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MRVL

Marvell Technology, Inc.

MRVL

Marvell Technology, Inc. • NASDAQ
$89.40 ▲ 1.92% (+1.68)
Market Cap $77.09 B
52w High $127.48
52w Low $47.09
Dividend Yield 0.24%
P/E -745
Volume 8.60M
Outstanding Shares 862.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $2.006B ▲ $720.5M ▲ $194.8M ▲ 9.71% ▲ $0.23 ▲ $617.9M ▲
Q1-2026 $1.895B ▲ $681.8M ▼ $177.9M ▼ 9.386% ▼ $0.21 ▼ $600.5M ▲
Q4-2025 $1.817B ▲ $682.2M ▼ $200.2M ▲ 11.016% ▲ $0.23 ▲ $570.7M ▲
Q3-2025 $1.516B ▲ $1.052B ▲ $-676.3M ▼ -44.608% ▼ $-0.78 ▼ $-361.3M ▼
Q2-2025 $1.273B $688M $-193.3M -15.186% $-0.22 $254.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $1.224B ▲ $20.586B ▲ $7.165B ▲ $13.422B ▲
Q1-2026 $885.9M ▼ $20.024B ▼ $6.711B ▼ $13.313B ▼
Q4-2025 $948.3M ▲ $20.204B ▲ $6.777B ▲ $13.427B ▲
Q3-2025 $868.1M ▲ $19.716B ▼ $6.343B ▲ $13.373B ▼
Q2-2025 $808.7M $20.293B $6.088B $14.205B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $194.8M ▲ $461.6M ▲ $-77.2M ▲ $-45.9M ▲ $338.5M ▲ $413M ▲
Q1-2026 $177.9M ▼ $332.9M ▼ $-94.1M ▼ $-301.2M ▲ $-62.4M ▼ $213M ▼
Q4-2025 $200.2M ▲ $514M ▼ $-70.3M ▲ $-363.5M ▲ $80.2M ▲ $443.3M ▼
Q3-2025 $-676.3M ▼ $536.3M ▲ $-75.5M ▼ $-401.4M ▼ $59.4M ▲ $460.8M ▲
Q2-2025 $-193.3M $306.4M $-53M $-292.4M $-39M $253M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Automotive And Industrial
Automotive And Industrial
 $80.00M ▲$90.00M ▲$80.00M ▼$80.00M ▲
Carrier Infrastructure
Carrier Infrastructure
 $80.00M ▲$110.00M ▲$140.00M ▲$130.00M ▼
Consumer
Consumer
 $100.00M ▲$90.00M ▼$60.00M ▼$120.00M ▲
Data Center
Data Center
 $1.10Bn ▲$1.37Bn ▲$1.44Bn ▲$1.49Bn ▲
Enterprise Networking
Enterprise Networking
 $150.00M ▲$170.00M ▲$180.00M ▲$190.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Marvell has grown its sales steadily over the last five years, roughly doubling them compared with earlier in the period. However, profits have not kept up with this growth. Gross profit peaked a couple of years ago and has since come down, while operating income has swung between small profits and meaningful losses. Net income has been negative every year shown, suggesting heavy spending on research, acquisitions, or stock-based pay is weighing on the bottom line. In short, this is a growth story where scale has arrived, but consistent profitability is still a work in progress.

Balance Sheet

Balance Sheet The balance sheet shows a company that has scaled up significantly versus a few years ago, with total assets and shareholder equity both much larger than earlier in the period. Debt has also risen meaningfully but has been fairly stable recently, indicating leverage is present but not obviously spiraling. Cash on hand is modest relative to the size of the business, so Marvell is not cash‑rich but also not clearly strained. Overall, the company appears to have a sizable asset base and solid equity cushion, with a manageable but notable level of debt that investors should continue to watch.

Cash Flow

Cash Flow Despite accounting losses, Marvell consistently generates positive cash from its operations, and this cash flow has generally improved over time. After capital spending, free cash flow has remained positive and trending upward, which is a key strength. Capital expenditures are meaningful but not excessive, suggesting disciplined investment rather than aggressive, cash‑draining expansion. This pattern—losses on the income statement but solid cash generation—implies that non‑cash charges and investment are driving reported losses more than underlying business weakness.

Competitive Edge

Competitive Edge Marvell sits in attractive parts of the semiconductor market, especially data centers and AI infrastructure, where demand is structurally strong. Its custom chips for cloud and AI providers, along with leading high‑speed connectivity and optical technologies, create deep technical integration with key customers. Once Marvell’s chips are designed into a system, switching to another supplier can be costly and slow, giving Marvell some staying power. At the same time, it faces formidable rivals like Broadcom and NVIDIA, and customers with a lot of bargaining power, so its edge is meaningful but not unassailable.

Innovation and R&D

Innovation and R&D The company is clearly leaning into innovation, particularly around custom AI processors, advanced optical interconnects, and next‑generation networking for data centers, automotive, and 5G. Its co‑development model with hyperscalers, use of cutting‑edge manufacturing processes, and broad “full‑stack” portfolio show a strategy focused on being a core technology partner rather than a commodity supplier. This innovation push likely contributes to current profitability pressure but is central to its long‑term positioning. Future value will depend heavily on how well Marvell converts its large pipeline of AI and connectivity projects into sustained, high‑margin revenue.

Summary

Marvell has transformed into a much larger data‑infrastructure and AI‑focused semiconductor company, with strong revenue growth and a more substantial balance sheet than a few years ago. The major trade‑off has been profitability: earnings remain negative, even as cash generation is solid, reflecting heavy investment and non‑cash expenses. Competitively, Marvell benefits from deep technical capabilities, close ties to major cloud providers, and a broad product portfolio, but it operates in a fiercely competitive, cyclical industry. The company’s future story hinges on execution in custom AI silicon and high‑speed connectivity—areas with significant opportunity but also meaningful uncertainty and dependence on a concentrated set of powerful customers.

NEWS

November 10, 2025 · 5:15 PM UTC

Marvel Biosciences Announces Grant of Deferred Share Units

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October 14, 2025 · 9:00 AM UTC

Marvell Adds Active Copper Cable Linear Equalizers to Its Connectivity Portfolio

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October 7, 2025 · 9:00 AM UTC

Marvell to Highlight Next-generation Accelerated Infrastructure at 2025 OCP Global Summit

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October 3, 2025 · 5:00 AM UTC

Marvel Biosciences Announces Acceleration of Warrant Expiry Date

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September 25, 2025 · 9:00 AM UTC

Marvell to Showcase Interconnect Portfolio for Accelerated Infrastructure at ECOC 2025

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