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Marvell Technology Inc Financials

MRVL
Source SEC Filings (10-K/10-Q) Updated Jan 31, 2026 Currency USD FYE January

This page shows Marvell Technology Inc (MRVL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MRVL FY2026

Margin recovery and fixed-cost absorption turned Marvell from losses to profit without a comparable surge in cash generation.

After two loss years, net income reached $2.7B while free cash flow stayed near $1.4B, so the turnaround was more dramatic in accounting earnings than in cash entering the business. That spread means cash conversion improved less than headline profit suggests, even though the underlying earnings engine clearly reset upward.

The income statement’s shape changed because gross margin rose to 51.0% from the low-40s, while operating costs were far less volatile than revenue. That pattern points more to fixed-cost absorption and a richer revenue mix than to simple cost cutting, since R&D spending kept rising instead of being pulled back.

The balance sheet is not financing growth aggressively: current ratio improved to 2.0x and debt-to-equity stayed near 0.3x. Even after buybacks of $2.0B, cash ended at $2.6B, so shareholder returns did not come at the cost of short-term liquidity.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 55 / 100
Financial Profile 55/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Marvell Technology Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
27

Marvell Technology Inc has an operating margin of 16.1%, meaning the company retains $16 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is up from -12.5% the prior year.

Growth
70

Marvell Technology Inc's revenue surged 42.1% year-over-year to $8.2B, reflecting rapid business expansion. This strong growth earns a score of 70/100.

Leverage
96

Marvell Technology Inc carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
36

Marvell Technology Inc's current ratio of 2.01 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
74

Marvell Technology Inc converts 17.0% of revenue into free cash flow ($1.4B). This strong cash generation earns a score of 74/100.

Returns
25

Marvell Technology Inc generates a 18.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from -6.7% the prior year.

Altman Z-Score Safe
11.95

Marvell Technology Inc scores 11.95, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($147.9B) relative to total liabilities ($8.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Marvell Technology Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
0.66x

For every $1 of reported earnings, Marvell Technology Inc generates $0.66 in operating cash flow ($1.8B OCF vs $2.7B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe
7.1x

Marvell Technology Inc earns $7.1 in operating income for every $1 of interest expense ($1.3B vs $187.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$8.2B
YoY+42.1%
5Y CAGR+22.5%

Marvell Technology Inc generated $8.2B in revenue in fiscal year 2026. This represents an increase of 42.1% from the prior year.

EBITDA
$2.5B
YoY+388.2%

Marvell Technology Inc's EBITDA was $2.5B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 388.2% from the prior year.

Net Income
$2.7B
YoY+401.7%

Marvell Technology Inc reported $2.7B in net income in fiscal year 2026. This represents an increase of 401.7% from the prior year.

EPS (Diluted)
$3.07
YoY+401.0%

Marvell Technology Inc earned $3.07 per diluted share (EPS) in fiscal year 2026. This represents an increase of 401.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.4B
YoY-0.0%
5Y CAGR+14.5%

Marvell Technology Inc generated $1.4B in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 0.0% from the prior year.

Cash & Debt
$2.6B
YoY+197.9%
5Y CAGR+38.2%

Marvell Technology Inc held $2.6B in cash against $4.0B in long-term debt as of fiscal year 2026.

Dividends Per Share
$0.24
YoY+0.0%
5Y CAGR+0.0%

Marvell Technology Inc paid $0.24 per share in dividends in fiscal year 2026. This represents an increase of 0.0% from the prior year.

Shares Outstanding
874M
YoY+0.9%

Marvell Technology Inc had 874M shares outstanding in fiscal year 2026. This represents an increase of 0.9% from the prior year.

Margins & Returns

Gross Margin
51.0%
YoY+9.7pp
5Y CAGR+0.9pp

Marvell Technology Inc's gross margin was 51.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 9.7 percentage points from the prior year.

Operating Margin
16.1%
YoY+28.6pp
5Y CAGR+24.8pp

Marvell Technology Inc's operating margin was 16.1% in fiscal year 2026, reflecting core business profitability. This is up 28.6 percentage points from the prior year.

Net Margin
32.6%
YoY+47.9pp
5Y CAGR+41.9pp

Marvell Technology Inc's net profit margin was 32.6% in fiscal year 2026, showing the share of revenue converted to profit. This is up 47.9 percentage points from the prior year.

Return on Equity
18.7%
YoY+25.3pp
5Y CAGR+20.5pp

Marvell Technology Inc's ROE was 18.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 25.3 percentage points from the prior year.

Capital Allocation

R&D Spending
$2.1B
YoY+6.4%
5Y CAGR+14.1%

Marvell Technology Inc invested $2.1B in research and development in fiscal year 2026. This represents an increase of 6.4% from the prior year.

Share Buybacks
$2.0B
YoY+181.4%
5Y CAGR+140.8%

Marvell Technology Inc spent $2.0B on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 181.4% from the prior year.

Capital Expenditures
$354.1M
YoY+24.4%
5Y CAGR+27.1%

Marvell Technology Inc invested $354.1M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 24.4% from the prior year.

