Marvell Technology, Inc.MRVL
NasdaqGS•Technology•Semiconductors
Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions and spanning the data center core to network edge in the United States, Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan, Vietnam, and internationally. The company develops and scales system-on-a-chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. It offers a portfolio of ethernet solutions, including spanning controllers, network adapters, physical transceivers, and switches; single or multiple core processors; and custom application specific integrated circuits, interconnects, fibre channel adapters, and processors. The company also provides interconnect products, including pulse amplitude modulation, coherent and coherent-lite digital signal processors (DSPs), laser drivers, trans-impedance amplifiers, silicon photonics, co-packaged optics, linear pluggable optics chipsets, data center interconnect, active electrical cable DSPs and peripheral component interconnect express retimer solutions; fibre channel products comprising host bus adapters and controllers for server and storage system connectivity; storage controllers for hard disk drives and solid-state-drives; host system interfaces, including serial advanced technology attachment and serial attached SCSI, peripheral component interconnect express, compute express link switches, non-volatile memory express (NVMe), and NVMe over fabrics; and develops ultra accelerator linkTM switches and ethernet for scale-up networking switches. The company serves data centers, communications, and other markets. It offers its products through direct customers and distributors. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.
Marvell Technology, Inc. (MRVL) reported trailing twelve months revenue of $8.72B as of May 2026, a 34.1% increase year-over-year. Quarterly revenue reached $2.42B, reflecting continued top-line momentum.
Marvell Technology, Inc. generated $2.53B in TTM net income, with quarterly EBITDA of $564.60M. The operating margin contracted from 14.3% to 14.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (14.0%) and net margin (1.4%) indicates moderate non-operating costs. Net margin has narrowed from 9.4% a year ago, reflecting increased costs or interest expense.
MRVL trades at a P/E of 57.6x (a premium multiple) and a P/S of 16.7x. The price-to-book ratio of 8.0x indicates a significant premium over book value.
The company generated $483.10M in free cash flow over the trailing twelve months, a 125.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $26.94B in total assets with $4.96B in long-term debt against $18.22B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 4.6%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~65.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 21.8% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation