MRVLMarvell Technology
Marvell Technology, Inc., together with its consolidated subsidiaries (“Marvell,” “MTI,” the “Company,” “we,” or “us”) is a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. 10-K, Item 1
- Employees
- 7,480
- Headquarters
- Wilmington, DE
- CEO
- Matthew J. Murphy
- Next results
- around Mar 4, 2027
All key numbers (40) From EDGAR
| EPS (ttm) | 3.02 | Sales (ttm) | 9.5B | Net income (ttm) | 2.6B | Sales growth | +42.1% | EPS growth | - | Sales Q/Q | +36.5% |
| Free cash flow | 1.7B | Gross margin | 52.2% | Oper. margin | 16.5% | Net margin | 27.9% | FCF margin | 18.3% | ROE | 14.2% |
| ROA | 9.6% | R&D / sales | 25.3% | Dividend | 0.24 | Debt/Eq | 0.27 | Curr. ratio | 3.17 | Cash | 3.9B |
| Op. cash flow (ttm) | 2.2B | EBITDA | 1.5B | EBITDA margin | 18.8% | Net debt | 1.0B | Quick ratio | 2.61 | Interest cover | 6.53 |
| ROIC | 4.9% | Payout ratio | 7.8% | Tax rate | 12.4% | Stock pay / sales | 7.2% | Shares out. | 876.9M | Shares Y/Y | +0.5% |
| Book / share | 21.13 | Cash / share | 4.48 | Sales / share | 10.78 | Asset turnover | 0.34 | Inventory turns | 2.89 | Days sales out. | 97 |
| Sales 3Y CAGR | +11.4% | Sales 5Y CAGR | +22.5% | Employees | 7,480 | Sales / employee | 1.3M |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2026 against FY2025-
Revenue growth sped up to +42.1%+4.7% → +42.1% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
-
Operating margin widened to 16.1%-12.5% → 16.1% · Operating income / revenue · 10-K ↗
-
Net income turned to a profit−$885.0M → $2.7B · Net income attributable to the company · 10-K ↗
MRVL against Technology peers
Ten years, side by side → · All 75 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| MRVL Marvell Technology | $9.5B | +42.1% | 52.2% | 27.9% | 14.2% | 18.3% | 0.27 |
| WDAY Workday, Inc. | $10.2B | +13.1% | - | 12.3% | 19.4% | 28.0% | 0.46 |
| SNPS Synopsys | $9.4B | +15.1% | 72.4% | 11.4% | 3.5% | 29.2% | 0.32 |
| ROP Roper Technologies | $8.4B | +12.3% | 69.7% | 30.7% | 13.5% | - | 0.51 |
| COHR Coherent Corp. | $7.9B | +22.5% | 38.2% | 12.2% | 8.5% | -23.2% | 0.35 |
| FTNT Fortinet | $7.9B | +14.2% | 79.7% | 29.0% | 101.6% | 42.2% | 0.22 |
From $8.2B of sales to $2.7B of profit
FY2026, from the 10-K income statement and revenue by productSwipe sideways for the whole flow →
Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. The full income statement →
Profitability
2 of 4- ✓Net margin above the peer median27.9% vs 19.1%
- ✓Gross margin up over 5 years50.1% → 51.0%
- !Return on equity below 15%14.2%
- !A profit in 2 of 7 years
Balance sheet
4 of 4- ✓Interest covered more than 5 timesOperating income is 6.5× interest expense
- ✓Debt smaller than equityDebt / equity 0.27 on the latest balance sheet (peer median 0.46)
- ✓Current assets cover current liabilitiesCurrent ratio 3.17
- ✓Net debt under 3 years of free cash flow$1.0B net debt, 0.6 years
Cash and shareholders
1 of 4- ✓Free cash flow positive in every one of 7 years$1.4B last year
- !Share count up over 5 years+30.0%
- !Dividend per share not up over 5 years$0.24 → $0.24
