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Marvell (MRVL) explained: how it makes money, how it's doing, what protects it

A plain-English guide to the company behind many custom AI chips and the links that move data around AI data centres. See what it sells, where the money goes, who it competes with and what protects it.

⚡What does Marvell do, in 30 seconds?

Marvell designs chips for data infrastructure, the gear that moves and stores data, from data centres to the edge of networks 2. It sold $8.2bn ✓ in FY2026, the year that ended on 31 January 2026 2. Data centre chips made up 74% ✓ of that.

Revenue, FY2026
$8.2bn✓
Profit, FY2026
$2.7bn✓
Sales growth, 4 quarters to 01 Aug 2026
30.6%✓
Net cash (cash and investments minus borrowings; leases and stakes in other companies not counted), 01 Aug 2026
-$1.0bn✓
Head office
Wilmington, Delaware, according to its 10-K 2
Employees
7,480 on 31 January 2026 24
CEO
Matt Murphy, since 2016 2021
Patents
Over 10,000 issued and pending 16
Factories
None: outside foundries make its chips 15
Fiscal year ends
The Saturday nearest 31 January 2

📱What does Marvell sell?

Marvell sorts its sales into two end markets: data center, and communications and other 2. Data center is now the bigger one by far, at $6.1bn ✓ in FY2026.

🏢

Data Center

Chips for the computers in cloud and company data centres, which in FY2026 brought in $6.1bn ✓. They go into AI systems, servers, Ethernet switches, storage systems and links between data centres 2. Marvell also designs custom AI chips to each customer's plan, using its own building blocks such as high-speed links and silicon photonics 3 45. Its optical and copper link chips move data inside and between data centres 3.

👥 Cloud companies such as Google and Amazon have custom-chip or optical deals with Marvell 6 7. Sales often go through equipment makers, contract manufacturers and distributors 8.

📡

Communications and other

Chips for networks outside the big data centres, which in FY2026 brought in $2.1bn ✓. They go into office switches, routers, Wi-Fi access points, 5G radio gear, game consoles, printers and military systems 2. Its OCTEON processors handle network and security work, and its Prestera switch chips run office and factory networks 3 3.

👥 Makers of office network, phone network, consumer and industrial equipment 2.

How the mix has shifted

Revenue mix by productFY2024Data Center: $2.2bn (40%)Data Center 40%Communications and other: $3.3bn (60%)Communications and other 60%FY2025Data Center: $4.2bn (72%)Data Center 72%Communications and other: $1.6bn (28%)Communications and other 28%FY2026Data Center: $6.1bn (74%)Data Center 74%Communications and other: $2.1bn (26%)Communications and other 26%
Revenue mix by productFY24Data Center: $2.2bn (40%)40%Communications and other: $3.3bn (60%)60%FY25Data Center: $4.2bn (72%)72%Communications and other: $1.6bn (28%)28%FY26Data Center: $6.1bn (74%)74%Communications and other: $2.1bn (26%)26%Data CenterCommunications and other
Share of revenue by business line, by fiscal year. Source: Marvell Technology, Inc. 10-K filed 2026-03-11.

Where the customers are

Sales shipped to China were the biggest share, at 36% ✓ in FY2026. Other countries added 29% ✓, Taiwan 20% ✓ and the United States 14% ✓. In total, about 77% of FY2026 revenue was shipped to customers with operations in Asia 8.

Revenue by regionChina$3.0bn 36% of salesOther countries$2.4bn 29% of salesTaiwan$1.7bn 20% of salesUnited States$1.2bn 14% of sales
Revenue by regionChina$3.0bn 36%Other countries$2.4bn 29%Taiwan$1.7bn 20%United States$1.2bn 14%
Revenue by region, FY2026. Source: Marvell Technology, Inc. 10-K filed 2026-03-11.

💸How does Marvell make money?

Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.

Money map FY2026: how revenue turns into profitData Center → Revenue: $6.1bnCommunications and other → Revenue: $2.1bnRevenue → Gross profit: $4.2bnRevenue → Cost of sales: $4.0bnGross profit → Operating profit: $1.3bnGross profit → R&D: $2.1bnGross profit → Selling & admin: $0.8bnOperating profit → Net income: $0.9bnOperating profit → Income tax: $0.4bnOther income → Net income: $1.7bnData Center$6.1bn · 74%Communications and other$2.1bn · 26%Revenue$8.2bnGross profit$4.2bn · 51%Cost of sales$4.0bn · 49%Operating profit$1.3bn · 16%R&D$2.1bn · 25%Selling & admin$0.8bn · 9%Net income$2.7bn · 33%Income tax$0.4bn · 5%Other income$1.7bn · 21%
Money map FY2026: how revenue turns into profitData Center: $6.1bnCommunications and other: $2.1bnData Center$6.1bn · 74%Communications and other$2.1bn · 26%Revenue: $8.2bnRevenue$8.2bn · 100%Gross profit: $4.2bnCost of sales: $4.0bnGross profit$4.2bn · 51%Cost of sales$4.0bn · 49%Operating profit: $1.3bnR&D: $2.1bnSelling & admin: $0.8bnOperating profit$1.3bn · 16%R&D$2.1bn · 25%Selling & admin$0.8bn · 9%Net income: $2.7bnIncome tax: $0.4bnNet income$2.7bn · 33%Income tax$0.4bn · 5%

