# Marvell Technology Group (MRVL.US)

Canonical: https://gigainvestors.com/s/MRVL

Analysis as of: 2026-10-16T07:30:23.190Z. Financial observations: FY1998–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $241.24 per share; close as of 2026-10-15.

Estimated value: low $21.09 per share, central $23.41 per share, high $26.49 per share. Buy at or below the central value $23.41 per share. Valuation as of 2026-10-16T07:30:23.190Z; scenarios are not confidence intervals.

Expected annual return: 3.5% at the stated quote. About 3.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 6

- Operating margin variation: 10.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.21×

- FY2019: 0.06×

- FY2020: -0.07×

- FY2021: -0.09×

- FY2022: -0.08×

- FY2023: 0.04×

- FY2024: -0.10×

- FY2025: -0.12×

- FY2026: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 8.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: -0.7%

- ROIC, second-lowest year: -6.7%

- Typical minus recent gross margin: 8.7 pp

- Typical gross margin (annual median): 50.4%

- Recent gross margin (lower of latest and 3-year median): 41.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 37.4%

- FY2018: >100%

- FY2019: 4.4%

- FY2020: -4.4%

- FY2021: -5.5%

- FY2022: -3.3%

- FY2023: 2.0%

- FY2024: -6.7%

- FY2025: -10.9%

- FY2026: 21.7%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 20.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.5B

- Net income, five-year total: $267M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.8 pp

- Working capital / revenue, change between three-year averages: 11.7 pp

- Working capital / revenue, final three-year average: 28.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: -1.51×

- FY2023: -6.19×

- FY2024: -0.12×

- FY2025: -0.20×

- FY2026: 1.35×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 37.4% vs -6.7%

- Per-share earnings: 0.04 to -1.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.1%

- Ordinary dilution, 5-year annual growth: 6.6%

- Market cap gain: $65B

- Cumulative retained earnings: $346M

- Diluted shares, 10-year annual growth: 6.1%

- Diluted shares, 5-year annual growth: 6.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: -$1.06

- Per-share value, starting three-year median: $0.04

- Per-share value, ending three-year median: -$1.02

- Buybacks concentrated in cheaper years (correlation): 0.64

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $16B

- Cumulative net income, 10 years: $1.8B

- ROIC, first three-year median: 37.4%

- ROIC, last three-year median: -6.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.04

- FY2018: $0.85

- FY2019: -$0.30

- FY2020: $2.34

- FY2021: -$0.41

- FY2022: -$0.49

- FY2023: -$0.19

- FY2024: -$1.08

- FY2025: -$1.02

- FY2026: $2.90

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 4.1%

- Receivables to sales index (DSRI): 1.50×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 33.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.66×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.92×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 8.2%

- FY2018: -2.9%

- FY2019: -7.7%

- FY2020: 11.0%

- FY2021: -10.2%

- FY2022: -5.6%

- FY2023: -6.4%

- FY2024: -10.9%

- FY2025: -12.7%

- FY2026: 4.1%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 34% a year for ten years · sales +42.1%

Story as of 2026-10-16T09:59:12.241Z; price observation 2026-10-15.

Price needs cash profits to grow 34% a year for ten years

- 2025-06-18: Marvell Stock Jumps After Unveiling Multi-Billion AI Chip Deals ([finance.yahoo.com](https://finance.yahoo.com/news/marvell-stock-jumps-unveiling-multi-170550759.html))

- 2026-04-21: Marvell’s AI Demand Brings Institutional Influx of Buying ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/marvell-ai-demand-brings-institutional-144610322.html))

- 2026-05-28: Marvell Q1 2027 earnings beat on AI data center demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/marvell-q1-2027-earnings-beat-115148669.html))

- 2026-06-17: Stock Market Today, June 17: Marvell Rises as AI Bookings Build on Nvidia-Linked Momentum ([nasdaq.com](https://www.nasdaq.com/articles/stock-market-today-june-17-marvell-rises-ai-bookings-build-nvidia-linked-momentum))

- 2026-07-28: Marvell Technology (MRVL) Stock Slides As AI Funding Doubts Hit Chip Stocks ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/marvell-technology-mrvl-stock-slides-211423847.html))

- 2026-09-28: Marvell Technology (MRVL) Starts Custom AI Chip Shipments And Eyes Higher Forecasts ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/marvell-technology-mrvl-starts-custom-190709329.html))

### Sales · FY2025–2026

sales +42.1%; source https://www.sec.gov/Archives/edgar/data/1058057/000105805721000009/mrvl-20210130.htm; observed 2021-03-16.

