Marvell
Marvell Technology, Inc., together with its consolidated subsidiaries (“Marvell,” “MTI,” the “Company,” “we,” or “us”) is a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge.
10-K, Mar 11, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
Business
How does Marvell make money?
Data Center is 40.7% of revenue.
Source and method
Revenue by revenue types, FY2023.
annual report FY2023 · 0001835632-23-000013 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($5.9B).
- Data Center: $2.4B · 40.7%
- Enterprise Networking: $1.4B · 23.1%
- Carrier Infrastructure: $1.1B · 18.3%
- Consumer: $701M · 11.8%
- Automotive And Industrial: $356M · 6.0%
What is left of every $100?
Of every $100 in revenue, $33 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $8.2B
- Gross profit: $4.2B
- Operating income: $1.3B
- Net income: $2.7B
- Free cash flow: $1.4B
Where do customers sit?
36.2% of revenue is from China.
Source and method
Revenue by region, latest annual report.
10-K · 0001835632-26-000011 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“We are a fabless supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip architectures, integrating analog, mixed-signal and digital signal processing functionality.”
“Leveraging leading intellectual property and deep system-level expertise, as well as highly innovative security firmware, our solutions are empowering the data economy and enabling the data center and communications and other end markets.”
“We currently are incorporated in Delaware, United States.”
Item 1 · Business · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
Where did the growth actually come from?
Data Center drove 49% of Marvell’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue growth
“Net revenue in fiscal 2026 was $8.2 billion, 42% higher than net revenue of $5.8 billion in fiscal 2025.”
Item 7 · MD&A · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
Number check (revenue): stated $8.2B matches the stored value ($8.2B, ±10%)
Revenue: $8.2B FY2026 · +42.1% vs FY2025 · KPIs
Position (in the company’s words)
“To further enhance our Bravera HDD controller differentiation and value propositions, we offer customers preamplifier products as part of a chipset with our HDD controllers, seeking to increase our customers’ product efficiencies.”
Item 1 · Business · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
R&D investment
“Research and development expense increased by $124.8 million in fiscal 2026 compared to fiscal 2025.”
Item 7 · MD&A · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
Number check (R&D expense): stated $125M matches the stored change ($125M, ±10%)
R&D expense: $2.1B FY2026 · +6.4% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 42% to $8.2B.
Revenue grew 37% YoY to $2.7B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 35.5%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
16.1% operating margin, up from −12.5%.
51.0% gross margin, up from 41.3%.
Operating income: $1.3B in FY2026.
Net income: $2.7B in FY2026.
R&D grew 6.4% to $2.1B.
SG&A fell 3.9% to $767M.
EPS diluted: $3.07 in FY2026.
16.8% operating margin, up from 14.5%.
53.1% gross margin, up from 50.4%.
Operating income grew 58% YoY to $460M.
Net income grew 58% YoY to $308M.
R&D grew 43% YoY to $741M.
SG&A grew 34% YoY to $258M.
EPS diluted grew 50% YoY to $0.33.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $17 of every $100 as free cash.
Operating cash flow grew 4.1% to $1.8B.
Capex grew 24% to $354M.
Buybacks grew 181% to $2.0B.
Dividends fell 1.2% to $205M.
Stock-based compensation fell 1.1% to $591M.
Free cash flow grew 16% YoY to $479M.
Operating cash flow grew 31% YoY to $606M.
Capex grew 167% YoY to $127M.
Buybacks was flat at $200M YoY.
Dividends grew 4.3% YoY to $53.9M.
Stock-based compensation grew 112% YoY to $326M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$2.6B cash vs $5.0B debt.
Total debt grew 22% to $5.0B.
Interest expense grew 7.0% to $203M.
Total assets grew 10% to $22.3B.
Equity grew 6.6% to $14.3B.
Cash grew 221% YoY to $3.9B.
Total debt grew 11% YoY to $5.0B.
