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Marvell Technology (MRVL) stock

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NASDAQ: MRVL Nasdaq Semiconductors Next results ~December 1, 2026

C+ Fundamentals grade

Marvell Technology is a US-listed company in the semiconductors industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$90–$150 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 32% below it.

Price used: $171.41, November 2, 2026

Marvell Technology valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Marvell Technology files

Where Marvell Technology stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $9.45bn, up 30.6% on a year earlier, slower than 34.1% a quarter earlier. Free-cash-flow margin fell to 18.3% from 21.2% a year earlier. Operating margin widened to 16.5% from 1.3%. The diluted share count is up 2.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $54.84 a share, against a share price of $242.

Source: 10-Q filed August 28, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 1, 2026 (estimated)

Marvell Technology's trailing-twelve-month revenue grew 30.6% year on year, with a free-cash-flow margin of 18.2%. Where it stands out: net margin of 27.9% ranks 12 of 75 semiconductor companies we cover. Where it lags: days sales outstanding of 86 days ranks 52 of 62 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$90–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin expanding: TTM gross margin reached 52.2%, up 7.6pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 30.6% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • Margins widening. Operating margin is up 15.2 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 17.9% over 90 days.

Things to watch

  • Priced above our value. The share price of $171.41 is 32% above our value per share of $120.
  • Share dilution. Diluted shares rose 2.0% in a year.
  • High earnings multiple. The shares trade at 58 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 83% and a beta of 3.3 against the S&P 500.
  • Insiders selling. 7 insiders sold $55M of stock over the past 365 days and none bought (90% under pre-set trading plans).
  • Growth easing. The growth rate is 3.5 points lower than a quarter earlier.

Latest results: FY2027 Q2

Filed August 28, 2026
Earnings per share
$0.94 against an average estimate of $0.93: beat by 1.0%
Revenue
$2.74bn, up 36.5% on a year earlier
Share reaction
-11.6% in the first session after the results on August 27, 2026, against +0.4% for the S&P 500
Guidance given
net revenue $3.15bn (Third Quarter of Fiscal 2027); GAAP gross margin 52.9% to 53.9% (Third Quarter of Fiscal 2027)
Next report
December 1, 2026; average EPS estimate $1.10

Marvell Technology's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-12.7%
  • 1 week-26.7%
  • 1 month-37.0%
  • This year+102.0%
  • 1 year+83.2%
  • 5 years+152.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.5B
Operating margin
16.5%
Net margin
27.9%
EPS (TTM, diluted)
$2.98

Growth

Revenue growth
+30.6%
Change in growth rate
−3.5 pts
Share count change
+2.0%

Cash

Free cash flow (TTM)
$1.7B
FCF margin
18.2%
Stock pay % of revenue
8.9%

Earnings

Last results
November 2, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Results
  3. Agreement
  4. Insider trade
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Insider trade
  10. Dividend
  11. Announcement
  12. Announcement
  13. Announcement
  14. Insider trade
  15. Announcement
  16. Insider trade
  17. Results
  18. Guidance
  19. Agreement
  20. Insider trade
  21. Announcement
  22. Insider trade
  23. Insider trade
  24. Insider trade
  25. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Marvell Technology valuation models and calculator

What the price is pricing in

The share price implies about 37.3% a year of cash-flow growth for five years.That is faster than the 16.2% a year revenue growth Marvell Technology has delivered.

  • Priced in37.3%
  • Last 12 months30.6%
  • 3 years a year18.9%
  • 5 years a year16.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($173.04, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$120
Price used
$173.04close November 3, 2026
Implied change
▼ 33%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Marvell Technology's free cash flow after stock-based pay with after-tax interest added back ($1.3B, FY2027 Q2 TTM), growing 54% and 36.7% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$90–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Marvell Technology's free cash flow after stock-based pay ( $1.3B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Marvell Technology as an operating company, with every model that fits that kind of business. Cost of equity 13.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$90–$150 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$91 ~$51–$130 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$100–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$7.2 ~$4.8–$9.9 Left out: out of range vs price (0.04x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$1.7 ~$1.6–$1.9 Left out: out of range vs price (0.01x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$91–$120 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Marvell Technology with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −13%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $21$30$40$55$73$97
8.5% $16$22$30$40$53$70
10% $13$17$23$31$41$54

