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Designs custom and merchant networking, storage and AI-interconnect chips for data centers and telecom.
Designs custom and merchant networking, storage and AI-interconnect chips for data centers and telecom.
Sells standard chips for data-center networking, storage and optical links, and also custom chips designed jointly with one cloud company for that customer alone, a design-in that takes years to win and then ties both sides. Data centers have become its largest market, overtaking its older storage and carrier businesses. Fabless: TSMC makes its chips.
Moat: narrow (customer qualification, process know-how, IP / patents). Deep co-design partnerships with hyperscalers for custom AI chips create high switching costs once designed in.
Headquarters: Santa Clara, California, US · Founded: 1995 · Employees: 7,480
Size Marvell Technology (MRVL) is a United States Information Technology company (Semiconductors) with a market value of $124B, the 102nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $141.20 on 6 Nov 2026.
Performance Over six months the shares fell 17.0%, against -21.2% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 30.6% over the last twelve months (peer median +21.3%); the operating margin is 16.8% (peer median 19.4%).
Valuation It trades at 25.0× forward earnings against a peer median of 24.6× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 54% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is +32 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.7 points below its cost of capital (16.0% WACC).
Credit Marvell Technology has 8 bonds outstanding ($4.98B), rated BBB by the agencies and trading like BBB at a weighted spread of 109 bp.
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 26 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.45B | $8.19B | $5.77B | $5.51B | $5.92B |
| Revenue growth | — | +42% | +5% | -7% | — |
| Gross profit | $4.86B | $4.18B | $2.38B | $2.29B | $2.99B |
| EBITDA | $2.85B | $2.63B | $990M | $961M | $1.75B |
| Net income | $2.64B | $2.67B | -$885M | -$933M | -$164M |
| Free cash flow | $1.73B | $1.40B | $1.40B | $1.03B | $1.08B |
| Capital expenditure | $478M | $359M | $292M | $350M | $217M |
| Total debt | $5.51B | $5.03B | $4.68B | $4.70B | $5.12B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Marvell Technology MRVL | $124B | -17% | +31% | 17% | 25.0× | 54.4% |
| Broadcom AVGO | $1.40T | -32% | +49% | 49% | 16.9× | 26.6% |
| Nvidia NVDA | $4.50T | -13% | +83% | 65% | 15.5× | 26.3% |
| Credo Technology CRDO | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MRVL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -48.6% | -21.9% | lowest of 21 |
| 6-month return | -17.0% | -21.2% | 9th highest of 19 |
| Distance from 52-week high | -57.2% | -47.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +30.6% | +21.3% | 7th highest of 21 |
| Operating margin | 16.8% | 19.4% | 10th lowest of 21 |
| Forward P/E | 25.0× | 24.6× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 54.4% | 27.7% | most demanding of 15 |
| Growth delivered (Del g) | +22.5% | +9.6% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | +31.9 pp | +13.0 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | -9.7 pp | +0.8 pp | 3rd lowest of 21 |
| EV / EBITDA | 44.0× | 16.7× | 3rd most expensive of 16 |
| Net debt / EBITDA | 0.6× | 0.4× | 8th most indebted of 17 |
| Bond spread | 109 bp | 78 bp | 3rd widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 25.0× | 54.4% | +22.5% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
| Kioxia 285A.T | Japan | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% | +18.8% |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| Zhongji Innolight 3308.HK | Hong Kong | $80.7B | n/a | +177% | 41% | 16.7× | 27.6% | +39.3% |
| SMIC 0981.HK | Hong Kong | $76.7B | -41% | +20% | 9% | 32.9× | n/a | n/a |
| Cambricon Technologies 688256.SS | China | $75.7B | -30% | +104% | 33% | 87.3× | n/a | n/a |
| Arm ARM | United States | $204B | -18% | +25% | 17% | 67.7× | n/a | n/a |
| Ase Technology 3711.TW | Taiwan | $70.4B | +2% | +25% | 11% | 17.3× | n/a | n/a |
| Infineon Technologies IFX.DE | Germany | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% | +11.3% |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% | +7.3% |
| Texas Instruments TXN | United States | $253B | -4% | +20% | 41% | 24.6× | 23.3% | +4.1% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| Intel INTC | United States | $299B | -55% | +12% | 11% | 39.9× | 46.1% | -7.5% |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| CXMT 688825.SS | China | $411B | n/a | +156% | 13% | n/a | n/a | n/a |
Marvell Technology has 8 bonds outstanding with $4.98B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.70%, a spread of 109 bp over government bonds.