# MaxLinear, Inc. (MXL)

> Source: Nexqual · https://nexqual.com/MXL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MaxLinear, Inc. (MXL), nexqual.com/MXL" · informational, not investment advice.

**Price:** USD 65.28 (-13.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 75.79 · day 63.49–71.6 · 52w 12.77–128.3 · market cap $5.92B · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $661M, net income -$29.4M (-4.4% margin), free cash flow -$20.6M (SEC filings).
- 1 of 80 tracked superinvestors hold MXL (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $59.3M; 8 not under a Rule 10b5-1 plan ($58.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.27 on a 1–5 scale) (11 analysts), mean target USD 93.91 (range 40–125).
- Total return with dividends: 1Y +272.6% vs S&P 500 +14.9%; 5Y +23.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 0.78, revenue estimate $231M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $892M | $1.12B | $693M | $361M | $468M | $661M |
| Gross profit | $496M | $650M | $386M | $195M | $266M | — |
| Operating income | $65.2M | $180M | -$38.2M | -$223M | -$127M | -$6.1M |
| Net income | $42.0M | $125M | -$73.1M | -$245M | -$137M | -$29.4M |
| EPS (diluted) | $0.53 | $1.55 | -$0.91 | -$2.93 | -$1.58 | — |
| Free cash flow | $129M | $347M | $29.9M | -$63.0M | $7.0M | -$20.6M |
| Gross margin | 55.6% | 58.0% | 55.6% | 54.0% | 56.8% | — |
| Operating margin | 7.3% | 16.1% | -5.5% | -62.0% | -27.1% | -0.9% |
| Net margin | 4.7% | 11.2% | -10.6% | -68.0% | -29.2% | -4.4% |
| Revenue growth | +86.5% | +25.5% | -38.1% | -48.0% | +29.7% | — |
| Cash + short-term investments | $131M | $206M | $187M | — | — | — |
| Total debt | $306M | $122M | $122M | $123M | $124M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/S 9.0x · EV/EBITDA 185.9x · EV/Sales 9.1x · P/B 11.1x · FCF yield -0.35% · Earnings yield -0.50% · Net debt $83.0M · EV $6.00B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MXL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $693K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14…2026-08-17 | Seendripu Kishore | Chairman, President and CEO | 591,454 | $50.4M | 39% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-26 | Pardun Thomas E | Director | 11,000 | $1.2M | 14% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Kwong Connie H. | Corporate Controller & PAO | 35,000 | $3.4M | 71.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-01…2026-05-05 | Tewksbury Ted L Iii | Director | 10,660 | $839K | 11.7% | Yes (adopted June 2, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Beaver Carolyn | Director | 6,000 | $462K | 15.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Moyer Albert J | Director | 15,741 | $1.2M | 17.8% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-04 | Artusi Daniel A | Director | 10,500 | $826K | 37.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-29 | Kwong Connie H. | Corporate Controller & PAO | 4,118 | $239K | 7.8% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-27 | Kwong Connie H. | Corporate Controller & PAO | 15,050 | $772K | 22.1% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.27 on a 1–5 scale), 11 analysts; mean target USD 93.91 (low 40, high 125).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Wells Fargo | Target lowered | Equal-Weight | $95 → $78 |
| 2026-07-24 | Roth Capital | Target raised | Buy | $60 → $100 |
| 2026-07-24 | Wells Fargo | Target raised | Equal-Weight | $75 → $95 |
| 2026-07-24 | Stifel | Target raised | Buy | $110 → $120 |
| 2026-07-24 | Susquehanna | Target raised | Neutral | $45 → $80 |
| 2026-07-24 | Needham | Target raised | Buy | $60 → $100 |
| 2026-07-20 | Wells Fargo | Target raised | Equal-Weight | $42 → $75 |
| 2026-06-29 | Stifel | Target raised | Buy | $105 → $110 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +272.6% | +23.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +274.3% | +4.3% |
| Volatility (annualized) | 116.5% | 81.0% |
| Max drawdown | -55.3% (Jun 2026→Jul 2026) | -87.7% (Dec 2021→Mar 2025) |

## Peers (Semiconductors)
ALGM (Allegro MicroSystems, Inc.) USD 31.69 -8.17% · CRUS (Cirrus Logic, Inc.) USD 110.49 -0.14% · SIMO (Silicon Motion Technology Corpo) USD 187.96 -15.45% · PI (Impinj, Inc.) USD 162.7 -9.01% · SLAB (Silicon Laboratories, Inc.) USD 221.12 -0.27% · SYNA (Synaptics Incorporated) USD 117.04 -0.39%

