NASDAQ · Technology

Marvell Technology, Inc.

MRVL · Semiconductors

$163.66

▼ -1.29 (-0.78%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Marvell Technology, Inc. at $163.66.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 51.0%

Operating Margin 16.3%

Net Income Margin 32.6%

Fin. Health C

Years to Pay Off Debt 1.8 yrs

Working Capital vs Long-Term Debt -$731M

Working Capital $3.2B

Valuation F

Margin of Safety 0.0%

Price-to-Book 10.00x

Cash Flow A

Free Cash Flow $1.4B

CapEx % of Net Income 13.4%

Owner Earnings $4.3B

3/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $143.1B

Enterprise Value $146.4B

P/E (TTM) 53.31

Dividend Yield 0.15%

Exchange NASDAQ

Key Margins

Gross Profit 51.0%

Operating Margin 16.3%

Net Margin 32.6%

Company Info

Sector Technology

Industry Semiconductors

Employees 7480

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Marvell Technology, Inc. at $163.66.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

At $163.66, the stock trades at a 387% premium to its Graham Number of $33.62. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Marvell Technology, Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2026	2025	2024	2023	2022
Gross Profit %	51.0% ▲	41.3%	41.6%	50.5%	N/A
Operating Margin %	16.3% ▲	-6.4%	-7.9%	6.1%	N/A
Net Income %	32.6% ▲	-15.3%	-16.9%	-2.8%	N/A
Diluted EPS	3.07 ▲	-1.02	-1.08	-0.19	N/A

Balance Sheet Highlights

Metric	2026	2025	2024	2023	2022
Total Assets	$22.3B	$20.2B	$21.2B	$22.5B	N/A
Total Debt	$4.8B ↑	$4.3B	$4.4B	$4.7B	N/A
Working Capital	$3.2B ▲	$1.1B	$1.2B	$894M	N/A
Years to Pay Debt	1.79	-4.91	-4.72	-28.98	N/A

Cash Flow Highlights

Metric	2026	2025	2024	2023	2022
Free Cash Flow	$1.4B ▲	$1.4B	$1.0B	$1.1B	N/A
Owner Earnings	$4.3B	$764M	$814M	$1.4B	N/A
CapEx % of Net Income	13.4%	N/A	N/A	N/A	N/A

Income Statement

	2026	2025	2024	2023	2022
Tax Effect Of Unusual Items	-1,922	-3,837	-27,531	-25,536
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,555,300	1,005,500	981,800	1,769,600
Total Unusual Items	-15,500	-353,900	-131,100	-121,600
Total Unusual Items Excluding Goodwill	-15,500	-353,900	-131,100	-121,600
Net Income From Continuing Operation Net Minority Interest	2,670,100	-885,000	-933,400	-163,500
Reconciled Depreciation	1,290,600	1,356,900	1,397,700	1,392,300
Reconciled Cost Of Revenue	4,013,900	3,385,100	3,214,100	2,932,100
EBITDA	4,539,800	651,600	850,700	1,648,000
EBIT	3,249,200	-705,300	-547,000	255,700
Net Interest Income	1,723,700	-174,400	-191,000	-152,900
Interest Expense	202,600	189,400	211,700	170,600
Interest Income	1,926,300	15,000	20,700	17,700
Normalized Income	2,683,678	-534,937	-829,831	-67,436
Net Income From Continuing And Discontinued Operation	2,670,100	-885,000	-933,400	-163,500
Total Expenses	6,856,200	6,133,700	5,944,300	5,560,000
Total Operating Income As Reported	1,322,900	-720,300	-567,700	238,000
Diluted Average Shares	869,700	865,500	861,300	851,400
Basic Average Shares	861,000	865,500	861,300	851,400
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,670,100	-885,000	-933,400	-163,500
Net Income Common Stockholders	2,670,100	-885,000	-933,400	-163,500
Net Income	2,670,100	-885,000	-933,400	-163,500
Net Income Including Noncontrolling Interests	2,670,100	-885,000	-933,400	-163,500
Net Income Continuous Operations	2,670,100	-885,000	-933,400	-163,500
Tax Provision	376,500	-9,700	174,700	248,600
Pretax Income	3,046,600	-894,700	-758,700	85,100
Other Income Expense	-15,500	-353,900	-131,100	-121,600
Other Non Operating Income Expenses			11,900	12,400	2,700
Special Income Charges	-15,500	-353,900	-131,100	-121,600
Other Special Charges				100,000
Restructuring And Mergern Acquisition	15,500	353,900	131,100	21,600
Gain On Sale Of Security					-1,113
Net Non Operating Interest Income Expense	1,723,700	-174,400	-191,000	-152,900
Interest Expense Non Operating	202,600	189,400	211,700	170,600
Interest Income Non Operating	1,926,300	15,000	20,700	17,700
Operating Income	1,338,400	-366,400	-436,600	359,600
Operating Expense	2,842,300	2,748,600	2,730,200	2,627,900
Research And Development	2,075,200	1,950,400	1,896,200	1,784,300
Selling General And Administration	767,100	798,200	834,000	843,600
Gross Profit	4,180,700	2,382,200	2,293,600	2,987,500
Cost Of Revenue	4,013,900	3,385,100	3,214,100	2,932,100
Total Revenue	8,194,600	5,767,300	5,507,700	5,919,600
Operating Revenue	8,194,600	5,767,300	5,507,700	5,919,600

