MaxLinear, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Broadband was 44% and Infrastructure was 32% of revenue; Industrial and multi-market fell from 25% in the fiscal year to Dec 2023.

Quarters: MaxLinear, Inc.'s SEC filings, named by the month they end. Fiscal years: MaxLinear, Inc.'s annual reports to the SEC.

How it makes money

The company loses $29.2 for every $100 of revenue. Operating expenses exceed all of gross profit. It was profitable 3 years ago and is now loss-making.

Circled: Mar 2026 (net −32.9%, operating −12.5%). Net margin is usually about 3 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: MaxLinear, Inc.'s annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 58.7%, up 1.9 points from a year earlier; inventory at 141 days, down from 199 a year earlier; capital spending 2.8% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report MaxLinear buys from TSMC, UMC, Intel and 4 more; two customers it does not name account for 16% and 12% of its revenue.

Their suppliers

Lam Research LRCXto ASE Technology, TSMC

Teradyne TERto ASE Technology

Advantest ATEYYto ASE Technology

ASML ASMLto Intel

KLA KLACto TSMC

Onto Innovation ONTOto TSMC

Soitec SLOIFto UMC

Formosa Sumco Technologyto UMC

GlobalWafersto UMC

Show 9

Suppliers

ASE Technology ASX

Intel INTC

TSMC TSM

UMC UMC

Greatek Electronics 2441.TW

S

Signetics 033170.KQ

Sigurd Microelectronics 6257.TW

 

MXLMaxLinear

Customers

Unnamed customer 16%

Unnamed customer 12%

MaxLinear's 10-Q for the quarter to Mar 2026 gives one customer's share of its revenue: Customer A (13%).

From MaxLinear, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

Intel INTCIntellectual property licensing agreement

Changes since the previous annual report (10-K filed Jan 29, 2025)

SMICNo longer named (was a supplier)

Customer B (unnamed)Customer, share of revenue21% → 12%

Customer A (unnamed)Customer, share of revenue12% → 16%

Only the companies MaxLinear names in its 10-K filed Jan 29, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 8.1x, below the peer median of 16.4x. Revenue is up 72% from a year ago.

Below the peer median of 16.4x. The market pays less per $1 of revenue than for peers.

MaxLinear, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $93.64, 59% above the current price; 64% of 11 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 7 analysts (64%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $18.80 to $94.00 (+400%), while MXL went from $13.78 to $58.96 (+328%). In the past three months targets were cut twice and never raised. 2 upgrades and no downgrades over the year; the latest: Loop Capital moved it to Buy from Hold on Apr 29, 2026.

The day after each of these reports the stock moved −9.4% (Dec 2025, beat); +78.0% (Mar 2026, beat); −17.5% (Jun 2026, beat); −16.3% (Sep 2026, beat).

For the quarter ending Dec 2026 (MaxLinear reports on Jan 28, 2027), analysts expect adjusted earnings of $0.79 a share, 314% more than the $0.19 of a year earlier, and revenue of $250M, up 83% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $4.30 a share, 116% more than the year before's estimate of $1.99, and revenue of $1.3B, up 64% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $14M exceeds operating cash flow of −$7M, leaving free cash flow of −$21M. The gap has to be covered with cash on hand or borrowing.

MaxLinear had 98M diluted shares in the quarter ended Sep 2026, 12.1% more than a year earlier, and 4.8% more each year on average since Jun 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.3, short-term debt is manageable; debt-to-equity 0.3, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 funds whose copy leaves MXL out (on the exchange, not in the app yet): UNICOM Systems, Swiss National Bank, Maverick Capital, Bridgewater Associates, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held MXL at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 cut, 3 bought new, 1 sold all and 1 held the same. The largest of them is Tudor Investment Corp Et Al, 341,764 shares worth $43.8M at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of MXL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $60.1M of MXL on the open market in the 12 months to Nov 12, 2026; none bought. 1% of the sales were made under 10b5-1 plans, set up in advance. The largest was Kishore Seendripu (Chairman, President and CEO; director), who sold $50.4M in 16 sales.

From the Form 4s filed with the SEC about MaxLinear, Inc. (27 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 28 other transactions (grants, option exercises and shares withheld for tax).