Marvell Technology (MRVL) Financials

$75.36 +1.10 (+1.49%)

As of 02:55 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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	5/3/2025	8/2/2025
Net Income / (Loss) Attributable to Common Shareholders	-15	-169	-208	-164	-393	-216	-193	-676	200	178	195
Consolidated Net Income / (Loss)	-15	-169	-208	-164	-393	-216	-193	-676	200	178	195
Net Income / (Loss) Continuing Operations	-15	-169	-208	-164	-393	-216	-193	-676	200	178	195
Total Pre-Tax Income	-23	-232	-252	-188	-87	-198	-146	-751	200	216	234
Total Operating Income	23	-182	-206	-146	-33	-152	-100	-703	235	271	290
Total Gross Profit	673	557	521	551	664	528	588	349	917	952	1,011
Total Revenue	1,419	1,322	1,341	1,419	1,427	1,161	1,273	1,516	1,817	1,895	2,006
Operating Revenue	1,419	1,322	1,341	1,419	1,427	1,161	1,273	1,516	1,817	1,895	2,006
Total Cost of Revenue	745	765	820	867	762	633	685	1,167	900	943	996
Operating Cost of Revenue	745	765	820	867	762	633	685	1,167	900	943	996
Total Operating Expenses	650	740	727	698	697	680	688	1,052	682	682	721
Selling, General & Admin Expense	188	199	210	213	212	200	197	205	196	186	193
Research & Development Expense	443	481	475	481	460	476	487	489	499	508	519
Restructuring Charge	3.50	60	42	3.40	26	4.10	4.00	358	-13	-12	8.70
Total Other Income / (Expense), net	-47	-50	-46	-41	-54	-46	-46	-48	-35	-55	-56
Interest Expense	49	53	54	53	53	49	48	47	45	49	52
Other Income / (Expense), net	-	-	-	-	-	3.30	2.60	-	-	-6.00	-4.50
Income Tax Expense	-7.80	-63	-44	-23	305	18	47	-74	-0.40	38	39
Basic Earnings per Share	($0.02)	($0.20)	($0.24)	($0.19)	($0.45)	($0.25)	($0.22)	($0.78)	$0.23	$0.21	$0.23
Weighted Average Basic Shares Outstanding	851.40M	856.70M	860.90M	862.60M	861.30M	865M	865.70M	865.70M	865.50M	864.80M	862.60M
Diluted Earnings per Share	($0.02)	($0.20)	($0.24)	($0.19)	($0.45)	($0.25)	($0.22)	($0.78)	$0.23	$0.20	$0.22
Weighted Average Diluted Shares Outstanding	851.40M	856.70M	860.90M	862.60M	861.30M	865M	865.70M	865.70M	865.50M	875.60M	870.40M
Weighted Average Basic & Diluted Shares Outstanding	856.90M	860M	862.80M	864.50M	866M	865.60M	866.20M	865.30M	866.10M	862.20M	862.10M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	5/3/2025	8/2/2025
Net Change in Cash & Equivalents	188	117	-605	302	225	-103	-39	59	80	-62	339
Net Cash From Operating Activities	352	208	113	503	547	325	306	536	514	333	462
Net Cash From Continuing Operating Activities	352	208	113	503	547	325	306	536	514	333	462
Net Income / (Loss) Continuing Operations	-15	-169	-208	-164	-393	-216	-193	-676	200	178	195
Consolidated Net Income / (Loss)	-15	-169	-208	-164	-393	-216	-193	-676	200	178	195
Depreciation Expense	78	78	76	72	74	73	76	77	79	84	84
Amortization Expense	312	270	272	270	286	265	276	265	247	246	244
Non-Cash Adjustments To Reconcile Net Income	115	166	183	178	171	159	168	689	176	172	190
Changes in Operating Assets and Liabilities, net	-137	-137	-210	148	408	44	-20	182	-188	-347	-251
Net Cash From Investing Activities	-64	-103	-117	-55	-76	-102	-53	-76	-70	-94	-77
Net Cash From Continuing Investing Activities	-64	-103	-117	-55	-76	-102	-53	-76	-70	-94	-77
Purchase of Property, Plant & Equipment	-54	-100	-111	-54	-71	-92	-48	-75	-70	-119	-48
Acquisitions	-11	-2.80	-5.70	-0.30	-5.10	-0.50	-16	-0.50	-0.80	-1.10	-1.10
Sale of Property, Plant & Equipment	-	-	-	-	-	0.10	-	-	-	26	1.40
Other Investing Activities, net	1.10	-0.10	-0.20	0.10	-0.10	-10	11	-	0.40	-0.10	-30
Net Cash From Financing Activities	-100	12	-600	-146	-245	-326	-292	-401	-364	-301	-46
Net Cash From Continuing Financing Activities	-100	12	-600	-146	-245	-326	-292	-401	-364	-301	-46
Repayment of Debt	-22	-22	-572	-1,014	-36	-22	-22	-33	-33	-33	-765
Repurchase of Common Equity	-	0.00	-	-50	-100	-150	-175	-200	-200	-340	-200
Payment of Dividends	-51	-51	-52	-52	-52	-52	-52	-52	-52	-52	-52
Issuance of Debt	-	200	50	1,045	-	0.00	-	-	-	200	999
Issuance of Common Equity	39	7.50	53	0.70	38	2.30	49	0.80	35	0.60	51
Other Financing Activities, net	-65	-123	-80	-77	-95	-104	-93	-118	-114	-77	-78

