Recent News
Aug. 27, 2026 — Marvell announced demonstrations of industry-first 2nm optical technology for AI data center infrastructure at ECOC 2026. Sept. 2026 — the company confirmed plans to present its end-to-end AI data‑center connectivity and memory portfolio at the AI Infra Summit (Sept. 15–17). June 29, 2026 — multiple brokers raised price targets and estimates on Marvell following updated visibility into connectivity and CXL opportunities. The company filed Form 8‑K in late June and updated its IR calendar with a planned Investor Day on Oct. 6, 2026.
Technical Analysis
Directional indicators (ADX / DI+ / DI–): ADX at 16.77 indicates no established trend; DI+ recorded a dip‑and‑reverse and now sits at 34.64, which reads as bullish, while DI– shows a peak‑and‑reverse at 23.53, which also reads as bullish. Together, the directional signals suggest upside bias without trend strength.
MACD & signal: MACD equals 4.82 with the MACD signal at 2.31 and a MACD dip‑and‑reverse pattern; MACD sits above its signal line, which constitutes a bullish momentum signal and implies recent increasing upside momentum.
MRO (Momentum/Regression Oscillator): MRO reads 31.47 (positive), indicating price lies above the model target and therefore carries a probability of near‑term mean reversion toward the target; the MRO trend shows rising magnitude, so the mean‑reversion risk carries notable weight despite bullish momentum elsewhere.
RSI and breadth: RSI sits at 52.42 with a dip‑and‑reverse pattern, signaling neutral to modestly bullish momentum rather than overbought conditions.
Price vs moving averages and bands: Closing price $257.38 exceeds short, medium, and long averages (20‑day $227.53, 50‑day $216.38, 200‑day $159.19), reflecting price strength and upward bias; the 12‑day EMA shows a dip‑and‑reverse at $234.27, reinforcing the recent rebound. Bollinger band positioning leaves room on the upside toward the priceTargetMean of $310.23 while still exposing the stock to pullback toward the 20‑day average or the superTrend support at $220.06.
Volatility and beta: 42‑day beta 3.33 and 52‑week beta 2.99 indicate elevated market sensitivity; expect larger intraday and weekly swings relative to the market baseline. Volume sits slightly above the 10‑day average but below the 200‑day average, suggesting attention without sustained heavy distribution.
Fundamental Analysis
Top‑line and growth: Reported total revenue $2,739,300,000 with YoY revenue growth of 127.46% and sequential growth of 48.17% QoQ, demonstrating a material acceleration in sales. Forward revenue projection stands at $3,376,960,497.
Profitability: EBIT $459,700,000 and EBITDA $767,700,000 yield an EBIT margin of 16.78%, up 19.55% QoQ and up 16.05% YoY; that EBIT margin sits above the industry peer low but below the industry peer mean and industry peer median. Gross margin reached 53.14%, improving YoY and supporting operating leverage. Operating margin recorded 16.68%, rising QoQ and YoY.
Earnings and cash flow: Reported EPS $0.94 against an estimate $0.93, a $0.01 beat (≈1.08%). Operating cash flow $605,500,000 and free cash flow $474,300,000 produce a free cash flow yield of 0.24%, which sits below typical high‑growth technology comparables; cash and short‑term investments $3,932,800,000 and a cash ratio of 1.57 provide balance‑sheet flexibility.
Leverage and capital efficiency: Total debt $5,286,100,000 and net debt $1,030,100,000 generate a debt/EBITDA multiple near 6.89, implying leverage that carries refinancing and cyclical sensitivity. Asset turnover sits at 0.1005, slightly below the industry peer mean and median, while return on equity at 1.66% signals low current capital returns despite rapid revenue expansion.
Other operational metrics: Inventory days ~109 and cash conversion cycle ~118 days, roughly in line with capital‑intensive connectivity suppliers; R&D at $741,100,000 supports product roadmap execution.