FY2024, FY2025: Marvell made a loss, so there was no profit left to follow and no money map is drawn for those years.

Money map (a Sankey diagram): band widths are to scale. Hover a band for the amount. Source: Marvell Technology, Inc. 10-K filings.

Marvell sold $8.2bn ✓ of chips in FY2026. Making them cost $4.0bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $4.2bn ✓.

Next come the costs of running the company. Research and development took $2.1bn ✓, and sales, marketing and admin took $0.8bn ✓. That left operating profit, the profit from the main business, of $1.3bn ✓. Other income and gains outside the main business added $1.7bn ✓. In August 2025, Marvell sold its automotive Ethernet business to Infineon and booked a pre-tax gain of $1.8 billion 2. After tax of $0.4bn ✓, net income was $2.7bn ✓. Put simply, out of every hundred dollars of sales, Marvell kept about $33 ✓ as profit. That includes about $21 ✓ added on top from other income and gains.

Out of every $100 customers paid in FY2026…

Making the products and services $49Research and development $25Selling and admin $9Income tax $5Profit kept $33Interest, investment gains and other income, added on top +$21

Interest, investment gains and other income added +$21 for every $100 of sales, so the slices above add up to a little more than $100.

💡
Data centre chips have taken over Marvell's sales mix. They made up 40% ✓ of sales in FY2024, 72% ✓ in FY2025 and 74% ✓ in FY2026. Over the same years, communications and other fell from $3.3bn ✓ to $2.1bn ✓.

⏱️ Marvell by the clock

Spread the FY2026 totals evenly over its 364 days and you get this. Source: Marvell Technology, Inc. 10-K [9].

🛒
$23m
in sales every day
⏱️
$85
of profit every second
🔬
$6m
on research every day
🎁
$6m
handed to shareholders every day

📈How is Marvell doing?

Marvell has grown fast, but its profits have swung a lot. From FY2020 to FY2026, sales grew 20.3% ✓ a year on average. Sales rose in 5 ✓ of those 6 ✓ years, with a -7.0% ✓ change in FY2024. The main business lost money in FY2024 and FY2025, with operating margins of -10.3% ✓ and -12.5% ✓. In FY2026, sales jumped 42.1% ✓ and operating margin turned positive at 16.1% ✓.

The latest four quarters, to 1 August 2026, look strong too. Sales reached $9.5bn ✓, up 30.6% ✓ on the four quarters before. In the quarter to 1 August 2026, revenue hit a record $2.739 billion, up 37% on a year earlier, with data centre sales up 46% 17. Operating margin was 16.5% ✓, and free cash flow was $1.7bn ✓. On 1 August 2026, net cash, meaning cash and investments minus borrowings, was -$1.0bn ✓. In August 2026, Marvell said it expects growth to speed up through the rest of FY2027 17.

📝 The report card

Marvell earns fair marks for growth and cash, but weak marks for profit, borrowing and steadiness. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Marvell (orange) and its 2 peers land; further right is better.

B

Growth

Sales growth per year, last 3 fiscal years
11.4% · peer median 62.2%
#3 of 3 in the peer group
A ≥ 15.0%B ≥ 10.0%C ≥ 5.0%D ≥ 0.0%F below 0.0%

Marvell's sales grew 11.4% ✓ a year over its last three fiscal years, which earns a B ✓. Broadcom grew 24.4% ✓ a year over its own latest three fiscal years, good for an A ✓. NVIDIA grew 100.0% ✓ a year.

Why this measure? (higher is better)

Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.

F

Profitability

Operating margin, last 3 years combined
0.2% · peer median 48.3%
#3 of 3 in the peer group
A ≥ 30.0%B ≥ 20.0%C ≥ 10.0%D ≥ 5.0%F below 5.0%

Over the last three years combined, Marvell kept just 0.2% ✓ of sales as operating profit, which earns an F ✓. Losses in FY2024 and FY2025 pulled the figure down, even though FY2026 reached 16.1% ✓. Broadcom kept 36.5% ✓ and NVIDIA 60.1% ✓.

Why this measure? (higher is better)

Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.

