Skip to content
New: 100+ more US companies, including the big banks, plus insider trades from SEC filings

Technology · NASDAQ: MRVL

Marvell: how the business works

Marvell designs chips for data centers and communications networks, and data centers brought in 74% of its $8.19 billion of revenue in FY2026.

By · Checked against filings: . Editorial policy. Corrections

Follow Marvell

Email me when Marvell's page is updated after earnings.

We'll send a confirmation email first. See our privacy policy.

Marvell Technology, Inc. · Wilmington, Delaware

Updated for Q2 FY2027 · checked

Revenue, FY2026
$8.19B
Operating income, FY2026
$1.32B
Net income, FY2026 (incl. $1.83B one-off gain)
$2.67B
Revenue, Q2 FY2027 (up 37%)
$2.74B
Employees, Jan 31, 2026
7,480

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Marvell in 5 points

  1. 1 · What it sells

    Marvell designs chips for data centers and communications networks and has outside foundries make them, with revenue of $8.19 billion in FY2026 and $2.74 billion in Q2 FY2027.

    More: what it sells

  2. 2 · Who pays it

    In FY2026, data center customers paid 74% of Marvell's revenue and communications and other customers 26%, and Marvell does not name its largest buyers.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2026, Marvell kept $26.4 as net income, lifted by a one-off $1.83 billion gain on selling its automotive ethernet business, while operating income was $16.1 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Marvell reports one segment and no profit by end market; in FY2026 gross profit of $4.18 billion paid for $2.08 billion of research, $0.77 billion of selling and admin and $0.02 billion of restructuring, leaving operating income of $1.32 billion.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Marvell agreed on Nov 2, 2026 to buy Lumentum for 4.5 Marvell shares per Lumentum share, which would leave Marvell's holders with about 67% of the combined company, subject to both companies' stockholder votes.

    More: the one thing to watch

Sources: From Marvell's FY2026 10-K, Q2 FY2027 earnings release and 8-Ks filed Nov 2, 2026 · checked

See the full receipt and the management scorecard below

Sources (4)
Next: Where $100 goes

01Where the money goes · FY2026

Where does $100 of Marvell's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Marvell · FY2026

Receipt for every $100

Where $100 of Marvell's money went in FY2026
Cost of making the chips$39.7
Research and development$20.5
Selling, general and admin$7.6
Restructuring$0.2
Interest$2.0
Income tax$3.7
Kept as net income (lifted by the one-off gain)$26.4
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (revenue $8,194.6 million + interest and other income $1,926.3 million, which includes the $1,830.4 million gain on the automotive ethernet sale = $10,120.9 million): each line = line ÷ $10,120.9 million × 100. Operating income was $16.1 per $100 of revenue.

Save this receipt as an image:

1080 × 1350 PNG for Instagram, LinkedIn1200 × 675 PNG for X

Embed this receipt

Paste this code into a blog or website to show the receipt, with a link back to this page:

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

Free, no tips, unsubscribe anytime.

We'll send a confirmation email. See our privacy policy.

02The business in one line

What does Marvell do?

Equipment makers, distributors and cloud companies pay Marvell for chips that outside factories make; most of the money goes on making the chips and on research, and what is left is profit.

  • Data center customers brought in 74% of FY2026 revenue and 79% in Q2 FY2027. Communications and other markets brought in the rest.
  • Operating income was 16.1% of FY2026 revenue. Net income was 32.6%, lifted by a one-off $1.83 billion gain on selling the automotive ethernet business.
Next: Who pays it

03Who pays it

Who pays Marvell?

  • Data center customers

    74%

    of revenue

    Buyers of chips for AI systems, servers, ethernet switching, storage and links between data centers. Revenue was $6.10 billion in FY2026, up 46%.

  • Communications and other customers

    26%

    of revenue

    Buyers of chips for enterprise and carrier networks, consumer devices such as gaming consoles and printers, and industrial and US government uses. Revenue was $2.09 billion in FY2026, up 31%.

  • Data center customers74%
  • Communications and other customers26%

Customer concentration

One unnamed distributor was 37% of FY2026 revenue and 44% in Q2 FY2027, up from 15% in FY2022. One unnamed direct customer was 14% of FY2026 revenue and 16% in Q2 FY2027. The 74.4% and 25.6% payer shares are end-market revenue ÷ total revenue of $8,194.6 million (Cityfort calculation from FY2026 10-K).

Largest customer
37%
Top 10 customers
82%
Sources (3)
Next: Why it makes money

04Why it makes money

Why does Marvell make money?

Marvell's profit depends on spreading a large research bill over more chip sales.

Research cost $25.3 per $100 of revenue in FY2026, down from $33.8 in FY2025, as revenue rose 42.1%. A non-cash charge for past acquisitions, $942.0 million of amortization in FY2026, also reduces operating income.

Operating income per $100 of revenue

−$7.8$16.1

FY2022 to FY2026

  1. Marvell spends on research ($2.08 billion in FY2026)
  2. Engineers design standard and custom chips
  3. Customers design the chips into new systems and rarely switch suppliers for that system's life
  4. Outside foundries make the chips
  5. Higher sales spread the research bill, raising operating income

↺ Step 5 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2026

Which businesses make up Marvell?

  • Data center

    74%

    Chips for AI systems, servers, switching, storage and links between data centers. Up 46% in FY2026. Marvell reports one business segment, so it gives no profit by end market.

    Revenue $6.1B

  • Communications and other

    26%

    Enterprise and carrier networking, consumer and industrial chips, combined into one end market from Q4 FY2026. Up 31% in FY2026. FY2022 and FY2023 values add up the four end markets Marvell reported then (Cityfort calculation from FY2023 10-K and FY2025 10-K).

    Revenue $2.1B

How the mix changed

  • Data center
  • Communications and other

Revenue by segment, FY2022 to FY2026.

