Recent News
June and July headlines highlight corporate positioning rather than earnings: Marvell delivered a high-profile COMPUTEX keynote (June 2), announced the industry’s first 102.4 Tbps AI/cloud switch (June 1), appointed Dan Durn as CFO effective June 15 (June 11), declared a quarterly dividend of $0.06/share (June 25), and received confirmation for addition to the S&P 500 effective June 22.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 17.64 indicates no established trend; DI+ at 30.12 increasing while DI- at 24.84 decreasing signals directional pressure to the upside despite overall trend weakness, favoring short-term bullish bias against the stock’s valuation premium.
MACD: MACD sits at 1.70 with the signal line at -3.78 and the MACD trend described as a dip & reversal; the MACD currently trades above its signal line, which constitutes a bullish momentum signal that supports further near-term upside pressure.
Price vs Moving Averages and Bands: Last close $251.01 sits above the 12-day EMA ($223.91, increasing) and well above the 200-day average ($142.60), indicating price leadership on multiple horizons. Price also trades at or just above the 2× Bollinger upper band (~$250.87), marking a short-term extended move that increases the probability of consolidation or pullback should momentum stall.
MRO and RSI: MRO at 6.0 (positive) implies price presently sits above WMDST’s target, creating potential downward pressure on price; RSI at 50.28 and rising shows neutral-to-firming breadth rather than overbought conditions, leaving room for continuation but not insulating the stock from mean reversion.
Volatility & Beta: Elevated short-term beta (42-day 4.09; 52-week 3.04) and higher-than-average intraday volatility amplify both upside and downside moves; volume sits above the 10-day average but below the 50-day average, consistent with episodic institutional flows around index and product news.
Fundamental Analysis
Topline & margins: Total revenue $2,417,800,000 with YoY revenue growth ~109.4% and QoQ revenue growth ~29.1%, reflecting strong demand acceleration. Gross margin 52.15% improved ~3.77 percentage points YoY. Operating income $350,100,000 and EBIT $339,400,000 produce an EBIT margin of 14.04%, which falls below the industry peer mean EBIT margin of 62.81% and below the industry peer median of 60.34%.
Profitability and returns: Net income $34,500,000 and return on equity ~0.19% remain well below the industry peer mean ROE of 10.27% and peer median ROE of 10.98%, indicating that strong revenue growth has not yet converted into commensurate return on shareholder capital.
Cash flow and balance sheet: Operating cash flow $638,800,000 and free cash flow $482,600,000 yield a free cash flow yield of ~0.39%, below the industry peer mean free cash flow yield of ~1.86%. Cash and short-term investments $3,843,600,000 produce a cash ratio of 1.69 and a current ratio of 3.28, both above the industry peer mean current ratio of 2.76, supporting liquidity even as capital deployment continues.
Capital structure and leverage: Total debt $5,277,200,000 and net debt $1,117,700,000 produce a debt-to-EBITDA of ~8.00 and debt-to-equity of ~0.29; interest coverage ~1.33 signals limited buffer versus interest but shows improvement versus more leveraged peers in some ranges. Debt metrics improved QoQ and YoY.
Market multiples & WMDST valuation: Trailing PE ~175.1 and PS ~50.7 sit above the industry peer mean PE ~112.8 and peer mean PS ~31.9; forward PE ~72.0 roughly aligns with the industry peer mean forward PE (~74.6). Price-to-book ~6.73 falls below the industry peer mean of ~10.47 but exceeds the peer median. The current valuation as determined by WMDST: over-valued, reflecting a high-growth multiple paired with lower trailing profitability and muted free cash flow yield.
