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Marvell
(NASDAQ:MRVL)
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Rating:68Neutral
Price Target:
$238.00
▲(22.54% Upside)
Action:Downgraded
Date:07/30/26
MRVL’s score is driven primarily by improving financial performance (strong margins and free cash flow with manageable leverage) and a very positive earnings-call outlook with upgraded FY27–FY28 growth guidance led by data center/interconnect. These strengths are tempered by weak intermediate-term technicals (price below key moving averages) and a demanding valuation (high P/E with minimal dividend yield), which increase downside sensitivity if execution or AI/cloud spending expectations soften.
Positive Factors
Data center & interconnect market leadership
Marvell's leading position in data-center silicon and accelerating interconnect ramps create durable secular tailwinds. Large design wins and multi-year custom programs tied to cloud/AI demand should drive sticky, high-volume per-unit revenue and recurring upgrade cycles over the next 2–6 months and beyond.
Negative Factors
Historical earnings volatility
Marvell's recent strong profits follow a period of losses, indicating cyclicality and execution sensitivity. That historical volatility implies margins and returns could reverse if product ramps or customer spend slow, making multi-quarter durability of results less certain.
Read all positive and negative factors
Positive Factors
Negative Factors
Data center & interconnect market leadership
Marvell's leading position in data-center silicon and accelerating interconnect ramps create durable secular tailwinds. Large design wins and multi-year custom programs tied to cloud/AI demand should drive sticky, high-volume per-unit revenue and recurring upgrade cycles over the next 2–6 months and beyond.
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.
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The Fly
The FlyMarvell (MRVL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$191.55B
Dividend Yield0.11%
Average Volume (3M)37.71M
Price to Earnings (P/E)71.0
Beta (1Y)2.19
Revenue Growth34.07%
EPS GrowthN/A
CountryUS
Employees7,480
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.94
Shares Outstanding875,766,400
10 Day Avg. Volume23,756,079
30 Day Avg. Volume37,711,280
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$271.33Price Target Upside39.70% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering29
EPS Forecast (FY)4.05
Revenue Forecast (FY)$11.53B
Marvell Business Overview & Revenue Model
Company Description
Marvell Technology, Inc. (MRVL) is a fabless semiconductor company that designs and sells data infrastructure silicon used in cloud and enterprise data centers, carrier and telecom networks, and other high-speed connectivity markets. Its core offe...
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 27, 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
194.23
Price Trends
240.93
Negative
192.60
Positive
138.69
Positive
Market Momentum
-6.58
Negative
48.82
Neutral
80.35
Negative
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 194.23 is below the 20-day moving average (MA) of 199.11, below the 50-day MA of 240.93, and above the 200-day MA of 138.69, indicating a neutral trend. The MACD of -6.58 indicates Negative momentum. The RSI at 48.82 is Neutral, neither overbought nor oversold. The STOCH value of 80.35 is Negative, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.04T | 68.24 | 36.40% | 0.67% | 32.29% | 125.17% | |
75 Outperform | $60.45B | 19.82 | 28.05% | 1.51% | 8.77% | 39.24% | |
68 Neutral | $191.55B | 70.96 | 16.84% | 0.12% | 34.07% | ― | |
67 Neutral | $31.60B | 50.49 | 7.45% | ― | -3.14% | 44.55% | |
64 Neutral | $45.99B | 112.78 | 3.05% | 2.31% | 20.93% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $49.69B | 104.21 | 2.66% | 0.70% | 10.06% | -27.68% |
* Technology Sector Average
MRVL
Marvell
208.56
131.45
170.45%
AVGO
Broadcom
422.40
120.71
40.01%
MCHP
Microchip
81.39
22.05
37.16%
NXPI
NXP Semiconductors
233.43
31.85
15.80%
ON
ON Semiconductor
79.78
32.68
69.38%
STM
STMicroelectronics
54.35
29.80
121.39%
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.