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Marvell
(NASDAQ:MRVL)
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Rating:81Outperform
Price Target:
$264.00
▲(9.83% Upside)
Action:Reiterated
Date:10/07/26
The score is driven by a strong financial rebound (high profitability and moderate leverage) and bullish technical trend/momentum, reinforced by very upbeat earnings-call guidance and accelerating Data Center/custom growth. The primary offset is valuation risk from the very high P/E and limited dividend support, alongside some near-term cash flow and mix/opex headwinds flagged on the call.
Positive Factors
Data Center Growth
Data Center is already Marvell’s dominant business at 79% of quarterly revenue, while projected growth above 60% supports a durable expansion runway. Increasing demand for custom silicon, connectivity, and networking infrastructure can strengthen scale and improve the company’s strategic position with cloud customers.
Negative Factors
Earnings Cyclicality
The recent rebound has not eliminated Marvell’s history of earnings volatility. Prior losses show that profitability can weaken materially when infrastructure demand or product cycles turn, making the durability of current margins dependent on sustained growth and favorable market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Data Center Growth
Data Center is already Marvell’s dominant business at 79% of quarterly revenue, while projected growth above 60% supports a durable expansion runway. Increasing demand for custom silicon, connectivity, and networking infrastructure can strengthen scale and improve the company’s strategic position with cloud customers.
Read all positive factors
Marvell Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by different business units or product lines, highlighting which areas are driving growth and which may need strategic adjustments. This insight helps assess diversification and dependency on specific segments.
Breaks down revenue by different business units or product lines, highlighting which areas are driving growth and which may need strategic adjustments. This insight helps assess diversification and dependency on specific segments.
Data provided by:
The Fly
The FlyMarvell (MRVL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$200.38B
Dividend Yield0.11%
Average Volume (3M)19.53M
Price to Earnings (P/E)74.9
Beta (1Y)2.10
Revenue Growth30.62%
EPS GrowthN/A
CountryUS
Employees7,480
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)3.05
Shares Outstanding876,900,000
10 Day Avg. Volume19,569,758
30 Day Avg. Volume19,525,512
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)4.75
Price to Sales (P/S)8.29
P/FCF Ratio48.66
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue18.45
Enterprise Value/Gross Profit35.88
Enterprise Value/Ebitda36.65
Forecast
1Y Price Target
$354.56Price Target Upside47.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering29
EPS Forecast (FY)4.21
Revenue Forecast (FY)$12.07B
Marvell Business Overview & Revenue Model
Company Description
Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions and spanning the data center core to network edge in the United States, Argentina, China, India, Israel, Japan, Singapore, South Korea, ...
How the Company Makes Money
Marvell makes money primarily by designing semiconductor products and licensing related intellectual property, then selling these solutions to equipment manufacturers and hyperscale cloud customers, with manufacturing typically outsourced to third...
Marvell Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Nov 26, 2026
Earnings Call Sentiment Positive
The call was strongly positive: Marvell reported record Q2 revenue and EPS, significantly raised its fiscal 2027 and 2028 revenue outlooks, and highlighted broad-based acceleration in the strategic Data Center, connectivity and custom businesses (including a large warrant-backed hyperscaler agreement). Near-term issues include quarter-to-quarter lumpiness in Communications, modest gross margin mix pressure from a custom ramp, higher operating expense guidance to fund growth, and planned capacity prepayments that modestly pressure near-term cash flow. Overall the magnitude and breadth of the upside guidance and margin expansion outweigh the near-term operational and mix headwinds.Positive Updates
Record Quarterly Revenue
Q2 fiscal 2027 revenue of $2.739 billion, a record for the company, representing 13% sequential growth and 37% year-over-year growth.
Negative Updates
Communications and Other Revenue Lumpiness
Communications and other revenue of $568 million in Q2, down 3% sequentially (but up 10% year-over-year). Management expects this segment to decline in Q3 in the low- to mid-teens percentage range both sequentially and year-over-year, with a recovery in Q4 — signaling quarter-to-quarter lumpiness.
Read all updates
Q2-2027 Updates
Positive
Negative
Record Quarterly Revenue
Q2 fiscal 2027 revenue of $2.739 billion, a record for the company, representing 13% sequential growth and 37% year-over-year growth.
