Marvell Technology (MRVL) Financials

$73.51 -1.44 (-1.92%)

Closing price 06/20/2025 04:00 PM Eastern

Extended Trading

$73.64 +0.13 (+0.18%)

As of 06/20/2025 08:00 PM Eastern

Annual Income Statements for Marvell Technology

This table shows Marvell Technology's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025
Net Income / (Loss) Attributable to Common Shareholders	1,584	-277	-421	-164	-933	-885
Consolidated Net Income / (Loss)	1,584	-277	-421	-164	-933	-885
Net Income / (Loss) Continuing Operations	1,584	-277	-421	-164	-933	-885
Total Pre-Tax Income	798	-322	-484	85	-759	-895
Total Operating Income	-243	-258	-348	238	-568	-720
Total Gross Profit	1,357	1,488	2,064	2,988	2,294	2,382
Total Revenue	2,699	2,969	4,462	5,920	5,508	5,767
Operating Revenue	2,699	2,969	4,462	5,920	5,508	5,767
Total Cost of Revenue	1,342	1,481	2,398	2,932	3,214	3,385
Operating Cost of Revenue	1,342	1,481	2,398	2,932	3,214	3,385
Total Operating Expenses	1,600	1,747	2,412	2,750	2,861	3,103
Selling, General & Admin Expense	-	-	955	844	834	798
Research & Development Expense	1,080	1,073	1,424	1,784	1,896	1,950
Restructuring Charge	55	171	32	22	131	354
Other Special Charges / (Income)	0.00	36	0.00	100	0.00	0.00
Total Other Income / (Expense), net	1,042	-64	-136	-153	-191	-174
Interest Expense	86	69	139	171	212	189
Interest & Investment Income	4.82	2.60	0.80	18	21	15
Income Tax Expense	-786	-45	-63	249	175	-9.70
Basic Earnings per Share	$2.38	($0.41)	($0.53)	($0.19)	($1.08)	($1.02)
Weighted Average Basic Shares Outstanding	664.71M	668.80M	796.90M	851.40M	861.30M	865.50M
Diluted Earnings per Share	$2.34	($0.41)	($0.53)	($0.19)	($1.08)	($1.02)
Weighted Average Diluted Shares Outstanding	676.09M	668.80M	796.90M	851.40M	861.30M	865.50M
Weighted Average Basic & Diluted Shares Outstanding	-	-	847.80M	856.90M	866M	866.10M
Cash Dividends to Common per Share	$0.24	$0.24	$0.24	$0.24	$0.24	$0.24

This table shows Marvell Technology's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/30/2022	10/29/2022	1/28/2023	4/29/2023	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025
Net Income / (Loss) Attributable to Common Shareholders	4.30	13	-15	-169	-208	-164	-393	-216	-193	-676	200
Consolidated Net Income / (Loss)	4.30	13	-15	-169	-208	-164	-393	-216	-193	-676	200
Net Income / (Loss) Continuing Operations	4.30	13	-15	-169	-208	-164	-393	-216	-193	-676	200
Total Pre-Tax Income	3.80	65	-23	-232	-252	-188	-87	-198	-146	-751	200
Total Operating Income	39	106	23	-182	-206	-146	-33	-152	-100	-703	235
Total Gross Profit	786	777	673	557	521	551	664	528	588	349	917
Total Revenue	1,517	1,537	1,419	1,322	1,341	1,419	1,427	1,161	1,273	1,516	1,817
Operating Revenue	1,517	1,537	1,419	1,322	1,341	1,419	1,427	1,161	1,273	1,516	1,817
Total Cost of Revenue	731	760	745	765	820	867	762	633	685	1,167	900
Operating Cost of Revenue	731	760	745	765	820	867	762	633	685	1,167	900
Total Operating Expenses	747	672	650	740	727	698	697	680	688	1,052	682
Selling, General & Admin Expense	212	208	188	199	210	213	212	200	197	205	196
Research & Development Expense	449	448	443	481	475	481	460	476	487	489	499
Restructuring Charge	1.20	16	3.50	60	42	3.40	26	4.10	4.00	358	-13
Total Other Income / (Expense), net	-35	-41	-47	-50	-46	-41	-54	-46	-46	-48	-35
Interest Expense	40	45	49	53	54	53	53	49	48	47	45
Interest & Investment Income	0.80	1.50	15	2.80	7.90	11	-1.40	3.30	2.60	-0.50	9.60
Income Tax Expense	-0.50	52	-7.80	-63	-44	-23	305	18	47	-74	-0.40
Basic Earnings per Share	$0.01	$0.02	($0.02)	($0.20)	($0.24)	($0.19)	($0.45)	($0.25)	($0.22)	($0.78)	$0.23
Weighted Average Basic Shares Outstanding	850.90M	852.60M	851.40M	856.70M	860.90M	862.60M	861.30M	865M	865.70M	865.70M	865.50M
Diluted Earnings per Share	$0.01	$0.02	($0.02)	($0.20)	($0.24)	($0.19)	($0.45)	($0.25)	($0.22)	($0.78)	$0.23
Weighted Average Diluted Shares Outstanding	857.90M	858.40M	851.40M	856.70M	860.90M	862.60M	861.30M	865M	865.70M	865.70M	865.50M
Weighted Average Basic & Diluted Shares Outstanding	852.60M	853.20M	856.90M	860M	862.80M	864.50M	866M	865.60M	866.20M	865.30M	866.10M

