Marvell Technology, Inc. (MRVL) financials
NASDAQ · Technology · Semiconductors · 7,480 employees · CEO Matthew J. Murphy
- Price
- $196.40 -10.05%
- Market cap
- $172B
- Enterprise value
- $173B
- Last report
- Q2 '27 filed 2026-08-28
- Next report
- 2026-12-01 EPS est. $1.10
Revenue (TTM)$9.45B+30.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)16.7%+15.4 pp vs a year agoOperating income $1.58B
Net income (TTM)$2.64B+2,653.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.73B+13.1% vs a year agoCapex $470M
Diluted EPS (TTM)$3.02+2,422.0% vs a year agoSum of the last 4 quarters
Net cash-$1.35B+61.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $172B EV $173B
- Revenue
- $9.45B Trailing 12 months
- Revenue growth
- +47% FY2027 consensus
- Profit margin
- 27.9% Net income / revenue, TTM
- P/E
- 64.4× Forward 46.6× (FY2027)
- P/S
- 18.2× Price / sales, TTM
- EV / EBITDA
- 36.4× TTM
- Free cash flow
- $1.73B Trailing 12 months
- Net income
- $2.64B Trailing 12 months
- Revenue estimate
- $12.1B FY2027 consensus
- Earnings
- 2026-12-01 Revenue est. $3.15B
- Dividend
- $0.24 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-27): revenue beat by 0.7%, EPS beat by 0.6%Revenue $2.74B vs $2.72B expected (+0.7%); EPS $0.94 vs $0.93 (+0.6%).
- Revenue growth steady: 36.5% year on yearQ2 '27 revenue $2.74B, against an average of 36.0% over the four quarters before.
- Operating margin 16.7% (TTM), +15.4 pp on a year agoOperating income grew 1,595.7% while revenue grew 30.6%.
- 48.4% of pre-tax profit is non-operatingPre-tax income $3.06B vs operating income $1.58B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.0% of revenue (a year ago 4.3%)$470M invested in the last 4 quarters (+49.4% on a year earlier). Free cash flow $1.73B = 65.5% of net income.
- Returned $2.11B to shareholders = 121.9% of free cash flowBuybacks $1.9B (a year earlier $940M), dividends $209M, stock-based pay $829M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count up 5.8% in a year921M diluted shares in Q2 '27, 870M a year earlier.
- Net debt $1.35BCash + short-term investments $3.93B, debt incl. leases $5.29B; a year ago net debt $3.55B.
Last quarter: Q2 '27
Quarter ended 2026-08-01. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.74B | $2.01B | +36.5% |
| Gross margin | 53.1% | 50.4% | +2.8 pp |
| Operating income | $457M | $290M | +57.5% |
| Operating margin | 16.7% | 14.5% | +2.2 pp |
| Net income | $308M | $195M | +58.1% |
| Diluted EPS | $0.33 | $0.22 | +50.0% |
| Operating cash flow | $606M | $462M | +31.2% |
| Capex | $127M | $48.6M | +160.7% |
| Free cash flow | $479M | $413M | +15.9% |
| R&D | $741M | $519M | +42.8% |
| Stock-based compensation | $326M | $154M | +112.4% |
Reported vs consensus
2026-08-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.74B | $2.72B | +0.7% |
| EPS (as estimated) | $0.94 | $0.93 | +0.6% |
From the report of 2026-08-27 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Data Center | $2.17B | +45.7% | 100.0% | – | – | |
| Data center | – | – | – | – | – | |
| Communications and other | – | – | – | – | – | |
| Carrier Infrastructure | – | – | – | – | – | |
| Enterprise Networking | – | – | – | – | – | |
| Consumer | – | – | – | – | – | |
| Automotive And Industrial | – | – | – | – | – |
Revenue by region
share of total| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Other Countries | $593M | +273.6% | 21.6% | $3.36B | +403.4% | |
| CHINA | $1.16B | +99.1% | 42.4% | $3.9B | +45.2% | |
