Wednesday 28 October 2026 Export MRVL’s income statement to Excel — free account

Marvell Technology, Inc.

Marvell Technology, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $8.2 billion, up 42.1% from fiscal 2025. In the quarter to July 2026, revenue grew 36.6%, EPS grew 47.8%, free cash flow grew 14.5% and total debt rose 11.1%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for ten consecutive years, operating cash flow growth for five.

243.13 9.35 +4.00%

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Market cap: $213.6B
P/E: 79.2×
Fwd P/E: 127×
Dividend yield: 0.10%
F-score: 8/9
Altman Z: 5.93
Beneish M: −1.59
Dividend safety: 82/100

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 55.12

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	1	—	2	7	3	4	3	2	2	4

Insider Ownership 2.79%

Capital & Financial Ratios $m

Market Cap 213,590.00

Revenue 9,450.30

Net Income 2,639.90

Free Cash Flow 1,722.90

Net Debt 1,030.10

Current Ratio 3.17

Debt/Equity 0.27

P/E ratio 79.20

Fwd P/E 127.00

P/S ratio 23.09

P/B ratio 11.77

Past 5Y EPS Growth —

This Y EPS Growth 48.33%

Next Y EPS Growth 72.79%

Next Y revenue growth 47.28%

Next 5Y EPS Growth 63.45%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 89.77%

10-year low 10-year high

P/S against its own 10 years 98.20%

10-year low 10-year high

P/B against its own 10 years 98.31%

10-year low 10-year high

EV/Sales against its own 10 years 98.20%

10-year low 10-year high

EV/FCF against its own 10 years 95.75%

10-year low 10-year high

Dividends

Payout Ratio 0.08

Annual Dividend Rate 0.24

Annual Dividend Yield 0.10%

	total	individual payouts
2029	Powerpack
2028	Powerpack
2027	Powerpack
2026	0.24	0.06 0.06 0.06 0.06
2025	0.24	0.06 0.06 0.06 0.06
2024	0.24	0.06 0.06 0.06 0.06
2023	0.24	0.06 0.06 0.06 0.06
2022	0.24	0.06 0.06 0.06 0.06
2021	0.18	0.06 0.06 0.06
2020	0.24	0.06 0.06 0.06 0.06
2019	0.24	0.06 0.06 0.06 0.06
2018	0.24	0.06 0.06 0.06 0.06
2017	0.24	0.06 0.06 0.06 0.06
2016	0.24	0.06 0.06 0.06 0.06

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2024	2025	2026	Q'26
Cash	951	948	2,639	3,933
Receivables	1,122	1,028	2,187	2,218
Inventory	864	1,030	1,388	1,361
Other	—	—	—	—
	3,063	3,120	6,461	7,919

	2024	2025	2026	Q'26
Payables	411	622	1,074	798
ST’ Debt	107	130	500	—
Other	—	—	—	—
	1,814	2,027	3,221	2,500

Compound Annual Growth %

	10y	5y	3y
Sales	12.15%	22.51%	11.45%
Cash Flow	23.90%	16.45%	10.75%
Earnings	0.00%	0.00%	0.00%
Book Value	13.20%	11.15%	(2.92%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY27 Estimate 0.93 Actual 0.94

0.70 0.81 0.93 1.04 1.15

Q3 FY26 Beat +0.01

Q4 FY26 Beat +0.01

Q1 FY27 Met 0.00

Q2 FY27 Beat +0.01

Q3 FY27 — Dec 1

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY26	0.75	0.76	Beat by 0.01
Q4 FY26	0.79	0.80	Beat by 0.01
Q1 FY27	0.80	0.80	Met by 0.00
Q2 FY27	0.93	0.94	Beat by 0.01
Q3 FY27	1.10	—	Reports 1 December 2026

EPS $

	Apr	Jul	Oct	Jan	Year
’26	0.04	0.33	—	—	—
’26	0.20	0.22	2.20	0.46	3.07
’25	(0.25)	(0.22)	(0.78)	0.23	(1.02)
’24	(0.20)	(0.24)	(0.19)	(0.45)	(1.08)
’23	(0.20)	0.01	0.02	(0.02)	(0.19)
’22	(0.13)	(0.34)	(0.08)	0.01	(0.53)
’21	(0.17)	(0.24)	(0.03)	0.02	(0.41)

Fiscal quarters ending in the months shown.

