Maxlinear, Inc (NASDAQ: MXL)

Sector: Technology Industry: Semiconductors CIK: 0001288469
Market Cap 1.71 Bn
P/B 3.79
P/E -12.54
P/S 3.67
ROIC (Qtr) -17.87
Div Yield % 0.00
Rev 1y % (Qtr) 48.03
Total Debt (Qtr) 135.93 Mn
Debt/Equity (Qtr) 0.30
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About

MaxLinear, Inc., often referred to as MXL, operates in the semiconductor industry, specializing in the design of communication systems-on-chip (SoCs) solutions for various sectors. These sectors include broadband, mobile and wireline infrastructure, data centers, and industrial and multi-market applications. The company's solutions are designed to address the challenges faced by providers of systems and RF transceivers, such as the need for high-speed data transmission, low power consumption, and compact designs. MXL's primary business activities...

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Investment thesis

Bull case

  • Strong tangible asset base of 428.92M provides 3.16x coverage of total debt 135.93M, indicating robust asset backing and low credit risk.
  • Robust tangible asset base of 428.92M provides 6.83x coverage of working capital 62.82M, indicating strong operational backing.
  • Cash reserves of 74.22M provide solid 3.29x coverage of other non-current liabilities 22.55M, indicating strong liquidity.
  • Robust R&D investment of 208.60M at 1.31x of SG&A 159.58M demonstrates strong commitment to innovation and future growth.
  • Cash position of 74.22M represents healthy 1.18x of working capital 62.82M, demonstrating strong operational liquidity.

Bear case

  • Operating cash flow of 19.62M barely covers its investment activities of (19.80M), with a coverage ratio of -0.99, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (19.80M) provide weak support for R&D spending of 208.60M, which is -0.09x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of 19.62M shows concerning coverage of stock compensation expenses of 80.84M, with a 0.24 ratio indicating potential earnings quality issues.
  • Operating earnings of (130.84M) show weak coverage of depreciation charges of 43.99M, with a -2.97 ratio indicating high capital intensity and potential reinvestment needs.
  • Operating cash flow of 19.62M provides minimal -4.66x coverage of tax expenses of (4.21M), suggesting potential tax planning inefficiencies or unsustainable tax positions.

Concentration Risk Benchmark Breakdown of Revenue (2025)

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Semiconductors
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 NVDA Nvidia Corp 4,081.81 Bn 2,078.31 541.21 10.48 Bn
2 TSM Taiwan Semiconductor Manufacturing Co Ltd 1,887.11 Bn 425.89 133.83 31.18 Bn
3 AVGO Broadcom Inc. 1,662.70 Bn -332,540.00 1,106.25 65.14 Bn
4 MU Micron Technology Inc 426.40 Bn 109.53 25.16 12.43 Bn
5 AMD Advanced Micro Devices Inc 329.72 Bn 76.06 9.52 3.85 Bn
6 TXN Texas Instruments Inc 224.64 Bn 55.45 14.64 14.05 Bn
7 INTC Intel Corp 205.50 Bn -769.67 3.89 46.59 Bn
8 QCOM Qualcomm Inc/De 153.04 Bn 28.53 3.41 14.82 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.18 4.34
EV to Cash from Ops. EV/CFO 88.53 -208.66
EV to Debt EV to Debt 12.78 79.86
EV to EBIT EV/EBIT -13.28 709.44
EV to EBITDA EV/EBITDA -20.95 250.41
EV to Free Cash Flow [EV/FCF] EV/FCF 247.39 403.96
EV to Market Cap EV to Market Cap 1.01 0.75
EV to Revenue EV/Rev 3.71 61.40
Price to Book Value [P/B] P/B 3.79 52.11
Price to Earnings [P/E] P/E -12.54 -5,067.15
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 2.41
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -3.82
Dividend per Basic Share Div per Share (Qtr) 0.00 0.63
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 20.71
Interest Coverage Int. cover (Qtr) -13.01 8.87
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 28.74 -164.54
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -37.93 64.06
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 5.42
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 45.76 60.52
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 51.01 86.38
EBIT Growth (1y) % EBIT 1y % (Qtr) 42.58 52.71
EBT Growth (1y) % EBT 1y % (Qtr) 40.98 57.92
EPS Growth (1y) % EPS 1y % (Qtr) 46.08 65.33
FCF Growth (1y) % FCF 1y % (Qtr) 111.15 109.17
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 36.47 27.07
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.59 0.50
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.09
Cash Ratio Cash Ratio (Qtr) 0.40 2.55
Current Ratio Curr Ratio (Qtr) 1.34 5.58
Debt to Equity Ratio Debt/Equity (Qtr) 0.30 0.30
Interest Cover Ratio Int Coverage (Qtr) -13.01 8.87
Times Interest Earned Times Interest Earned (Qtr) -13.01 8.87
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -18.60 -115.40
EBIT Margin % EBIT Margin % (Qtr) -27.98 -94.51
EBT Margin % EBT Margin % (Qtr) -30.13 -136.09
Gross Margin % Gross Margin % (Qtr) 56.80 47.45
Net Profit Margin % Net Margin % (Qtr) -29.20 -137.24