Latest Ratios: P/E Ratio -60.6x · EV/EBITDA N/A · ROE -28.2%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.6B | $1.5B | $1.7B | $1.9B | $2.7B | $6.0B | $2.8B | $1.5B | $1.2B | $1.8B | $1.5B |
| Enterprise Value | $8.6B | $1.6B | $1.7B | $1.9B | $2.7B | $6.2B | $3.0B | $1.6B | $1.4B | $2.0B | $1.4B |
| P/E Ratio → | -60.56 | — | — | — | 21.90 | 142.25 | — | — | — | — | 23.96 |
| P/S Ratio | 18.32 | 3.23 | 4.59 | 2.77 | 2.45 | 6.73 | 5.84 | 4.75 | 3.13 | 4.16 | 3.80 |
| P/B Ratio | 18.33 | 3.34 | 3.20 | 2.80 | 4.06 | 12.28 | 7.14 | 3.63 | 3.01 | 4.52 | 4.18 |
| P/FCF | 1220.08 | 214.96 | — | 165.50 | 7.90 | 46.55 | 45.71 | 21.08 | 12.71 | 25.89 | 13.55 |
| P/OCF | 436.63 | 76.93 | — | 76.60 | 7.06 | 35.71 | 37.95 | 19.23 | 11.74 | 23.32 | 12.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.41 | 4.67 | 2.72 | 2.42 | 6.97 | 6.34 | 5.15 | 3.62 | 4.82 | 3.59 |
| EV / EBITDA | — | — | — | 40.48 | 10.54 | 40.93 | — | 36.41 | 21.11 | 30.40 | 13.89 |
| EV / EBIT | — | — | — | — | 14.74 | 102.13 | — | — | — | — | 21.82 |
| EV / FCF | — | 226.80 | — | 162.87 | 7.81 | 48.16 | 49.69 | 22.88 | 14.68 | 29.95 | 12.79 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.8% | 56.8% | 53.4% | 55.2% | 56.9% | 52.9% | 39.5% | 45.6% | 45.9% | 42.5% | 59.3% |
| Operating Margin | -27.1% | -27.1% | -46.8% | -2.3% | 16.5% | 7.6% | -17.3% | -6.1% | -3.4% | -0.0% | 19.0% |
| Net Profit Margin | -29.2% | -29.2% | -68.0% | -10.6% | 11.2% | 4.7% | -20.6% | -6.3% | -6.8% | -2.2% | 15.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -28.2% | -28.2% | -40.8% | -10.7% | 21.5% | 9.5% | -24.5% | -4.9% | -6.7% | -2.5% | 19.9% |
| ROA | -16.4% | -16.4% | -25.1% | -6.4% | 11.2% | 4.0% | -11.2% | -2.7% | -3.2% | -1.4% | 16.2% |
| ROIC | -17.6% | -17.6% | -21.1% | -1.8% | 20.7% | 7.6% | -10.6% | -2.6% | -1.6% | -0.0% | 23.7% |
| ROCE | -19.6% | -19.6% | -21.8% | -1.9% | 21.9% | 8.2% | -11.4% | -2.9% | -1.8% | -0.0% | 22.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.35 | 0.35 | 0.29 | 0.23 | 0.23 | 0.69 | 1.00 | 0.53 | 0.65 | 0.90 | — |
| Debt / EBITDA | — | — | — | 3.38 | 0.60 | 2.24 | — | 4.92 | 3.96 | 5.22 | — |
| Net Debt / Equity | — | 0.18 | 0.06 | -0.04 | -0.05 | 0.43 | 0.62 | 0.31 | 0.47 | 0.71 | -0.24 |
| Net Debt / EBITDA | — | — | — | -0.66 | -0.13 | 1.38 | — | 2.85 | 2.84 | 4.12 | -0.83 |
| Debt / FCF | — | 11.84 | — | -2.64 | -0.09 | 1.62 | 3.99 | 1.79 | 1.97 | 4.06 | -0.76 |
| Interest Coverage | -10.18 | -10.18 | -20.95 | -4.96 | 18.83 | 4.68 | -7.87 | -1.92 | -1.30 | -2.28 | 613.40 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 1.77 | 2.20 | 1.65 | 1.95 | 1.55 | 2.73 | 2.56 | 2.64 | 3.92 |
| Quick Ratio | 0.92 | 0.92 | 1.28 | 1.75 | 1.18 | 1.31 | 1.13 | 2.26 | 1.97 | 1.94 | 3.44 |
| Cash Ratio | 0.40 | 0.40 | 0.66 | 0.85 | 0.61 | 0.63 | 0.64 | 1.40 | 1.05 | 0.96 | 2.40 |
| Asset Turnover | — | 0.59 | 0.42 | 0.64 | 0.94 | 0.85 | 0.46 | 0.44 | 0.50 | 0.49 | 0.92 |
| Inventory Turnover | 2.58 | 2.58 | 1.86 | 3.11 | 3.01 | 3.19 | 2.96 | 5.48 | 4.99 | 4.52 | 5.94 |
| Days Sales Outstanding | — | 36.00 | 86.52 | 89.83 | 55.71 | 48.97 | 51.43 | 58.01 | 56.40 | 57.40 | 47.51 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 4.6% | 0.7% | — | — | — | — | 4.2% |
| FCF Yield | 0.1% | 0.5% | — | 0.6% | 12.7% | 2.1% | 2.2% | 4.7% | 7.9% | 3.9% | 7.4% |
| Buyback Yield | 0.2% | 1.3% | 0.0% | 0.0% | 1.1% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 1.3% | 0.0% | 0.0% | 1.1% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $87M | $84M | $81M | $81M | $80M | $73M | $71M | $68M | $66M | $68M |
Sustained Operating Margin Deficit