This table details how cash moves in and out of Marvell Technology's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025
Net Change in Cash & Equivalents	65	101	-135	298	40	-2.50
Net Cash From Operating Activities	360	817	819	1,289	1,371	1,681
Net Cash From Continuing Operating Activities	360	817	819	1,289	1,371	1,681
Net Income / (Loss) Continuing Operations	1,584	-277	-421	-164	-933	-885
Consolidated Net Income / (Loss)	1,584	-277	-421	-164	-933	-885
Depreciation Expense	157	198	266	305	300	304
Amortization Expense	375	471	1,001	1,126	1,098	1,053
Non-Cash Adjustments To Reconcile Net Income	-780	397	730	621	698	1,192
Changes in Operating Assets and Liabilities, net	-976	28	-757	-599	209	17
Net Cash From Investing Activities	559	-120	-3,745	-328	-351	-301
Net Cash From Continuing Investing Activities	559	-120	-3,745	-328	-351	-301
Purchase of Property, Plant & Equipment	-82	-107	-169	-206	-336	-285
Acquisitions	-1,076	-13	-3,573	-123	-14	-17
Other Investing Activities, net	-1.06	-0.10	-3.20	1.20	-0.30	1.30
Net Cash From Financing Activities	-854	-597	2,791	-663	-980	-1,383
Net Cash From Continuing Financing Activities	-854	-597	2,791	-663	-980	-1,383
Repayment of Debt	-1,257	-252	-538	-265	-1,644	-110
Repurchase of Common Equity	-364	-63	0.00	-115	-150	-725
Payment of Dividends	-160	-161	-191	-204	-207	-208
Issuance of Debt	950	0.00	3,896	200	1,295	0.00
Issuance of Common Equity	147	87	85	91	99	88
Other Financing Activities, net	-171	-208	-461	-370	-374	-429

This table details how cash moves in and out of Marvell Technology's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/30/2022	10/29/2022	1/28/2023	4/29/2023	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025
Net Change in Cash & Equivalents	152	106	188	117	-605	302	225	-103	-39	59	80
Net Cash From Operating Activities	332	411	352	208	113	503	547	325	306	536	514
Net Cash From Continuing Operating Activities	332	411	352	208	113	503	547	325	306	536	514
Net Income / (Loss) Continuing Operations	4.30	13	-15	-169	-208	-164	-393	-216	-193	-676	200
Consolidated Net Income / (Loss)	4.30	13	-15	-169	-208	-164	-393	-216	-193	-676	200
Depreciation Expense	77	74	78	78	76	72	74	73	76	77	79
Amortization Expense	272	270	312	270	272	270	286	265	276	265	247
Non-Cash Adjustments To Reconcile Net Income	168	191	115	166	183	178	171	159	168	689	176
Changes in Operating Assets and Liabilities, net	-190	-137	-137	-137	-210	148	408	44	-20	182	-188
Net Cash From Investing Activities	-130	-52	-64	-103	-117	-55	-76	-102	-53	-76	-70
Net Cash From Continuing Investing Activities	-130	-52	-64	-103	-117	-55	-76	-102	-53	-76	-70
Purchase of Property, Plant & Equipment	-73	-43	-54	-100	-111	-54	-71	-92	-48	-75	-70
Acquisitions	-57	-9.30	-11	-2.80	-5.70	-0.30	-5.10	-0.50	-16	-0.50	-0.80
Other Investing Activities, net	-0.10	0.10	1.10	-0.10	-0.20	0.10	-0.10	-9.90	11	-	0.40
Net Cash From Financing Activities	-50	-253	-100	12	-600	-146	-245	-326	-292	-401	-364
Net Cash From Continuing Financing Activities	-50	-253	-100	12	-600	-146	-245	-326	-292	-401	-364
Repayment of Debt	-141	-91	-22	-22	-572	-1,014	-36	-22	-22	-33	-33
Repurchase of Common Equity	-50	-50	-	0.00	-	-50	-100	-150	-175	-200	-200
Payment of Dividends	-51	-51	-51	-51	-52	-52	-52	-52	-52	-52	-52
Issuance of Common Equity	49	1.10	39	7.50	53	0.70	38	2.30	49	0.80	35
Other Financing Activities, net	-56	-62	-65	-123	-80	-77	-95	-104	-93	-118	-114

This table presents Marvell Technology's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025
Total Assets	10,765	22,109	22,522	21,229	20,205
Total Current Assets	1,617	2,493	3,281	3,063	3,120
Cash & Equivalents	748	614	911	951	948
Accounts Receivable	537	1,049	1,192	1,122	1,028
Inventories, net	268	720	1,068	864	1,030
Prepaid Expenses	64	111	110	126	114
Plant, Property, & Equipment, net	326	463	577	756	791
Total Noncurrent Assets	8,822	19,152	18,664	17,410	16,294
Goodwill	5,337	11,511	11,587	11,587	11,587
Intangible Assets	2,271	6,153	5,102	4,004	2,711
Noncurrent Deferred & Refundable Income Taxes	672	494	466	312	401
Other Noncurrent Operating Assets	542	994	1,509	1,507	1,595
Total Liabilities & Shareholders' Equity	10,765	22,109	22,522	21,229	20,205
Total Liabilities	2,329	6,407	6,885	6,397	6,778
Total Current Liabilities	1,077	1,389	2,387	1,814	2,027
Short-Term Debt	200	63	584	107	130
Accounts Payable	252	462	466	411	622
Accrued Expenses	436	623	1,092	1,033	973
Current Employee Benefit Liabilities	189	241	245	263	303
Total Noncurrent Liabilities	1,252	5,018	4,498	4,583	4,751
Long-Term Debt	993	4,485	3,908	4,059	3,934
Other Noncurrent Operating Liabilities	259	533	591	524	816
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,436	15,702	15,637	14,831	13,427
Total Preferred & Common Equity	8,436	15,702	15,637	14,831	13,427
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	8,436	15,702	15,637	14,831	13,427
Common Stock	6,332	14,211	14,514	14,847	14,536
Retained Earnings	2,103	1,491	1,124	-17	-1,109
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	1.10	0.40