Balance Sheet

	2026	2025	2024	2023	2022
Ordinary Shares Number	847,260	866,000	865,540	856,100
Share Issued	847,260	866,000	865,540	856,100
Net Debt	1,831,800	3,115,500	3,215,100	3,581,100
Total Debt	4,790,300	4,343,100	4,401,300	4,737,500
Tangible Book Value	1,195,200	-1,271,800	-1,110,200	-1,491,200
Invested Capital	18,779,000	17,490,800	18,997,300	20,129,300
Working Capital	3,240,100	1,093,500	1,248,500	894,400
Net Tangible Assets	1,195,200	-1,271,800	-1,110,200	-1,491,200
Capital Lease Obligations	319,700	279,300	235,400	245,400
Common Stock Equity	14,308,400	13,427,000	14,831,400	15,637,200
Total Capitalization	18,279,200	17,361,300	18,890,000	19,544,900
Total Equity Gross Minority Interest	14,308,400	13,427,000	14,831,400	15,637,200
Stockholders Equity	14,308,400	13,427,000	14,831,400	15,637,200
Gains Losses Not Affecting Retained Earnings	0	400	1,100	0
Other Equity Adjustments		400	1,100
Retained Earnings	1,355,800	-1,109,200	-16,700	1,123,500
Additional Paid In Capital	12,950,900	14,534,100	14,845,300	14,512,000
Capital Stock	1,700	1,700	1,700	1,700
Common Stock	1,700	1,700	1,700	1,700
Total Liabilities Net Minority Interest	7,976,900	6,777,500	6,397,100	6,884,900
Total Non Current Liabilities Net Minority Interest	4,756,400	4,750,700	4,582,900	4,498,200
Other Non Current Liabilities	384,500	478,200	213,000	296,200
Tradeand Other Payables Non Current	117,400	73,400	56,600	28,500
Non Current Deferred Liabilities	20,500	33,800	58,700	64,200
Non Current Deferred Taxes Liabilities	20,500	33,800	58,700	64,200
Long Term Debt And Capital Lease Obligation	4,234,000	4,165,300	4,254,600	4,109,300
Long Term Capital Lease Obligation	263,200	231,000	196,000	201,600
Long Term Debt	3,970,800	3,934,300	4,058,600	3,907,700
Current Liabilities	3,220,500	2,026,800	1,814,200	2,386,700
Current Deferred Liabilities	40,100	22,100	64,900	65,200
Current Deferred Revenue	40,100	22,100	43,200	45,200
Current Debt And Capital Lease Obligation	556,300	177,800	146,700	628,200
Current Capital Lease Obligation	56,500	48,300	39,400	43,800
Current Debt	499,800	129,500	107,300	584,400
Other Current Borrowings	499,800	129,500	107,300	584,400
Pensionand Other Post Retirement Benefit Plans Current	309,800	302,500	262,700	244,500
Current Provisions		11,700	76,500	102,000	8,500
Payables And Accrued Expenses	2,314,300	1,524,400	1,263,400	1,346,800
Current Accrued Expenses	1,012,200	846,600	834,300	762,600
Interest Payable	45,700	43,500	41,300	22,100
Payables	1,302,100	677,800	429,100	584,200
Total Tax Payable	228,300	55,600	17,800	118,400
Income Tax Payable	228,300	55,600	17,800	118,400
Accounts Payable					461,500
Total Assets	22,285,300	20,204,500	21,228,500	22,522,100
Total Non Current Assets	15,824,700	17,084,200	18,165,800	19,241,000
Other Non Current Assets	153,900	74,800	56,800	58,300
Non Current Prepaid Assets	863,000	824,700	850,100	763,600
Non Current Deferred Assets	345,900	401,200	311,900	465,900
Non Current Deferred Taxes Assets	345,900	401,200	311,900	465,900
Investments And Advances	129,600	48,200	45,800	36,100
Long Term Equity Investment	129,600	48,200	45,800	36,100
Goodwill And Other Intangible Assets	13,113,200	14,698,800	15,941,600	17,128,400
Other Intangible Assets	2,051,000	3,111,900	4,354,700	5,541,500
Goodwill	11,062,200	11,586,900	11,586,900	11,586,900
Net PPE	1,219,100	1,036,500	959,600	788,700
Accumulated Depreciation	-1,407,600	-1,247,000	-1,080,800	-958,100
Gross PPE	2,626,700	2,283,500	2,040,400	1,746,800
Other Properties	284,100	246,000	203,600	211,300
Machinery Furniture Equipment	2,003,800	1,730,900	1,524,400	1,229,300
Land And Improvements			312,400	306,200
Properties	338,800	306,600	312,400	0
Current Assets	6,460,600	3,120,300	3,062,700	3,281,100
Other Current Assets	247,200	113,900	125,900	109,600
Prepaid Assets					111,003
Inventory	1,388,000	1,029,700	864,400	1,068,300
Finished Goods	282,400	320,700	340,600	312,000
Work In Process	1,105,600	709,000	523,800	756,300
Receivables	2,186,600	1,028,400	1,121,600	1,192,200
Accounts Receivable	2,186,600	1,028,400	1,121,600	1,192,200
Allowance For Doubtful Accounts Receivable	-4,500	-2,600	-2,000	-2,100
Gross Accounts Receivable	2,191,100	1,031,000	1,123,600	1,194,300
Cash Cash Equivalents And Short Term Investments	2,638,800	948,300	950,800	911,000
Cash And Cash Equivalents	2,638,800	948,300	950,800	911,000
Cash Equivalents	72,700	57,200	2,600	150,700
Cash Financial	2,566,100	891,100	948,200	760,300

