MRVLNasdaqSemiconductors & Related DevicesFiscal year ends January 30
Marvell Technology, Inc.
Financials through Q2 FY2027, quarter ended Aug 1, 2026Last filing: 10-Q on Aug 28, 2026
$237.09+9.26 (+4.06%)
Close on Oct 19, 2026
- Market cap
- $218.41B
- P/E (TTM)
- 78.2
- Dividend yield
- 0.10%
Margins
Share of revenue, fiscal years 2019 to 2026
Gross margin
51.0%+0.9 pts over 5 years
Operating margin
16.1%+24.8 pts over 5 years
Net margin
32.6%+41.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +42.1% | +11.4% | +22.5% | – | |
| Gross profit | +75.5% | +11.9% | +22.9% | – | |
| Operating income | – | +77.1% | – | – | |
| Free cash flow | -0.0% | +8.9% | +14.5% | – | |
| Dividend per share | 0.0% | 0.0% | 0.0% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | – | -3.2% | 19.3% | |
| Return on assets | – | – | 12.6% | |
| Current ratio | – | 1.50 | 2.01 | |
| Debt to equity | – | 0.17 | 0.35 | |
| Net debt to EBITDA | – | -10.64× | – | |
| Interest coverage | – | -3.7× | 6.5× | |
| Inventory turnover | – | – | 3.3× | |
| Capex to revenue | – | 3.6% | 4.3% | |
| Diluted shares | – | 669M | 870M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Marvell Technology generated $6.91B from operations and spent $5.40B on capital expenditure, dividends and share buybacks. 25% of that went back into the business.
Generated
$6.91B
Used
$5.40B
Capital expenditure$1.35B25%Dividends$1.01B19%Share buybacks$3.03B56%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin32.6%
×Asset turnover0.39×
×Equity multiplier1.53×
=Return on equity, FY202619.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 32.6% | 0.39× | 1.53× | 19.3% |
| FY2025 | -15.3% | 0.28× | 1.47× | -6.3% |
| FY2024 | -16.9% | 0.25× | 1.44× | -6.1% |
| FY2023 | -2.8% | 0.27× | 1.42× | -1.0% |
| FY2022 | -9.4% | 0.27× | 1.36× | -3.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
7of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$2.67B
- Cash generatingOperating cash flow above zero$1.75B
- Return on assets improvedROA up on the prior year-4.2% → 13.2%
- Earnings backed by cashOperating cash flow above net income$1.75B vs $2.67B
- Less leverageLong-term debt to assets fell19.5% → 17.8%
- Better liquidityCurrent ratio rose1.54 → 2.01
- No dilutionShare count did not rise866M → 870M
- Gross margin improvedGross margin up on the prior year41.31% → 51.02%
- More efficientAsset turnover rose0.27 → 0.41