This table presents Marvell Technology's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	10/30/2021	4/30/2022	7/30/2022	10/29/2022	4/29/2023	7/29/2023	10/28/2023	5/4/2024	8/3/2024	11/2/2024
Total Assets	22,019	22,039	22,162	22,522	22,273	21,750	21,714	20,491	20,293	19,716
Total Current Assets	2,245	2,599	2,915	3,179	3,203	2,767	2,973	2,648	2,764	2,817
Cash & Equivalents	524	465	617	723	1,028	423	726	848	809	868
Accounts Receivable	978	1,191	1,291	1,391	1,001	1,209	1,215	882	1,060	998
Inventories, net	629	836	913	958	1,026	1,016	942	826	818	859
Prepaid Expenses	114	107	94	108	148	119	92	92	77	91
Plant, Property, & Equipment, net	444	502	508	522	636	694	702	758	782	782
Total Noncurrent Assets	19,330	18,938	18,739	18,821	18,434	18,289	18,040	17,085	16,748	16,117
Goodwill	11,446	11,539	11,579	11,579	11,587	11,587	11,587	11,587	11,587	11,587
Intangible Assets	6,439	5,888	5,643	5,373	4,832	4,560	4,290	3,739	3,463	2,958
Noncurrent Deferred & Refundable Income Taxes	529	332	311	452	608	701	760	327	348	407
Other Noncurrent Operating Assets	915	1,179	1,207	1,418	1,407	1,441	1,403	1,432	1,350	1,166
Total Liabilities & Shareholders' Equity	22,019	22,039	22,162	22,522	22,273	21,750	21,714	20,491	20,293	19,716
Total Liabilities	6,332	6,574	6,632	6,963	6,779	6,361	6,481	6,012	6,089	6,343
Total Current Liabilities	1,238	1,554	2,156	2,420	3,061	2,685	1,880	1,468	1,547	1,764
Short-Term Debt	52	74	654	584	1,518	1,019	96	118	129	129
Accounts Payable	441	553	490	476	388	413	419	321	453	538
Accrued Expenses	522	735	824	1,112	971	1,069	1,119	861	764	825
Current Employee Benefit Liabilities	223	192	188	248	185	185	245	168	200	271
Total Noncurrent Liabilities	5,095	5,020	4,476	4,543	3,718	3,675	4,601	4,545	4,542	4,579
Long-Term Debt	4,504	4,465	3,947	3,928	3,155	3,135	4,090	4,028	3,997	3,966
Other Noncurrent Operating Liabilities	591	554	529	615	563	541	512	517	546	614
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	15,686	15,465	15,530	15,559	15,494	15,390	15,233	14,479	14,205	13,373
Total Preferred & Common Equity	15,686	15,465	15,530	15,559	15,494	15,390	15,233	14,479	14,205	13,373
Total Common Equity	15,686	15,465	15,530	15,559	15,494	15,390	15,233	14,479	14,205	13,373
Common Stock	14,150	14,190	14,302	14,370	14,592	14,747	14,807	14,762	14,735	14,631
Retained Earnings	1,536	1,275	1,228	1,190	903	644	428	-284	-529	-1,258
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-0.80	-0.90	-1.00	-1.40	0.40	-0.40	-0.30