Valuation multiples over time Market data may be delayed

At fiscal year end 2020202120222023202420252026Now
Share price$23.37$50.39$65.19$43.72$67.04$112.38$78.84$171.41
Market value$15.8bn$33.7bn$52.0bn$37.2bn$57.7bn$97.3bn$68.6bn$152.0bn
+ Net debt (− = net cash)−$648m−$748m−$614m−$911m−$951m−$948m−$2.6bn$1.1bn
Enterprise value$15.2bn$33.0bn$51.3bn$36.3bn$56.8bn$96.3bn$65.9bn$153.1bn
Multiples
Price / sales 5.9x11.4x11.6x6.3x10.5x16.9x8.4x16.1x
Price / earnings 10.0x—————25.7x57.6x
Price / free cash flow 56.8x47.4x79.9x34.4x55.8x69.6x49.1x87.9x
EV / EBITDA ———66.9x——42.7x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

55 /100

Moderate moat

How hard Marvell Technology's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.5% of total assets over 5 years.

  • Pricing power 15 / 20

    Gross margin has been a median 45.5%, moving by 3.2 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -1.7%; its worst year was -10.4%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 6 of 6 years, at a median 17.2% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 24.1% over five years; stock-based pay has been a median 9.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 1, 2026, after the close. Analysts expect revenue of $3.2bn and EPS of $1.10 (range $1.08 to $1.14) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.22 +49% $12.1bn +47%
Next $7.36 +74% $19.8bn +64%

Next year's EPS estimate has moved +17.9% in 90 days, across 42 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.1% on 90 days ago. In the last 30 days, 6 analysts raised Marvell Technology's forecast and 1 cut it.

Consensus EPS forecast Marvell Technology, last 90 days
$4.00 $5.00 $6.00 $7.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.06 Current fiscal year, 60 days ago: $4.20 Current fiscal year, 30 days ago: $4.21 Current fiscal year, 7 days ago: $4.22 Current fiscal year, Now: $4.22 $4.22 Next fiscal year, 90 days ago: $6.24 Next fiscal year, 60 days ago: $6.72 Next fiscal year, 30 days ago: $6.75 Next fiscal year, 7 days ago: $7.33 Next fiscal year, Now: $7.36 $7.36

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.06$6.24
60 days ago $4.20$6.72
30 days ago $4.21$6.75
7 days ago $4.22$7.33
Now $4.22$7.36

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.93 $0.94 +1.0%
Apr 2026 $0.79 $0.80 +0.6%
Jan 2026 $0.79 $0.80 +1.1%
Oct 2025 $0.74 $0.76 +3.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 27, 2026
  • Net revenue Third Quarter of Fiscal 2027 about $3.15bn
    “Net revenue is expected to be $3.150 billion +/- 5%.” source
  • GAAP diluted net income per share Third Quarter of Fiscal 2027 about $0.53 GAAP
    “GAAP diluted net income per share is expected to be $0.53 +/- $0.05 per share.” source
  • Non-GAAP diluted net income per share Third Quarter of Fiscal 2027 about $1.10 Non-GAAP
    “Non-GAAP diluted net income per share is expected to be $1.10 +/- $0.05 per share.” source
  • GAAP gross margin Third Quarter of Fiscal 2027 52.9% to 53.9% GAAP
    “GAAP gross margin is expected to be 52.9% to 53.9%.” source
  • Non-GAAP gross margin Third Quarter of Fiscal 2027 57.5% to 58.5% Non-GAAP
    “Non-GAAP gross margin is expected to be 57.5% to 58.5%.” source
  • GAAP operating expenses Third Quarter of Fiscal 2027 about $1.015bn GAAP
    “GAAP operating expenses are expected to be approximately $1.015 billion.” source
Show 3 more items
  • Non-GAAP operating expenses Third Quarter of Fiscal 2027 about $655m Non-GAAP
    “Non-GAAP operating expenses are expected to be approximately $655 million.” source
  • Basic weighted-average shares outstanding Third Quarter of Fiscal 2027 about 900m
    “Basic weighted-average shares outstanding are expected to be 900 million.” source
  • Diluted weighted-average shares outstanding Third Quarter of Fiscal 2027 about 921m
    “Diluted weighted-average shares outstanding are expected to be 921 million.” source