Valuation view: WMDST values the stock as over‑valued. Market capitalization $194.58B and enterprise value $195.94B imply a premium multiple—PE ratio 230.37 and forward PE ~125.13—reflecting expectations priced for substantial future earnings expansion. Price/Book stands at 10.50 versus the industry peer mean of 21.05 and median of 22.06, placing book multiple below peer mean but the earnings multiples and forward multiples remain elevated relative to realized cash yields.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-07-31 |
| REPORT DATE: | 2026-08-27 |
| NEXT REPORT DATE: | 2026-11-26 |
| CASH FLOW | Begin Period Cash Flow | $ 3.8 B |
| Operating Cash Flow | $ 605.5 M | |
| Capital Expenditures | $ -131.20 M | |
| Change In Working Capital | $ -448.70 M | |
| Dividends Paid | $ -53.90 M | |
| Cash Flow Delta | $ 89.2 M | |
| End Period Cash Flow | $ 3.9 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.7 B | |
| Forward Revenue | $ 3.4 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.3 B | |
| Depreciation | $ 93.1 M | |
| Depreciation and Amortization | $ 308.0 M | |
| Research and Development | $ 741.1 M | |
| Total Operating Expenses | $ 2.3 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.5 B | |
| EBITDA | $ 767.7 M | |
| EBIT | $ 459.7 M | |
| Operating Income | $ 456.9 M | |
| Interest Income | — | |
| Interest Expense | $ 81.4 M | |
| Net Interest Income | $ -81.40 M | |
| Income Before Tax | $ 378.3 M | |
| Tax Provision | $ 70.3 M | |
| Tax Rate | 18.583 % | |
| Net Income | $ 308.0 M | |
| Net Income From Continuing Operations | $ 308.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.93 | |
| EPS Actual | $ 0.94 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 1.075 % | |
| Forward EPS | $ 1.69 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 27.6 B | |
| Intangible Assets | $ 16.5 B | |
| Net Tangible Assets | $ 2.1 B | |
| Total Current Assets | $ 7.9 B | |
| Cash and Short-Term Investments | $ 3.9 B | |
| Cash | $ 3.9 B | |
| Net Receivables | $ 2.2 B | |
| Inventory | $ 1.4 B | |
| Long-Term Investments | $ 241.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 797.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 2.5 B | |
| Net Debt | $ 1.0 B | |
| Total Debt | $ 5.3 B | |
| Total Liabilities | $ 9.0 B | |
| EQUITY | ||
| Total Equity | $ 18.5 B | |
| Retained Earnings | $ 1.6 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.62 | |
| Shares Outstanding | 898.578 M | |
| Revenue Per-Share | $ 3.05 | |
| VALUATION | Market Capitalization | $ 194.6 B |
| Enterprise Value | $ 195.9 B | |
| Enterprise Multiple | 255.224 | |
| Enterprise Multiple QoQ | 35.791 % | |
| Enterprise Multiple YoY | 137.717 % | |
| Enterprise Multiple IPRWA | high: 297.127 MRVL: 255.224 mean: 79.559 median: 68.996 low: 16.491 |
|
| EV/R | 71.528 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.487 | |
| Asset To Liability | 3.054 | |
| Debt To Capital | 0.222 | |
| Debt To Assets | 0.192 | |
| Debt To Assets QoQ | -2.047 % | |
| Debt To Assets YoY | -17.314 % | |
| Debt To Assets IPRWA | high: 0.316 MRVL: 0.192 mean: 0.171 median: 0.12 low: 0.002 |
|
| Debt To Equity | 0.285 | |
| Debt To Equity QoQ | -1.536 % | |
| Debt To Equity YoY | -19.842 % | |
| Debt To Equity IPRWA | high: 0.658 MRVL: 0.285 mean: 0.281 median: 0.167 low: 0.003 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 10.5 | |
| Price To Book QoQ | 55.988 % | |
| Price To Book YoY | 124.449 % | |
| Price To Book IPRWA | high: 22.059 median: 22.059 mean: 21.05 MRVL: 10.5 low: 1.5 |
|
| Price To Earnings (P/E) | 230.367 | |
| Price To Earnings QoQ | 31.597 % | |
| Price To Earnings YoY | 110.55 % | |
| Price To Earnings IPRWA | high: 406.526 MRVL: 230.367 mean: 100.952 median: 94.229 low: 66.009 |
|
| PE/G Ratio | 13.164 | |
| Price To Sales (P/S) | 71.034 | |
| Price To Sales QoQ | 40.067 % | |
| Price To Sales YoY | 126.952 % | |
| Price To Sales IPRWA | high: 88.945 MRVL: 71.034 mean: 55.262 median: 52.497 low: 8.89 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 125.133 | |
| Forward PE/G | 7.15 | |
| Forward P/S | 57.964 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.666 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.101 | |
| Asset Turnover Ratio QoQ | 2.341 % | |
| Asset Turnover Ratio YoY | 1.751 % | |
| Asset Turnover Ratio IPRWA | high: 0.332 median: 0.332 mean: 0.285 low: 0.11 MRVL: 0.101 |
|
| Receivables Turnover | 1.339 | |
| Receivables Turnover Ratio QoQ | 12.417 % | |