- FY2017: $2.3B 

- FY2018: $2.4B 

- FY2019: $2.9B 

- FY2020: $2.7B 

- FY2021: $3.0B 

- FY2022: $4.5B 

- FY2023: $5.9B 

- FY2024: $5.5B 

- FY2025: $5.8B 

- FY2026: $8.2B 

### Gross margin · FY2026

gross margin 51%; source https://www.sec.gov/Archives/edgar/data/1058057/000105805721000009/mrvl-20210130.htm; observed 2021-03-16.

- FY2017: 56.0% 

- FY2018: 60.7% 

- FY2019: 50.9% 

- FY2020: 50.3% 

- FY2021: 50.1% 

- FY2022: 46.3% 

- FY2023: 50.5% 

- FY2024: 41.6% 

- FY2025: 41.3% 

- FY2026: 51.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are USD 8.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2026: revenue 8194600000; grossProfit 4180700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MRVL.US: 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, Taiwan, Vietnam, and internationally. The company develops and scales system-on-a-chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. It offers a portfolio of ethernet solutions, including spanning controllers, network adapters, physical transceivers, and switches; single or multiple core processors; and custom application specific integrated circuits, interconnects, fibre channel adapters, and processors. The company also provides interconnect products, including pulse amplitude modulation, coherent and coherent-lite digital signal processors (DSPs), laser drivers, trans-impedance amplifiers, silicon photonics, co-packaged optics, linear pluggable optics chipsets, data center interconnect, active electrical cable DSPs and peripheral component interconnect express retimer solutions; fibre channel products comprising host bus adapters and controllers for server and storage system connectivity; storage controllers for hard disk drives and solid-state-drives; host system interfaces, including serial advanced technology attachment and serial attached SCSI, peripheral component interconnect express, compute express link switches, non-volatile memory express (NVMe), and NVMe over fabrics; and develops ultra accelerator linkTM switches and ethernet for scale-up networking switches. The company serves data centers, communications, and other markets. It offers its products through direct customers and distributors. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.

### Why customers stay

Margins ranged from 41.3% to 51% during 2024–26; it lost 0.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2024: grossProfit / revenue = 41.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2025: grossProfit / revenue = 41.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2026: grossProfit / revenue = 51%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); 10-year return on capital observations [[2017,0.3744055893713571],[2018,1.3052036937456215],[2019,0.044206148222685766],[2020,-0.04391221210321785],[2021,-0.055470759348000644],[2022,-0.03307839595375722],[2023,0.019639955311801748],[2024,-0.06698775205377147],[2025,-0.10870064375632772],[2026,0.21731478465446213]]; median -0.006719220320977737. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2017: growth capex 0; upkeep 54819000; owner earnings 84824000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2018: growth capex 0; upkeep 45138000; owner earnings 474344000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2019: growth capex 0; upkeep 87461000; owner earnings 40746000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2020: growth capex 0; upkeep 86633000; owner earnings 2022498000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1058057/000105805721000009/mrvl-20210130.htm (filed 2021-03-16); FY2021: growth capex 0; upkeep 119506000; owner earnings 244694000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2022: growth capex 0; upkeep 187121000; owner earnings 637179000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2023: growth capex 0; upkeep 217300000; owner earnings 1011500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2024: growth capex 0; upkeep 350200000; owner earnings 114100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2025: growth capex 0; upkeep 291600000; owner earnings 180300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2026: growth capex 0; upkeep 354100000; owner earnings 3606600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); Dividend observations: [[2017,122292000],[2018,119251000],[2019,148081000],[2020,159573000],[2021,160574000],[2022,191049000],[2023,204400000],[2024,206800000],[2025,207500000],[2026,205100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); FY2026: cash repurchases 2040100000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MRVL.US SharesStats.PercentInsiders = 0.49899999999999994 percentage points; cache date 2026-10-16.

### What could break it

"Our sales are concentrated in a few large customers." (SEC filing, Mar 2021)

- Source: https://www.sec.gov/Archives/edgar/data/1058057/000105805721000009/mrvl-20210130.htm (filed 2021-03-16); Our sales are concentrated in a few large customers.

### What the price says

The price assumes cash profits grow 34% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-16); Ten-year compound average after fade. Initial solved rate 0.48777434474012693. Price 241.24; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -1.476219553963734 → FY2026 3.9151107251411204. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $13.03 per share

