Marvell Technology
MRVL · NasdaqSemiconductors & Related Devices · Fiscal year ends Jan 30
Marvell Technology reported revenue of $8.2B in the fiscal year ended Jan 2026, up 42.1% from the year before. Operating income was $1.3B, an operating margin of 16.1%, and net income was $2.7B. Operating cash flow of $1.8B less capital expenditure of $354M left free cash flow of $1.4B. Net debt was $1.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $4.5B | $5.9B | $5.5B | $5.8B | $8.2B |
| Cost of revenue | $2.4B | $2.9B | $3.2B | $3.4B | $4B |
| Gross profit | $2.1B | $3B | $2.3B | $2.4B | $4.2B |
| Research & development | $1.4B | $1.8B | $1.9B | $2B | $2.1B |
| Selling, general & admin | $955M | $844M | $834M | $798M | $767M |
| Operating income | −$348M | $238M | −$568M | −$720M | $1.3B |
| Interest expense | $139M | $171M | $212M | $189M | $203M |
| Pre-tax income | −$484M | $85M | −$759M | −$895M | $3B |
| Income tax | −$63M | $249M | $175M | −$10M | $377M |
| Net income | −$421M | −$164M | −$933M | −$885M | $2.7B |
| Diluted EPS | −0.53 | −0.19 | −1.08 | −1.02 | 3.07 |
| Diluted shares | 797M | 851M | 861M | 866M | 870M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $614M | $911M | $951M | $948M | $2.6B |
| Receivables | $1B | $1.2B | $1.1B | $1B | $2.2B |
| Inventory | $720M | $1.1B | $864M | $1B | $1.4B |
| Current assets | $2.5B | $3.3B | $3.1B | $3.1B | $6.5B |
| Net PP&E | $463M | $577M | $756M | $791M | $935M |
| Goodwill | $11.5B | $11.6B | $11.6B | $11.6B | $11.1B |
| Total assets | $22.1B | $22.5B | $21.2B | $20.2B | $22.3B |
| Payables | $462M | $466M | $411M | $622M | $1.1B |
| Deferred revenue | $259M | $45M | $43M | $22M | $40M |
| Current liabilities | $1.4B | $2.4B | $1.8B | $2B | $3.2B |
| Short-term debt | $63M | $584M | $107M | $130M | $500M |
| Long-term debt | $4.5B | $3.9B | $4.1B | $3.9B | $4B |
| Total liabilities | $6.4B | $6.9B | $6.4B | $6.8B | $8B |
| Shareholders' equity | $15.7B | $15.6B | $14.8B | $13.4B | $14.3B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $819M | $1.3B | $1.4B | $1.7B | $1.8B |
| Capital expenditure | $169M | $206M | $336M | $285M | $354M |
| Free cash flow | $650M | $1.1B | $1B | $1.4B | $1.4B |
| Depreciation & amortisation | $266M | $305M | $148M | $177M | $222M |
| Stock-based compensation | $461M | $552M | $610M | $597M | $591M |
| Acquisitions | $3.6B | $112M | $0 | $10M | $0 |
| Share buybacks | $0 | $115M | $150M | $725M | $2B |
| Dividends paid | $191M | $204M | $207M | $208M | $205M |
| Dividend per share | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.7% | −7.0% | 4.7% | 42.1% |
| Operating income growth (YoY) | – | – | −338.5% | – | – |
| Gross margin | 46.3% | 50.5% | 41.6% | 41.3% | 51.0% |
| Operating margin | −7.8% | 4.0% | −10.3% | −12.5% | 16.1% |
| Net margin | −9.4% | −2.8% | −16.9% | −15.3% | 32.6% |
| Return on equityBlank when equity is negative | −2.7% | −1.0% | −6.3% | −6.6% | 18.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.7% | 1.2% | −2.9% | −4.0% | 6.9% |
| Free cash flow margin | 14.6% | 18.3% | 18.8% | 24.2% | 17.0% |
| Cash conversion (CFO ÷ net income) | −1.95x | −7.88x | −1.47x | −1.90x | 0.66x |
| Receivable days | 86 | 74 | 74 | 65 | 97 |
| Inventory days | 110 | 133 | 98 | 111 | 126 |
| Payable days | 70 | 58 | 47 | 67 | 98 |
| Interest cover | −2.50x | 1.40x | −2.68x | −3.80x | 6.53x |
| Debt ÷ equity | 0.29x | 0.29x | 0.28x | 0.30x | 0.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.9B | $3.6B | $3.2B | $3.1B | $1.8B |
| Current ratio | 1.80x | 1.37x | 1.69x | 1.54x | 2.01x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.