Marvell Technology Group (MRVL)
NASDAQ:MRVL
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Marvell
(NASDAQ:MRVL)
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Rating:77Outperform
Price Target:
$226.00
▲(61.79% Upside)
Action:Reiterated
Date:05/28/26
The score is driven primarily by strong technical momentum and a very upbeat earnings call with aggressive raised multi-year growth guidance. Financial performance is solid with a sharp profitability and cash-flow rebound, but historical volatility and cycle sensitivity temper the rating. The largest offset is valuation, with an extremely high P/E and minimal dividend support.
Positive Factors
High margins and strong cash generation
Sustained high gross and net margins combined with multi-hundred-million free cash flow provide durable financial flexibility. Strong FCF funds R&D, capacity prepayments, M&A and shareholder returns while insulating operations against near-term cyclical swings if revenue growth holds.
Negative Factors
Historical earnings volatility and cyclicality
Marvell's recent profitability inflection follows years of losses, highlighting cyclical semiconductor dynamics. Durable risk remains that a downturn or slower cloud spend could reverse margins and cash generation, making current results contingent on sustained end-market strength.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins and strong cash generation
Sustained high gross and net margins combined with multi-hundred-million free cash flow provide durable financial flexibility. Strong FCF funds R&D, capacity prepayments, M&A and shareholder returns while insulating operations against near-term cyclical swings if revenue growth holds.
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
$179.34B
Dividend Yield0.28%
Average Volume (3M)27.12M
Price to Earnings (P/E)71.6
Beta (1Y)2.35
Revenue Growth34.07%
EPS GrowthN/A
CountryUS
Employees7,042
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.94
Shares Outstanding875,553,160
10 Day Avg. Volume30,661,731
30 Day Avg. Volume27,116,214
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 Cap1.01
Enterprise Value/Revenue20.70
Enterprise Value/Gross Profit40.88
Enterprise Value/Ebitda39.21
Forecast
1Y Price Target
$229.86Price Target Upside64.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering30
EPS Forecast (FY)4.02
Revenue Forecast (FY)$11.41B
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 primarily makes money by selling semiconductor products (fabless model) to equipment manufacturers and hyperscale/cloud customers that build data center, networking, telecom, and storage hardware. Revenue is generated mainly from: (1) prod...
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 | 4.60B | 2.63B | 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 | 4.96B | 4.47B | 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
146.66
Positive
114.37
Positive
98.37
Positive
Market Momentum
15.80
Negative
69.50
Neutral
72.18
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 139.69 is below the 20-day moving average (MA) of 180.41, below the 50-day MA of 146.66, and above the 200-day MA of 98.37, indicating a bullish trend. The MACD of 15.80 indicates Negative momentum. The RSI at 69.50 is Neutral, neither overbought nor oversold. The STOCH value of 72.18 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $2.02T | 84.82 | 32.85% | 0.69% | 25.22% | 145.70% | |
77 Outperform | $179.34B | 71.56 | 16.84% | 0.28% | 34.07% | ― | |
77 Outperform | $83.39B | 30.61 | 26.14% | 1.79% | 2.37% | 13.28% | |
72 Outperform | $48.51B | 82.86 | 7.45% | ― | -9.04% | -4.21% | |
64 Neutral | $52.06B | 253.48 | 3.05% | 2.79% | 7.08% | ― | |
62 Neutral | $62.20B | 413.56 | 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
205.00
144.97
241.51%
AVGO
Broadcom
446.77
206.65
86.06%
MCHP
Microchip
94.65
38.14
67.50%
NXPI
NXP Semiconductors
321.35
133.80
71.34%
ON
ON Semiconductor
120.62
78.60
187.05%
STM
STMicroelectronics
69.31
44.57
180.10%
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.