Earnings metrics: Reported EPS $0.80 versus estimate $0.79 produced an EPS surprise ratio ~1.27%. Reported earnings growth reads flat on the consolidated metric, with QoQ and YoY EPS growth figures indicating re-basing versus prior periods.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-04-30 |
| REPORT DATE: | 2026-05-27 |
| NEXT REPORT DATE: | 2026-08-26 |
| CASH FLOW | Begin Period Cash Flow | $ 2.6 B |
| Operating Cash Flow | $ 638.8 M | |
| Capital Expenditures | $ -156.20 M | |
| Change In Working Capital | $ -211.60 M | |
| Dividends Paid | $ -53.80 M | |
| Cash Flow Delta | $ 1.2 B | |
| End Period Cash Flow | $ 3.8 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.4 B | |
| Forward Revenue | $ 24.0 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.2 B | |
| Depreciation | $ 95.4 M | |
| Depreciation and Amortization | $ 320.6 M | |
| Research and Development | $ 652.3 M | |
| Total Operating Expenses | $ 2.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.3 B | |
| EBITDA | $ 660.0 M | |
| EBIT | $ 339.4 M | |
| Operating Income | $ 350.1 M | |
| Interest Income | — | |
| Interest Expense | $ 256.1 M | |
| Net Interest Income | $ -256.10 M | |
| Income Before Tax | $ 83.3 M | |
| Tax Provision | $ 48.8 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 34.5 M | |
| Net Income From Continuing Operations | $ 34.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.79 | |
| EPS Actual | $ 0.80 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 1.266 % | |
| Forward EPS | $ 1.56 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 26.9 B | |
| Intangible Assets | $ 16.7 B | |
| Net Tangible Assets | $ 1.5 B | |
| Total Current Assets | $ 7.5 B | |
| Cash and Short-Term Investments | $ 3.8 B | |
| Cash | $ 3.8 B | |
| Net Receivables | $ 1.9 B | |
| Inventory | $ 1.4 B | |
| Long-Term Investments | $ 203.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 709.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 2.3 B | |
| Net Debt | $ 1.1 B | |
| Total Debt | $ 5.3 B | |
| Total Liabilities | $ 8.7 B | |
| EQUITY | ||
| Total Equity | $ 18.2 B | |
| Retained Earnings | $ 1.3 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.80 | |
| Shares Outstanding | 875.553 M | |
| Revenue Per-Share | $ 2.76 | |
| VALUATION | Market Capitalization | $ 122.6 B |
| Enterprise Value | $ 124.0 B | |
| Enterprise Multiple | 187.954 | |
| Enterprise Multiple QoQ | 97.606 % | |
| Enterprise Multiple YoY | 82.473 % | |
| Enterprise Multiple IPRWA | high: 462.704 MRVL: 187.954 mean: 47.946 median: 8.516 low: -178.78 |
|
| EV/R | 51.307 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.479 | |
| Asset To Liability | 3.087 | |
| Debt To Capital | 0.225 | |
| Debt To Assets | 0.196 | |
| Debt To Assets QoQ | -8.886 % | |
| Debt To Assets YoY | -13.083 % | |
| Debt To Assets IPRWA | high: 0.475 MRVL: 0.196 mean: 0.118 median: 0.105 low: 0.006 |
|
| Debt To Equity | 0.29 | |
| Debt To Equity QoQ | -13.468 % | |
| Debt To Equity YoY | -14.523 % | |
| Debt To Equity IPRWA | high: 1.671 MRVL: 0.29 mean: 0.196 median: 0.153 low: 0.006 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.731 | |
| Price To Book QoQ | 39.327 % | |
| Price To Book YoY | 53.899 % | |
| Price To Book IPRWA | high: 35.181 mean: 10.471 MRVL: 6.731 median: 1.672 low: 0.566 |
|
| Price To Earnings (P/E) | 175.055 | |
| Price To Earnings QoQ | 71.643 % | |
| Price To Earnings YoY | 60.711 % | |
| Price To Earnings IPRWA | high: 283.415 MRVL: 175.055 mean: 112.801 median: 96.258 low: 38.485 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 50.714 | |
| Price To Sales QoQ | 62.768 % | |
| Price To Sales YoY | 65.073 % | |
| Price To Sales IPRWA | high: 88.602 MRVL: 50.714 mean: 31.901 median: 8.466 low: 3.653 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 72.021 | |
| Forward PE/G | — | |
| Forward P/S | 5.18 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.397 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.098 | |
| Asset Turnover Ratio QoQ | -2.896 % | |
| Asset Turnover Ratio YoY | 4.245 % | |
| Asset Turnover Ratio IPRWA | high: 0.217 median: 0.141 mean: 0.138 MRVL: 0.098 low: 0.016 |
|
| Receivables Turnover | 1.192 | |
| Receivables Turnover Ratio QoQ | 0.236 % | |
| Receivables Turnover Ratio YoY | -31.713 % | |
