Marvell Technology

MRVL · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

MRVL · Last close · October 26, 2026

$233.78

Marvell Technology's revenue rose 42.1% to $8.2 billion in fiscal 2026. Its operating margin was 16.1%, up from −12.5% a year earlier. Free cash flow was $1.4 billion, down 0.0%. It paid out $2.2 billion in dividends and buybacks, 161% of free cash flow. The diluted share count rose 0.5%.

MARVELL TECHNOLOGY, INC Latest fiscal year ended January 31, 2026 10-K filed March 11, 2026 · 0001835632-26-000011 Updated October 9, 2026

Revenue

$8.2B

42.1%

Operating margin

16.1%

28.6 pts

Net income

$2.7B

Free cash flow

$1.4B

flat

Return on capital

7.0%

10.2 pts

Market cap

$215.4B

Oct 26 close

P/E

77.2x

On $3.03 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Years to fiscal 2021 come from Marvell Technology Group, the parent company until Marvell moved its holding company to the US in 2021.

What Marvell Technology does

Marvell designs semiconductors that move, process and store data in data centers and networks. It is fabless, which means it designs chips and pays other companies to manufacture them. Its products include custom chips built to a single customer's specification, optical and electrical connection chips, Ethernet switches, processors, security processors and storage controllers.

Marvell sells to equipment makers, design manufacturers and distributors, and it reports one segment. It groups sales into two end markets: data center, which includes chips for AI systems, cloud servers and storage, and communications and other, which covers networking, carrier and consumer equipment. Data center is the larger of the two and has grown as a share of sales. Marvell says one distributor and one direct customer each account for at least a tenth of its net revenue. It competes with companies that make their own chips and, in many cases, run their own factories.

In August 2025 Marvell sold its automotive ethernet business to Infineon for $2.5 billion in cash. In early 2026 it bought Celestial AI, which makes optical connection technology for AI data centers, and XConn Technologies, which makes switching chips.

Its biggest risks, as it describes them

Weak or uncertain conditions in the data center and communications markets that can slow its growth.
Large customers that may start designing their own chips instead of buying Marvell's.
Strong competition from companies with longer histories, more resources and their own factories.
Trade policy changes and export limits, especially involving China and Chinese customers.
Acquisitions and sales of businesses that may not work out, and debt that could limit its choices.

From Marvell Technology's annual report on Form 10-K, filed March 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 62.0% a year and net income 71.1% a year, as new shares raised the share count by 68% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Marvell Technology yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Marvell Technology says to expect

Third quarter fiscal 2027: net revenueNet revenue is expected to be $3.150 billion +/- 5%.
Third quarter fiscal 2027: non-GAAP gross marginNon-GAAP gross margin is expected to be 57.5% to 58.5%.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 27, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Marvell Technology's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Marvell Technology's fiscal 2026 free cash flow of $1.4B, net cash of −$2.3B at January 31, 2026 and 870 million diluted shares, from its filings. The scenarios are fitted to Marvell Technology: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Semiconductors), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Marvell Technology's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 13% discount rate. Base: growth of 11.5% then 7% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 17% then 10% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $233.78
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Marvell Technology's earnings per share of $3.03 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 47.8×, the middle of Marvell Technology's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 1, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Amkor Technology, Analog Devices, ON Semiconductor.

Earnings growth in the years ahead (% a year) Starts at Marvell Technology's revenue growth over the last 3 years, 11.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $233.78
Value at this multiple, against the last close: —
Marvell Technology's P/E at the last close: 77.2×

Company	Last close	Earnings per share	P/E today
Marvell TechnologyMRVL	$233.78	$3.03	77.2×
Analog DevicesADI	$407.93	$8.42	48.4×
ON SemiconductorON	$74.06	$1.55	47.8×
Amkor TechnologyAMKR	$36.81	$1.75	21.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	614	911	951	948	2,639
Debt incl. finance leases	4,611	5,076	4,273	4,193	4,970
Net debt (negative means net cash)	3,998	4,166	3,322	3,245	2,332
Net debt to EBITDA	—	7.7x	4.9x	6.4x	0.9x
Debt to equity	0.3x	0.3x	0.3x	0.3x	0.3x
Interest coverage	−2.5x	1.4x	−2.7x	−3.8x	6.5x
Current ratio	1.8x	1.4x	1.7x	1.5x	2.0x
Quick ratio	1.3x	0.9x	1.2x	1.0x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Marvell Technology shares on the open market, and 7 insiders sold $55.1 million, $49.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 16, 2026	Sandeep BharathiPresident, Data Center Group	Sold plan	3,685	$234.97	$865,864	Form 4
Oct 15, 2026	Matthew J MurphyChairman of the Board and CEO, Director	Sold plan	7,500	$235.47	$1.8 million	Form 4
Oct 8, 2026	Justin ScarpullaSVP, Chief Accounting Officer	Sold	1,100	$273.59	$300,949	Form 4
Oct 1, 2026	Chris KoopmansPresident and COO	Sold plan	10,000	$262.05	$2.6 million	Form 4
Sep 15, 2026	Matthew J MurphyChairman of the Board and CEO, Director	Sold plan	7,500	$223.39	$1.7 million	Form 4
Sep 1, 2026	Chris KoopmansPresident and COO	Sold plan	10,000	$203.27	$2.0 million	Form 4
Aug 17, 2026	Matthew J MurphyChairman of the Board and CEO, Director	Sold plan	7,500	$236.08	$1.8 million	Form 4
Aug 3, 2026	Chris KoopmansPresident and COO	Sold plan	10,000	$180.50	$1.8 million	Form 4
Jul 16, 2026	Sandeep BharathiPresident, Data Center Group	Sold plan	9,013	$199.24	$1.8 million	Form 4
Jul 15, 2026	Matthew J MurphyChairman of the Board and CEO, Director	Sold plan	7,500	$209.52	$1.6 million	Form 4
Jul 1, 2026	Chris KoopmansPresident and COO	Sold plan	10,000	$281.92	$2.8 million	Form 4
Jun 23, 2026	Daniel DurnChief Financial Officer	Sold	2,250	$281.01	$632,272	Form 4