US$

See the numbers
How the mix changed (US$)
YearData centerCommunications and other
FY2022$1.8B$2.7B
FY2023$2.4B$3.5B
FY2024$2.2B$3.3B
FY2025$4.2B$1.6B
FY2026$6.1B$2.1B
Sources (3)
Next: How has it done

06The numbers · Consolidated · US$

How has Marvell done?

Revenue

$8.2BFY2026

Revenue fell 7.0% to $5.51 billion in FY2024, a 53-week year, then rose 42.1% to $8.19 billion in FY2026 and reached $2.74 billion in Q2 FY2027, up 37%.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2022$4.5B
FY2023$5.9B
FY2024$5.5B
FY2025$5.8B
FY2026$8.2B
Q2 FY2025$1.3B
Q3 FY2025$1.5B
Q4 FY2025$1.8B
Q1 FY2026$1.9B
Q2 FY2026$2.0B
Q3 FY2026$2.1B
Q4 FY2026$2.2B
Q1 FY2027$2.4B
Q2 FY2027$2.7B

Net profit

$2.7BFY2026

Marvell had GAAP net losses from FY2022 to FY2025, with about $1 billion a year of amortization of acquired intangibles, and its FY2026 net income of $2.67 billion includes a $1.83 billion gain on a business sale.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2022−$421M−$0.53
FY2023−$164M−$0.19
FY2024−$933M−$1.08
FY2025−$885M−$1.02
FY2026$2.7B$3.07
Q2 FY2025−$193M−$0.22
Q3 FY2025−$676M−$0.78
Q4 FY2025$200M$0.23
Q1 FY2026$178M$0.20
Q2 FY2026$195M$0.22
Q3 FY2026$1.9B$2.20
Q4 FY2026$396M$0.46
Q1 FY2027$34.5M$0.04
Q2 FY2027$308M$0.33

Profit kept per $100 of revenue

$32.6FY2026

Operating income was 16.1% of revenue in FY2026, after operating losses of 10.3% of revenue in FY2024 and 12.5% in FY2025, while net income was 32.6% with the one-off gain.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2022−9.4%20.1%
FY2023−2.8%27.5%
FY2024−16.9%15.1%
FY2025−15.3%11.0%
FY202632.6%31.9%

Free cash flow

$1.4BFY2026

Cash from operations was positive in every year from FY2022 to FY2026 and free cash flow was $1.40 billion in both FY2025 and FY2026, while stock-based pay was more than 10% of revenue in FY2022, FY2024 and FY2025.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2022$819M$169M$650M
FY2023$1.3B$206M$1.1B
FY2024$1.4B$336M$1.0B
FY2025$1.7B$285M$1.4B
FY2026$1.8B$354M$1.4B
See all yearly numbers
Marvell annual financials, FY2022–FY2026, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2022$4.5B$898M−$421M−$0.53$819M$169M$650M
FY2023$5.9B$1.6B−$164M−$0.19$1.3B$206M$1.1B
FY2024$5.5B$830M−$933M−$1.08$1.4B$336M$1.0B
FY2025$5.8B$637M−$885M−$1.02$1.7B$285M$1.4B
FY2026$8.2B$2.6B$2.7B$3.07$1.8B$354M$1.4B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Saturday nearest Jan 31 (FY2026 ended Jan 31, 2026; FY2024 had 53 weeks)). Net profit is the share belonging to the company's owners.

Download Marvell's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (12)
Next: What they said, and what happened

07Who runs it

Who runs Marvell, and did they deliver?

  • Matthew J. Murphy

    Chairman and Chief Executive Officer · since 2016

    CEO since July 2016 and Chair since June 2023. Fiscal 2026 total pay was $25,064,348, of which $20,200,068 was stock awards; the CEO pay ratio was about 158 to 1.

  • Daniel Durn

    Chief Financial Officer · since 2026

    CFO since Jun 15, 2026; he resigned from Marvell's board on Jun 10, 2026. Previously Adobe's CFO. He replaced Willem Meintjes, who resigned.

What they said, and what happened

4 delivered · 2 too early to tell

  1. Said on Aug 28, 2025

    Marvell guided Q3 FY2026 revenue of $2.060 billion, plus or minus 5%.

    What happened

    Reported revenue of $2.07 billion, above the midpoint.

    Delivered

  2. Said on Dec 2, 2025

    Marvell guided Q4 FY2026 revenue of $2.200 billion, plus or minus 5%.

    What happened

    Reported revenue of $2.22 billion, above the midpoint.

    Delivered

  3. Said on Mar 5, 2026

    Marvell guided Q1 FY2027 revenue of $2.400 billion, plus or minus 5%.

    What happened

    Reported revenue of $2.42 billion, above the midpoint.

    Delivered

  4. Said on May 27, 2026

    Marvell guided Q2 FY2027 revenue of $2.700 billion, plus or minus 5%.

    What happened

    Reported revenue of $2.74 billion, $39.0 million above the midpoint.

    Delivered

  5. Said on May 27, 2026

    Marvell said it expected revenue growth to keep speeding up each quarter through fiscal 2027.

    What happened

    Year-on-year revenue growth was 27.6% in Q1 FY2027 and 36.5% in Q2 FY2027 (Cityfort calculation from the Q1 FY2026 to Q2 FY2027 earnings releases). Fiscal 2027 has two quarters left.

    Too early to tell

  6. Said on Aug 27, 2026

    Marvell guided Q3 FY2027 revenue of $3.150 billion, plus or minus 5%.

    What happened

    On Nov 2, 2026 Marvell said Q3 revenue was consistent with that guidance and narrowed the range to plus or minus 2%. Results not yet reported.

    Too early to tell
Sources (9)
Next: What could go wrong

08What could go wrong

What could go wrong for Marvell?

  • Concentration

    One distributor brings in 44% of revenue

    An unnamed distributor was 44% of Q2 FY2027 revenue, up from 15% in FY2022, and one direct customer was 16%. Four customers owed 72% of receivables at Aug 1, 2026.

    Watch The customer table in each 10-Q and the ten-largest-customer share (82% in FY2026).

