Recent News
Early December 2025: Marvell announced and moved to close a strategic acquisition of Celestial AI, a photonics/interconnect developer, in a cash-and-stock deal reported with material contingent consideration tied to milestones (transaction terms and timing disclosed in December). The company will highlight high-speed connectivity demos at DesignCon 2026, including a PCIe 8.0 SerDes demonstration in late February. Several industry writeups framed the acquisition as a material step into photonic fabric and optical interconnects for AI data centers.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX reads 17.45, indicating no established trend; DI+ at 16.68 shows a peak-and-reversal while DI- at 24.34 shows a dip-and-reversal—both patterns point toward near-term bearish directional pressure despite the absence of a strong trend. Relate: weakened trend strength raises the likelihood of range-bound price action against the company’s high implied valuation.
MACD: MACD equals -0.68 with a peak-and-reversal trend while the MACD signal line stands at -0.84; MACD remains negative and declining (bearish momentum), yet the MACD currently sits above its signal line, which constitutes a short-term bullish cross that can produce a transient bounce within broader weakening momentum.
MRO (Momentum/Regression Oscillator): MRO sits at -22.49 and the oscillator trend shows increasing; the MRO negative reading indicates price below modeled target and therefore means upside potential exists toward the target, and the increasing MRO suggests that potential has begun to firm—this offsets some bearish momentum signals and supports the possibility of corrective gains.
RSI and short-term averages: RSI at 46.65 with a peak-and-reversal trend implies recent loss of upward momentum and room for limited downside before oversold conditions. Price closed at $78.09, trading below the 12-day EMA ($79.30) and near the 20-day average ($79.18), so short-term moving averages pressure price modestly lower. Bollinger band placement shows the close sitting near the middle band between $77.79 and $80.58, consistent with sideways volatility rather than a trending breakout.
Volatility and beta: 42-day beta 2.09 and 52-week beta 2.31 indicate above-market volatility; expect larger intraday moves and amplified reaction to news and earnings. The technical ensemble signals mixed momentum with downside bias, increasing the chance of choppy swings while fundamental re-rating news digests.
Fundamental Analysis
Profitability: EBIT equals $2,266,600,000, producing an EBIT margin of 109.26%. That margin sits above the industry peer mean (55.54%) and above the industry peer high (66.654%), indicating a materially higher operating profit per dollar of revenue versus peers. Operating margin stands at 17.71%, and gross margin equals 51.57%, which lies below the industry peer mean gross margin of 65.75%.
Revenue and growth: Total revenue equals $2,074,500,000 with year-over-year revenue growth of -82.15% and quarter-over-quarter revenue change of -41.67%, both negative. Reported revenue growth (aggregate measure) reads 3.41%. QoQ and YoY volatility in top-line growth contrasts with improvements in some operating leverage metrics, making near-term revenue trends a critical monitor for sustaining margins.
Cash flow and balance-sheet: Cash and short-term investments total $2,714,500,000 and operating cash flow equals $582,300,000; free cash flow equals $507,600,000 with a free-cash-flow yield of 0.72%, which sits below the industry peer mean free-cash-flow yield of 2.70%. Current ratio at 2.01 and quick ratio at 1.64 indicate ample near-term liquidity; net debt equals $1,754,400,000 and debt-to-equity stands at 33.99%, providing moderate leverage with an interest-coverage ratio around 44.27 times.
Earnings and valuation metrics: Reported EPS of $0.76 beat the estimate of $0.74 by $0.02, an EPS surprise of 2.70%. Trailing PE equals 109.54 and forward PE equals 128.13; the trailing PE sits below the industry peer mean PE of 124.25 but above the industry peer median of 94.39. Price-to-book equals 5.03 while price-to-sales shows 34.06. Enterprise multiple reads 28.16. WMDST values the stock as over-valued given the combination of elevated multiples and muted cash-return metrics.