| Receivables Turnover Ratio YoY | -13.342 % | |
| Receivables Turnover Ratio IPRWA | high: 2.823 mean: 2.003 median: 1.855 MRVL: 1.339 low: 1.147 |
|
| Inventory Turnover | 0.93 | |
| Inventory Turnover Ratio QoQ | 12.051 % | |
| Inventory Turnover Ratio YoY | -0.865 % | |
| Inventory Turnover Ratio IPRWA | high: 2.177 mean: 1.163 MRVL: 0.93 median: 0.839 low: 0.581 |
|
| Days Sales Outstanding (DSO) | 68.124 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 117.57 | |
| Cash Conversion Cycle Days QoQ | -1.55 % | |
| Cash Conversion Cycle Days YoY | 11.989 % | |
| Cash Conversion Cycle Days IPRWA | high: 166.221 MRVL: 117.57 median: 114.361 mean: 98.859 low: 50.221 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.505 | |
| CapEx To Revenue | -0.048 | |
| CapEx To Depreciation | -1.409 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 23.5 B | |
| Net Invested Capital | $ 23.5 B | |
| Invested Capital | $ 23.5 B | |
| Net Tangible Assets | $ 2.1 B | |
| Net Working Capital | $ 5.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.573 | |
| Current Ratio | 3.168 | |
| Current Ratio QoQ | -3.354 % | |
| Current Ratio YoY | 68.447 % | |
| Current Ratio IPRWA | high: 7.399 median: 4.589 mean: 4.048 MRVL: 3.168 low: 1.698 |
|
| Quick Ratio | 2.624 | |
| Quick Ratio QoQ | -1.464 % | |
| Quick Ratio YoY | 81.89 % | |
| Quick Ratio IPRWA | high: 5.82 median: 3.855 mean: 3.446 MRVL: 2.624 low: 1.308 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.886 | |
| Cost Of Debt | 1.255 % | |
| Interest Coverage Ratio | 5.647 | |
| Interest Coverage Ratio QoQ | 326.137 % | |
| Interest Coverage Ratio YoY | 9.795 % | |
| Interest Coverage Ratio IPRWA | high: 316.009 median: 316.009 mean: 235.554 MRVL: 5.647 low: -6.332 |
|
| Operating Cash Flow Ratio | 0.159 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 59.451 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.714 | |
| Dividend Payout Ratio | 0.175 | |
| Dividend Rate | $ 0.06 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.264 % | |
| Revenue Growth | 13.297 % | |
| Revenue Growth QoQ | 48.172 % | |
| Revenue Growth YoY | 127.455 % | |
| Revenue Growth IPRWA | high: 33.371 % mean: 21.937 % median: 17.896 % MRVL: 13.297 % low: 2.909 % |
|
| Earnings Growth | 17.5 % | |
| Earnings Growth QoQ | 0.0 % | |
| Earnings Growth YoY | 116.987 % | |
| Earnings Growth IPRWA | high: 63.636 % mean: 23.278 % median: 18.717 % MRVL: 17.5 % low: 3.448 % |
|
| MARGINS | ||
| Gross Margin | 53.138 % | |
| Gross Margin QoQ | 1.9 % | |
| Gross Margin YoY | 5.483 % | |
| Gross Margin IPRWA | high: 74.975 % median: 74.975 % mean: 73.305 % MRVL: 53.138 % low: 33.203 % |
|
| EBIT Margin | 16.782 % | |
| EBIT Margin QoQ | 19.547 % | |
| EBIT Margin YoY | 16.05 % | |
| EBIT Margin IPRWA | high: 74.551 % median: 74.551 % mean: 68.714 % MRVL: 16.782 % low: -7.531 % |
|
| Return On Sales (ROS) | 16.679 % | |
| Return On Sales QoQ | 15.186 % | |
| Return On Sales YoY | 11.977 % | |
| Return On Sales IPRWA | high: 66.237 % median: 66.237 % mean: 62.678 % MRVL: 16.679 % low: -7.531 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 474.3 M | |
| Free Cash Flow Yield | 0.244 % | |
| Free Cash Flow Yield QoQ | -38.071 % | |
| Free Cash Flow Yield YoY | -62.918 % | |
| Free Cash Flow Yield IPRWA | high: 2.049 % mean: 0.507 % median: 0.424 % MRVL: 0.244 % low: -0.219 % |
|
| Free Cash Growth | -1.72 % | |
| Free Cash Growth QoQ | -101.981 % | |
| Free Cash Growth YoY | -101.832 % | |
| Free Cash Growth IPRWA | high: 166.9 % MRVL: -1.72 % mean: -31.93 % median: -55.955 % low: -76.061 % |
|
| Free Cash To Net Income | 1.54 | |
| Cash Flow Margin | 14.522 % | |
| Cash Flow To Earnings | 1.292 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.13 % | |
| Return On Assets QoQ | 707.143 % | |
| Return On Assets YoY | 17.831 % | |
| Return On Assets IPRWA | high: 20.591 % median: 20.591 % mean: 16.893 % MRVL: 1.13 % low: -0.849 % |
|
| Return On Capital Employed (ROCE) | 1.835 % | |
| Return On Equity (ROE) | 0.017 | |
| Return On Equity QoQ | 779.365 % | |
| Return On Equity YoY | 14.542 % | |
| Return On Equity IPRWA | high: 0.261 median: 0.261 mean: 0.225 MRVL: 0.017 low: -0.011 |
|
| DuPont ROE | 1.676 % | |
| Return On Invested Capital (ROIC) | 1.593 % | |
| Return On Invested Capital QoQ | 81.229 % | |
| Return On Invested Capital YoY | 17.825 % | |
| Return On Invested Capital IPRWA | high: 22.831 % median: 22.831 % mean: 18.896 % MRVL: 1.593 % low: -0.788 % |
|