  • Demand

    Most revenue rides on data center spending

    Data centers were 79% of Q2 FY2027 revenue. Marvell's 10-K says these markets are still evolving, so demand may be unpredictable and vary from one period to another.

    Watch Data center revenue each quarter ($2.17 billion in Q2 FY2027).

  • Regulation

    China shipments and export rules

    Products shipped to China were 36.2% of FY2026 revenue. Marvell says most go to factories of customers based outside China, and its 10-K names tariffs and export restrictions as risks.

    Watch The China share in the 10-K geography note and new US export rules.

  • Execution

    The Lumentum deal may change the company

    The all-stock deal would issue 4.5 Marvell shares per Lumentum share and leave Marvell's holders with about 67%. It needs stockholder votes and regulatory approvals, and Marvell could owe $5.8 billion or $3.2 billion in termination fees in some cases.

    Watch The joint registration statement (Form S-4), the vote dates and regulatory approvals.

  • Other

    New shares from warrants, preferred stock and an earn-out

    Google's warrant (up to 58.97 million shares), NVIDIA's preferred (about 21.8 million, which also votes as if converted) and the Celestial AI earn-out (up to about 27.2 million) could add shares, against 876.9 million outstanding.

    Watch Diluted share count each quarter (921.2 million in Q2 FY2027).

  • Other

    Earn-out revaluations swing net income

    Marvell revalues the Celestial AI earn-out each quarter. The losses, $331.8 million in Q1 FY2027 and $101.9 million in Q2, partly offset by a forward contract, cut net income to $34.5 million in Q1.

    Watch The interest and other line, and the earn-out liability ($749.5 million at Aug 1, 2026).

  • Competition

    Customers and rivals design their own chips

    Marvell's 10-K names 24 direct competitors and says some customers have chosen to make certain chips in-house. The 10-K adds that custom chips may have no other buyer if a customer ends its agreement.

    Watch Data center revenue growth (46% in Q2 FY2027) and new custom-chip agreements in 8-K filings.

Sources (9)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Data center revenue rose 46% to $6.10 billion in FY2026, from $1.78 billion in FY2022.
  • Revenue came in above the midpoint of Marvell's own guidance in each quarter from Q3 FY2026 to Q2 FY2027 (Cityfort comparison from the earnings releases).
  • Operating income went from a $720.3 million loss in FY2025 to $1.32 billion in FY2026, and cash from operations was positive in every year from FY2022.
  • Google and Amazon hold warrants tied to their purchases from Marvell, and NVIDIA bought $2.0 billion of Marvell preferred stock in March 2026.
  • Net debt fell to $1.03 billion at Aug 1, 2026 from $3.93 billion at the end of FY2022.

What critics point to

  • FY2026 net income of $2.67 billion includes a one-off $1.83 billion gain, and Marvell had GAAP net losses in every year from FY2022 to FY2025.
  • One unnamed distributor was 44% of Q2 FY2027 revenue, and the ten largest customers were 82% of FY2026 revenue.
  • Contracts already signed could add up to 58.97 million shares for Google, about 21.8 million for NVIDIA and about 27.2 million for the Celestial AI earn-out, against 876.9 million outstanding.
  • The Lumentum deal would issue 4.5 Marvell shares per Lumentum share, leaving Marvell's holders with about 67%, with termination fees of up to $5.8 billion for Marvell.
  • Stock-based pay rose to $326.2 million in Q2 FY2027, 11.9% of revenue, after the Celestial AI deal.
Next: What to watch next

10What to watch next

What should you watch next at Marvell?

Next event

Q3 FY2027 results

Date not announced yet.

  • Q3 FY2027 against Marvell's guidance

    Marvell guided revenue of $3.150 billion, plus or minus 5%, on Aug 27, 2026 and narrowed the range to plus or minus 2% on Nov 2, 2026. The quarter ended Oct 31, 2026.

  • Steps in the Lumentum deal

    The deal needs both companies' stockholder votes and regulatory approvals. The outside date is Nov 1, 2027, extendable to Aug 1, 2028.

  • Customer concentration

    One unnamed distributor was 44% of Q2 FY2027 revenue, up from 37% for FY2026.

  • Earn-out swings in net income

    The Celestial AI earn-out liability, $749.5 million at Aug 1, 2026, is revalued each quarter through other income.

Next: Key dates

11Key dates

What are the key dates for Marvell?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Marvell
EventDateSource
Fiscal Q3 2027 endedResults not yet reported; Marvell has not announced the date.Q2 fiscal 2027 earnings release (Form 8-K, Ex. 99.1)
Lumentum merger outside dateCan be extended to Aug 1, 2028.Form 8-K (Item 1.01): merger agreement with Lumentum Holdings Inc., filed Nov 2, 2026
Lumentum deal expected to closeFirst half of calendar 2028, the companies said on Nov 2, 2026.Not yet statedForm 8-K (Items 2.02, 7.01), Ex. 99.1 joint press release: Marvell to acquire Lumentum; preliminary Q3 fiscal 2027 revenue, filed Nov 2, 2026
Google warrant expiresForm 8-K (Items 1.01, 3.02): Google LLC commercial agreement and warrant, filed Aug 19, 2026
Sources (4)
Next: Key facts

