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Marvell Technology, Inc. (MRVL) perpetual futures
MRVL perpetual futures on 27 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade MRVLUSDT.
Marvell Technology provides data infrastructure semiconductor solutions, including ethernet, processors, and custom ASICs for data centers and communications.
$152.29+0.1%NASDAQ closed
Price chart
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venue perp mark · Binance (MRVL/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
27/27 live markets
Trading data
Perpetual market activity
Venues
27
Live markets
27/27
24h volume
$31.2MCoverage: 22/27 marketsExchange-reported volume: $43.7M
Open interest
$48MCoverage: 25/27 markets
Best liquidity
$8.8M
LBank
Tightest spread
+0.7 bps
Ourbit
Highest volume
$14.9M
Binance
Settlement mix
USDT · 17/27
Perp/spot vol.
0.01x
Spot volume $3.6B
OI / float
+0.04%
Float $133.1B
Spot performance
1D-4.68%
5D+9.05%
1M-35.02%
6M-11.38%
YTD+84.47%
1Y+87.85%
Venue matrix
27 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | MRVL/USDT | Trading | $152.32 | 0.0% APR 0.000% every 8h | +0.7 bps | - | $14.9M | $17M | USDT | - | |
 Hyperliquid HIP-3 | Trade | xyz:MRVL | Trading | $152.11 | -108.9% APR -0.012% every 1h | +2.0 bps | - | $3.6M | $8.4M | USDC | 10x | |
 OKX | Trade | MRVL/USDT | Trading | $152.24 | 0.0% APR 0.000% every 8h | +0.7 bps | $560.3K | $3.5M | $6.2M | USDT | 50x | |
 Bybit | Trade | MRVL/USDT | Trading | $152.30 | 0.0% APR 0.000% every 8h | +1.3 bps | $565K | $2.6M | $4.2M | USDT | 50x | |
 BingX | Trade | MRVL-USDT | Trading | $152.26 | -5.5% APR -0.00500% every 8h | +1.3 bps | $2.8M | $2.1M | $1.4M | USDT | - | |
 Gate.io | Trade | MRVL/USDT | Trading | $152.27 | 0.0% APR 0.000% every 8h | +2.6 bps | $7.9M | $1.8M | $1.1M | USDT | 50x | |
 Bitget | Trade | MRVL/USDT | Trading | $152.30 | 0.0% APR 0.000% every 8h | +2.6 bps | $6.9M | $1.3M | $3.7M | USDT | 50x | |
 MEXC | Trade | MRVL/USDT | Trading | $152.33 | 0.0% APR 0.000% every 8h | +0.7 bps | $2.1M | $420.3K | $3.7M | USDT | 100x | |
 Variational | Trade | MRVL/USDC | Trading | $152.29 | 0.0% APR 0.000% every 8h | +6.0 bps | no public depth feed | $316.4K | $286.2K | USDC | - | |
 BloFin | Trade | MRVL/USDT | Trading | $152.27 | 0.0% APR 0.000% every 8h | +1.3 bps | - | $244.1K | $392.8K | USDT | 50x | |
 Bitunix | Trade | MRVL/USDT | Trading | $152.31 | +1.4% APR +0.00125% every 8h | +0.7 bps | $3.7M | $186K | $52.3K | USDT | 50x | |
 XT.com | Trade | MRVL/USDT | Trading | $152.30 | 0.0% APR 0.000% every 8h | +2.0 bps | $189.1K | $83K | - | USDT | 50x | |
 Ondo Perps | Trade | MRVL/USD | Trading | $152.02 | - | +9.2 bps | $414.6K | $49.2K | $608.3K | USDC | 10x | |
 Deribit | Trade | MRVL/USDC | Trading | $152.13 | -8.7% APR -0.00791% every 8h | +4.6 bps | $334.6K | $40.9K | $144.2K | USDC | 10x | |
 HTX | Trade | MRVL/USDT | Trading | $152.62 | 0.0% APR 0.000% every 8h | +6.6 bps | $572.7K | $19.3K | $49.6K | USDT | - | |
 Aster | Trade | MRVLUSDT | Trading | $152.53 | 0.0% APR 0.000% every 8h | +3.9 bps | $139.9K | $10.8K | $294.2K | USDT | - | |
 GRVT | Trade | MRVL/USDT | Trading | $152.29 | 0.0% APR 0.000% every 8h | +3.3 bps | $859.2K | $2.8K | $930.5 | USDT | - | |
 Orderly Network | Trade | MRVL/USDC | Trading | $152.28 | +11.0% APR +0.010% every 8h | - | no public depth feed | $666.1 | $2K | USDC | - | |
 Crypto.com Exchange | Trade | MRVL/USD | Trading | $152.16 | +5.0% APR +0.00057% every 1h | +23.0 bps | $18.2K | $345.2 | $11.4K | USD | 50x | |
 Aevo | Trade | MRVL/USDC | Trading | $152.26 | +11.4% APR +0.00130% every 1h | +15.4 bps | $212.1K | $0 | $10.7 | USDC | 10x | |
 Extended | Trade | MRVL/USD | Trading | $152.22 | 0.0% APR 0.000% every 1h | +0.7 bps | - | $0 | $12.4K | USD | 10x | |
 Paradex | Trade | MRVL/USD | Trading | $152.27 | -36.5% APR -0.033% every 8h | +14,028.8 bps | $0 | $0 | $204 | USDC | 5x | |
 Vest | Trade | MRVL/USDC | Trading | $152.31 | +5.0% APR +0.00057% every 1h | +202.2 bps | $0 | - | - | USDC | 25x | |
 LBank | Trade | MRVL/USDT | Trading | $152.29 | 0.0% APR 0.000% every 8h | +0.7 bps | $8.8M | $4.5M⚠ | $67K | USDT | 50x | |
 Ourbit | Trade | MRVL/USDT | Trading | $152.31 | 0.0% APR 0.000% every 8h | +0.7 bps | $4.1M | $3.8M⚠ | $102.7K | USDT | 100x | |