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
Other Current Nonoperating Assets	-	-	-	-	0.00
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
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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	5/3/2025	8/2/2025
Total Assets	22,039	22,162	22,522	22,273	21,750	21,714	20,491	20,293	19,716	20,024	20,586
Total Current Assets	2,599	2,915	3,179	3,203	2,767	2,973	2,648	2,764	2,817	3,838	4,513
Cash & Equivalents	465	617	723	1,028	423	726	848	809	868	886	1,224
Accounts Receivable	1,191	1,291	1,391	1,001	1,209	1,215	882	1,060	998	1,144	1,452
Inventories, net	836	913	958	1,026	1,016	942	826	818	859	1,071	1,052
Prepaid Expenses	107	94	108	148	119	92	92	77	91	148	190
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	588	596
Plant, Property, & Equipment, net	502	508	522	636	694	702	758	782	782	775	795
Total Noncurrent Assets	18,938	18,739	18,821	18,434	18,289	18,040	17,085	16,748	16,117	15,411	15,279
Goodwill	11,539	11,579	11,579	11,587	11,587	11,587	11,587	11,587	11,587	11,062	11,062
Intangible Assets	5,888	5,643	5,373	4,832	4,560	4,290	3,739	3,463	2,958	2,451	2,207
Noncurrent Deferred & Refundable Income Taxes	332	311	452	608	701	760	327	348	407	406	410
Other Noncurrent Operating Assets	1,179	1,207	1,418	1,407	1,441	1,403	1,432	1,350	1,166	1,492	1,600
Total Liabilities & Shareholders' Equity	22,039	22,162	22,522	22,273	21,750	21,714	20,491	20,293	19,716	20,024	20,586
Total Liabilities	6,574	6,632	6,963	6,779	6,361	6,481	6,012	6,089	6,343	6,711	7,165
Total Current Liabilities	1,554	2,156	2,420	3,061	2,685	1,880	1,468	1,547	1,764	2,941	2,399
Short-Term Debt	74	654	584	1,518	1,019	96	118	129	129	1,255	499
Accounts Payable	553	490	476	388	413	419	321	453	538	563	611
Accrued Expenses	735	824	1,112	971	1,069	1,119	861	764	825	940	1,079
Current Employee Benefit Liabilities	192	188	248	185	185	245	168	200	271	184	211
Total Noncurrent Liabilities	5,020	4,476	4,543	3,718	3,675	4,601	4,545	4,542	4,579	3,770	4,765
Long-Term Debt	4,465	3,947	3,928	3,155	3,135	4,090	4,028	3,997	3,966	2,977	3,968
Other Noncurrent Operating Liabilities	554	529	615	563	541	512	517	546	614	792	797
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	15,465	15,530	15,559	15,494	15,390	15,233	14,479	14,205	13,373	13,313	13,422
Total Preferred & Common Equity	15,465	15,530	15,559	15,494	15,390	15,233	14,479	14,205	13,373	13,313	13,422
Total Common Equity	15,465	15,530	15,559	15,494	15,390	15,233	14,479	14,205	13,373	13,313	13,422
Common Stock	14,190	14,302	14,370	14,592	14,747	14,807	14,762	14,735	14,631	14,296	14,261
Retained Earnings	1,275	1,228	1,190	903	644	428	-284	-529	-1,258	-983	-840
Accumulated Other Comprehensive Income / (Loss)	-	-	-0.80	-0.90	-1.00	-1.40	0.40	-0.40	-0.30	-0.10	0.60

