Information Technology · Semiconductors · US stock · price as of 16 Oct 2026
Key indicators
Price
$227.83
52-week range
$70.62 – $329.73
Market cap
$209.9B
P/E (trailing)
76.5×
EV / EBITDA
135.1×
Free-cash-flow yield
0.8%
Dividend yield
0.1%
Revenue (last 12 months)
$9.5B
Revenue growth (3y a year)
11.4%
Operating margin
16.5%
Return on invested capital
6.3%
Net debt / EBITDA
0.7×
Fair value
Blended fair value$48.23 range $47 – $51
Versus priceData under review+0% to fair value
Peer multiples
$54.77
Fundamentals-adjusted multiple
$63.23
10-year DCF (market-scaled)
$26.68
Earnings power value (floor, not blended)
n/m
Model uncertainty
High
X-Ray Score
31/ 100 · High confidence · ahead of 7% of sector peers
Valuation10
Growth54
Profitability20
Financial health47
Dividends33
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Data infrastructure is the focus of Marvell Technology, which designs semiconductors for it. Its products include custom chips for cloud operators, optical connectivity devices, Ethernet switching, storage controllers and processors for carrier networks and cars. It does not run its own factories but works with outside manufacturers. Customers are cloud and data centre operators, network equipment makers, telecom carriers and automotive suppliers.
Revenue reached $9.5 billion over the last twelve months, earned by supplying chips and related designs to equipment makers and cloud companies. Sales have grown at 11.4% a year across the last three years. The operating margin is 16.5%, the business earns 6% on the capital invested in it, and net debt is 0.7 times EBITDA. The dividend yield is 0.1%.
StocksXray gives Marvell Technology, Inc. an X-Ray Score of 31 out of 100 (high confidence), ahead of 7% of the S&P 500 stocks in its sector. Its strongest lens is growth (54) and its weakest is valuation (10).
Our fair value blend is $48.23 (range $46.93 to $50.77). At $227.83 the stock trades 372% above that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Marvell Technology, Inc. (MRVL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$65.19
$43.72
$67.04
$112.38
$78.84
$227.83
Market cap
$51.9B
$37.2B
$57.7B
$97.3B
$68.6B
$209.9B
P/E
–
–
–
–
25.7×
76.5×
EV / revenue
12.5×
7.0×
11.1×
17.4×
8.7×
22.3×
EV / EBITDA
–
76.2×
–
–
53.6×
135.1×
Price / free cash flow
79.9×
34.4×
55.8×
69.6×
49.1×
121.3×
Free-cash-flow yield
1.3%
2.9%
1.8%
1.4%
2.0%
0.8%
Price / book
3.3×
2.4×
3.9×
7.2×
4.8×
11.3×
Dividend yield
0.37%
0.55%
0.36%
0.21%
0.30%
0.11%
Fundamentals checklist ● 1 Good · ● 6 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash1.6%Bad
Free-cash-flow yield0.8%Bad
Risk models
Altman Z score4.0×Average
Piotroski F-Score6 of 9Average
Growth
Free-cash-flow growth (3y)8.9%Average
Revenue growth (3y)11.4%Average
Growth consistency80%Bad
Balance sheet
Current ratio3.2×Good
Net debt / EBITDA0.7×Average
Interest cover7.2×Bad
Valuation
Fair value vs price0.2×Bad
EBIT / EV yield0.7%Bad
Profitability
Return on invested capital6.3%Bad
Operating margin16.5%Average
Gross profitability17.9%Bad
XStocksXray
Marvell Technology, Inc. (MRVL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
4,462
5,920
5,508
5,767
8,195
9,450
Gross profit
2,064
2,988
2,294
2,382
4,181
4,934
Operating income
-348
238
-568
-720
1,323
1,561
Net income
-421
-164
-933
-885
2,670
2,640
Diluted EPS ($)
-0.53
-0.19
-1.08
-1.02
3.07
2.98
Free cash flow
650
1,083
1,034
1,397
1,396
1,730
Gross margin
46.3%
50.5%
41.6%
41.3%
51.0%
52.2%
Operating margin
−7.8%
4.0%
−10.3%
−12.5%
16.1%
16.5%
Net margin
−9.4%
−2.8%
−16.9%
−15.3%
32.6%
27.9%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
22,109
22,522
21,229
20,205
22,285
27,555
Cash
614
911
951
948
2,639
3,933
Total debt
4,611
5,077
4,166
4,064
4,970
4,963
Equity
15,702
15,637
14,831
13,427
14,308
18,532
Dividend per share ($)
0.24
0.24
0.24
0.24
0.24
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.