MRVL Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $2.1B+3.4% $2.0B+5.8% $1.9B+75.0% $1.1B-28.6% $1.5B+19.1% $1.3B+9.6% $1.2B-26.9% $1.6B
Cost of Revenue $1.0B+0.9% $995.5M+5.6% $942.9M+59.8% $590.2M-49.4% $1.2B+70.2% $685.3M+8.2% $633.1M-29.2% $893.8M
Gross Profit $1.1B+5.9% $1.0B+6.1% $952.4M+93.3% $492.8M+41.0% $349.4M-40.5% $587.6M+11.3% $527.8M-23.9% $693.5M
R&D Expenses $512.5M-1.3% $519.0M+2.2% $507.7M+8.6% $467.4M-4.3% $488.6M+0.4% $486.7M+2.2% $476.1M+2.6% $464.2M
SG&A Expenses $189.9M-1.5% $192.8M+3.4% $186.4M-10.9% $209.2M+1.9% $205.3M+4.1% $197.3M-1.3% $199.9M-5.3% $211.1M
Operating Income $357.8M+23.3% $290.1M+7.2% $270.6M+244.2% -$187.7M+73.3% -$702.8M-600.0% -$100.4M+34.1% -$152.3M-140.2% -$63.4M
Interest Expense $47.9M+2.4% $46.8M+4.5% $44.8M-2.8% $46.1M+1.1% $45.6M-1.9% $46.5M-4.7% $48.8M-13.6% $56.5M
Income Tax $314.1M+707.5% $38.9M+2.4% $38.0M+284.5% -$20.6M+72.2% -$74.2M-257.5% $47.1M+164.6% $17.8M-92.1% $224.2M
Net Income $1.9B+876.0% $194.8M+9.5% $177.9M+192.0% -$193.3M+71.4% -$676.3M-249.9% -$193.3M+10.3% -$215.6M+37.7% -$346.0M
EPS (Diluted) $2.20+900.0% $0.22+10.0% $0.20 N/A $-0.78-254.5% $-0.22+12.0% $-0.25 N/A

MRVL Balance Sheet

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $21.6B+4.8% $20.6B+2.8% $20.0B-0.9% $20.2B+2.5% $19.7B-2.8% $20.3B-1.0% $20.5B-3.5% $21.2B
Current Assets $5.5B+22.1% $4.5B+17.6% $3.8B+23.0% $3.1B+10.8% $2.8B+1.9% $2.8B+4.4% $2.6B-13.6% $3.1B
Cash & Equivalents $2.7B+121.7% $1.2B+38.2% $885.9M-6.6% $948.3M+9.2% $868.1M+7.3% $808.7M-4.6% $847.7M-10.8% $950.8M
Inventory $1.0B-3.5% $1.1B-1.8% $1.1B+4.0% $1.0B+19.8% $859.4M+5.1% $817.8M-1.0% $826.4M-4.4% $864.4M
Accounts Receivable $1.5B+6.5% $1.5B+26.9% $1.1B+11.2% $1.0B+3.1% $997.9M-5.9% $1.1B+20.2% $881.9M-21.4% $1.1B
Goodwill $11.1B0.0% $11.1B0.0% $11.1B-4.5% $11.6B0.0% $11.6B0.0% $11.6B0.0% $11.6B0.0% $11.6B
Total Liabilities $7.5B+5.0% $7.2B+6.8% $6.7B-1.0% $6.8B+6.9% $6.3B+4.2% $6.1B+1.3% $6.0B-6.0% $6.4B
Current Liabilities $2.7B+14.1% $2.4B-18.4% $2.9B+45.1% $2.0B+14.9% $1.8B+14.0% $1.5B+5.4% $1.5B-19.1% $1.8B
Long-Term Debt $4.0B0.0% $4.0B+33.3% $3.0B-24.3% $3.9B-0.8% $4.0B-0.8% $4.0B-0.8% $4.0B-0.8% $4.1B
Total Equity $14.1B+4.7% $13.4B+0.8% $13.3B-0.9% $13.4B+0.4% $13.4B-5.9% $14.2B-1.9% $14.5B-2.4% $14.8B
Retained Earnings $1.0B+220.3% -$840.0M+14.6% -$983.1M+11.4% -$1.1B+11.8% -$1.3B-137.6% -$529.3M-86.3% -$284.1M-1601.2% -$16.7M