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	5/3/2025	8/2/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.62%	-8.65%	-11.60%	-7.72%	0.56%	-12.17%	-5.07%	6.87%	27.40%	63.26%	57.60%
EBITDA Growth	-3.84%	-60.78%	-63.83%	-56.85%	-20.89%	11.57%	77.68%	-284.71%	71.70%	215.38%	141.31%
EBIT Growth	-36.86%	-343.20%	-580.61%	-234.22%	-242.92%	16.50%	51.19%	-380.38%	806.31%	277.58%	392.02%
NOPAT Growth	-84.08%	56.73%	-425.44%	-575.25%	-242.92%	16.50%	51.19%	-380.38%	1,111.03%	309.15%	444.07%
Net Income Growth	-348.39%	-1.93%	-4,925.58%	-1,335.34%	-2,450.00%	-27.65%	6.84%	-311.63%	150.98%	182.51%	200.78%
EPS Growth	-200.00%	0.00%	-2,500.00%	-1,050.00%	-2,150.00%	-25.00%	8.33%	-310.53%	151.11%	180.00%	200.00%
Operating Cash Flow Growth	1.53%	6.98%	-66.06%	22.38%	55.51%	55.71%	172.36%	6.62%	-5.96%	2.59%	50.65%
Free Cash Flow Firm Growth	104.08%	145.36%	142.95%	39.97%	164.26%	358.52%	508.80%	190.70%	51.47%	53.73%	11.00%
Invested Capital Growth	-2.13%	-2.05%	-2.02%	-3.38%	-6.10%	-7.11%	-8.35%	-11.20%	-8.33%	-9.60%	-8.29%
Revenue Q/Q Growth	-7.73%	-6.82%	1.45%	5.79%	0.56%	-18.62%	9.65%	19.11%	19.87%	4.29%	5.85%
EBITDA Q/Q Growth	-8.87%	-56.88%	-14.70%	38.14%	67.08%	-45.13%	35.85%	-243.60%	255.30%	5.95%	3.18%
EBIT Q/Q Growth	-78.62%	-872.88%	-12.77%	28.88%	77.24%	-357.36%	34.08%	-600.00%	133.47%	12.50%	7.94%
NOPAT Q/Q Growth	-24.31%	-882.83%	-12.77%	28.88%	77.24%	-357.36%	34.08%	-600.00%	147.90%	-5.39%	8.45%
Net Income Q/Q Growth	-215.79%	-996.75%	-22.85%	20.82%	-139.01%	45.10%	10.34%	-249.87%	129.60%	-11.14%	9.50%
EPS Q/Q Growth	-200.00%	-900.00%	-20.00%	20.83%	-136.84%	44.44%	12.00%	-254.55%	129.49%	-13.04%	10.00%
Operating Cash Flow Q/Q Growth	-14.48%	-40.71%	-46.02%	347.11%	8.67%	-40.63%	-5.58%	75.03%	-4.16%	-35.23%	38.66%
Free Cash Flow Firm Q/Q Growth	10.39%	-37.04%	-8.34%	119.72%	108.40%	9.24%	21.71%	4.92%	8.59%	10.86%	-12.13%
Invested Capital Q/Q Growth	-0.67%	-0.42%	-0.10%	-2.23%	-3.46%	-1.49%	-1.43%	-5.26%	-0.34%	-2.85%	-0.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.47%	42.16%	38.86%	38.86%	46.55%	45.46%	46.16%	23.05%	50.48%	50.25%	50.38%
EBITDA Margin	29.12%	12.56%	10.56%	13.79%	22.91%	15.95%	19.77%	-23.83%	30.87%	31.37%	30.58%
Operating Margin	1.64%	-13.80%	-15.34%	-10.31%	-2.33%	-13.12%	-7.89%	-46.36%	12.94%	14.28%	14.46%
EBIT Margin	1.64%	-13.80%	-15.34%	-10.31%	-2.33%	-13.12%	-7.89%	-46.36%	12.94%	13.96%	14.24%
Profit (Net Income) Margin	-1.09%	-12.78%	-15.47%	-11.58%	-27.53%	-18.57%	-15.19%	-44.61%	11.02%	9.39%	9.71%
Tax Burden Percent	66.38%	72.71%	82.47%	87.63%	449.83%	109.00%	132.22%	90.11%	100.20%	82.40%	83.35%
Interest Burden Percent	-99.57%	127.36%	122.31%	128.16%	262.16%	129.88%	145.62%	106.79%	84.95%	81.59%	81.83%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.20%	17.60%	16.65%
Return on Invested Capital (ROIC)	0.35%	-2.89%	-3.12%	-2.09%	-0.48%	-2.66%	-1.59%	-9.89%	4.32%	4.52%	5.19%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.49%	-3.96%	-4.77%	-3.80%	-11.35%	-5.80%	-5.08%	-15.40%	3.20%	3.03%	3.62%
Return on Net Nonoperating Assets (RNNOA)	-0.12%	-0.99%	-1.19%	-0.89%	-2.53%	-1.34%	-1.21%	-3.60%	0.72%	0.66%	0.78%
