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MaxLinear, Inc.

Rank #196HypergrowthWatchlistCompare with other stocks

MXL · Nasdaq · Technology

MaxLinear, Inc. (MXL) — Rank #196 by gross profitability (GP/assets 0.32) · ROE -28.2% · Piotroski F-Score 5 / 9.

As-of 2026-10-30 · 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.

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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.

Industry
Semiconductors
Sector
Technology
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

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

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

1,115

Industry

Semiconductors

Exchange

Nasdaq

11/12

Flags passed

MXL passes 11/12 quality flags

1 caution to review

  • CAUTION
    Dilution above 2%

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

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Deferred revenue growing · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

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
29.7%
Piotroski F-Score
5 / 9
Share dilution
3.6%

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

Profitability

Does it make money well?

No warning flags · GP/assets 60th percentile of 21 SIC 3674 peers

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

60th pctl of 21 SIC 3674 peers

Return on equity

-28.2%

Gross margin

56.8%

65th pctl of 21 SIC 3674 peers

Revenue growth (YoY)

29.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-25.3%

Revenue CAGR (5Y)

-0.5%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

-72.8%

Cash Flow Health

Is the cash real?

No warning flags · FCF 105% above net income

Free cash flow

$7.02M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

105.1%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

16.5%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net debt $59.11M, F-Score 5/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.70

47th pctl of 20 SIC 3674 peers (best = lowest)

Current ratio

1.78×

5th pctl of 21 SIC 3674 peers

Quick ratio

0.69×

Net cash

-$59.11M

Cash & equivalents minus total debt.

Piotroski F-Score

5 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

1.7 / 5

Weak
Share count trend
3.6%1/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-5.8%1/5 Weak

Lifecycle Phase History

20202025
Hypergrowth
Decline

Price History

MXL+52.7% · +8.8% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports