Marvell Technology, Inc. MRVL
Marvell Technology, Inc., together with its consolidated subsidiaries ("Marvell," "MTI," the "Company," "we," or "us") is a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. We are a fabless supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip architectures, integrating analog, mixed-signal and digital signal processing functionality. Leveraging leading intellectual property and deep system-level expertise, as well as highly innovative security firmware, our solutions are empowering the data economy and enabling the data center and communications and other end markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.19B | $5.77B | $5.51B | $5.92B | $4.46B | $2.97B | $2.70B | — |
| Cost of revenue | $4.01B | $3.39B | $3.21B | $2.93B | $2.40B | $1.48B | $1.34B | — |
| Gross profit | $4.18B | $2.38B | $2.29B | $2.99B | $2.06B | $1.49B | $1.36B | — |
| R&D | $2.08B | $1.95B | $1.90B | $1.78B | $1.42B | $1.07B | $1.08B | — |
| SG&A | $767.1M | $798.2M | $834.0M | $843.6M | $955.3M | — | — | — |
| Total operating expenses | $2.86B | $3.10B | $2.86B | $2.75B | $2.41B | $1.75B | $1.60B | — |
| Operating income | $1.32B | -$720.3M | -$567.7M | $238.0M | -$347.7M | -$258.4M | -$243.4M | — |
| Interest expense | $202.6M | $189.4M | $211.7M | $170.6M | $139.3M | $69.3M | $85.6M | — |
| Pre-tax income | $3.05B | -$894.7M | -$758.7M | $85.1M | -$483.5M | -$322.2M | $798.4M | — |
| Income tax | $376.5M | $9.7M | $174.7M | $248.6M | $62.5M | $44.9M | $786.0M | — |
| Net income | $2.67B | -$885.0M | -$933.4M | -$163.5M | -$421.0M | -$277.3M | $1.58B | — |
| EPS, basic | 3.10 | -1.02 | -1.08 | -0.19 | -0.53 | -0.41 | 2.38 | — |
| EPS, diluted | 3.07 | -1.02 | -1.08 | -0.19 | -0.53 | -0.41 | 2.34 | — |
| Shares, diluted (wtd. avg.) | $869.7M | $865.5M | $861.3M | $851.4M | $796.9M | $668.8M | $676.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.64B | $948.3M | $950.8M | $911.0M | $613.5M | $748.5M | $647.6M | $582.4M |
| Receivables | $2.19B | $1.03B | $1.12B | $1.19B | $1.05B | $536.7M | — | — |
| Inventory | $1.39B | $1.03B | $864.4M | $1.07B | $720.3M | $268.2M | — | — |
| Total current assets | $6.46B | $3.12B | $3.06B | $3.28B | $2.49B | $1.62B | — | — |
| Property, plant and equipment | $935.0M | $790.5M | $756.0M | $577.4M | $462.8M | $326.1M | — | — |
| Goodwill | $11.06B | $11.59B | $11.59B | $11.59B | $11.51B | $5.34B | — | — |
| Other intangibles | $1.75B | $2.71B | $4.00B | $5.10B | $6.15B | $2.27B | — | — |
| Total assets | $22.29B | $20.20B | $21.23B | $22.52B | $22.11B | $10.76B | — | — |
| Accounts payable | $1.07B | $622.2M | $411.3M | $465.8M | $461.5M | $252.4M | — | — |
| Short-term debt | $499.8M | $129.5M | $107.3M | $584.4M | $63.2M | $199.6M | — | — |
| Total current liabilities | $3.22B | $2.03B | $1.81B | $2.39B | $1.39B | $1.08B | — | — |
| Long-term debt | $3.97B | $3.93B | $4.06B | $3.91B | $4.48B | $993.2M | — | — |
| Total liabilities | $7.98B | $6.78B | $6.40B | $6.88B | $6.41B | $2.33B | — | — |
| Retained earnings | $1.36B | -$1.11B | -$16.7M | $1.12B | $1.49B | $2.10B | — | — |
| Total equity | $14.31B | $13.43B | $14.83B | $15.64B | $15.70B | $8.44B | $8.68B | $7.31B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.75B | $1.68B | $1.37B | $1.29B | $819.3M | $817.3M | $360.3M | — |
| Depreciation and amortisation | $221.7M | $177.0M | $148.2M | $126.8M | $113.5M | $95.9M | $83.4M | — |
| Stock-based compensation | $590.8M | $597.4M | $609.8M | $552.4M | $460.7M | $241.5M | $242.2M | — |
| Capital expenditure | $354.1M | $284.6M | $336.3M | $206.2M | $169.2M | $106.8M | $81.9M | — |
| Investing cash flow | $2.10B | -$300.7M | -$350.5M | -$328.4M | -$3.75B | -$119.6M | $558.8M | — |
| Financing cash flow | -$2.16B | -$1.38B | -$980.2M | -$662.9M | $2.79B | -$596.8M | -$853.9M | — |
| Dividends paid | $205.1M | $207.5M | $206.8M | $204.4M | $191.0M | $160.6M | $159.6M | — |
| Buybacks | $2.04B | $725.0M | $150.0M | $115.0M | $0 | $25.2M | $364.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-060253.
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