12Key facts

Key facts about Marvell

What does Marvell do?
Marvell Technology designs chips that move, store and process data in data centers and communications networks, and outside foundries make them. Marvell's revenue was $8.19 billion in FY2026, the year ended Jan 31, 2026, and it had 7,480 employees.
How does Marvell make money?
Marvell makes money selling chips to equipment makers, distributors and cloud companies. In FY2026 Marvell kept $16.1 of operating income from every $100 of revenue, after $49.0 for making the chips and $25.3 for research.
What is Marvell's business model?
Marvell is a fabless chip company: it designs standard chips sold to many buyers and custom chips built to one customer's specifications, and pays outside foundries to make them. Marvell spent $2.08 billion on research in FY2026, 25.3% of revenue.
Is Marvell profitable?
Marvell's net income was $2.67 billion in FY2026, after GAAP net losses in every year from FY2022 to FY2025. Marvell's FY2026 net income includes a one-off $1.83 billion gain on selling its automotive ethernet business; operating income was $1.32 billion. Marvell's Q2 FY2027 net income was $308.0 million.
What is Marvell's revenue by segment?
Marvell reports one business segment and two end markets. In FY2026 Marvell's data center revenue was $6.10 billion (74%) and its communications and other revenue $2.09 billion (26%). In Q2 FY2027 Marvell's data center revenue was $2.17 billion, 79% of the total.
How much does Marvell earn from data center chips?
Marvell's data center revenue was $6.10 billion in FY2026, up 46% from $4.16 billion in FY2025 and up from $1.78 billion in FY2022. Marvell's data center revenue reached $2.17 billion in Q2 FY2027, up 46% from a year earlier.
How much does Marvell earn from communications chips?
Marvell's communications and other revenue, from chips for enterprise and carrier networks, consumer devices and industrial uses, was $2.09 billion in FY2026, up 31%, against $3.29 billion in FY2024. Marvell sold its automotive ethernet business to Infineon in August 2025.
Who are Marvell's customers?
Marvell does not name its largest customers. One distributor was 37% of Marvell's FY2026 revenue and 44% of its Q2 FY2027 revenue, one direct customer was 14% of FY2026 revenue, and Marvell's ten largest customers were 82%.
Who owns Marvell?
BlackRock reported holding 9.0% of Marvell's common stock and Vanguard Capital Management 7.63%, both as of Jun 30, 2026. NVIDIA holds Marvell convertible preferred stock that converts into about 21.8 million common shares. Marvell's officers and directors held less than 1% on Jan 31, 2026.
What is Marvell's deal to buy Lumentum?
Marvell agreed on Nov 2, 2026 to buy Lumentum Holdings in an all-stock deal, paying 4.5 Marvell shares for each Lumentum share. Marvell's holders would own about 67% of the combined company. The deal needs both companies' stockholder votes and regulatory approvals.
Sources (11)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Marvell sell?

Marvell designs chips that move, store and process data, mostly inside data centers. Marvell outsources the manufacturing to independent foundries. In FY2026 data centers brought in 74% of revenue.

  • Custom chips (ASICs)

    Chips built to one customer's specifications for AI, data center, networking, carrier, storage and defense uses. Marvell does not report their revenue separately.

  • Interconnects

    Chips that carry data between servers and between data centers over optical fiber or copper cable, such as optical signal processors, laser drivers, silicon photonics and PCIe retimers.

  • Switches and network adapters

    Ethernet chips and storage network adapters. The XConn purchase in 2026 added PCIe and CXL switches, which link processors and memory inside servers.

  • Processors and storage controllers

    Processors, and controllers for storage systems, sold into data center and communications equipment.

  • Optical links from Celestial AI

    Photonic Fabric optical connections for large AI computer clusters, added when Marvell bought Celestial AI on Feb 2, 2026.

Think of it like this

Marvell works like an architect who designs buildings and hires builders: it designs the chips and pays outside foundries to make them.

What it does

  • Does: Designs chips and outsources their manufacturing to independent foundries
  • Does: Sells standard chips to many buyers and custom chips built for one customer
  • Does: Sells directly to equipment makers and through distributors

What it does not do

  • Does not: Does not own any chip factories
  • Does not: Does not name its largest customers or say which one is the 37% distributor
  • Does not: Does not report custom-chip revenue as a separate figure
  • Does not: No longer sells automotive ethernet chips: that business was sold to Infineon in August 2025
Sources (2)
14How the money flows

14How the money flows · FY2026

How does money flow through Marvell?

Money in

  • Chip sales (net revenue)$8.2B
  • One-off gain on the automotive ethernet sale, plus interest and other income$1.9B

The company

Marvell

$10.1B came in

Money out

  • Cost of making the chips$4.0B
  • Research and development$2.1B
  • Selling, general and admin$767M
  • Restructuring$15.5M
  • Interest$203M
  • Income tax$377M
  • Net income$2.7B
  1. Customers paid Marvell $8.19 billion for chips in FY2026.
  2. Making the chips, mostly at outside foundries, cost $4.01 billion, leaving gross profit of $4.18 billion.
  3. Research took $2.08 billion, selling and admin $0.77 billion and restructuring $0.02 billion, leaving operating income of $1.32 billion.
  4. Selling the automotive ethernet business brought a one-off $1.83 billion gain, counted with interest and other income. Interest cost $0.20 billion and income tax $0.38 billion.
  5. That left net income of $2.67 billion.
Sources (1)
15What it needs to run

15What it needs to run

What does Marvell need to run?

  • Outside chip factories

    Marvell is fabless: it outsources chip manufacturing to independent foundries, and most of its wafers come from foundries in Taiwan.

  • Engineers

    Research and development cost $2.08 billion in FY2026, 25.3% of revenue. Marvell had 7,480 employees at Jan 31, 2026.

  • Distributors

    Marvell sells directly and through distributors in the US, Europe and Asia. One distributor was 44% of Q2 FY2027 revenue.

  • Bought-in technology

    Goodwill and acquired intangibles, from deals such as Inphi and Celestial AI, were 58.9% of total assets at Aug 1, 2026 (Cityfort calculation from Q2 FY2027 earnings release).

Sources (4)
16Where it sells

16Where it sells · FY2026

Where does Marvell sell?

  • China ($2.97 billion; by where products were shipped)36%
  • Taiwan ($1.66 billion)20%
  • United States ($1.17 billion)14%
  • Other countries ($2.39 billion)29%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Marvell compete with?

Marvell's FY2026 10-K names 24 companies that compete directly with its businesses, and says some customers have chosen to design certain chips themselves.

  • Broadcom

    NASDAQ: AVGO

    Named in Marvell's FY2026 10-K as a direct competitor. The 10-K cites Broadcom's November 2023 purchase of VMware as an example of consolidation among competitors.

