Detailed financial statements for MaxLinear, Inc. (MXL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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, digital signal processing, security engines, data compression and networking layers, and power management.
Analysis Summary
MaxLinear, Inc. reported revenue of $467.6M in the most recent fiscal year, growing at a 5-year CAGR of -0.5%.
Trailing-twelve-month margins: gross margin 57.4%, operating margin -11.6%, net margin -18.2%. Free cash flow grew at -35.1% CAGR over 5 years.
At the current price of $69.51, MXL has negative trailing earnings (P/E not meaningful) and an ROE of -22.37%. Market capitalisation stands at $6.3B.
Balance sheet quality for MXL: current ratio of 1.3, net debt of $83.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $387.8M | $420.3M | $385.0M | $317.2M | $478.6M | $892.4M | $1.12B | $693.3M | $360.5M | $467.6M |
| Cost of Revenue | $157.8M | $241.7M | $208.3M | $172.6M | $289.3M | $420.2M | $482.4M | $310.5M | $168.1M | $201.8M |
| Gross Profit | $230.0M | $178.6M | $176.6M | $144.6M | $189.3M | $472.2M | $637.8M | $382.8M | $192.4M | $265.8M |
| Research & Development | $97.7M | $111.7M | $119.9M | $98.3M | $180.0M | $278.4M | $296.4M | $269.5M | $225.2M | $208.6M |
| Selling, General & Admin | $58.7M | $67.0M | $69.8M | $65.7M | $92.3M | $126.3M | $156.1M | $129.3M | $136.0M | $159.6M |
| Operating Expenses | $156.5M | $178.7M | $189.7M | $164.0M | $272.2M | $404.8M | $452.5M | $398.8M | $361.2M | $392.7M |
| Operating Income | $73.5M | -$147000 | -$13.1M | -$19.4M | -$83.0M | $67.4M | $185.3M | -$16.0M | -$168.7M | -$126.9M |
| EBITDA | $90.4M | $43.1M | $60.4M | $43.0M | -$29.3M | $145.3M | $255.9M | $9.5M | -$181.7M | -$58.4M |
| Interest Expense | $104000 | $10.4M | $14.3M | $11.1M | $13.0M | $13.0M | $9.8M | $10.7M | $10.9M | $10.1M |
| Pre-tax Income | $63.7M | -$34.0M | -$32.9M | -$32.5M | -$114.9M | $47.9M | $174.2M | -$63.8M | -$238.7M | -$140.9M |
| Income Tax | $2.4M | -$24.8M | -$6.7M | -$12.6M | -$16.3M | $5.9M | $49.2M | $9.3M | $6.5M | -$4.2M |
| Net Income | $61.3M | -$9.2M | -$26.2M | -$19.9M | -$98.6M | $42.0M | $125.0M | -$73.1M | -$245.2M | -$136.7M |
| EPS | $0.96 | $-0.14 | $-0.38 | $-0.28 | $-1.35 | $0.55 | $1.60 | $-0.91 | $-2.93 | $-1.58 |
| EPS (Diluted) | $0.91 | $-0.14 | $-0.38 | $-0.28 | $-1.35 | $0.53 | $1.55 | $-0.91 | $-2.93 | $-1.58 |
| Shares Outstanding (Diluted) | $67.7M | $66.3M | $68.5M | $71.0M | $73.1M | $79.7M | $80.9M | $80.7M | $83.6M | $86.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $126.5M | $136.4M | $137.2M | $168.8M |
| Gross Profit | $71.6M | $78.6M | $78.9M | $97.7M |
| Operating Income | -$30.0M | -$14.9M | -$16.7M | -$4.2M |
| EBITDA | -$31.7M | -$4.6M | -$7.3M | $3.6M |
| Net Income | -$45.5M | -$14.9M | -$45.1M | $1.8M |
| EPS | $-0.52 | $-0.17 | $-0.52 | $0.02 |
| EPS (Diluted) | $-0.52 | $-0.17 | $-0.52 | $0.02 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $82.9M | $73.3M | $73.8M | $93.1M | $149.0M | $130.7M | $188.3M | $188.3M | $119.6M | $74.2M |