Revenue $m

	Apr	Jul	Oct	Jan	Year
’26	2,418	2,739	—	—	—
’26	1,895	2,006	2,075	2,219	8,195
’25	1,161	1,273	1,516	1,817	5,767
’24	1,322	1,341	1,419	1,427	5,508
’23	1,447	1,517	1,537	1,419	5,920
’22	832	1,076	1,211	1,343	4,462
’21	694	727	750	798	2,969

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Apr	Jul	Oct	Jan	Year
’26	639	606	—	—	—
’26	333	462	582	374	1,751
’25	325	306	536	514	1,681
’24	208	113	503	547	1,371
’23	195	332	411	352	1,289
’22	(14)	222	265	346	819
’21	176	226	258	158	817

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Apr	Jul	Oct	Jan	Year
’26	483	474	—	—	—
’26	239	414	508	258	1,419
’25	233	253	461	443	1,390
’24	106	1	448	465	1,021
’23	156	256	363	296	1,072
’22	(38)	187	185	299	632
’21	137	205	220	136	698

Fiscal quarters ending in the months shown.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	Trend	10 yrs	2027e	2028e	2029e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	13.83	14.34	15.70	16.45	37.92	35.09	33.75	53.19	47.09	70.69		+19.9%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	24.22	25.18	28.38	48.42	93.85	91.78	67.99	126.15	127.48	329.88		+33.7%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	4,617	3,749	5,275	5,633	5,340	6,729	7,448	6,577	7,042	7,480		+5.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.50	0.64	0.54	0.48	0.56	0.66	0.79	0.84	0.82	1.10		+9.1%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	2,301	2,409	2,866	2,699	2,969	4,462	5,920	5,508	5,767	8,195		+15.2%	12,069	19,708	31,520	+56.7%
	Gross margin, %	55.78	60.68	50.89	50.27	50.13	46.26	50.47	41.64	41.31	51.02		(4.8) pt	Powerpack Marvell Technology, Inc.’s next three years, line by line Analysts expect revenue to grow 56.7% a year to 2029 — faster than the 15.2% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	147	451	(5)	798	(322)	(483)	85	(759)	(895)	3,047		+40.0%
	EBT margin, %	6.41	18.73	(0.16)	29.58	(10.85)	(10.83)	1.44	(13.78)	(15.51)	37.18		+30.8 pt
	Net income	21	521	(179)	1,584	(277)	(421)	(163)	(933)	(885)	2,670		+71.2%
	Depreciation	122	87	542	587	669	1,461	1,431	1,398	1,357	1,291		+30.0%
Per share, $
Per share, $	Revenue	4.51	4.84	4.85	4.06	4.44	5.60	6.95	6.39	6.66	9.52		+8.6%
	Earnings	0.04	1.05	(0.30)	2.38	(0.41)	(0.53)	(0.19)	(1.08)	(1.02)	3.10		+62.2%
	Cash flow	(0.70)	1.15	1.01	0.54	1.22	1.03	1.51	1.59	1.94	2.03		n/m
	Capex	(0.11)	(0.07)	(0.07)	(0.13)	(0.18)	(0.23)	(0.26)	(0.41)	(0.34)	(0.38)		+15.2%
	Free cash flow	(0.81)	1.08	0.94	0.41	1.04	0.79	1.26	1.19	1.61	1.65		n/m
	Book value	7.90	8.32	12.36	13.06	12.61	19.70	18.37	17.22	15.51	16.62		+8.6%
	Shares, m	510	498	591	665	669	797	851	861	866	861		+6.0%
Valuation, ×
Valuation, ×	P/E	371.75	22.22	0.00	10.10	0.00	0.00	0.00	0.00	0.00	25.13		42.9
	P/S	3.29	4.82	3.82	5.92	11.91	12.75	6.21	10.59	16.94	8.26		8.5
	P/B	1.88	2.81	1.50	1.84	4.19	3.62	2.35	3.93	7.27	4.73		3.4
	EV/Sales	2.57	4.06	4.22	6.25	12.06	13.63	6.81	11.17	17.48	8.49		8.7
	EV/FCF	(14.30)	18.16	21.90	61.65	51.31	96.19	37.63	60.28	72.51	49.01		45.4
Cash, $m
Cash, $m	Operating cash flow	(358)	571	597	360	817	819	1,289	1,371	1,681	1,751		n/m
	Capex	(55)	(33)	(44)	(87)	(119)	(187)	(217)	(350)	(291)	(331)		+22.1%
	Free cash flow	(413)	539	553	274	698	632	1,072	1,021	1,390	1,419		n/m
Balance, $m
Balance, $m	Working capital	1,794	1,943	758	827	540	1,105	894	1,249	1,094	3,240		+6.8%
	Total debt	37	62	1,781	1,539	1,193	4,548	4,492	4,166	4,064	4,471		+70.4%
	Net debt	(1,631)	(1,779)	1,198	891	444	3,935	3,581	3,215	3,116	1,832		n/m
	Shareholders’ equity	4,028	4,141	7,306	8,679	8,436	15,702	15,637	14,831	13,427	14,308		+15.1%
Returns, %
Returns, %	ROA	0.42	11.13	(2.43)	14.98	(2.53)	(2.56)	(0.73)	(4.27)	(4.27)	12.57		+12.2 pt
	ROIC	3.40	11.37	0.32	(1.59)	(1.82)	(1.11)	0.77	(1.97)	(2.72)	5.12		+1.7 pt
	ROE	0.52	12.75	(3.13)	19.82	(3.24)	(3.49)	(1.04)	(6.13)	(6.26)	19.25		+18.7 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Reportable Segment	8,195	100.00%
Gross margin		51.02%
Operating margin		16.14%
Pre-tax margin		37.18%