| TAIWAN | $457M | -15.6% | 16.7% | $1.77B | +30.9% | |
| SINGAPORE | $337M | +138.4% | 12.3% | – | – | |
| United States | $191M | -38.6% | 7.0% | $919M | -20.3% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.2B
- Capex
- -$470M
- Buybacks
- -$1.9B
- Dividends
- -$209M
- Acquisitions
- -$1.27B
- Net debt issued
- $554M
- Stock-based compensation
- $829M
- Free cash flow
- $1.73B
- Returned to shareholders / FCF
- 121.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 64.4× | 25.5× 1 of 5 years | 25.5× – 25.5× |
| EV / EBITDA | 36.4× | 67.1× | 15.4× – 155.1× |
| EV / Sales | 18.3× | 11.6× | 6.9× – 17.5× |
| Price / FCF | 99.4× | 60.1× | 34.3× – 90.0× |
| Price / Book | 9.5× | 4.4× | 2.3× – 7.3× |
| FCF yield | 1.0% | 1.9% | 1.1% – 2.9% |
| Return on invested capital | 5.4% | -0.9% | -3.9% – 6.0% |
| Return on equity | 16.2% | 0.4% | -6.6% – 18.7% |
Analysts
Consensus target $329.93 (+68.0%)
range $190.00 – $450.00 · rating Buy
Strong buy0
Buy62
Hold11
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $12.1B | +47.2% | $4.21 | +37.3% | 46.6× | 27 |
| FY2028 | $19.6B | +62.0% | $7.28 | +72.7% | 27.0× | 27 |
| FY2029 | $31.4B | +60.5% | $12.38 | +70.1% | 15.9× | 20 |
| FY2030 | $48.1B | +53.4% | $18.47 | +49.1% | 10.6× | 9 |
| FY2031 | $75B | +55.7% | $28.26 | +53.0% | 6.9× | 10 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 289 figures Marvell Technology, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $91.842026-03-31 | – | – | – | – | – | |
| 21.8M2026-03-31 | – | – | – | – | – | |
| Accelerated Share Repurchases, Settlement (Payment) or Receipt | -$1B2025-09-24 | – | – | – | – | – |
| Accounts Payable, Current | $798M | $611M | +30.7% | $1.07B | $622M | +72.6% |
| Accounts Receivable, after Allowance for Credit Loss | $2.19B2026-01-31 | $1.03B | +112.6% | $2.19B | $1.03B | +112.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.22B | $1.45B | +52.8% | $2.19B | $1.03B | +112.6% |
| Accounts Receivable, Allowance for Credit Loss | $4.5M2026-01-31 | $2.6M | +73.1% | $4.5M | $2.6M | +73.1% |
| Accounts Receivable, before Allowance for Credit Loss | $2.19B2026-01-31 | $1.03B | +112.5% | $2.19B | $1.03B | +112.5% |
| Accounts Receivable, Sale | $111M | $237M | -53.2% | $736M | $869M | -15.3% |
| Accrued Income Taxes, Current | $164M | $91.2M | +79.5% | $228M | $55.6M | +310.6% |
| Accrued Income Taxes, Noncurrent | $85.7M | $79.5M | +7.8% | $117M | $73.4M | +59.9% |
| Accrued Liabilities, Current | $1.43B | $1.08B | +32.2% | $1.34B | $973M | +37.5% |
| Accrued Professional Fees, Current | $15.7M2025-11-01 | $1.1M | +1,327.3% | $11.7M2025-02-01 | $76.5M | -84.7% |
| Accrued Royalties, Current | $28.7M2026-05-02 | $19.1M | +50.3% | $25.1M | $11.7M | +114.5% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.53B | $1.31B | +16.5% | $1.41B | $1.25B | +12.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $02026-01-31 | $400K | -100.0% | $0 | $400K | -100.0% |
| Additional Paid in Capital, Common Stock | $16.9B | $14.3B | +18.8% | $13B | $14.5B | -10.9% |
| Adjustments to Additional Paid in Capital, Warrant Issued | $11.3M | $12.3M | -8.1% | $39M | $5.4M | +622.2% |
| Amortization of Intangible Assets | $215M | $244M | -11.8% | $942M | $1.05B | -10.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 400K | 4.5M | -91.1% | – | – | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $334M | $153M | +118.3% | $594M | $596M | -0.3% |
| Assets | $27.6B | $20.6B | +33.8% | $22.3B | $20.2B | +10.3% |