How earlier guidance turned out

  • GAAP diluted net income per share, Second Quarter of Fiscal Year 2027 guided about $0.37 Below range: $0.33
  • GAAP gross margin, Second Quarter of Fiscal Year 2027 guided 52.1% to 53.1% Above range: 53.137663%
  • Net revenue, Second Quarter of Fiscal Year 2027 guided about $2.7bn Above range: $2.7393bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Marvell Technology's revenue by +54.0% next year and +36.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+68.9%, weight 58%) , management guidance (+51.8%, weight 18%) and the company's own record (+20.0%, weight 24%) . How the weights are set.

Analyst recommendations

44 analysts, Nov 2026
Buy4091%
Hold49%
Sell00%

Monthly trend

  1. Nov 2026832444
  2. Oct 2026934447
  3. Sep 2026832646
  4. Aug 2026831544

Counts of recommendations published by analysts covering Marvell Technology, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
1.24
at average volume
Short interest, 1 month
−22%
to October 15, 2026
Held by institutions
82%
of shares
Held by insiders
0.5%
of shares
Employees
7,480
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +83.2%

$93.58 on October 31, 2025 to $171.41

ThenNowEffect
Revenue (last 12 months) $7.2bn $9.5bn +30.6%
P/S multiple 11.2x 16.1x +43.0%
Share count 869m 887m −2.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +236.5%

$50.93 on November 3, 2023 to $171.41

ThenNowEffect
Revenue (last 12 months) $5.6bn $9.5bn +68.2%
P/S multiple 7.7x 16.1x +107.7%
Share count 854m 887m −3.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MRVL+85%−58%+64%+84%−23%+102%
Industry peers (median)+35%−34%+15%−15%+19%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MRVL75%33%58%67%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MRVL−26%−60%−29%−34%−61%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 62% from December 7, 2021 to January 5, 2023. Getting back needed a 162% gain, reached on November 6, 2024, 671 days after the low.

Price behaviour

52-week range
$73.66 – $316.28
From 52-week high
−45.8%
vs 50-day average
−29.0%
vs 200-day average
−6.6%
Volatility (1 year)
83%
Beta vs S&P 500
3.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±11.9%
After a week
5 up, 6 down
typical move ±12.8%
After a month
8 up, 3 down
typical move ±16.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 27, 2026 −11.6% +0.4% −14.8% +2.8%
May 27, 2026 −1.6% +0.5% +44.8% +28.1%
March 5, 2026 +14.7% −1.9% +12.3% +40.2%
December 2, 2025 +10.0% +0.5% −2.4% −1.9%
August 28, 2025 −15.9% −0.2% −15.3% +10.2%
May 29, 2025 −6.8% +0.3% +0.9% +19.8%
May 6, 2025 −9.1% −0.4% +5.6% +5.1%
March 5, 2025 −18.2% −0.7% −20.9% −37.0%
December 3, 2024 +22.0% +0.7% +10.1% +22.0%
August 29, 2024 +11.4% +1.0% −3.3% +5.4%
May 30, 2024 −9.2% +0.2% −10.1% −6.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Marvell Technology’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 0.97× the last 60 days’ realised volatility .
  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MRVL Marvell Technology Grade C+ $171.51

Own 100 shares, sell the $200 call expiring December 4, 2026 (32 days) for $6.10 a share — $610 per contract.

Previous session · Bid $6.10, ask $6.65, quoted Mon 2 Nov, 17:30 New York time with MRVL at $171.51. Option prices move with the shares: check the live chain at your broker before trading.

  • If MRVL ends below $200: you keep your shares and the $610 — 3.6% extra on the position, 40.6% a year at that pace.
  • If it ends above $200: your shares are sold at $200, a total return of 20.2% including the premium — at or above our value of ~$120.
$3.5k $0 −$3.3k Break-even $165.41 Price $171.51 ← Our value ~$120
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$610
Annualised
40.6%
Break-even
$165.41
Max gain
$3,459
Chance of selling
~29%

Collar

Own the shares, buy the $150 put and sell the $200 call, both expiring December 4, 2026 (32 days).