| Receivables Turnover Ratio IPRWA | high: 3.9 median: 3.181 mean: 2.687 MRVL: 1.192 low: 1.066 |
|
| Inventory Turnover | 0.83 | |
| Inventory Turnover Ratio QoQ | -6.919 % | |
| Inventory Turnover Ratio YoY | -7.555 % | |
| Inventory Turnover Ratio IPRWA | high: 1.858 median: 1.177 mean: 1.129 MRVL: 0.83 low: 0.339 |
|
| Days Sales Outstanding (DSO) | 76.582 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 119.42 | |
| Cash Conversion Cycle Days QoQ | 10.244 % | |
| Cash Conversion Cycle Days YoY | 20.942 % | |
| Cash Conversion Cycle Days IPRWA | high: 247.361 MRVL: 119.42 mean: 58.625 median: 23.144 low: 6.952 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.466 | |
| CapEx To Revenue | -0.065 | |
| CapEx To Depreciation | -1.637 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 23.2 B | |
| Net Invested Capital | $ 23.2 B | |
| Invested Capital | $ 23.2 B | |
| Net Tangible Assets | $ 1.5 B | |
| Net Working Capital | $ 5.2 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.688 | |
| Current Ratio | 3.278 | |
| Current Ratio QoQ | 63.417 % | |
| Current Ratio YoY | 151.272 % | |
| Current Ratio IPRWA | high: 7.069 MRVL: 3.278 mean: 2.76 median: 2.458 low: 0.557 |
|
| Quick Ratio | 2.663 | |
| Quick Ratio QoQ | 69.068 % | |
| Quick Ratio YoY | 183.164 % | |
| Quick Ratio IPRWA | high: 4.702 MRVL: 2.663 mean: 2.37 median: 2.25 low: 0.394 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.996 | |
| Cost Of Debt | 3.053 % | |
| Interest Coverage Ratio | 1.325 | |
| Interest Coverage Ratio QoQ | -84.43 % | |
| Interest Coverage Ratio YoY | -73.211 % | |
| Interest Coverage Ratio IPRWA | high: 282.165 median: 282.165 mean: 224.252 low: 2.264 MRVL: 1.325 |
|
| Operating Cash Flow Ratio | 0.129 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 75.992 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.641 | |
| Dividend Payout Ratio | 1.559 | |
| Dividend Rate | $ 0.06 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 20.907 % | |
| Revenue Growth | 8.974 % | |
| Revenue Growth QoQ | 29.104 % | |
| Revenue Growth YoY | 109.379 % | |
| Revenue Growth IPRWA | high: 25.982 % mean: 14.328 % median: 12.016 % MRVL: 8.974 % low: -2.905 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 48.0 % median: 23.496 % mean: 20.199 % MRVL: 0.0 % low: -25.0 % |
|
| MARGINS | ||
| Gross Margin | 52.147 % | |
| Gross Margin QoQ | 0.791 % | |
| Gross Margin YoY | 3.773 % | |
| Gross Margin IPRWA | high: 97.207 % mean: 68.984 % median: 67.721 % MRVL: 52.147 % low: 32.478 % |
|
| EBIT Margin | 14.038 % | |
| EBIT Margin QoQ | -27.97 % | |
| EBIT Margin YoY | -1.674 % | |
| EBIT Margin IPRWA | high: 85.775 % mean: 62.807 % median: 60.344 % MRVL: 14.038 % low: -23.393 % |
|
| Return On Sales (ROS) | 14.48 % | |
| Return On Sales QoQ | -22.38 % | |
| Return On Sales YoY | 1.422 % | |
| Return On Sales IPRWA | high: 65.596 % median: 60.344 % mean: 56.912 % MRVL: 14.48 % low: -23.393 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 482.6 M | |
| Free Cash Flow Yield | 0.394 % | |
| Free Cash Flow Yield QoQ | 5.348 % | |
| Free Cash Flow Yield YoY | 7.65 % | |
| Free Cash Flow Yield IPRWA | high: 2.672 % median: 2.672 % mean: 1.859 % MRVL: 0.394 % low: -0.741 % |
|
| Free Cash Growth | 86.837 % | |
| Free Cash Growth QoQ | -276.811 % | |
| Free Cash Growth YoY | -267.152 % | |
| Free Cash Growth IPRWA | high: 308.235 % MRVL: 86.837 % mean: 10.901 % median: -17.251 % low: -104.532 % |
|
| Free Cash To Net Income | 13.988 | |
| Cash Flow Margin | 12.118 % | |
| Cash Flow To Earnings | 8.493 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.14 % | |
| Return On Assets QoQ | -92.248 % | |
| Return On Assets YoY | -84.163 % | |
| Return On Assets IPRWA | high: 7.835 % median: 7.835 % mean: 7.002 % MRVL: 0.14 % low: -4.159 % |
|
| Return On Capital Employed (ROCE) | 1.376 % | |
| Return On Equity (ROE) | 0.002 | |
| Return On Equity QoQ | -93.172 % | |
| Return On Equity YoY | -85.853 % | |
| Return On Equity IPRWA | high: 0.11 median: 0.11 mean: 0.103 MRVL: 0.002 low: -0.049 |
|
| DuPont ROE | 0.212 % | |
| Return On Invested Capital (ROIC) | 0.879 % | |
| Return On Invested Capital QoQ | -36.397 % | |
| Return On Invested Capital YoY | -30.842 % | |
| Return On Invested Capital IPRWA | high: 8.639 % median: 8.473 % mean: 7.686 % MRVL: 0.879 % low: -2.01 % |
|