Marvell Technology, Inc.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Marvell Technology, Inc. trades at $230, in a confirmed uptrend and 24 weeks into that stage. That is +46.4% against its own 200-day average. It sits at 65% of a 52-week range of $77 to $311. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (3 weeks and counting).

Today the stock is in a confirmed uptrend — week 24 of stage 2. At $230 it trades +46.4% versus its 200-day average and sits at 65% of its 52-week range ($77–$311).

Against the market, two honest reads. Cumulative: over the last 10.2 years the stock moved +2,197% while the S&P 500 moved +255% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-08-28) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

Marvell Technology, Inc. trades at 77.2× P/E, at the pricey end of its own range (83rd percentile). Its long-run median P/E is 43.4×, measured across 0.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 77.2× is at the pricey end of its own range (83rd percentile), against a long-run median of 43.4× measured over 0.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Marvell Technology, Inc. reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

52.2/100 — rank 9 of 27 in Semiconductors · 67% evidence confidence

Marvell Technology, Inc. scores 52.2 out of 100 against the 27 companies it is compared with in Semiconductors, ranking 9. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 17.9 + 9.6 + 10.1 + 14.6 = 52.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Marvell Technology, Inc. reported $2.7 B of revenue in the Aug 26 quarter, +36.3% year on year. That is the 8th straight quarter of year-on-year growth. Over 4 years it has compounded at 16.4% a year. The last full year, FY26, came in at $8.2 B. The last four reported quarters add to $9.4 B.

FY26 revenue came in at $8.2 B (+41.9% on the year), capping 4 years at 16.4% compound. The latest quarter (Aug 26) printed $2.7 B, +36.3% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +30.5% growth against the decade's 16.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +30.3% over the last 4 quarters against +33.8%/yr over the last 8 — rolling over.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Marvell Technology, Inc.'s operating margin is 16.8% in the Aug 26 quarter, +1.9 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged −8.0% to 16.4%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 16.8%, +1.9 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −8.0%–16.4%, and FY26's 16.4% is the top of that band — a record year.

Why the margin moved: operating margin went +1.9 pp year on year while gross margin went +3.1 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Marvell Technology, Inc. earned $0.3 B of net profit in the Aug 26 quarter, +63.2% year on year. Full-year FY26 profit was $2.7 B. That is 11.3% of the quarter's revenue. The same quarter a year earlier earned $0.2 B. 5 of the last 12 reported quarters were loss-making.

Aug 26 profit was $0.3 B, +63.2% year on year. On the full year, FY26 printed $2.7 B (null).

Why profit moved: revenue contributed +36.3% and the margin +1.9 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +26.6% vs revenue +30.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Marvell Technology, Inc.'s cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was $1.8 B of operating cash against $2.7 B of profit. After $0.3 B of capital spending, $1.4 B was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of $1.8 B against reported profit of $2.7 B, leaving free cash of $1.4 B after $0.3 B of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Marvell Technology, Inc. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $1.0 B over the last 3 years. Averaged over those years that is 4.1% of FY26 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $1.0 B over the last 3 fiscal years.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Marvell Technology, Inc. earns a ROE of 19% in FY26. That is up from a trough of −7% in FY25. Return on invested capital clears the cost of that capital by −9.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 32.6% net margin on 0.37× asset turns.

FY26 ROE is 19%, recovered from a FY25 trough of −7% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 32.6% net margin × 0.37× asset turns × 1.56× balance-sheet leverage ≈ 18.8% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 6.9% − 16.3% = a −9.4 pp spread. The 16.3% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Dividend A dividend is cash paid out per share. Dividend per share is the declared amount for the period; the trailing twelve-month total is the four most recent quarters added together.

Marvell Technology, Inc. paid $0.24 per share over the last four reported quarters. The most recent declaration was $0.06 for Aug 26. Against the current price of $230 that is a trailing yield of 0.10%, measured on dividends already paid rather than on a forecast.

Marvell Technology, Inc. paid $0.24 per share across the last four reported quarters, most recently $0.06 for Aug 26. Against the current price of $230 the trailing twelve months work out to 0.10% — trailing dividends measured against today's price, not a forward estimate.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Marvell Technology, Inc. carries total debt of $5.3 B against shareholder equity of $18.5 B as of Aug 26, a debt-to-equity of 0.29 — effectively unlevered. On the annual view that ratio went from 0.30 in FY22 to 0.33 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Aug 26: total debt of $5.3 B against shareholder equity of $18.5 B — a debt-to-equity of 0.29. On the annual view, debt-to-equity went from 0.30 (FY22) to 0.33 (FY26). The returns on this page are earned, not borrowed.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

4.4% of Marvell Technology, Inc.'s tradable float is currently sold short — some money is positioned against it. At typical trading volumes those positions would take about 1.5 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 4.4% of the float is sold short, and at typical trading volumes it would take about 1.5 days to buy those positions back. Some money is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Marvell Technology, Inc.: the Z-score reads 7.97. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 7.97 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 7.97.

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