Cash Flow

	2026	2025	2024	2023	2022
Free Cash Flow	1,391,900	1,389,600	1,020,300	1,071,500
Repurchase Of Capital Stock	-2,040,100	-725,000	-150,000	-115,000
Repayment Of Debt	-790,600	-109,400	-1,622,500	-265,600
Issuance Of Debt	1,198,600	0	1,295,300	200,000
Capital Expenditure	-358,600	-291,600	-350,200	-217,300
Interest Paid Supplemental Data	177,700	173,400	173,700	147,900
Income Tax Paid Supplemental Data	92,100	40,100	120,600	95,900
End Cash Position	2,638,800	948,300	950,800	911,000
Beginning Cash Position	948,300	950,800	911,000	613,500
Changes In Cash	1,690,500	-2,500	39,800	297,500
Financing Cash Flow	-2,157,800	-1,383,000	-980,200	-662,900
Cash Flow From Continuing Financing Activities	-2,157,800	-1,383,000	-980,200	-662,900
Net Other Financing Charges	-399,300	-428,700	-395,400	-369,200
Proceeds From Stock Option Exercised	78,700	87,600	99,200	91,300
Cash Dividends Paid	-205,100	-207,500	-206,800	-204,400
Common Stock Dividend Paid	-205,100	-207,500	-206,800	-204,400
Net Common Stock Issuance	-2,040,100	-725,000	-150,000	-115,000
Common Stock Payments	-2,040,100	-725,000	-150,000	-115,000
Net Issuance Payments Of Debt	408,000	-109,400	-327,200	-65,600
Net Long Term Debt Issuance	408,000	-109,400	-327,200	-65,600
Long Term Debt Payments	-790,600	-109,400	-1,622,500	-265,600
Long Term Debt Issuance	1,198,600	0	1,295,300	200,000
Investing Cash Flow	2,097,800	-300,700	-350,500	-328,400
Cash Flow From Continuing Investing Activities	2,097,800	-300,700	-350,500	-328,400
Net Other Investing Changes	-49,600	800	-600	1,200
Net Business Purchase And Sale	2,478,600	-10,400	0	-112,300
Sale Of Business	2,478,600	0	0		0
Purchase Of Business	0	-10,400	0	-112,300
Net Intangibles Purchase And Sale	-4,500	-7,000	-13,900	-11,100
Purchase Of Intangibles	-4,500	-7,000	-13,900	-11,100
Net PPE Purchase And Sale	-326,700	-284,100	-336,000	-206,200
Sale Of PPE	27,400	500	300
Purchase Of PPE	-354,100	-284,600	-336,300	-206,200
Operating Cash Flow	1,750,500	1,681,200	1,370,500	1,288,800
Cash Flow From Continuing Operating Activities	1,750,500	1,681,200	1,370,500	1,288,800
Change In Working Capital	-1,108,300	129,100	57,800	-649,800
Change In Other Working Capital			18,300	2,500	29,600
Change In Payables And Accrued Expense	682,100	262,500	-121,600	359,200
Change In Accrued Expense	382,800	81,000	27,500	447,000
Change In Payable	299,300	181,500	-149,100	-87,800
Change In Account Payable	299,300	181,500	-149,100	-87,800
Change In Prepaid Assets	-242,400	3,400	-93,100	-480,400
Change In Inventory	-389,800	-230,000	201,900	-385,900
Change In Receivables	-1,158,200	93,200	70,600	-142,700
Changes In Account Receivables	-1,158,200	93,200	70,600	-142,700
Other Non Cash Items	95,500	594,700	87,800	101,400
Stock Based Compensation	590,800	597,400	609,800	552,400
Asset Impairment Charge		528,800	32,900	5,600	6,200
Deferred Tax	42,200	-111,900	150,800	50,400
Deferred Income Tax	42,200	-111,900	150,800	50,400
Depreciation Amortization Depletion	1,290,600	1,356,900	1,397,700	1,392,300
Depreciation And Amortization	1,290,600	1,356,900	1,397,700	1,392,300
Amortization Cash Flow	942,000	1,052,600	1,097,900	1,087,400
Amortization Of Intangibles	942,000	1,052,600	1,097,900	1,087,400
Depreciation	348,600	304,300	299,800	304,900
Operating Gains Losses	-1,830,400
Gain Loss On Sale Of Business	-1,830,400	0	0		0
Net Income From Continuing Operations	2,670,100	-885,000	-933,400	-163,500