B

Cash generation

Free cash flow as a share of sales, last 3 years combined
19.7% · peer median 43.8%
#3 of 3 in the peer group
A ≥ 20.0%B ≥ 15.0%C ≥ 10.0%D ≥ 5.0%F below 5.0%

Over the last three years combined, Marvell turned 19.7% ✓ of sales into free cash flow, which earns a B ✓, just under the bar for the top grade. Broadcom turned 42.3% ✓ into cash and NVIDIA 45.3% ✓, more than twice as much.

Why this measure? (higher is better)

Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.

D

Balance sheet

Net cash (cash and investments minus borrowings; leases and stakes in other companies not counted) as a share of a year's sales
-22.4% · peer median -28.8%
#2 of 3 in the peer group
A ≥ 20.0%B ≥ 5.0%C ≥ -10.0%D ≥ -30.0%F below -30.0%

Marvell's cash and investments minus its borrowings (leases and stakes in other companies not counted) came to -22.4% ✓ of a year's sales, which earns a D ✓. Net cash improved from -$3.9bn ✓ in FY2022 to -$1.8bn ✓ in FY2026. NVIDIA's figure is 19.1% ✓, a B ✓, while Broadcom gets an F ✓.

Why this measure? (higher is better)

More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.

F

Steadiness

How much yearly sales growth swings (standard deviation, up to 10 years)
22.8% · peer median 28.1%
#2 of 3 in the peer group
A ≤ 5.0%B ≤ 8.0%C ≤ 12.0%D ≤ 18.0%F above 18.0%

Marvell's yearly growth swings a lot, with a standard deviation of 22.8% ✓, which earns an F ✓. Growth ranged from 50.3% ✓ in FY2022 to -7.0% ✓ in FY2024. It still ranks 2 ✓ of 3 ✓, because NVIDIA swings even more, at 43.5% ✓.

Why this measure? (lower is better)

Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.

🧑‍🏫 How the grades work
  1. Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
  2. Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
  3. Peers for context. The rank shows how Marvell compares with the group. Companies within 0.1 percentage point share a rank.
  4. Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
  5. Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.

7 years at a glance

Revenue
$8.2bn
FY2026
Revenue by fiscal yearFY2020: $2.7bnFY2021: $3.0bnFY2022: $4.5bnFY2023: $5.9bnFY2024: $5.5bnFY2025: $5.8bnFY2026: $8.2bnFY2020FY2026
Operating margin
16.1%
FY2026
Operating marginFY2020FY2026
Free cash flow
$1.4bn
FY2026
Free cash flow by fiscal yearFY2020: $0.3bnFY2021: $0.7bnFY2022: $0.7bnFY2023: $1.1bnFY2024: $1.0bnFY2025: $1.4bnFY2026: $1.4bnFY2020FY2026
Net cash
-$1.8bn
end of FY2026
Net cash by fiscal yearFY2021: -$0.4bnFY2022: -$3.9bnFY2023: -$3.6bnFY2024: -$3.2bnFY2025: -$3.1bnFY2026: -$1.8bnFY2021FY2026

Where the cash goes

From FY2020 to FY2026, Marvell paid out less cash than it brought in. It spent $4.8bn ✓ on buybacks and dividends, against $6.5bn ✓ of free cash flow. In FY2026, as in FY2020, payouts went above free cash flow. They equalled 161% ✓ of it in FY2026, as buybacks rose to $2.0bn ✓, and 188% ✓ in FY2020.

Free cash flow vs cash returned to shareholders$0bnFY2020 free cash flow $0.3bnFY2020 buybacks + dividends $0.5bnFY20FY2021 free cash flow $0.7bnFY2021 buybacks + dividends $0.2bnFY21FY2022 free cash flow $0.7bnFY2022 buybacks + dividends $0.2bnFY22FY2023 free cash flow $1.1bnFY2023 buybacks + dividends $0.3bnFY23FY2024 free cash flow $1.0bnFY2024 buybacks + dividends $0.4bnFY24FY2025 free cash flow $1.4bnFY2025 buybacks + dividends $0.9bnFY25FY2026 free cash flow $1.4bnFY2026 buybacks + dividends $2.2bnFY26
Free cash flow vs cash returned to shareholders$0bnFY2021 free cash flow $0.7bnFY2021 buybacks + dividends $0.2bnFY21FY2022 free cash flow $0.7bnFY2022 buybacks + dividends $0.2bnFY22FY2023 free cash flow $1.1bnFY2023 buybacks + dividends $0.3bnFY23FY2024 free cash flow $1.0bnFY2024 buybacks + dividends $0.4bnFY24FY2025 free cash flow $1.4bnFY2025 buybacks + dividends $0.9bnFY25FY2026 free cash flow $1.4bnFY2026 buybacks + dividends $2.2bnFY26
■ Free cash flow   ■ Buybacks + dividends. Source: Marvell Technology, Inc. 10-K filings.

