Marvell Technology Group (MRVL)
NASDAQ:MRVL
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Marvell
(NASDAQ:MRVL)
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Rating:74Outperform
Price Target:
$100.00
▲(8.27% Upside)
Action:ReiteratedDate:03/07/26
The score is driven primarily by improved financial performance (strong profitability rebound with moderate leverage) and a constructive technical uptrend. The latest earnings call further supports the outlook with upgraded multi-year revenue guidance, partially offset by working-capital/OpEx risks. Valuation is the main constraint given a ~25x P/E and a low dividend yield.
Positive Factors
Data center revenue scale and durable demand
Rapid, large-scale data center revenue growth demonstrates durable product adoption in AI/cloud infrastructure. Scale above $6B reduces per-unit cost, improves bargaining power with foundries, and underpins multi-year bookings and supply alignment, supporting sustainable top-line growth and investment capacity.
Negative Factors
Concentration risk among top hyperscaler customers
Heavy reliance on a handful of hyperscalers concentrates revenue and makes results highly sensitive to a few customers' CapEx cycles or program decisions. That exposure can materially swing multi‑quarter revenue and cash flows if one or more hyperscalers slow deployments or shift architectures.
Read all positive and negative factors
Positive Factors
Negative Factors
Data center revenue scale and durable demand
Rapid, large-scale data center revenue growth demonstrates durable product adoption in AI/cloud infrastructure. Scale above $6B reduces per-unit cost, improves bargaining power with foundries, and underpins multi-year bookings and supply alignment, supporting sustainable top-line growth and investment capacity.
Read all positive factors
Marvell (MRVL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$86.07B
Dividend Yield0.28%
Average Volume (3M)17.67M
Price to Earnings (P/E)25.4
Beta (1Y)2.35
Revenue Growth44.95%
EPS GrowthN/A
CountryUS
Employees7,042
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.80
Shares Outstanding874,300,000
10 Day Avg. Volume17,207,824
30 Day Avg. Volume17,671,819
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 Cap1.02
Enterprise Value/Revenue10.73
Enterprise Value/Gross Profit21.41
Enterprise Value/Ebitda19.40
Forecast
1Y Price Target
$122.52Price Target Upside32.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering27
EPS Forecast (FY)3.82
Revenue Forecast (FY)$10.86B
Marvell Business Overview & Revenue Model
Company Description
Marvell 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 control...
How the Company Makes Money
Marvell generates revenue primarily through the sale of semiconductor products across its various business segments, including data center, networking, and storage solutions. The company earns money from the sale of its integrated circuits and chi...
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 Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The call was broadly positive: Marvell reported record quarterly and annual revenue, strong margin expansion, substantial EPS growth, accelerated bookings, and an upgraded multi-year outlook driven primarily by the data center and interconnect businesses. Strategic acquisitions (Celestial AI, XConn) and product leadership (1.6T, 2-nm DSPs, 100T switching roadmap) position the company to capture AI scale-up opportunities. Near-term risks include rising inventory and working capital, higher operating expenses tied to acquisitions and seasonality, concentration of demand among hyperscalers, and sensitivity of the optimistic guidance to continued elevated cloud CapEx. Management expressed confidence in supply alignment and execution but acknowledged that acquisition revenue contributions are back-weighted to FY2028.Positive Updates
Record Quarterly and Fiscal Revenue
Q4 FY2026 revenue of $2.219 billion (7% sequential growth, 22% year-over-year). Fiscal 2026 revenue of $8.195 billion, up 42% year-over-year (approximately 45% YoY excluding the divested automotive Ethernet business).
Negative Updates
Inventory Increase and Working Capital Build
Inventory rose to $1.39 billion at the end of Q4, increasing $374 million sequentially, as working capital increased to support significant revenue growth, which could pressure near-term cash conversion if demand softens.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Quarterly and Fiscal Revenue
Q4 FY2026 revenue of $2.219 billion (7% sequential growth, 22% year-over-year). Fiscal 2026 revenue of $8.195 billion, up 42% year-over-year (approximately 45% YoY excluding the divested automotive Ethernet business).
