Marvell Technology, Inc. (MRVL) stock analysis
Close on Nov 12, 2026Market cap $144.21BP/E 54.3Yield 0.15%
StockData Score
Prices as of Nov 11, 2026How the score works
Solid16 of 30 checks passed
Marvell Technology passes 16 of the 30 checks behind our score; 5 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 4/6
- Past performance
- 3/6
- Financial health
- 5/6
- Dividend
- 4/6
What stands out
Low debt
Debt is 26.8% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 11.4% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 7.2 times.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 44.3% of total debt.
What to watch
Margin of safety under 20%
The price is 128% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $168.80 is above our fair value estimate of $74.15.
Return on equity under 15%
Return on equity was 16.5% over the last twelve months and averaged 0.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 6.8%, below the 10% that usually covers the cost of capital.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
Marvell Technology's P/E of 55.7 is above the Electronic Components and Accessories median of 34.8.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
Marvell Technology's price-to-book of 7.99 is above the Electronic Components and Accessories median of 3.49.
Trading above fair value
The share price of $168.80 is above our fair value estimate of $74.15.
Margin of safety under 20%
The price is 128% above fair value, so there is no margin of safety.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 11.4% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 30.6% over the last twelve months; the Electronic Components and Accessories median is 17.3%.
Guidance raised
Marvell Technology raised its First Quarter of Fiscal 2027 Diluted weighted-average shares outstanding outlook on Mar 5, 2026.
Gross margin improving
Gross margin was 52.2% over the last twelve months, against 44.6% a year earlier.
Past performance3/6
Return on equity under 15%
Return on equity was 16.5% over the last twelve months and averaged 0.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 6.8%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Marvell Technology's return on equity of 16.5% is above the Electronic Components and Accessories median of 4.8%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 27.9% over the last twelve months, against a 5-year average of -2.4%.
Net margin above the industry
Marvell Technology's net margin of 27.9% is above the Electronic Components and Accessories median of 2.9%.
Financial health5/6
Low debt
Debt is 26.8% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 16.5% five years ago to 26.8%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 44.3% of total debt.
Interest well covered
Operating income covers interest expense 7.2 times.
Short-term assets cover short-term debts
Current assets are 3.17 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 10.69; above 3 is the safe zone and below 1.8 the distress zone.
Dividend4/6
Pays a dividend
Marvell Technology paid dividends worth 0.1% of the share price over the last twelve months.
Yield below Treasuries
The 0.1% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Marvell Technology yields 0.1%.
Dividend not cut
The dividend per share has not fallen by more than 10% in any of the last 7 fiscal years.
Covered by earnings
Dividends take 7.9% of net income.
Covered by free cash flow
Dividends take 12.1% of free cash flow.
Fair value
How we estimate itOur estimate per share
$74.15
The share price is 128% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 34.8× | – | 34.8× | $105.57 | 47% |
| EV/EBITDA | 21.3× | – | 21.3× | $36.79 | 41% |
| P/B | 3.7× | 4.0× | 3.5× | $79.16 | 12% |
| Earnings powerleft out, too far from the others | 14.9% cost of equity | – | – | $9.78 | – |
| Fair value | $74.15 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Electronic Components and Accessories median 34.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $5.87B
- Value traded per 1% price move
- $1.38B
Downside
High risk
- Typical loss in a bad month
- 41.8%
- Volatility (annualized)
- 85%
- Sharpe ratio, 1 year
- 0.90
- Beta to the S&P 500 (5Y)
- 2.08
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2019 to 2026
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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