🧮Ratios 101: what are Marvell's key financial ratios?

Ratios shrink Marvell's numbers into easy comparisons, and a few are bent by a one-off gain from selling a business in August 2025 2. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Marvell's real FY2026 numbers, the peer median and the trend.

💰 Profitability: how much of each sale is kept?

Higher is better

Gross margin

51.0%
Gross profit$4.2bn$8.2bnSales=51.0%

What is left from each sale after paying to make the product or deliver the service.

👉 At 51.0% ✓, Marvell's gross margin is close to its 50.3% ✓ of FY2020 but below the 69.4% ✓ peer median. It dipped to 41.3% ✓ in FY2025.

📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.

Peer median 69.4% (2 peers)FY2020 50.3%
Gross margin by fiscal yearFY2020FY2026
Higher is better

Operating margin

16.1%
Operating profit$1.3bn$8.2bnSales=16.1%

What is left after also paying for research, marketing and running the company.

👉 Marvell's 16.1% ✓ is a big turnaround from -9.0% ✓ in FY2020, but far below the 50.1% ✓ peer median.

📏 Rule of thumb: Above 20% is strong for a large company.

Peer median 50.1% (2 peers)FY2020 -9.0%
Operating margin by fiscal yearFY2020FY2026
Higher is better

Net margin

32.6%
Net income$2.7bn$8.2bnSales=32.6%

The bottom line: profit after interest and taxes, per dollar of sales.

👉 Marvell kept 32.6% ✓ of sales as final profit, far above its operating margin, as other income and gains added $1.7bn ✓. That year included a pre-tax gain of $1.8 billion from selling a business 2. The peer median is 45.9% ✓.

📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.

Peer median 45.9% (2 peers)FY2020 58.7%
Net margin by fiscal yearFY2020FY2026
It depends

Return on equity (ROE)

18.7%
Net income$2.7bn$14.3bnShareholders' equity=18.7%

Profit earned for each dollar that shareholders have left in the company.

👉 ROE of 18.7% ✓ is close to the 18.3% ✓ of FY2020 and well below the 52.4% ✓ peer median. Shareholders' equity is large, at $14.3bn ✓.

📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.

Peer median 52.4% (2 peers)FY2020 18.3%
Return on equity (ROE) by fiscal yearFY2020FY2026

⚙️ Efficiency: how hard do the assets work?

Higher is better

Return on assets (ROA)

12.0%
Net income$2.7bn$22.3bnTotal assets=12.0%

Profit earned from everything the company owns, however it was paid for.

👉 ROA of 12.0% ✓ is up from -2.6% ✓ in FY2021 but below the 35.8% ✓ peer median. Total assets were $22.3bn ✓ at the end of FY2026.

📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.

Peer median 35.8% (2 peers)FY2021 -2.6%
Return on assets (ROA) by fiscal yearFY2021FY2026
Higher is better

Asset turnover

0.4x
Sales$8.2bn$22.3bnTotal assets=0.4x

Dollars of sales squeezed out of each dollar of assets.

👉 Marvell's sales are 0.4x ✓ the value of everything it owns, up from 0.3x ✓ in FY2021. That matches Broadcom's 0.4x ✓ but trails the 0.7x ✓ peer median.

📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.

Peer median 0.7x (2 peers)FY2021 0.3x
Asset turnover by fiscal yearFY2021FY2026
Lower is better

Inventory days

126 days
Inventory$1.4bn$4.0bnCost of sales× 365=126 days

How many days of products sit in warehouses before they are sold.

👉 Marvell holds 126 ✓ days of stock, up from 66 ✓ in FY2021 and above the peer median of 83 ✓. NVIDIA holds about the same, at 125 ✓.

📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.

Peer median 83 days (2 peers)FY2021 66 days
Inventory days by fiscal yearFY2021FY2026

🛟 Safety: could it survive a bad year?

It depends

Current ratio

2.0x
Current assets$6.5bn$3.2bnCurrent liabilities=2.0x

Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?

👉 At 2.0x ✓, Marvell has twice as many short-term assets as short-term bills. That is up from 1.5x ✓ in FY2021 but below the 2.8x ✓ peer median.

📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.

Peer median 2.8x (2 peers)FY2021 1.5x
Current ratio by fiscal yearFY2021FY2026
Lower is better

Debt to equity

0.3x
Total debt$4.5bn$14.3bnShareholders' equity=0.3x

How much the company has borrowed for each dollar shareholders have in it.