This table displays calculated financial ratios and metrics derived from Marvell Technology's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	9.99%	50.30%	32.66%	-6.96%	4.71%
EBITDA Growth	0.00%	-70.70%	123.06%	81.04%	-50.27%	-23.30%
EBIT Growth	0.00%	-129.06%	-35.03%	168.99%	-338.53%	-26.88%
NOPAT Growth	0.00%	62.55%	-34.56%	-87.87%	13.09%	-26.88%
Net Income Growth	0.00%	-117.50%	-51.82%	61.16%	-470.89%	5.19%
EPS Growth	0.00%	-117.52%	-29.27%	64.15%	-468.42%	5.56%
Operating Cash Flow Growth	0.00%	126.84%	0.24%	57.31%	6.34%	22.67%
Free Cash Flow Firm Growth	0.00%	0.00%	-21.40%	99.65%	2,087.60%	29.10%
Invested Capital Growth	0.00%	0.00%	121.13%	-2.13%	-6.10%	-8.33%
Revenue Q/Q Growth	0.00%	0.00%	13.92%	1.29%	0.15%	7.27%
EBITDA Q/Q Growth	0.00%	0.00%	40.90%	-1.68%	-6.52%	54.14%
EBIT Q/Q Growth	0.00%	0.00%	10.24%	-9.75%	-11.07%	27.15%
NOPAT Q/Q Growth	0.00%	0.00%	9.49%	-42.64%	-11.07%	27.15%
Net Income Q/Q Growth	0.00%	0.00%	-2.52%	-15.22%	-67.85%	40.12%
EPS Q/Q Growth	0.00%	0.00%	-1.92%	-26.67%	-66.15%	40.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	29.76%	0.41%	16.60%	-1.90%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-175.50%	161.86%	-28.68%
Invested Capital Q/Q Growth	0.00%	0.00%	-0.42%	-0.67%	-3.46%	-0.34%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	50.27%	50.13%	46.26%	50.47%	41.64%	41.31%
EBITDA Margin	52.26%	13.92%	20.66%	28.19%	15.07%	11.04%
Operating Margin	-9.02%	-8.70%	-7.79%	4.02%	-10.31%	-12.49%
EBIT Margin	32.57%	-8.61%	-7.73%	4.02%	-10.31%	-12.49%
Profit (Net Income) Margin	58.70%	-9.34%	-9.43%	-2.76%	-16.95%	-15.35%
Tax Burden Percent	198.45%	86.06%	87.07%	-192.13%	123.03%	98.92%
Interest Burden Percent	90.81%	126.11%	140.14%	35.76%	133.64%	124.21%
Effective Tax Rate	-98.45%	0.00%	0.00%	292.13%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-4.07%	-1.71%	-2.35%	-2.13%	-2.92%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-47.47%	-9.82%	5.46%	-17.91%	-14.95%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-2.50%	-1.78%	1.31%	-3.99%	-3.35%
Return on Equity (ROE)	0.00%	-6.57%	-3.49%	-1.04%	-6.13%	-6.26%
Cash Return on Invested Capital (CROIC)	0.00%	-204.07%	-77.15%	-0.20%	4.16%	5.78%
Operating Return on Assets (OROA)	0.00%	-2.37%	-2.10%	1.07%	-2.60%	-3.48%
Return on Assets (ROA)	0.00%	-2.58%	-2.56%	-0.73%	-4.27%	-4.27%
Return on Common Equity (ROCE)	0.00%	-6.57%	-3.49%	-1.04%	-6.13%	-6.26%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-3.29%	-2.68%	-1.05%	-6.29%	-6.59%
Net Operating Profit after Tax (NOPAT)	-483	-181	-243	-457	-397	-504
NOPAT Margin	-17.89%	-6.09%	-5.45%	-7.72%	-7.22%	-8.74%
Net Nonoperating Expense Percent (NNEP)	0.00%	43.40%	8.11%	-7.82%	15.77%	12.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-2.27%	-2.09%	-2.88%
Cost of Revenue to Revenue	49.73%	49.87%	53.74%	49.53%	58.36%	58.69%
SG&A Expenses to Revenue	0.00%	0.00%	21.41%	14.25%	15.14%	13.84%
R&D to Revenue	40.03%	36.13%	31.92%	30.14%	34.43%	33.82%
Operating Expenses to Revenue	59.29%	58.83%	54.05%	46.45%	51.95%	53.79%
Earnings before Interest and Taxes (EBIT)	879	-256	-345	238	-568	-720
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,411	413	922	1,669	830	637
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	3.52	2.40	3.92	7.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	12.40	6.33	10.57	16.93
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	1.02%	0.47%	0.37%	0.55%	0.36%	0.21%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	3.02	2.14	3.40	6.09
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	13.28	6.93	11.15	17.47
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	64.28	24.59	74.00	158.30
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	172.46	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	72.32	31.85	44.82	59.94
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	79.31	100.79
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.14	0.29	0.29	0.28	0.30
Long-Term Debt to Equity	0.00	0.12	0.29	0.25	0.27	0.29
Financial Leverage	0.00	0.05	0.18	0.24	0.22	0.22
Leverage Ratio	0.00	1.28	1.36	1.42	1.44	1.47
Compound Leverage Factor	0.00	1.61	1.91	0.51	1.92	1.82
Debt to Total Capital	0.00%	12.39%	22.46%	22.32%	21.93%	23.23%
Short-Term Debt to Total Capital	0.00%	2.07%	0.31%	2.90%	0.56%	0.74%
Long-Term Debt to Total Capital	0.00%	10.31%	22.15%	19.41%	21.36%	22.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	87.61%	77.54%	77.68%	78.07%	76.77%
Debt to EBITDA	0.00	2.89	4.93	2.69	5.02	6.38
Net Debt to EBITDA	0.00	1.08	4.27	2.15	3.87	4.89
Long-Term Debt to EBITDA	0.00	2.40	4.86	2.34	4.89	6.18
Debt to NOPAT	0.00	-6.59	-18.69	-9.82	-10.48	-8.06
Net Debt to NOPAT	0.00	-2.46	-16.17	-7.83	-8.09	-6.18
Long-Term Debt to NOPAT	0.00	-5.49	-18.43	-8.55	-10.21	-7.80
Altman Z-Score	0.00	0.00	5.49	3.68	5.70	8.80
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.50	1.80	1.37	1.69	1.54
Quick Ratio	0.00	1.19	1.20	0.88	1.14	0.98
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-9,061	-11,000	-39	774	1,000
Operating Cash Flow to CapEx	439.81%	765.26%	484.22%	625.02%	407.52%	590.72%
Free Cash Flow to Firm to Interest Expense	0.00	-130.75	-78.97	-0.23	3.66	5.28
Operating Cash Flow to Interest Expense	4.21	11.79	5.88	7.55	6.47	8.88
Operating Cash Flow Less CapEx to Interest Expense	3.25	10.25	4.67	6.35	4.89	7.37
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.28	0.27	0.27	0.25	0.28
Accounts Receivable Turnover	0.00	5.53	5.63	5.28	4.76	5.36
Inventory Turnover	0.00	5.52	4.85	3.28	3.33	3.57
Fixed Asset Turnover	0.00	9.10	11.31	11.38	8.26	7.46
Accounts Payable Turnover	0.00	5.87	6.72	6.32	7.33	6.55
Days Sales Outstanding (DSO)	0.00	65.98	64.83	69.08	76.67	68.03
Days Inventory Outstanding (DIO)	0.00	66.12	75.23	111.33	109.74	102.12
Days Payable Outstanding (DPO)	0.00	62.23	54.33	57.72	49.80	55.72
Cash Conversion Cycle (CCC)	0.00	69.88	85.73	122.69	136.61	114.43
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	8,880	19,637	19,218	18,047	16,543
Invested Capital Turnover	0.00	0.67	0.31	0.30	0.30	0.33
Increase / (Decrease) in Invested Capital	0.00	8,880	10,756	-418	-1,172	-1,504
Enterprise Value (EV)	0.00	0.00	59,256	41,046	61,419	100,773
Market Capitalization	0.00	0.00	55,321	37,465	58,204	97,658
Book Value per Share	$0.00	$12.61	$18.61	$18.33	$17.16	$15.52
Tangible Book Value per Share	$0.00	$1.24	($2.33)	($1.23)	($0.88)	($1.01)
Total Capital	0.00	9,629	20,250	20,129	18,997	17,491
Total Debt	0.00	1,193	4,548	4,492	4,166	4,064
Total Long-Term Debt	0.00	993	4,485	3,908	4,059	3,934
Net Debt	0.00	444	3,935	3,581	3,215	3,116
Capital Expenditures (CapEx)	82	107	169	206	336	285
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-8.78	555	568	405	275
Debt-free Net Working Capital (DFNWC)	0.00	740	1,168	1,479	1,356	1,223
Net Working Capital (NWC)	0.00	540	1,105	894	1,249	1,094
Net Nonoperating Expense (NNE)	-2,067	96	178	-294	536	381
Net Nonoperating Obligations (NNO)	0.00	444	3,935	3,581	3,215	3,116
Total Depreciation and Amortization (D&A)	532	669	1,267	1,431	1,398	1,357
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-0.30%	12.43%	9.59%	7.35%	4.76%
Debt-free Net Working Capital to Revenue	0.00%	24.91%	26.17%	24.98%	24.62%	21.21%
Net Working Capital to Revenue	0.00%	18.19%	24.76%	15.11%	22.67%	18.96%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.53)	($0.19)	($1.08)	($1.02)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	796.86M	851.40M	861.30M	865.50M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.53)	($0.19)	($1.08)	($1.02)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	796.86M	851.40M	861.30M	865.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	847.80M	856.90M	866M	866.10M
Normalized Net Operating Profit after Tax (NOPAT)	-132	-36	-221	252	-306	-256
Normalized NOPAT Margin	-4.88%	-1.22%	-4.95%	4.25%	-5.55%	-4.45%
Pre Tax Income Margin	29.58%	-10.85%	-10.84%	1.44%	-13.78%	-15.51%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	10.27	-3.69	-2.48	1.40	-2.68	-3.80
NOPAT to Interest Expense	-5.64	-2.61	-1.75	-2.68	-1.88	-2.66
EBIT Less CapEx to Interest Expense	9.31	-5.23	-3.69	0.19	-4.27	-5.31
NOPAT Less CapEx to Interest Expense	-6.60	-4.15	-2.96	-3.89	-3.47	-4.16
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	10.07%	-57.92%	-45.37%	-125.02%	-22.16%	-23.45%
Augmented Payout Ratio	33.06%	-80.71%	-45.37%	-195.35%	-38.23%	-105.37%

