Marvell Technology vs ON Semiconductor
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KIRA’s take AI analyst
I put Marvell Technology and ON Semiconductor side by side, using each one’s latest annual report. Here is what stands out:
- Marvell Technology is the larger business, with $8.2B of revenue in fiscal 2026 against $6.0B for ON Semiconductor.
- Marvell Technology grew revenue faster (42.1%, against −15.4%).
- Marvell Technology kept more of each dollar of sales as operating profit (16.1% operating margin, against 1.4%).
- ON Semiconductor turned more of its sales into free cash flow (23.7% FCF margin, against 17.0%).
- Marvell Technology earned a higher return on the capital invested in it (7.0%, against 0.9%).
- Investors pay more for each dollar of Marvell Technology’s earnings: a P/E of 77.2x against 47.8x for ON Semiconductor.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Marvell Technology
MRVL
8/11
Revenue growth5-year growthGross marginOperating marginNet marginReturn on capitalReturn on equityPiotroski F-score
ON Semiconductor
ON
3/11
FCF marginNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | MRVL FY26 | ON FY25 |
|---|---|---|
| Size | ||
| Market cap | $215.4B | $29.9B |
| Revenue | $8.2B | $6.0B |
| Free cash flow | $1.4B | $1.4B |
| Net income | $2.7B | $121M |
| Growth | ||
| Revenue growth | 42.1% | −15.4% |
| 5-year growth | 22.5% | 2.7% |
| Share count change | 0.5% | −4.8% |
| Profitability | ||
| Gross margin | 51.0% | 33.1% |
| Operating margin | 16.1% | 1.4% |
| Net margin | 32.6% | 2.0% |
| FCF margin | 17.0% | 23.7% |
| Return on capital | 7.0% | 0.9% |
| Return on equity | 19.3% | 1.5% |
| Balance sheet | ||
| Net debt | $2.3B | $457M |
| Net debt / EBITDA | 0.9x | 0.6x |
| Dividends and buybacks | $2.2B | $1.4B |
| Valuation & quality | ||
| P/E | 77.2x | 47.8x |
| Piotroski F-score | 6 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.