 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
18.30
Positive
18.10
Positive
16.88
Positive
Market Momentum
1.63
Negative
84.72
Negative
95.52
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 26.27 is above the 20-day moving average (MA) of 19.17, above the 50-day MA of 18.30, and above the 200-day MA of 16.88, indicating a bullish trend. The MACD of 1.63 indicates Negative momentum. The RSI at 84.72 is Negative, neither overbought nor oversold. The STOCH value of 95.52 is Negative, 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 | $3.08B | 12.15 | 11.84% | ― | -0.06% | -1.01% | |
66 Neutral | $4.23B | -81.41 | -10.74% | ― | 31.62% | 62.85% | |
64 Neutral | $3.12B | 47.89 | 4.13% | ― | -7.39% | -54.62% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $5.40B | -8.44 | -27.73% | ― | 40.89% | 42.62% | |
60 Neutral | $2.06B | 32.53 | 4.96% | 4.48% | -8.01% | -44.59% | |
58 Neutral | $3.99B | -12.55 | -30.27% | ― | -44.88% | -24.76% |
* Technology Sector Average
MXL
Maxlinear
60.32
50.17
494.29%
HIMX
Himax Technologies
12.09
5.25
76.81%
PLAB
Photronics
52.27
33.68
181.17%
VECO
Veeco
51.73
32.64
170.91%
LASR
nLIGHT
75.79
67.98
870.42%
NVTS
Navitas Semiconductor
17.28
15.27
759.70%
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...
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.