These metrics estimate what Marvell Technology, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$33.62

Margin of Safety

Market Cap ÷ Company Value

1.28

P/B Ratio

10.00

Warren's Owner Earnings

$4.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/6 — Speculative Investor

✅ Adequate Size

$8.2B

vs > $1.5B revenue

✅ Strong Financial Condition

2.01x

vs Current Ratio > 2.0x

❌ Earnings Stability

3 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.15%

vs Uninterrupted dividends

❌ Moderate P/E Ratio

53.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

10.00x P/B (P/E×P/B: 533.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-1.73

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$17.01

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2026	2025	2024	2023	2022
Capital Expenditure % of Net Income	13.4%	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$2.0B	-$725M	-$150M	-$115M	N/A
Free Cash Flow	$1.4B ▲	$1.4B ▲	$1.0B ▼	$1.1B •	N/A •
Warren's Owner Earnings	$4.3B	$764M	$814M	$1.4B	N/A

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
MRVL	$163.66	$143.1B	53.31	51.0%	32.6%	$8.2B
NVDA NVIDIA Corporation	$198.48	$4,824.1B	40.5	71.1%	55.6%	$215.9B
AMD Advanced Micro Devices, Inc.	$341.54	$556.9B	131.4	52.5%	12.5%	$34.6B
INTC Intel Corporation	$95.78	$481.4B	N/A	37.2%	-5.9%	$53.8B
QCOM QUALCOMM Incorporated	$168.38	$177.5B	18.1	54.8%	22.3%	$44.5B
AVGO Broadcom Inc.	$416.50	$1,972.0B	81.0	76.7%	36.6%	$68.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.40%

Low — management has little skin in the game

Return on Equity (ROE)

18.7%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

12.0%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+10.3% YoY

Debt is growing — management is leveraging up

Leadership Team

Matthew Murphy

CEO & Chairman

Age 52

Pay: $4,297,036

0.161% of net income

Christopher Koopmans

President & COO

Age 48

Pay: $1,502,102

0.056% of net income

Willem Meintjes

Executive VP & CFO

Age 43

Pay: $1,506,849

0.056% of net income

Ashish Saran

Senior Vice President of Investor Relations

Gary Ignatin

Executive Vice President of Corporate Development

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	14.50%	126,817,429
Vanguard Group Inc	9.01%	78,755,386
Blackrock Inc.	6.84%	59,806,492
State Street Corporation	2.61%	22,834,816
Ameriprise Financial, Inc.	1.96%	17,146,932
Geode Capital Management, LLC	1.38%	12,108,452
Franklin Resources, Inc.	1.32%	11,550,963
Bank of America Corporation	1.31%	11,460,873

⚠️ Very high beta — extreme price volatility

Risk Analysis

Beta (Market Risk)

2.25

High volatility — moves more than the market

Short Interest

3.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.33x

Conservative balance sheet — low financial risk

Current Ratio