Recent News
On August 14, 2025 Infineon announced completion of its acquisition of Marvell’s Automotive Ethernet business for $2.5 billion, transferring a Brightlane product line and an approximately $4 billion design‑win pipeline through 2030 to Infineon.
On August 29, 2025 Reuters reported a softer data‑center outlook after Marvell’s guidance, noting flat near‑term data‑center revenue and investor concern about custom AI accelerator visibility.
In recent analyst notes, Barron’s and other outlets covered downgrades and mixed analyst sentiment around cloud hyperscaler visibility and custom‑chip prospects, highlighting both buyback activity and analyst caution.
Technical Analysis
Directional indicators show an emerging trend: ADX at 21.94 indicates an emerging trend rather than a full-strength move, while DI+ at 30.09 increasing signals directional buying pressure that supports the current premium valuation context.
DI‑ sits at 20.39 with a dip & reversal pattern, which by definition signals rising downside pressure; the coexistence of rising DI+ and a DI‑ dip & reversal suggests intra‑trend tussle and potential volatility before a decisive move.
MACD reads 2.63 with the MACD above its signal (2.55), which constitutes a bullish cross, yet the MACD trend shows a peak & reversal, indicating momentum has weakened and could roll into bearish momentum despite the recent cross.
MRO at 7.43 registers positive, indicating the price sits above the model target and carries a tendency to contract; the MRO trend shows a peak & reversal, reinforcing the likelihood of a short‑term pullback toward fair‑value anchors implied by valuation metrics.
RSI at 57.59 with a dip & reversal pattern reflects mild bullish bias that recently recovered from a pullback; the reading supports limited upside room before overbought pressures emerge near short‑term resistance levels.
Price sits at $93.23 above the 12‑day EMA ($90.35, increasing), the 20‑day average ($88.99) and the 200‑day average ($75.76), which confirms the medium‑term uptrend; price trades just below the 1x Bollinger upper band ($93.49), indicating near‑term congestion around current levels.
Volume lags 10‑, 50‑ and 200‑day averages, suggesting the recent advance lacks broad participation and elevates the risk of a pullback that could test the superTrend lower support near $85.46.
Fundamental Analysis
Revenue totaled $2.0061B with trailing revenue growth of 5.85%; sequential growth accelerated strongly QoQ at 36.40%, while revenue growth YoY registered -39.41%, reflecting substantial year‑ago comparatives and lumpy large‑customer cycles that tie directly to data‑center demand.
Gross margin at 50.38% and operating margin at 14.90% deliver resilient profitability; EBIT reached $290.1M and EBITDA $617.9M. EBIT margin of 14.46% improved QoQ by 1.29% but fell YoY by -288.22% in percentage‑change terms, underscoring sizable prior‑period base effects rather than a pure operating collapse.
Cash generation remains a key strength: operating cash flow reached $461.6M, free cash flow $413.0M and free cash flow yield 0.66%. Free cash to net income stands at 212.01%, indicating cash conversion materially exceeds reported net income and supports capital returns such as the ongoing buyback program.
Balance sheet and leverage show mixed signals: total debt $4.7763B with net debt $3.2428B and debt/EBITDA near 7.73x, which elevates leverage considerations relative to operating cash flow but finds partial offset in $1.2244B of cash and short‑term investments and an interest coverage ratio of 5.14x.
Return metrics remain modest: return on equity 1.45% and return on assets 0.96% improved QoQ but fell heavily YoY in percentage terms; asset turnover sits low at 9.88% though improved QoQ and YoY. Price multiples show a high PE of 109.41x and forward PE near 114.40x while price‑to‑book reads 4.68; the PE sits below the industry peer mean of 155.20x while price‑to‑book sits well below the industry peer mean of 33.36.
