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Marvell Technology, Inc. MRVL

Three-pass checkedFresh as companies report

FY2026 earnings of $3.07 per share look like an inflection, but roughly $2.14 of that came from a one-time gain rather than from selling chips.

At $237.04 and 124.7x trailing free cash flow, the price is a bet that revenue triples from $8.2B to $23.6B in three years, and the next print is five days out.

Key data

ItemValue
Price, 2026-08-21 close$237.04
Market capitalization$207.6B
FY2026 revenue$8.19B
FY2026 free cash flow$1.40B
Free cash flow yield0.67%
Gross margin, trailing50.6%
Debt to equity0.29x
Cash per share$4.36

MRVL · price with moving averages

Daily · 6MWeekly · 3Y
$26$103$179$255$332 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Marvell designs the silicon that moves data inside and between data centers: optical transceivers and the digital signal processors that push traffic across fibre, ethernet switches, storage controllers, and custom accelerators built to one customer's design. Hyperscalers are the buyers, and when a cloud operator wants its own AI chip rather than Nvidia's, Marvell and Broadcom are the two companies that build it. Marvell gets paid per chip shipped, at a 50.6% trailing gross margin.

The economic engine is the design win: each program locks in multi-year silicon volumes at one account, so revenue arrives in steps rather than smoothly. What changed is that the steps finally landed. Revenue went from $5.77B to $8.19B in fiscal 2026, up 42%, after three years of decline and GAAP losses, and the legacy carrier, enterprise networking, consumer and automotive lines have been shrinking or sold. Fiscal years end 31 January.

Inside the complete One Pager

  1. 01The business
  2. 02Things you might not know
  3. 03Fundamentals
  4. 04Valuation
  5. 05Management
  6. 06Compensation
  7. 07The linchpins
  8. 08Last word

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