Return on Equity (ROE)	0.23%	-3.88%	-4.31%	-2.98%	-3.02%	-4.00%	-2.80%	-13.49%	5.04%	5.18%	5.97%
Cash Return on Invested Capital (CROIC)	-0.20%	2.02%	1.11%	1.55%	4.16%	5.34%	7.07%	7.94%	5.78%	8.85%	9.04%
Operating Return on Assets (OROA)	0.44%	-3.61%	-3.93%	-2.56%	-0.59%	-3.28%	-1.98%	-12.03%	3.60%	4.48%	5.04%
Return on Assets (ROA)	-0.29%	-3.34%	-3.96%	-2.88%	-6.93%	-4.64%	-3.81%	-11.58%	3.07%	3.01%	3.44%
Return on Common Equity (ROCE)	0.23%	-3.88%	-4.31%	-2.98%	-3.02%	-4.00%	-2.80%	-13.49%	5.04%	5.18%	5.97%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.08%	-2.46%	-3.65%	0.00%	-6.77%	-6.80%	-11.05%	0.00%	-3.69%	0.00%
Net Operating Profit after Tax (NOPAT)	16	-128	-144	-102	-23	-107	-70	-492	236	223	242
NOPAT Margin	1.15%	-9.66%	-10.74%	-7.22%	-1.63%	-9.18%	-5.52%	-32.45%	12.97%	11.76%	12.05%
Net Nonoperating Expense Percent (NNEP)	0.84%	1.07%	1.65%	1.71%	10.87%	3.14%	3.49%	5.51%	1.12%	1.49%	1.58%
Return On Investment Capital (ROIC_SIMPLE)	0.08%	-	-	-	-0.12%	-	-	-	1.35%	1.27%	1.35%
Cost of Revenue to Revenue	52.53%	57.84%	61.14%	61.14%	53.45%	54.54%	53.84%	76.95%	49.52%	49.75%	49.62%
SG&A Expenses to Revenue	13.28%	15.06%	15.66%	15.01%	14.86%	17.22%	15.50%	13.54%	10.77%	9.83%	9.61%
R&D to Revenue	31.24%	36.37%	35.41%	33.91%	32.22%	41.01%	38.24%	32.23%	27.46%	26.79%	25.87%
Operating Expenses to Revenue	45.82%	55.96%	54.20%	49.17%	48.89%	58.58%	54.05%	69.40%	37.54%	35.97%	35.92%
Earnings before Interest and Taxes (EBIT)	23	-182	-206	-146	-33	-152	-100	-703	235	265	286
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	413	166	142	196	327	185	252	-361	561	595	613
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.40	2.17	3.61	2.67	3.92	4.09	3.61	5.49	7.27	4.06	4.78
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	421.48
Price to Revenue (P/Rev)	6.33	5.81	9.90	7.39	10.57	11.09	9.72	13.66	16.93	8.30	8.87
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	0.55%	0.61%	0.37%	0.51%	0.36%	0.35%	0.41%	0.28%	0.21%	0.39%	0.32%
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)	2.14	1.95	3.10	2.36	3.40	3.52	3.12	4.62	6.09	3.57	4.20
Enterprise Value to Revenue (EV/Rev)	6.93	6.44	10.56	8.02	11.15	11.70	10.34	14.26	17.47	8.82	9.32
Enterprise Value to EBITDA (EV/EBITDA)	24.59	26.87	51.94	49.66	74.00	72.77	56.30	185.60	158.30	54.50	47.55
Enterprise Value to EBIT (EV/EBIT)	172.46	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	724.31
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,034.73
Enterprise Value to Operating Cash Flow (EV/OCF)	31.85	28.65	54.77	37.51	44.82	42.10	32.49	44.73	59.94	33.93	36.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	95.34	277.93	149.09	79.31	63.54	42.18	54.68	100.79	38.28	44.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.30	0.27	0.27	0.28	0.29	0.29	0.31	0.30	0.32	0.33
Long-Term Debt to Equity	0.25	0.20	0.20	0.27	0.27	0.28	0.28	0.30	0.29	0.22	0.30
Financial Leverage	0.24	0.25	0.25	0.24	0.22	0.23	0.24	0.23	0.22	0.22	0.22
Leverage Ratio	1.42	1.43	1.42	1.44	1.44	1.43	1.42	1.45	1.47	1.46	1.48
Compound Leverage Factor	-1.42	1.82	1.74	1.84	3.76	1.85	2.07	1.55	1.25	1.19	1.21
