Marvell Technology
MRVL Nasdaq Semiconductors Financials FY2017–FY2026
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%.
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.
- Legal name
- MARVELL TECHNOLOGY, INC
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 11, 2026
- Accession · CIK
- 0001835632-26-000011
0001835632
Revenue and margins
Marvell Technology had $8.2B of revenue in fiscal 2026, up 42.1% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 62.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.4B in fiscal 2026, 17.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Marvell Technology returned $2.2B to shareholders in fiscal 2026, 161% of free cash flow. The diluted share count rose 0.5%.
Value Marvell Technology yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.3B and divides by 869.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 75.4x · peers 46.4x · sector 33.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Marvell Technology can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $614M | $911M | $951M | $948M | $2.6B |
| Debt incl. finance leases | $4.6B | $5.1B | $4.3B | $4.2B | $5.0B |
| Net debt / EBITDA | — | 7.7x | 4.9x | 6.4x | 0.9x |
| Debt / equity | 0.3x | 0.3x | 0.3x | 0.3x | 0.4x |
| 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 |
| Total assets | $22.1B | $22.5B | $21.2B | $20.2B | $22.3B |
| Total liabilities | $6.4B | $6.9B | $6.4B | $6.8B | $8.0B |
| Shareholders' equity | $15.7B | $15.6B | $14.8B | $13.4B | $14.3B |
| Net debt (− = net cash) | $4.0B | $4.2B | $3.3B | $3.2B | $2.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$19.7M
5 insiders
Of sales under plans
95%
$18.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 16, 2026 | Sandeep BharathiPresident, Data Center Group | Sold plan | 3,685 | $234.97 | $0.9M | Form 4 |
| Oct 15, 2026 | Matthew J MurphyChairman of the Board and CEO, Director | Sold plan | 7,500 | $235.47 | $1.8M | Form 4 |
| Oct 8, 2026 | Justin ScarpullaSVP, Chief Accounting Officer | Sold | 1,100 | $273.59 | $0.3M | Form 4 |
| Oct 1, 2026 | Chris KoopmansPresident and COO | Sold plan | 10,000 | $262.05 | $2.6M | Form 4 |
| Sep 15, 2026 | Matthew J MurphyChairman of the Board and CEO, Director | Sold plan | 7,500 | $223.39 | $1.7M | Form 4 |
| Sep 1, 2026 | Chris KoopmansPresident and COO | Sold plan | 10,000 | $203.27 | $2.0M | Form 4 |
| Aug 17, 2026 | Matthew J MurphyChairman of the Board and CEO, Director | Sold plan | 7,500 | $236.08 | $1.8M | Form 4 |
| Aug 3, 2026 | Chris KoopmansPresident and COO | Sold plan | 10,000 | $180.50 | $1.8M | Form 4 |
| Jul 16, 2026 | Sandeep BharathiPresident, Data Center Group | Sold plan | 9,013 | $199.24 | $1.8M | Form 4 |
| Jul 15, 2026 | Matthew J MurphyChairman of the Board and CEO, Director | Sold plan | 7,500 | $209.52 | $1.6M | Form 4 |
| Jul 1, 2026 | Chris KoopmansPresident and COO | Sold plan | 10,000 | $281.92 | $2.8M | Form 4 |
