Marvell Technology, Inc. (MRVL)

Information Technology · Semiconductors · US stock · S&P 500 component

$223.47 ▼ -21.29 (8.70%)

At close 22 Oct 2026 · USD · Volume 24,858,468

Compare with NVDA

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueOvervalued

$179 −20.0% to fair value

$89fair band $152–$217$268

Day's range

$220.21 – $236.20

52-week range

$70.69 – $329.88

About Marvell Technology, Inc.

Data infrastructure is the focus of Marvell Technology, which designs semiconductors for it. Its products include custom chips for cloud operators, optical connectivity devices, Ethernet switching, storage controllers and processors for carrier networks and cars. It does not run its own factories but works with outside manufacturers. Customers are cloud and data centre operators, network equipment makers, telecom carriers and automotive suppliers.

Revenue reached $9.5 billion over the last twelve months, earned by supplying chips and related designs to equipment makers and cloud companies. Sales have grown at 11.4% a year across the last three years. The operating margin is 16.5%, the business earns 6% on the capital invested in it, and net debt is 0.7 times EBITDA. The dividend yield is 0.1%. On the site's X-Ray Score it receives 31 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $70.69 – $329.88Volume 24,858,468Daily, split-adjusted

Vitals

Market cap$205.9B

52-week range$70.69 – $329.88

Volume (last day)24,858,468

P/E (TTM)75.1

EBIT / EV yield0.8%

Free-cash-flow yield0.8%

Dividend yield0.1%

Revenue (TTM)$9.5B

Net income (TTM)$2.6B

Operating margin16.5%

Return on capital6.3%

Debt incl. leases$5.0B

Cash & securities$3.9B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$179middle half of models $161 – $204

Overvalued −20.0% to fair value

Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Low, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $223

Undervalued < $152Fair $152 – $217Overvalued > $217

P/E multiple

$210

P/B multiple

$139

P/S multiple

$146

EV/EBITDA multiple

$187

EV/EBIT multiple

$196

EV/revenue multiple

$168

10-year DCF, EBITDA exit

$159

5-year DCF, EBITDA exit

$212

10-year DCF, revenue exit

$166

5-year DCF, revenue exit

$206

10-year DCF, growth exit · not used

$15

5-year DCF, growth exit · not used

$16

Dividend discount, stable · not used

$7

Dividend discount, multi-stage · not used

$9

Earnings power value · not used

$10

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, priced high

Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 33 The price is not above fair value $179 fair value Debt looks manageable 0.7× EBITDA Revenue has been growing 11.4% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

12/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield0.8%

Free-cash-flow yield0.8%

Fair value vs price0.8×

Growth Fair

54/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)11.4%

Growth consistency80%

Profitability Weak

20/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital6.3%

Operating margin16.5%

Gross profitability17.9%

Financial health Weak

47/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score6 / 9

Net debt / EBITDA0.7×

Interest cover7.2×

Dividends Weak

33/100

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield0.1%

Dividends vs free cash flow13%

Dividend growth0.1%

Quarterly results: last 6 quarters

+63.3%

May '25

+57.6%

Aug '25

+36.8%

Nov '25

+22.1%

Jan '26

+27.6%

May '26

+36.5%

Aug '26

Revenue against the same quarter a year earlier. Latest quarter revenue $2.7B, diluted EPS $0.33.

Compare with peers

MU Micron Technology Inc79 FSLR First Solar, Inc.70 NVDA Nvidia Corp67 AVGO Broadcom Inc.60

Other Semiconductors companies by X-Ray Score.

SWOT analysis: Marvell Technology, Inc.

Strengthsinside the company

Revenue has grown 11.4% a year over three years (median -1.2% for industry peers).

Weaknessesinside the company

Return on invested capital of 6.3% is well below the 16.7% median of industry peers.
Operating margin of 16.5% is thin against 29.5% for industry peers.

Opportunitiesvaluation and setting

Revenue growth picked up to 42.1% last year from 11.4% a year over three years.
Our Market Compass rates the backdrop for Information Technology as favourable.

Threatsvaluation and setting

Trades at 78.0x earnings, 84% above the 42.5x median of industry peers, so the price already assumes better results.
The price is 20% above our fair value estimate, so there is little room for disappointment.
Earnings in Semiconductors follow the industry cycle, so margins and profits can swing from year to year.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare MRVL with peers and sector

Medians of 14 Semiconductors peers and of 74 Information Technology stocks in our universe. Largest peers (X-Ray Score): NVDA 67, AVGO 60, MU 79, AMD 48, INTC 17, TXN 44.