Debt to Total Capital	22.32%	23.17%	21.25%	21.56%	21.93%	22.26%	22.51%	23.44%	23.23%	24.12%	24.97%
Short-Term Debt to Total Capital	2.90%	7.53%	5.21%	0.50%	0.56%	0.64%	0.71%	0.74%	0.74%	7.15%	2.79%
Long-Term Debt to Total Capital	19.41%	15.64%	16.04%	21.06%	21.36%	21.63%	21.80%	22.70%	22.49%	16.97%	22.18%
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	77.68%	76.83%	78.75%	78.44%	78.07%	77.74%	77.49%	76.56%	76.77%	75.88%	75.03%
Debt to EBITDA	2.69	3.36	3.64	4.71	5.02	4.82	4.25	9.92	6.38	4.02	3.15
Net Debt to EBITDA	2.15	2.62	3.26	3.90	3.87	3.84	3.42	7.81	4.89	3.18	2.29
Long-Term Debt to EBITDA	2.34	2.27	2.74	4.61	4.89	4.68	4.12	9.60	6.18	2.83	2.80
Debt to NOPAT	-9.82	-470.07	-22.91	-11.70	-10.48	-11.02	-13.63	-5.92	-8.06	-20.33	68.55
Net Debt to NOPAT	-7.83	-366.62	-20.57	-9.67	-8.09	-8.76	-10.96	-4.66	-6.18	-16.08	49.76
Long-Term Debt to NOPAT	-8.55	-317.39	-17.29	-11.43	-10.21	-10.70	-13.21	-5.73	-7.80	-14.30	60.89
Altman Z-Score	3.65	3.28	5.52	4.08	5.78	6.20	5.33	7.08	8.96	5.18	5.84
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	1.37	1.05	1.03	1.58	1.69	1.80	1.79	1.60	1.54	1.30	1.88
Quick Ratio	0.88	0.66	0.61	1.03	1.14	1.18	1.21	1.06	0.98	0.69	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	435	274	251	551	1,148	1,255	1,527	1,602	1,740	1,929	1,695
Operating Cash Flow to CapEx	650.93%	208.82%	101.26%	924.63%	769.86%	354.64%	635.68%	715.07%	735.34%	358.34%	1,001.30%
Free Cash Flow to Firm to Interest Expense	8.82	5.19	4.66	10.48	21.83	25.71	31.55	33.94	38.66	39.60	32.66
Operating Cash Flow to Interest Expense	7.13	3.95	2.09	9.56	10.39	6.65	6.33	11.36	11.42	6.84	8.89
Operating Cash Flow Less CapEx to Interest Expense	6.03	2.06	0.03	8.53	9.04	4.77	5.33	9.77	9.87	4.93	8.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.26	0.26	0.25	0.25	0.25	0.25	0.26	0.28	0.32	0.35
Accounts Receivable Turnover	5.28	5.29	4.49	4.22	4.76	5.68	4.65	4.86	5.36	6.42	5.76
Inventory Turnover	3.28	3.22	3.20	3.37	3.33	3.33	3.22	3.61	3.57	3.89	4.28
Fixed Asset Turnover	11.38	10.18	9.35	8.99	8.26	7.67	7.16	7.25	7.46	8.48	9.18
Accounts Payable Turnover	6.32	6.37	6.84	7.14	7.33	8.69	6.81	6.79	6.55	8.36	7.53
Days Sales Outstanding (DSO)	69.08	69.04	81.22	86.45	76.67	64.26	78.45	75.10	68.03	56.87	63.36
Days Inventory Outstanding (DIO)	111.33	113.22	113.94	108.41	109.74	109.66	113.50	101.21	102.12	93.74	85.18
Days Payable Outstanding (DPO)	57.72	57.26	53.35	51.11	49.80	41.99	53.62	53.79	55.72	43.64	48.49
Cash Conversion Cycle (CCC)	122.69	124.99	141.82	143.75	136.61	131.94	138.34	122.52	114.43	106.96	100.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,218	19,138	19,119	18,694	18,047	17,777	17,522	16,600	16,543	16,071	16,069
Invested Capital Turnover	0.30	0.30	0.29	0.29	0.30	0.29	0.29	0.30	0.33	0.38	0.43
Increase / (Decrease) in Invested Capital	-418	-401	-395	-654	-1,172	-1,361	-1,597	-2,094	-1,504	-1,706	-1,453
Enterprise Value (EV)	41,046	37,311	59,337	44,091	61,419	62,579	54,604	76,655	100,773	57,331	67,434
Market Capitalization	37,465	33,666	55,608	40,631	58,204	59,280	51,287	73,428	97,658	53,984	64,191