Revenue by segment since 2020

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
INTC Intel Corporation	$495.5B	— (loss-making)	— (loss-making)	+25.42% (above 0%: growing)	n/m	+396.67% (above 0%: growing)	40.36%	11.14%	Compare
TXN Texas Instruments Incorporated	$282.3B	46.5×	31.4×	+22.82% (above 0%: growing)	+51.75% (above 0%: growing)	+300.18% (above 0%: growing)	61.36%	42.28%	Compare
ARM ARM Holdings PLC Sponsored ADR	$242.0B	233×	168×	+22.41% (above 0%: growing)	+108.33% (above 0%: growing)	+305.85% (above 0%: growing)	97.21%	7.06%	Compare
MRVL Marvell Technology, Inc.	$213.6B	79.2×	127×	+36.55% (above 0%: growing)	+47.83% (above 0%: growing)	+14.45% (above 0%: growing)	53.14%	16.78%
ADI Analog Devices, Inc.	$206.1B	50.2×	— (loss-making)	+39.63% (above 0%: growing)	+162.86% (above 0%: growing)	+34.29% (above 0%: growing)	67.32%	40.10%	Compare
QCOM QUALCOMM Incorporated	$196.7B	21.0×	14.1×	−4.03% (below 0%: shrinking)	−22.54% (below 0%: shrinking)	−80.82% (below 0%: shrinking)	53.05%	16.35%	Compare
ASX ASE Technology Holding Co., Ltd.	$92.5B	47.1×	34.1×	+23.62% (above 0%: growing)	+172.73% (above 0%: growing)	−338.02% (below 0%: shrinking)	21.01%	11.06%	Compare
NXPI NXP Semiconductors N.V.	$63.9B	21.5×	16.0×	+19.48% (above 0%: growing)	+72.73% (above 0%: growing)	+14.42% (above 0%: growing)	57.27%	30.64%	Compare
MPWR Monolithic Power Systems, Inc.	$59.6B	73.8×	50.4×	+47.56% (above 0%: growing)	+87.81% (above 0%: growing)	−61.46% (below 0%: shrinking)	55.18%	30.99%	Compare
Median of peers	$201.4B	47.1×	32.8×	+23.22%	+87.81%	+24.36%	56.22%	23.50%

All 68 Semiconductors stocks →

Business profile

Updated 27 October 2026

Marvell Technology is a fabless supplier of data-infrastructure semiconductors: it designs chips but uses outside foundries and subcontractors to make, package and test them. Its products move, process, store and secure data from the core of a data center to the network edge.

The company serves two end markets. Data center products go into cloud and on-premise AI systems, AI and general-purpose servers, Ethernet switching, network-attached storage, storage-area networks and links between data centers. Communications and other products serve enterprise networks, carrier networks, consumer devices, and certain industrial and government applications.

Read the full business profile →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
RBC Capital	Oct 21, 2026	Target raised	—	425.00
Oppenheimer	Oct 21, 2026	Target raised	—	425.00
Bank of America	Oct 21, 2026	Target raised	—	400.00
Needham	Oct 21, 2026	Target raised	—	400.00
Piper Sandler	Oct 21, 2026	Target raised	—	400.00
TD Cowen	Oct 21, 2026	Upgrade	Buy	350.00
Evercore ISI	Oct 19, 2026	Target raised	—	433.00
Jefferies	Oct 19, 2026	Target raised	—	450.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.22%

Held by the ten largest 43.63%

Holder	Shares	Stake	Change
Vanguard	88.09m	10.07%	+7.94m
BlackRock	85.64m	9.79%	+21.80m
Fidelity (FMR)	56.93m	6.51%	−74.32m
State Street	41.83m	4.78%	+18.50m
Invesco	30.29m	3.46%	+1.48m
Geode Capital Management	21.13m	2.41%	+8.54m
UBS	14.98m	1.71%	−1.52m
Goldman Sachs	14.70m	1.68%	+3.45m
Norges Bank	14.20m	1.62%	+14.20m
JPMorgan Chase	13.89m	1.59%	+8.07m

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 13 May 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2026	25.06m	(69.71m)	156.47
2025	32.16m	144.38m	480.70
2024	45.16m	119.69m	286.80
2023	22.44m	(7.83m)	187.00
2022	15.51m	57.35m	278.90

Ownership

Directors and executive officers, together less than 1%

FMR LLC 14.95%

The Vanguard Group 9.40%

BlackRock, Inc. 7.14%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement