MXL

MaxLinear, Inc.

$65.28

-13.87% Oct 22 close

Information TechnologyS&P 600 Compare Technicals

Model valuationLeans expensiveDCF base $22

1M 3M 6M 1Y 2Y

MXLSPY

-16.5%

-25.3%

-28.5%

+90.6%

YTD

+274.5%

+289.0%

Health check

Financial health

Safe zone

Altman Z-score 11.9

Above 2.99 is the safe zone, below 1.81 the distress zone.

Quality

Average

Piotroski F-score 5 of 9

See the tests

✗Positive net income
✓Positive operating cash flow
✓Return on assets improved
✓Cash flow above net income
✗Long-term debt / assets fell
✗Current ratio improved
✗No share dilution
✓Gross margin improved
✓Asset turnover improved

Computed by Coteau from the company's SEC filings (latest balance sheet Jun 30, 2026). Descriptive, not a forecast.

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What they do

MaxLinear, Inc. provides communications systems-on-chip solutions in the United States, Asia, Europe, and internationally. Its products integrate various portions of a high-speed communication system, including radio frequency, high-performance analog, mixed-signal. Its products are used in various electronic devices, such as radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; optical transceivers.

Technology · Semiconductors

For information only · Important disclosures

Grades vs sector

Momentum

100th percentile in sector

A+

12-1 return: +496.1%
Percentile within its GICS sector across the S&P 1500.

Growth

93rd percentile in sector

Revenue growth (YoY): +55.2%
Percentile within its GICS sector across the S&P 1500.

Value

21st percentile in sector

Forward E/P: 3.7% · EBITDA/EV: –
Percentile within its GICS sector across the S&P 1500.

Profitability

4th percentile in sector

Profit margin: -18.2% · Return on equity: -21.3%
Percentile within its GICS sector across the S&P 1500.

Revisions

Not enough data yet

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Not held by any of our 5 live models right now.

Quality Growth

Outside this model's universe or screens

Momentum Top 15

Outside this model's universe or screens

Momentum Blend

Not in the current book

New Highs Growth

Outside this model's universe or screens

Coteau Long Book

Not in the current book

News

More news

MaxLinear's Q3 Earnings Top Estimates, Revenues Increase Y/Y

Zacks · 2h ago

MaxLinear (MXL) Q3 2026 Earnings Call Transcript

Nasdaq · 14h ago

MaxLinear, Inc. (MXL) files 8-K: material agreement, results

SEC 8-K · 19h ago

Monday Sector Leaders: Semiconductors, Computers

Nasdaq · Oct 19

Key stats

Market value$6.9B

P/E (next 12 months, estimated)28.0

52-week range$12.77 – $128.30

Revenue growth (latest quarter vs a year ago)+55.2%

Dividend yieldNo dividend

Analyst consensusBuy (11)

Average analyst price target$95.27 (+46%)

Valuation and fundamentals

Valuation & fundamentals

Bottom line

Leans expensive

Model read-out from the numbers below, not advice. Score -2 (DCF counts double).

▼DCF (base case)below the price by 66%

▼Forward P/E vs sector28.0x vs median 16.9x

•Piotroski F-score5/9

▲Altman Z11.9 (safe)

▲Analyst target+46% (11 analysts)

Discounted cash flow

CyclicalValued on average-cycle margins

Bear

$13

-80%

growth 9% · disc. 10.2% · term. 2.0%

Base

$22

-66%

growth 15% · disc. 9.2% · term. 2.5%

Bull

$35

-46%

growth 19% · disc. 8.2% · term. 3.0%

Starting cash flow is mid-cycle: 13.8% average margin × current revenue = 0.1B (last 12 months: 0.0B at a 1% margin). On trailing cash flow the base case would be $0.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 26% a year for 10 years.

Implied

+26%/yr

FCF, last 3 yrs

-73%/yr

FCF, last 5 yrs

-35%/yr

Revenue, last 3 yrs

-25%/yr

Revenue, last 5 yrs

+0%/yr

Same inputs as the DCF above: mid-cycle free cash flow 0.1B, 9.2% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 3.94 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.9×

–

Forward P/E

sector median 16.9× · 82nd pct

28.0×
pricier

EV / EBITDA

sector median 20.8×

–

Price / sales

sector median 4.6× · 84th pct

12.1×
pricier

Price / book

sector median 5.1× · 83rd pct

14.2×
pricier

FCF yield

sector median 3.5% · 8th pct

0.0%
pricier

Forward EPS $2.71 vs trailing $-1.18. Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin

57.5%

Operating margin

-13.6%

FCF margin

0.6%

Net margin

-18.2%

Return on equity

-21.4%

Return on invested capital

-11.3%

Net debt / EBITDA

–

Current ratio

1.8×

Interest cover

-8.2×

Cash conversion (OCF/NI)

–

Piotroski F-score 5/9 · last two fiscal years

✗ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✗ Long-term debt / assets fell✗ Current ratio improved✗ No share dilution✓ Gross margin improved✓ Asset turnover improved

Altman Z-score 11.9 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$95

+46%

Analysts

Buy

Range

$40–$125

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2025	$467.6M	$-136.7M	$7.0M
2024	$360.5M	$-245.2M	$-63.0M
2023	$693.3M	$-73.1M	$29.9M
2022	$1.1B	$125.0M	$347.5M
2021	$892.4M	$42.0M	$129.1M
2020	$478.6M	$-98.6M	$61.1M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR -25.3%.

Earnings

Next report: –

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-07-23	0.33	0.35	+6.2%
2026-04-23	0.18	0.22	+25.6%
2026-01-29	0.18	0.19	+6.3%
2025-10-23	0.12	0.14	+17.6%
2025-07-23	0.02	0.02	+8.5%
2025-04-23	-0.05	-0.05	-1.7%
2025-01-29	-0.13	-0.09	+29.1%
2024-10-23	-0.32	-0.36	-13.5%

Quarterly revenue

Quarter	Revenue	YoY
2026-06-30	$168.8M	+55.2%
2026-03-31	$137.2M	–
2025-12-31	$136.4M	–
2025-09-30	$126.5M	–
2025-06-30	$108.8M	–

Rating changes

Reiterated

2026-10-20 · Wells Fargo reiterated Equal-Weight on MXL

Reiterated

2026-07-24 · Roth Capital reiterated Buy on MXL

Reiterated

2026-07-24 · Wells Fargo reiterated Equal-Weight on MXL

Reiterated

2026-07-24 · Stifel reiterated Buy on MXL

Reiterated

2026-07-24 · Susquehanna reiterated Neutral on MXL

Reiterated

2026-07-24 · Needham reiterated Buy on MXL

Third-party analyst actions, not Coteau's views. All rating changes

Insider trades

Seendripu Kishore