👉 Marvell's 0.3x ✓ is below the 0.4x ✓ peer median but up from 0.1x ✓ in FY2021. It had $4.5bn ✓ of debt at the end of FY2026.

📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.

Peer median 0.4x (2 peers)FY2021 0.1x
Debt to equity by fiscal yearFY2021FY2026
Higher is better

Interest cover

6.5x
Operating profit$1.3bn$0.2bnInterest expense=6.5x

How many times over operating profit could pay the year's interest bill.

👉 Operating profit covered interest 6.5x ✓ in FY2026, against -2.8x ✓ in FY2020, when the main business lost money. NVIDIA's 503.4x ✓ lifts the peer median to 255.7x ✓.

📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.

Peer median 255.7x (2 peers)FY2020 -2.8x
Interest cover by fiscal yearFY2020FY2026

💵 Cash and owners: where does the money end up?

Higher is better

Cash conversion

0.5x
Free cash flow$1.4bn$2.7bnNet income=0.5x

Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.

👉 Marvell turned profit into cash at just 0.5x ✓, below the 1.0x ✓ peer median. That year's profit included a pre-tax gain of $1.8 billion from selling a business 2.

📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.

Peer median 1.0x (2 peers)FY2020 0.2x
Cash conversion by fiscal yearFY2020FY2026
It depends

R&D intensity

25.3%
R&D$2.1bn$8.2bnSales=25.3%

How much of each sales dollar goes into inventing future products.

👉 Marvell spends 25.3% ✓ of sales on R&D, about twice the 12.9% ✓ peer median. That is down from 40.0% ✓ in FY2020, as sales grew faster than R&D.

📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.

Peer median 12.9% (2 peers)FY2020 40.0%
R&D intensity by fiscal yearFY2020FY2026
Lower is better

Stock pay

7.2%
Share-based pay$0.6bn$8.2bnSales=7.2%

Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.

👉 Stock pay is 7.2% ✓ of sales, close to the 7.4% ✓ peer median and down from 9.0% ✓ in FY2020.

📏 Rule of thumb: Under 5% of sales is modest for a tech company.

Peer median 7.4% (2 peers)FY2020 9.0%
Stock pay by fiscal yearFY2020FY2026
It depends

Shareholder payout

84.1%
Dividends + buybacks$2.2bn$2.7bnNet income=84.1%

How much of the year's profit was handed back to owners.

👉 Marvell returned 84.1% ✓ of FY2026 profit to shareholders, against 33.1% ✓ in FY2020 and a 46.5% ✓ peer median. Most of it was buybacks of $2.0bn ✓.

📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.

Peer median 46.5% (2 peers)FY2020 33.1%
Shareholder payout by fiscal yearFY2020FY2026

Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.

🥊Who are Marvell's competitors?

Marvell's closest rivals design chips for AI data centres. Broadcom also builds custom AI chips and data-centre network chips 1213. NVIDIA is both a rival and, since March 2026, a partner and investor 45.

Peer map: growth vs profitability, bubble size = revenue0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%100%0%10%20%30%40%50%60%Sales growth per year, 3 years →Operating margin →NVIDIA: revenue $215.9bn, growth 100.0%/yr, operating margin 60.4%NVDABroadcom: revenue $63.9bn, growth 24.4%/yr, operating margin 39.9%AVGOMarvell Technology: revenue $8.2bn, growth 11.4%/yr, operating margin 16.1%MRVL
Peer map: growth vs profitability, bubble size = revenue0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%100%0%10%20%30%40%50%60%Sales growth per year, 3 years →Operating margin →NVIDIA: revenue $215.9bn, growth 100.0%/yr, operating margin 60.4%NVDABroadcom: revenue $63.9bn, growth 24.4%/yr, operating margin 39.9%AVGOMarvell Technology: revenue $8.2bn, growth 11.4%/yr, operating margin 16.1%MRVL
Peer map from each company's latest 10-K. Bubble size = revenue. Source: SEC filings [9] [10] [11].
CompanyWhere they competeRevenueGrowth/yr (3y)Op. marginFCF margin
Marvell Technology (MRVL, FY2026)Custom AI chips, data-centre links and switches, storage chips and network chips$8.2bn11.4%16.1%17.0%
Broadcom (AVGO, FY2025)Custom AI chips and data-centre Ethernet switch chips; Marvell's 10-K names Broadcom as a direct rival 1213$63.9bn24.4%39.9%42.1%
NVIDIA (NVDA, FY2026)AI data-centre chips and networking; a named rival and, since March 2026, a partner through NVLink Fusion 45$215.9bn100.0%60.4%44.8%

Some rivals run their own chip factories and have bigger names, more customers and larger sales teams 14. Some of Marvell's own customers also design chips themselves 4.

