Marvell Technology vs ON Semiconductor
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The short version
- 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 75.4x against 46.6x for ON Semiconductor.
| Latest fiscal year | MRVL · FY26 | ON · FY25 |
|---|---|---|
| Size | ||
| Market cap | $210.5B | $29.2B |
| 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 | 75.4x | 46.6x |
| Piotroski F-score | 6 | 5 |
Revenue
FY17
MRVL $2.3B
ON $5.5B
FY18
MRVL $2.4B
ON $5.9B
FY19
MRVL $2.9B
ON $5.5B
FY20
MRVL $2.7B
ON $5.3B
FY21
MRVL $3.0B
ON $6.7B
FY22
MRVL $4.5B
ON $8.3B
FY23
MRVL $5.9B
ON $8.3B
FY24
MRVL $5.5B
ON $7.1B
FY25
MRVL $5.8B
ON $6.0B
FY26
MRVL $8.2B
ON —
MRVL
ON
Operating margin
FY17
MRVL 5.7%
ON 12.3%
FY18
MRVL 17.8%
ON 14.4%
FY19
MRVL 1.5%
ON 7.8%
FY20
MRVL −9.0%
ON 6.6%
FY21
MRVL −8.7%
ON 19.1%
FY22
MRVL −7.8%
ON 28.3%
FY23
MRVL 4.0%
ON 30.8%
FY24
MRVL −10.3%
ON 25.0%
FY25
MRVL −12.5%
ON 1.4%
FY26
MRVL 16.1%
ON —
MRVL
ON
Free cash flow
FY17
MRVL −$403M
ON $707M
FY18
MRVL $533M
ON $759M
FY19
MRVL $521M
ON $160M
FY20
MRVL $278M
ON $501M
FY21
MRVL $711M
ON $1.3B
FY22
MRVL $650M
ON $1.6B
FY23
MRVL $1.1B
ON $438M
FY24
MRVL $1.0B
ON $1.2B
FY25
MRVL $1.4B
ON $1.4B
FY26
MRVL $1.4B
ON —
MRVL
ON
Return on capital
FY17
MRVL —
ON 14.1%
FY18
MRVL —
ON 14.0%
FY19
MRVL 0.6%
ON 6.0%
FY20
MRVL −2.7%
ON 5.7%
FY21
MRVL −2.2%
ON 17.9%
FY22
MRVL −1.9%
ON 29.1%
FY23
MRVL 0.6%
ON 28.7%
FY24
MRVL −2.4%
ON 16.9%
FY25
MRVL −3.3%
ON 0.9%
FY26
MRVL 7.0%
ON —
MRVL
ON
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.