| Jun 23, 2026 | Daniel DurnChief Financial Officer | Sold | 2,250 | $281.01 | $0.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 4 / 9 | 3 / 9 | 6 / 9 |
| Accruals ratio | −10.5% | −12.4% | 4.3% |
| Altman Z'' | 2.64 | 2.02 | 3.43 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Marvell Technology MRVL | $210.5B | 42.1% | 16.1% | 17.0% | 7.0% | 75.4x | 6 | |
| GlobalFoundries GFS | $24.8B | 0.6% | 11.7% | 14.9% | 7.1% | — | 8 | Compare → |
| Amkor Technology AMKR | $9.8B | 6.2% | 7.0% | 2.9% | 10.4% | 22.5x | 6 | Compare → |
| Analog Devices ADI | $191.2B | 16.9% | 26.6% | 38.8% | 6.2% | 46.4x | 8 | Compare → |
| ON Semiconductor ON | $29.2B | −15.4% | 1.4% | 23.7% | 0.9% | 46.6x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.3B | $2.4B | $2.9B | $2.7B | $3.0B | $4.5B | $5.9B | $5.5B | $5.8B | $8.2B |
| Gross profit | $1.3B | $1.5B | $1.5B | $1.4B | $1.5B | $2.1B | $3.0B | $2.3B | $2.4B | $4.2B |
| Research and development | $805M | $714M | $914M | $1.1B | $1.1B | $1.4B | $1.8B | $1.9B | $2.0B | $2.1B |
| Operating income | $130M | $430M | $43.3M | −$243M | −$258M | −$348M | $238M | −$568M | −$720M | $1.3B |
| Interest expense | $0.4M | $0.7M | $60.4M | $85.6M | $69.3M | $139M | $171M | $212M | $189M | $203M |
| Pretax income | $147M | $451M | −$4.6M | $798M | −$322M | −$484M | $85.1M | −$759M | −$895M | $3.0B |
| Income tax | $72.6M | $18.1M | $174M | −$786M | −$44.9M | −$62.5M | $249M | $175M | −$9.7M | $377M |
| Net income | $21.2M | $521M | −$179M | $1.6B | −$277M | −$421M | −$164M | −$933M | −$885M | $2.7B |
| Diluted EPS | $0.04 | $1.02 | −$0.30 | $2.34 | −$0.41 | −$0.53 | −$0.19 | −$1.08 | −$1.02 | $3.07 |
| Diluted shares | 0.52B | 0.51B | 0.59B | 0.68B | 0.67B | 0.80B | 0.85B | 0.86B | 0.87B | 0.87B |
| Cash flow | ||||||||||
| Cash from operations | −$358M | $571M | $597M | $360M | $817M | $819M | $1.3B | $1.4B | $1.7B | $1.8B |
| Capital expenditure | $44.5M | $38.6M | $75.9M | $81.9M | $107M | $169M | $206M | $336M | $285M | $354M |
| Free cash flow | −$403M | $533M | $521M | $278M | $711M | $650M | $1.1B | $1.0B | $1.4B | $1.4B |
| Depreciation and amortization | $108M | $83.5M | $124M | $157M | $198M | $266M | $305M | $1.2B | $1.2B | $1.2B |
| Stock-based compensation | $114M | $86.7M | $184M | $242M | $242M | $461M | $552M | $610M | $597M | $591M |
| Acquisitions | $0.0M | $0.0M | $2.6B | $1.1B | $0.0M | $3.6B | $112M | $0.0M | $10.4M | $0.0M |
| Share buybacks | $182M | $528M | $104M | $364M | $25.2M | $0.0M | $115M | $150M | $725M | $2.0B |
| Dividends paid | $122M | $119M | $148M | $160M | $161M | $191M | $204M | $207M | $208M | $205M |
| Dividends and buybacks | $304M | $647M | $252M | $524M | $186M | $191M | $319M | $357M | $933M | $2.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.7B | $1.8B | $582M | $648M | $749M | $614M | $911M | $951M | $948M | $2.6B |
| Total debt | — | $0.0M | $1.7B | $1.4B | $1.4B | $4.6B | $5.1B | $4.3B | $4.2B | $5.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $2.3B | $2.4B | $1.4B | $1.5B | $1.6B | $2.5B | $3.3B | $3.1B | $3.1B | $6.5B |
| Current liabilities | $496M | $421M | $637M | $710M | $1.1B | $1.4B | $2.4B | $1.8B | $2.0B | $3.2B |
| Inventory | $171M | $170M | $276M | $323M | $268M | $720M | $1.1B | $864M | $1.0B | $1.4B |
| Property and equipment, net | $243M | $202M | $319M | $357M | $326M | $463M | $577M | $756M | $791M | $935M |
| Total assets | $4.6B | $4.7B | $10.0B | $11.1B | $10.8B | $22.1B | $22.5B | $21.2B | $20.2B | $22.3B |
| Total liabilities | $621M | $567M | $2.7B | $2.5B | $2.3B | $6.4B | $6.9B | $6.4B | $6.8B | $8.0B |
| Shareholders' equity | $4.0B | $4.1B | $7.3B | $8.7B | $8.4B | $15.7B | $15.6B | $14.8B | $13.4B | $14.3B |
| Margins | ||||||||||
| 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% |
| EBITDA margin | 10.4% | 21.3% | 5.8% | −3.2% | −2.0% | −1.8% | 9.2% | 12.3% | 8.8% | 30.3% |
| Net margin | 0.9% | 21.6% | −6.3% | 58.7% | −9.3% | −9.4% | −2.8% | −17.0% | −15.4% | 32.6% |
| FCF margin | −17.5% | 22.1% | 18.2% | 10.3% | 23.9% | 14.6% | 18.3% | 18.8% | 24.2% | 17.0% |
| Returns | ||||||||||
| Return on capital | — | — | 0.6% | −2.7% | −2.2% | −1.9% | 0.6% | −2.4% | −3.3% | 7.0% |
| Return on capital employed | 3.1% | 10.2% | 0.6% | −2.5% | −2.6% | −2.3% | 1.2% | −2.9% | −3.8% | 7.1% |
| Return on equity | 0.5% | 12.8% | −3.1% | 19.8% | −3.2% | −3.5% | −1.0% | −6.1% | −6.3% | 19.3% |
| Return on assets | 0.4% | 11.1% | −2.4% | 15.0% | −2.5% | −2.6% | −0.7% | −4.3% | −4.3% | 12.6% |
| Growth | ||||||||||
| Revenue growth | −11.6% | 4.7% | 19.0% | −5.8% | 10.0% | 50.3% | 32.7% | −7.0% | 4.7% | 42.1% |
| Net income growth | — | 2,362.4% | −134.4% | — | −117.5% | — | — | — | — | — |
| EPS growth | — | 2,450.0% | −129.4% | — | −117.5% | — | — | — | — | — |
| FCF growth | −339.7% | — | −2.2% | −46.6% | 155.2% | −8.5% | 66.5% | −4.5% | 35.0% | −0.0% |
| Share count change | 1.3% | −1.5% | 16.0% | 14.4% | −1.1% | 19.2% | 6.8% | 1.2% | 0.5% | 0.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | −3.5x | 6.9x | — | — | — | 7.7x | 4.9x | 6.4x | 0.9x |
| Debt / equity | — | 0.0x | 0.2x | 0.2x | 0.2x | 0.3x | 0.3x | 0.3x | 0.3x | 0.4x |
| Interest coverage | 354.4x | 627.3x | 0.7x | −2.8x | −3.7x | −2.5x | 1.4x | −2.7x | −3.8x | 6.5x |
| Current ratio | 4.6x | 5.6x | 2.2x | 2.2x | 1.5x | 1.8x | 1.4x | 1.7x | 1.5x | 2.0x |
| Quick ratio | 4.3x | 5.2x | 1.8x | 1.7x | 1.3x | 1.3x | 0.9x | 1.2x | 1.0x | 1.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | 1.6% | 2.7% | 3.0% | 3.6% | 3.8% | 3.5% | 6.1% | 4.9% | 4.3% |
| Stock comp / revenue | 5.0% | 3.6% | 6.4% | 9.0% | 8.1% | 10.3% | 9.3% | 11.1% | 10.4% | 7.2% |
| Payouts / FCF | — | 121.5% | 48.4% | 188.2% | 26.2% | 29.4% | 29.5% | 34.5% | 66.8% | 160.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 3.0 | 4.0 | 4.0 | 4.0 | 5.0 | 4.0 | 3.0 | 6.0 |
| Altman Z'' | 10.2 | 12.0 | 3.7 | 4.8 | 4.6 | 3.0 | 2.9 | 2.6 | 2.0 | 3.4 |
| Accruals ratio | 7.5% | −1.1% | −10.5% | 11.6% | −10.0% | −7.6% | −6.5% | −10.5% | −12.4% | 4.3% |
Source: SEC EDGAR XBRL filings (CIK 0001835632). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.