  • Net cost of $0.85 a share ($85.00 per contract of 100 shares).
  • Worst case at expiry: -13.0%, if the shares fall below $150 (-12.5% from today).
  • Best case at expiry: +16.1%, if the shares rise above $200 (+16.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $120: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Marvell Technology in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Marvell Technology
$4B $6B $8B $10B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $5.5B Revenue (TTM), FY24 Q4: $5.5B Revenue (TTM), FY25 Q1: $5.3B Revenue (TTM), FY25 Q2: $5.3B Revenue (TTM), FY25 Q3: $5.4B Revenue (TTM), FY25 Q4: $5.8B Revenue (TTM), FY26 Q1: $6.5B Revenue (TTM), FY26 Q2: $7.2B Revenue (TTM), FY26 Q3: $7.8B Revenue (TTM), FY26 Q4: $8.2B Revenue (TTM), FY27 Q1: $8.7B Revenue (TTM), FY27 Q2: $9.5B $9.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $5.5B
FY24 Q4 $5.5B
FY25 Q1 $5.3B
FY25 Q2 $5.3B
FY25 Q3 $5.4B
FY25 Q4 $5.8B
FY26 Q1 $6.5B
FY26 Q2 $7.2B
FY26 Q3 $7.8B
FY26 Q4 $8.2B
FY27 Q1 $8.7B
FY27 Q2 $9.5B
Revenue growth, TTM YoY Marvell Technology
-20% 0% 20% 40% 60% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -5.9% Revenue growth, TTM YoY, FY24 Q4: -7.0% Revenue growth, TTM YoY, FY25 Q1: -7.7% Revenue growth, TTM YoY, FY25 Q2: -6.0% Revenue growth, TTM YoY, FY25 Q3: -2.2% Revenue growth, TTM YoY, FY25 Q4: 4.7% Revenue growth, TTM YoY, FY26 Q1: 21.6% Revenue growth, TTM YoY, FY26 Q2: 37.1% Revenue growth, TTM YoY, FY26 Q3: 45.0% Revenue growth, TTM YoY, FY26 Q4: 42.1% Revenue growth, TTM YoY, FY27 Q1: 34.1% Revenue growth, TTM YoY, FY27 Q2: 30.6% 30.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -5.9%
FY24 Q4 -7.0%
FY25 Q1 -7.7%
FY25 Q2 -6.0%
FY25 Q3 -2.2%
FY25 Q4 4.7%
FY26 Q1 21.6%
FY26 Q2 37.1%
FY26 Q3 45.0%
FY26 Q4 42.1%
FY27 Q1 34.1%
FY27 Q2 30.6%
Operating margin (TTM) Marvell Technology
-20% -10% 0% 10% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: -9.3% Operating margin (TTM), FY24 Q4: -10.3% Operating margin (TTM), FY25 Q1: -10.1% Operating margin (TTM), FY25 Q2: -8.2% Operating margin (TTM), FY25 Q3: -18.4% Operating margin (TTM), FY25 Q4: -12.5% Operating margin (TTM), FY26 Q1: -4.6% Operating margin (TTM), FY26 Q2: 1.3% Operating margin (TTM), FY26 Q3: 14.8% Operating margin (TTM), FY26 Q4: 16.1% Operating margin (TTM), FY27 Q1: 16.0% Operating margin (TTM), FY27 Q2: 16.5% 16.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 -9.3%
FY24 Q4 -10.3%
FY25 Q1 -10.1%