Read all positive updates
Company Guidance
Marvell guided Q3 FY2027 revenue at $3.15 billion ±5% (midpoint ~15% sequential growth and >50% YoY), GAAP gross margin 52.9–53.9% and non‑GAAP gross margin 57.5–58.5%, GAAP operating expense ~ $1.015 billion and non‑GAAP operating expense ~ $655 million, GAAP other expense ~ $86 million (non‑GAAP ~ $36 million), a non‑GAAP tax rate of ~11%, basic shares ~900 million and diluted ~921 million, GAAP EPS of $0.48–$0.58 and non‑GAAP EPS of $1.05–$1.15; for fiscal 2027 Marvell now expects revenue of roughly $12 billion (~45% YoY) with Data Center growth of ~60% (up from ~50%), non‑GAAP opex of ~ $2.55 billion and ~ $1 billion of capacity prepayments planned, and looking to fiscal 2028 the company expects revenue of ~ $18 billion (~50% YoY) with Data Center >60% growth, custom to more than double, a non‑GAAP tax rate ~13%, non‑GAAP opex growing at roughly half the revenue rate, and non‑GAAP operating margin entering the 38–40% target range in Q4 and reaching the high end through FY‑28.Marvell Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.45B | 8.19B | 5.77B | 5.51B | 5.92B | 4.46B |
| Gross Profit | 4.86B | 4.18B | 2.38B | 2.29B | 2.99B | 2.06B |
| EBITDA | 4.76B | 4.54B | 651.60M | 850.70M | 1.65B | 901.10M |
| Net Income | 2.64B | 2.67B | -885.00M | -933.40M | -163.50M | -421.00M |
Balance Sheet | ||||||
| Total Assets | 27.55B | 22.29B | 20.20B | 21.23B | 22.52B | 22.11B |
| Cash, Cash Equivalents and Short-Term Investments | 3.93B | 2.64B | 948.30M | 950.80M | 911.00M | 613.50M |
| Total Debt | 5.29B | 4.79B | 4.34B | 4.40B | 4.74B | 4.73B |
| Total Liabilities | 9.02B | 7.98B | 6.78B | 6.40B | 6.88B | 6.41B |
| Stockholders Equity | 18.53B | 14.31B | 13.43B | 14.83B | 15.64B | 15.70B |
Cash Flow | ||||||
| Free Cash Flow | 1.73B | 1.40B | 1.39B | 1.02B | 1.07B | 632.40M |
| Operating Cash Flow | 2.20B | 1.75B | 1.68B | 1.37B | 1.29B | 819.30M |
| Investing Cash Flow | 717.40M | 2.10B | -300.70M | -350.50M | -328.40M | -3.75B |
| Financing Cash Flow | -209.30M | -2.16B | -1.38B | -980.20M | -662.90M | 2.79B |
Marvell Technical Analysis
Neutral
240.38
Price Trends
242.91
Negative
241.26
Negative
179.47
Positive
Market Momentum
-4.04
Positive
41.07
Neutral
18.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRVL, the sentiment is Neutral. The current price of 240.38 is below the 20-day moving average (MA) of 256.76, below the 50-day MA of 242.91, and above the 200-day MA of 179.47, indicating a neutral trend. The MACD of -4.04 indicates Positive momentum. The RSI at 41.07 is Neutral, neither overbought nor oversold. The STOCH value of 18.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MRVL.
Marvell Risk Analysis
Marvell disclosed 11 risk factors in its most recent earnings report. Marvell reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marvell Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | $5.08T | 26.54 | 110.11% | 0.25% | 83.38% | 124.42% | |
81 Outperform | $200.38B | 74.94 | 16.22% | 0.11% | 30.62% | ― | |
78 Outperform | $1.54T | 39.91 | 43.91% | 0.81% | 48.69% | 99.97% | |
76 Outperform | $187.84B | 20.04 | 37.33% | 2.06% | 1.87% | -16.70% | |
72 Outperform | $59.24B | 19.94 | 28.05% | 1.73% | 8.77% | 39.24% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $459.68B | -41.21 | -10.76% | 2.63% | 7.47% | 55.56% |
* Technology Sector Average
MRVL
Marvell
228.51
139.95
158.03%
AVGO
Broadcom
321.68
-37.70
-10.49%
INTC
Intel
86.96
47.42
119.93%
NVDA
Nvidia
210.96
19.93
10.43%
NXPI
NXP Semiconductors
234.92
17.21
7.90%
QCOM
Qualcomm
175.91
-7.94
-4.32%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.