🧭Marvell SWOT: strengths, weaknesses, opportunities and threats

💪 Strengths

  • Revenue hit a record $2.739 billion in the quarter to 1 August 2026, up 37% on a year earlier 17.
  • Google and Amazon both have custom-chip or optical deals with Marvell, with share warrants that mostly vest as they buy 6 7.
  • Marvell says changing chip suppliers costs a customer significant time, effort and risk, so a lost bid can mean losing a product's whole life of sales 14.
  • Over the last three years combined, Marvell turned 19.7% ✓ of sales into free cash flow, a B ✓ on our report card.

🩹 Weaknesses

  • Marvell's ten largest customers made up 82% of FY2026 revenue 8.
  • One distributor alone took 37% of FY2026 revenue 8.
  • Over the last three years combined, Marvell kept just 0.2% ✓ of sales as operating profit, an F ✓.
  • Marvell owns no chip factories, and most of its qualified foundries are in one region of Taiwan 15 15.

🚀 Opportunities

  • Marvell raised its revenue outlook for FY2027 and FY2028, and expects custom chip sales to speed up from the second half of FY2027 17.
  • It expects AI links to move from copper to optical, and bought Celestial AI to sell optical links between AI chips across racks 7.
  • Demand for chips tailored to one customer's needs has been rising, Marvell says 3.
  • A March 2026 partnership lets Marvell's custom chips work with NVIDIA's NVLink Fusion rack platform 518.

⚠️ Threats

  • Marvell calls its markets intensely competitive, expects its average selling prices to keep falling, and notes some customers design their own chips 4.
  • Trade limits with China may push customers there to make their own chips or buy from others 19.
  • Some rivals run their own factories and have longer histories and bigger names 14.
  • About 77% of FY2026 revenue was shipped to customers with operations in Asia 8.

🏰Does Marvell have a moat?

Narrow moatCustom chips are hard to swap once designed in, but a few big customers bring most of the sales, and Marvell owns no factories or network.
Brand 2/5
Why 2?

Marvell's 10-K says some rivals have longer histories, greater name recognition and bigger customer bases 14. Its ten largest customers made 82% of FY2026 revenue, and sales to them swing with design wins 8.

Switching costs 3/5
Why 3?

Marvell says changing chip suppliers costs a customer significant time, effort and risk 14. Some customers spend several months testing a supplier, and a switch can force a new test 14. Google's warrant is tied to custom chip sales through fiscal 2033 6. But sales to top customers swing with the timing and number of design wins 8.

Network effects 1/5
Why 1?

Marvell has no user network of its own. Through NVLink Fusion, its custom chips plug into NVIDIA's AI rack ecosystem instead 5. Some customers even design chips themselves 4.

Cost advantages and scale 2/5
Why 2?

Marvell is fabless, so outside foundries make its chips 15. Most of its qualified foundries sit in one region of Taiwan 15. Some rivals run their own factories and have bigger sales teams 14. Marvell also expects its average selling prices to keep falling 4.

Intangibles (patents, licences, regulation) 3/5
Why 3?

Marvell had over 10,000 issued patents and pending applications on 31 January 2026, and says it does not depend on any single one 16. But its markets are intensely competitive, and some customers design their own chips 4.

A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Marvell; grey dots are peers).

🔭What should you watch next?

Next quarterly report

Q3 FY2027 results

Marvell guided to revenue of $3.150 billion, plus or minus 5%, up from $2.739 billion in the quarter before 17. Figures on this page run to FY2026 and the four quarters to 1 August 2026.

From Q3 FY2027 to FY2033

Google custom-chip warrant

Part of Google's warrant starts vesting with Marvell's custom product sales to Google from Q3 FY2027 6. Vesting all 240 tranches would take $120 billion of such sales through fiscal 2033 6.

Through 31 December 2030

Amazon's optical link purchases

Amazon holds a warrant for Marvell shares that vests as it buys photonic fabric products through 31 December 2030 7.

Through FY2029

Celestial AI milestone payments

Marvell may owe Celestial AI's former owners more cash and shares if its products hit set revenue goals 2. It paid about $1.3 billion in cash and about 24.5 million shares at the start 2.

FY2027 and FY2028

Revenue outlook

In August 2026, Marvell raised its revenue outlook for both years and said growth should speed up 17.

Ongoing

NVIDIA as rival and partner

NVIDIA invested $2 billion in Marvell in March 2026 and works with it on NVLink Fusion 518. Yet Marvell's 10-K also names NVIDIA as a direct competitor 45.

