Logo

MXL

MaxLinear, Inc.

MXL

MaxLinear, Inc. • NASDAQ
$15.57 ▲ 0.84% (+0.13)
Market Cap $1.36 B
52w High $25.73
52w Low $8.35
Dividend Yield 0%
P/E -7.45
Volume 706.82K
Outstanding Shares 87.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $126.459M ▲ $101.576M ▲ $-45.485M ▼ -35.968% ▼ $-0.52 ▼ $-31.734M ▼
Q2-2025 $108.813M ▲ $79.969M ▼ $-26.586M ▲ -24.433% ▲ $-0.31 ▲ $-16.972M ▲
Q1-2025 $95.933M ▲ $91.454M ▲ $-49.713M ▲ -51.821% ▲ $-0.58 ▲ $-37.277M ▼
Q4-2024 $92.167M ▲ $88.773M ▲ $-57.838M ▲ -62.753% ▲ $-0.68 ▲ $-28.192M ▲
Q3-2024 $81.102M $82.167M $-75.785M -93.444% $-0.9 $-69.707M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $113.239M ▲ $808.133M ▼ $343.406M ▼ $464.727M ▼
Q2-2025 $108.618M ▲ $863.737M ▲ $375.406M ▲ $488.331M ▼
Q1-2025 $104.04M ▼ $855.281M ▼ $362.106M ▲ $493.175M ▼
Q4-2024 $119.578M ▼ $866.885M ▼ $350.602M ▲ $516.283M ▼
Q3-2024 $149.469M $895.303M $338.431M $556.872M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-45.485M ▼ $10.124M ▼ $-6.741M ▲ $15K ▼ $4.621M ▲ $4.395M ▼
Q2-2025 $-26.586M ▲ $10.489M ▲ $-7.379M ▼ $2.079M ▲ $4.578M ▲ $9.317M ▲
Q1-2025 $-49.713M ▲ $-11.4M ▲ $-1.989M ▲ $-2.14M ▼ $-15.538M ▲ $-13.389M ▲
Q4-2024 $-57.838M ▲ $-27.838M ▲ $-2.998M ▲ $1.421M ▲ $-29.891M ▲ $-30.031M ▲
Q3-2024 $-75.785M $-30.731M $-5.95M $-58K $-36.645M $-34.863M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Broadband
Broadband
 $30.00M ▲$40.00M ▲$50.00M ▲$60.00M ▲
Connectivity
Connectivity
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Industrial And multimarket
Industrial And multimarket
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Infrastructure
Infrastructure
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue grew strongly through 2022 but then fell sharply in 2023 and again in 2024, showing a clear down-cycle after a period of rapid expansion. Despite this slowdown in sales, product margins have stayed relatively healthy, which suggests the core technology and pricing power remain intact. The main issue is scale: with lower volumes, fixed costs weigh more heavily, and the company has swung from solid profitability in 2022 back to meaningful losses in 2023 and especially 2024. In simple terms, this is a company with good gross margins but not yet flexible enough on expenses to stay profitable when demand drops.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid but not as strong as a few years ago. Total assets have drifted down from their peak, and the cash cushion is thinner than it was, though still meaningful. Debt has come down compared with earlier years, and shareholders’ equity has built up over the longer term, even if it dipped most recently. Overall, leverage does not appear excessive, but the company has less financial slack than during its best years and needs to be careful if the downturn in earnings lasts.

Cash Flow

Cash Flow Cash generation has been very cyclical. During the growth years, the business produced healthy cash from operations and solid free cash flow, even after investing in equipment and development needs. As demand softened, cash from operations faded and turned negative in 2024, leading to cash burn rather than cash build. Capital spending itself is modest, so the cash flow story is really about the strength or weakness of the underlying business rather than outsized investment. If the end markets recover, cash flow could rebound quickly, but for now the company is funding operations from its balance sheet rather than from its own earnings.

Competitive Edge

Competitive Edge MaxLinear occupies specialized niches in semiconductors, particularly in analog and mixed-signal chips for communications, data centers, broadband, and wireless. Its edge comes from deep engineering know-how in radio-frequency and signal processing, a large portfolio of patented designs, and long-standing relationships with major equipment makers. Highly integrated system-on-chip solutions make it harder for customers to switch and create barriers for smaller rivals. However, it still competes in a very intense industry against large, well-funded players, so maintaining design wins and staying on the leading edge of performance and power efficiency are constant challenges. The strategic shift toward AI and high-speed infrastructure plays to its strengths but also increases execution risk.

Innovation and R&D

Innovation and R&D The company is clearly innovation-led, with a focus on combining complex analog, digital, and radio functions into single, power-efficient chips. It has launched and is developing families of products for cutting-edge areas such as high-speed optical links in data centers, Wi‑Fi 7 networking, 5G access, and storage acceleration for enterprise and cloud. These efforts rely on heavy, ongoing R&D spending and advanced manufacturing processes, which can depress near-term profits but are critical for staying relevant in fast-moving markets. The product roadmap toward higher-speed data center interconnects, next-generation broadband, and AI-related infrastructure could open sizable opportunities if customer adoption is strong, but also carries the usual risk that design bets may not scale as hoped.

Summary

MaxLinear shows a classic semiconductor cycle pattern: strong growth and profitability into 2022, followed by a sharp downturn in revenue and a return to losses in 2023–2024. Margins at the product level remain solid, suggesting the technology is competitive, but the business currently lacks the scale to cover its cost base in a weaker demand environment. The balance sheet is acceptable, with moderate debt and a decent equity cushion, though the reduced cash position and recent cash burn limit room for prolonged weakness. Strategically, the company is leaning into higher-value infrastructure markets—AI data centers, next‑gen broadband, Wi‑Fi 7, and 5G—where its analog and mixed-signal strengths, intellectual property, and customer relationships can be genuine differentiators. Future performance will depend heavily on how quickly these new platforms ramp, how well management adjusts costs to demand, and whether the company can translate its ambitious R&D pipeline into stable, profitable scale rather than another boom‑and‑bust phase.

NEWS

November 24, 2025 · 8:30 AM UTC

MaxLinear Announces $75 Million Share Repurchase Plan

Read more

November 21, 2025 · 4:35 PM UTC

MaxLinear Announces New Employee Inducement Grants

Read more

November 4, 2025 · 4:05 PM UTC

MaxLinear, Inc. Announces Fourth Quarter 2025 Financial Conference Participation

Read more

October 23, 2025 · 4:05 PM UTC

MaxLinear, Inc. Announces Third Quarter 2025 Financial Results

Read more

October 8, 2025 · 9:03 AM UTC

Pegatron 5G Selects MaxLinear's Sierra Radio SoC for their Next-Generation 5G Open RAN Macro Radio Unit

Read more