MXLNasdaqSemiconductors & Related DevicesUS GAAP · USD

MaxLinear, Inc

MaxLinear designs and sells radio-frequency, analog, digital and mixed-signal integrated circuits used in broadband access, wired and wireless infrastructure, and industrial and multi-market applications. The company also monetizes intellectual property through licenses and related agreements, with a business model that relies heavily on a small number of large customers and Asian ODMs and contract manufacturers.

Kysy yhtiöstä
Liikevaihto468milj. USD
+29,7 %v/v
Liikevoitto (EBIT)−127milj. USD
+43,2 %v/v
EBIT-marginaali−27,1%
+34,8 %-yks.v/v
Nettotulos−137milj. USD
+44,3 %v/v
Vapaa kassavirta7,0milj. USD
+111,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50005001 0001 500milj. USD2020: 479 milj. USD2020: EBIT −101 milj. USD20202021: 892 milj. USD2021: EBIT 65 milj. USD20212022: 1 120 milj. USD2022: EBIT 180 milj. USD20222023: 693 milj. USD2023: EBIT −38 milj. USD20232024: 361 milj. USD2024: EBIT −223 milj. USD20242025: 468 milj. USD2025: EBIT −127 milj. USD2025468−127
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: MaxLinear, Inc

Liiketoiminta

Osuus liikevaihdosta
Broadband RF and connectivity ICs45 %

Analog and mixed-signal chips for broadband access, connected home, and wireless infrastructure.

High-speed interconnect and interface20 %

Semiconductors used in fiber-optic modules and other high-speed data links.

Industrial and multi-market ICs15 %

Mixed-signal products for industrial and other diversified electronic applications.

Data/video compression and security10 %

Products that compress, encrypt, and process data and video streams.

IP licensing and other revenue10 %

Patent and intellectual property licenses and related consideration.

Tuotteet

Raportoitu · osuus liikevaihdosta
43,7%31,7%16,7%FY2025100 %
  • Broadband43,7 %
  • Infrastructure31,7 %
  • Connectivity16,7 %
  • Industrialandmultimarket7,9 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

MaxLinear sells to electronics distributors, module makers, OEMs and ODMs that embed its chips into finished systems. Its products show up in PON outdoor units, Wi-Fi routers, broadband gateways, cable modems, and high-speed fiber-optic modules, so customer demand is tied to broadband, connectivity, and infrastructure spending. Revenue is concentrated: a small number of customers and distributors account for a large share of sales, which makes design wins and customer retention strategically important.

ODMs and contract manufacturers

Buy connectivity and broadband ICs for systems sold into Europe and North America; important because they drive volume and global end-market reach.

Electronics distributors

Purchase products for resale into multiple end markets and can materially affect near-term order flow.

Module makers

Buy high-speed interconnect solutions for fiber-optic and data-center modules where performance and integration matter.

OEMs

Integrate MaxLinear chips into finished networking and infrastructure equipment to improve connectivity and signal performance.

IP licensees

Receive intellectual property rights or technology access under license agreements that can add non-product revenue.

Strategia

MaxLinear is focused on extending its RF and mixed-signal technology leadership by combining analog, digital, and embedded processing capabilities into higher-value connectivity solutions. It is also trying to deepen relationships with market-leading customers so that its roadmap is shaped by real deployment needs and design wins convert more quickly into revenue. The company’s strategy is tied to recovery in broadband and connectivity markets while broadening into adjacent infrastructure and industrial applications.

Extend RF and mixed-signal technology leadershipKeskipitkä aikaväli

Differentiated chip performance and integration are central to winning sockets against larger semiconductor rivals.

Deepen customer relationships with market leadersLyhyt aikaväli

Large customers influence product roadmaps and can accelerate adoption of new ICs.

Capture recovery in broadband and connectivity marketsLyhyt aikaväli

Recent revenue improvement has been tied to market recovery after inventory correction and macro weakness.

Maantiede

MaxLinear ships most of its products to Asia, with Asia accounting for 82% of net revenue in 2025 and 79% in the first half of 2025. Hong Kong is the largest disclosed shipping destination, and Vietnam has become more important, while the company says many of the systems built by Asian customers are ultimately sold into Europe and North America. All sales are denominated in U.S. dollars, reducing transaction-currency complexity but not end-market concentration risk.

Riskit

The business is exposed to customer concentration, supply-chain dependence, and cyclical demand swings in broadband and connectivity markets. It also faces technology, IP, and cybersecurity risks typical of semiconductor companies, including product security vulnerabilities, open-source software exposure, and the need to protect trademarks and patents across jurisdictions.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration1Supply chain disruption2Product security vulnerabilities3Demand cyclicality and channel inventory4Intellectual property protection5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentrationVaikutus: KorkeaTodennäköisyys: Korkea

    A few customers account for a large share of revenue, so order deferrals or losses can materially affect results.

    Kohdistuu: Two customers accounted for 28% of 2025 revenue; ten customers for 65%.

  2. Supply chain disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company relies on third-party foundries, packaging, assembly, and logistics providers without long-term supply contracts.

    Kohdistuu: Any disruption could delay product availability and customer shipments.

  3. Product security vulnerabilitiesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Security flaws in chips or licensed IP can create customer losses, recalls, or reputational damage.

    KohdistuuRelevant to cloudIoTAICritical infrastructurePaymentAutomotive applications
  4. Demand cyclicality and channel inventoryVaikutus: KeskitasoTodennäköisyys: Korkea

    Broadband and connectivity markets can swing with macro conditions and inventory corrections.

    Kohdistuu: Management cited excess inventory in the channel after the 2021-2022 shortage.

  5. Intellectual property protectionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The company depends on patents, trademarks, and licensing rights to defend its product position.

    Kohdistuu: Trademark enforcement may be difficult before registrations are approved in all jurisdictions.

Kysy Clarifolta: MaxLinear, Inc

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Sales include product shipments and intellectual property consideration, so timing and contract terms affect reported revenue.

Vaikutus: Quarterly revenue comparability and mix between product and IP revenue

Inventory valuation

Channel inventory and demand swings can require write-downs or reserve adjustments.

Vaikutus: Gross margin and cost of revenue

Goodwill and intangible assets

Acquisitions and licensed technology create assets that may need amortization or impairment testing.

Vaikutus: Operating income and balance-sheet carrying values

Business combinations

Acquisition accounting can create fair-value step-ups and acquired technology assets that affect future earnings.

Vaikutus: Purchase accounting and post-deal amortization

Income taxes

Tax estimates rely on judgments about realizability, jurisdictional mix, and uncertain positions.

Vaikutus: Effective tax rate and net income

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Päivitetty: 24.9.2026