Interest expense grew 19% YoY to $61.6M.
Total assets grew 34% YoY to $27.6B.
Equity grew 38% YoY to $18.5B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 37% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Marvell annual report)
10-K · 0001835632-26-000011 · filed Mar 11, 2026
Suppliers named by Marvell
No supplier among the covered companies is named in the filings.
Marvell holds stakes in
No stake in a covered company found in SEC filings.
Others name Marvell
5 competitor mentions (e.g. AMD, Astera Labs, Ciena, Credo) · 2 other mentions (e.g. Amazon, Fortinet) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 41 risk factors, one per theme.
Customer concentration
“Our sales are concentrated in a few large customers. If we lose or experience a significant reduction in sales to any of these key customers, if any of these key customers experience a significant decline in market share, or if any of these customers experience significant financial difficulties, our revenue may decrease substantially and our results of operations and financial condition may be harmed.”
Item 1A · Risk Factors · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
Competition
“We operate in intensely competitive markets. Our failure to compete effectively would harm our results of operations.”
Item 1A · Risk Factors · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
AI and new products
“Advances in artificial intelligence could disrupt our business model and materially adversely affect our results of operations and financial condition.”
Item 1A · Risk Factors · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
Economic conditions
“We face risks related to recessions, inflation, stagflation and other macroeconomic conditions.”
Item 1A · Risk Factors · 10-K · 0001835632-26-000011 · filed Mar 11, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 9%.
BlackRock, Inc.9%
13G/A · as of Jun 30, 2026 · filed Jul 29, 2026
Vanguard Capital Management LLC7.63%
13G/A · as of Jun 30, 2026 · filed Jul 31, 2026
Fmr LLC6.5%
13G/A · as of Jun 30, 2026 · filed Aug 6, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
2 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.12.3%
85.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.3%
57.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Fmr LLC8.1%
56.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.0%
41.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.3%
30.3M shares · 13F filed Aug 14, 2026 · share of 13F-reported
2,214 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 28 sales · $52.5M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 35 SEC metrics, FY2017–FY2026
Income statement 11
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | |||||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Gross profit | not reported | not reported | not reported | |||||||
| Income taxes | not reported | not reported | not reported | |||||||
| Interest expense | not reported | not reported | not reported | |||||||
| Net income | not reported | not reported | not reported | |||||||
| Operating income | not reported | not reported | not reported | |||||||
| Research and development | not reported | not reported | not reported | |||||||
| Revenue | not reported | not reported | not reported | |||||||
| SG&A | not reported | not reported | not reported | not reported | not reported | |||||
| Sales & marketing | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | ||||||
| Current liabilities | not reported | not reported | not reported | not reported | ||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Equity | not reported | not reported | ||||||||
| Equity incl. NCI | not reported | not reported | ||||||||
| Long-term debt | not reported | not reported | not reported | not reported | ||||||
| Total assets | not reported | not reported | not reported | not reported | ||||||
| Total debt calc. | not reported | not reported | not reported | not reported | ||||||
| Total liabilities & equity | not reported | not reported | not reported | not reported | ||||||
Cash flow 7
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | |||||||
| Capex | not reported | not reported | not reported | |||||||
| Dividends | not reported | not reported | not reported | |||||||
| Free cash flow calc. | not reported | not reported | not reported | |||||||
| Interest paid | not reported | not reported | not reported | |||||||
| Operating cash flow | not reported | not reported | not reported | |||||||
| Stock-based compensation | not reported | not reported | not reported | |||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | |||||||
| EPS diluted | not reported | not reported | not reported | |||||||
| Wtd. shares basic | not reported | not reported | not reported | |||||||
| Wtd. shares diluted | not reported | not reported | not reported | |||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | not reported | not reported | not reported | |||||||
| Pretax income | not reported | not reported | not reported | |||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | ||||||
| Total liabilities | not reported | not reported | not reported | not reported | ||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values