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Marvell
(NASDAQ:MRVL)
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Rating:78Outperform
Price Target:
$321.00
▲(129.79% Upside)
Action:Reiterated
Date:06/10/26
Score is driven primarily by improved financial performance and a highly constructive earnings outlook with strong data center/interconnect growth and raised guidance, reinforced by strong bullish technical momentum. The main constraint is valuation (very high P/E), alongside cyclicality/execution risk and less-than-perfect cash conversion.
Positive Factors
Data center market leadership
Data center now represents the majority of revenue with multi-year growth guidance (~50% FY27). Durable design wins and large customer programs in hyperscale/cloud create multi-year revenue visibility and higher ASPs, anchoring margins and enabling scale in core markets.
Negative Factors
Dependence on cloud/AI customer CapEx
A material portion of projected revenue and custom program upside requires sustained high cloud and AI CapEx over several years. If hyperscaler spending moderates, multiyear targets and margin expansion could be materially delayed, exposing revenue and margin sensitivity.
Read all positive and negative factors
Positive Factors
Negative Factors
Data center market leadership
Data center now represents the majority of revenue with multi-year growth guidance (~50% FY27). Durable design wins and large customer programs in hyperscale/cloud create multi-year revenue visibility and higher ASPs, anchoring margins and enabling scale in core markets.
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
$202.70B
Dividend Yield0.28%
Average Volume (3M)58.76M
Price to Earnings (P/E)78.8
Beta (1Y)2.16
Revenue Growth34.07%
EPS GrowthN/A
CountryUS
Employees7,480
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.94
Shares Outstanding874,800,000
10 Day Avg. Volume33,002,884
30 Day Avg. Volume58,757,174
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 Cap1.26
Enterprise Value/Revenue29.22
Enterprise Value/Gross Profit57.70
Enterprise Value/Ebitda55.15
Forecast
1Y Price Target
$270.04Price Target Upside93.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering27
EPS Forecast (FY)4.05
Revenue Forecast (FY)$11.50B
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 primarily makes money by designing semiconductor products and licensing related intellectual property, then selling those products to equipment manufacturers and cloud/telecom customers through a mix of direct sales and distributors, while...
Marvell Earnings Call Summary
Earnings Call Date:May 27, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call conveys a strongly positive operational and financial momentum: record quarterly revenue, robust non-GAAP profitability, sizable upgrades to fiscal 2027–2028 revenue outlooks, and accelerating data center and interconnect growth driven by new products, partnerships (notably NVIDIA), and strategic M&A. Management also highlighted cash generation and proactive steps to secure capacity. Key near-term negatives are a temporary GAAP EPS hit from acquisition accounting, elevated debt/share count from recent deals, modest sequential softness in the communications end market, and execution/timing risk tied to multi-year ramps and sustained customer CapEx. Overall, the positive achievements, upgrades, and clear tailwinds in the core data center and interconnect businesses significantly outweigh the transitory and execution-related lowlights.Positive Updates
Record Revenue and Upgraded Outlook
Q1 revenue of $2.418B, up 9% sequentially and 28% year-over-year. Q2 guidance midpoint $2.7B (≈+12% sequential, +35% YoY). Fiscal 2027 revenue outlook raised to ~ $11.5B (≈+40% YoY) and fiscal 2028 outlook to ~$16.5B (≈+45% YoY).
Negative Updates
GAAP EPS Drag from Acquisition Accounting
Q1 GAAP EPS was $0.04, materially below guidance due to purchase accounting and earn-out obligations related to Celestial AI and XConn; management expects GAAP EPS to normalize in Q2 (guidance $0.32–$0.42).
Read all updates
Q1-2027 Updates
Positive
Negative
Record Revenue and Upgraded Outlook
Q1 revenue of $2.418B, up 9% sequentially and 28% year-over-year. Q2 guidance midpoint $2.7B (≈+12% sequential, +35% YoY). Fiscal 2027 revenue outlook raised to ~ $11.5B (≈+40% YoY) and fiscal 2028 outlook to ~$16.5B (≈+45% YoY).
