One-glance verdict
Overvalued
$43.33 our estimate vs market $223.55
Wall Street consensus: $285.00 (557.8% higher than our fair-value estimate)
416% above our estimate, beyond the bull case
Fundamentals snapshot
Marvell Technology, Inc.
MRVL · NMS · Technology · Semiconductors
Current price
$223.55
52-week range
$63.07 - $329.88
Market cap
$200.91B
Balance sheet
Watch
6.61x Adequate
Net debt $1.35B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 15.3% last year.
- Reward Free cash flow was positive in 7/10 years.
- Risk Stock trades 188.0% above its 5-year average P/E.
- Risk Insider ownership is only 0.5% (peer median: 1.9%).
What this company does
Marvell Technology, Inc.
Marvell Technology designs and sells the essential high-performance chips that power the internet's infrastructure, from massive data centers (the computer warehouses running apps and AI) to 5G communication networks. The company's revenue (the total money it brings in from sales) grows as the world demands faster and more efficient ways to move, store, and process ever-increasing amounts of digital information.
How the company got here
Marvell was founded in 1995 by three family members, initially focusing on chips for computer hard drives. A major turning point was a strategic shift in 2016 to focus on 'data infrastructure'—the equipment inside data centers and the broader networks that power the internet. To build this new focus, Marvell made several large acquisitions, including Cavium in 2018 for its networking and processor capabilities, and Inphi in 2021 for its expertise in high-speed data movement. These moves transformed the company from a supplier for consumer devices into a key player providing essential technology for cloud computing and artificial intelligence (AI).
What it actually does
Marvell is a 'fabless' semiconductor company, which means it designs specialized chips but hires other companies, called foundries, to actually manufacture them. You won't find Marvell's name on a laptop or phone, because its products are inside the complex equipment that makes the internet and cloud services work. Think of them as a key supplier for the 'plumbing' of the digital world, creating the tiny, powerful components that move, store, and process massive amounts of data for everything from 5G networks to giant data centers run by cloud companies.
Data Center
This is Marvell's largest and fastest-growing business, making up the majority of its revenue. It provides the essential building blocks for data centers, which are the massive buildings full of computers that power cloud services like streaming video and AI applications. Key products include high-speed networking switches that direct data traffic, optical components that transmit data using light, and custom-designed chips (called ASICs, or Application-Specific Integrated Circuits) that are tailor-made for the unique needs of large cloud providers like Amazon Web Services.
Carrier Infrastructure
This segment sells chips to companies that build the equipment for telecommunications networks, like the 5G infrastructure that connects your cell phone to the internet. Marvell designs processors that help these networks handle huge amounts of data traffic efficiently and securely. As 5G technology becomes more widespread, the demand for more powerful and specialized chips to manage these complex networks grows, creating a significant market for Marvell's products.
Enterprise Networking
This part of the business provides networking chips for large organizations, such as corporations, universities, and governments. These chips go into equipment like switches and routers that manage the flow of data within a company's private network, connecting all their computers, servers, and devices. The goal is to create robust and secure networks that can handle rising bandwidth demands (the amount of data that can be transferred at once) for modern business applications.
Automotive & Industrial
A smaller but emerging part of Marvell's business focuses on the growing need for networking technology inside modern cars and industrial equipment. As vehicles become more like computers on wheels with advanced driver-assistance systems and in-car infotainment, they require sophisticated networking chips to connect all the different electronic systems. This segment provides the high-speed connectivity solutions needed for these next-generation applications.
What management is betting on now
Marvell's main focus is on the massive buildout of infrastructure for Artificial Intelligence (AI). The company is betting that as AI models become more complex, the demand for its high-speed networking and custom chips will soar, as these components are crucial for connecting the thousands of processors used in AI training. A key part of this strategy is creating custom silicon (specialized chips) for the biggest cloud companies, allowing them to optimize their data centers for specific AI tasks. They are also investing heavily in optical connectivity, which uses light to move data faster and more efficiently than traditional copper wires, a critical need for scaling AI systems.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q4
$461.30M
FY2026 Q1
$444.10M
FY2026 Q2
$214.10M
FY2026 Q3
$414.10M
FY2026 Q4
$508.80M
FY2027 Q2
$483.10M
FY2027 Q3
$478.80M
Revenue
$2.74B
Net income
$308.00M
Diluted EPS
0.33
Operating cash flow
$605.50M
Free cash flow
$478.80M
Fetching…
Sources
Revenue
$2.42B
Net income
$34.50M
Diluted EPS
0.04
Operating cash flow
$638.80M
Free cash flow
$483.10M
Fetching…
Sources
Revenue
$2.07B
Net income
$1.90B
Diluted EPS
2.20
Operating cash flow
$582.30M
Free cash flow
$508.80M
Fetching…
Sources
Revenue
$2.01B
Net income
$194.80M
Diluted EPS
0.22
Operating cash flow
$461.60M
Free cash flow
$414.10M
Fetching…
Sources
Revenue
$1.90B
Net income
$177.90M
Diluted EPS
0.20
Operating cash flow
$332.90M
Free cash flow
$214.10M
Fetching…
Sources
Revenue
$1.82B
Net income
$200.20M
Diluted EPS
0.23
Operating cash flow
$514.00M
Free cash flow
$444.10M
Fetching…
Sources
Revenue
$1.52B
Net income
$-676.30M
Diluted EPS
-0.78
Operating cash flow
$536.30M
Free cash flow
$461.30M
Fetching…
Sources
Is it cheap or expensive?
Fair value $43.33 vs current price $223.55
Wall Street consensus is the average analyst price target: $285.00 (557.8% higher than our fair-value estimate).
Our most-likely fair value is $43.33 a share — about 80.6% below today's price of $223.55, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $1.4B. Interest coverage 6.6x.
Net debt
$1.35B
Interest coverage
6.61x
Marvell Technology, Inc.'s profit covers its interest bill about 6.6 times over. which is weaker than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
MRVL
BASELINE
Marvell Technology, Inc.
Total debt $5.29B Interest coverage 6.61x This is the baseline the peer rows are being compared against.
Total debt $59.42B Interest coverage 8.12x +23% vs MRVL Carries about 1.2x more debt cushion than MRVL.
Total debt $38.86B Interest coverage 503.42x +7,521% vs MRVL Carries about 76.2x more debt cushion than MRVL.
Total debt $15.27B Interest coverage 18.67x +183% vs MRVL Carries about 2.8x more debt cushion than MRVL.
What you should know
The case for and against MRVL
3 Rewards
2 Risks
Rewards
-
Revenue grew 15.3% last year.
-
Free cash flow was positive in 7/10 years.
-
Dividend yield is 0.1% with 15-year payout history.
Risks
-
Stock trades 188.0% above its 5-year average P/E.
-
Insider ownership is only 0.5% (peer median: 1.9%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
74.02x
Forward P/E
33.26x
P/B
10.75x
P/S
21.26x
EV/EBITDA
69.25x
PEG ratio
1.11x
Profitability
How much profit each dollar creates
Gross margin
52.2%
Operating margin
16.7%
Net margin
27.9%
ROE
16.5%
ROA
4.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.29x
Current ratio
3.17x
Quick ratio
2.46x
Total debt
$5.29B
Total cash
$3.93B
Growth
How the business has been compounding
Revenue TTM
$9.45B
Revenue 5Y CAGR
16.4%
EPS TTM
3.02
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$2.20B
Free CF TTM
$1.40B
FCF margin
14.8%
Dividend
Shareholder payout
Yield
0.1%
Payout ratio
8.0%
Last ex-div date
2026-07-10