Read all positive updates
Company Guidance
Marvell guided Q1 FY2027 revenue of $2.4 billion ±5% (27% year‑over‑year at the midpoint, roughly 8% sequential growth), GAAP gross margin 51.4%–52.4%, non‑GAAP gross margin 58.25%–59.25%, GAAP operating expenses of about $872 million and non‑GAAP operating expenses of about $575 million (the two recent acquisitions are expected to add ~ $75 million to FY2027 non‑GAAP OpEx), GAAP other expense of ~$51 million (non‑GAAP ~$48 million), a non‑GAAP tax rate of 11%, basic shares ~876 million and diluted ~883 million, GAAP EPS $0.26–$0.36 and non‑GAAP EPS $0.74–$0.84. Looking full‑year, management now expects FY2027 revenue to grow >30% year‑over‑year to approach ~$11 billion (data center revenue up ~40% YoY with interconnect >50% YoY and communications/other ~+10% YoY), with sequential growth each quarter and FY2027 Q4 exiting above $3 billion; for FY2028 they forecast revenue close to 40% YoY to roughly $15 billion, data center growth near 50% YoY, custom to at least double YoY, ~ $250 million aggregate contribution from Celestial AI and XConn, and non‑GAAP EPS “well over $5.”Marvell Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.19B | 5.77B | 5.51B | 5.92B | 4.46B |
| Gross Profit | 4.18B | 2.38B | 2.29B | 2.99B | 2.06B |
| EBITDA | 2.63B | 651.60M | 850.70M | 1.65B | 901.10M |
| Net Income | 2.67B | -885.00M | -933.40M | -163.50M | -421.00M |
Balance Sheet | |||||
| Total Assets | 22.29B | 20.20B | 21.23B | 22.52B | 22.11B |
| Cash, Cash Equivalents and Short-Term Investments | 2.64B | 948.30M | 950.80M | 911.00M | 613.50M |
| Total Debt | 4.47B | 4.34B | 4.40B | 4.74B | 4.73B |
| Total Liabilities | 7.98B | 6.78B | 6.40B | 6.88B | 6.41B |
| Stockholders Equity | 14.31B | 13.43B | 14.83B | 15.64B | 15.70B |
Cash Flow | |||||
| Free Cash Flow | 1.40B | 1.39B | 1.02B | 1.07B | 632.40M |
| Operating Cash Flow | 1.75B | 1.68B | 1.37B | 1.29B | 819.30M |
| Investing Cash Flow | 2.10B | -300.70M | -350.50M | -328.40M | -3.75B |
| Financing Cash Flow | -2.16B | -1.38B | -980.20M | -662.90M | 2.79B |
Marvell Technical Analysis
Positive
92.36
Price Trends
82.83
Positive
85.16
Positive
80.65
Positive
Market Momentum
3.13
Negative
67.55
Neutral
78.40
Neutral
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 92.36 is above the 20-day moving average (MA) of 87.15, above the 50-day MA of 82.83, and above the 200-day MA of 80.65, indicating a bullish trend. The MACD of 3.13 indicates Negative momentum. The RSI at 67.55 is Neutral, neither overbought nor oversold. The STOCH value of 78.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MRVL.
Marvell Risk Analysis
Marvell disclosed 1 risk factors in its most recent earnings report. Marvell reported the most risks in the "Legal & Regulatory" 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $86.07B | 25.45 | 19.38% | 0.28% | 44.95% | ― | |
74 Outperform | $1.51T | 53.40 | 32.85% | 0.69% | 25.22% | 145.70% | |
64 Neutral | $24.86B | 183.93 | 1.53% | ― | -16.13% | -81.06% | |
63 Neutral | $49.93B | 27.14 | 20.73% | 1.79% | -6.81% | -23.16% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $35.26B | 246.12 | -1.42% | 2.79% | -23.36% | -131.15% | |
56 Neutral | $29.68B | 136.11 | 0.97% | 1.28% | -17.33% | -76.71% |
* Technology Sector Average
MRVL
Marvell
98.45
31.91
47.96%
AVGO
Broadcom
318.81
140.98
79.28%
MCHP
Microchip
65.16
14.50
28.63%
NXPI
NXP Semiconductors
196.40
-6.55
-3.23%
ON
ON Semiconductor
63.10
18.06
40.10%
STM
STMicroelectronics
33.42
10.59
46.35%
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.