| Assets, Current | $7.92B | $4.51B | +75.5% | $6.46B | $3.12B | +107.1% |
| Assets, Fair Value Disclosure | $706M2025-11-01 | $59.1M | +1,094.9% | $73.9M2025-02-01 | $13.6M | +443.4% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $102M | $0 | – | – | – | – |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $750M | – | – | – | – | – |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $156M | $69.3M | +125.7% |
| Cash | $2.57B2026-01-31 | $891M | +188.0% | $2.57B | $891M | +188.0% |
| Cash and Cash Equivalents, at Carrying Value | $3.93B | $1.22B | +221.2% | $2.64B | $948M | +178.3% |
| Cash Equivalents, at Carrying Value | $72.7M2026-01-31 | $57.2M | +27.1% | $72.7M | $57.2M | +27.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.93B | $1.22B | +221.2% | $2.64B | $948M | +178.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $89.2M | $339M | -73.6% | $1.69B | -$2.5M | +67,720.0% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | – | – | – | $87.772025-02-01 | – | – |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | – | – | – | 4.2M2025-02-01 | – | – |
| Common Stock, Dividends, Per Share, Cash Paid | $0.06 | $0.06 | 0.0% | $0.24 | $0.24 | 0.0% |
| Common Stock, Dividends, Per Share, Declared | $0.06 | $0.06 | 0.0% | $0.24 | $0.24 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1.3B | – | – | 1.3B | 1.3B | 0.0% |
| Common Stock, Shares, Issued | 847M2026-01-31 | 866M | -2.2% | 847M | 866M | -2.2% |
| Common Stock, Shares, Outstanding | 847M2026-01-31 | 866M | -2.2% | 847M | 866M | -2.2% |
| Common Stock, Value, Issued | $1.8M | $1.7M | +5.9% | $1.7M | $1.7M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $308M | $196M | +57.5% | $2.67B | -$886M | +401.4% |
| Cost of Goods and Services Sold | $1.28B | $996M | +29.0% | $4.01B | $3.39B | +18.6% |
| Costs and Expenses | $996M | $721M | +38.2% | $2.86B | $3.1B | -7.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $69.4M | $30.9M | +124.6% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $262M | $70.8M | +270.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $334M | $102M | +227.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.7M | $500K | +440.0% |
| Debt Issuance Costs, Net | $37M | $32.7M | +13.1% | $29.3M | $26.7M | +9.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$19.5M | -$34.5M | +43.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $60M | -$75M | +180.0% |
| Deferred Income Tax Assets, Net | $322M | $410M | -21.4% | $346M | $401M | -13.8% |
| Deferred Income Tax Expense (Benefit) | $24.9M | -$4.9M | +608.2% | $42.2M | -$112M | +137.7% |
| Deferred Income Tax Liabilities, Net | $125M | $33.3M | +275.4% | $20.5M | $33.8M | -39.3% |
| Deferred Revenue, Current | $63.7M2026-05-02 | $31.8M | +100.3% | $40.1M | $22.1M | +81.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1.7M | -$2.4M | +170.8% |
| Deferred Tax Assets, Gross | $1.75B2026-01-31 | $1.92B | -9.0% | $1.75B | $1.92B | -9.0% |
| Deferred Tax Assets, Net | $325M2026-01-31 | $367M | -11.4% | $325M | $367M | -11.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $636M2026-01-31 | $746M | -14.8% | $636M | $746M | -14.8% |
| Deferred Tax Assets, Operating Loss Carryforwards | $105M2026-01-31 | $112M | -6.0% | $105M | $112M | -6.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-01, 10-Q 2026-05-02, 10-K 2026-01-31, 10-Q 2025-11-01, 10-Q 2025-08-02, 10-Q 2025-05-03, 10-K 2025-02-01, 10-Q 2024-11-02, 10-Q 2024-08-03
Data as of 2026-11-01