 Deepcoin | Trade | MRVL/USDT | Trading | $152.23 | - | +0.7 bps | $360.8K | $3.2M⚠ | $6.4K | USDT | 20x | |
 KuCoin | Trade | MRVL/USDT | Trading | $152.39 | 0.0% APR 0.000% every 8h | +9.2 bps | $27.9K | $1M⚠ | $244.5K | USDT | 20x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| MRVLBbStocks | $151.96 | -0.22% | $2.0M | $8.9M | BNB Smart Chain (BEP20) |
| MRVLonOndo GM | $152.60 | +0.20% | $1.4M | $8.8M | Ethereum · BNB Smart Chain (BEP20) · Solana |
| MRVLXxStocks | $152.95 | +0.44% | $403k | $5.4M | Solana · Arbitrum · BNB Smart Chain (BEP20) · Ethereum |
| rMRVLTokenized | $153.10 | +0.53% | $212k | $2.7M | Arbitrum |
| MRVLRobinhood | $152.39 | +0.05% | $9k | $224k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | MRVL/WETH ↗ | $152.39 | $9k | $14k |
 pancakeswapDEX · bsc | MRVLB/USDT ↗ | $151.86 | $3k | $30k |
 communityV3DEX · ethereum | MRVLon/USDC ↗ | $151.83 | $2k | $48k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 20 of 27 venues absorb $10k · Typical cost: +6.7 bps – +8.7 bps
Too thin: Crypto.com Exchange
No fresh book data: Hyperliquid HIP-3, Variational, Orderly Network, Extended, Paradex, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
MRVLTightest spread
MRVLHighest volume
MRVLFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2026-12-01
Revenue est. $3.15B · Updated 13m ago
Dividend
$0.06
2026-10-09
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid152.03
Ask152.7
Volume23,544,835
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 20274.21$12.1B+47%26
FY 20287.28$19.6B+62%26
FY 202912.51$31.5B+61%20
FY 203018.99$49B+55%9
FY 203128.95$75.7B+54%10
Q2 20271.50$4.1B+51%10
Source: FMP · Consensus
Company events
62026-12-01EarningsActual - / Estimate 1.10-
2026-10-09Dividend$0.06-
2026-08-27Earnings · After market closeActual 0.94 / Estimate 0.934Beat
2026-07-10Dividend$0.06-
2026-05-27EarningsActual 0.8 / Estimate 0.798Beat
2026-04-10Dividend$0.06-
Peer comparison
Similar listed perpsRevenue mix
Latest annualData centerProduct$6.1B
Communications and otherProduct$2.1B
CHINAGeographic$3B
Other CountriesGeographic$2.4B
TAIWANGeographic$1.7B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $324.13 |
| 12-month target range (low – high) | $175 – $450 |
| Ratings in the provider's consensus | 74 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 9 | 34 | 5 | 0 | 0 |
| Oct 2026 | 9 | 35 | 6 | 0 | 0 |
| Sep 2026 | 9 | 32 | 6 | 0 | 0 |
| Aug 2026 | 8 | 31 | 6 | 0 | 0 |
| Jul 2026 | 8 | 31 | 6 | 0 | 1 |
| Jun 2026 | 8 | 31 | 6 | 0 | 1 |
| May 2026 | 8 | 31 | 6 | 0 | 1 |
| Apr 2026 | 7 | 30 | 7 | 0 | 1 |
| Mar 2026 | 7 | 30 | 11 | 0 | 0 |
| Feb 2026 | 7 | 26 | 12 | 0 | 0 |
| Jan 2026 | 7 | 26 | 14 | 0 | 0 |
| Dec 2025 | 6 | 25 | 14 | 0 | 0 |
Ownership
Institutional · 2026-Q2Free float99.8%873.8M shares
Shares outstanding875.8M shares
Institutional79.3%2,383 investors
Investor count change+737
Reference market activity
MRVL-PERPDay range (Nov 13)$149.17$163.89
52 week$70.69$329.88
Spot volume23.5M
Average volume-
Price performance
111D-4.7%
5D+9.1%
1M-35.0%
3M-29.4%
6M-11.4%
YTD+84.5%
1Y+87.8%
3Y+174.2%
5Y+115.0%
10Y+1,067.2%
MAX+1,007.1%
Insider activity
FY2026 Q4Acquisitions14 transactions47,572 shares
Dispositions33 transactions104,896 shares
Purchases0Ratio 0.42
Sales5
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Marvell Technology director Douglas R. Bettinger filed an initial Form 3 on 2026-11-13 reporting no shares of common stock held; the single listed row shows 0 shares at $0.00.
Marvell Technology director Donna Morris filed a Form 3 on 2026-11-13 reporting her initial statement of holdings; one row shows 0 shares of common stock at $0.00 and no shares owned after.
Marvell director Sasan K. Goodarzi filed a Form 3 on 2026-11-13 reporting one line item of 0 shares of common stock at $0.00, an initial statement of holdings with no shares acquired or disposed.
Koopmans Chris reported an open-market sale (S) of 10,000 Marvell common shares at $186.97 on Nov 2, 2026, leaving 202,800 shares owned.
Marvell officer Justin Scarpulla converted 510 restricted stock units into 510 common shares and had 253 shares withheld for taxes at $241.24.
