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Marvell Technology, Inc.

MRVL Technology Semiconductors

Marvell Technology, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $8.2 billion, up 42.1% from fiscal 2025.

Revenue
+36.6%
EPS
+47.8%
Free cash flow
+14.5%
Total debt
+11.1%

Quarter to July 2026, against a year earlier

140.38 6.83 +5.11%
Market cap
$117.1B
P/E
44.4×
Fwd P/E
109×
Dividend yield
0.18%
F-score
8/9
Altman Z
5.93
Beneish M
−1.59
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Marvell Technology, Inc. (MRVL) valuation and DCF model

What the price implies · reverse DCF

At $140.38 the price implies free cash flow after share-based pay growing 32.0% a year for ten years.

Free cash flow after share-based pay grew 26.8% a year over the last five years. The price asks for close to its five-year rate. The industry’s median company is priced for 25.1%.

In January 2018 the price assumed 7.5% a year; Marvell Technology, Inc. went on to grow free cash flow after share-based pay 7.9% a year to FY2026.

Price implies
32.0%
Last 5 years, reported
26.8%
Industry median implies
25.1%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
32.0% a year for ten years
$140.38
today’s price
Its base case
25.0% a year for five years, then 15.0%
$59.57
57.6% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Marvell Technology, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to July 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 32.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Marvell Technology, Inc.’s own cost of capital: risk-free 4.3% + beta 2.32 × equity premium 4.5% = 14.7% cost of equity; weighted, 14.7%.

Use 14.7%
Equity value $52.83b ▼ below market cap $124.51b
Base case value per share $59.57 equity value ÷ 886.98m shares
Current price $140.38 market price per share
Below today’s price 57.6% downside at the base case’s assumptions

How we got there$17.31b 10 years of cash to equity+$36.55b terminal value−$1.03b net debt=$52.83b equity value÷886.98m shares=$59.57 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Semiconductors).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 44.43× 94.73× 94.73× 53% below 36.98× 20% above
P/FCF 71.05× 56.09× 52.09× 36% above 43.80× 62% above
P/B 6.61× 4.98× 3.89× 70% above 3.87× 71% above
EV/EBITDA 43.91× 65.43× 55.77× 21% below 20.84× 111% above
EV/Sales 13.12× 11.41× 9.73× 35% above 5.07× 159% above
P/E P/FCF P/B EV/EBITDA EV/Sales
13.19×120.95×228.70×336.46×10Y avg 94.73×20172018202020262026

MRVL trades at 44.43× P/E, against a 10-year average of 94.73× (range 10.10×–371.75×). That is dearer than 75% of the last 4 year-end readings; re-rating to the average implies $299.28 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.