Read all positive updates
Company Guidance
Marvell guided Q2 FY27 revenue at $2.7 billion (+/‑5%), implying roughly 12% sequential and 35% year‑over‑year growth at the midpoint, with GAAP gross margin of 52.1–53.1% and non‑GAAP gross margin of 58.25–59.25%; GAAP operating expense of ~ $960M and non‑GAAP op expense of ~ $600M; GAAP other expense ~ $68M (non‑GAAP ~ $35M), a non‑GAAP tax rate of 11%, basic shares ~899M / diluted ~915M, GAAP EPS $0.32–$0.42 and non‑GAAP EPS $0.88–$0.98. For FY27 management now expects revenue ≈ $11.5B (~40% YoY) with data center ~50% growth and interconnect >70% YoY (communications ≈10% growth), Q3 quarterly revenue of ~ $3.0B and Q3/Q4 growth of at least 10% sequentially (data center ~50% of company revenue by Q4); for FY28 they forecast revenue ≈ $16.5B (~45% YoY) with data center ~55% growth and custom revenue more than doubling, FY27 non‑GAAP op expense ≈ $2.45B, FY28 op expense growth mid‑to‑high‑teens, and about $1B of supplier prepayments planned this fiscal year to secure capacity.Marvell Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.72B | 8.19B | 5.77B | 5.51B | 5.92B | 4.46B |
| Gross Profit | 4.41B | 4.18B | 2.38B | 2.29B | 2.99B | 2.06B |
| EBITDA | 4.62B | 4.54B | 651.60M | 850.70M | 1.65B | 901.10M |
| Net Income | 2.53B | 2.67B | -885.00M | -933.40M | -163.50M | -421.00M |
Balance Sheet | ||||||
| Total Assets | 26.94B | 22.29B | 20.20B | 21.23B | 22.52B | 22.11B |
| Cash, Cash Equivalents and Short-Term Investments | 3.84B | 2.64B | 948.30M | 950.80M | 911.00M | 613.50M |
| Total Debt | 5.28B | 4.79B | 4.34B | 4.40B | 4.74B | 4.73B |
| Total Liabilities | 8.73B | 7.98B | 6.78B | 6.40B | 6.88B | 6.41B |
| Stockholders Equity | 18.22B | 14.31B | 13.43B | 14.83B | 15.64B | 15.70B |
Cash Flow | ||||||
| Free Cash Flow | 1.66B | 1.40B | 1.39B | 1.02B | 1.07B | 632.40M |
| Operating Cash Flow | 2.06B | 1.75B | 1.68B | 1.37B | 1.29B | 819.30M |
| Investing Cash Flow | 770.50M | 2.10B | -300.70M | -350.50M | -328.40M | -3.75B |
| Financing Cash Flow | 130.80M | -2.16B | -1.38B | -980.20M | -662.90M | 2.79B |
Marvell Technical Analysis
Positive
139.69
Price Trends
229.82
Positive
166.57
Positive
125.91
Positive
Market Momentum
1.49
Positive
46.96
Neutral
15.94
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRVL, the sentiment is Positive. The current price of 139.69 is below the 20-day moving average (MA) of 273.01, below the 50-day MA of 229.82, and above the 200-day MA of 125.91, indicating a neutral trend. The MACD of 1.49 indicates Positive momentum. The RSI at 46.96 is Neutral, neither overbought nor oversold. The STOCH value of 15.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 3 New Risks
1.
Summary of factors that may affect our future results Q2, 2026
2.
We are subject to risks related to our debt obligations Q2, 2026
3.
We are subject to risks associated with the rapid growth of the company and with our strategic transactions Q2, 2026
Marvell Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $202.70B | 78.84 | 16.84% | 0.28% | 34.07% | ― | |
76 Outperform | $1.85T | 62.79 | 36.40% | 0.69% | 32.29% | 125.17% | |
70 Outperform | $71.65B | 27.03 | 26.14% | 1.79% | 2.37% | 13.28% | |
63 Neutral | $36.50B | 66.52 | 7.45% | ― | -9.04% | -4.21% | |
62 Neutral | $46.42B | 321.88 | 3.05% | 2.79% | 7.08% | ― | |
62 Neutral | $59.62B | 393.92 | 0.86% | 1.28% | 0.79% | -86.68% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
MRVL
Marvell
243.27
170.11
232.51%
AVGO
Broadcom
401.11
127.71
46.71%
MCHP
Microchip
88.26
15.16
20.74%
NXPI
NXP Semiconductors
290.54
61.42
26.81%
ON
ON Semiconductor
97.87
38.35
64.43%
STM
STMicroelectronics
71.39
38.55
117.36%
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.