Marvell officer Chris Koopmans converted 10,265 restricted stock units into 10,265 common shares and 5,406 shares were withheld for taxes at $241.24; no open-market purchases or sales.
Marvell officer Bharathi Sandeep exercised options on 11,187 common shares, had 5,893 shares withheld for tax at $241.24, and sold 3,685 shares at $234.97, leaving 58,748 shares owned.
Filings
79 · Latest SEC filings2026-11-133Initial insider ownership statement (Form 3)
Marvell Technology director Douglas R. Bettinger filed an initial Form 3 on 2026-11-13 reporting no shares of common stock held; the single listed row shows 0 shares at $0.00.
2026-11-133Initial insider ownership statement (Form 3)
Marvell Technology director Donna Morris filed a Form 3 on 2026-11-13 reporting her initial statement of holdings; one row shows 0 shares of common stock at $0.00 and no shares owned after.
2026-11-133Initial insider ownership statement (Form 3)
Marvell director Sasan K. Goodarzi filed a Form 3 on 2026-11-13 reporting one line item of 0 shares of common stock at $0.00, an initial statement of holdings with no shares acquired or disposed.
2026-11-034Insider transaction report (Form 4)
Koopmans Chris reported an open-market sale (S) of 10,000 Marvell common shares at $186.97 on Nov 2, 2026, leaving 202,800 shares owned.
2026-10-164Insider transaction report (Form 4)
Marvell officer Justin Scarpulla converted 510 restricted stock units into 510 common shares and had 253 shares withheld for taxes at $241.24.
2026-10-164Insider transaction report (Form 4)
Marvell officer Bharathi Sandeep exercised options on 11,187 common shares, had 5,893 shares withheld for tax at $241.24, and sold 3,685 shares at $234.97, leaving 58,748 shares owned.
2026-10-164Insider transaction report (Form 4)
Marvell officer Casper Mark converted 4,113 restricted stock units into 4,113 common shares and had 2,167 shares withheld for taxes at $241.24, per a Form 4 filed 2026-10-16.
2026-10-164Insider transaction report (Form 4)
Marvell officer Chris Koopmans converted 10,265 restricted stock units into 10,265 common shares and 5,406 shares were withheld for taxes at $241.24; no open-market purchases or sales.
2026-10-164Insider transaction report (Form 4)
CEO Matthew Murphy converted 21,497 RSUs into 21,497 common shares, had 11,320 shares withheld for tax at $241.24 and sold 7,500 shares at $235.47. He still holds about 768,186 shares.
2026-10-094Insider transaction report (Form 4)
Marvell officer Justin Scarpulla reported an open-market sale of 1,100 common shares at $273.59, leaving 909 shares held.
2026-10-014Insider transaction report (Form 4)
Marvell Technology officer Chris Koopmans reported selling 10,000 shares of common stock on the open market at $262.05 per share, leaving 207,941 shares owned.
2026-09-164Insider transaction report (Form 4)
Marvell CFO Durn Daniel converted 6,469 restricted stock units into 6,469 common shares, then 3,408 shares were withheld for taxes at $221.70.
2026-09-154Insider transaction report (Form 4)
Marvell Technology director and CEO Matthew J. Murphy sold 7,500 common shares at $223.39 on 2026-09-15, leaving him 775,686 shares.
2026-09-024Insider transaction report (Form 4)
Chris Koopmans, President and COO of Marvell Technology, sold 10,000 common shares on September 1, 2026, at $203.27 per share.
2026-08-174Insider transaction report (Form 4)
Scarpulla Justin converted 3,166 RSUs into 3,166 common shares, then 1,570 shares were withheld for taxes, leaving 2,009 shares.
2026-08-174Insider transaction report (Form 4)
On August 17, 2026, CEO Matthew Murphy sold 7,500 common shares at $236.08 each, retaining 783,186 shares.
2026-08-034Insider transaction report (Form 4)
Marvell Technology President and COO Chris Koopmans sold 10,000 common shares at $180.50 on 2026-08-03, leaving 227,941 shares owned afterward.
2026-07-164Insider transaction report (Form 4)
Marvell SVP/CAO Justin Scarpulla converted 510 RSUs into 510 common shares, then had 253 shares withheld for taxes at $206.26, leaving 413 shares owned.
2026-07-164Insider transaction report (Form 4)
Marvell CEO Matthew Murphy converted 21,497 RSUs into 21,497 common shares, had 11,320 shares withheld for taxes at $206.26, and sold 7,500 shares on the open market at $209.52.
2026-07-164Insider transaction report (Form 4)
Marvell officer Sandeep Bharathi converted 22,441 restricted stock units into common shares, had 11,819 shares withheld for taxes at $206.26, and sold 9,013 shares at $199.24.
2026-07-164Insider transaction report (Form 4)
Marvell officer Mark Casper converted 4,112 restricted stock units into 4,112 common shares on 2026-07-15, and 2,167 shares were withheld at $206.26 for taxes.
2026-07-164Insider transaction report (Form 4)
President and COO Chris Koopmans converted 21,519 RSUs into 21,519 common shares, and 11,332 shares were withheld for taxes at $206.26 each. He now directly owns 229,073 common shares.
2026-07-014Insider transaction report (Form 4)
Marvell Technology President and COO Chris Koopmans sold 10,000 shares of common stock at $281.92 per share, leaving 227,754 shares owned afterward.
2026-06-294Insider transaction report (Form 4)
Director Richard P. Wallace was granted 1,034 Restricted Stock Units of Marvell Technology on 2026-06-25, a compensation award rather than an open-market purchase. He now owns 1,034 units.