This table displays calculated financial ratios and metrics derived from Marvell Technology's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/30/2022	10/29/2022	1/28/2023	4/29/2023	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	40.99%	26.92%	5.62%	-8.65%	-11.60%	-7.72%	0.56%	-12.17%	-5.07%	6.87%	27.40%
EBITDA Growth	543.91%	42.32%	-3.84%	-60.78%	-63.83%	-56.85%	-20.89%	11.57%	77.68%	-284.71%	71.70%
EBIT Growth	115.95%	436.42%	-36.86%	-343.20%	-580.61%	-234.22%	-242.92%	16.50%	51.19%	-380.38%	806.31%
NOPAT Growth	123.70%	192.17%	-84.08%	56.73%	-425.44%	-575.25%	-242.92%	16.50%	51.19%	-380.38%	1,111.03%
Net Income Growth	101.56%	121.25%	-348.39%	-1.93%	-4,925.58%	-1,335.34%	-2,450.00%	-27.65%	6.84%	-311.63%	150.98%
EPS Growth	102.94%	125.00%	-200.00%	0.00%	-2,500.00%	-1,050.00%	-2,150.00%	-25.00%	8.33%	-310.53%	151.11%
Operating Cash Flow Growth	49.26%	55.27%	1.53%	6.98%	-66.06%	22.38%	55.51%	55.71%	172.36%	6.62%	-5.96%
Free Cash Flow Firm Growth	96.94%	101.99%	104.08%	145.36%	142.95%	39.97%	164.26%	358.52%	508.80%	190.70%	51.47%
Invested Capital Growth	3.33%	-1.89%	-2.13%	-2.05%	-2.02%	-3.38%	-6.10%	-7.11%	-8.35%	-11.20%	-8.33%
Revenue Q/Q Growth	4.84%	1.34%	-7.73%	-6.82%	1.45%	5.79%	0.56%	-18.62%	9.65%	19.11%	19.87%
EBITDA Q/Q Growth	-7.49%	15.79%	-8.87%	-56.88%	-14.70%	38.14%	67.08%	-45.13%	35.85%	-243.60%	255.30%
EBIT Q/Q Growth	-42.93%	154.67%	-78.62%	-872.88%	-12.77%	28.88%	77.24%	-357.36%	34.08%	-600.00%	133.47%
NOPAT Q/Q Growth	115.00%	-51.30%	-24.31%	-882.83%	-12.77%	28.88%	77.24%	-357.36%	34.08%	-600.00%	147.90%
Net Income Q/Q Growth	102.60%	209.30%	-215.79%	-996.75%	-22.85%	20.82%	-139.01%	45.10%	10.34%	-249.87%	129.60%
EPS Q/Q Growth	105.00%	100.00%	-200.00%	-900.00%	-20.00%	20.83%	-136.84%	44.44%	12.00%	-254.55%	129.49%
Operating Cash Flow Q/Q Growth	70.17%	23.98%	-14.48%	-40.71%	-46.02%	347.11%	8.67%	-40.63%	-5.58%	75.03%	-4.16%
Free Cash Flow Firm Q/Q Growth	3.19%	167.42%	10.39%	-37.04%	-8.34%	119.72%	108.40%	9.24%	21.71%	4.92%	8.59%
Invested Capital Q/Q Growth	-0.13%	-0.85%	-0.67%	-0.42%	-0.10%	-2.23%	-3.46%	-1.49%	-1.43%	-5.26%	-0.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.82%	50.56%	47.47%	42.16%	38.86%	38.86%	46.55%	45.46%	46.16%	23.05%	50.48%
EBITDA Margin	25.81%	29.49%	29.12%	12.56%	10.56%	13.79%	22.91%	15.95%	19.77%	-23.83%	30.87%
Operating Margin	2.58%	6.88%	1.64%	-13.80%	-15.34%	-10.31%	-2.33%	-13.12%	-7.89%	-46.36%	12.94%
EBIT Margin	2.82%	7.09%	1.64%	-13.80%	-15.34%	-10.31%	-2.33%	-13.12%	-7.89%	-46.36%	12.94%
Profit (Net Income) Margin	0.28%	0.87%	-1.09%	-12.78%	-15.47%	-11.58%	-27.53%	-18.57%	-15.19%	-44.61%	11.02%
Tax Burden Percent	113.16%	20.37%	66.38%	72.71%	82.47%	87.63%	449.83%	109.00%	132.22%	90.11%	100.20%
Interest Burden Percent	8.88%	59.91%	-99.57%	127.36%	122.31%	128.16%	262.16%	129.88%	145.62%	106.79%	84.95%
Effective Tax Rate	-13.16%	79.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.20%
Return on Invested Capital (ROIC)	0.84%	0.42%	0.35%	-2.89%	-3.12%	-2.09%	-0.48%	-2.66%	-1.59%	-9.89%	4.32%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.14%	0.21%	-0.49%	-3.96%	-4.77%	-3.80%	-11.35%	-5.80%	-5.08%	-15.40%	3.20%
Return on Net Nonoperating Assets (RNNOA)	-0.04%	0.05%	-0.12%	-0.99%	-1.19%	-0.89%	-2.53%	-1.34%	-1.21%	-3.60%	0.72%
Return on Equity (ROE)	0.80%	0.47%	0.23%	-3.88%	-4.31%	-2.98%	-3.02%	-4.00%	-2.80%	-13.49%	5.04%
Cash Return on Invested Capital (CROIC)	-2.87%	0.26%	-0.20%	2.02%	1.11%	1.55%	4.16%	5.34%	7.07%	7.94%	5.78%
Operating Return on Assets (OROA)	0.72%	1.86%	0.44%	-3.61%	-3.93%	-2.56%	-0.59%	-3.28%	-1.98%	-12.03%	3.60%
Return on Assets (ROA)	0.07%	0.23%	-0.29%	-3.34%	-3.96%	-2.88%	-6.93%	-4.64%	-3.81%	-11.58%	3.07%
Return on Common Equity (ROCE)	0.80%	0.47%	0.23%	-3.88%	-4.31%	-2.98%	-3.02%	-4.00%	-2.80%	-13.49%	5.04%
Return on Equity Simple (ROE_SIMPLE)	-1.40%	-0.91%	0.00%	-1.08%	-2.46%	-3.65%	0.00%	-6.77%	-6.80%	-11.05%	0.00%
Net Operating Profit after Tax (NOPAT)	44	22	16	-128	-144	-102	-23	-107	-70	-492	236
NOPAT Margin	2.92%	1.40%	1.15%	-9.66%	-10.74%	-7.22%	-1.63%	-9.18%	-5.52%	-32.45%	12.97%
