MXL
MaxLinear, Inc.

MaxLinear, Inc.MXL

Technology · Semiconductors
49.18USD
+10.99%
Nov 08, 2026
MXL overview ready
Merchant Connectivity Silicon Supplier for AI and Telecom Networks
Merchant connectivity-silicon supplier to optical modules and electrical links used in AI data-center scale-out and scale-up networks; it also retains meaningful exposure to broadband, wireless infrastructure and other connectivity markets.
Primary theme is lagging
Connectivity Semiconductors is lagging (-38.0pp vs SPY over 21 sessions; 0 of 5 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash it currently generates.
Unremarkable fundamentals
Primary risk
Exposure to semiconductor industry cyclicality.
Market Nov 6Filing Sep 30Price action Nov 7Research Oct 10

Conviction Level

PriceAction3.4BusinessPerformance9.0BusinessQuality3.2Valuation2.3ThemeMomentum1.0Accelerating — Revenue growth has accelerated across 3 consecutive quarters, rising from +43% to +72% year over year. Earnings turned positive: diluted EPS of $0.30 against a loss of -$0.52 a year earlier. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−38.0pp
Theme return
−43.0%
Beating SPY
0 of 5
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$4.5B
Avg Volume (60D)
3.5M
60 sessions
Revenue Growth YoY
+29.7%
FY2025 vs FY2024
Gross Margin
+58.0%
Trailing twelve months
Operating Margin
-0.9%
Trailing twelve months
Free Cash Flow Yield
-0.5%
Distance from 200DMA
-19.2%
Next Earnings
2027-01-28
P/E
N/M
EV / EBITDA
122.1x
EV / Sales
6.9x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Accelerating

Revenue growth has accelerated across 3 consecutive quarters, rising from +43% to +72% year over year. Earnings turned positive: diluted EPS of $0.30 against a loss of -$0.52 a year earlier.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthAccelerating
+72%
$218M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +48%
  2. +43%
  3. +55%
  4. +72%
Earnings growthTurned profitable
$0.30
Diluted EPS $0.30 vs -$0.52 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
13.9%
+46.5 pp YoY · gross margin 58.7% (+1.9 pp)
The business is consuming cash
The share count is rising

Business Quality

3.2 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; peers is the dissenting view.
MaxLinear, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash it currently generates.

What changed

  • MXL rose 11.0% in one session
    MXL closed +11.0% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Merchant connectivity-silicon supplier to optical modules and electrical links used in AI data-center scale-out and scale-up networks; it also retains meaningful exposure to broadband, wireless infrastructure and other connectivity markets.
Opportunity
High opportunity
Accelerator-cluster spending on high-bandwidth optical links, signal integrity, electrical interconnect and AI-fabric connectivity as AI systems scale across racks, clusters and data-center sites.
Key risk
Exposure to semiconductor industry cyclicality.

Economic classification

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Business & Markets

Technology · Semiconductors
What they do

MaxLinear designs and supplies integrated communications systems-on-chip that combine radio frequency, analog, mixed-signal, digital processing, and power management components for high-speed communication applications globally.

How it earns

The company generates revenue primarily through transactional sales of semiconductor products to device manufacturers and infrastructure providers.

Products & services
RF transceivers and modems for 4G/5G infrastructure
Optical transceivers
Wi-Fi and wireline routers for home networking
Customers & end markets
Telecommunications equipment manufacturers
Data center and AI infrastructure providers
Broadband and wireless infrastructure operators
Market position

Niche supplier specializing in connectivity silicon for optical and electrical interconnects within communication systems.

Demand drivers
Medium cyclicality

Demand is influenced by capital spending cycles in telecommunications and data center infrastructure but supported by secular growth in AI and 5G deployment.