FY25 Q2 -8.2%
FY25 Q3 -18.4%
FY25 Q4 -12.5%
FY26 Q1 -4.6%
FY26 Q2 1.3%
FY26 Q3 14.8%
FY26 Q4 16.1%
FY27 Q1 16.0%
FY27 Q2 16.5%
FCF margin (TTM) Marvell Technology
15% 20% 25% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 15.5% FCF margin (TTM), FY24 Q4: 18.5% FCF margin (TTM), FY25 Q1: 21.5% FCF margin (TTM), FY25 Q2: 26.5% FCF margin (TTM), FY25 Q3: 26.2% FCF margin (TTM), FY25 Q4: 24.1% FCF margin (TTM), FY26 Q1: 21.1% FCF margin (TTM), FY26 Q2: 21.1% FCF margin (TTM), FY26 Q3: 20.2% FCF margin (TTM), FY26 Q4: 17.0% FCF margin (TTM), FY27 Q1: 19.1% FCF margin (TTM), FY27 Q2: 18.2% 18.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 15.5%
FY24 Q4 18.5%
FY25 Q1 21.5%
FY25 Q2 26.5%
FY25 Q3 26.2%
FY25 Q4 24.1%
FY26 Q1 21.1%
FY26 Q2 21.1%
FY26 Q3 20.2%
FY26 Q4 17.0%
FY27 Q1 19.1%
FY27 Q2 18.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Feb 2024 2025 Feb 2025 2026 Jan 2026 LTM Aug 2026
Income
Revenue 2,699 2,969 4,462 5,920 5,508 5,767 8,195 9,450
Gross profit 1,357 1,488 2,064 2,988 2,294 2,382 4,181 4,934
EBITDA −87 −61 −82 543 −420 −543 1,545 —
Operating income −243 −258 −348 238 −568 −720 1,323 1,561
Net income 1,584 −277 −421 −164 −933 −885 2,670 2,640
Diluted EPS $2.34 −$0.41 −$0.53 −$0.19 −$1.08 −$1.02 $3.07 $2.98
Growth (year on year)
Revenue — +10.0% +50.3% +32.7% −7.0% +4.7% +42.1% +30.6%
EBITDA — — — — −177.3% — — —
Operating income — — — — −338.5% — — —
Net income — −117.5% — — — — — —
Diluted EPS — −117.5% — — — — — —
Margins
Gross margin 50.3% 50.1% 46.3% 50.5% 41.6% 41.3% 51.0% 52.2%
EBITDA margin −3.2% −2.0% −1.8% 9.2% −7.6% −9.4% 18.8% —
Operating margin −9.0% −8.7% −7.8% 4.0% −10.3% −12.5% 16.1% 16.5%
Net margin 58.7% −9.3% −9.4% −2.8% −16.9% −15.3% 32.6% 27.9%
Free-cash-flow margin 10.3% 23.9% 14.6% 18.3% 18.8% 24.2% 17.0% 18.3%
Cash flow
Cash from operations 360 817 819 1,289 1,371 1,681 1,751 2,200
Capital spending 82 107 169 206 336 285 354 470
Free cash flow 278 711 650 1,083 1,034 1,397 1,396 1,730
Stock-based pay 242 242 461 552 610 597 591 837
Free cash flow after stock pay 36 469 189 530 424 799 806 893
Balance sheet
Cash 648 748 614 911 951 948 2,639 3,933
Total debt — — — — — — — 5,000
Net debt (negative = net cash) −648 −748 −614 −911 −951 −948 −2,639 1,067
Diluted shares 676m 669m 797m 851m 861m 866m 870m 887m
Returned to shareholders
Dividends 160 161 191 204 207 208 205 209
Buybacks 364 25 0 115 150 725 2,040 1,900
Total returned 524 186 191 319 357 933 2,245 2,109