Metric	MRVL	Peers	Sector
X-Ray Score (out of 100)	31	46	50
Valuation	12	33	52
Growth	54	31	54
Profitability	20	45	50
Financial health	47	61	50
Dividends	33	53	51

Sector leaders: highest X-Ray Score in Information Technology

MRVL ranks #72 of 75 in Information Technology and #12 of 15 in Semiconductors by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 MU Micron Technology Inc	79
#2 ADBE Adobe Inc.	77
#3 SNDK Sandisk Corp	73
#4 INTU Intuit Inc.	71
#5 FICO Fair Isaac Corp	71
…
#72 MRVL Marvell Technology, Inc. (this stock)	31

Metric	MRVL	Peers	Sector
P/E ratio	78.0x	42.5x	33.0x
PEG ratio	–	2.36	2.20
Price / book	11.1x	6.5x	8.2x
Price / sales	21.8x	7.8x	6.8x
EV / EBITDA	132.5x	31.4x	24.5x
Price / free cash flow	119.0x	37.6x	28.7x
Dividend yield	0.1%	1.4%	1.0%
Gap to our fair value	−20.0%	−12.7%	−6.6%

Metric	MRVL	Peers	Sector
Price change, 1 month	−14.8%	−9.9%	−2.0%
Price change, 3 months	+5.9%	−11.3%	+1.4%
Price change, 6 months	+42.1%	+5.6%	+12.1%
Price change, 1 year	+176.2%	+18.3%	+18.6%

Metric	MRVL	Peers	Sector
Market value	$205.9B	$186.7B	$70.5B
Revenue (last 12 months)	$9.5B	$16.7B	$11.8B
EBITDA (last 12 months)	$1.6B	$4.8B	$2.6B
Net income (last 12 months)	$2.6B	$3.4B	$1.7B
Free cash flow (last 12 months)	$1.7B	$3.9B	$2.7B

Metric	MRVL	Peers	Sector
Revenue growth, last year	+42.1%	+15.3%	+13.7%
Revenue growth, 3 years a year	+11.4%	−1.2%	+9.5%
EPS growth, 3 years a year	–	−9.0%	+5.9%
Free cash flow growth, 3 years a year	+8.9%	+5.7%	+15.7%
Dividend growth	+0.1%	+7.8%	+6.2%

Metric	MRVL	Peers	Sector
Gross margin	52.2%	55.1%	58.1%
EBITDA margin	16.5%	33.1%	27.0%
Operating margin	16.5%	29.5%	21.7%
Net margin	27.9%	22.8%	17.8%
Return on invested capital	6.3%	16.7%	19.7%
Return on equity	14.2%	18.8%	21.4%

Metric	MRVL	Peers	Sector
Net debt / EBITDA	0.7x	0.6x	0.8x
Interest cover	7.2x	14.4x	23.5x
Current ratio	3.2x	2.6x	1.6x
Piotroski F-score (0 to 9)	6	6.5	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for MRVL

Each factor is rated by where MRVL stands among the 75 Information Technology stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 3 Good · 8 Average · 11 Bad of 22 Growth: 1 · 1 · 0 Profitability: 1 · 2 · 2 Financial strength: 1 · 2 · 1 Valuation: 0 · 1 · 4 Cash flow: 0 · 1 · 3 Efficiency: 0 · 1 · 1

