Maxlinear Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Maxlinear has an operating margin of -27.1%, meaning the company retains $-27 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -62.0% the prior year.
Maxlinear's revenue surged 29.7% year-over-year to $467.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Maxlinear carries a low D/E ratio of 0.27, meaning only $0.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Maxlinear's current ratio of 1.34 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.
Maxlinear's free cash flow margin of 1.5% results in a low score of 8/100. Capital expenditures of $12.6M absorb a large share of operating cash flow.
Maxlinear passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Maxlinear generates $-0.14 in operating cash flow ($19.6M OCF vs -$136.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Maxlinear earns $-12.6 in operating income for every $1 of interest expense (-$126.9M vs $10.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Maxlinear (MXL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Maxlinear generated $467.6M in revenue in fiscal year 2025. This represents an increase of 29.7% from the prior year.
Maxlinear's EBITDA was -$82.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 51.0% from the prior year.
Maxlinear generated $7.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 111.1% from the prior year.
Maxlinear reported -$136.7M in net income in fiscal year 2025. This represents an increase of 44.3% from the prior year.
Maxlinear earned $-1.58 per diluted share (EPS) in fiscal year 2025. This represents an increase of 46.1% from the prior year.
Maxlinear held $72.8M in cash against $123.6M in long-term debt as of fiscal year 2025.
Maxlinear had 86M shares outstanding in fiscal year 2025. This represents an increase of 2.1% from the prior year.
Maxlinear's gross margin was 56.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.8 percentage points from the prior year.
Maxlinear's operating margin was -27.1% in fiscal year 2025, reflecting core business profitability. This is up 34.8 percentage points from the prior year.
Maxlinear's net profit margin was -29.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 38.8 percentage points from the prior year.
Maxlinear invested $208.6M in research and development in fiscal year 2025. This represents a decrease of 7.4% from the prior year.
Maxlinear spent $20.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Maxlinear invested $12.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 28.7% from the prior year.
MXL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $136.4M+7.9% | $126.5M+16.2% | $108.8M+13.4% | $95.9M+4.1% | $92.2M+13.6% | $81.1M-11.8% | $92.0M-3.4% | $95.3M |
| Cost of Revenue | $57.9M+6.1% | $54.6M+15.4% | $47.3M+12.3% | $42.1M+2.9% | $40.9M+10.5% | $37.0M-11.4% | $41.8M-9.1% | $46.0M |
| Gross Profit | $78.6M+9.3% | $71.9M+16.9% | $61.5M+14.3% | $53.8M+5.0% | $51.2M+16.3% | $44.1M-12.2% | $50.2M+1.9% | $49.3M |
| R&D Expenses | $51.7M-4.7% | $54.3M+14.9% | $47.2M-14.9% | $55.5M+8.1% | $51.3M-2.5% | $52.6M-7.0% | $56.5M-12.7% | $64.8M |
| SG&A Expenses | $42.0M-12.0% | $47.7M+42.9% | $33.4M-8.8% | $36.6M-3.9% | $38.1M+26.3% | $30.2M-10.3% | $33.6M-7.9% | $36.5M |
| Operating Income | -$14.9M+63.9% | -$41.3M-67.7% | -$24.6M+46.6% | -$46.1M-12.0% | -$41.2M+38.3% | -$66.7M-63.5% | -$40.8M+45.3% | -$74.6M |
