MaxLinear, Inc.

Rank #206Hypergrowth

MXL · Nasdaq · Technology

MaxLinear, Inc. (MXL) — Rank #206 by gross profitability (GP/assets 0.32) · ROE -28.2% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0001288469 · all metrics point-in-time as of the filing date.

About

MaxLinear, Inc. provides communications systems-on-chip solutions in the United States, Asia, Europe, and internationally.

Its products integrate various portions of a high-speed communication system, including radio frequency, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. Its products are used in various electronic devices, such as radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; optical transceivers; wi-fi and wireline routers for home networking; broadband modems compliant with data over cable service interface specifications, passive optical fiber standards, and digital subscriber line, as well as power management and interface products. It serves electronics distributors, module makers, original equipment manufacturers, and original design manufacturers through a direct sales force, third-party sales representatives, and a network of distributors. The company has a strategic collaboration with Edgecore Networks Corporation for the development network infrastructure for enterprise and SMB applications. MaxLinear, Inc. has strategic partnership with GCT Semiconductor Holding, Inc. to develop 5G fixed wireless access (FWA) gateways and converged gateways for consumer and enterprise applications. The company was incorporated in 2003 and is headquartered in Carlsbad, California.

The company was incorporated in 2003 and is headquartered in Carlsbad, California.

Industry: Semiconductors
Sector: Technology
Filer Category: Large accelerated filer
Fiscal Year End: December 31
Website: maxlinear.com

Price History

MXL+36.3% · +6.4% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$5.92B

P/E (annual)

—

P/S (annual)

12.6

P/B

12.2

P/OCF (annual)

301.5

Shareholder Yield

-21.9%

Employees

1,115

Industry

Semiconductors

Exchange

Nasdaq

Signal Flags

3 green2 yellow1 red

Revenue growth acceleratingGrowth rate increasing year over year

Deferred revenue growingRevenue and deferred revenue both growing — retention signal

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass

GP / assets

0.32

Return on equity

-28.2%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

0.70

Current ratio

1.78×

Net cash

-$59.11M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

16.5%

Growth

1/2 pass

Revenue growth

47.4%

Piotroski F-Score

5 / 9

Share dilution

21.9%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

62.0%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 21.9% — per-share value needs a total required return of 84.0% once share-count change is priced in.

vs. own 6-year median revenue growth: -8.4%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

54.9%

r = 10% (base)

62.0%

r = 12%

68.3%

Net debt / market cap: 1.0%

Base FCF: $7M3Y mean FCF: $75.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

5.6xExpensive

1.4xmed 3.5x5.6x

P / B

Price / book value per share

6.9xExpensive

3.4xmed 3.4x6.9x

P / GP

Price / gross profit per share

12.7xExpensive

2.0xmed 6.4x12.7x

P / FCF

Price / free cash flow per share

44.1xExpensive

8.2xmed 16.8x44.1x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Revenue growth50.9% now vs -17.6%–50.9% 10yr range

2.0σ above average

Disclosure regression check

A previously-disclosed line item is no longer reported. Worth checking the filing for why.

Interest expenseCost structure

last seen FY2021

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

8th of 17 SIC 3674 peers

Return on equity

-28.2%

Gross margin

56.8%

4th of 17 SIC 3674 peers

Revenue growth (YoY)

47.4%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2017	2018	2019	2020
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

-0.5%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.70

10th of 16 SIC 3674 peers (best = lowest)

Current ratio

1.78×

17th of 17 SIC 3674 peers

Quick ratio

0.69×

Net cash

-$59.11M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$7.02M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.05

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

16.5%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

2016-2019

2020

20162020

Decline

Hypergrowth

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