| Short-term Investments | $47.9M | 0 | 0 | 0 | 0 | 0 | $18.5M | 0 | 0 | 0 |
| Receivables | $50.5M | $66.1M | $59.5M | $50.4M | $67.4M | $119.7M | $171.0M | $170.6M | $85.5M | $46.1M |
| Inventory | $26.6M | $53.4M | $41.7M | $31.5M | $97.8M | $131.7M | $160.5M | $99.9M | $90.3M | $78.1M |
| Total Current Assets | $214.0M | $201.3M | $180.6M | $181.8M | $361.7M | $404.1M | $563.1M | $488.0M | $323.4M | $248.8M |
| Property, Plant & Equipment | $20.5M | $22.7M | $18.4M | $27.6M | $61.4M | $88.2M | $107.5M | $97.7M | $77.5M | $64.4M |
| Goodwill | $76.0M | $238.0M | $238.3M | $238.3M | $302.8M | $306.7M | $306.7M | $318.6M | $318.6M | $318.6M |
| Intangible Assets | $104.3M | $315.0M | $244.9M | $188.0M | $207.3M | $152.5M | $109.3M | $73.6M | $55.0M | $48.9M |
| Total Assets | $422.7M | $863.1M | $765.8M | $721.1M | $1.03B | $1.05B | $1.19B | $1.08B | $866.9M | $796.4M |
| Accounts Payable | $6.8M | $16.9M | $15.6M | $13.4M | $32.8M | $53.0M | $68.6M | $21.6M | $31.4M | $37.9M |
| Short-term Debt | 0 | 0 | $1.2M | $4.8M | $8.1M | $8.9M | $10.5M | $9.1M | $9.4M | $9.1M |
| Total Current Liabilities | $54.5M | $76.4M | $70.6M | $66.6M | $233.7M | $207.4M | $341.1M | $222.1M | $182.3M | $186.0M |
| Long-term Debt | 0 | $347.6M | $255.8M | $206.9M | $363.6M | $306.2M | $121.8M | $122.4M | $123.0M | $135.9M |
| Total Liabilities | $70.2M | $475.6M | $365.9M | $306.2M | $641.5M | $563.3M | $509.8M | $397.8M | $350.6M | $344.5M |
| Retained Earnings | -$59.9M | -$69.1M | -$93.6M | -$113.8M | -$212.4M | -$170.4M | -$45.4M | -$118.5M | -$363.7M | -$500.4M |
| Total Equity | $352.4M | $387.4M | $399.9M | $414.9M | $391.1M | $489.2M | $676.4M | $686.3M | $516.3M | $451.9M |
| Total Debt | 0 | $347.6M | $261.1M | $221.1M | $392.6M | $339.7M | $155.6M | $157.8M | $149.4M | $157.3M |
| Net Debt | -$130.8M | $274.3M | $187.3M | $128.0M | $243.6M | $209.0M | -$51.3M | -$30.6M | $29.8M | $83.1M |
| Working Capital | $159.5M | $124.9M | $110.0M | $115.2M | $128.1M | $196.7M | $222.0M | $265.9M | $141.2M | $62.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $113.2M | $74.2M | $62.5M | $64.8M |
| Total Assets | $808.1M | $796.4M | $771.3M | $822.6M |
| Total Liabilities | $343.4M | $344.5M | $317.1M | $337.7M |
| Total Equity | $464.7M | $451.9M | $454.2M | $484.8M |
| Total Debt | $145.2M | $157.3M | $151.2M | $139.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $61.3M | -$9.2M | -$26.2M | -$19.9M | -$98.6M | $42.0M | $125.0M | -$73.1M | -$245.2M | -$136.7M |
| Depreciation & Amortization | $26.7M | $66.7M | $79.0M | $64.3M | $72.6M | $84.4M | $71.9M | $62.6M | $46.2M | $44.0M |
| Stock-based Compensation | $21.8M | $32.7M | $31.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $7.8M | -$5.6M | $28.6M | $16.9M | $28.9M | -$24.3M | $86.0M | -$15.3M | $53.1M | $30.1M |
| Operating Cash Flow | $117.3M | $75.1M | $102.7M | $78.3M | $73.6M | $168.2M | $388.7M | $25.0M | -$45.3M | $19.6M |