| Interest Expense | $2.4M-9.7% | $2.6M+5.5% | $2.5M+0.3% | $2.5M-10.6% | $2.8M+5.5% | $2.7M-1.9% | $2.7M-0.2% | $2.7M |
| Income Tax | -$2.9M-238.6% | $2.1M+151.0% | -$4.1M-678.8% | $711K-95.8% | $17.0M+353.5% | -$6.7M-225.9% | -$2.1M-16.9% | -$1.8M |
| Net Income | -$14.9M+67.2% | -$45.5M-71.1% | -$26.6M+46.5% | -$49.7M+14.0% | -$57.8M+23.7% | -$75.8M-93.0% | -$39.3M+45.7% | -$72.3M |
| EPS (Diluted) | $-0.17+67.3% | $-0.52-67.7% | $-0.31+46.6% | $-0.58+14.7% | $-0.68+24.4% | $-0.90-91.5% | $-0.47+46.6% | $-0.88 |
MXL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $796.4M-1.5% | $808.1M-6.4% | $863.7M+1.0% | $855.3M-1.1% | $864.6M-3.4% | $895.3M-8.0% | $973.2M-5.6% | $1.0B |
| Current Assets | $248.8M-12.4% | $284.1M-13.9% | $330.1M+3.0% | $320.4M-0.9% | $323.4M-1.5% | $328.3M-17.4% | $397.6M-10.6% | $444.7M |
| Cash & Equivalents | $72.8M-34.9% | $111.9M+3.0% | $108.6M+5.7% | $102.8M-13.3% | $118.6M-20.1% | $148.5M-19.8% | $185.1M-3.5% | $191.9M |
| Inventory | $78.1M-9.5% | $86.3M+0.3% | $86.0M0.0% | $86.0M-4.8% | $90.3M-6.0% | $96.1M+1.4% | $94.7M-1.4% | $96.1M |
| Accounts Receivable | $46.1M-12.9% | $52.9M-50.0% | $105.8M+7.0% | $98.9M+15.8% | $85.5M+78.3% | $47.9M-43.6% | $84.9M-32.7% | $126.2M |
| Goodwill | $318.6M0.0% | $318.6M0.0% | $318.6M0.0% | $318.6M0.0% | $318.6M0.0% | $318.6M0.0% | $318.6M0.0% | $318.6M |
| Total Liabilities | $344.5M+0.3% | $343.4M-8.5% | $375.4M+3.7% | $362.1M+3.9% | $348.4M+2.9% | $338.4M-4.9% | $355.9M-9.3% | $392.6M |
| Current Liabilities | $186.0M+1.3% | $183.6M-14.0% | $213.5M+8.4% | $196.9M+8.0% | $182.3M+8.1% | $168.6M-11.4% | $190.3M-15.0% | $223.9M |
| Long-Term Debt | $123.6M+0.1% | $123.5M+0.1% | $123.3M+0.1% | $123.2M+0.1% | $123.0M+0.1% | $122.8M+0.1% | $122.7M+0.1% | $122.5M |
| Total Equity | $451.9M-2.8% | $464.7M-4.8% | $488.3M-1.0% | $493.2M-4.5% | $516.3M-7.3% | $556.9M-9.8% | $617.3M-3.2% | $638.0M |
| Retained Earnings | -$500.4M-3.1% | -$485.5M-10.3% | -$440.0M-6.4% | -$413.4M-13.7% | -$363.7M-18.9% | -$305.9M-32.9% | -$230.1M-20.6% | -$190.8M |
MXL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.4M+2.8% | $10.1M-3.5% | $10.5M+192.0% | -$11.4M+59.0% | -$27.8M+9.4% | -$30.7M-1039.9% | -$2.7M-116.9% | $16.0M |
| Capital Expenditures | $3.7M-35.3% | $5.7M+388.8% | $1.2M-41.1% | $2.0M-9.3% | $2.2M-46.9% | $4.1M+37.1% | $3.0M-63.9% | $8.3M |
| Free Cash Flow | $6.7M+52.4% | $4.4M-52.8% | $9.3M+169.6% | -$13.4M+55.4% | -$30.0M+13.9% | -$34.9M-510.7% | -$5.7M-174.8% | $7.6M |
| Investing Cash Flow | -$3.7M+45.3% | -$6.7M+8.6% | -$7.4M-271.0% | -$2.0M+33.7% | -$3.0M+49.6% | -$6.0M-2.8% | -$5.8M+33.5% | -$8.7M |
| Financing Cash Flow | -$18.6M-124186.7% | $15K-99.3% | $2.1M+197.1% | -$2.1M-250.6% | $1.4M+2550.0% | -$58K-102.9% | $2.0M+196.3% | -$2.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MXL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.6%+0.7pp | 56.9%+0.3pp | 56.5%+0.4pp | 56.1%+0.5pp | 55.6%+1.3pp | 54.4%-0.2pp | 54.6%+2.8pp | 51.7% |
| Operating Margin | -10.9%+21.7pp | -32.6%-10.0pp | -22.6%+25.4pp | -48.0%-3.4pp | -44.7%+37.6pp | -82.3%-37.9pp | -44.4%+34.0pp | -78.3% |
| Net Margin | -10.9%+25.1pp | -36.0%-11.5pp | -24.4%+27.4pp | -51.8%+10.9pp | -62.7%+30.7pp | -93.4%-50.8pp | -42.7%+33.2pp | -75.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -1.9%+3.8pp | -5.6%-2.6pp | -3.1%+2.7pp | -5.8%+0.9pp | -6.7%+1.8pp | -8.5%-4.4pp | -4.0%+3.0pp | -7.0% |
