Marvell Technology, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jan 2026, Data center was 74% and Communications and other was 26% of revenue; Data center rose from 40% in the fiscal year to Jan 2024.

In the fiscal year to Jan 2026, China was 36% and Taiwan was 20% of revenue; Taiwan rose from 3% in the fiscal year to Jan 2024.

Quarters: Marvell Technology, Inc.'s SEC filings, named by the month they end. Fiscal years: Marvell Technology, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $32.6 ends up as net income. Net margin rose from −2.8% to 32.6% over the past 3 years.

Circled: Jan 2024 (net −27.5%, operating −2.3%), Oct 2025 (net 91.7%, operating 17.2%). Net margin is usually about 4 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Marvell Technology, Inc.'s annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 53.1%, up 2.8 points from a year earlier; inventory at 126 days and rising for 2 years; capital spending 5.1% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

Marvell Technology's latest annual report names none of its suppliers or customers, but two customers it does not name account for 14% and 37% of its revenue. Since then its 8-K filings name Alphabet as a customer and a partner (Aug 19, 2026). Marvell Technology’s 10-Q for the quarter ended Aug 1, 2026 names TSMC as a supplier.

Their suppliers

KLA KLACto TSMC

Lam Research LRCXto TSMC

Onto Innovation ONTOto TSMC

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Suppliers

TSMC TSM

 

MRVLMarvell Technology

Customers

Unnamed customer 37%

Unnamed customer 14%

Alphabet GOOGL

Fortinet FTNT

Their customers

Clover Health Investments CLOVfrom Alphabet

Infleqtion INFQfrom Alphabet

Innodata INODfrom Alphabet

Arrow Electronics ARWfrom Fortinet

Ingram Micro INGMfrom Fortinet

TD Synnex SNXfrom Fortinet

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Marvell Technology's 10-K for the year to Jan 2026 gives two customers' shares of its revenue: Distributor A (37%) and Customer A (14%).

From Marvell Technology, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

Alphabet GOOGLinvested in Marvell Technology · Holds warrant tied to custom semiconductor collaboration · 8-K, Aug 19, 2026Warrant to purchase up to 58,970,907 shares at $206.58 per share, issued August 18, 2026

Only the companies Marvell Technology names in its 10-K filed Mar 11, 2026 (SEC) and in the 8-Ks it filed since, each with its date. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Also from other documents: Marvell Technology’s 10-Q for the quarter ended Aug 1, 2026, filed Aug 28, 2026 (source). Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 54.1x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

Priced 157% above the peer median of 21x.

What analysts expect

The average analyst price target is $311, 89% above the current price; 88% of 43 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 38 analysts (88%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $91.56 to $309.57 (+238%), while MRVL went from $87.52 to $164.45 (+88%). In the past three months targets were raised 29 times and cut 11 times. 7 upgrades and 3 downgrades over the year; the latest: TD Cowen moved it to Hold from Buy on Nov 3, 2026.

The day after each of these reports the stock moved +10.0% (Oct 2025, beat); +14.7% (Jan 2026, beat); −1.6% (Apr 2026, beat); −11.6% (Jul 2026, beat).

For the quarter ending Oct 2026 (Marvell Technology reports on Dec 1, 2026), analysts expect adjusted earnings of $1.10 a share, 45% more than the $0.76 of a year earlier, and revenue of $3.2B, up 52% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $4.22 a share, and revenue of $12.1B, up 47% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $1.7B in free cash flow over the year and returned more than it generated: $2.1B went back to shareholders (dividends plus buybacks), so $380M came from cash on hand or borrowing.

Marvell Technology had 921M diluted shares in the quarter ended Jul 2026, 5.8% more than a year earlier, and 5.4% more each year on average since Apr 2020. It spent $1.9B on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.0, no pressure to repay short-term debt; debt-to-equity 0.3, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 15 funds whose copy leaves MRVL out (on the exchange, not in the app yet): Tensor Edge Capital, RK Capital Management, CloudAlpha Capital Management Limited/Hong Kong, Amazon Com, UNICOM Systems, Nan Shan Life Insurance and 10 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 20 held MRVL at the end of their latest quarter (for most, Q3 2026). Over that quarter 7 added shares, 9 cut, 2 bought new, 2 sold all and 2 held the same. The largest of them is Norges Bank, 14.20M shares worth $4.2B at Jun 30, 2026, 34.8% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of MRVL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $57.0M of MRVL on the open market in the 12 months to Nov 12, 2026; none bought. 90% of the sales were made under 10b5-1 plans, set up in advance. The largest was Sandeep Bharathi (President, Data Center Group), who sold $16.5M in 5 sales.

From the Form 4s filed with the SEC about Marvell Technology, Inc. (71 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 168 other transactions (option exercises, shares withheld for tax and gifts).