WMDST values the stock as under‑valued based on cash flow strength and margin durability, though the premium multiples and elevated leverage require clearer data‑center revenue cadence to justify multiple expansion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-07-31 |
| REPORT DATE: | 2025-08-28 |
| NEXT REPORT DATE: | 2025-11-27 |
| CASH FLOW | Begin Period Cash Flow | $ 885.9 M |
| Operating Cash Flow | $ 461.6 M | |
| Capital Expenditures | $ -48.60 M | |
| Change In Working Capital | $ -246.40 M | |
| Dividends Paid | $ -51.70 M | |
| Cash Flow Delta | $ 338.5 M | |
| End Period Cash Flow | $ 1.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.0 B | |
| Forward Revenue | $ 1.4 B | |
| COSTS | ||
| Cost Of Revenue | $ 995.5 M | |
| Depreciation | $ 84.1 M | |
| Depreciation and Amortization | $ 327.8 M | |
| Research and Development | $ 519.0 M | |
| Total Operating Expenses | $ 1.7 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.0 B | |
| EBITDA | $ 617.9 M | |
| EBIT | $ 290.1 M | |
| Operating Income | $ 298.8 M | |
| Interest Income | — | |
| Interest Expense | $ 56.4 M | |
| Net Interest Income | $ -56.40 M | |
| Income Before Tax | $ 233.7 M | |
| Tax Provision | $ 38.9 M | |
| Tax Rate | 16.645 % | |
| Net Income | $ 194.8 M | |
| Net Income From Continuing Operations | $ 194.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.67 | |
| EPS Actual | $ 0.67 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | -0.51 % | |
| Forward EPS | $ 0.62 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 20.6 B | |
| Intangible Assets | $ 13.6 B | |
| Net Tangible Assets | $ -193.70 M | |
| Total Current Assets | $ 4.5 B | |
| Cash and Short-Term Investments | $ 1.2 B | |
| Cash | $ 1.2 B | |
| Net Receivables | $ 1.5 B | |
| Inventory | $ 1.1 B | |
| Long-Term Investments | $ 106.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 610.7 M | |
| Short-Term Debt | $ 499.3 M | |
| Total Current Liabilities | $ 2.4 B | |
| Net Debt | $ 3.2 B | |
| Total Debt | $ 4.8 B | |
| Total Liabilities | $ 7.2 B | |
| EQUITY | ||
| Total Equity | $ 13.4 B | |
| Retained Earnings | $ -840.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.57 | |
| Shares Outstanding | 862.100 M | |
| Revenue Per-Share | $ 2.33 | |
| VALUATION | Market Capitalization | $ 62.8 B |
| Enterprise Value | $ 66.3 B | |
| Enterprise Multiple | 107.365 | |
| Enterprise Multiple QoQ | 4.234 % | |
| Enterprise Multiple YoY | -52.923 % | |
| Enterprise Multiple IPRWA | high: 253.93 mean: 132.061 median: 124.816 MRVL: 107.365 low: -162.64 |
|
| EV/R | 33.069 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.534 | |
| Asset To Liability | 2.873 | |
| Debt To Capital | 0.262 | |
| Debt To Assets | 0.232 | |
| Debt To Assets QoQ | 2.965 % | |
| Debt To Assets YoY | 3542.229 % | |
| Debt To Assets IPRWA | high: 0.388 MRVL: 0.232 mean: 0.154 median: 0.075 low: 0.005 |
|
| Debt To Equity | 0.356 | |
| Debt To Equity QoQ | 4.998 % | |
| Debt To Equity YoY | 3810.549 % | |
| Debt To Equity IPRWA | high: 0.939 MRVL: 0.356 mean: 0.296 median: 0.106 low: 0.006 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.678 | |
| Price To Book QoQ | 6.958 % | |
| Price To Book YoY | 13.298 % | |
| Price To Book IPRWA | high: 40.244 median: 40.244 mean: 33.357 MRVL: 4.678 low: 1.076 |
|
| Price To Earnings (P/E) | 109.412 | |
| Price To Earnings QoQ | 0.447 % | |
| Price To Earnings YoY | -51.525 % | |
| Price To Earnings IPRWA | high: 193.583 mean: 155.203 median: 114.656 MRVL: 109.412 low: 39.495 |
|
| PE/G Ratio | 13.566 | |
| Price To Sales (P/S) | 31.299 | |
| Price To Sales QoQ | 1.877 % | |
| Price To Sales YoY | -32.075 % | |
| Price To Sales IPRWA | high: 86.209 median: 86.209 mean: 82.664 MRVL: 31.299 low: 5.759 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 114.404 | |
| Forward PE/G | 14.185 | |
| Forward P/S | 45.263 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.233 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.099 | |
| Asset Turnover Ratio QoQ | 4.85 % | |
| Asset Turnover Ratio YoY | 58.283 % | |
| Asset Turnover Ratio IPRWA | high: 0.351 median: 0.351 mean: 0.282 MRVL: 0.099 low: 0.06 |
|
| Receivables Turnover | 1.546 | |
| Receivables Turnover Ratio QoQ | -11.415 % | |
| Receivables Turnover Ratio YoY | 17.91 % | |
| Receivables Turnover Ratio IPRWA | high: 2.646 mean: 2.038 median: 1.872 MRVL: 1.546 low: 1.181 |