- 2016-11: $14.34 per share

- 2016-12: $13.87 per share

- 2017-01: $14.87 per share

- 2017-02: $15.60 per share

- 2017-03: $15.26 per share

- 2017-04: $15.02 per share

- 2017-05: $17.24 per share

- 2017-06: $16.52 per share

- 2017-07: $15.56 per share

- 2017-08: $17.91 per share

- 2017-09: $17.90 per share

- 2017-10: $18.47 per share

- 2017-11: $22.34 per share

- 2017-12: $21.47 per share

- 2018-01: $23.33 per share

- 2018-02: $23.49 per share

- 2018-03: $21.00 per share

- 2018-04: $20.06 per share

- 2018-05: $21.54 per share

- 2018-06: $21.44 per share

- 2018-07: $21.31 per share

- 2018-08: $20.68 per share

- 2018-09: $19.30 per share

- 2018-10: $16.41 per share

- 2018-11: $16.11 per share

- 2018-12: $16.19 per share

- 2019-01: $18.53 per share

- 2019-02: $19.95 per share

- 2019-03: $19.89 per share

- 2019-04: $25.02 per share

- 2019-05: $22.30 per share

- 2019-06: $23.87 per share

- 2019-07: $26.26 per share

- 2019-08: $23.97 per share

- 2019-09: $24.97 per share

- 2019-10: $24.39 per share

- 2019-11: $26.37 per share

- 2019-12: $26.56 per share

- 2020-01: $24.04 per share

- 2020-02: $21.30 per share

- 2020-03: $22.63 per share

- 2020-04: $26.74 per share

- 2020-05: $32.62 per share

- 2020-06: $35.06 per share

- 2020-07: $36.47 per share

- 2020-08: $38.78 per share

- 2020-09: $39.70 per share

- 2020-10: $37.51 per share

- 2020-11: $46.29 per share

- 2020-12: $47.54 per share

- 2021-01: $51.46 per share

- 2021-02: $48.28 per share

- 2021-03: $48.98 per share

- 2021-04: $45.21 per share

- 2021-05: $48.30 per share

- 2021-06: $58.33 per share

- 2021-07: $60.51 per share

- 2021-08: $61.19 per share

- 2021-09: $60.31 per share

- 2021-10: $68.50 per share

- 2021-11: $71.17 per share

- 2021-12: $87.49 per share

- 2022-01: $71.40 per share

- 2022-02: $68.33 per share

- 2022-03: $71.71 per share

- 2022-04: $58.08 per share

- 2022-05: $59.15 per share

- 2022-06: $43.53 per share

- 2022-07: $55.68 per share

- 2022-08: $46.82 per share

- 2022-09: $42.91 per share

- 2022-10: $39.68 per share

- 2022-11: $46.52 per share

- 2022-12: $37.04 per share

- 2023-01: $43.15 per share

- 2023-02: $45.15 per share

- 2023-03: $43.30 per share

- 2023-04: $39.48 per share

- 2023-05: $58.49 per share

- 2023-06: $59.78 per share

- 2023-07: $65.13 per share

- 2023-08: $58.25 per share

- 2023-09: $54.13 per share

- 2023-10: $47.22 per share

- 2023-11: $55.73 per share

- 2023-12: $60.31 per share

- 2024-01: $67.70 per share

- 2024-02: $71.66 per share

- 2024-03: $70.88 per share

- 2024-04: $65.91 per share

- 2024-05: $68.81 per share

- 2024-06: $69.90 per share

- 2024-07: $66.98 per share

- 2024-08: $76.24 per share

- 2024-09: $72.12 per share

- 2024-10: $80.11 per share

- 2024-11: $92.69 per share

- 2024-12: $110.45 per share

- 2025-01: $112.86 per share

- 2025-02: $91.82 per share

- 2025-03: $61.57 per share

- 2025-04: $58.37 per share

- 2025-05: $60.19 per share

- 2025-06: $77.40 per share

- 2025-07: $80.37 per share

- 2025-08: $62.87 per share

- 2025-09: $84.07 per share

- 2025-10: $93.74 per share

- 2025-11: $89.40 per share

- 2025-12: $84.98 per share

- 2026-01: $78.92 per share

- 2026-02: $81.69 per share

- 2026-03: $99.05 per share

- 2026-04: $165.15 per share

- 2026-05: $205.00 per share

- 2026-06: $297.89 per share

- 2026-07: $187.56 per share

- 2026-08: $211.66 per share

- 2026-09: $264.21 per share

- 2026-10: $268.73 per share

## Annual estimated value (USD per share)

- FY2017: low $8.46 per share, central $9.19 per share, high $10.17 per share

- FY2018: low $9.25 per share, central $10.04 per share, high $11.10 per share

- FY2019: low $2.84 per share, central $3.11 per share, high $3.47 per share

- FY2020: low $2.49 per share, central $2.71 per share, high $3.00 per share

- FY2021: low $5.03 per share, central $5.58 per share, high $6.32 per share

- FY2022: low $8.72 per share, central $9.84 per share, high $11.33 per share

- FY2023: low $11.63 per share, central $13.11 per share, high $15.07 per share

- FY2024: low $10.90 per share, central $12.27 per share, high $14.09 per share

- FY2025: low $6.93 per share, central $7.75 per share, high $8.85 per share

- FY2026: low $16.57 per share, central $18.48 per share, high $21.03 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:07.157Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1058057/000105805721000009/mrvl-20210130.htm); period 2021-01-30, filed 2021-03-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.