# Marvell Technology, Inc. (MRVL)

> Source: Nexqual · https://nexqual.com/MRVL · data as of 2026-10-23 15:06 UTC · cite as "Nexqual, Marvell Technology, Inc. (MRVL), nexqual.com/MRVL" · informational, not investment advice.

**Price:** USD 229.33 (+2.62% today) · US market open, as of October 23, 2026 at 15:06 UTC; quotes may be delayed. Prev close 223.47 · day 221.38–231.62 · 52w 70.69–329.88 · market cap $206B · NMS

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $9.45B, net income $2.64B (27.9% margin), free cash flow $1.73B (SEC filings).
- Valuation: P/E 78.1x (avg 25.7x at the last 1 fiscal year-ends), net debt $1.03B.
- 1 of 80 tracked superinvestors hold MRVL (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y +177.5% vs S&P 500 +14.8%; 5Y +240.8% vs S&P 500 +77.5%.
- Next earnings: 2026-12-01, EPS estimate USD 1.1, revenue estimate $3.15B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.46B | $5.92B | $5.51B | $5.77B | $8.19B | $9.45B |
| Gross profit | $2.06B | $2.99B | $2.29B | $2.38B | $4.18B | — |
| Operating income | -$348M | $238M | -$568M | -$720M | $1.32B | $1.56B |
| Net income | -$421M | -$164M | -$933M | -$885M | $2.67B | $2.64B |
| EPS (diluted) | -$0.53 | -$0.19 | -$1.08 | -$1.02 | $3.07 | — |
| Free cash flow | $650M | $1.08B | $1.03B | $1.40B | $1.40B | $1.73B |
| Gross margin | 46.3% | 50.5% | 41.6% | 41.3% | 51.0% | — |
| Operating margin | -7.8% | 4.0% | -10.3% | -12.5% | 16.1% | 16.5% |
| Net margin | -9.4% | -2.8% | -16.9% | -15.3% | 32.6% | 27.9% |
| Revenue growth | +50.3% | +32.7% | -7.0% | +4.7% | +42.1% | — |
| Cash + short-term investments | $614M | $911M | $951M | $948M | $2.64B | — |
| Total debt | $4.55B | $4.49B | $4.17B | $4.06B | $4.47B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 78.1x · P/S 21.8x · EV/Sales 21.9x · P/FCF 119.1x · P/B 11.1x · FCF yield 0.84% · Earnings yield 1.28% · Dividend yield (paid, TTM) 0.10% · Buyback yield (TTM) 0.92% · Net debt $1.03B · EV $207B
P/E at fiscal year-ends: Jan 2026 25.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MRVL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $1.3M | Reduced -97.8% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | UBS | Target raised | Buy | $335 → $350 |
| 2026-10-07 | Jefferies | Target raised | Buy | $325 → $450 |
| 2026-10-07 | JP Morgan | Target raised | Overweight | $305 → $360 |
| 2026-10-07 | Wells Fargo | Target raised | Overweight | $310 → $365 |
| 2026-10-07 | Wolfe Research | Target raised | Outperform | $280 → $375 |
| 2026-10-07 | Morgan Stanley | Target raised | Equal-Weight | $268 → $300 |
| 2026-10-07 | RBC Capital | Target raised | Outperform | $360 → $425 |
| 2026-10-07 | Piper Sandler | Target raised | Overweight | $270 → $400 |
| 2026-10-07 | TD Cowen | Upgrade | Hold → Buy | $245 → $350 |
| 2026-10-07 | StoneX | Target raised | Buy | $275 → $375 |
| 2026-10-07 | Stifel | Target raised | Buy | $350 → $370 |
| 2026-10-07 | Evercore ISI Group | Target raised | Outperform | $275 → $433 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +177.5% | +240.8% |
| S&P 500 (SPY) | +14.8% | +77.5% |
| Per year | +177.7% | +27.8% |
| Volatility (annualized) | 78.5% | 56.5% |
| Max drawdown | -48.4% (Jun 2026→Jul 2026) | -60.4% (Jan 2025→Mar 2025) |

## Peers (Semiconductors)
ADI (Analog Devices, Inc.) USD 390.59 +1.25% · QCOM (QUALCOMM Incorporated) USD 174.71 +1.09% · ARM (Arm Holdings plc) USD 212.21 +1.00% · TXN (Texas Instruments Incorporated) USD 283.93 +1.58% · INTC (Intel Corporation) USD 86.66 +1.37% · ASX (ASE Technology Holding Co., Ltd) USD 38.68 +2.48%

