MRVL
Marvell Technology, Inc.
Technology • CIK: 0001835632
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Market Cap
$67.95B
P/E (TTM)
25.3x
Rev Growth (TTM)
+42.1%
Net Margin (TTM)
32.6%
FCF Yield (TTM)
2.0%
FCF Margin (TTM)
17.0%
Filing Intelligence
5.0/10
10-K filed Mar 11, 2026 • FY 2026
Executive Summary
Operating expenses as a percentage of revenue decreased substantially due to lower R&D, SG&A, and restructuring charges.. The company completed two strategic acquisitions (Celestial AI and XConn) to...
Key Concerns
- ●Significant amortization of acquired intangible assets ($942.0M in FY2026) and a substantial impairment charge in the prior year ($240.1M)...
- ●The company's revenue recognition for distributor sales involves significant estimation of variable consideration (price discounts,...
- ●Significant unconditional purchase obligations totaling $2.67 billion are due in the coming years, with a large portion ($1.87 billion) in...
Key Strengths
- ●Strong revenue growth driven by AI demand in data centers and recovery in communications, though impacted by U.S. export restrictions on...
- ●Significant gross margin improvement driven by lower restructuring charges and better cost absorption, despite a shift in product mix.
Cash Flow Health
Free Cash Flow8/8 positive
TTM$1.4B
Q4 '26
$258M-49%
Q3 '26
$508M+23%
FCF Margin
TTM17.0%
Q4 '2611.6%-52%
Sector: 9.1%Above Avg
OCF Margin21.4%
OCF/NI0.66x
CapEx Coverage4.9x
FCF Yield2.0%
FCF Growth (2Y)+9%
Cash Conversion Cycle
102 days
DSO: 64+DIO: 99−DPO: 60
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.3%
Div Yield0.3%
+Buyback (TTM)3.0%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.3%
FCF Payout Ratio14.7%
Free Cash Flow (TTM)$1.4B
Stock Repurchases (TTM)$2.0B
Capital Return / FCF161.3%
Est. Dividends Paid (TTM)$205.1M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
6.2%
Moderate
+0.1% YoY+15.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
14.1%
Asset Turnover
0.39x
8Q: 0.37x
Leverage (1+D/E)
1.35x
D/E: 0.35x
DuPont: 7.5% ≈ 6.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
9.97x
8Q:9.47x
+429.7%
Invested Cap Turn
0.50x
8Q:0.46x
+27.2%
CapEx Intensity
2.2%
8Q:1.8%
CapEx/Depreciation
1.02x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $8.2B | $2.2B↑7.0% | $2.1B↑3.4% | $2.0B↑5.8% | $1.9B↑4.3% | $1.8B↑19.9% | $1.5B↑19.1% | $1.3B↑9.6% | $1.2B |
Operating Income | $1.3B | $404.4M↑13.0% | $357.8M↑23.3% | $290.1M↑7.2% | $270.6M↑15.1% | $235.2M↑133.5% | $-702.8M↓600.0% | $-100.4M↑34.1% | $-152.3M |
Net Income | $2.7B | $396.1M↓79.2% | $1.9B↑876.0% | $194.8M↑9.5% | $177.9M↓11.1% | $200.2M↑129.6% | $-676.3M↓249.9% | $-193.3M↑10.3% | $-215.6M |
Operating Cash Flow | $1.8B | $373.7M↓35.8% | $582.3M↑26.1% | $461.6M↑38.7% | $332.9M↓35.2% | $514.0M↓4.2% | $536.3M↑75.0% | $306.4M↓5.6% | $324.5M |
Free Cash Flow | $1.4B | $258.3M↓49.1% | $507.6M↑22.9% | $413.0M↑93.9% | $213.0M↓52.0% | $443.3M↓3.8% | $460.8M↑82.1% | $253.0M↑8.8% | $232.5M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
25.3x
Volatile
8Q: 106.9x+48168%
Valuation Lenses
Earnings
25.3x
vs – sector
Cash Flow
51.2x
EV/FCF vs –
Growth-Adj
0.6xPEG
Undervalued for growth
Quality-Adj
4.1P/E per %ROIC
ROIC: 6.2%
Shareholder Returns
Dividend
0.3%
Buyback
3.0%
Total Yield
3.3%
Market Cap$67.95B
EV$71.29B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
64/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
19.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
6.2%
8Q:–
+15.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 14.1%
Asset Turnover: 0.39x
Earnings Quality
Cash Conversion
0.66x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin51.0%
Capital Efficiency
Invested Capital Turnover0.50x
Working Capital
Cash Conversion Cycle102 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
75/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
42.1%
OpInc Growth YoY
71.9%
EPS Growth YoY
N/A
FCF 3Y CAGR
9.1%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 33.0%
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
51.0%
Operating
16.1%
Top 25% in sector
Net
32.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-15.6 pts
FCF: 17.0% | Net: 32.6%
FCF margin lags net margin by 15.6 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $2.33B
Interest Coverage
–
Balance sheet risk & solvency analysis