|
| Inventory Turnover | 0.938 | |
| Inventory Turnover Ratio QoQ | 4.489 % | |
| Inventory Turnover Ratio YoY | 12.502 % | |
| Inventory Turnover Ratio IPRWA | high: 2.501 mean: 1.322 median: 0.98 MRVL: 0.938 low: 0.653 |
|
| Days Sales Outstanding (DSO) | 59.034 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 104.984 | |
| Cash Conversion Cycle Days QoQ | 6.321 % | |
| Cash Conversion Cycle Days YoY | -20.646 % | |
| Cash Conversion Cycle Days IPRWA | high: 174.316 MRVL: 104.984 median: 74.714 mean: 72.672 low: 48.418 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.949 | |
| CapEx To Revenue | -0.024 | |
| CapEx To Depreciation | -0.578 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 17.4 B | |
| Net Invested Capital | $ 17.9 B | |
| Invested Capital | $ 17.9 B | |
| Net Tangible Assets | $ -193.70 M | |
| Net Working Capital | $ 2.1 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.51 | |
| Current Ratio | 1.881 | |
| Current Ratio QoQ | 44.167 % | |
| Current Ratio YoY | 5.244 % | |
| Current Ratio IPRWA | high: 7.414 median: 4.214 mean: 3.504 MRVL: 1.881 low: 1.497 |
|
| Quick Ratio | 1.443 | |
| Quick Ratio QoQ | 53.399 % | |
| Quick Ratio YoY | 14.641 % | |
| Quick Ratio IPRWA | high: 6.338 median: 3.597 mean: 2.999 MRVL: 1.443 low: 1.366 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.73 | |
| Cost Of Debt | 1.012 % | |
| Interest Coverage Ratio | 5.144 | |
| Interest Coverage Ratio QoQ | 3.975 % | |
| Interest Coverage Ratio YoY | -354.551 % | |
| Interest Coverage Ratio IPRWA | high: 504.323 median: 504.323 mean: 364.261 MRVL: 5.144 low: -17.099 |
|
| Operating Cash Flow Ratio | 0.118 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 56.778 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.768 | |
| Dividend Payout Ratio | 0.265 | |
| Dividend Rate | $ 0.06 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.81 % | |
| Revenue Growth | 5.846 % | |
| Revenue Growth QoQ | 36.398 % | |
| Revenue Growth YoY | -39.407 % | |
| Revenue Growth IPRWA | high: 11.225 % mean: 6.12 % median: 6.085 % MRVL: 5.846 % low: -0.283 % |
|
| Earnings Growth | 8.065 % | |
| Earnings Growth QoQ | 141.974 % | |
| Earnings Growth YoY | -67.74 % | |
| Earnings Growth IPRWA | high: 114.286 % median: 29.63 % mean: 23.379 % MRVL: 8.065 % low: 3.766 % |
|
| MARGINS | ||
| Gross Margin | 50.376 % | |
| Gross Margin QoQ | 0.249 % | |
| Gross Margin YoY | 9.129 % | |
| Gross Margin IPRWA | high: 72.424 % median: 72.424 % mean: 70.338 % MRVL: 50.376 % low: 33.677 % |
|
| EBIT Margin | 14.461 % | |
| EBIT Margin QoQ | 1.289 % | |
| EBIT Margin YoY | -288.221 % | |
| EBIT Margin IPRWA | high: 66.893 % median: 66.893 % mean: 58.406 % MRVL: 14.461 % low: -23.022 % |
|
| Return On Sales (ROS) | 14.895 % | |
| Return On Sales QoQ | 4.329 % | |
| Return On Sales YoY | -293.87 % | |
| Return On Sales IPRWA | high: 60.843 % median: 60.843 % mean: 53.913 % MRVL: 14.895 % low: -23.022 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 413.0 M | |
| Free Cash Flow Yield | 0.658 % | |
| Free Cash Flow Yield QoQ | 79.781 % | |
| Free Cash Flow Yield YoY | 52.668 % | |
| Free Cash Flow Yield IPRWA | high: 2.081 % MRVL: 0.658 % mean: 0.422 % median: 0.334 % low: 0.05 % |
|
| Free Cash Growth | 93.897 % | |
| Free Cash Growth QoQ | -280.741 % | |
| Free Cash Growth YoY | 964.954 % | |
| Free Cash Growth IPRWA | MRVL: 93.897 % high: 93.214 % mean: -29.3 % median: -48.562 % low: -186.665 % |
|
| Free Cash To Net Income | 2.12 | |
| Cash Flow Margin | 14.092 % | |
| Cash Flow To Earnings | 1.451 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.959 % | |
| Return On Assets QoQ | 8.484 % | |
| Return On Assets YoY | -201.16 % | |
| Return On Assets IPRWA | high: 19.867 % median: 19.867 % mean: 14.985 % MRVL: 0.959 % low: -2.839 % |
|
| Return On Capital Employed (ROCE) | 1.595 % | |
| Return On Equity (ROE) | 0.015 | |
| Return On Equity QoQ | 8.608 % | |
| Return On Equity YoY | -206.613 % | |
| Return On Equity IPRWA | high: 0.264 median: 0.264 mean: 0.205 MRVL: 0.015 low: -0.049 |
|
| DuPont ROE | 1.457 % | |
| Return On Invested Capital (ROIC) | 1.352 % | |
| Return On Invested Capital QoQ | 6.373 % | |
| Return On Invested Capital YoY | -88.111 % | |
| Return On Invested Capital IPRWA | high: 7.618 % mean: 3.651 % median: 3.471 % MRVL: 1.352 % low: -3.051 % |
|