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · August 1, 2026
What it owns · $27.6bn
Short-term assets $7.9bnLonger-term assets $19.6bn
What it owes, and who funded it · $27.6bn
Short-term liabilities $2.5bnLonger-term liabilities $6.5bnShareholders' equity $18.5bn
  • Short-term assets cover short-term liabilities $7.9bn of assets due within a year against $2.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.9bn short-term assets against $6.5bn of longer-dated liabilities.
  • More cash than debt $3.9bn of cash against $5.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 27% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 29% to 27% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.2bn of operating cash flow against $5.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.6bn against $216m of interest.

From Marvell Technology's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$1.9B
Dividends (TTM)
$209M
Returned to shareholders
122%
of free cash flow
Buybacks, last 3 fiscal years
$2.9B
Diluted share count
+2.0%
year over year
Total shareholder yield
1.4%
dividends 0.1% + buybacks 1.3% of market value
Dividend payout ratio
8%
of net income paid out
R&D spending
25.8%
of revenue
Sales & admin spending
9.6%
of revenue
Days sales outstanding
86 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated MRVL JKS UMC STM AMKR GFS Median
Revenue, last 12 months $9.5bn $9.1bn $7.6bn $11.8bn $7.5bn $6.8bn $1.1bn
Revenue growth, last 12 months 30.6% −28.9% 5.5% −11.1% 15.7% 0.6% 13.7%
Revenue growth, 3-year average 18.9% 99.3% — 13.4% 3.9% — 3.9%
Revenue growth, latest quarter 36.5% — — — 0.2% — 20.1%
Gross margin 52.2% 2.2% 29.0% 33.9% 16.6% 24.9% 48.3%
Operating margin 16.5% −13.6% 18.5% 1.5% 9.5% 11.7% 4.8%
Operating margin, 3-year average 3.2% −3.2% 15.7% 10.8% 7.7% — 4.8%
Net margin 27.9% −6.8% 17.0% 1.4% 8.3% 13.0% 5.3%
Cash from operations / revenue 23.3% 1.7% 42.0% 18.2% 20.3% 25.5% 17.4%
Free-cash-flow margin 18.2% −3.4% 20.7% 1.7% −2.1% 14.9% 9.6%
Free-cash-flow margin, 3-year average 22.0% −10.8% 14.8% 9.4% 2.7% — 8.5%
Stock pay / revenue 8.9% 0.3% 0.2% 1.6% 0.4% 2.9% 5.8%
Change in share count 2.0% −0.7% −0.2% −1.7% 0.7% 0.9% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 30.6% 13.7% 19 of 75
Change in growth rate Growth -3.5pp +3.7pp 61 of 75
Gross margin Profitability 52.2% 48.3% 33 of 73
Operating margin Profitability 16.5% 4.8% 22 of 75
Net margin Profitability 27.9% 5.3% 12 of 75
Free-cash-flow margin Cash generation 18.2% 9.6% 21 of 75
Stock pay as % of revenue Cash generation 8.9% 6.4% 48 of 74
Long-term debt as % of assets Balance sheet 18.0% 14.0% 26 of 47
Change in share count Balance sheet 2.0% 0.9% 48 of 72
Days sales outstanding Balance sheet 86 days 58 days 52 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Data Center $6.1B 74.4% ▲ 46.5%
Communications and Other $2.1B 25.6% ▲ 30.6%
Geography
Region Revenue Share YoY
China $3B 36.2% ▲ 18.4%
Other Countries $2.4B 29.2% ▲ 37.4%
Taiwan $1.7B 20.2% ▲ 195.6%
United States $1.2B 14.3% ▲ 22.7%

From Marvell Technology's 10-K filed March 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$207B
Institutions reporting
2,202
Shares held vs prior quarter
▼ 2.0%
Positions opened / closed
758 / 109

