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Semiconductors · Technology · Fiscal year ends Dec 31
Maxlinear reported revenue of $468M in the fiscal year ended Dec 2025, up 29.7% from the year before. Operating income was −$127M, an operating margin of −27.1%, and net income was −$137M. Operating cash flow of $20M less capital expenditure of $13M left free cash flow of $7M. Net debt was $51M.
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 892 | 1,120 | 693 | 361 | 468 |
| Cost of revenue | 397 | 470 | 308 | 166 | 202 |
| Gross profit | 496 | 650 | 386 | 195 | 266 |
| Research & development | 278 | 296 | 270 | 225 | 209 |
| Selling, general & admin | 150 | 168 | 132 | 138 | 160 |
| Operating income | 65.2 | 180 | −38.2 | −223 | −127 |
| Interest expense | 13.0 | 9.8 | 10.7 | 10.9 | 10.1 |
| Pre-tax income | 47.9 | 174 | −63.8 | −239 | −141 |
| Income tax | 5.9 | 49.2 | 9.3 | 6.5 | −4.2 |
| Net income | 42.0 | 125 | −73.1 | −245 | −137 |
| Diluted EPS | 0.53 | 1.55 | −0.91 | −2.93 | −1.58 |
| Diluted shares | 79.7 | 80.9 | 80.7 | 83.6 | 86.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 131 | 187 | 187 | 119 | 72.8 |
| Receivables | 120 | 171 | 171 | 85.5 | 46.1 |
| Inventory | 132 | 161 | 99.9 | 90.3 | 78.1 |
| Current assets | 404 | 563 | 488 | 323 | 249 |
| Net PP&E | 60.9 | 79.0 | 66.4 | 59.3 | 48.9 |
| Goodwill | 307 | 307 | 319 | 319 | 319 |
| Total assets | 1,050 | 1,180 | 1,080 | 865 | 796 |
| Payables | 53.0 | 68.6 | 21.6 | 31.4 | 37.9 |
| Deferred revenue | 1.0 | 1.1 | 1.6 | 0.1 | 4.2 |
| Current liabilities | 207 | 341 | 222 | 182 | 186 |
| Short-term debt | – | – | – | – | 0.0 |
| Long-term debt | 306 | 122 | 122 | 123 | 124 |
| Total liabilities | 561 | 504 | 394 | 348 | 345 |
| Shareholders' equity | 489 | 676 | 686 | 516 | 452 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 168 | 389 | 43.4 | −45.3 | 19.6 |
| Capital expenditure | 39.2 | 41.3 | 13.5 | 17.7 | 12.6 |
| Free cash flow | 129 | 347 | 29.9 | −63.0 | 7.0 |
| Depreciation & amortisation | 91.8 | 80.7 | 71.5 | 54.1 | 44.0 |
| Stock-based compensation | 59.4 | 81.7 | 55.2 | 66.0 | 77.1 |
| Acquisitions | 40.0 | 0.0 | 13.3 | 0.0 | 0.0 |
| Share buybacks | 23.5 | 31.5 | 0.0 | 0.0 | 20.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.5% | −38.1% | −48.0% | 29.7% |
| Operating income growth (YoY) | – | 176.3% | −121.2% | – | – |
| EPS growth (YoY) | – | 192.5% | −158.7% | – | – |
| Gross margin | 55.6% | 58.0% | 55.6% | 54.0% | 56.8% |
| Operating margin | 7.3% | 16.1% | −5.5% | −62.0% | −27.1% |
| Net margin | 4.7% | 11.2% | −10.6% | −68.0% | −29.2% |
| Return on equityBlank when equity is negative | 8.6% | 18.5% | −10.7% | −47.5% | −30.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.7% | 21.5% | −4.5% | −32.7% | −20.8% |
| Free cash flow margin | 14.5% | 31.0% | 4.3% | −17.5% | 1.5% |
| Cash conversion (CFO ÷ net income) | 4.01x | 3.11x | −0.59x | 0.18x | −0.14x |
| Receivable days | 49 | 56 | 90 | 87 | 36 |
| Inventory days | 121 | 125 | 119 | 199 | 141 |
| Payable days | 49 | 53 | 26 | 69 | 69 |
| Interest cover | 5.02x | 18.5x | −3.57x | −20.5x | −12.6x |
| Debt ÷ equity | 0.63x | 0.18x | 0.18x | 0.24x | 0.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 176 | −65.6 | −64.9 | 4.4 | 50.8 |
| Current ratio | 1.95x | 1.65x | 2.20x | 1.77x | 1.34x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.