MXLMAXLINEAR, INC

Semiconductors & Related Devices

Revenue: $468M; 30% YoY
Operating margin: -27.1%; 56% YoY
EBITDA: −$83M; 51% YoY
Market cap: $6.1B
Employees: 786; $595K revenue each
Net debt / EBITDA: —; $344M net debt
AI in 10-K: 3.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
16% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
102% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$595K · 65th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.5 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$60M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$892M	$1.1B	$693M	$361M	$468M	30%
Operating income	$65M	$180M	−$38M	−$223M	−$127M	43%
Net income	$42M	$125M	−$73M	−$245M	−$137M	44%
Operating cash flow	$168M	$389M	$43M	−$45M	$20M	143%
Capex	$39M	$41M	$13M	$18M	$13M	29%
Stock-based comp	$59M	$82M	$55M	$66M	$77M	17%
Buybacks	$24M	$32M	$0	$0	$20M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $60M · 30
Net: −$60M

Pay vs performance

No pay-versus-performance disclosure yet.