Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions and spanning the data center core to network edge in the United States, Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan, Vietnam, and internationally. The company develops and scales system-on-a-chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. It offers a portfolio of ethernet solutions, including spanning controllers, network adapters, physical transceivers, and switches; single or multiple core processors; and custom application specific integrated circuits, interconnects, fibre channel adapters, and processors. The company also provides interconnect products, including pulse amplitude modulation, coherent and coherent-lite digital signal processors (DSPs), laser drivers, trans-impedance amplifiers, silicon photonics, co-packaged optics, linear pluggable optics chipsets, data center interconnect, active electrical cable DSPs and peripheral component interconnect express retimer solutions; fibre channel products comprising host bus adapters and controllers for server and storage system connectivity; storage controllers for hard disk drives and solid-state-drives; host system interfaces, including serial advanced technology attachment and serial attached SCSI, peripheral component interconnect express, compute express link switches, non-volatile memory express (NVMe), and NVMe over fabrics; and develops ultra accelerator linkTM switches and ethernet for scale-up networking switches. The company serves data centers, communications, and other markets. It offers its products through direct customers and distributors. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $8.2B | $4.5B | $2.7B | $1.4B | 18.7% | 42.1% | -401.7% |
| 2025 | $5.8B | $652M | $-885M | $1.4B | -6.6% | 4.7% | -5.2% |
| 2024 | $5.5B | $851M | $-933M | $1.0B | -6.3% | -7.0% | 470.9% |
| 2023 | $5.9B | $1.6B | $-164M | $1.1B | -1.0% | - | - |
| 2022 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,919.60 | 5,507.70 | 5,767.30 | 8,194.60 |
| Operating Revenue | - | 5,919.60 | 5,507.70 | 5,767.30 | 8,194.60 |
| Cost Of Revenue | - | 2,932.10 | 3,214.10 | 3,385.10 | 4,013.90 |
| Gross Profit | - | 2,987.50 | 2,293.60 | 2,382.20 | 4,180.70 |
| Operating Expense | - | 2,627.90 | 2,730.20 | 2,748.60 | 2,842.30 |
| Research And Development | - | 1,784.30 | 1,896.20 | 1,950.40 | 2,075.20 |
| Selling General And Administration | - | 843.60 | 834 | 798.20 | 767.10 |
| Total Expenses | - | 5,560 | 5,944.30 | 6,133.70 | 6,856.20 |
| Operating Income | - | 359.60 | -436.60 | -366.40 | 1,338.40 |
| Total Operating Income As Reported | - | 238 | -567.70 | -720.30 | 1,322.90 |
| EBITDA | - | 1,648 | 850.70 | 651.60 | 4,539.80 |
| Normalized EBITDA | - | 1,769.60 | 981.80 | 1,005.50 | 4,555.30 |
| EBIT | - | 255.70 | -547 | -705.30 | 3,249.20 |
| Interest Income | - | 17.70 | 20.70 | 15 | 1,926.30 |
| Interest Expense | - | 170.60 | 211.70 | 189.40 | 202.60 |
| Net Interest Income | - | -152.90 | -191 | -174.40 | 1,723.70 |
| Other Non Operating Income Expenses | 2.70 | 12.40 | 11.90 | - | - |
| Other Income Expense | - | -121.60 | -131.10 | -353.90 | -15.50 |
| Interest Income Non Operating | - | 17.70 | 20.70 | 15 | 1,926.30 |
| Interest Expense Non Operating | - | 170.60 | 211.70 | 189.40 | 202.60 |
| Net Non Operating Interest Income Expense | - | -152.90 | -191 | -174.40 | 1,723.70 |
| Pretax Income | - | 85.10 | -758.70 | -894.70 | 3,046.60 |
| Tax Provision | - | 248.60 | 174.70 | -9.70 | 376.50 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -25.54 | -27.53 | -3.84 | -1.92 |
| Net Income Continuous Operations | - | -163.50 | -933.40 | -885 | 2,670.10 |
| Net Income From Continuing And Discontinued Operation | - | -163.50 | -933.40 | -885 | 2,670.10 |
| Net Income From Continuing Operation Net Minority Interest | - | -163.50 | -933.40 | -885 | 2,670.10 |
| Net Income | - | -163.50 | -933.40 | -885 | 2,670.10 |
| Net Income Common Stockholders | - | -163.50 | -933.40 | -885 | 2,670.10 |
| Net Income Including Noncontrolling Interests | - | -163.50 | -933.40 | -885 | 2,670.10 |
| Normalized Income | - | -67.44 | -829.83 | -534.94 | 2,683.68 |
| Diluted NI Availto Com Stockholders | - | -163.50 | -933.40 | -885 | 2,670.10 |
| Basic Average Shares | - | 851.40 | 861.30 | 865.50 | 861 |
| Diluted Average Shares | - | 851.40 | 861.30 | 865.50 | 869.70 |
| Reconciled Depreciation | - | 1,392.30 | 1,397.70 | 1,356.90 | 1,290.60 |
| Reconciled Cost Of Revenue | - | 2,932.10 | 3,214.10 | 3,385.10 | 4,013.90 |
| Total Unusual Items | - | -121.60 | -131.10 | -353.90 | -15.50 |
| Total Unusual Items Excluding Goodwill | - | -121.60 | -131.10 | -353.90 | -15.50 |
| Special Income Charges | - | -121.60 | -131.10 | -353.90 | -15.50 |
| Gain On Sale Of Business | 0 | - | - | - | - |
| Other Special Charges | - | 100 | - | - | - |
| Restructuring And Mergern Acquisition | - | 21.60 | 131.10 | 353.90 | 15.50 |
| Gain On Sale Of Security | -1.11 | - | - | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Marvell Technology, Inc.this co. | MRVL | $276.8B | 103.67β premium | 19.35 | 18.7% | 61.45 |
| Palantir Technologies Inc. | PLTR | $339.7B | 209.04 | 45.98 | 22.0% | 235.05 |
| International Business Machines Corporation | IBM | $283.6B | 26.78 | 8.69 | 32.4% | 19.36 |
| KLA Corporation | KLAC | $278.4B | 68.54 | 59.33 | 86.6% | 52.88 |
| Texas Instruments Incorporated | TXN |
| - |
| - |
| - |
| - |
| - |
| - |
| $277.9B |
| 55.57 |
| 17.08 |
| 30.7% |
| 34.99 |
| Dell Technologies Inc. | DELL | $274.2B | 46.18 | -110.99 | -240.3% | 24.82 |
| Sandisk Corporation | SNDK | $260.6B | -158.80 | 28.28 | -17.8% | -208.42 |
| QUALCOMM Incorporated | QCOM | $255.7B | 46.14 | 12.06 | 26.1% | 17.75 |
| Palo Alto Networks, Inc. | PANW | $227.6B | 200.71 | 29.09 | 14.5% | 116.26 |
| Peer Median | - | 50.88 | 22.68 | 24.1% | 29.90 | |