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Friday 6 November 2026
Export MXL’s income statement to Excel — free account
MaxLinear, Inc
MaxLinear, Inc’s revenue for fiscal 2025 (year ended December 2025) was $467.6 million, up 29.7% from fiscal 2024.
- Revenue
- +72.4%
- EPS
- +161.5%
- Free cash flow
- −786.9%
- Total debt
- +32.9%
Quarter to September 2026, against a year earlier
48.79
4.48
+10.11%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 388 | 420 | 385 | 317 | 479 | 892 | 1,120 | 693 | 361 | 468 | 661 | +2.1% | 774 | 1,266 | 1,556 | +49.3% | |
| Gross margin, % | 59.30 | 49.48 | 54.23 | 52.87 | 44.46 | 55.56 | 58.00 | 55.63 | 54.03 | 56.84 | 58.01 | (2.5) pt | ||||||
| EBT | 64 | (34) | (33) | (32) | (115) | 48 | 174 | (64) | (239) | (141) | (15) | n/m | ||||||
| EBT margin, % | 16.42 | (8.09) | (8.53) | (10.24) | (24.00) | 5.36 | 15.55 | (9.20) | (66.21) | (30.13) | (2.25) | (46.6) pt | ||||||
| Net income | 61 | (9) | (26) | (20) | (99) | 42 | 125 | (73) | (245) | (137) | (29) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 6.08 | 6.34 | 5.62 | 4.47 | 6.54 | 11.74 | 14.36 | 8.59 | 4.31 | 5.40 | 7.27 | (1.3%) | |||||
| Earnings | 0.96 | (0.14) | (0.38) | (0.28) | (1.35) | 0.55 | 1.60 | (0.91) | (2.93) | (1.58) | (0.35) | n/m | ||||||
| Cash flow | 1.84 | 1.13 | 1.50 | 1.10 | 1.01 | 2.21 | 4.98 | 0.54 | (0.54) | 0.23 | (0.08) | (20.8%) | ||||||
| Capex | (0.14) | (0.19) | (0.11) | (0.10) | (0.21) | (0.61) | (0.67) | (0.25) | (0.28) | (0.23) | (0.21) | +5.6% | ||||||
| Free cash flow | 1.70 | 0.94 | 1.39 | 1.01 | 0.80 | 1.60 | 4.31 | 0.29 | (0.82) | 0.00 | (0.29) | n/m | ||||||
| Book value | 5.53 | 5.85 | 5.84 | 5.84 | 5.35 | 6.43 | 8.67 | 8.50 | 6.18 | 5.22 | 5.87 | (0.6%) | ||||||
| Shares, m | 64 | 66 | 68 | 71 | 73 | 76 | 78 | 81 | 84 | 87 | 89 | +3.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 23.18 | 0.00 | 0.00 | 0.00 | 0.00 | 137.07 | 20.29 | 0.00 | 0.00 | 0.00 | 0.00 | 18.1 | |||||
| P/S | 3.62 | 4.29 | 3.13 | 4.75 | 5.84 | 6.42 | 2.28 | 2.68 | 4.59 | 3.23 | 6.20 | 4.1 | ||||||
| P/B | 3.99 | 4.65 | 3.01 | 3.63 | 7.14 | 11.72 | 3.77 | 2.70 | 3.20 | 3.34 | 7.69 | 4.7 | ||||||
| EV/Sales | 3.29 | 4.94 | 3.60 | 5.11 | 6.28 | 6.62 | 2.20 | 2.58 | 4.60 | 3.33 | 6.33 | 4.3 | ||||||
| EV/FCF | 11.76 | 33.34 | 15.50 | 22.72 | 51.58 | 48.63 | 7.33 | 75.96 | (24.11) | (8,855.81) | (160.97) | (861.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 117 | 75 | 103 | 78 | 74 | 168 | 389 | 43 | (45) | 20 | (7) | (18.0%) | |||||
| Capex | (9) | (13) | (8) | (7) | (15) | (47) | (52) | (20) | (23) | (20) | (19) | +9.3% | ||||||
| Free cash flow | 108 | 62 | 95 | 71 | 58 | 121 | 336 | 24 | (69) | 0 | (26) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 158 | 125 | 110 | 115 | 128 | 197 | 222 | 266 | 141 | 63 | 215 | (9.8%) | |||||
| Net debt | (130) | 274 | 182 | 114 | 215 | 175 | (85) | (66) | 3 | 49 | 82 | n/m | ||||||
| Shareholders’ equity | 352 | 387 | 400 | 415 | 391 | 489 | 676 | 686 | 516 | 452 | 533 | +2.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 16.19 | (1.47) | (3.34) | (2.75) | (11.41) | 4.05 | 11.21 | (6.47) | (25.21) | (16.46) | (3.41) | (32.6) pt | |||||
| ROIC | 17.69 | (2.05) | (2.05) | (2.61) | (10.44) | 6.14 | 19.05 | (3.85) | (26.86) | (15.82) | (0.62) | (33.5) pt | ||||||
| ROE | 19.92 | (2.48) | (6.65) | (4.88) | (24.46) | 9.53 | 21.46 | (10.74) | (40.78) | (28.23) | (5.89) | (48.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 553 | 753 | 739 | 697 | 1,420 | 1,503 | 1,368 | 1,328 | 1,294 | 1,115 | — | +8.1% | |||||
| Revenue/emp, $m | 0.70 | 0.56 | 0.52 | 0.46 | 0.34 | 0.59 | 0.82 | 0.52 | 0.28 | 0.42 | — | (5.6%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2022
| Reportable Segment | 1,120 | 100.00% |
|---|---|---|
| Gross margin | 58.00% | |
| Operating margin | 16.09% | |
| Pre-tax margin | 15.55% |