Operational ratios: Asset turnover equals 0.0984 (low relative throughput on asset base), return on equity equals 13.53%, and return on assets equals 9.02%, reflecting profitable operations but with heavy intangible asset and investment presence (intangible assets $13,357,100,000). Cash conversion cycle stands at about 104 days, broadly within the provided industry peer range.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-10-31 |
| REPORT DATE: | 2025-12-02 |
| NEXT REPORT DATE: | 2026-03-03 |
| CASH FLOW | Begin Period Cash Flow | $ 1.2 B |
| Operating Cash Flow | $ 582.3 M | |
| Capital Expenditures | $ -74.70 M | |
| Change In Working Capital | $ 32.1 M | |
| Dividends Paid | $ -50.80 M | |
| Cash Flow Delta | $ 1.5 B | |
| End Period Cash Flow | $ 2.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.1 B | |
| Forward Revenue | $ 196.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.0 B | |
| Depreciation | $ 86.9 M | |
| Depreciation and Amortization | $ 315.9 M | |
| Research and Development | $ 512.5 M | |
| Total Operating Expenses | $ 1.7 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.1 B | |
| EBITDA | $ 2.6 B | |
| EBIT | $ 2.3 B | |
| Operating Income | $ 367.4 M | |
| Interest Income | $ 1.9 B | |
| Interest Expense | $ 51.2 M | |
| Net Interest Income | $ 1.9 B | |
| Income Before Tax | $ 2.2 B | |
| Tax Provision | $ 314.1 M | |
| Tax Rate | 14.178 % | |
| Net Income | $ 1.9 B | |
| Net Income From Continuing Operations | $ 1.9 B | |
| EARNINGS | ||
| EPS Estimate | $ 0.74 | |
| EPS Actual | $ 0.76 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 2.703 % | |
| Forward EPS | $ 0.85 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 21.6 B | |
| Intangible Assets | $ 13.4 B | |
| Net Tangible Assets | $ 699.5 M | |
| Total Current Assets | $ 5.5 B | |
| Cash and Short-Term Investments | $ 2.7 B | |
| Cash | $ 2.7 B | |
| Net Receivables | $ 1.5 B | |
| Inventory | $ 1.0 B | |
| Long-Term Investments | $ 119.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 633.7 M | |
| Short-Term Debt | $ 499.5 M | |
| Total Current Liabilities | $ 2.7 B | |
| Net Debt | $ 1.8 B | |
| Total Debt | $ 4.8 B | |
| Total Liabilities | $ 7.5 B | |
| EQUITY | ||
| Total Equity | $ 14.1 B | |
| Retained Earnings | $ 1.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 16.56 | |
| Shares Outstanding | 848.600 M | |
| Revenue Per-Share | $ 2.44 | |
| VALUATION | Market Capitalization | $ 70.6 B |
| Enterprise Value | $ 72.7 B | |
| Enterprise Multiple | 28.156 | |
| Enterprise Multiple QoQ | -73.776 % | |
| Enterprise Multiple YoY | -114.39 % | |
| Enterprise Multiple IPRWA | high: 834.667 mean: 68.462 MRVL: 28.156 median: 7.422 low: 1.215 |
|
| EV/R | 35.051 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.535 | |
| Asset To Liability | 2.869 | |
| Debt To Capital | 0.254 | |
| Debt To Assets | 0.221 | |
| Debt To Assets QoQ | -4.573 % | |
| Debt To Assets YoY | 3275.0 % | |
| Debt To Assets IPRWA | high: 0.406 MRVL: 0.221 mean: 0.143 median: 0.134 low: 0.019 |
|
| Debt To Equity | 0.34 | |
| Debt To Equity QoQ | -4.491 % | |
| Debt To Equity YoY | 3411.157 % | |
| Debt To Equity IPRWA | high: 0.863 MRVL: 0.34 mean: 0.239 median: 0.196 low: 0.022 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.026 | |
| Price To Book QoQ | 7.437 % | |
| Price To Book YoY | -5.908 % | |
| Price To Book IPRWA | high: 37.589 mean: 14.831 MRVL: 5.026 median: 1.418 low: 0.281 |
|
| Price To Earnings (P/E) | 109.545 | |
| Price To Earnings QoQ | 0.121 % | |
| Price To Earnings YoY | -42.947 % | |
| Price To Earnings IPRWA | high: 286.682 mean: 124.249 MRVL: 109.545 median: 94.39 low: 39.301 |
|
| PE/G Ratio | 8.155 | |
| Price To Sales (P/S) | 34.056 | |
| Price To Sales QoQ | 8.809 % | |
| Price To Sales YoY | -27.719 % | |
| Price To Sales IPRWA | high: 105.407 mean: 40.529 MRVL: 34.056 median: 7.347 low: 1.729 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 128.133 | |
| Forward PE/G | 9.539 | |
| Forward P/S | 488.341 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 199.823 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.098 | |
| Asset Turnover Ratio QoQ | -0.405 % | |
| Asset Turnover Ratio YoY | 29.832 % | |
| Asset Turnover Ratio IPRWA | high: 0.169 median: 0.137 mean: 0.13 MRVL: 0.098 low: 0.066 |
|
| Receivables Turnover | 1.384 | |
| Receivables Turnover Ratio QoQ | -10.467 % | |
| Receivables Turnover Ratio YoY | -6.071 % | |