2026-06-294Insider transaction report (Form 4)
Marvell director Brad W. Buss was granted 1,034 Restricted Stock Units on 2026-06-25 as compensation, bringing his post-transaction holding to 1,034 RSUs.
2026-06-294Insider transaction report (Form 4)
Marvell Technology director Knight Marachel was granted 1,034 Restricted Stock Units on 2026-06-25 as compensation, bringing their holding of this security to 1,034 shares. This was an award, not an open-market purchase.
2026-06-294Insider transaction report (Form 4)
Marvell director Rebecca W House was granted 1,034 Restricted Stock Units on 2026-06-25 as compensation, not a purchase, bringing her holdings to 1,034 shares.
2026-06-294Insider transaction report (Form 4)
Director Rajiv Ramaswami converted 3,082 RSUs into 3,082 common shares, and separately received a new award of 1,034 RSUs.
2026-06-294Insider transaction report (Form 4)
Director Sara C. Andrews was granted 1,034 Restricted Stock Units on 2026-06-25 as compensation, bringing her total holdings to 1,034 shares.
2026-06-234Insider transaction report (Form 4)
CFO Daniel Durn sold 2,250 common shares of Marvell Technology on June 23, 2026, at $281.01 per share, leaving 6,902 shares owned.
2026-06-174Insider transaction report (Form 4)
Director House Rebecca gifted 750 shares of Marvell Technology common stock, reducing her holdings to 5,441 shares.
2026-06-174Insider transaction report (Form 4)
On Jun 15-16, 2026, officer Bharathi Sandeep converted 4,713 RSUs into common stock, with 2,482 shares withheld for taxes and 2,231 sold on the open market.
2026-06-164Insider transaction report (Form 4)
Director Rebecca W. House converted 3,940 RSUs into 3,940 common shares of Marvell Technology on 2026-06-13.
2026-06-164Insider transaction report (Form 4)
Casper Mark, EVP & Chief Legal Officer of Marvell Technology, gifted 1,000 shares of common stock on June 15, 2026, reducing his holdings to 44,907 shares.
2026-06-164Insider transaction report (Form 4)
On June 15, 2026, CEO Matthew Murphy sold 7,500 common shares at $298.76 each, leaving 788,009 shares owned.
2026-06-154Insider transaction report (Form 4)
Director Brad W. Buss converted 3,940 restricted stock units into 3,940 common shares of Marvell Technology on June 13, 2026.
2026-06-154Insider transaction report (Form 4)
On June 5, 2026, officer Willem A. Meintjes had a transaction involving 0 shares of common stock at $0.00, resulting in ownership of 0 shares.
2026-06-154Insider transaction report (Form 4)
Director converted 3,940 restricted stock units into 3,940 common shares at no cost.
2026-06-154Insider transaction report (Form 4)
Director Brown Tudor converted 3,940 RSUs into common stock, with 23 shares withheld for taxes.
2026-06-154Insider transaction report (Form 4)
Director Richard P. Wallace converted 3,940 restricted stock units into 3,940 common shares of Marvell Technology at $0.00, holding 7,727 shares afterward.
2026-06-124Insider transaction report (Form 4)
Director Durn Daniel received a restricted stock unit award of 25,877 shares and vested 3,940 RSUs into common stock (M-Exempt), totaling 3,940 shares.
2026-06-014Insider transaction report (Form 4)
On 2026-06-01, President and COO Chris Koopmans sold 10,000 common shares of Marvell Technology at $205.87 each, retaining 237,392 shares.
2026-05-214Insider transaction report (Form 4)
CEO Matthew Murphy converted 117,742 performance stock units into common stock, and 61,992 shares were withheld for taxes.
2026-05-214Insider transaction report (Form 4)
On May 20, 2026, the reporting person converted 18,744 performance stock units into 18,744 common shares at $0.00, and 9,294 shares were withheld to cover taxes at $186.80.
2026-05-194Insider transaction report (Form 4)
On 2026-05-15, the reporting person converted 56,232 Performance Stock Units into 56,232 common shares (M-Exempt), then 27,882 shares were withheld for taxes (F-InKind) at $176.89.
Transcripts
Earnings callsFY2027 Q22026-08-27
Earnings calls
AI summary
positiveMarvell reported record Q2 FY2027 revenue of $2.739B, up 37% YoY and 13% sequentially, with non-GAAP EPS of $0.94. Data center revenue hit $2.17B, up 46% YoY, driven by broad-based AI demand across interconnect, switching, and custom silicon. The company raised its FY2027 revenue outlook to approximately $12B (up from $11.5B) and FY2028 to approximately $18B (up from $16.5B), citing accelerating growth in data center, particularly in scale-up optics and custom. Q3 guidance calls for revenue of $3.15B, up 15% sequentially and over 50% YoY. Management highlighted an expanded commercial agreement with a key hyperscaler (Google) with warrants covering custom programs, which they expect to significantly uplift FY2029 and beyond.
Key takeaways
- Marvell delivered record Q2 FY2027 revenue of $2.739B, up 37% YoY and 13% sequentially, with non-GAAP EPS of $0.94, exceeding guidance.
- Data center revenue was $2.17B, up 46% YoY and 18% sequentially, with growth accelerating; Q3 data center revenue expected up over 20% sequentially and ~75% YoY.
- The company increased FY2027 revenue outlook to ~$12B (up ~45% YoY) and FY2028 to ~$18B (up ~50% YoY) due to stronger-than-expected AI demand.
- Expanded commercial agreement with a key hyperscaler (Google) includes warrants covering multiple custom programs (inference accelerators, storage controllers, NICs, memory interface controllers, near-memory compute), providing confidence for significant custom growth in FY2029 and beyond.
