MRVL
Marvell Technology, Inc.
Technology • CIK: 0001835632
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Market Cap
$80.82B
P/E (TTM)
32.4x
Rev Growth (TTM)
+45.0%
Net Margin (TTM)
31.7%
FCF Yield (TTM)
2.0%
FCF Margin (TTM)
20.3%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$1.6B
Q3 '26
$509M+23%
Q2 '26
$414M+93%
FCF Margin
TTM20.3%
Q3 '2624.5%+19%
Sector: 14.5%Above Avg
OCF Margin24.3%
OCF/NI0.76x
CapEx Coverage6.1x
FCF Yield2.0%
FCF Growth (2Y)+13%
Cash Conversion Cycle
98 days
DSO: 57+DIO: 97−DPO: 57
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.8%
Div Yield0.3%
+Buyback (TTM)2.5%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.3%
FCF Payout Ratio13.1%
Free Cash Flow (TTM)$1.6B
Stock Repurchases (TTM)$2.0B
Capital Return / FCF142.1%
Est. Dividends Paid (TTM)$206.9M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
6.0%
Moderate
+10.7%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
12.8%
8Q: 0.7%
Asset Turnover
0.38x
8Q: 0.33x
Leverage (1+D/E)
1.32x
D/E: 0.32x
DuPont: 6.4% ≈ 6.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
9.81x
8Q:8.54x
+223.3%
Invested Cap Turn
0.47x
8Q:0.40x
+20.0%
CapEx Intensity
1.9%
8Q:1.7%
CapEx/Depreciation
0.93x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $7.8B | $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↓18.6% | $1.4B |
Operating Income | $1.2B | $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↓357.4% | $-33.3M |
Net Income | $2.5B | $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↑45.1% | $-392.7M |
Operating Cash Flow | $1.9B | $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↓40.6% | $546.6M |
Free Cash Flow | $1.6B | $508.8M↑22.9% | $414.1M↑93.4% | $214.1M↓51.8% | $444.1M↓3.7% | $461.3M↑78.7% | $258.2M↑10.8% | $233.0M↓51.0% | $475.6M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
32.4x
Valuation Lenses
Earnings
32.4x
vs – sector
Cash Flow
17.4x
EV/FCF vs –
Growth-Adj
0.7xPEG
Undervalued for growth
Quality-Adj
5.4P/E per %ROIC
ROIC: 6.0%
Shareholder Returns
Dividend
0.3%
Buyback
2.5%
Total Yield
2.8%
Market Cap$80.82B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
66/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
18.4%
8Q:–
Return on Invested Capital (ROIC)Top 25%
6.0%
8Q:–
+10.7%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 12.8%
Asset Turnover: 0.38x
Earnings Quality
Cash Conversion
0.76x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin50.7%
Capital Efficiency
Invested Capital Turnover0.47x
Working Capital
Cash Conversion Cycle98 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
77/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
45.0%
OpInc Growth YoY
150.9%
EPS Growth YoY
N/A
FCF 3Y CAGR
13.1%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 31.8%
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
50.7%
Operating
14.8%
Above Avg in sector
Net
31.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-11.5 pts
FCF: 20.3% | Net: 31.7%
FCF margin lags net margin by 11.5 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $1.75B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.32x
Balance sheet risk & solvency analysis