  • Nvidia

    NASDAQ: NVDA

    Named in Marvell's FY2026 10-K as a direct competitor. NVIDIA also bought $2.0 billion of Marvell convertible preferred stock on Mar 31, 2026.

  • AMD

    NASDAQ: AMD

    Named in Marvell's FY2026 10-K as a direct competitor.

  • Intel

    NASDAQ: INTC

    Named in Marvell's FY2026 10-K as a direct competitor.

  • Credo Technology Group

    Named in Marvell's FY2026 10-K as a direct competitor, alongside other connectivity chip makers such as Astera Labs and Rambus.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Design wins that last3 of 5

    Marvell's 10-K says that once a customer picks a supplier's chip for a system, switching is costly, so the winner often keeps that product line's revenue for its life.

  • Research spending4 of 5

    Research and development cost $2.08 billion in FY2026, 25.3% of revenue.

  • Custom-chip deals with cloud companies3 of 5

    Google holds a warrant, most of which vests one tranche per $500 million of custom-product revenue, and Amazon holds a warrant tied to its Photonic Fabric purchases.

Weak spot

Few large buyers

One unnamed distributor was 44% of Q2 FY2027 revenue and the ten largest customers were 82% of FY2026 revenue. The 10-K says some customers design certain chips themselves.

Sources (5)
18Where growth could come from

18Where growth could come from

Where could Marvell's growth come from?

Marvell said in its Q2 FY2027 earnings release (Aug 27, 2026) that it expects Q3 FY2027 revenue of $3.150 billion, plus or minus 5%, and GAAP diluted EPS of $0.53, plus or minus $0.05. CEO Matt Murphy said Marvell was "again raising our revenue outlook for both fiscal 2027 and fiscal 2028", with no figures in the release. On Nov 2, 2026 Marvell said Q3 revenue was consistent with that guidance and narrowed the range to plus or minus 2%.
Management statement, Aug 27, 2026. Reported as a statement, not our forecast.

  • Data center chips

    Working

    Up 46% to $6.10B in FY2026

    Data center revenue was $1.78 billion in FY2022. It reached $2.17 billion in Q2 FY2027 alone, 79% of that quarter's revenue.

    Status: Working, on track against what the company said.

  • Custom chips for Google

    Early

    Warrant vests per $500M of custom-product revenue

    Marvell signed a commercial agreement with Google on Jul 29, 2026. Apart from 1,360,867 shares that vest by time, Google's warrant vests in 240 tranches, one per $500 million of custom-product revenue, from Q3 FY2027 to FY2033. Marvell does not report custom-chip revenue separately.

    Status: Early, too early to judge.

  • Optical links from Celestial AI

    New

    $3.5B total consideration, closed Feb 2, 2026

    Up to about 27.2 million more Marvell shares are payable if Celestial AI revenue milestones are met through FY2029. Amazon holds a warrant for 1.0 million shares that vests on its Photonic Fabric purchases through 2030.

    Status: New, recently announced.

  • Communications and other

    Mixed

    Up 31% to $2.09B in FY2026

    These markets brought in $3.29 billion in FY2024. Marvell then cut some products in a fiscal 2025 restructuring and sold its automotive ethernet business in August 2025.

    Status: Mixed, partly on track.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (10)
19The company's own measures (non-GAAP)

19The company's own measures · Q2 FY2026 and Q2 FY2027

What do Marvell's own measures show?

Adjusted (non-GAAP) figures are Marvell's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Diluted EPS, Q2 FY2027

    $0.33

    Company's own measure: Non-GAAP diluted EPS, Q2 FY2027

    $0.94

    Marvell leaves out stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, amortization of acquired intangibles, restructuring, the Celestial AI earn-out revaluation net of a related forward contract, and other items, and applies an 11.0% tax rate.

  • Official (GAAP): Net income, Q2 FY2027

    $308M

    Company's own measure: Non-GAAP net income, Q2 FY2027

    $866M

    Same exclusions: special items added $594.6 million, less a $36.7 million tax effect. Stock-based pay was $326.2 million in the quarter, 11.9% of revenue.

  • Official (GAAP): Operating margin, Q2 FY2027

    16.8%

    Company's own measure: Non-GAAP operating margin, Q2 FY2027

    36.6%

    Same exclusions, applied to operating income. GAAP operating income was $459.7 million.

  • Official (GAAP): Gross margin, Q2 FY2027

    53.1%

    Company's own measure: Non-GAAP gross margin, Q2 FY2027

    58.9%

    Leaves out mainly amortization of acquired intangibles and stock-based pay within the cost of making the chips.

  • Official (GAAP): Diluted EPS, Q2 FY2026

    $0.22

    Company's own measure: Non-GAAP diluted EPS, Q2 FY2026

    $0.67

    Same kinds of exclusions, a year earlier.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (2)
20Financial strength and debt

20Financial strength · Aug 1, 2026

How much debt does Marvell have?

At Aug 1, 2026 Marvell's debt exceeded its cash by $1.03 billion, less than its $1.75 billion of FY2026 cash from operations.
  • Total debt$5.0B
  • Cash and investments$3.9B
  • Net debt (debt minus cash)$1.0B
  • Net worth (shareholders' money)$18.5B
Debt to equity
0.27×
$ of debt for every $1 of shareholders' money
Interest cover
6.5×
how many times operating profit covers interest
  • Net debt is a Cityfort calculation from Q2 FY2027 earnings release: $4,962.9 million of senior notes less $3,932.8 million of cash. It was $3,934.5 million at the end of FY2022 (Cityfort calculation from FY2023 10-K). Operating lease liabilities ($319.7 million at Jan 31, 2026) are not counted as debt.
  • Interest coverage is FY2026 operating income divided by interest expense: $1,322.9 million ÷ $202.6 million (Cityfort calculation from FY2026 10-K).
  • The senior notes have $4,999.9 million of principal due from 2028 to 2036. Marvell repaid $500.0 million of 2026 notes in Q1 FY2027 and sold $1.0 billion of 5.300% notes due 2036 in April 2026.
  • A $3 billion revolving credit line signed on Oct 22, 2026 replaced a $1.5 billion one; nothing was drawn on it.
  • Goodwill of $13.87 billion and acquired intangibles of $2.35 billion were 58.9% of total assets at Aug 1, 2026 (Cityfort calculation from Q2 FY2027 earnings release).
  • The Celestial AI earn-out liability, revalued each quarter, was $749.5 million at Aug 1, 2026.
Sources (6)
21Who owns it

21Who owns it · ownership as of Jan 31, 2026

Who owns Marvell?

