MaxLinear has executed a genuine demand inflection, with quarterly revenue rising from $81.1M in 2024Q3 to $218.1M in 2026Q3 (+72.4% YoY), gross margin expanding 510bps to 58.7%, and operating income swinging from -$38.7M to $30.2M (13.9% margin) on a largely fixed ~$60.6M quarterly R&D base, suggesting real operating…
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth has swung from a -50.0% contraction in 2024Q2 to +72.4% expansion in 2026Q3 on $218.1M of revenue, lifting gross margin 510bps to 58.7% and producing a first materially positive operating quarter of $30.2M (13.9% operating margin) and $0.30 diluted EPS after seven consecutive loss-making periods.
MaxLinear leverages its expertise in analog, mixed-signal, and RF engineering across data centers, telecom infrastructure, and edge routing, driving growth.
The company's products enable next-generation solutions in Broadband Access, Connectivity, Infrastructure, and Industrial markets, positioning it for future growth.
MaxLinear has announced new collaborations in high-performance storage, AI-driven networking, and 5G fixed wireless access, highlighting its innovative capabilities.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 22, 2026 | $0.62+11.1% vs $0.56 | $218M+1.4% vs $215M |
Q3 2026 Jul 23, 2026 | $0.35+6.3% vs $0.33 | $169M+2.6% vs $165M |
Q2 2026 Apr 23, 2026 | $0.22+22.2% vs $0.18 | $137M+2.0% vs $135M |
Q1 2026 Jan 29, 2026 | $0.19+5.6% vs $0.18 | $136M+1.2% vs $135M |
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.
Benchmark MXL against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for MaxLinear, Inc. (MXL)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $49.18 | $4.46B | -163.61 | 29.71% | -4.45% | -6.11% | — | |
| $221.50 | $7.31B | -188.06 | 34.29% | -4.57% | -3.59% | — | |
| $210.98 | $16.1B | 49.25 | 37.26% | 25.25% | 22.32% | — | |
| $538.59 | $41.9B | -8.33 | 83.22% | -175.78% | -201.86% | — | |
| $243.39 | $34.45B | 54.29 | 18.79% | 10.87% | 22.82% | — | |
| $141.20 | $123.52B | 49.27 | 42.09% | 27.93% | 16.22% | 0.17% |
MaxLinear, Inc. (MXL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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MaxLinear, Inc. (MXL) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 22, 2026·SEC
Jul 23, 2026·SEC
Jun 1, 2026·SEC
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MaxLinear, Inc. (MXL) stock FAQ — growth, dividends, profitability & financials explained
MaxLinear, Inc. (MXL) reported $660.5M in revenue over the trailing twelve months. Revenue was $467.6M in fiscal year 2025. That is 4723% more than the $9.7M of fiscal year 2007.
MaxLinear, Inc. (MXL) grew revenue by 56.0% over the trailing twelve months, compared with the twelve months before.
No. MaxLinear, Inc. (MXL) reported a net loss of $29.4M over the trailing twelve months.
MaxLinear, Inc. (MXL) had a return on equity (ROE) of -6.1% over the trailing twelve months. A negative ROE means the company lost money over the period.
MaxLinear, Inc. (MXL) had negative free cash flow of $20.6M over the trailing twelve months.