- Scale-up optics (NPO/CPO) and switching are key drivers of the raised outlook, with significant design activity across multiple customers and protocols (UAL, ESUN, NVLink).
Financial highlights
- Q2 FY2027 revenue: $2.739B, up 37% YoY, 13% sequentially; non-GAAP EPS: $0.94, up 40% YoY.
- Q2 non-GAAP gross margin: 58.9%; non-GAAP operating margin: 36.6%, up 180 bps YoY and 160 bps sequentially.
- Cash flow from operations: $606M in Q2; inventory $1.36B; debt $4.96B, net debt-to-EBITDA 0.27x.
- Q3 FY2027 guidance: revenue $3.15B ±5%, non-GAAP gross margin 57.5%-58.5%, non-GAAP EPS $1.05-$1.15.
Guidance
- Q3 FY2027 revenue expected at $3.15B midpoint, up 15% sequentially and >50% YoY; Q4 growth expected to further accelerate.
- FY2027 revenue outlook raised to ~$12B (up ~45% YoY), from ~$11.5B prior; data center growth expected ~60% (up from ~50%).
- FY2028 revenue outlook raised to ~$18B (up ~50% YoY), from $16.5B; data center growth expected >60% YoY.
- Non-GAAP operating margin expected to enter 38%-40% range in Q4 FY2027; FY2028 non-GAAP tax rate ~13%.
Q&A themes
- Custom silicon and XPU attach: The Google warrant covers a broad range of products (inference accelerators, storage controllers, NICs, memory controllers, near-memory compute), with revenue uplift expected mainly from FY2029 onward.
- Scale-up optics and switching: NPO and CPO are key growth areas, with multiple design wins and customers adopting optical scale-up; Celestial AI's CPO is part of a larger opportunity.
- CXL and memory expansion: Strong demand for memory expansion in AI inference, with additional design wins and increasing adoption due to memory scarcity.
- Fungibility of compute, networking, and memory: Marvell's flexibility and customization capabilities are aligned with AI architecture trends, driving design win momentum.
Risks
- Gross margin expected to decline in Q3 due to mix shift toward custom, with Q4 margins similar to Q3; custom business typically has lower margins.
- Memory and supply chain constraints could impact growth, though the company is securing capacity with ~$1B prepayments.
- Forward-looking statements involve risks and uncertainties; actual results may differ materially from expectations.
FY2027 Q12026-05-27
Earnings calls
AI summary
positiveMarvell reported record first quarter FY2027 revenue of $2.418 billion, exceeding guidance with 9% sequential and 28% year-over-year growth. The company raised fiscal 2027 revenue guidance to approximately $11.5 billion (40% YoY growth) and fiscal 2028 guidance to $16.5 billion (45% YoY growth), reflecting strong data center momentum across interconnect, switching, and custom silicon. Data center revenue is projected to grow 50% in FY2027 and 55% in FY2028, with interconnect business accelerating to over 70% growth in FY2027.
Key takeaways
- Data center revenue reached record $1.83B in Q1, up 11% sequentially and 27% YoY, with interconnect business now expected to grow over 70% in FY2027
- Fiscal 2028 guidance increased by $1.5B to $16.5B; data center projected to grow 55% YoY with custom silicon expected to more than double
- Interconnect revenue projected to exceed $1B annualized run rate in TIA and driver products within next few quarters; DCI module business tracking to $1B annualized revenue in FY2028
- Scale-up optics business forecast more than doubled from prior $150M outlook to approximately $300M as NPO/CPO implementations accelerate
- Expanded NVIDIA partnership announced covering optics collaboration, NVLink Fusion integration, and AI-RAN for telecommunications
Financial highlights
- Q1 FY2027 revenue: $2.418B (+28% YoY, +9% sequential); non-GAAP EPS $0.80 exceeded midpoint by $0.01
- Data center contributed 76% of Q1 revenue; non-GAAP gross margin 58.9%, non-GAAP operating margin 35%
- Q1 operating cash flow record $639M; inventory flat at $1.4B; total debt $4.96B with net debt-to-EBITDA 0.32x
- Q2 FY2027 guidance: revenue $2.7B (+12% sequential, +35% YoY); non-GAAP EPS $0.88-$0.98; non-GAAP operating expense ~$600M
Guidance
- FY2027 revenue guidance raised to ~$11.5B (40% YoY growth); Q2-Q4 expected to grow at least 10% sequentially with YoY growth reaching ~50% by Q4
- Data center revenue FY2027 ~50% growth; FY2028 ~55% growth; interconnect FY2027 >70% growth; custom business more than double in FY2028
- FY2028 overall revenue guidance $16.5B (45% YoY growth); non-GAAP operating expense mid- to high-teens growth targeting 38-40% operating margin
- Custom business projected >$10B revenue in FY2029; DCI module business line of sight to $1B annualized in FY2028; scale-out switch revenue tracking to >$1B annualized in FY2028
Q&A themes
- Custom silicon XPU business on track for $10B+ in FY2029 with 1/3 contribution each from existing programs, XPU attach expansion, and new Tier 1 customer ramping to volume production
- Supply chain strategy leveraging long-term customer forecasts, strategic supplier relationships, and $1B in prepayments during FY2027 to secure capacity for growth
- Scale-up interconnect represents massive emerging TAM with multiple technology approaches (copper, optical, MPO, CPO) where Marvell offers broadest end-to-end solution portfolio
- CXL-based memory attach designs expanding due to memory architecture concerns; XPU attach programs with 10+ customers reaching higher production volumes, particularly NIC and CXL use cases
Risks
- Custom silicon programs depend on customers' AI infrastructure investment decisions and deployment timing; scale-up networking market architectures still evolving with uncertain technology winner
- Aggressive capacity prepayment strategy ($1B in FY2027) depends on sustained customer demand and successful supply chain execution to avoid inventory risk
- Forward-looking statements subject to significant risks including demand volatility, competitive dynamics in rapidly evolving AI infrastructure markets, and execution risks on new product introductions
FY2026 Q42026-03-05
Earnings calls
AI summary
positiveMarvell achieved record fourth quarter and full-year FY2026 results with $8.2 billion annual revenue (42% YoY growth) and announced significantly elevated FY2027 guidance of ~$11 billion (30%+ growth) after completing strategic acquisitions of Celestial AI and XConn. Data center revenue surpassed $6 billion in FY2026 with 46% growth, underpinned by strong demand across interconnect, switching, storage, and custom silicon products.