Book Value per Share	$18.33	$18.08	$17.89	$17.66	$17.16	$16.72	$16.41	$15.44	$15.52	$15.37	$15.57
Tangible Book Value per Share	($1.23)	($1.08)	($0.88)	($0.75)	($0.88)	($0.98)	($0.98)	($1.35)	($1.01)	($0.23)	$0.18
Total Capital	20,129	20,166	19,543	19,419	18,997	18,625	18,331	17,468	17,491	17,545	17,889
Total Debt	4,492	4,673	4,153	4,186	4,166	4,146	4,126	4,095	4,064	4,233	4,467
Total Long-Term Debt	3,908	3,155	3,135	4,090	4,059	4,028	3,997	3,966	3,934	2,977	3,968
Net Debt	3,581	3,644	3,730	3,460	3,215	3,298	3,317	3,227	3,116	3,347	3,243
Capital Expenditures (CapEx)	54	100	111	54	71	92	48	75	70	93	46
Debt-free, Cash-free Net Working Capital (DFCFNWC)	568	631	677	464	405	451	538	315	275	1,266	1,389
Debt-free Net Working Capital (DFNWC)	1,479	1,659	1,101	1,190	1,356	1,298	1,347	1,183	1,223	2,151	2,613
Net Working Capital (NWC)	894	142	82	1,094	1,249	1,180	1,217	1,053	1,094	896	2,114
Net Nonoperating Expense (NNE)	32	41	64	62	369	109	123	184	35	45	47
Net Nonoperating Obligations (NNO)	3,581	3,644	3,730	3,460	3,215	3,298	3,317	3,227	3,116	2,759	2,647
Total Depreciation and Amortization (D&A)	390	348	347	342	360	338	352	342	326	330	328
Debt-free, Cash-free Net Working Capital to Revenue	9.59%	10.89%	12.05%	8.44%	7.35%	8.43%	10.19%	5.85%	4.76%	19.46%	19.19%
Debt-free Net Working Capital to Revenue	24.98%	28.63%	19.59%	21.64%	24.62%	24.28%	25.51%	22.00%	21.21%	33.09%	36.12%
Net Working Capital to Revenue	15.11%	2.44%	1.46%	19.88%	22.67%	22.07%	23.06%	19.59%	18.96%	13.78%	29.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.02)	($0.20)	($0.24)	($0.19)	($0.45)	($0.25)	($0.22)	($0.78)	$0.23	$0.21	$0.23
Adjusted Weighted Average Basic Shares Outstanding	851.40M	856.70M	860.90M	862.60M	861.30M	865M	865.70M	865.70M	865.50M	864.80M	862.60M
Adjusted Diluted Earnings per Share	($0.02)	($0.20)	($0.24)	($0.19)	($0.45)	($0.25)	($0.22)	($0.78)	$0.23	$0.20	$0.22
Adjusted Weighted Average Diluted Shares Outstanding	851.40M	856.70M	860.90M	862.60M	861.30M	865M	865.70M	865.70M	865.50M	875.60M	870.40M
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	856.90M	860M	862.80M	864.50M	866M	865.60M	866.20M	865.30M	866.10M	862.20M	862.10M
Normalized Net Operating Profit after Tax (NOPAT)	19	-86	-115	-100	-5.25	-104	-67	-241	156	213	249
Normalized NOPAT Margin	1.32%	-6.49%	-8.55%	-7.05%	-0.37%	-8.94%	-5.30%	-15.91%	8.58%	11.23%	12.42%
Pre Tax Income Margin	-1.64%	-17.58%	-18.76%	-13.22%	-6.12%	-17.04%	-11.49%	-49.50%	10.99%	11.39%	11.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.47	-3.46	-3.82	-2.78	-0.63	-3.12	-2.07	-14.89	5.23	5.43	5.50
NOPAT to Interest Expense	0.33	-2.42	-2.68	-1.95	-0.44	-2.18	-1.45	-10.42	5.24	4.58	4.66
EBIT Less CapEx to Interest Expense	-0.62	-5.35	-5.89	-3.82	-1.98	-5.00	-3.07	-16.48	3.67	3.53	4.61
NOPAT Less CapEx to Interest Expense	-0.76	-4.32	-4.74	-2.98	-1.79	-4.06	-2.45	-12.01	3.68	2.67	3.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-125.02%	-122.92%	-54.29%	-37.08%	-22.16%	-21.14%	-21.47%	-14.04%	-23.45%	-42.22%	-200.48%
Augmented Payout Ratio	-195.35%	-182.90%	-67.50%	-46.07%	-38.23%	-51.75%	-70.65%	-56.33%	-105.37%	-228.38%	-1,109.57%