## More
Full page: https://nexqual.com/MXL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MXL's own 10-K filed 2026-01-29 (https://www.sec.gov/Archives/edgar/data/1288469/000128846926000011/mxl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "Our key foundry partners include Taiwan Semiconductor Manufacturing Corporation, or TSMC, in Taiwan, and United Microelectronics Corporation, or UMC, in Taiwan and Singapore." |
| Supplier | United Microelectronics (UMC) | "Our key foundry partners include Taiwan Semiconductor Manufacturing Corporation, or TSMC, in Taiwan, and United Microelectronics Corporation, or UMC, in Taiwan and Singapore." |
| Supplier | ASE Technology (ASX) | "The majority of our assembly/packaging and test requirements are supported by the following independent subcontractors: Advanced Semiconductor Engineering, or ASE, Greatek Electronics, Inc., Signetics Corporation, SIGURD…" |
| Supplier | Greatek Electronics | "The majority of our assembly/packaging and test requirements are supported by the following independent subcontractors: Advanced Semiconductor Engineering, or ASE, Greatek Electronics, Inc., Signetics Corporation, SIGURD…" |
| Supplier | Signetics | "The majority of our assembly/packaging and test requirements are supported by the following independent subcontractors: Advanced Semiconductor Engineering, or ASE, Greatek Electronics, Inc., Signetics Corporation, SIGURD…" |
| Supplier | SIGURD Microelectronics | "The majority of our assembly/packaging and test requirements are supported by the following independent subcontractors: Advanced Semiconductor Engineering, or ASE, Greatek Electronics, Inc., Signetics Corporation, SIGURD…" |
| Customer | Liberty Global Ltd. (LBTYA) | "Even if we succeed, additional testing and operational certifications will be required by the OEMs' customers, which include large Pay-TV television companies such as Comcast Corporation, Liberty Global plc, Charter Comm…" |
| Customer | Charter Communications | "Even if we succeed, additional testing and operational certifications will be required by the OEMs' customers, which include large Pay-TV television companies such as Comcast Corporation, Liberty Global plc, Charter Comm…" |
| Customer | Sky UK | "Even if we succeed, additional testing and operational certifications will be required by the OEMs' customers, which include large Pay-TV television companies such as Comcast Corporation, Liberty Global plc, Charter Comm…" |
| Customer | AT&T (T) | "Even if we succeed, additional testing and operational certifications will be required by the OEMs' customers, which include large Pay-TV television companies such as Comcast Corporation, Liberty Global plc, Charter Comm…" |
| Customer | EchoStar CORP (ECHO) | "Even if we succeed, additional testing and operational certifications will be required by the OEMs' customers, which include large Pay-TV television companies such as Comcast Corporation, Liberty Global plc, Charter Comm…" |
| Partner | Intel (INTC) | "For example, according to their websites, four of our largest manufacturing partners, ASE, Intel, TSMC, and UMC, each maintain well-developed environmental management and sustainability programs that are publicly avowed …" |
| Competitor | Comcast (CMCSA) | "Comcast then worked with our competitor to develop the FDX-amplifier technology." |
| Competitor | Broadcom (AVGO) | "Our primary merchant semiconductor competitors include Broadcom, Inc., Qualcomm Incorporated, Realtek Semiconductor Corp., Skyworks Solutions, Inc., Credo Semiconductor Inc., MediaTek, Inc., Marvell Technology Group Ltd.…" |
| Competitor | Qualcomm (QCOM) | "Our primary merchant semiconductor competitors include Broadcom, Inc., Qualcomm Incorporated, Realtek Semiconductor Corp., Skyworks Solutions, Inc., Credo Semiconductor Inc., MediaTek, Inc., Marvell Technology Group Ltd.…" |
| Competitor | MediaTek | "Our primary merchant semiconductor competitors include Broadcom, Inc., Qualcomm Incorporated, Realtek Semiconductor Corp., Skyworks Solutions, Inc., Credo Semiconductor Inc., MediaTek, Inc., Marvell Technology Group Ltd.…" |
| Competitor | Texas Instruments (TXN) | "Our primary merchant semiconductor competitors include Broadcom, Inc., Qualcomm Incorporated, Realtek Semiconductor Corp., Skyworks Solutions, Inc., Credo Semiconductor Inc., MediaTek, Inc., Marvell Technology Group Ltd.…" |
| Competitor | Analog Devices (ADI) | "Our primary merchant semiconductor competitors include Broadcom, Inc., Qualcomm Incorporated, Realtek Semiconductor Corp., Skyworks Solutions, Inc., Credo Semiconductor Inc., MediaTek, Inc., Marvell Technology Group Ltd.…" |
| Competitor | Microchip Technology (MCHP) | "Our primary merchant semiconductor competitors include Broadcom, Inc., Qualcomm Incorporated, Realtek Semiconductor Corp., Skyworks Solutions, Inc., Credo Semiconductor Inc., MediaTek, Inc., Marvell Technology Group Ltd.…" |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Infrastructure | $124.9M | 57.3% | +209.6% |
| Broadband | $53.3M | 24.5% | -8.4% |
| Connectivity | $24.7M | 11.3% | +30.3% |
| Industrial and multi-market | $15.1M | 6.9% | +69.3% |
| Total revenue | $218.1M | 100% | — |

## Customer concentration

Period ended 2026-09-30: 10% of revenue from unnamed direct customers (10-Q, filed 2026-10-22).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.78 | $0.61 | +28.8% | $230.6M | 1 |
| Next quarter (ends 2027-03-31) | $0.62 | $0.56 | +11.2% | $238.9M | 10 |
| Current fiscal year (ends 2026-12-31) | $2.00 | $1.75 | +14.3% | $749.7M | 1 |
| Next fiscal year (ends 2027-12-31) | $2.84 | $2.58 | +9.9% | $1.01B | 11 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 126.8% | ±27.8% |
| 2026-12-18 | 56 | 109.3% | ±33.0% |
| 2027-01-15 | 84 | 103.4% | ±38.0% |
| 2027-03-19 | 147 | 100.8% | ±48.3% |
| 2027-06-17 | 237 | 98.9% | ±59.5% |