FirmAtlas
Company handbook · MRVL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MRVL · CIK 1835632 · LATEST FILING: 10-Q AUG '26 · FILED AUG 28, 2026
MARVELL TECHNOLOGY, INC
$227.83
−13.41 (−5.56%)
Close, Oct 16, 2026 · 52-week $71–330
Marvell designs chips, without its own factories, for data centers and networks: custom AI chips for cloud companies, chips for optical links inside and between data centers, and network switch and storage controller chips.
Business
- ProductsData Center 74% · Communications And Other 26% (FY25)
- RegionsChina 43% · US 17% · Taiwan 10% · Other 30% (FY25)
- CustomersLarge cloud companies, and makers of network, storage and telecom equipment; sold directly and through distributors
- Cash useFY24–FY25: buybacks $2.8B · capex $639M · dividends $413M · acquisitions $10M
Reinvested 19% of operating cash flow · returned 114% of free cash flow
Last fiscal year
MARVELL TECHNOLOGY, INC reported revenue of $8.2B for the year ended Jan 31, 2026 (FY25), up 42.1% from FY24. Net income was $2.7B, operating cash flow $1.8B and free cash flow $1.4B. Source: 10-K filed Mar 11, 2026.
Market cap
$193.0B
P/E
73.1
EV/EBITDA
126.5x
P/B
10.4
Div yield
0.11%
ROIC
7.0%
Revenue 1Y
42.1%/yr
EPS 1Y
n/m
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMatt Murphy
HQWilmington, DE
AuditorDeloitte & Touche LLP
Employees7,480
Year endsJanuary
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
33.2%
28.3%
61.9%
158.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.8B deployed
Capex
$639M
16.7%
Acquisitions
$10M
0.3%
Dividends
$413M
10.8%
Buybacks
$2.8B
72.3%
Operating cash flow over the period: $3.4B. Total debt changed by +$777M. R&D of $4.0B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Jan 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,767
8,195+42.1%
9,450
YoY
+42.1%
Gross profit
2,382
4,181+75.5%
4,934
Gross margin
41.3%
51.0%+9.7 pp
—
Operating income
(720)
1,323n/m
1,561
Operating margin
−12.5%
16.1%+28.6 pp
—
EBITDA
(543)
1,545n/m
—
EBITDA margin
−9.4%
18.8%+28.3 pp
—
Interest expense
183
187+2.3%
—
Interest coverage
−2.97x
8.25x+11.22x
—
Net income
(885)
2,670n/m
2,640
YoY
n/m
Net margin
−15.3%
32.6%+47.9 pp
—
EPS (diluted, $)
−1.02
3.07n/m
3.04
YoY
n/m
Balance sheet
Total assets
20,204
22,285+10.3%
27,555
Cash & short-term investments
948
2,639+178.3%
—
Accounts receivable
1,028
2,187+112.6%
—
Inventory
1,030
1,388+34.8%
—
Net PP&E
790
935+18.3%
—
Other assets
16,408
15,137−7.7%
—
Total liabilities
6,778
7,977+17.7%
9,023
Accounts payable
622
1,074+72.6%
—
Total debt
4,193
4,970+18.5%
4,963
Other liabilities
1,962
1,933−1.5%
—
Shareholders’ equity
13,427
14,308+6.6%
18,532
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,681
1,750+4.1%
2,200
Net income
(885)
2,670n/m
—
Depreciation & amortization
177
222+25.3%
—
Stock-based compensation
597
591−1.1%
—
Working capital & other
1,792
(1,732)−196.7%
—
Cash from investing
(301)
2,098n/m
—
Capex
(285)
(354)n/m
—
PP&E sold
0.5
27+5380.0%
—
Acquisitions
(10)
0n/m
—
Other investing
(6)
2,424n/m
—
Cash from financing
(1,383)
(2,158)n/m
—
Debt raised
0
1,199n/m
—
Debt repaid
(109)
(791)n/m
—
Dividends
(208)
(205)n/m
—
Buybacks
(725)
(2,040)n/m
—
Other financing
(341)
(321)n/m
—
Net change in cash
(2)
1,690n/m
—
Free cash flow (OCF − capex)
1,397
1,396−0.0%
1,730
Where the cash went
Operating cash flow
1,681
1,750+4.1%
2,200
Reinvested in the business
295
354+20.0%
—
% of operating cash flow
17.5%
20.2%
Capex
285
354+24.4%
470
Acquisitions
10
0−100.0%
—
R&D (memo, already in costs)
1,950
2,075+6.4%
—
Free cash flow
1,397
1,396−0.0%
1,730
YoY
−0.0%
Returned to shareholders
932
2,245+140.8%
—
% of free cash flow
66.8%
160.8%
Dividends
208
205−1.2%
—
Buybacks
725
2,040+181.4%
—
Change in total debt
—
777
—
Cash left over
—
(72)
—
FCF conversion (FCF ÷ net income)
—
52.3%
—
Owner earnings
—
1,473
—
Owner earnings margin
—
18.0%
—
Buyback yield
0.7%
3.1%+2.3 pp
—
Returns & ratios
ROIC (all capital)
−4.3%
7.0%+11.2 pp
—
ROIC (operating)
−32.0%
41.0%+73.0 pp
—
Net debt / EBITDA
—
1.51x
—
Debt / equity
0.31x
0.35x+0.04x
—
Cash conversion cycle (days)
109
126+17 d
—
ROE
−6.6%
18.7%+25.3 pp
—
ROA
−4.4%
12.0%+16.4 pp
—
ROCE
−4.0%
6.9%+10.9 pp
—
NOPAT
(712)
1,159n/m
—
Invested capital (operating)
2,226
3,436+54.3%
—
Invested capital (all)
16,672
16,640−0.2%
—
Reinvestment rate
—
104.3%
—
Debtor days
65
97+32 d
—
Inventory days
111
126+15 d
—
Days payable
67
98+31 d
—
Income
Nov '25
Jan '26
May '26
Aug '26
Revenue
2,074
2,219
2,418
2,739
vs year-ago quarter
Gross profit
1,070
1,148
1,261
1,456
Gross margin
51.6%
51.7%
52.1%
53.1%
Operating income
358
404
339
460
Net income
1,901
396
34
308
vs year-ago quarter
Net margin
91.7%
17.9%
1.4%
11.2%
EPS (diluted, $)
2.20
0.47
0.04
0.33
vs year-ago quarter
Balance sheet
Nov '25
Jan '26
May '26
Aug '26
Total assets
21,579
22,285
26,944
27,555
Cash & equivalents
2,714
2,639
3,844
3,933
Total debt
4,968
4,970
4,961
4,963
Shareholders’ equity
14,057
14,308
18,216
18,532
Cash flow
Nov '25
Jan '26
May '26
Aug '26
Operating cash flow
582
374
639
606
Capex
74
114
156
127
Free cash flow
509
259
483
479
vs year-ago quarter