| Receivables Turnover Ratio IPRWA | high: 4.147 mean: 2.086 median: 1.863 MRVL: 1.384 low: 1.181 |
|
| Inventory Turnover | 0.973 | |
| Inventory Turnover Ratio QoQ | 3.704 % | |
| Inventory Turnover Ratio YoY | -30.095 % | |
| Inventory Turnover Ratio IPRWA | high: 1.367 median: 1.367 mean: 1.149 MRVL: 0.973 low: 0.293 |
|
| Days Sales Outstanding (DSO) | 65.936 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 103.595 | |
| Cash Conversion Cycle Days QoQ | -1.322 % | |
| Cash Conversion Cycle Days YoY | -3.708 % | |
| Cash Conversion Cycle Days IPRWA | high: 241.472 median: 109.359 MRVL: 103.595 mean: 93.363 low: -150.871 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.747 | |
| CapEx To Revenue | -0.036 | |
| CapEx To Depreciation | -0.86 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 18.0 B | |
| Net Invested Capital | $ 18.5 B | |
| Invested Capital | $ 18.5 B | |
| Net Tangible Assets | $ 699.5 M | |
| Net Working Capital | $ 2.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.992 | |
| Current Ratio | 2.014 | |
| Current Ratio QoQ | 7.091 % | |
| Current Ratio YoY | 26.115 % | |
| Current Ratio IPRWA | high: 6.514 mean: 3.112 median: 2.618 MRVL: 2.014 low: 1.705 |
|
| Quick Ratio | 1.644 | |
| Quick Ratio QoQ | 13.93 % | |
| Quick Ratio YoY | 48.086 % | |
| Quick Ratio IPRWA | high: 4.142 mean: 2.694 median: 2.42 MRVL: 1.644 low: 1.164 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.85 | |
| Cost Of Debt | 0.92 % | |
| Interest Coverage Ratio | 44.27 | |
| Interest Coverage Ratio QoQ | 760.669 % | |
| Interest Coverage Ratio YoY | -400.463 % | |
| Interest Coverage Ratio IPRWA | high: 195.635 median: 195.635 mean: 150.716 MRVL: 44.27 low: -1.495 |
|
| Operating Cash Flow Ratio | 0.798 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 57.032 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 37.427 | |
| Dividend Payout Ratio | 0.027 | |
| Dividend Rate | $ 0.06 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.822 % | |
| Revenue Growth | 3.41 % | |
| Revenue Growth QoQ | -41.67 % | |
| Revenue Growth YoY | -82.152 % | |
| Revenue Growth IPRWA | high: 12.933 % mean: 6.553 % median: 5.674 % MRVL: 3.41 % low: -13.215 % |
|
| Earnings Growth | 13.433 % | |
| Earnings Growth QoQ | 66.559 % | |
| Earnings Growth YoY | -69.001 % | |
| Earnings Growth IPRWA | high: 104.0 % mean: 14.407 % MRVL: 13.433 % median: 7.534 % low: -82.857 % |
|
| MARGINS | ||
| Gross Margin | 51.569 % | |
| Gross Margin QoQ | 2.368 % | |
| Gross Margin YoY | 123.766 % | |
| Gross Margin IPRWA | high: 97.585 % mean: 65.75 % median: 62.326 % MRVL: 51.569 % low: 30.672 % |
|
| EBIT Margin | 109.26 % | |
| EBIT Margin QoQ | 655.549 % | |
| EBIT Margin YoY | -335.698 % | |
| EBIT Margin IPRWA | MRVL: 109.26 % high: 66.654 % median: 56.917 % mean: 55.54 % low: -0.154 % |
|
| Return On Sales (ROS) | 17.71 % | |
| Return On Sales QoQ | 18.899 % | |
| Return On Sales YoY | -138.204 % | |
| Return On Sales IPRWA | high: 63.169 % median: 54.0 % mean: 52.876 % MRVL: 17.71 % low: -1.562 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 507.6 M | |
| Free Cash Flow Yield | 0.718 % | |
| Free Cash Flow Yield QoQ | 9.119 % | |
| Free Cash Flow Yield YoY | 11.318 % | |
| Free Cash Flow Yield IPRWA | high: 4.736 % median: 4.736 % mean: 2.701 % MRVL: 0.718 % low: -0.036 % |
|
| Free Cash Growth | 22.906 % | |
| Free Cash Growth QoQ | -75.605 % | |
| Free Cash Growth YoY | -72.111 % | |
| Free Cash Growth IPRWA | high: 561.157 % median: 163.062 % mean: 114.322 % MRVL: 22.906 % low: -105.836 % |
|
| Free Cash To Net Income | 0.267 | |
| Cash Flow Margin | 105.216 % | |
| Cash Flow To Earnings | 1.148 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 9.018 % | |
| Return On Assets QoQ | 840.355 % | |
| Return On Assets YoY | -366.726 % | |
| Return On Assets IPRWA | MRVL: 9.018 % high: 6.617 % median: 6.617 % mean: 5.873 % low: -0.885 % |
|
| Return On Capital Employed (ROCE) | 12.029 % | |
| Return On Equity (ROE) | 0.135 | |
| Return On Equity QoQ | 832.185 % | |
| Return On Equity YoY | -367.471 % | |
| Return On Equity IPRWA | MRVL: 0.135 high: 0.105 median: 0.093 mean: 0.088 low: -0.011 |
|
| DuPont ROE | 13.839 % | |
| Return On Invested Capital (ROIC) | 10.5 % | |
| Return On Invested Capital QoQ | 676.627 % | |
| Return On Invested Capital YoY | -87.753 % | |
| Return On Invested Capital IPRWA | MRVL: 10.5 % high: 7.873 % median: 7.873 % mean: 6.703 % low: -0.018 % |
|