Net Nonoperating Expense Percent (NNEP)	0.98%	0.21%	0.84%	1.07%	1.65%	1.71%	10.87%	3.14%	3.49%	5.51%	1.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.08%	-	-	-	-0.12%	-	-	-	1.35%
Cost of Revenue to Revenue	48.18%	49.44%	52.53%	57.84%	61.14%	61.14%	53.45%	54.54%	53.84%	76.95%	49.52%
SG&A Expenses to Revenue	13.96%	13.52%	13.28%	15.06%	15.66%	15.01%	14.86%	17.22%	15.50%	13.54%	10.77%
R&D to Revenue	29.60%	29.15%	31.24%	36.37%	35.41%	33.91%	32.22%	41.01%	38.24%	32.23%	27.46%
Operating Expenses to Revenue	49.24%	43.68%	45.82%	55.96%	54.20%	49.17%	48.89%	58.58%	54.05%	69.40%	37.54%
Earnings before Interest and Taxes (EBIT)	43	109	23	-182	-206	-146	-33	-152	-100	-703	235
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	392	453	413	166	142	196	327	185	252	-361	561
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.02	2.23	2.40	2.17	3.61	2.67	3.92	4.09	3.61	5.49	7.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	8.50	5.94	6.33	5.81	9.90	7.39	10.57	11.09	9.72	13.66	16.93
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.44%	0.59%	0.55%	0.61%	0.37%	0.51%	0.36%	0.35%	0.41%	0.28%	0.21%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.61	1.99	2.14	1.95	3.10	2.36	3.40	3.52	3.12	4.62	6.09
Enterprise Value to Revenue (EV/Rev)	9.22	6.58	6.93	6.44	10.56	8.02	11.15	11.70	10.34	14.26	17.47
Enterprise Value to EBITDA (EV/EBITDA)	32.55	22.66	24.59	26.87	51.94	49.66	74.00	72.77	56.30	185.60	158.30
Enterprise Value to EBIT (EV/EBIT)	415.96	145.91	172.46	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	659.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	44.73	29.98	31.85	28.65	54.77	37.51	44.82	42.10	32.49	44.73	59.94
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	745.53	0.00	95.34	277.93	149.09	79.31	63.54	42.18	54.68	100.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.29	0.29	0.30	0.27	0.27	0.28	0.29	0.29	0.31	0.30
Long-Term Debt to Equity	0.25	0.25	0.25	0.20	0.20	0.27	0.27	0.28	0.28	0.30	0.29
Financial Leverage	0.27	0.25	0.24	0.25	0.25	0.24	0.22	0.23	0.24	0.23	0.22
Leverage Ratio	1.42	1.43	1.42	1.43	1.42	1.44	1.44	1.43	1.42	1.45	1.47
Compound Leverage Factor	0.13	0.85	-1.42	1.82	1.74	1.84	3.76	1.85	2.07	1.55	1.25
Debt to Total Capital	22.85%	22.48%	22.32%	23.17%	21.25%	21.56%	21.93%	22.26%	22.51%	23.44%	23.23%
Short-Term Debt to Total Capital	3.25%	2.91%	2.90%	7.53%	5.21%	0.50%	0.56%	0.64%	0.71%	0.74%	0.74%
Long-Term Debt to Total Capital	19.61%	19.57%	19.41%	15.64%	16.04%	21.06%	21.36%	21.63%	21.80%	22.70%	22.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.15%	77.52%	77.68%	76.83%	78.75%	78.44%	78.07%	77.74%	77.49%	76.56%	76.77%
Debt to EBITDA	2.94	2.66	2.69	3.36	3.64	4.71	5.02	4.82	4.25	9.92	6.38
Net Debt to EBITDA	2.55	2.23	2.15	2.62	3.26	3.90	3.87	3.84	3.42	7.81	4.89
Long-Term Debt to EBITDA	2.53	2.31	2.34	2.27	2.74	4.61	4.89	4.68	4.12	9.60	6.18
Debt to NOPAT	59.64	-14.07	-9.82	-470.07	-22.91	-11.70	-10.48	-11.02	-13.63	-5.92	-8.06
Net Debt to NOPAT	51.64	-11.82	-7.83	-366.62	-20.57	-9.67	-8.09	-8.76	-10.96	-4.66	-6.18
Long-Term Debt to NOPAT	51.17	-12.25	-8.55	-317.39	-17.29	-11.43	-10.21	-10.70	-13.21	-5.73	-7.80
Altman Z-Score	4.62	3.38	3.65	3.28	5.52	4.08	5.78	6.20	5.33	7.08	8.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	1.31	1.37	1.05	1.03	1.58	1.69	1.80	1.79	1.60	1.54
Quick Ratio	0.89	0.87	0.88	0.66	0.61	1.03	1.14	1.18	1.21	1.06	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-584	394	435	274	251	551	1,148	1,255	1,527	1,602	1,740
Operating Cash Flow to CapEx	456.61%	962.53%	650.93%	208.82%	101.26%	924.63%	769.86%	354.64%	635.68%	715.07%	735.34%
Free Cash Flow to Firm to Interest Expense	-14.67	8.71	8.82	5.19	4.66	10.48	21.83	25.71	31.55	33.94	38.66
Operating Cash Flow to Interest Expense	8.33	9.09	7.13	3.95	2.09	9.56	10.39	6.65	6.33	11.36	11.42
Operating Cash Flow Less CapEx to Interest Expense	6.51	8.15	6.03	2.06	0.03	8.53	9.04	4.77	5.33	9.77	9.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.26	0.27	0.26	0.26	0.25	0.25	0.25	0.25	0.26	0.28
Accounts Receivable Turnover	5.31	4.93	5.28	5.29	4.49	4.22	4.76	5.68	4.65	4.86	5.36
Inventory Turnover	3.94	3.59	3.28	3.22	3.20	3.37	3.33	3.33	3.22	3.61	3.57
Fixed Asset Turnover	11.72	12.11	11.38	10.18	9.35	8.99	8.26	7.67	7.16	7.25	7.46