| Current Ratio | 1.34-0.2 | 1.550.0 | 1.55-0.1 | 1.63-0.1 | 1.77-0.2 | 1.95-0.1 | 2.09+0.1 | 1.99 |
| Debt-to-Equity | 0.270.0 | 0.27+0.0 | 0.250.0 | 0.25+0.0 | 0.24+0.0 | 0.22+0.0 | 0.200.0 | 0.19 |
| FCF Margin | 4.9%+1.4pp | 3.5%-5.1pp | 8.6%+22.5pp | -14.0%+18.6pp | -32.6%+10.4pp | -43.0%-36.8pp | -6.2%-14.2pp | 8.0% |
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Frequently Asked Questions
What is Maxlinear's annual revenue?
Maxlinear (MXL) reported $467.6M in total revenue for fiscal year 2025. This represents a 29.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Maxlinear's revenue growing?
Maxlinear (MXL) revenue grew by 29.7% year-over-year, from $360.5M to $467.6M in fiscal year 2025.
Is Maxlinear profitable?
No, Maxlinear (MXL) reported a net income of -$136.7M in fiscal year 2025, with a net profit margin of -29.2%.
What is Maxlinear's earnings per share (EPS)?
Maxlinear (MXL) reported diluted earnings per share of $-1.58 for fiscal year 2025. This represents a 46.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Maxlinear's EBITDA?
Maxlinear (MXL) had EBITDA of -$82.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Maxlinear have?
As of fiscal year 2025, Maxlinear (MXL) had $72.8M in cash and equivalents against $123.6M in long-term debt.
What is Maxlinear's gross margin?
Maxlinear (MXL) had a gross margin of 56.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Maxlinear's operating margin?
Maxlinear (MXL) had an operating margin of -27.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Maxlinear's net profit margin?
Maxlinear (MXL) had a net profit margin of -29.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Maxlinear's free cash flow?
Maxlinear (MXL) generated $7.0M in free cash flow during fiscal year 2025. This represents a 111.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Maxlinear's operating cash flow?
Maxlinear (MXL) generated $19.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Maxlinear's total assets?
Maxlinear (MXL) had $796.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Maxlinear's capital expenditures?
Maxlinear (MXL) invested $12.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Maxlinear spend on research and development?
Maxlinear (MXL) invested $208.6M in research and development during fiscal year 2025.
Does Maxlinear buy back shares?
Yes, Maxlinear (MXL) spent $20.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Maxlinear have outstanding?
Maxlinear (MXL) had 86M shares outstanding as of fiscal year 2025.
What is Maxlinear's current ratio?
Maxlinear (MXL) had a current ratio of 1.34 as of fiscal year 2025, which is considered adequate.
What is Maxlinear's debt-to-equity ratio?
Maxlinear (MXL) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Maxlinear's return on assets (ROA)?
Maxlinear (MXL) had a return on assets of -17.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Maxlinear's Piotroski F-Score?
Maxlinear (MXL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Maxlinear's earnings high quality?
Maxlinear (MXL) has an earnings quality ratio of -0.14x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Maxlinear cover its interest payments?
Maxlinear (MXL) has an interest coverage ratio of -12.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Maxlinear?
Maxlinear (MXL) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.