MRVL Cash Flow Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow $582.3M+26.1% $461.6M+38.7% $332.9M-35.2% $514.0M-4.2% $536.3M+75.0% $306.4M-5.6% $324.5M-40.6% $546.6M
Capital Expenditures $73.5M+54.7% $47.5M-60.0% $118.8M+70.0% $69.9M-6.8% $75.0M+55.6% $48.2M-47.3% $91.5M+28.9% $71.0M
Free Cash Flow $508.8M+22.9% $414.1M+93.4% $214.1M-51.8% $444.1M-3.7% $461.3M+78.7% $258.2M+10.8% $233.0M-51.0% $475.6M
Investing Cash Flow $2.4B+3197.4% -$77.2M+18.0% -$94.1M-33.9% -$70.3M+6.9% -$75.5M-42.5% -$53.0M+48.0% -$101.9M-33.7% -$76.2M
Financing Cash Flow -$1.5B-3131.8% -$45.9M+84.8% -$301.2M+17.1% -$363.5M+9.4% -$401.4M-37.3% -$292.4M+10.2% -$325.7M-32.8% -$245.2M
Dividends Paid $50.8M-1.7% $51.7M-0.2% $51.8M-0.2% $51.9M0.0% $51.9M0.0% $51.9M+0.2% $51.8M-0.2% $51.9M
Share Buybacks $1.3B+550.0% $200.0M-41.2% $340.0M+70.0% $200.0M0.0% $200.0M+14.3% $175.0M+16.7% $150.0M+50.0% $100.0M

MRVL Financial Ratios

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 51.6%+1.2pp 50.4%+0.1pp 50.2%+4.7pp 45.5%+22.4pp 23.1%-23.1pp 46.2%+0.7pp 45.5%+1.8pp 43.7%
Operating Margin 17.3%+2.8pp 14.5%+0.2pp 14.3%+31.6pp -17.3%+29.0pp -46.4%-38.5pp -7.9%+5.2pp -13.1%-9.1pp -4.0%
Net Margin 91.6%+81.9pp 9.7%+0.3pp 9.4%+27.2pp -17.8%+26.8pp -44.6%-29.4pp -15.2%+3.4pp -18.6%+3.2pp -21.8%
Return on Equity 13.5%+12.1pp 1.5%+0.1pp 1.3%+2.8pp -1.4%+3.6pp -5.1%-3.7pp -1.4%+0.1pp -1.5%+0.8pp -2.3%
Return on Assets 8.8%+7.9pp 0.9%+0.1pp 0.9%+1.8pp -1.0%+2.5pp -3.4%-2.5pp -0.9%+0.1pp -1.1%+0.6pp -1.6%
Current Ratio 2.01+0.1 1.88+0.6 1.30-0.2 1.54-0.1 1.60-0.2 1.79-0.0 1.80+0.1 1.69
Debt-to-Equity 0.28-0.0 0.30+0.1 0.22-0.1 0.290.0 0.30+0.0 0.280.0 0.280.0 0.27
FCF Margin 24.5%+3.9pp 20.6%+9.3pp 11.3%-29.7pp 41.0%+10.6pp 30.4%+10.2pp 20.3%+0.2pp 20.1%-9.9pp 30.0%

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Frequently Asked Questions

Marvell Technology Inc (MRVL) reported $8.2B in total revenue for fiscal year 2026. This represents a 42.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Marvell Technology Inc (MRVL) revenue grew by 42.1% year-over-year, from $5.8B to $8.2B in fiscal year 2026.

Yes, Marvell Technology Inc (MRVL) reported a net income of $2.7B in fiscal year 2026, with a net profit margin of 32.6%.

Marvell Technology Inc (MRVL) reported diluted earnings per share of $3.07 for fiscal year 2026. This represents a 401.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Marvell Technology Inc (MRVL) had EBITDA of $2.5B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2026, Marvell Technology Inc (MRVL) had $2.6B in cash and equivalents against $4.0B in long-term debt.

Marvell Technology Inc (MRVL) had a gross margin of 51.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Marvell Technology Inc (MRVL) had an operating margin of 16.1% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Marvell Technology Inc (MRVL) had a net profit margin of 32.6% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Yes, Marvell Technology Inc (MRVL) paid $0.24 per share in dividends during fiscal year 2026.

Marvell Technology Inc (MRVL) has a return on equity of 18.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Marvell Technology Inc (MRVL) generated $1.4B in free cash flow during fiscal year 2026. This represents a -0.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Marvell Technology Inc (MRVL) generated $1.8B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Marvell Technology Inc (MRVL) had $22.3B in total assets as of fiscal year 2026, including both current and long-term assets.

Marvell Technology Inc (MRVL) invested $354.1M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Marvell Technology Inc (MRVL) invested $2.1B in research and development during fiscal year 2026.

Yes, Marvell Technology Inc (MRVL) spent $2.0B on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Marvell Technology Inc (MRVL) had 874M shares outstanding as of fiscal year 2026.

Marvell Technology Inc (MRVL) had a current ratio of 2.01 as of fiscal year 2026, which is generally considered healthy.

Marvell Technology Inc (MRVL) had a debt-to-equity ratio of 0.28 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Marvell Technology Inc (MRVL) had a return on assets of 12.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Marvell Technology Inc (MRVL) has an Altman Z-Score of 11.95, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Marvell Technology Inc (MRVL) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Marvell Technology Inc (MRVL) has an earnings quality ratio of 0.66x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Marvell Technology Inc (MRVL) has an interest coverage ratio of 7.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Marvell Technology Inc (MRVL) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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