Key takeaways
- FY2027 revenue guidance raised to ~$11 billion (30%+ YoY growth) from prior $10 billion forecast, driven entirely by organic data center business growth
- Data center revenue expected to grow 40% YoY in FY2027 with interconnect business growing 50%+ YoY, well above prior 30% expectation
- Custom business growing 20%+ in FY2027 with line of sight to $2 billion revenue from NIC and CXL attach programs by FY2028, and new Tier 1 XPU program ramping
- Celestial AI and XConn acquisitions expected to contribute ~$250 million combined revenue in FY2028; CPO scale-up revenue on track to reach $500 million annualized run rate by Q4 FY2028
Financial highlights
- FY2026 revenue: $8.195 billion (42% YoY growth); non-GAAP EPS: $2.84 (81% YoY growth); non-GAAP operating margin: 35.3% (expanded 640 bps YoY)
- Q4 FY2026 revenue: $2.219 billion (7% sequential, 22% YoY growth); non-GAAP EPS: $0.80 (exceeded guidance midpoint by $0.01)
- Data center revenue FY2026: >$6 billion (46% YoY growth); Q4 FY2026 data center revenue: $1.65 billion (9% sequential, 21% YoY growth)
- Q1 FY2027 guidance: $2.4 billion revenue (8% sequential midpoint); non-GAAP EPS guidance: $0.74-$0.84; non-GAAP gross margin guidance: 58.25%-59.25%
Guidance
- FY2027 total revenue: ~$11 billion (30%+ YoY growth); FY2027 data center revenue: 40% YoY growth; Q4 FY2027 revenue expected to exceed $3 billion
- FY2028 overall revenue: ~$15 billion (approaching 40% YoY growth); FY2028 data center revenue: close to 50% YoY growth
- FY2027 interconnect business: >50% YoY growth; FY2027 data center switching revenue: >$600 million (vs. $500M prior guidance); communications end market: 10% growth
- Sequential revenue growth expected each quarter throughout FY2027 at similarly strong rates; FY2027 non-GAAP OpEx to remain flat Q2, then grow low-to-mid single digits Q3-Q4
Q&A themes
- Customer diversification strong across top 4 U.S. hyperscalers with different product mixes; concentration not driven by custom business which is smaller portion of total revenue
- Electro-optics business growing 50%+ this year tied to XPU/GPU generations, higher attach rates of optics, increased 1.6T ASP, and new programs; momentum expected to continue into FY2028
- AEC and retimer business expected to more than double in FY2027 from ~$200 million base; positioned for multi-year growth as customers transition to PAM technology
- Supply chain secured for all projected growth through supply chain partnerships, multiple years of visibility provided to suppliers, and alignment on manufacturing capacity
Risks
- Forward-looking statements subject to significant risks and uncertainties; actual results may differ materially from management expectations
- Custom XPU and new Tier 1 program success depends on execution through NPI phases and reaching planned production volumes; delays in development or ramp could impact FY2028-FY2029 guidance
- CPO scale-up market adoption and revenue targets depend on customer acceptance of Celestial AI's photonic fabric technology and successful integration with switch and XPU platforms
FY2026 Q32025-12-02
Earnings calls
AI summary
positiveMarvell delivered strong Q3 results with record $2.075B revenue, 3% sequential and 37% year-over-year growth, driven by robust AI demand in data center. The company announced the acquisition of Celestial AI, a photonic interconnect technology leader, expected to close in Q1 FY2027 and contribute meaningfully to revenue starting H2 FY2028. Management projects FY2027 total company revenue growth exceeding 25% for data center and approximately 10% for communications/other, with substantial acceleration expected in FY2028.