Accounts Payable Turnover	6.29	6.20	6.32	6.37	6.84	7.14	7.33	8.69	6.81	6.79	6.55
Days Sales Outstanding (DSO)	68.69	73.98	69.08	69.04	81.22	86.45	76.67	64.26	78.45	75.10	68.03
Days Inventory Outstanding (DIO)	92.54	101.80	111.33	113.22	113.94	108.41	109.74	109.66	113.50	101.21	102.12
Days Payable Outstanding (DPO)	58.04	58.84	57.72	57.26	53.35	51.11	49.80	41.99	53.62	53.79	55.72
Cash Conversion Cycle (CCC)	103.20	116.94	122.69	124.99	141.82	143.75	136.61	131.94	138.34	122.52	114.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,514	19,347	19,218	19,138	19,119	18,694	18,047	17,777	17,522	16,600	16,543
Invested Capital Turnover	0.29	0.30	0.30	0.30	0.29	0.29	0.30	0.29	0.29	0.30	0.33
Increase / (Decrease) in Invested Capital	628	-372	-418	-401	-395	-654	-1,172	-1,361	-1,597	-2,094	-1,504
Enterprise Value (EV)	50,872	38,475	41,046	37,311	59,337	44,091	61,419	62,579	54,604	76,655	100,773
Market Capitalization	46,888	34,687	37,465	33,666	55,608	40,631	58,204	59,280	51,287	73,428	97,658
Book Value per Share	$18.27	$18.25	$18.33	$18.08	$17.89	$17.66	$17.16	$16.72	$16.41	$15.44	$15.52
Tangible Book Value per Share	($1.99)	($1.63)	($1.23)	($1.08)	($0.88)	($0.75)	($0.88)	($0.98)	($0.98)	($1.35)	($1.01)
Total Capital	20,131	20,071	20,129	20,166	19,543	19,419	18,997	18,625	18,331	17,468	17,491
Total Debt	4,601	4,512	4,492	4,673	4,153	4,186	4,166	4,146	4,126	4,095	4,064
Total Long-Term Debt	3,947	3,928	3,908	3,155	3,135	4,090	4,059	4,028	3,997	3,966	3,934
Net Debt	3,984	3,788	3,581	3,644	3,730	3,460	3,215	3,298	3,317	3,227	3,116
Capital Expenditures (CapEx)	73	43	54	100	111	54	71	92	48	75	70
Debt-free, Cash-free Net Working Capital (DFCFNWC)	796	620	568	631	677	464	405	451	538	315	275
Debt-free Net Working Capital (DFNWC)	1,413	1,343	1,479	1,659	1,101	1,190	1,356	1,298	1,347	1,183	1,223
Net Working Capital (NWC)	759	759	894	142	82	1,094	1,249	1,180	1,217	1,053	1,094
Net Nonoperating Expense (NNE)	40	8.25	32	41	64	62	369	109	123	184	35
Net Nonoperating Obligations (NNO)	3,984	3,788	3,581	3,644	3,730	3,460	3,215	3,298	3,317	3,227	3,116
Total Depreciation and Amortization (D&A)	349	344	390	348	347	342	360	338	352	342	326
Debt-free, Cash-free Net Working Capital to Revenue	14.42%	10.60%	9.59%	10.89%	12.05%	8.44%	7.35%	8.43%	10.19%	5.85%	4.76%
Debt-free Net Working Capital to Revenue	25.60%	22.98%	24.98%	28.63%	19.59%	21.64%	24.62%	24.28%	25.51%	22.00%	21.21%
Net Working Capital to Revenue	13.76%	12.99%	15.11%	2.44%	1.46%	19.88%	22.67%	22.07%	23.06%	19.59%	18.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.01	$0.02	($0.02)	($0.20)	($0.24)	($0.19)	($0.45)	($0.25)	($0.22)	($0.78)	$0.23
Adjusted Weighted Average Basic Shares Outstanding	850.90M	852.60M	851.40M	856.70M	860.90M	862.60M	861.30M	865M	865.70M	865.70M	865.50M
Adjusted Diluted Earnings per Share	$0.01	$0.02	($0.02)	($0.20)	($0.24)	($0.19)	($0.45)	($0.25)	($0.22)	($0.78)	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	857.90M	858.40M	851.40M	856.70M	860.90M	862.60M	861.30M	865M	865.70M	865.70M	865.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	852.60M	853.20M	856.90M	860M	862.80M	864.50M	866M	865.60M	866.20M	865.30M	866.10M
Normalized Net Operating Profit after Tax (NOPAT)	88	85	19	-86	-115	-100	-5.25	-104	-67	-241	156
Normalized NOPAT Margin	5.78%	5.53%	1.32%	-6.49%	-8.55%	-7.05%	-0.37%	-8.94%	-5.30%	-15.91%	8.58%
Pre Tax Income Margin	0.25%	4.25%	-1.64%	-17.58%	-18.76%	-13.22%	-6.12%	-17.04%	-11.49%	-49.50%	10.99%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.08	2.41	0.47	-3.46	-3.82	-2.78	-0.63	-3.12	-2.07	-14.89	5.23
NOPAT to Interest Expense	1.11	0.48	0.33	-2.42	-2.68	-1.95	-0.44	-2.18	-1.45	-10.42	5.24
EBIT Less CapEx to Interest Expense	-0.75	1.47	-0.62	-5.35	-5.89	-3.82	-1.98	-5.00	-3.07	-16.48	3.67
NOPAT Less CapEx to Interest Expense	-0.71	-0.47	-0.76	-4.32	-4.74	-2.98	-1.79	-4.06	-2.45	-12.01	3.68
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-93.25%	-143.62%	-125.02%	-122.92%	-54.29%	-37.08%	-22.16%	-21.14%	-21.47%	-14.04%	-23.45%
Augmented Payout Ratio	-117.68%	-216.35%	-195.35%	-182.90%	-67.50%	-46.07%	-38.23%	-51.75%	-70.65%	-56.33%	-105.37%

