MXLMaxLinear, Inc.
Is the business good?
The checks split: nothing decisive, though margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MXL?
MaxLinear, Inc. earns −0.78% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 9.8 points below what the capital costs: growth destroys value
- Operating margin
- −0.92%
Operating margin · Semiconductors median 7.5% · 12 months to Q3 2026
- Share count, year on year
- +12%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 34%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −21% |
| FY2021 | 7.3% |
| FY2022 | 16% |
| FY2023 | −5.5% |
| FY2024 | −62% |
| FY2025 | −27% |
Details›
- Gross margin12 months to Q3 2026
- 58%
- Operating margin12 months to Q3 2026
- −0.92%
- Net margin12 months to Q3 2026
- −4.5%
- Free cash flow margin
- −3.1%
- R&D as % of revenue
- 34%
- Revenue, trailing twelve months
- $661M
- Free cash flow, trailing twelve months
- −$21M
- Net income, trailing twelve months
- −$29M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −0.78%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from MXL and who it buys from, as the companies report it.
- Customer A16%
Share of revenue · FY2025 10-K
- Customer B12%
Share of revenue · FY2025 10-K
- Ten customers65%
Combined share of revenue · FY2025 10-K
- Two customers28%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; MXL’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.