MaxLinear, Inc vs peers in Semiconductors (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SLAB Silicon Laboratories, Inc. | $7.4B | — (loss-making) | — (loss-making) | +18.33% (above 0%: growing) | n/m | −608.05% (below 0%: shrinking) | 61.65% | (4.67%) | Compare |
| CRUS Cirrus Logic, Inc. | $5.5B | 13.5× | 16.0× | −0.27% (below 0%: shrinking) | −10.51% (below 0%: shrinking) | −51.81% (below 0%: shrinking) | 53.72% | 23.66% | Compare |
| SIMO Silicon Motion Technology Corporation | $5.3B | 17.0× | 16.8× | +131.50% (above 0%: growing) | +64.62% (above 0%: growing) | −4,223.32% (below 0%: shrinking) | 53.63% | 29.02% | Compare |
| ALGM Allegro MicroSystems, Inc. | $5.0B | 169× | 57.1× | +29.21% (above 0%: growing) | +200.00% (above 0%: growing) | +119.18% (above 0%: growing) | 49.18% | 12.80% | Compare |
| PI Impinj, Inc. | $5.0B | — (loss-making) | — (loss-making) | +16.69% (above 0%: growing) | n/m | +14.68% (above 0%: growing) | 52.75% | 4.10% | Compare |
| SYNA Synaptics Incorporated | $4.6B | — (loss-making) | — (loss-making) | +0.51% (above 0%: growing) | n/m | −342.22% (below 0%: shrinking) | 47.76% | (4.32%) | Compare |
| MXL MaxLinear, Inc | $4.0B | — (loss-making) | 243× | +72.43% (above 0%: growing) | n/m | −786.91% (below 0%: shrinking) | 58.73% | 13.86% | |
| VSH Vishay Intertechnology, Inc. | $3.4B | 34.1× | 31.7× | +23.82% (above 0%: growing) | n/m | +504.83% (above 0%: growing) | 25.48% | 9.42% | Compare |
| DIOD Diodes Incorporated | $3.2B | 27.6× | 24.0× | +35.81% (above 0%: growing) | +206.45% (above 0%: growing) | −29.66% (below 0%: shrinking) | 36.14% | 11.91% | Compare |
| Median of peers | $5.0B | 27.6× | 24.0× | +21.08% | +132.31% | −40.73% | 50.96% | 10.67% |
From the latest earnings call
- CEO Kishore Seendripu said optical demand drove infrastructure growth, while foundry capacity constrained supply of the company’s digital signal processors.
- CFO Steven Litchfield said customers were placing orders well ahead of optical product lead times and that wafer prepayments would continue to rise.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
82.16%
Held by the ten largest
49.12%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 13.70m | 15.11% | +295.66k |
| Vanguard | 11.50m | 12.68% | −1.97m |
| State Street | 4.33m | 4.77% | −742.13k |
| T. Rowe Price | 3.03m | 3.34% | +2.93m |
| Geode Capital Management | 2.23m | 2.45% | +148.30k |
| JPMorgan Chase | 2.16m | 2.39% | +1.87m |
| Invesco | 2.05m | 2.26% | −453.23k |
| Jane Street | 2.04m | 2.25% | +1.61m |
| D. E. Shaw | 1.86m | 2.05% | +1.84m |
| Fidelity (FMR) | 1.65m | 1.82% | −3.61m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 2 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 7.82m | 3.54m | 23.00 |
| 2024 | 26.39m | 22.78m | 26.00 |
| 2023 | 8.94m | 2.82m | 32.00 |
| 2022 | 8.70m | (26.81m) | 45.00 |
| 2021 | 6.21m | 52.81m | 100.00 |
Ownership
Directors and executive officers, together
7.70%
BlackRock, Inc.
13.40%
Vanguard Portfolio Management
10.20%
FMR
6.10%
Kishore Seendripu, Ph.D.
6.00%
State Street Corporation
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
MaxLinear, Inc (MXL) Latest News
24 Oct
23 Oct
22 Oct
13 Oct
6 Oct
18 Aug
10 Aug
MXL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
MaxLinear designs communications chips used to move and process data. It is a fabless semiconductor company: it designs its products but does not manufacture them itself. Its systems-on-chip combine functions that might otherwise require several components, including radio-frequency circuits, signal processing, networking and power management.
The chips go into equipment such as broadband modems and home routers, mobile-network radios, and optical modules that connect servers and storage in data centers. MaxLinear also sells interface and power-management products for industrial and other applications. Its customers include electronics distributors, module makers, original equipment manufacturers and original design manufacturers, which incorporate the chips into their own products.