Recent News
On July 29, 2025 Marvell announced a collaboration with Rebellions to supply custom AI accelerator platforms for sovereign-scale and regional cloud deployments. On September 2, 2025 Marvell reported Structera CXL interoperability across major memory suppliers and both leading CPU platforms. On September 19, 2025 Marvell declared a quarterly dividend of $0.06 per share payable October 30, 2025 to holders of record October 10, 2025.
Technical Analysis
ADX at 35.82 indicates a strong trend; that strength increases the credibility of directional signals and amplifies short-term price bias when momentum aligns with moving averages.
DI+ shows a peak-and-reverse, a bearish directional signal that signals waning upward push; DI- decreasing provides a bullish directional signal by reducing downward pressure—taken together these readings suggest trend dynamics shifting but not yet resolving to a single directional conviction.
MACD stands at 4.42 and runs above its signal line at 3.12, with the MACD trend increasing; the cross above the signal line provides a bullish momentum confirmation that supports further upside in the near term.
MRO equals 12.39 and increases, which places price above the modeled target and signals mean-reversion pressure; in other words, upside momentum carries short-term reversion risk toward fair-value anchors despite current strength.
RSI at 59.12 and rising shows constructive momentum without overbought extremes, aligning with MACD and EMAs for a positive near-term bias while leaving room for continuation.
Price at $90.68 trades above the 12-day EMA ($85.34), 20-day average ($84.22) and 200-day average ($78.96); price also sits just above the 1× upper Bollinger band ($89.92) and above the SuperTrend lower support ($83.75), indicating trend-following confirmation with a slight stretch that favors cautious position sizing for momentum plays.
Fundamental Analysis
Total revenue reached $2,006,100,000 with revenue growth QoQ at 36.40% and revenue growth YoY at −39.41%, showing strong sequential expansion alongside a sizable year‑over‑year contraction. Gross margin measured 50.38%, up 9.13% YoY, supporting operating leverage even as operating margin stands at 14.90% and operating margin YoY changed by −293.87 percentage points.
EBIT amounted to $290,100,000 and produced an EBIT margin of 14.46%; EBIT margin QoQ improved by 1.29% while EBIT margin YoY moved by −288.22 percentage points. When compared to the industry peer mean and industry peer median for EBIT margin, Marvell’s margin sits below those central peer benchmarks but above the peer low within the industry peer range.
Net income reached $194,800,000 and EPS came in at $0.67, matching the estimate ($0.67) for an EPS surprise of −0.51%. Free cash flow totaled $413,000,000 with a free cash flow yield of 0.66%, a free cash flow yield QoQ increase of 79.78% and YoY gain of 52.67%; free cash flow generation supports cash conversion given operating cash flow of $461,600,000 and a cash conversion ratio at 0.949.
Balance-sheet metrics show cash and short-term investments of $1,224,400,000 against total debt of $4,776,300,000 and net debt of $3,242,800,000, producing debt-to-EBITDA near 7.73 and interest coverage around 5.14—leverage presents a material coverage cost but remains serviceable at current operating levels.
Valuation signals: trailing PE registers at 109.41 while forward PE sits at 114.40 and price-to-book equals 4.68. WMDST values the stock as under-valued based on the combination of sustained free cash flow generation, positive operating margins, and sequential revenue recovery; that under-valuation coexists with elevated multiples that reflect growth expectations embedded in current market pricing.
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 % |
|