- !Cash from operations below net income$1.8B vs $2.7B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Aug 1, 2026The debt note's own lines, 2026-01-31
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| Senior Notes | Notes and bonds | – | not stated | $4.5B |
| Senior Notes Due 2026, 2028 and 2031 (Senior Notes) | Notes and bonds | – | not stated | $2.0B |
| 2030 and 2035 Senior Notes (Senior Notes) | Notes and bonds | – | not stated | $1.0B |
| Senior Notes Due 2029 and 2033 (Senior Notes) | Notes and bonds | – | not stated | $1.0B |
| 2.450% 2028 Senior Notes (Senior Notes) | Notes and bonds | 2.45–2.55% | not stated | $750.0M |
| 2.950% 2031 Senior Notes (Senior Notes) | Notes and bonds | 2.95–3.04% | not stated | $750.0M |
| 1.650% 2026 Senior Notes (Senior Notes) | Notes and bonds | 1.65–1.84% | not stated | $500.0M |
| 5.750% 2029 Senior Notes (Senior Notes) | Notes and bonds | 5.75–5.89% | not stated | $500.0M |
| 4.750% 2030 Senior Notes (Senior Notes) | Notes and bonds | 4.75–4.88% | not stated | $500.0M |
| 5.950% 2033 Senior Notes (Senior Notes) | Notes and bonds | 5.95–6.08% | not stated | $500.0M |
| 5.450% 2035 Senior Notes (Senior Notes) | Notes and bonds | 5.45–5.53% | not stated | $500.0M |
| 4.875% MTG/MTI 2028 Senior Notes (Senior Notes) | Notes and bonds | 4.88% | not stated | $499.9M |
All 12 lines
From the debt note in the 10-K's XBRL (0001835632-26-000011), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2020 to FY2026
Revenue 8.2B Net income 2.7BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
MRVL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Jan 31, 2026| Revenue | Share | vs year before | |
|---|---|---|---|
| Data center | 6.1B | 74.4% | +46.5% |
| Communications and other | 2.1B | 25.6% | +30.6% |
10-K 0001835632-26-000011, segment and revenue notes (XBRL).
Revenue by region
year to Jan 31, 2026| Revenue | Share | vs year before | |
|---|---|---|---|
| China | 3.0B | 36.2% | +18.4% |
| Other | 2.4B | 29.2% | +37.4% |
| Taiwan | 1.7B | 20.2% | +196% |
| United States | 1.2B | 14.3% | +22.7% |
10-K 0001835632-26-000011, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|
| Revenue | 2.7B | 3.0B | 4.5B | 5.9B | 5.5B | 5.8B | 8.2B |
| Cost of revenue | 1.3B | 1.5B | 2.4B | 2.9B | 3.2B | 3.4B | 4.0B |
| Gross profit | 1.4B | 1.5B | 2.1B | 3.0B | 2.3B | 2.4B | 4.2B |
| R&D | 1.1B | 1.1B | 1.4B | 1.8B | 1.9B | 2.0B | 2.1B |
| SG&A | - | - | 955.3M | 843.6M | 834.0M | 798.2M | 767.1M |
| Operating income | -243.4M | -258.4M | -347.7M | 238.0M | -567.7M | -720.3M | 1.3B |
| Interest expense | 85.6M | 69.3M | 139.3M | 170.6M | 211.7M | 189.4M | 202.6M |
| Pretax income | 798.4M | -322.2M | -483.5M | 85.1M | -758.7M | -894.7M | 3.0B |
| Income tax | -786.0M | -44.9M | -62.5M | 248.6M | 174.7M | -9.7M | 376.5M |
| Net income | 1.6B | -277.3M | -421.0M | -163.5M | -933.4M | -885.0M | 2.7B |
| EPS (diluted) | 2.34 | -0.41 | -0.53 | -0.19 | -1.08 | -1.02 | 3.07 |
| Diluted shares | 676.1M | 668.8M | 796.9M | 851.4M | 861.3M | 865.5M | 869.7M |