| Capital Expenditure | -$8.5M | -$7.5M | -$7.8M | -$6.9M | -$12.5M | -$39.2M | -$41.3M | -$13.5M | -$17.7M | -$12.6M |
| Acquisitions | -$101.0M | -$473.3M | 0 | 0 | -$160.0M | -$40.0M | 0 | -$13.3M | 0 | 0 |
| Stock Repurchased | -$3000 | -$334000 | 0 | 0 | 0 | -$23.5M | -$31.5M | 0 | 0 | -$20.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $108.8M | $67.6M | $94.9M | $71.5M | $61.1M | $129.1M | $347.5M | $11.6M | -$63.0M | $7.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $10.1M | $10.4M | -$8.9M | $4.8M |
| Capital Expenditure | -$5.7M | -$3.7M | -$1.4M | -$2.3M |
| Free Cash Flow | $4.4M | $6.7M | -$10.3M | $2.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $19.6M | $20.0M | $27.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +8.4% | -8.4% | -17.6% | +50.9% | +86.5% | +25.5% | -38.1% | -48.0% | +29.7% |
| Net Income Growth (YoY) | | -115.0% | -185.2% | +24.1% | -395.5% | +142.6% | +197.9% | -158.5% | -235.2% | +44.3% |
| EPS Growth (YoY) | | -114.6% | -171.4% | +26.3% | -382.1% | +140.7% | +190.9% | -156.9% | -222.0% | +46.1% |
| Shares Change (YoY) | | -2.1% | +3.4% | +3.7% | +3.0% | +9.0% | +1.5% | -0.2% | +3.6% | +3.6% |
| FCF Growth (YoY) | | -37.9% | +40.3% | -24.7% | -14.5% | +111.2% | +169.2% | -96.7% | -643.2% | +111.1% |
| Gross Margin | 59.3% | 42.5% | 45.9% | 45.6% | 39.5% | 52.9% | 56.9% | 55.2% | 53.4% | 56.8% |
| Operating Margin | 19.0% | -0.0% | -3.4% | -6.1% | -17.3% | 7.6% | 16.5% | -2.3% | -46.8% | -27.1% |
| EBITDA Margin | 23.3% | 10.3% | 15.7% | 13.5% | -6.1% | 16.3% | 22.8% | 1.4% | -50.4% | -12.5% |
| Net Margin | 15.8% | -2.2% | -6.8% | -6.3% | -20.6% | 4.7% | 11.2% | -10.6% | -68.0% | -29.2% |
| FCF Margin | 28.1% | 16.1% | 24.6% | 22.5% | 12.8% | 14.5% | 31.0% | 1.7% | -17.5% | 1.5% |
| Effective Tax Rate | 3.8% | 73.0% | 20.3% | 38.7% | 14.2% | 12.3% | 28.2% | -14.6% | -2.7% | 3.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.61 | $1.02 | $1.39 | $1.01 | $0.84 | $1.62 | $4.30 | $0.14 | $-0.75 | $0.08 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $63.8M | $66.3M | $68.5M | $71.0M | $73.1M | $76.0M | $78.0M | $80.7M | $83.6M | $86.6M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -22.37% |
| Return on Invested Capital | -10.06% |
| Return on Assets | -12.61% |
| Gross Margin | 57.42% |
| Operating Margin | -11.57% |
| Net Margin | -18.24% |
Financial Health
| Debt / Equity | 0.29 |
| Current Ratio | 1.78 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 22.71 | -188.71 | -46.32 | -75.79 | -28.29 | 137.07 | 21.22 | -26.12 | -6.75 | -11.03 |
| P/B | 3.95 | 4.52 | 3.01 | 3.63 | 7.14 | 11.72 | 3.92 | 2.80 | 3.20 | 3.34 |
| P/S | 3.59 | 4.16 | 3.13 | 4.75 | 5.84 | 6.42 | 2.37 | 2.77 | 4.59 | 3.23 |
| Gross Margin | 59.3% | 42.5% | 45.9% | 45.6% | 39.5% | 52.9% | 56.9% | 55.2% | 53.4% | 56.8% |
| Operating Margin | 19.0% | -0.0% | -3.4% | -6.1% | -17.3% | 7.6% | 16.5% | -2.3% | -46.8% | -27.1% |
| Net Margin | 15.8% | -2.2% | -6.8% | -6.3% | -20.6% | 4.7% | 11.2% | -10.6% | -68.0% | -29.2% |