📚Learn the words

Revenue (sales)All the money a company takes in from customers before paying any costs.
SemiconductorAnother word for a computer chip. Chips process, store or move information inside phones, computers and data centres.
FablessA chip company that designs chips but pays a separate factory, called a foundry, to make them.
Custom chip (ASIC)A chip built to one customer's own design for its own job, instead of a ready-made chip anyone can buy.
Design winWhen a customer picks a company's chip for a new product. The chip usually stays in that product for its whole life.
Data centreA building full of computers that run websites, apps and AI for many users at once.
Gross marginThe share of each sales dollar left after paying to make the product.
Operating profitProfit from the main business after paying for products, research, marketing and admin, but before interest and tax.
Free cash flowThe cash a business has left after running itself and buying equipment. It can pay dividends, buy back shares or pay down debt.
Net cashCash and investments minus borrowings, with leases not counted. A negative number means the company owes more than it holds.
WarrantA right to buy a company's shares later on set terms. Marvell gives some to big customers, and they unlock as those customers buy.
Fiscal yearA company's own 12-month accounting year. Marvell's ends in late January or early February, so FY2026 ended in January 2026.
Economic moatA lasting advantage, like high switching costs or a strong brand, that keeps rivals from taking a company's customers.

❓Frequently asked questions about Marvell

How does Marvell make money?

Marvell makes money by selling chips, mostly for data centres. In FY2026, data center chips brought in $6.1bn ✓ and communications and other chips $2.1bn ✓. It sells to equipment makers, contract manufacturers and distributors 8.

What is a custom AI chip?

A custom AI chip is built to one customer's own design for its own AI work. Marvell builds them with its own parts, such as high-speed links, Arm computing cores and advanced packaging 3. For example, it develops custom chips for Google that attach to Google's TPU AI systems 6.

Does Marvell compete with NVIDIA?

Yes, and it also works with NVIDIA. Marvell's 10-K names NVIDIA as a direct competitor in AI data centres 45. Since March 2026, the two have been partners through NVLink Fusion, and NVIDIA invested $2 billion in Marvell 518.

Why did Marvell's profit jump in FY2026?

Marvell's profit jumped because its main business made money again and it booked a large gain. Operating profit was $1.3bn ✓, against -$0.7bn ✓ in FY2025. It also booked a pre-tax gain of $1.8 billion from selling its automotive Ethernet business to Infineon 2. Net income reached $2.7bn ✓.

Does Marvell make its own chips?

No, Marvell designs chips but does not make them. Independent foundries make its chips, and subcontractors mainly in Taiwan, Canada, Korea, Singapore and China package and test them 15. Most of its qualified foundries are in one region of Taiwan 15.

Who runs Marvell?

Matt Murphy runs Marvell as Chairman and CEO, and he became CEO in 2016 2021. Dan Durn became Chief Financial Officer on 15 June 2026 21.

Does Marvell pay a dividend?

Yes, Marvell pays a dividend of $0.06 per share every quarter 22. Dividends cost $0.2bn ✓ in FY2026, much less than buybacks of $2.0bn ✓. It had $5.1 billion left under its buyback plan on 1 August 2026 18.

Where is Marvell based?

Marvell is a Delaware company, and its 10-K gives its head office as Wilmington, Delaware 2. It was organised in Bermuda until it moved its legal home to the United States 232. It also works in places such as India, Israel, Taiwan and Vietnam 2.

🎮Play: higher or lower, then test yourself

Higher or lower · round 1 of 6

Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [9] [10] [11].

Score: 0

🧠 Test yourself

5 quick questions. Score: 0 / 5

1. About how much of Marvell's FY2026 sales came from data centre chips?

Data center chips made up 74% ✓ of Marvell's sales in FY2026.

2. What does it mean that Marvell is fabless?

Independent foundries make Marvell's chips, and subcontractors package and test them 15.

3. Which chip giant invested in Marvell and became its partner in March 2026?

NVIDIA invested $2 billion in Marvell and partnered with it on NVLink Fusion 518.

4. Before it became a Delaware company, where was Marvell legally based?

Marvell was organised in Bermuda until it moved its legal home to the United States 232.

5. Which business did Marvell sell to Infineon in August 2025?

Marvell sold its automotive Ethernet business to Infineon for $2.5 billion in cash 2.

🔎Sources and method

Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.