The latest 12 of 30 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 9	3 of 9	6 of 9
Accruals ratio	−10.5%	−12.4%	4.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Marvell Technology side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Marvell Technology	FY26	42.1%	16.1%	17.0%	7.0%	0.9x	6
GlobalFoundries	FY25	0.6%	11.7%	14.9%	7.1%	−0.3x	8	Compare
Amkor Technology	FY25	6.2%	7.0%	2.9%	10.4%	−0.5x	6	Compare
Analog Devices	FY25	16.9%	26.6%	38.8%	6.2%	1.0x	8	Compare
ON Semiconductor	FY25	−15.3%	1.4%	23.7%	0.9%	0.6x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	2,301	2,409	2,866	2,699	2,969	4,462	5,920	5,508	5,767	8,195
Revenue growth	−11.6%	4.7%	18.9%	−5.8%	10.0%	50.3%	32.7%	−7.0%	4.7%	42.1%
Gross profit	1,283	1,462	1,458	1,357	1,488	2,064	2,988	2,294	2,382	4,181
Research and development	805	714	914	1,080	1,073	1,424	1,784	1,896	1,950	2,075
Operating income	130	430	43	−243	−258	−348	238	−568	−720	1,323
Net income	21	521	−179	1,584	−277	−421	−164	−933	−885	2,670
Diluted EPS (US$)	0.04	1.02	−0.30	2.34	−0.41	−0.53	−0.19	−1.08	−1.02	3.07
Diluted shares (millions)	518	510	591	676	669	797	851	861	866	870
Cash flow
Cash from operations	−358	571	597	360	817	819	1,289	1,370	1,681	1,750
Capital expenditure	44	39	76	82	107	169	206	336	285	354
Free cash flow	−403	533	521	278	710	650	1,083	1,034	1,397	1,396
Dividends paid	122	119	148	160	161	191	204	207	208	205
Share buybacks	182	528	104	364	25	0	115	150	725	2,040
Acquisitions	0	0	2,650	1,071	0	3,555	112	0	10	0
Stock-based compensation	114	87	184	242	242	461	552	610	597	591
Balance sheet at fiscal year end
Cash and short-term investments	1,700	1,800	582	648	748	614	911	951	948	2,639
Debt incl. finance leases	—	0	1,733	1,439	1,392	4,611	5,076	4,273	4,193	4,970
Total assets	4,649	4,708	10,017	11,133	10,765	22,109	22,522	21,228	20,204	22,285
Total liabilities	621	567	2,710	2,455	2,329	6,406	6,885	6,397	6,778	7,977
Shareholders' equity	4,028	4,141	7,306	8,679	8,436	15,702	15,637	14,831	13,427	14,308
Margins and ratios
Gross margin	55.8%	60.7%	50.9%	50.3%	50.1%	46.3%	50.5%	41.6%	41.3%	51.0%
Operating margin	5.7%	17.8%	1.5%	−9.0%	−8.7%	−7.8%	4.0%	−10.3%	−12.5%	16.1%
Net margin	0.9%	21.6%	−6.2%	58.7%	−9.3%	−9.4%	−2.8%	−16.9%	−15.3%	32.6%
Free cash flow margin	−17.5%	22.1%	18.2%	10.3%	23.9%	14.6%	18.3%	18.8%	24.2%	17.0%
Return on capital	—	—	0.6%	−2.7%	−2.2%	−1.9%	0.6%	−2.4%	−3.3%	7.0%
Return on equity	0.5%	12.8%	−3.1%	19.8%	−3.2%	−3.5%	−1.0%	−6.1%	−6.3%	19.2%
Return on assets	0.4%	11.1%	−2.4%	15.0%	−2.5%	−2.6%	−0.7%	−4.3%	−4.3%	12.6%
Net debt to EBITDA	—	−3.5x	6.9x	—	—	—	7.7x	4.9x	6.4x	0.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Marvell Technology's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Marvell Technology.