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Marvell (MRVL)
NASDAQ:MRVL
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Marvell
(NASDAQ:MRVL)
Rating:64Neutral
Price Target:
$67.00
▼(-1.98%Downside)
Positive Factors
New Product Demand
AI networking demand remains strong, with the demand for Marvell's new products beginning to ramp up significantly.
Partnerships and Collaborations
Marvell is engaged with its lead XPU customer, Amazon, on the follow-on generation (Trainium3), indicating continued collaboration and future projects.
Production Capacity
Marvell has secured 3nm wafer and advanced packaging capacity and expects to start production in CY26, alleviating investor concerns about losing the socket to Alchip.
Negative Factors
Earnings Guidance
The in-line guide may be viewed as somewhat disappointing for some, despite strong hyperscale demand and positive results from other companies.
Market Sentiment
Investors are not particularly thrilled by the firm’s relatively modest upside results and guidance, especially in comparison to Nvidia’s standout performance.
Marvell (MRVL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$58.93B
Dividend Yield0.35%
Average Volume (3M)19.58M
Price to Earnings (P/E)―
Beta (1Y)2.41
Revenue Growth21.60%
EPS Growth50.00%
CountryUS
Employees7,042
SectorTechnology
Sector Strength83
IndustrySemiconductors
Share Statistics
EPS (TTM)0.62
Shares Outstanding862,200,000
10 Day Avg. Volume24,728,535
30 Day Avg. Volume19,581,552
Financial Highlights & Ratios
PEG Ratio-2.67
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio42.95
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue2.66
Enterprise Value/Gross Profit21.74
Enterprise Value/Ebitda19.74
Forecast
1Y Price Target
$89.24Price Target Upside30.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering31
Marvell Business Overview & Revenue Model
Company DescriptionMarvell Technology, Inc., together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors. The company also provides a range of storage products comprising storage controllers for hard disk drives (HDD) and solid-state drives that support various host system interfaces consisting of serial attached SCSI (SAS), serial advanced technology attachment (SATA), peripheral component interconnect express, non-volatile memory express (NVMe), and NVMe over fabrics; and fiber channel products, including host bus adapters, and controllers for server and storage system connectivity. It has operations in the United States, China, Malaysia, the Philippines, Thailand, Singapore, India, Israel, Japan, South Korea, Taiwan, and Vietnam. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.
How the Company Makes MoneyMarvell Technology generates revenue primarily through the sale of semiconductor products and solutions. The company's revenue streams are categorized into product sales, licensing, and services. A significant portion of its income is derived from selling integrated circuits and related technology to original equipment manufacturers (OEMs) and other technology companies. Marvell has established key partnerships with leading tech firms to integrate its products into a wide range of applications, from cloud data centers to automotive systems. The company also earns revenue through licensing its technology and intellectual property, as well as providing support and maintenance services to its customers. Strategic acquisitions and collaborations further bolster its market position and revenue generation capabilities.
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:
Main Street Data
Main Street DataMarvell Earnings Call Summary
Earnings Call Date:May 30, 2025
(Q1-2026)
| % Change Since: 13.56%|
Next Earnings Date:Aug 21, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong performance with record revenue and significant growth driven by the data center and AI segments. Despite challenges in the consumer and automotive sectors, the company's strategic initiatives, such as the sale of the automotive Ethernet business and expansion in AI technology, position it well for continued growth.Q1-2026 Updates
Positive Updates
Record Revenue and Growth
Marvell delivered record revenue of $1.895 billion, a 4% sequential increase and 63% year-over-year growth. Second-quarter revenue is expected to be $2 billion, representing 57% year-over-year growth.
Strong Data Center Performance
Data center revenue grew by 5% sequentially and 76% year-over-year to $1.44 billion, driven by AI demand and custom AI silicon programs.
Significant Stock Repurchases
Marvell repurchased $340 million in stock, a substantial increase from $200 million in the prior quarter.
Sale of Automotive Ethernet Business
Marvell announced the sale of its automotive Ethernet business to Infineon for $2.5 billion, which will enhance capital allocation flexibility.
Expansion in Custom Silicon and AI
Continued strong interest and progress in custom AI silicon programs with major hyperscale customers, including a partnership with NVIDIA for NVLink fusion technology.
Negative Updates
Consumer Revenue Decline
Consumer revenue was $63 million, a 29% sequential decline, though a 50% sequential growth is expected in the second quarter.
Decline in Automotive and Industrial Revenue
First-quarter revenue in the automotive and industrial end market was $76 million, a 12% sequential decline, with flat revenue expected in the second quarter.