  1. Marvell Technology (MRVL) Form 10-K for fiscal year 2026, filed 2026-03-11 — revenue by product, segment and geography (accessed 2026-10-28)
  2. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1, Our Company and Our Markets) — Incorporation, head office, countries of operation, fiscal year end, end markets, Infineon sale, Celestial AI and XConn closings (accessed 2026-10-29)
  3. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1, product lines) — Custom ASICs, interconnects, Ethernet switches and transceivers, PCIe/CXL switches, Fibre Channel, processors, storage controllers; process nodes (accessed 2026-10-29)
  4. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1, Competition) — Named direct competitors, customers designing chips in-house, pricing pressure (accessed 2026-10-29)
  5. Marvell Technology Form 8-K and Exhibit 99.1, joint press release with NVIDIA, dated 2026-03-31 — NVLink Fusion partnership; NVIDIA $2 billion investment; roles of each company (accessed 2026-10-29)
  6. Marvell Technology Form 8-K, Google commercial agreement and warrant, dated 2026-08-19 — 2026-07-29 custom silicon agreement with Google (TPU ecosystem programs); warrant for up to 58,970,907 shares vesting in 240 tranches, one per $500 million of Custom Products revenue, through fiscal 2033 (accessed 2026-10-29)
  7. Marvell Technology Form 8-K and Exhibit 99.1, Celestial AI agreement and Amazon warrant, dated 2025-12-02 — Agreement to acquire Celestial AI (Photonic Fabric); Amazon warrant for up to 1,045,171 shares vesting on photonic fabric purchases through 2030 (accessed 2026-10-29)
  8. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1 customers; Item 1A customer concentration; geographic sales) — Customer types; Distributor A 37% and Customer A 14% of FY2026 revenue; ten largest customers 82%; Asia about 77% of FY2026 revenue (accessed 2026-10-29)
  9. SEC EDGAR companyfacts: Marvell Technology (MRVL) — annual 10-K facts (accessed 2026-10-28)
  10. SEC EDGAR companyfacts: Broadcom Inc. (AVGO) — annual 10-K facts (accessed 2026-10-28)
  11. SEC EDGAR companyfacts: NVIDIA CORP (NVDA) — annual 10-K facts (accessed 2026-10-28)
  12. Marvell Technology Form 10-K, fiscal year 2026 (ended 2026-01-31): business and competition — Custom ASICs and Ethernet switches; direct competitors named include Broadcom; data center share of revenue (accessed 2026-10-29)
  13. Broadcom Form 10-K, fiscal year 2025 (ended 2025-11-02): Item 1 Business — Incorporation and HQ; fiscal year convention; history and acquisitions; segments, products and customers; custom silicon platform; competition factors; patents; employees and attrition (accessed 2026-10-29)
  14. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1A, risk factors on design wins, qualification and competitors) — Cost of changing suppliers after a design is chosen; customer qualification takes months; some competitors have own fabs, longer histories and greater name recognition (accessed 2026-10-29)
  15. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1 Manufacturing; Item 1A global operations) — Outsourced chip fabrication, assembly and test; most qualified foundries in one region of Taiwan (accessed 2026-10-29)
  16. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1, Intellectual Property) — Over 10,000 issued patents and pending applications at January 31, 2026; expiries 2026-2046; no dependence on any single patent (accessed 2026-10-29)
  17. Marvell Technology Form 8-K Exhibit 99.1, second quarter fiscal 2027 results, dated 2026-08-27 — Q2 FY2027 revenue $2.739 billion, up 37%; data center growth 46%; Q3 FY2027 revenue outlook $3.150 billion +/- 5%; raised FY2027 and FY2028 outlook; Investor Day 2026-10-06 (accessed 2026-10-29)
  18. Marvell Technology Form 10-Q, quarter ended August 1, 2026, filed 2026-08-28 — Series A convertible preferred stock issued for $2.0 billion; repurchase authority remaining $5.1 billion at August 1, 2026; subsequent-event customer warrant (accessed 2026-10-29)
  19. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (forward-looking statements risk summary) — Trade restrictions with China may lead customers there to develop their own solutions; NRE payment risk (accessed 2026-10-29)
  20. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (signatures; Note 11) — Matthew J. Murphy signs as Chairman and CEO; 1995 Stock Option Plan adopted April 1995 (accessed 2026-10-29)
  21. Marvell Technology Form 8-K Exhibit 99.1, CFO transition press release, dated 2026-06-11 — Dan Durn CFO from 2026-06-15, succeeding Willem Meintjes; CEO since 2016 (accessed 2026-10-29)
  22. Marvell Technology Form 8-K, quarterly dividend, dated 2026-09-25 — Quarterly dividend of $0.06 per share paid 2026-10-29 (accessed 2026-10-29)
  23. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1A, government contracts) — Company was organised in Bermuda before its domestication to the US; Department of Defense FOCI arrangements (accessed 2026-10-29)
  24. Marvell Technology Form 10-K, fiscal year ended January 31, 2026, filed 2026-03-11 (Item 1, Human Capital) — 7,480 employees at January 31, 2026; regional split (accessed 2026-10-29)
  25. SEC EDGAR companyfacts: Marvell Technology (MRVL) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
  26. SEC EDGAR companyfacts: Marvell Technology (MRVL) — balance sheet at 2026-08-01 (accessed 2026-10-28)