Factor	MRVL	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+11.4%	Average beats 60%	+9.7%	–	–
Revenue growth, last year	+42.1%	Good beats 90%	+13.7%	+32.7%	▲ Better
Profitability
Gross margin	52.2%	Average beats 42%	57.8%	46.3%	▲ Better
Operating margin	16.5%	Average beats 38%	20.3%	-7.8%	▲ Better
Net margin	27.9%	Good beats 74%	17.8%	-9.4%	▲ Better
Return on invested capital	6.3%	Bad beats 15%	19.4%	–	–
Return on equity	14.2%	Bad beats 32%	21.0%	-2.7%	▲ Better
Financial strength
Net debt / EBITDA	0.7x	Average beats 54%	0.8x	–	–
Interest cover	7.2x	Bad beats 15%	23.0x	-2.5x	▲ Better
Current ratio	3.17	Good beats 86%	1.57	1.69	▲ Better
Piotroski F-score	6 / 9	Average beats 43%	6 / 9	–	–
Valuation
P/E ratio	78.0x	Bad beats 13%	33.6x	–	–
Price / book	11.1x	Average beats 41%	8.3x	3.9x	▼ Worse
Price / sales	21.8x	Bad beats 6%	6.9x	10.6x	▼ Worse
EV / EBITDA	132.5x	Bad beats 5%	24.7x	–	–
Free cash flow yield	0.8%	Bad beats 12%	3.4%	1.8%	≈ In line
Cash flow
Free cash flow margin	18.3%	Bad beats 33%	22.3%	18.3%	≈ In line
Cash from operations / net income	0.83	Bad beats 9%	1.39	–	–
Free cash flow growth, 3 years a year	+8.9%	Average beats 37%	+15.4%	–	–
Accruals (lower is better)	+1.6%	Bad beats 13%	−4.4%	–	–
Efficiency
Inventory turnover	3.3x	Average beats 45%	3.9x	3.3x	≈ In line
Days sales outstanding	86 days	Bad beats 17%	63 days	74 days	▼ Worse

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 1 Good · ● 6 Average · ● 8 Bad

Cash quality

Earnings backed by cashBad

Free-cash-flow yieldBad

Risk models

Altman Z''Average

Piotroski F-ScoreAverage

Growth

Free-cash-flow growth (3y)Average

Revenue growth (3y)Average

Growth consistencyBad

Balance sheet

Current ratioGood

Net debt / EBITDAAverage

Interest coverBad

Valuation

Fair value vs priceBad

EBIT / EV yieldBad

Profitability

Return on invested capitalBad

Operating marginAverage

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 30/100.

Financials

	FY22	FY23	FY24	FY25	FY26
Revenue	$4.5B	$5.9B	$5.5B	$5.8B	$8.2B
Operating income	−$348M	$238M	−$568M	−$720M	$1.3B
Net income	−$421M	−$164M	−$933M	−$885M	$2.7B
Operating cash flow	$819M	$1.3B	$1.4B	$1.7B	$1.8B
Operating margin	-7.8%	4.0%	-10.3%	-12.5%	16.1%
Free cash flow	$650M	$1.1B	$1.0B	$1.4B	$1.4B
Diluted EPS	$-0.53	$-0.19	$-1.08	$-1.02	$3.07

Fiscal years, from SEC filings.

Technical summary

Daily

Bearish

5 bullish · 1 neutral · 10 bearish

Weekly

Bullish

7 bullish · 1 neutral · 4 bearish

Monthly

Strongly bullish

7 bullish · 1 neutral · 0 bearish

Moving averages (daily)

SMA 10	247.0	Bearish
EMA 10	244.2	Bearish
SMA 20	258.4	Bearish
EMA 20	249.3	Bearish
SMA 50	242.8	Bearish
EMA 50	243.4	Bearish
SMA 100	241.9	Bearish
EMA 100	226.9	Bearish
SMA 200	178.8	Bullish
EMA 200	192.9	Bullish

Oscillators (daily)

RSI (14)	38.35	Neutral
MACD (12, 26)	-2.84	Bearish
Momentum (12)	-22.12	Bearish
Stochastic %K (14)	4.02	Bullish
Williams %R (14)	-95.98	Bullish
CCI (20)	-144.5	Bullish

Pivot points (classic, last session)

201.1

210.6

217.1

Pivot

226.6

233.0

242.6

249.0

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

0.24 USD

Yield on today's price

0.11%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
9 Oct 2026	0.0600
10 Jul 2026	0.0600
10 Apr 2026	0.0600
9 Jan 2026	0.0600
10 Oct 2025	0.0600
11 Jul 2025	0.0600
11 Apr 2025	0.0600
10 Jan 2025	0.0600
11 Oct 2024	0.0600
12 Jul 2024	0.0600
11 Apr 2024	0.0600
4 Jan 2024	0.0600

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold MRVL

ETF	Share of the fund
MRVU Direxion Daily MRVL Bull 2X	10.30%
FTXL First Trust Nasdaq Semiconductor	7.91%
XNTK SPDR Morgan Stanley Technology	7.17%
SOXQ Invesco PHLX Semiconductor	6.27%
SOXX iShares Semiconductor	5.22%
SMH VanEck Semiconductor	4.66%
CHPY YieldMax Semiconductor Portfolio Optio...	4.58%
ARTY iShares Future AI & Tech	4.53%

The eight funds with the largest weight in MRVL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.