Marvell has one class of common stock, with one vote per share; NVIDIA's preferred stock votes as if converted, except in director elections. Officers and directors as a group (13 people) held 1,046,798 shares on Jan 31, 2026, less than 1%. The 2026 proxy's ownership table predates the preferred stock and gives no voting-power figure.
Share classes
Marvell share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (876.9 million shares on Aug 21, 2026 (Q2 FY2027 10-Q cover).)876.91–––Yes
Series A convertible preferred stock (Sold to NVIDIA for $2.0 billion on Mar 31, 2026. It converts at about $91.84 a share into up to about 21.8 million common shares.)2See note: Votes with the common stock as if converted, on all matters except the election of directors.–––No
Holders of 5% or more
Marvell holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.9.0%–Jul 29, 2026S32, S17Schedule 13G/A filed Jul 29, 2026 (79,080,745 shares, holding on Jun 30, 2026). The 2026 proxy showed 7.14%, from a holding on Dec 31, 2023.
Vanguard Capital Management7.6%–Jul 31, 2026S33Schedule 13G/A filed Jul 31, 2026 (66,748,129 shares, holding on Jun 30, 2026).
FMR LLC (Fidelity)4.5%–Nov 5, 2026S34, S17Schedule 13G/A filed Nov 5, 2026 (39,382,652 shares, holding on Sep 30, 2026), below the 5% reporting level. The 2026 proxy showed 14.95%.
The Vanguard Group0.0%–Mar 27, 2026S35, S17Reported 0 shares in a Schedule 13G/A filed Mar 27, 2026 (event Mar 13, 2026). The 2026 proxy showed 9.40%, from a holding on Sep 30, 2025.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Marvell's insiders report trading?

Marvell's insiders made 70 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 31 sales (367,092 shares) in the open market or privately (codes P and S).

23 of the 31 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 168 other share transactions (M: 86, F: 80, G: 2).

They also report 102 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 199 transactions
Marvell's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Koopmans ChrisPresident and COONov 2, 2026S10,000 D$186.97202,800 (indirect: By Trust)CheckedForm 4, filed Nov 3, 2026
Bharathi SandeepPresident, Data Center GroupOct 16, 2026S3,685 D$234.9758,748CheckedForm 4, filed Oct 16, 2026
MURPHY MATTHEW JDirector, Chairman of the Board and CEOOct 15, 2026S7,500 D$235.47768,186CheckedForm 4, filed Oct 16, 2026
MURPHY MATTHEW JDirector, Chairman of the Board and CEOOct 15, 2026M6,968 A$0.00775,154CheckedForm 4, filed Oct 16, 2026
MURPHY MATTHEW JDirector, Chairman of the Board and CEOOct 15, 2026F3,669 D$241.24771,485CheckedForm 4, filed Oct 16, 2026
MURPHY MATTHEW JDirector, Chairman of the Board and CEOOct 15, 2026M8,409 A$0.00779,894CheckedForm 4, filed Oct 16, 2026
MURPHY MATTHEW JDirector, Chairman of the Board and CEOOct 15, 2026F4,428 D$241.24775,466CheckedForm 4, filed Oct 16, 2026
MURPHY MATTHEW JDirector, Chairman of the Board and CEOOct 15, 2026M6,120 A$0.00781,586CheckedForm 4, filed Oct 16, 2026
MURPHY MATTHEW JDirector, Chairman of the Board and CEOOct 15, 2026F3,223 D$241.24778,363CheckedForm 4, filed Oct 16, 2026
Casper MarkEVP & Chief Legal OfficerOct 15, 2026M1,394 A$0.003,810Not checkedForm 4, filed Oct 16, 2026
Casper MarkEVP & Chief Legal OfficerOct 15, 2026F734 D$241.243,076Not checkedForm 4, filed Oct 16, 2026
Casper MarkEVP & Chief Legal OfficerOct 15, 2026M1,529 A$0.004,605Not checkedForm 4, filed Oct 16, 2026
Casper MarkEVP & Chief Legal OfficerOct 15, 2026F806 D$241.243,799Not checkedForm 4, filed Oct 16, 2026
Casper MarkEVP & Chief Legal OfficerOct 15, 2026M1,190 A$0.004,989Not checkedForm 4, filed Oct 16, 2026
Casper MarkEVP & Chief Legal OfficerOct 15, 2026F627 D$241.244,362Not checkedForm 4, filed Oct 16, 2026
Bharathi SandeepPresident, Data Center GroupOct 15, 2026M2,462 A$0.0059,601CheckedForm 4, filed Oct 16, 2026
Bharathi SandeepPresident, Data Center GroupOct 15, 2026F1,297 D$241.2458,304CheckedForm 4, filed Oct 16, 2026
Bharathi SandeepPresident, Data Center GroupOct 15, 2026M3,568 A$0.0061,872CheckedForm 4, filed Oct 16, 2026
Bharathi SandeepPresident, Data Center GroupOct 15, 2026F1,879 D$241.2459,993CheckedForm 4, filed Oct 16, 2026
Bharathi SandeepPresident, Data Center GroupOct 15, 2026M1,757 A$0.0061,750CheckedForm 4, filed Oct 16, 2026
Bharathi SandeepPresident, Data Center GroupOct 15, 2026F926 D$241.2460,824CheckedForm 4, filed Oct 16, 2026
Bharathi SandeepPresident, Data Center GroupOct 15, 2026M3,400 A$0.0064,224CheckedForm 4, filed Oct 16, 2026
Bharathi SandeepPresident, Data Center GroupOct 15, 2026F1,791 D$241.2462,433CheckedForm 4, filed Oct 16, 2026
Koopmans ChrisPresident and COOOct 15, 2026M2,788 A$0.00210,729 (indirect: By Trust)Not checkedForm 4, filed Oct 16, 2026
Koopmans ChrisPresident and COOOct 15, 2026F1,468 D$241.24209,261 (indirect: By Trust)Not checkedForm 4, filed Oct 16, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Marvell's Form 4 filings on EDGAR.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (7)
22What it does with profit

22What it does with profit

What does Marvell do with its profit?