Key takeaways
- Announced strategic acquisition of Celestial AI with photonic fabric technology for scale-up interconnect, targeting $500M annualized revenue run rate by Q4 FY2028 and $1B by Q4 FY2029
- Data center revenue reached record $1.52B in Q3 with 38% YoY growth; expects 20% YoY growth in Q4 and over 25% YoY growth in FY2027
- Custom XPU business expects at least 20% growth in FY2027 with significant acceleration to doubling in FY2028; XPU attach market line of sight to $2B+ revenue by FY2029
- Interconnect business momentum continuing with 1.6T products ramping, demonstrated 3.2T technology roadmap, and AEC/retimer revenues expected to more than double YoY
- Non-GAAP EPS of $0.76 exceeded midpoint guidance by $0.02; operating margin expanded 150 basis points sequentially to 36.3%
Financial highlights
- Q3 FY2026 revenue: $2.075B (3% sequential, 37% YoY growth); above guidance midpoint
- Non-GAAP gross margin: 59.7% (up 30 bps sequentially); non-GAAP operating margin: 36.3% (up 150 bps sequentially)
- Non-GAAP diluted EPS: $0.76 (up 77% YoY, 13% sequentially); GAAP diluted EPS: $2.20 (includes Automotive Ethernet divestiture gain)
- Operating cash flow: record $582M in Q3 (up $121M QoQ); total debt: $4.5B with net debt-to-EBITDA of 0.58x; cash position: $2.7B
Guidance
- Q4 FY2026: revenue guidance $2.2B ±5% (midpoint implies 6% sequential, 21% YoY growth); non-GAAP EPS $0.74-$0.84
- FY2027: data center revenue growth over 25% YoY; communications/other growth ~10% YoY; implied total company revenue ~$10B
- FY2028: data center growth expected to accelerate meaningfully above 25%, with custom business doubling off FY2027 levels and overall data center growth estimated at ~40%
- Celestial AI: $50M annual operating expenses post-close; expected accretive to non-GAAP EPS in H2 FY2028; funded through stock and cash without additional debt
Q&A themes
- Customer concentration and diversification: lead hyperscaler driving Celestial AI adoption with broad engagement expected; AWS warrant agreement extended to photonic fabric products with $2B earnout through FY2029
- Sub-3nm design pipeline visibility: concurrent design programs underway for 3nm and 2nm XPU products; 2nm programs expected to ramp in FY2028 with strong design funnel
- Rack-scale solutions strategy: Marvell positioning as comprehensive provider of interconnect solutions (AECs, DSPs, retimers, LPOs, photonic fabrics, switching, XPU attach) without system-level revenue currently in forecast
- Custom business drivers: product transition with lead customer baked into guidance; XPU attach (NICs, CXL) driving growth in second half FY2027 with second major customer ramping expected in FY2028
Risks
- Celestial AI acquisition subject to regulatory review in U.S. with customary closing conditions; company to remain independent through regulatory process
- Custom business growth dependent on limited number of large hyperscaler customers and programs; execution risk on XPU attach ramps and new customer adoption
- FY2028-FY2029 revenue targets based on management base case assumptions requiring sustained AI infrastructure investment, cloud CapEx growth maintenance, and successful new product ramps
FY2026 Q22025-08-28
Earnings calls
AI summary
positiveMarvell delivered record Q2 FY2026 revenue of $2.006B (up 58% YoY, 6% QoQ) with data center contributing 74% of total revenue and growing 69% YoY. Non-GAAP EPS grew 123% YoY to $0.67, more than double revenue growth rate. The company completed divestiture of automotive Ethernet business for $2.5B cash and expects Q3 revenue of $2.06B (+36% YoY) with data center guidance implying flat sequential growth due to custom business lumpiness offset by double-digit optics growth.
Key takeaways
- Data center revenue hit record $1.49B in Q2, growing 69% YoY with AI/cloud accounting for over 90% of data center business; custom XPU/attach and electro-optics portfolios driving growth
- 18 multigenerational XPU and XPU attach design wins already secured with over 50 additional pipeline opportunities representing estimated $75B lifetime revenue potential; expanded $94B data center TAM for calendar 2028 (26% increase from prior view)
- Non-GAAP operating margin expanded 870 basis points YoY to 34.8%; non-GAAP EPS grew 123% YoY demonstrating significant operating leverage as custom business scales
- Enterprise networking and carrier infrastructure showing strong recovery with Q3 guidance implying 30% sequential growth and annualized run rate of $1.7B (vs. $900M low point in Q1 FY2025)
- $2.5B all-cash automotive Ethernet divestiture completed early; provides capital flexibility for stock buybacks and technology investments while focusing company on AI data center opportunity
Financial highlights
- Q2 FY2026 revenue: $2.006B (58% YoY growth, 6% sequential); data center revenue $1.49B (69% YoY growth, 3% sequential)
- Non-GAAP gross margin 59.4%; non-GAAP operating margin 34.8% (up 870 bps YoY); non-GAAP EPS $0.67 (up 123% YoY)
- Q2 operating cash flow: $462M (up $129M from Q1); inventory $1.05B; total debt $4.5B with net debt-to-EBITDA of 1.19x
- Q2 shareholder returns: $52M dividends, $200M stock repurchased; $540M total repurchases in first half with $2B remaining authorization
Guidance
- Q3 FY2026 revenue guidance: $2.06B +/- 5% (~$1.97B-$2.15B) representing 36% YoY growth; excluding automotive Ethernet impact would imply ~40% YoY growth
- Q3 data center expected flat sequentially due to custom lumpiness (Q3 lower than Q4) offset by double-digit sequential electro-optics growth; expects data center YoY growth in mid-30% range
- Q3 non-GAAP gross margin guidance 59.5%-60%; non-GAAP operating expenses ~$485M; non-GAAP EPS guidance $0.69-$0.79 (up ~10% sequentially at midpoint)
- Enterprise networking and carrier infrastructure combined expected to grow ~30% sequentially in Q3; company expects custom business to be up in second half vs. first half with substantially stronger Q4