Top buyers and sellers, Q2 2026: 1,386 institutions bought and 751 sold ; the biggest buyer was Blackrock, Inc (+21.8M shares) and the biggest seller FMR LLC (−74.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $25.5B 85.6M 12.3% ▲ 34.1%
Vanguard Capital Management LLC $17.2B 57.9M 8.3% ▲ 48.1%
FMR LLC $17B 56.9M 8.2% ▼ 56.6%
State Street Corp $12.5B 41.8M 6.0% ▲ 79.3%
Invesco Ltd. $9B 30.3M 4.4% ▲ 5.1%
Geode Capital Management, LLC $6.3B 21.1M 3.0% ▲ 67.9%
Vanguard Portfolio Management LLC $6.3B 21.0M 3.0% ▼ 36.7%
Goldman Sachs Group Inc $4.4B 14.7M 2.1% ▲ 30.7%
Norges Bank $4.2B 14.2M 2.0% —
Price T Rowe Associates Inc $4.1B 13.8M 2.0% ▲ 714.3%
Van Eck Associates Corp $3.9B 13.1M 1.9% ▲ 22.2%
Jpmorgan Chase & Co $3.9B 13.9M 1.9% ▲ 138.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Marvell Technology's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $55.1M 30 trades by 7 insiders · 90% under pre-set plans
Net ▼ $55.1M net selling
Insider Date Trade Shares Price Value
Bharathi Sandeep President, Data Center Group October 16, 2026 Sell pre-set plan 3,685 $234.97 $865,864
Murphy Matthew J Chairman of the Board and CEO October 15, 2026 Sell pre-set plan 7,500 $235.47 $1.8M
Scarpulla Justin SVP, Chief Accounting Officer October 8, 2026 Sell 1,100 $273.59 $300,949
Koopmans Chris President and COO October 1, 2026 Sell pre-set plan 10,000 $262.05 $2.6M
Murphy Matthew J Chairman of the Board and CEO September 15, 2026 Sell pre-set plan 7,500 $223.39 $1.7M
Koopmans Chris President and COO September 1, 2026 Sell pre-set plan 10,000 $203.27 $2M
Murphy Matthew J Chairman of the Board and CEO August 17, 2026 Sell pre-set plan 7,500 $236.08 $1.8M
Koopmans Chris President and COO August 3, 2026 Sell pre-set plan 10,000 $180.50 $1.8M
Bharathi Sandeep President, Data Center Group July 16, 2026 Sell pre-set plan 9,013 $199.24 $1.8M
Murphy Matthew J Chairman of the Board and CEO July 15, 2026 Sell pre-set plan 7,500 $209.52 $1.6M
Koopmans Chris President and COO July 1, 2026 Sell pre-set plan 10,000 $281.92 $2.8M
Durn Daniel Chief Financial Officer June 23, 2026 Sell 2,250 $281.01 $632,272

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 33 trades and filings

In the last 12 months, 3 members of Congress disclosed 4 purchases and 1 sale of Marvell Technology shares.

  • Maria Elvira Salazar(R-FL 27):Sale (partial), $1,001 - $15,000, traded September 24, 2026, filed October 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $15,001 - $50,000, traded April 6, 2026, filed May 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 27, 2026
  • May 27, 2026
  • March 5, 2026
  • December 2, 2025
  • August 28, 2025

Recent SEC filings

Data status

When each part of this page on Marvell Technology was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Marvell Technology in brief

What does Marvell Technology do?
Marvell Technology is a US-listed company in the semiconductors industry. Its financial year ends in January.
What is Marvell Technology's stock ticker?
Marvell Technology trades under the ticker MRVL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Marvell Technology's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Marvell Technology reported revenue of $9.5B, 30.6% higher than a year earlier, according to its SEC filings.
What is Marvell Technology's free cash flow?
Marvell Technology's free-cash-flow margin is 18.2% of revenue over the trailing twelve months, ranking 21 of the 75 semiconductor companies we cover.
What is Marvell Technology's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Marvell Technology's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$90–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Marvell Technology's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Marvell Technology buying back stock, and does it pay a dividend?
Marvell Technology spent $1.9B on share repurchases over the trailing twelve months, and its diluted share count still rose 2.0% over the year.
What is Marvell Technology's market cap?
On November 2, 2026, Marvell Technology's market capitalisation was about $152B, with a price-to-earnings ratio of 57.6 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
Does Marvell Technology pay a dividend?
Yes: Marvell Technology paid $209M in dividends over the trailing twelve months, a dividend yield of 0.14% and a payout ratio of 7.9%.
How much debt does Marvell Technology have?
Marvell Technology's debt-to-equity ratio is 26.8%, from its latest balance sheet (28.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Marvell Technology's competitors?
In our Semiconductors peer group, the companies closest to Marvell Technology are Jinkosolar Holding Co., Ltd., United Microelectronics Corp, Stmicroelectronics N.V., Amkor Technology, Inc. and Globalfoundries Inc. The side-by-side comparison below sets their revenue, margins and growth against Marvell Technology's.
Are insiders buying or selling Marvell Technology stock?
Over the last 12 months, Marvell Technology's directors and officers reported 0 open-market purchases and 30 sales on Form 4. The insider trading page charts every trade.
When is Marvell Technology's next earnings date?
Around December 1, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Marvell Technology announces its own schedule.