Forensic Analysis · Technology / Software · as of Jun 27, 2026
MAXLINEAR, INC (MXL)
A forensic read on MAXLINEAR, INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-1.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-28.4%
ROE
$8.7B
Market cap
MAXLINEAR, INC earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -1.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-19%Return on invested capital.Return on invested capital is -19% and slipping from 20% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.4%/yrShare-count dilution.Diluted share count changed +7% over the last 3 years to FY2025 (+2.4%/yr). The count is GROWING — existing holders are being diluted. That's ~2.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~7%.
16% of revStock-based comp load.Stock-based compensation ran 16% of revenue and 1099% of free cash flow in FY2025 — about $0.89 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
285% of FCFShareholder returns.Returned $20M to shareholders (buybacks + dividends) in FY2025 — 285% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
Key fundamentals
Net Margin-29.2%
Debt / Equity0.27x
Free Cash Flow$7.0M
Latest Revenue$467.6M
Return on Equity-30.2%
Revenue Growth YoY+29.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on MAXLINEAR, INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MXL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown