F

MaxLinear, Inc — Earnings Quality Grade F

MXL · Technology

Major red flags

Revenue
$468M
2025
Net Income
-$137M
2025
Gross Margin
56.8%
Free Cash Flow
-$0M
01

Screening Summary

10
Passed
5
Watch
2
Failed
-3.66
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 36 days, change -51 days YoY

A2AR vs Revenue Growth

AR growth -46.0% vs revenue growth 29.7%

A3Revenue vs CFFO

Revenue 29.7%, CFFO 143.3%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -13.5% vs COGS 21.8%. Normal

B2CapEx vs Revenue

CapEx growth -15.6% vs revenue 29.7%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 60.0%. Normal

B4Gross Margin

Gross margin 56.8%, change +2.8pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -19.6%. Low accruals

!
C4Cash vs Debt

Cash $0.1B covers 50% of debt $0.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.4B = 81% of equity. Over 50%

!
D2Leverage

Interest coverage = -10.2x (<2x). Financial stress

!
D3Soft Asset Growth

Other assets grew 79.1% vs revenue 29.7%

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Goodwill+Intangibles change -2% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.66 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-3.66
-4.0 Clean-2.22 Grey-1.78 Danger0
0.416
DSRI
AR growing faster than revenue?
0.95
GMI
Gross margin declining?
1.131
AQI
Asset quality deteriorating?
1.297
SGI
Revenue growth rate
1.013
DEPI
Depreciation slowing?
0.889
SGAI
SG&A ratio changing?
-0.1963
TATA
Accruals level
1.101
LVGI
Leverage increasing?
05

Altman Z-Score

-1.26
Distress Zone
0 Distress1.102.605.0+ Safe
0.0789
Liquidity
-0.6283
Cumulative profit
-0.1643
Operating efficiency
1.3117
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25