The board declared $0.06 a share every quarter from FY2021 through September 2026. Dividends and buybacks were $2.25 billion in FY2026, 161% of free cash flow, in a year when the automotive ethernet sale brought in $2.48 billion (Cityfort calculation from FY2026 10-K). About $5.1 billion of buyback authority remained at Aug 1, 2026. Payout is dividends paid ÷ net income (Cityfort calculation from FY2026 10-K); there is none for loss years.

Dividend per share

$0.24FY2026

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2022$0.24–
FY2023$0.24–
FY2024$0.24–
FY2025$0.24–
FY2026$0.247.7%

  • Buyback · Jan 28, 2023

    Shares repurchased during FY2023 (cash paid).

    $115M

  • Buyback · Feb 3, 2024

    Shares repurchased during FY2024 (cash paid).

    $150M

  • Buyback · Feb 1, 2025

    Shares repurchased during FY2025 (cash paid).

    $725M

  • Buyback · Jan 31, 2026

    Shares repurchased during FY2026 (cash paid), including a $1.0 billion accelerated repurchase started in September 2025.

    $2.0B

  • Buyback · Aug 1, 2026

    Shares repurchased in Q1 and Q2 FY2027 (cash paid).

    $400M

  • Money raised · Mar 31, 2026

    Sold Series A convertible preferred stock to NVIDIA for $2.0 billion.

    $2.0B

  • Money raised · Apr 15, 2026

    Sold $1.0 billion of 5.300% senior notes due 2036, used to repay debt.

    $1.0B

Sources (7)
23Governance signals

23Governance signals

What do Marvell's governance filings show?

Auditor
Deloitte & Touche LLP, since 2016
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy reports no specific related-person transactions; the Audit Committee reviews them under a written policy. It notes ordinary-course purchases from Adobe, where director Daniel Durn was then CFO, at less than 1% of either company's revenue.
Credit rating
Moody's, S&P and Fitch (anticipated ratings listed in Marvell's Apr 6, 2026 term sheet for its 2036 notes) Baa2 (Moody's) / BBB (S&P) / BBB+ (Fitch) (Not stated in the term sheet), Apr 6, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other · Nov 2, 2026

    Pending purchase of Lumentum

    On Nov 2, 2026 Marvell agreed to buy Lumentum for 4.5 Marvell shares per Lumentum share. It needs both companies' stockholder votes, including Marvell's approval to raise its authorized shares, and regulatory approvals. The outside date is Nov 1, 2027, extendable to Aug 1, 2028. Marvell would owe Lumentum $5.8 billion in some cases, such as a change in its board's recommendation, and $3.2 billion if regulatory approvals fail.

  • other

    Shares that contracts could add

    Google holds a warrant for up to 58,970,907 shares at $206.58. An unnamed customer holds a warrant from FY2025 for up to 4.2 million shares at $87.77. Amazon holds a warrant for up to 1,045,171 shares at about $87.00. NVIDIA holds preferred stock convertible into up to about 21.8 million shares. The Celestial AI earn-out could add up to about 27.2 million shares.

  • disclosure

    Largest customers not named

    Marvell does not name the distributor that was 44% of Q2 FY2027 revenue or the direct customer that was 16%, and does not report custom-chip revenue separately.

  • other · Jun 11, 2026

    CFO change

    CFO Willem Meintjes resigned effective Jun 15, 2026. Director Daniel Durn resigned from the board on Jun 10, 2026 and became CFO on Jun 15, 2026.

  • other

    Insider share rules

    Marvell bars its directors and officers from holding its shares in margin accounts, using them as collateral for loans and hedging them.

Sources (11)
24What the market paid

24What the market paid · price as of Nov 5, 2026

What did the market pay for Marvell on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Marvell closed at $133.55 on Nasdaq. Its Nasdaq close on Oct 28, 2026 was $251.65; the companies called Oct 28 the last trading day before market speculation about the Lumentum deal. Times 876.9 million shares (Aug 21, 2026), the Nov 5 price gives a market value of about $117.1 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q2 FY2027 10-Q cover); the count leaves out about 21.8 million shares NVIDIA's preferred converts into. P/E is price ÷ earnings per share: 43.5 on FY2026 diluted EPS of $3.07, which includes the one-off gain. P/B is market value ÷ equity of $18.53 billion at Aug 1, 2026: 6.3. EV/EBITDA adds net debt of $1.03 billion to market value, then divides by FY2026 EBITDA of $2.61 billion: 45.2 (Cityfort calculations from FY2026 10-K and Q2 FY2027 earnings release).

Share price
$133.55
Market value (market cap)
$117.1B
P/E
43.5×
P/B
6.3×
EV/EBITDA
45.2×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 878.9 million ($133.55 × 878.9 million shares ≈ $117.1B). Source: Form 10-Q, Q2 fiscal 2027 (quarter ended Aug 1, 2026); Form 8-K (Items 3.02, 5.03): Series A convertible preferred stock sold to NVIDIA, filed Mar 31, 2026

Source: MRVL historical daily prices, Nasdaq (close of Nov 5, 2026: $133.55); Form 10-Q, Q2 fiscal 2027 (quarter ended Aug 1, 2026); Form 10-K, fiscal 2026 (year ended Jan 31, 2026) and 2 more

Sources (9)
25How it got here

25How it got here

How did Marvell get here?