Q&A themes
- Custom XPU/attach business showing unprecedented design win momentum with new wins adding multibillion-dollar lifetime revenue potential since June AI Day; existing 18 sockets all in production or ramping over next 18-24 months
- Scale-up switching for AI infrastructure representing emerging major opportunity; Marvell investing in UALink and Ethernet-based scale-up switches with product introductions expected within next 2 years; leveraging low-latency switching IP and SerDes capabilities
- Supply chain remains very tight requiring close coordination with customers but Marvell team executing successfully and meeting customer needs; no material tariff impact observed to date
- Custom business lumpiness driven by timing of customer builds and product delivery schedules across existing programs; no product transition issues or customer concentration concerns beyond normal program dynamics
Risks
- Custom XPU/attach business exhibits significant quarterly lumpiness, with Q3 expected flat despite strong optics growth due to customer build timing; relies on hyperscaler infrastructure deployment cycles
- Enterprise networking and carrier infrastructure remain recovering markets with potential for market disruption; company consolidating these non-data center markets into single reporting category suggesting diminishing relative importance
- Intense competitive dynamics in custom silicon and optical interconnect markets with industry participants and emerging XPU manufacturers actively competing; company notes 'enormous' design activity but acknowledges industry noise and controversy around specific program details
FY2026 Q12025-05-29
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- How Marvell and Lumentum stack up in AI's optical race
- Chip Maker Marvell Agrees to Buy Lumentum in $80 Billion Deal
- Marvell to Buy Lumentum for $115 Billion in All-Stock AI Deal
- Marvell in advanced talks to buy Lumentum, Bloomberg News reports
- GlobalFoundries, Marvell expand chip capacity deal for AI data center connectivity
- Marvell shares slide as concerns over timing of Google AI deal revenue eclipse strong results
- Marvell Sees Accelerating Growth as AI Demand Boosts Second-Quarter Profit, Revenue
- Marvell Technology forecasts quarterly revenue above estimates
Company data
Company intelligence
Updated: Nov 15, 2026, 08:54 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Matthew J. Murphy
- Employees
- 7,480
- IPO date
- Jun 27, 2000
- Country
- US
- Exchange
- NASDAQ
Altman Z-scorei10.94
Piotroski scorei6/9
Overall ratingiB-
Owner earningsi$592.42M$0.64 per share
ESG risk ratingiBIndustry rank: 13/29
Rating factors
- Return on equityi
- 4/5
- Return on assetsi
- 4/5
- Debt to equityi
- 3/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Lumentum Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Lumentum Holdings Inc. - LITEBusiness WireMRVL Stock Alert: Halper Sadeh LLC is Investigating Whether Marvell Technology, Inc. is Obtaining a Fair Price for its ShareholdersBusiness WireMarvell and Lumentum to Combine, Creating a Category Leader in AI ConnectivityBusiness WireMarvell Bolsters Connectivity Portfolio with New 3.2T Protocol-aware Retimer and Second-generation 1.6T AEC DSPBusiness WireMarvell, Microsoft and Oracle Establish OCP Working Group to Standardize Data Center Hardware SecurityBusiness WireADDING and REPLACING Marvell Unveils Second-generation Structera X, Industry-first Six-channel CXL 3.2 Memory Expanders for AI InferenceBusiness Wire
Congressional disclosures
Senate
Angus KingPurchase · $1,001 - $15,000Disclosed: Aug 18, 2025Angus Stanley KingPurchase · $1,001 - $15,000Disclosed: Aug 18, 2025Thomas Richard CarperSale (Full) · $1,001 - $15,000Disclosed: May 1, 2023Thomas R. CarperSale (Full) · $1,001 - $15,000Disclosed: May 1, 2023Thomas Richard CarperPurchase · $1,001 - $15,000Disclosed: May 17, 2021
House
Market cap history
$140.68B-31.9%Aug 2026 – Nov 2026
Latest: $140.68B · 2026-11-13High: $243.42B · 2026-10-05Low: $138.74B · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.32% | 27.8M |
| VOO | 0.35% | 23M |
| QQQ | 0.83% | 18.3M |
| FXAIX | 0.35% | 13.8M |
| SMH | 4% | 13.1M |
| FSELX | 5.69% | 12.5M |
| IVV | 0.26% | 11.7M |
| 1657.T | 0.2% | 11.7M |
| XSP.TO | 0.28% | 11.7M |
| XWD.TO | 0.21% | 11.7M |
| SPY | 0.29% | 10.7M |
| VUG | 0.64% | 9.5M |
Analyst track record
How the analysts covering MRVL have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 273 | 680 |
| Analysts | 43 | 54 |
| Buy / hold / sell | 221 / 52 / 0 | 592 / 88 / 0 |
| Upgrades / downgrades / initiations | 8 / 4 / 9 | 10 / 11 / 18 |
| Price targets hit / missed | 111 / 138 (45%) | 481 / 139 (78%) |
| Avg. return after a rating (TipRanks) | -4.9% | +44.3% |
| Best / worst call | +105.6% / -63.5% | +174.1% / -63.5% |
After buy calls on this stock: median 21-day move +2.0% vs S&P 500 +0.8% (n = 598)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Quinn BoltonNeedham100% hit rate on this stock · 11 targets measuredBuytarget $400Oct 7, 2026
- Harsh KumarBMO Capital100% hit rate on this stock · 11 targets measuredBuytarget $325Nov 2, 2026
- Ross SeymoreDeutsche Bank100% hit rate on this stock · 10 targets measuredBuytarget $240May 28, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 9, 2026 | Craig EllisB. Riley SecuritiesNov 9, 2026 | BuyMaintained | $250↗ | article ↗ |
| Nov 3, 2026 | Craig EllisB. Riley SecuritiesNov 3, 2026 | BuyReiterated | $275↗ | article ↗ |
| Nov 3, 2026 | Rick SchaferOppenheimerNov 3, 2026 | BuyReiterated | $425↗ | article ↗ |
| Nov 3, 2026 | Suji DesilvaRoth MKMNov 3, 2026 | BuyMaintained | $350↗ | article ↗ |
| Nov 3, 2026 | Joseph MooreMorgan StanleyNov 3, 2026 | HoldMaintained | $300↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 273 ratings
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