## More
Full page: https://nexqual.com/MRVL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MRVL's own 10-K filed 2026-03-11 (https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Federal Deposit Insurance | "On March 10, 2023, Silicon Valley Bank ("SVB"), where we maintained certain accounts with an immaterial amount of cash deposits, was placed into receivership with the Federal Deposit Insurance Corporation ("FDIC"), which…" |
| Partner | Cisco (CSCO) | "In addition, there has been a trend toward customer consolidation in the semiconductor industry through business combinations, including mergers, asset acquisitions and strategic partnerships (for example, Cisco acquired…" |

Other companies that name MRVL in their own reports (relationship from MRVL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Credo Technology Group Holding Ltd (CRDO) | 10-K 2026-06-15 | "Marvell Technology, Inc. (Marvell) and Astera Labs, Inc. (Astera), as well as various cable and optical transceiver suppliers." |
| competitor | SILICOM LTD. (SILC) | 20-F 2026-04-28 | "Marvell, Nvidia, Netronome, Napatech, BittWare, Lanner, and Caswell compete with certain of our Smart Cards." |
| competitor | NVIDIA CORP (NVDA) | 10-K 2026-02-25 | "•networking products consisting of switches, network adapters (including DPUs), and cable solutions (including optical modules) include such as AMD, Arista Networks, Broadcom, Cisco Systems, Inc., Hew…" |
| customer | Fortinet, Inc. (FTNT) | 10-K 2026-02-25 | "Our limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm…" |
| competitor | CIENA CORP (CIEN) | 10-K 2025-12-12 | "In addition, as we advance our interconnects and market expansion strategy to address needs inside and around the data center, we will begin to compete with additional competitors, including Marvell T…" |
| competitor | MACOM Technology Solutions Holdings, Inc. (MTSI) | 10-K 2025-11-14 | "We primarily compete with Analog Devices, Inc. ("ADI"), Broadcom Inc. ("Broadcom"), Credo Technology Group Holding Ltd. ("Credo"), Marvell Technology Inc. ("Marvell"), MaxLinear Inc. ("MaxLinear"), Mi…" |
| customer | UTSTARCOM HOLDINGS CORP. (UTSI) | 10-K 2011-03-16 | "Technology Group Ltd. ("Marvell") supply agreement during the first quarter of 2009." |

## Revenue by product line (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Data center | $2.17B | 79.3% | +45.7% |
| Communications and other | $567.8M | 20.7% | +10.1% |
| Total revenue | $2.74B | 100% | — |

## Revenue by region (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| China | $1.16B | 42.4% | +99.1% |
| Other | $592.9M | 21.6% | +38.1% |
| Taiwan | $456.8M | 16.7% | -15.6% |
| Singapore | $337.3M | 12.3% | +138.4% |
| United States | $190.8M | 7.0% | -38.6% |
| Total revenue | $2.74B | 100% | — |

## Customer concentration

Period ended 2026-01-31: 37%, 14% of revenue from unnamed direct customers (10-K, filed 2026-03-11).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.10 | $1.07 | +2.6% | $3.15B | 34 |
| Next quarter (ends 2027-01-31) | $1.36 | $1.24 | +9.8% | $3.73B | 33 |
| Current fiscal year (ends 2027-01-31) | $4.22 | $4.06 | +4.1% | $12.07B | 42 |
| Next fiscal year (ends 2028-01-31) | $7.33 | $6.24 | +17.4% | $19.71B | 43 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-04 (includes earnings 2026-12-01): ±18.8%; earnings reaction alone ±8.1%; last 8 reports averaged ±11%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 72.4% | ±8.1% |
| 2026-11-06 | 14 | 69.9% | ±11.0% |
| 2026-11-13 | 21 | 67.2% | ±12.9% |
| 2026-11-20 | 28 | 65.8% | ±14.6% |
| 2026-11-27 | 35 | 64.0% | ±15.8% |
| 2026-12-04 | 42 | 69.7% | ±18.8% |
| 2026-12-18 | 56 | 67.4% | ±21.0% |
| 2027-01-15 | 84 | 64.2% | ±24.5% |