Company Guidance
During Marvell Technology's first quarter fiscal year 2026 earnings call, the company announced a record revenue of $1.895 billion, which reflected a 4% sequential increase and a strong 63% year-over-year growth. Non-GAAP earnings per share exceeded the midpoint of guidance, driven by robust AI demand. Marvell significantly increased stock repurchases, buying back $340 million in the first quarter compared to $200 million in the prior quarter. The company is forecasting second-quarter revenue of $2 billion at the midpoint of guidance, representing 57% year-over-year growth. Data center revenue in the first quarter was $1.44 billion, showing a 5% sequential growth and 76% year-over-year increase. Looking forward, Marvell expects data center revenue to continue growing in the mid-single-digit range sequentially while maintaining strong year-over-year growth. The company also highlighted the rapid scaling of custom AI silicon programs and the significant interest from customers in their advanced technology solutions. Additionally, Marvell announced the sale of its automotive Ethernet business to Infineon for $2.5 billion, which is expected to close in calendar 2025, providing additional flexibility in their capital allocation strategy.Marvell Financial Statement Overview
Summary
Marvell demonstrates resilience in revenue growth and cash flow generation, despite profitability challenges with negative profit margins and return on equity. The company maintains a strong equity base with manageable leverage, though it needs to improve operational efficiency to enhance financial health.Income Statement
Marvell's TTM (Trailing-Twelve-Months) revenue displayed a moderate growth of 4.71% compared to the previous year. Despite this, profitability is a concern with a negative net profit margin of -15.34% and an EBIT margin of -12.35%. The gross profit margin remains healthy at 41.28%, indicating good cost management on production. However, the declining EBITDA margin highlights operational challenges.55
Neutral
Balance Sheet
Marvell's balance sheet shows a stable equity base with an equity ratio of 66.45%. The debt-to-equity ratio is 0.30, indicating manageable leverage. The negative return on equity of -6.59% reflects ongoing profitability challenges, but the solid equity position provides a buffer for financial stability.65
Positive
Cash Flow
The company demonstrates strong cash flow management with a substantial free cash flow to net income ratio of -1.57, indicating efficient cash conversion despite negative net income. Operating cash flow increased, supporting liquidity, while free cash flow grew by 36.23% year-over-year, showcasing improved cash flow generation.70
Positive
| Breakdown | |||||
| TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 6.50B | 5.77B | 5.51B | 5.92B | 4.46B | 2.97B | Gross Profit |
| 2.81B | 2.38B | 2.29B | 2.99B | 2.06B | 1.49B | EBIT |
| 40.10M | -366.40M | -436.60M | 377.30M | -311.81M | -46.15M | EBITDA |
| 1.06B | 651.60M | 850.70M | 1.65B | 901.16M | 388.62M | Net Income Common Stockholders |
| -491.50M | -885.00M | -933.40M | -163.50M | -421.03M | -277.30M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 748.47M | 948.30M | 950.80M | 911.00M | 613.50M | 748.47M | Total Assets |
| 10.76B | 20.20B | 21.23B | 22.52B | 22.11B | 10.76B | Total Debt |
| 1.19B | 4.34B | 4.40B | 4.49B | 4.55B | 1.19B | Net Debt |
| 444.34M | 3.39B | 3.45B | 3.58B | 3.93B | 444.34M | Total Liabilities |
| 2.33B | 6.78B | 6.40B | 6.88B | 6.41B | 2.33B | Stockholders Equity |
| 8.44B | 13.43B | 14.83B | 15.64B | 15.70B | 8.44B |
| Cash Flow | Free Cash Flow | ||||
| 1.37B | 1.40B | 1.02B | 1.07B | 632.25M | 697.78M | Operating Cash Flow |
| 1.69B | 1.68B | 1.37B | 1.29B | 819.37M | 817.29M | Investing Cash Flow |
| -292.90M | -300.70M | -350.50M | -328.40M | -3.75B | -119.64M | Financing Cash Flow |
| -1.36B | -1.38B | -980.20M | -662.90M | 2.79B | -596.78M |
Marvell Technical Analysis
Neutral
68.35
Price Trends
59.39
Positive
77.82
Negative
82.97
Negative
Market Momentum
1.18
Negative
61.16
Neutral
81.92
Negative
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 68.35 is above the 20-day moving average (MA) of 63.35, above the 50-day MA of 59.39, and below the 200-day MA of 82.97, indicating a neutral trend. The MACD of 1.18 indicates Negative momentum. The RSI at 61.16 is Neutral, neither overbought nor oversold. The STOCH value of 81.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MRVL.
Marvell Risk Analysis
Marvell disclosed 29 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 2 New Risks
1.
Adverse developments affecting the financial services industry, including events or risks involving liquidity, defaults or non-performance by financial institutions, could have a material adverse effect on our business, financial condition or results of operations. Q3, 2023
2.
We face risks related to global pandemics, which may significantly disrupt and adversely impact our manufacturing, research and development, operations, sales and financial results. Q3, 2023
Marvell Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $110.30B | 60.51 | 5.21% | 1.69% | -6.17% | -14.16% | |
77 Outperform | $52.47B | 22.39 | 26.02% | 1.95% | -7.21% | -15.29% | |
71 Outperform | $25.62B | 24.24 | 6.33% | 1.07% | -25.35% | -70.00% | |
65 Neutral | $20.97B | 34.80 | 7.85% | ― | -18.28% | -70.98% | |
64 Neutral | $58.93B | ― | -3.54% | 0.35% | 21.60% | 50.00% | |
64 Neutral | $35.20B | 84.25 | >-0.01% | 2.79% | -42.35% | -100.12% | |
62 Neutral | $11.80B | 10.37 | -7.29% | 2.91% | 7.39% | -7.96% |
* Technology Sector Average
Performance Comparison
MRVL
Marvell
68.35
-0.89
-1.29%
ADI
Analog Devices
222.26
-9.13
-3.95%
MCHP
Microchip
65.25
-26.49
-28.88%
NXPI
NXP Semiconductors
207.68
-64.38
-23.66%
ON
ON Semiconductor
50.17
-23.33
-31.74%
STM
STMicroelectronics
28.45
-15.41
-35.13%
Marvell Corporate Events
Product-Related AnnouncementsBusiness Operations and Strategy
Marvell and AWS Expand Strategic Partnership for Cloud
Positive
Dec 2, 2024
Marvell Technology and Amazon Web Services (AWS) have expanded their strategic partnership in a multi-generational agreement to enhance cloud infrastructure with advanced data center semiconductors. This collaboration aims to boost efficiency and innovation by leveraging Marvell’s semiconductor solutions, including custom AI products and networking hardware, integrated with AWS’s scalable cloud capabilities. This partnership is expected to accelerate Marvell’s silicon design process and empower AWS to deliver robust AI and cloud services.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.