  1. 2021

    Business-model change

    Buys Inphi and moves its legal home to the US

    Marvell completed its purchase of Inphi, a maker of optical connectivity chips, in fiscal 2022, when acquisitions took $3.56 billion of net cash and it borrowed $3.90 billion. After the deal Marvell was domiciled in the US, not Bermuda.

  2. 2024

    Business-model change

    Shifts research to data centers

    A restructuring that started in Q3 FY2025 moved research toward data centers and canceled some products in other markets, with $702.7 million of charges in FY2025.

  3. 2025

    Business-model change

    Sells the automotive ethernet business

    Marvell sold it to Infineon for $2.5 billion in cash on Aug 14, 2025, booking a $1,830.4 million pre-tax gain.

  4. 2025

    Milestone

    Amazon agreement and warrant

    On Dec 2, 2025 Marvell disclosed an agreement with Amazon that included a warrant, and agreed to buy Celestial AI.

  5. 2026

    Milestone

    Celestial AI deal closes

    The purchase closed on Feb 2, 2026 for $3.5 billion of total consideration, with more shares payable if revenue milestones are met.

  6. 2026

    Milestone

    NVIDIA buys $2.0 billion of preferred stock

    On Mar 31, 2026 NVIDIA bought Series A convertible preferred stock that converts into up to about 21.8 million common shares.

  7. 2026

    Milestone

    Google agreement and warrant

    Marvell signed a commercial agreement with Google on Jul 29, 2026 and issued it a warrant for up to 58,970,907 shares on Aug 18, 2026.

  8. 2026

    Business-model change

    Agrees to buy Lumentum

    On Nov 2, 2026 Marvell agreed to buy Lumentum in an all-stock deal valued by the companies at an enterprise value of $115 billion.

Sources (12)

26Sources and changes

Where every number on this page comes from

Sources (34 documents)
  1. S1Form 10-K, fiscal 2026 (year ended Jan 31, 2026) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 11, 2026
  2. S2Form 10-K, fiscal 2025 (year ended Feb 1, 2025) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2025
  3. S3Form 10-K, fiscal 2024 (year ended Feb 3, 2024) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2024
  4. S4Form 10-K, fiscal 2023 (year ended Jan 28, 2023) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 9, 2023
  5. S5Form 10-Q, Q2 fiscal 2027 (quarter ended Aug 1, 2026) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2026
  6. S8Q2 fiscal 2027 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
  7. S9Q1 fiscal 2027 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 27, 2026
  8. S10Q4 fiscal 2026 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 5, 2026
  9. S11Q3 fiscal 2026 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 2, 2025
  10. S12Q2 fiscal 2026 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2025
  11. S13Q1 fiscal 2026 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 29, 2025
  12. S14Q4 fiscal 2025 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 5, 2025
  13. S15Q3 fiscal 2025 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 3, 2024
  14. S16Q2 fiscal 2025 earnings release (Form 8-K, Ex. 99.1) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 29, 2024
  15. S17Definitive proxy statement (DEF 14A), 2026 annual meeting · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2026
  16. S18Form 8-K (Item 1.01): merger agreement with Lumentum Holdings Inc., filed Nov 2, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
  17. S19Form 8-K (Items 2.02, 7.01), Ex. 99.1 joint press release: Marvell to acquire Lumentum; preliminary Q3 fiscal 2027 revenue, filed Nov 2, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
  18. S20Form 8-K (Item 1.01): third amended revolving credit agreement ($3 billion), filed Oct 23, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2026
  19. S21Form 8-K (Items 1.01, 3.02): Google LLC commercial agreement and warrant, filed Aug 19, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 19, 2026
  20. S22Form 8-K (Item 5.02): CFO resignation and appointment, filed Jun 11, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 11, 2026
  21. S23Form 8-K (Items 3.02, 5.03): Series A convertible preferred stock sold to NVIDIA, filed Mar 31, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 31, 2026
  22. S24Form 8-K (Item 1.01): $1.0 billion 5.300% senior notes due 2036, filed Apr 15, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2026
  23. S25Free writing prospectus (term sheet), 5.300% senior notes due 2036, filed Apr 6, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 6, 2026
  24. S26Form 8-K/A (Item 3.02): Celestial AI acquisition closed, filed Feb 2, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 2, 2026
  25. S27Form 8-K (Item 3.02): agreement to acquire Celestial AI, filed Dec 2, 2025 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 2, 2025
  26. S28Form 8-K (Item 8.01): Amazon transaction agreement and warrant, filed Dec 2, 2025 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 2, 2025
  27. S29Form 8-K (Item 8.01): sale of automotive ethernet business to Infineon completed, filed Aug 14, 2025 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2025
  28. S30Form 8-K (Item 8.01): $5 billion buyback addition and $1 billion accelerated share repurchase, filed Sep 24, 2025 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 24, 2025
  29. S31Form 8-K (Item 8.01): quarterly dividend of $0.06 declared, filed Sep 25, 2026 · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 25, 2026
  30. S32Schedule 13G/A, BlackRock, Inc. (event date Jun 30, 2026) · SEC EDGAR (filed by the holder) · Tier 1: company or exchange filing · Jul 29, 2026
  31. S33Schedule 13G/A, Vanguard Capital Management (event date Jun 30, 2026) · SEC EDGAR (filed by the holder) · Tier 1: company or exchange filing · Jul 31, 2026
  32. S34Schedule 13G/A, FMR LLC (event date Sep 30, 2026) · SEC EDGAR (filed by the holder) · Tier 1: company or exchange filing · Nov 5, 2026
  33. S35Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026) · SEC EDGAR (filed by the holder) · Tier 1: company or exchange filing · Mar 27, 2026
  34. S36MRVL historical daily prices, Nasdaq (close of Nov 5, 2026: $133.55) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q2 FY2027 (quarter ended Aug 1, 2026) and the Lumentum agreement of Nov 2, 2026. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

Disclaimer

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.

Read the positions policy
Read the full disclaimer

Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.