Is the business good?
How good a business is MXL?
MaxLinear, Inc. earns −15% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−15%
Return on invested capital · cost of capital 9.0% · 24 points below what the capital costs: growth destroys value
- Operating margin
- −19%
Operating margin · Semiconductors median 8.5% · 12 months to Q1 2026
- Share count, year on year
- +2.7%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 41%
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 Q1 2026
- 57%
- Operating margin12 months to Q1 2026
- −19%
- Net margin12 months to Q1 2026
- −26%
- Free cash flow margin
- 2.0%
- R&D as % of revenue
- 41%
- Revenue, trailing twelve months
- $509M
- Free cash flow, trailing twelve months
- $10M
- Net income, trailing twelve months
- −$132M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −15%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.