Marvell Technology vs ON Semiconductor
Marvell Technology reported revenue of $8.2 billion in fiscal 2026, 1.4 times ON Semiconductor's $6.0 billion in fiscal 2025. Marvell Technology's revenue grew 42.1% in its latest year, and ON Semiconductor's fell 15.3%. Marvell Technology had an operating margin of 16.1%, against 1.4% at ON Semiconductor. Free cash flow was $1.4 billion at Marvell Technology and $1.4 billion at ON Semiconductor. Their fiscal years end in different months (January 31 and December 31), so the periods don't line up exactly.
Side by side
| Marvell Technology | ON Semiconductor | |
|---|---|---|
| Latest fiscal year | FY2026, Jan 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $8.2B | $6.0B |
| Revenue growth | 42.1% | −15.3% |
| Revenue growth a year, last 5 years | 22.5% | 2.7% |
| Gross margin | 51.0% | 33.1% |
| Operating margin | 16.1% | 1.4% |
| Net margin | 32.6% | 2.0% |
| Free cash flow | $1.4B | $1.4B |
| Free cash flow margin | 17.0% | 23.7% |
| Return on capital | 7.0% | 0.9% |
| Net debt to EBITDA | 0.9x | 0.6x |
| Dividends and buybacks | $2.2B | $1.4B |
| Change in diluted share count | 0.5% | −4.8% |
| Last close | $233.78 | $74.06 |
| P/E at the last close | 77.2× | 47.8× |
| Insider trades, last 12 months | sold $55.1 million | sold $21.3 million |
| Piotroski F-score | 6 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Marvell TechnologyON Semiconductor
Operating margin
Percent of revenue
Marvell TechnologyON Semiconductor
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Marvell TechnologyON Semiconductor
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Marvell Technology and ON Semiconductor pages.