Key Financial Trends

Marvell Technology closed Q4 2025 on a strong note, with revenue up 27.4% year-over-year to $1.817 billion and operating income turning positive at $235 million. Gross and operating margins both improved, and net income of $200 million marked a return to profitability after prior quarterly losses. Free cash flow surged, supporting dividends and share buybacks, though leverage and working capital cycles remain areas to watch.

Q4 2025 revenue of $1.817 billion grew 27.4% YoY, one of the highest quarterly growth rates in the past four years.
Operating margin expanded to 12.9% in Q4 2025, up from breakeven or negative margins in earlier years.
Free cash flow to firm reached $1.74 billion in Q4 2025, enabling a $0.06/share dividend and ~$200 million in share buybacks.
Net income returned to $200 million in Q4 2025 after several quarters of losses, demonstrating a profitable turnaround.
R&D expense remained elevated at ~27% of revenue, reflecting continued investment in future product development.
Net debt stabilized near $3.1 billion, keeping net debt/EBITDA around 4.9x as of Q4 2025.
Dividend yield held steady around 0.2%, with a quarterly payout of $0.06 per share since 2022.
Cash conversion cycle averaged ~115 days, indicating moderate working capital intensity.
Prior to Q4 2025, Marvell recorded sizeable net losses (e.g., Q3 2025 loss of $676 million), highlighting earnings volatility.
Interest expense of ~$45 million per quarter and a high EV/EBITDA multiple (~158x in Q4 2025) may pressure shareholder returns.

06/21/25 06:08 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Marvell Technology's Financials

When does Marvell Technology's financial year end?

According to the most recent income statement we have on file, Marvell Technology's fiscal year ends in February. Their fiscal year 2025 ended on February 1, 2025.

How has Marvell Technology's net income changed over the last 5 years?

Marvell Technology's net income appears to be on an upward trend, with a most recent value of -$885 million in 2025, falling from $1.58 billion in 2020. The previous period was -$933.40 million in 2024. Check out Marvell Technology's forecast to explore projected trends and price targets.

What is Marvell Technology's operating income?

Marvell Technology's total operating income in 2025 was -$720.30 million, based on the following breakdown:

Total Gross Profit: $2.38 billion
Total Operating Expenses: $3.10 billion

How has Marvell Technology's revenue changed over the last 5 years?

Over the last 5 years, Marvell Technology's total revenue changed from $2.70 billion in 2020 to $5.77 billion in 2025, a change of 113.7%.

How much debt does Marvell Technology have?

Marvell Technology's total liabilities were at $6.78 billion at the end of 2025, a 5.9% increase from 2024, and a 191.0% increase since 2021.

How much cash does Marvell Technology have?

In the past 4 years, Marvell Technology's cash and equivalents has ranged from $613.50 million in 2022 to $950.80 million in 2024, and is currently $948.30 million as of their latest financial filing in 2025.

How has Marvell Technology's book value per share changed over the last 5 years?

Over the last 5 years, Marvell Technology's book value per share changed from 0.00 in 2020 to 15.52 in 2025, a change of 1,551.7%.

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This page (NASDAQ:MRVL) was last updated on 6/21/2025 by MarketBeat.com Staff

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