Based on current market data, MaxLinear trades at a price-to-sales ratio of 18.49, a valuation that appears disconnected from its negative earnings profile and suggests investors are pricing in a significant recovery rather than reflecting the company's current, highly volatile fundamental reality.
The forward P/E of 72.24 implies an aggressive expectation for earnings normalization that may be difficult to achieve given the current fixed-cost structure. Investors should monitor whether this premium valuation is supported by genuine design-win momentum in the infrastructure segment or if it represents a speculative bet on cyclical recovery.
As reported in recent financial statements, MaxLinear's ROIC has remained consistently negative, reaching -2.3% in 2026Q1, which indicates that the company is currently failing to generate returns above its cost of capital while struggling to scale its specialized mixed-signal product portfolio.
The persistent negative ROIC trend suggests that the company's heavy R&D investment is not yet translating into profitable growth. This decay in capital efficiency warrants further investigation into whether the current product roadmap can achieve the necessary margins to justify the capital deployed in recent years.
According to quarterly filings, MaxLinear's cash conversion cycle has shown extreme volatility, with days inventory outstanding reaching 127 days in 2026Q1, reflecting significant challenges in managing supply chain inventory levels during a period of fluctuating demand across its core broadband and connectivity end markets.
The high inventory levels relative to revenue suggest that the company may be carrying excess stock that risks obsolescence as industry standards evolve. This inefficiency in working capital management appears to be a primary drag on liquidity, necessitating a more disciplined approach to inventory procurement and channel management.
Based on reported figures, MaxLinear maintains a debt-to-equity ratio of 0.28, which appears superficially conservative, yet this metric is increasingly misleading given the company's shrinking equity base and the persistent inability to generate positive operating cash flow to service its existing financial obligations.
While the debt load itself is not excessive, the lack of interest coverage—evidenced by negative figures—indicates that the company is operating in a precarious state. Investors should monitor the company's ability to maintain its current debt structure without further eroding its remaining cash reserves.
The price-to-sales ratio is the most commonly misapplied metric for MaxLinear, as it obscures the company's severe lack of operating leverage and the high R&D intensity required to maintain its competitive position in the specialized mixed-signal semiconductor market.
Relying on P/S ignores the fact that revenue growth does not necessarily equate to value creation when the underlying cost structure is burdened by high fixed expenses. Analysts should instead focus on free cash flow yield or operating margin expansion as more reliable indicators of the company's true earning power.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying MXL stock.
MaxLinear, Inc.'s current P/E ratio is -60.6x. The historical average is 56.0x.
MaxLinear, Inc.'s return on equity (ROE) is -28.2%. The historical average is -6.3%.
Based on historical data, MaxLinear, Inc. is trading at a P/E of -60.6x. Compare with industry peers and growth rates for a complete picture.
MaxLinear, Inc. has 56.8% gross margin and -27.1% operating margin.