Analog Devices vs Marvell Technology
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KIRA’s take AI analyst
I put Analog Devices and Marvell Technology side by side, using each one’s latest annual report. Here is what stands out:
- 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 77.2x against 48.4x for Analog Devices.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Analog Devices
ADI
5/11
Gross marginOperating marginFCF marginPiotroski F-scoreShare count change
Marvell Technology
MRVL
6/11
Revenue growth5-year growthNet marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | ADI FY25 | MRVL FY26 |
|---|---|---|
| Size | ||
| Market cap | $199.4B | $215.4B |
| 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 | 48.4x | 77.2x |
| Piotroski F-score | 8 | 6 |
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.