Maxlinear (MXL)
NASDAQ:MXL
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Maxlinear
(NASDAQ:MXL)
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Rating:63Neutral
Price Target:
$92.00
▲(250.21% Upside)
Action:Reiterated
Date:06/02/26
The score reflects strong technical momentum and a positive near-term outlook from guidance and accelerating infrastructure/optical ramps, partially offset by still-weak underlying profitability (negative margins/ROE) and limited valuation support due to negative earnings and no dividend yield.
Positive Factors
Optical data-center ramp and raised guidance
Management raised optical data center revenue to $150–$170M and expects a step‑function ramp starting in Q2 with sustained run rates into 2027. This implies durable multi-year revenue visibility from hyperscaler deployments, enabling scale in high‑margin products and longer-term planning.
Negative Factors
Persisting GAAP losses and negative ROE
Despite revenue growth, entrenched GAAP losses and negative ROE signal that shareholder capital is being eroded. Large non‑cash and acquisition adjustments mask true profitability risks; if GAAP losses persist, capital base and investor flexibility could be pressured over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Optical data-center ramp and raised guidance
Management raised optical data center revenue to $150–$170M and expects a step‑function ramp starting in Q2 with sustained run rates into 2027. This implies durable multi-year revenue visibility from hyperscaler deployments, enabling scale in high‑margin products and longer-term planning.
Read all positive factors
Maxlinear Key Performance Indicators (KPIs)
Maxlinear (MXL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.95B
Dividend YieldN/A
Average Volume (3M)7.05M
Price to Earnings (P/E)―
Beta (1Y)2.54
Revenue Growth40.89%
EPS Growth42.62%
CountryUS
Employees1,294
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-1.52
Shares Outstanding89,545,960
10 Day Avg. Volume4,943,049
30 Day Avg. Volume7,045,991
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 Cap1.06
Enterprise Value/Revenue16.53
Enterprise Value/Gross Profit29.01
Enterprise Value/Ebitda-138.03
Forecast
1Y Price Target
$60.10Price Target Upside128.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)1.34
Revenue Forecast (FY)$657.00M
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 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 | 62.50M | 74.22M | 119.58M | 188.34M | 206.86M | 130.68M |
| Total Debt | 151.18M | 157.34M | 149.36M | 157.75M | 155.60M | 339.68M |
| Total Liabilities | 317.08M | 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
Neutral
26.27
Price Trends
56.14
Positive
37.08
Positive
26.68
Positive
Market Momentum
9.82
Positive
57.04
Neutral
26.72
Neutral
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 26.27 is below the 20-day moving average (MA) of 92.45, below the 50-day MA of 56.14, and below the 200-day MA of 26.68, indicating a neutral trend. The MACD of 9.82 indicates Positive momentum. The RSI at 57.04 is Neutral, neither overbought nor oversold. The STOCH value of 26.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.95B | 12.08 | 12.23% | ― | 0.52% | 41.86% | |
67 Neutral | $4.31B | -280.58 | -5.40% | ― | 40.91% | 74.24% | |
66 Neutral | $3.72B | 159.43 | 2.64% | ― | -7.71% | -66.03% | |
63 Neutral | $7.95B | -58.85 | -28.42% | ― | 40.89% | 42.62% | |
62 Neutral | $4.18B | 130.92 | 3.60% | 4.48% | -10.57% | -62.96% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $6.04B | -42.94 | -32.99% | ― | -45.38% | -19.24% |
* Technology Sector Average
MXL
Maxlinear
88.76
76.71
636.60%
HIMX
Himax Technologies
23.98
15.90
196.82%
PLAB
Photronics
33.14
15.33
86.08%
VECO
Veeco
61.01
40.81
202.03%
LASR
nLIGHT
76.36
60.00
366.75%
NVTS
Navitas Semiconductor
25.86
19.92
335.35%
Maxlinear Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
MaxLinear Shareholders Approve Equity Plan and ESPP Amendments
Positive
May 22, 2026
At its 2026 Annual Meeting of Stockholders held on May 20, 2026, MaxLinear shareholders approved amendments to both the company’s 2010 Equity Incentive Plan and 2010 Employee Stock Purchase Plan, including a new ten-year term for the equity ...
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...
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.