Marvell Technology key statistics and ratios

In fiscal 2026, Marvell Technology had return on equity of 19.3%, an operating margin of 16.1%, debt equal to 31.2% of equity and a current ratio of 2.01. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Marvell Technology: financial ratios, annual
Fiscal year	2020Feb 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Feb 2024	2025Feb 2025	2026Jan 2026	LTMAug 2026
Gross margin	50.3%	50.1%	46.3%	50.5%	41.6%	41.3%	51.0%	52.2%
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%
Return on equity	18.3%	−3.2%	−3.5%	−1.0%	−6.1%	−6.3%	19.3%	16.1%
Return on assets	—	−2.6%	−2.6%	−0.7%	−4.3%	−4.3%	12.6%	10.6%
Asset turnover	—	0.28	0.27	0.27	0.25	0.28	0.39	0.38
Current ratio	—	1.50	1.80	1.37	1.69	1.54	2.01	3.17
Debt to equity	—	14.1%	29.0%	28.7%	28.1%	30.3%	31.2%	27.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	1.4x	n/m	n/m	6.5x	7.2x
Effective tax rate	—	—	—	—	—	—	12.4%	—
R&D as % of revenue	40.0%	36.1%	31.9%	30.1%	34.4%	33.8%	25.3%	25.8%
SG&A as % of revenue	—	—	21.4%	14.3%	15.1%	13.8%	9.4%	9.6%
Capital spending as % of revenue	3.0%	3.6%	3.8%	3.5%	6.1%	4.9%	4.3%	5.0%
Free cash flow ÷ net income	17.6%	—	—	—	—	—	52.3%	65.5%
Dividends ÷ net income	10.1%	—	—	—	—	—	7.7%	7.9%
Dividends and buybacks ÷ free cash flow	188.2%	26.2%	29.4%	29.5%	34.5%	66.8%	160.8%	121.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Marvell Technology: financial ratios, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Jan 2026	2027 Q1May 2026	2027 Q2Aug 2026
Gross margin	23.0%	50.5%	50.3%	50.4%	51.6%	51.7%	52.1%	53.1%
Operating margin	−46.4%	12.9%	14.3%	14.5%	17.2%	18.2%	14.0%	16.8%
Net margin	−44.6%	11.0%	9.4%	9.7%	91.7%	17.9%	1.4%	11.2%
Free-cash-flow margin	30.4%	24.4%	11.3%	20.6%	24.5%	11.7%	20.0%	17.5%
Current ratio	1.60	1.54	1.30	1.88	2.01	2.01	3.28	3.17
Debt to equity	30.6%	30.3%	31.8%	33.3%	31.8%	31.2%	27.2%	26.8%
R&D as % of revenue	32.2%	27.5%	26.8%	25.9%	24.7%	24.2%	27.0%	27.1%
SG&A as % of revenue	13.5%	10.8%	9.8%	9.6%	9.2%	8.9%	10.7%	9.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Marvell Technology's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Marvell Technology.