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Maxlinear, Inc

MXL

Semiconductors & Related Devices

Mkt Cap

$1.78B

PE

-24.33

Debt

$125M

Cash

$188.4M

EV

$1.716B

FCF

$29.92M

Market Cap

$1.78B

P/E Ratio

-24.33

Debt

$125M

Cash

$188.4M

EV

$1.716B

FCF

$29.92M
Charts data: {"Earnings":[{"time":"2014-12-30","value":-7041000},{"time":"2015-12-30","value":-42331000},{"time":"2016-12-30","value":61292000},{"time":"2017-12-30","value":-9187000},{"time":"2018-12-30","value":-26199000},{"time":"2019-12-30","value":-19898000},{"time":"2020-12-30","value":-98593000},{"time":"2021-12-30","value":41969000},{"time":"2022-12-30","value":125040000},{"time":"2023-12-30","value":-73147000}],"Sales":[{"time":"2014-12-30","value":133112000},{"time":"2015-12-30","value":300360000},{"time":"2016-12-30","value":387832000},{"time":"2017-12-30","value":420318000},{"time":"2018-12-30","value":384997000},{"time":"2019-12-30","value":317180000},{"time":"2020-12-30","value":478596000},{"time":"2021-12-30","value":892398000},{"time":"2022-12-30","value":1120252000},{"time":"2023-12-30","value":693263000}],"Net Margins":[{"time":"2014-12-30","value":-0.052895306208305785},{"time":"2015-12-30","value":-0.140934212278599},{"time":"2016-12-30","value":0.15803750077353082},{"time":"2017-12-30","value":-0.021857260455179175},{"time":"2018-12-30","value":-0.06804988090816293},{"time":"2019-12-30","value":-0.06273409420518318},{"time":"2020-12-30","value":-0.20600464692559067},{"time":"2021-12-30","value":0.0470294644317894},{"time":"2022-12-30","value":0.11161774315064825},{"time":"2023-12-30","value":-0.1055111840672299}],"Assets":[{"time":"2014-12-30","value":135711000},{"time":"2015-12-30","value":334505000},{"time":"2016-12-30","value":422652000},{"time":"2017-12-30","value":824862000},{"time":"2018-12-30","value":738831000},{"time":"2019-12-30","value":705791000},{"time":"2020-12-30","value":1022442000},{"time":"2021-12-30","value":1050384000},{"time":"2022-12-30","value":1180025000},{"time":"2023-12-30","value":1080257000}],"Stockholders Equity":[{"time":"2014-12-30","value":99102000},{"time":"2015-12-30","value":262924000},{"time":"2016-12-30","value":352424000},{"time":"2017-12-30","value":387424000},{"time":"2018-12-30","value":399936000},{"time":"2019-12-30","value":414920000},{"time":"2020-12-30","value":391117000},{"time":"2021-12-30","value":489198000},{"time":"2022-12-30","value":676385000},{"time":"2023-12-30","value":686265000}],"ROE":[{"time":"2014-12-30","value":-0.07104801114003753},{"time":"2015-12-30","value":-0.1610008975977849},{"time":"2016-12-30","value":0.17391551086191634},{"time":"2017-12-30","value":-0.023713037911951763},{"time":"2018-12-30","value":-0.06550798127700432},{"time":"2019-12-30","value":-0.04795623252675214},{"time":"2020-12-30","value":-0.2520805794685478},{"time":"2021-12-30","value":0.08579143823155451},{"time":"2022-12-30","value":0.1848651285880083},{"time":"2023-12-30","value":-0.10658710556417711}],"ROA":[{"time":"2014-12-30","value":-0.06432787320114065},{"time":"2015-12-30","value":-0.1279681918058026},{"time":"2016-12-30","value":0.1509374142320396},{"time":"2017-12-30","value":-0.02627227342270586},{"time":"2018-12-30","value":-0.025170844212005182},{"time":"2019-12-30","value":-0.030251165004937724},{"time":"2020-12-30","value":-0.0989190584893813},{"time":"2021-12-30","value":0.06211537875672135},{"time":"2022-12-30","value":0.15274506896040338},{"time":"2023-12-30","value":-0.03538139535314282}]}

MaxLinear, Inc. engages in the provision of communications systems-on-chip solutions for the connected home, wired and wireless infrastructure, and industrial and multi-market applications worldwide. Its products integrate various portions of a high-speed communication system, including radiofrequency, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. The company's products are used in various electronic devices, such as cable Data Over Cable Service Interface Specifications, fiber and DSL broadband modems and gateways; Wi-Fi and wireline routers for home networking; radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; and fiber-optic modules for data center, metro, and long-haul transport networks, as well as power management and interface products. It serves electronics distributors, module makers, original equipment manufacturers, and original design manufacturers through a direct sales force, third-party sales representatives, and a network of distributors. The company was incorporated in 2003 and is headquartered in Carlsbad, California.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$29.92M$35.42M$41.4M$47.78M$54.43M$61.2M$67.9M$74.33M$80.25M$85.46M$89.73M$897.3M
DCF$30.8M$31.31M$31.42M$31.12M$30.43M$29.36M$27.94M$26.23M$24.29M$22.18M$221.8M
Value$506.9M

In the chart Earnings are multiplied by this value.

Earnings Growth 14%
Earnings Stability -33%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin-14%16%-2.2%-6.8%-6.3%-21%4.7%11%-11%-11%
ROA-13%15%-2.6%-2.5%-3%-9.9%6.2%15%-3.5%-3.5%
ROE-16%17%-2.4%-6.6%-4.8%-25%8.6%18%-11%-11%

What is the average Net Margin?

The average Net Margin over the past 5 years is -4.73%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +1.68%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +0.42%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +1.88%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -3.36%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +2.37%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF-0.005.142.702.976.052.400.364.184.18
Debt Equity-0.000.900.640.510.950.630.180.180.18
MIN
Graham Stability---230%-800%-230%----320%-800%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 4.18.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.12.

What is the Graham’s Stability?

Graham’s Stability measure stands at -8.04.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue8.7%12%13%-38%-7.5%
Net Income-----
Stockholders Equity10%11%21%1.5%-10%
FCF-17%-21%-21%-91%-93%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +12.48%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -7.51%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +22.8%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +11.4%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -10.36%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -20.61%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -93.4%.