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Maxlinear Inc (MXL)
NASDAQ:MXL
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Maxlinear
(NASDAQ:MXL)
45Neutral
Positive Factors
Demand and Orders
Orders have continued to strengthen throughout the quarter with a backlog in place for Q3 and Q4 deliveries, suggesting strong future performance.
Financial Performance
MaxLinear reported slightly better top-line results and guidance as the company guided all segments to grow.
Negative Factors
Competitive Threats
Competitive threats such as 3nm Marvell DSPs are potential risks to the long-term optical opportunity.
Tariff and Policy Risks
While tariff uncertainty remains a concern, management does not expect a direct material impact, although the shifting policy landscape adds complexity.
Maxlinear (MXL) vs. S&P 500 (SPY)
Market Cap
$912.97M
Dividend YieldN/A
Average Volume (3M)1.62M
Price to Earnings (P/E)―
Beta (1Y)2.27
Revenue Growth-33.12%
EPS Growth-39.38%
CountryUS
Employees1,294
SectorTechnology
Sector Strength65
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.05
Shares Outstanding86,373,820
10 Day Avg. Volume1,984,628
30 Day Avg. Volume1,622,739
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.06
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit4.98
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$13.33Price Target Upside22.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
Maxlinear Business Overview & Revenue Model
Company DescriptionMaxlinear, Inc. is a leading provider of integrated radio-frequency, analog, and mixed-signal semiconductor solutions. The company operates in the semiconductor industry and focuses on delivering products for broadband communications, data center, and connected home markets. Maxlinear's core products include RF transceivers, broadband modems, and power management integrated circuits, which are utilized in a wide range of applications such as cable and satellite broadband access, fiber-to-the-home, wireless infrastructure, and more.
How the Company Makes MoneyMaxlinear generates revenue primarily through the sale of its semiconductor products to original equipment manufacturers (OEMs) and other technology companies that integrate these components into their own products. The company's key revenue streams come from its broad portfolio of RF, analog, and power management solutions, designed to meet the needs of diverse markets like broadband communications and data centers. Maxlinear also benefits from strategic partnerships and collaborations with industry leaders to enhance its product offerings and expand its market reach. Furthermore, the company's research and development efforts play a significant role in maintaining its competitive edge and driving long-term revenue growth.
Maxlinear Financial Statement Overview
Summary
Maxlinear faces significant financial challenges, particularly in its income statement, where declining revenues and growing losses are evident. While the balance sheet maintains a stable equity position, the negative cash flow trends reflect operational difficulties. The company needs to focus on improving its revenue and profitability to stabilize its financial health.Income Statement
Maxlinear's income statement shows significant challenges with declining revenue and increasing losses. The Gross Profit Margin for TTM stands at 55.02%, but the Net Profit Margin is deeply negative at -61.61%. The company has experienced a sharp drop in revenue from $1.12 billion in 2022 to $361.19 million in the TTM, representing a significant contraction. Both EBIT and EBITDA margins are negative, indicating operational inefficiencies. Overall, the financial trajectory highlights critical revenue and profitability issues.―
Balance Sheet
The balance sheet reflects a moderate financial position with some concerns. The Debt-to-Equity Ratio is 0.28, indicating a reasonable level of leverage. However, the Equity Ratio is 57.67%, suggesting a stable capital structure. Return on Equity is negative due to the net losses, which is a significant downside. The company maintains a healthy amount of cash and short-term investments relative to its total liabilities, providing some liquidity buffer.55
Cash Flow
Cash flows are under pressure, with operating cash flow turning negative in TTM. The Operating Cash Flow to Net Income Ratio is unfavorable due to negative net income, and Free Cash Flow is also negative at -$86.60 million, indicating cash outflows greater than cash inflows from operations. The deterioration from a positive free cash flow position in 2022 to a negative one in TTM is concerning.―
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 360.53M | 693.26M | 1.12B | 892.40M | 478.60M | Gross Profit |
| 194.78M | 385.66M | 649.77M | 495.83M | 212.80M | EBIT |
| -223.35M | -38.22M | 180.24M | 65.25M | -97.22M | EBITDA |
| -173.70M | 9.53M | 255.86M | 145.27M | -29.28M | Net Income Common Stockholders |
| -245.20M | -73.15M | 125.04M | 41.97M | -98.59M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 118.58M | 187.29M | 205.88M | 130.57M | 148.90M | Total Assets |
| 864.64M | 1.08B | 1.18B | 1.05B | 1.02B | Total Debt |
| 149.36M | 157.75M | 155.60M | 330.79M | 384.45M | Net Debt |
| 30.79M | -29.54M | -31.75M | 200.22M | 235.55M | Total Liabilities |
| 348.36M | 393.99M | 503.64M | 561.19M | 631.33M | Stockholders Equity |
| 516.28M | 686.26M | 676.38M | 489.20M | 391.12M |
| Cash Flow | Free Cash Flow | |||
| -68.74M | 23.56M | 336.29M | 121.48M | 58.31M | Operating Cash Flow |
| -45.30M | 43.37M | 388.73M | 168.23M | 73.59M | Investing Cash Flow |
| -23.45M | -15.94M | -91.76M | -91.76M | -175.29M | Financing Cash Flow |
| 1.29M | -26.36M | -240.40M | -91.90M | 159.65M |
Maxlinear Technical Analysis
Neutral
10.92
Price Trends
11.54
Negative
15.50
Negative
14.97
Negative
Market Momentum
-0.30
Negative
51.22
Neutral
81.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MXL, the sentiment is Neutral. The current price of 10.92 is above the 20-day moving average (MA) of 10.31, below the 50-day MA of 11.54, and below the 200-day MA of 14.97, indicating a neutral trend. The MACD of -0.30 indicates Negative momentum. The RSI at 51.22 is Neutral, neither overbought nor oversold. The STOCH value of 81.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MXL.
Maxlinear Risk Analysis
Maxlinear disclosed 51 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
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $643.47M | 14.62 | 5.63% | 4.77% | 3.24% | -26.85% | |
60 Neutral | $10.77B | 10.41 | -6.71% | 2.99% | 7.69% | -13.12% | |
59 Neutral | $910.66M | 31.56 | 3.30% | ― | 20.20% | ― | |
56 Neutral | $725.91M | ― | -9.87% | ― | -30.75% | -3668.44% | |
52 Neutral | $545.81M | ― | -2.35% | ― | 13.41% | 72.56% | |
47 Neutral | $580.95M | ― | -2.57% | ― | 4.12% | -29.74% | |
45 Neutral | $912.97M | ― | -39.36% | ― | -33.12% | -39.38% |
* Technology Sector Average
Performance Comparison
MXL
Maxlinear
10.92
-9.10
-45.45%
AOSL
Alpha and Omega
20.06
-6.87
-25.51%
IMOS
ChipMOS Technologies
17.08
-10.04
-37.02%
COHU
Cohu
15.84
-13.29
-45.62%
UCTT
Ultra Clean Holdings
19.36
-24.43
-55.79%
ICHR
Ichor Holdings
16.60
-21.26
-56.15%
Maxlinear Earnings Call Summary
Earnings Call Date:Apr 23, 2025
(Q1-2025)
| % Change Since: -0.82%|
Next Earnings Date:Jul 23, 2025
Earnings Call Sentiment Positive
MaxLinear's earnings call for Q1 2025 reflected a positive trajectory with strong revenue growth, improved non-GAAP margins, and significant product development achievements, particularly in data center and PON markets. However, challenges remain with operational losses, cash flow issues, and geopolitical risks impacting the outlook. Overall, the highlights and strategic progress indicate a focus on recovery and growth, with a cautiously optimistic view for the remainder of the year.Q1-2025 Updates
Positive Updates
Exceeding Revenue Guidance
MaxLinear reported Q1 2025 revenue of $95.9 million, surpassing the midpoint of their guidance. This represents growth from the previous quarter's $92.2 million.
Positive Non-GAAP Margins
The company achieved a non-GAAP gross margin of 59.1% in Q1 2025, indicating strong operational efficiency.
Infrastructure Revenue Growth
Infrastructure revenue for Q1 2025 was approximately $27 million, with expectations for growth across all end markets in Q2.
Significant Progress in Product Development
MaxLinear highlighted advancements in high-speed data center interconnects, PON, Wi-Fi, and Ethernet, with expectations for strong growth in 2025 and 2026.
Strong Product Traction in Optical DSP
The Keystone PAM4 DSP product showcased at the Optical Fiber Conference demonstrated a wide array of applications, with expectations for revenue growth in 2026.
Positive Cash Flow Outlook
The company expects to generate positive free cash flow in Q2 2025, marking a return to profitability.
Negative Updates
Loss from Operations
GAAP loss from operations for Q1 2025 was 48% of net revenue, highlighting ongoing financial challenges.
Cash Flow Used in Operations
In Q1 2025, cash flow used in operating activities was approximately $11.4 million, though improvements are expected in Q2.
Tariff and Geopolitical Uncertainty
Uncertainty regarding tariffs and trade environments presents risks, particularly in the broadband market, which could impact customer demand.
Weakness in Industrial Markets
The company noted ongoing weakness in industrial markets with exposure to China, affecting demand dynamics.
Company Guidance
During the MaxLinear, Inc. first quarter 2025 earnings call, the company provided guidance for the second quarter, anticipating revenue between $95 million and $115 million. The GAAP and non-GAAP gross margins are expected to be in the range of 57.5% to 59.5% of revenue. Operating expenses on a GAAP basis are projected between $92 million and $98 million, while non-GAAP operating expenses are forecasted between $55 million to $61 million. The company also expects GAAP and non-GAAP interest and other expenses to be between $2 million and $3 million, with a GAAP tax expense of $2.4 million and a non-GAAP tax rate of 10.5%. The diluted share count is anticipated to be approximately 87.0 million to 87.5 million shares. MaxLinear expressed confidence in continuing growth and recovery throughout 2025, driven by innovation in strategic applications such as high-speed interconnects, wireless infrastructure, storage, Ethernet, Wi-Fi, and fiber PON gateways.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.