| Depreciation & amortization | 156.7M | 197.9M | 265.9M | 304.9M | 148.2M | 177.0M | 221.7M |
| EBITDA | -86.7M | -60.5M | -81.8M | 542.9M | -419.5M | -543.3M | 1.5B |
| Gross margin | 50.3% | 50.1% | 46.3% | 50.5% | 41.6% | 41.3% | 51.0% |
| Operating margin | -9.0% | -8.7% | -7.8% | 4.0% | -10.3% | -12.5% | 16.1% |
| Net margin | 58.7% | -9.3% | -9.4% | -2.8% | -16.9% | -15.3% | 32.6% |
| Revenue growth | - | +10.0% | +50.3% | +32.7% | -7.0% | +4.7% | +42.1% |
| EPS growth | - | -118% | - | - | - | - | - |
Balance sheet
From EDGAR| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|
| Cash | 647.6M | 748.5M | 613.5M | 911.0M | 950.8M | 948.3M | 2.6B |
| Receivables | - | 536.7M | 1.0B | 1.2B | 1.1B | 1.0B | 2.2B |
| Inventory | - | 268.2M | 720.3M | 1.1B | 864.4M | 1.0B | 1.4B |
| Current assets | - | 1.6B | 2.5B | 3.3B | 3.1B | 3.1B | 6.5B |
| Property & equipment | - | 326.1M | 462.8M | 577.4M | 756.0M | 790.5M | 935.0M |
| Goodwill | - | 5.3B | 11.5B | 11.6B | 11.6B | 11.6B | 11.1B |
| Total assets | - | 10.8B | 22.1B | 22.5B | 21.2B | 20.2B | 22.3B |
| Accounts payable | - | 252.4M | 461.5M | 465.8M | 411.3M | 622.2M | 1.1B |
| Current liabilities | - | 1.1B | 1.4B | 2.4B | 1.8B | 2.0B | 3.2B |
| Total debt | - | 1.4B | 4.6B | 5.1B | 4.3B | 4.2B | 5.0B |
| Total liabilities | - | 2.3B | 6.4B | 6.9B | 6.4B | 6.8B | 8.0B |
| Shareholders' equity | 8.7B | 8.4B | 15.7B | 15.6B | 14.8B | 13.4B | 14.3B |
| Retained earnings | - | 2.1B | 1.5B | 1.1B | -16.7M | -1.1B | 1.4B |
Cash flow
From EDGAR| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 360.3M | 817.3M | 819.3M | 1.3B | 1.4B | 1.7B | 1.8B |
| Capital spending | 81.9M | 106.8M | 169.2M | 206.2M | 336.3M | 284.6M | 354.1M |
| Free cash flow | 278.4M | 710.5M | 650.1M | 1.1B | 1.0B | 1.4B | 1.4B |
| Stock-based pay (added back) | 242.2M | 241.5M | 460.7M | 552.4M | 609.8M | 597.4M | 590.8M |
| Dividends paid | 159.6M | 160.6M | 191.0M | 204.4M | 206.8M | 207.5M | 205.1M |
| Buybacks | 364.3M | 25.2M | 0 | 115.0M | 150.0M | 725.0M | 2.0B |
| Acquisitions | 1.1B | 0 | 3.6B | 112.3M | 0 | 10.4M | 0 |
| Debt raised | 950.0M | 0 | 3.9B | 200.0M | 1.3B | 0 | 1.2B |
| Debt repaid | 1.2B | 250.0M | 526.8M | 265.6M | 1.6B | 109.4M | 790.6M |
| Investing cash flow | 558.8M | -119.6M | -3.7B | -328.4M | -350.5M | -300.7M | 2.1B |
| Financing cash flow | -853.9M | -596.8M | 2.8B | -662.9M | -980.2M | -1.4B | -2.2B |
| Dividend per share | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
Stock-based pay and leases
From EDGAR| FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 242.2M | 241.5M | 460.7M | 552.4M | 609.8M | 597.4M | 590.8M |
| Stock-based pay / revenue | 9.0% | 8.1% | 10.3% | 9.3% | 11.1% | 10.4% | 7.2% |
| Operating lease cash paid | 33.2M | 36.8M | 45.1M | 41.9M | 53.5M | 49.7M | 58.8M |
| Right-of-use assets | - | 101.4M | 142.0M | 211.3M | 203.6M | 246.0M | 284.1M |
| Operating lease liabilities | - | 136.9M | 178.5M | 245.4M | 235.4M | 279.3M | 319.7M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
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