Analog Devices vs Marvell Technology
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The short version
- Analog Devices is the larger business, with $11.0B of revenue in fiscal 2025 against $8.2B for Marvell Technology.
- Marvell Technology grew revenue faster (42.1%, against 16.9%).
- Analog Devices kept more of each dollar of sales as operating profit (26.6% operating margin, against 16.1%).
- Analog Devices turned more of its sales into free cash flow (38.8% FCF margin, against 17.0%).
- Marvell Technology earned a higher return on the capital invested in it (7.0%, against 6.2%).
- Investors pay more for each dollar of Marvell Technology’s earnings: a P/E of 75.4x against 46.4x for Analog Devices.
| Latest fiscal year | ADI · FY25 | MRVL · FY26 |
|---|---|---|
| Size | ||
| Market cap | $191.2B | $210.5B |
| Revenue | $11.0B | $8.2B |
| Free cash flow | $4.3B | $1.4B |
| Net income | $2.3B | $2.7B |
| Growth | ||
| Revenue growth | 16.9% | 42.1% |
| 5-year growth | 14.5% | 22.5% |
| Share count change | −0.4% | 0.5% |
| Profitability | ||
| Gross margin | 61.5% | 51.0% |
| Operating margin | 26.6% | 16.1% |
| Net margin | 20.6% | 32.6% |
| FCF margin | 38.8% | 17.0% |
| Return on capital | 6.2% | 7.0% |
| Return on equity | 6.6% | 19.3% |
| Balance sheet | ||
| Net debt | $4.9B | $2.3B |
| Net debt / EBITDA | 1.0x | 0.9x |
| Dividends and buybacks | $4.1B | $2.2B |
| Valuation & quality | ||
| P/E | 46.4x | 75.4x |
| Piotroski F-score | 8 | 6 |
Revenue
FY17
ADI $5.1B
MRVL $2.3B
FY18
ADI $6.2B
MRVL $2.4B
FY19
ADI $6.0B
MRVL $2.9B
FY20
ADI $5.6B
MRVL $2.7B
FY21
ADI $7.3B
MRVL $3.0B
FY22
ADI $12.0B
MRVL $4.5B
FY23
ADI $12.3B
MRVL $5.9B
FY24
ADI $9.4B
MRVL $5.5B
FY25
ADI $11.0B
MRVL $5.8B
FY26
ADI —
MRVL $8.2B
ADI
MRVL
Operating margin
FY17
ADI 22.8%
MRVL 5.7%
FY18
ADI 30.6%
MRVL 17.8%
FY19
ADI 28.6%
MRVL 1.5%
FY20
ADI 26.7%
MRVL −9.0%
FY21
ADI 23.1%
MRVL −8.7%
FY22
ADI 27.3%
MRVL −7.8%
FY23
ADI 31.1%
MRVL 4.0%
FY24
ADI 21.6%
MRVL −10.3%
FY25
ADI 26.6%
MRVL −12.5%
FY26
ADI —
MRVL 16.1%
ADI
MRVL
Free cash flow
FY17
ADI $950M
MRVL −$403M
FY18
ADI $2.2B
MRVL $533M
FY19
ADI $2.0B
MRVL $521M
FY20
ADI $1.8B
MRVL $278M
FY21
ADI $2.4B
MRVL $711M
FY22
ADI $3.8B
MRVL $650M
FY23
ADI $3.6B
MRVL $1.1B
FY24
ADI $3.1B
MRVL $1.0B
FY25
ADI $4.3B
MRVL $1.4B
FY26
ADI —
MRVL $1.4B
ADI
MRVL
Return on capital
FY17
ADI 10.1%
MRVL —
FY18
ADI 10.3%
MRVL —
FY19
ADI 9.4%
MRVL 0.6%
FY20
ADI 8.5%
MRVL −2.7%
FY21
ADI 5.8%
MRVL −2.2%
FY22
ADI 6.9%
MRVL −1.9%
FY23
ADI 8.5%
MRVL 0.6%
FY24
ADI 4.5%
MRVL −2.4%
FY25
ADI 6.2%
MRVL −3.3%
FY26
ADI —
MRVL 7.0%
ADI
MRVL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.