MaxLinear, Inc. provides high-performance analog, radio frequency (RF) and mixed signal communications-on-chip (SoC) solutions for the connected home, wired and wireless infrastructure, and multi-market and industrial applications to world level. The company is headquartered in Carlsbad, California.
| Revenue (TTM) | $660.53M |
| Gross Profit (TTM) | $383.17M |
| EBITDA | $37.94M |
| Operating Margin | 14.00% |
| Return on Equity | -5.89% |
| Return on Assets | -0.40% |
| Revenue/Share (TTM) | $7.43 |
| Book Value | $5.86 |
| Price-to-Book | 7.54 |
| Price-to-Sales (TTM) | 6.75 |
| EV/Revenue | 6.24 |
| EV/EBITDA | 108.13 |
| Quarterly Earnings Growth (YoY) | -71.40% |
| Quarterly Revenue Growth (YoY) | 72.40% |
| Shares Outstanding | $90.69M |
| Float | $85.53M |
| % Insiders | 5.85% |
| % Institutions | 84.96% |
Volatility is currently expanding
I'm reiterating a Strong Buy rating on MaxLinear with a price target of $93 per share. I'm now estimating a FWD non-GAAP EPS of $3.02, which is supported by optical DSP growth and the volume ramp of the Keystone PAM4 DSP platform. MXL's valuation has improved, with the FWD non-GAAP P/E multiple at 28x and the PEG ratio reduced to 0.32x compared to 0.42x when I last covered the company.
MaxLinear has strategically pivoted to the data center space, driving robust revenue acceleration and profitability amid AI infrastructure tailwinds. MXL delivered Q3 net revenues of $218.1M, up 72% YoY, with infrastructure business growing 210% YoY, and beat both revenue and EPS expectations. Financial health remains respectable with a conservative 0.72 D/E ratio and ample liquidity. However, investors should recognize some signs of strain, including a plunge in operating cash flow.
MaxLinear is now valued as an optical connectivity provider for AI data centers, after years of being considered a shrinking broadband chipmaker. MXL's stock is highly volatile, recently trading at $61.33, with technical support in the $55–60 range and a potential medium-term target of $130–140 if support holds. Despite strong revenue growth and improving profitability, concerns remain over negative cash flow, insider selling, and valuation risk if AI demand wanes.
MaxLinear is rebuilding its earnings base through a strong optical DSP ramp, broadening customer base, and rising operating margins. MXL's Infrastructure revenue surged 210% YoY in Q3 FY2026, driven by Keystone 800G DSP shipments and robust demand from hyperscalers. I rate MXL a Buy, justifying the P/E premium with compounding earnings and a sector-low PEG, despite cash burn and lack of long-term commitments.
MaxLinear earns a Buy rating at ~$67, driven by surging AI data center chip sales and robust revenue growth. MXL's Infrastructure segment now drives 57% of revenue, with 800G Keystone chips and upcoming 1.6T Rushmore chips fueling expansion into 2027-2028. Forward revenue visibility is strong, but growth requires significant upfront funding and exposes MXL to working capital and execution risks.
Five stocks, including Healthcare Services Group and CarMax, stand out for superior efficiency ratios and strong earnings surprises, offering compelling growth potential.
An earnings triple play is a stock that reports quarterly earnings results and 1) beats analyst EPS estimates, 2) beats analyst sales estimates, and 3) raises forward guidance. Based on history, a stock that reports an earnings triple play has a good chance of seeing an upside share-price reaction. The average one-day share price change for the 19 triple plays so far this season has been a decline of 2.3%, and only four of 19 have traded higher.
MXL's Q3'26 earnings beat estimates as revenues surge 72%, fueled by AI data center demand. Strong infrastructure growth lifts its Q4 revenue outlook.
MaxLinear raises its 2026 optical revenue outlook to $250-$270 million as AI demand surges, with 1.6T products and hyperscaler orders fueling growth prospects.
MaxLinear raised 2026 optical data center revenue target to $250 million. Infrastructure revenue expanded 210% year over year in the third quarter.
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