Financials Breakdown Chart

Key Financial Trends

Marvell Technology (NASDAQ: MRVL) has demonstrated significant financial progress over the past four years, with key metrics and cash flow trends worth noting for investors.

Key Positive Developments:

Revenue Growth: Operating revenue rose from $1.32 billion in Q1 2023 to $2.01 billion in Q2 2026, showing strong top-line growth over this period.
Improved Profitability: Marvell turned around a net loss in early 2024 to a net income of $194.8 million in Q2 2026, indicating effective cost controls and revenue expansion.
Operating Cash Flow Expansion: Net cash provided by operating activities increased substantially, reaching $461.6 million in Q2 2026 from $194.8 million in Q1 2023, showcasing robust cash generation.
Reduction in Debt Levels: The company has actively managed its debt, with repayments exceeding new debt issuances in recent quarters, enhancing financial stability.
Consistent Dividend Payouts: Marvell has consistently paid dividends ($0.06 per share), signaling shareholder return commitment.
Increase in Shareholders’ Equity: Total common equity rose from approximately $15.47 billion in early 2023 to $13.42 billion in Q2 2026, reflecting accumulated profits and equity financing activities.
Capital Expenditures Controlled: Investments in property, plant, and equipment remain stable and moderate relative to operating cash flow, suggesting disciplined capital allocation.

Neutral Aspects:

Amortization and Depreciation Expenses: These remain high (over $240 million amortization per quarter), consistent with the company’s asset base but impacting net income.
Share Repurchase Programs: The company has repurchased common equity regularly, which reduces cash but can enhance per-share metrics.
Fluctuating Accounts Receivable and Inventories: Working capital components show variability, necessitating ongoing management focus.

Potential Concerns / Negatives:

Loss Periods: There were significant losses in some quarters during 2024 and 2025, with net income turning negative, indicating volatility in earnings.
Interest Expense: The company bears a relatively high interest expense (around $50 million quarterly), reflecting debt costs that may pressure net profits.
Negative Total Operating Income in Some Earlier Periods: Indicating periods of operational challenges facing the company, albeit improving lately.
Negative Retained Earnings in Recent Quarters: Used to offset accumulated losses but could limit reinvestment capacity.

Summary: Marvell Technology has shown a robust recovery and growth trajectory starting from losses in 2024 to solid profitability and improved cash flow in 2026. The company’s strong revenue growth and discipline in managing capital expenditures and debt repayments enhance its financial health. However, investors should remain cautious of the history of profitability fluctuations and debt-related costs. Overall, Marvell’s financial trends present a promising outlook with continued execution risk.

09/22/25 12:49 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Marvell Technology's Financials

When does Marvell Technology's fiscal year end?

According to the most recent income statement we have on file, Marvell Technology's financial year ends in February. Their financial 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 9/22/2025 by MarketBeat.com Staff

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Marvell Technology (MRVL) Financials

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Marvell Technology (MRVL) Financials

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