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Marvell Technology Inc Financials

MRVL
Source SEC Filings (10-K/10-Q) Updated Nov 1, 2025 Currency USD FYE February

This page shows Marvell Technology Inc (MRVL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 55 / 100
Financial Profile 55/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

Marvell Technology Inc has an operating margin of -12.5%, meaning the company retains $-12 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -10.3% the prior year.

Growth
42

Marvell Technology Inc's revenue grew a modest 4.7% year-over-year to $5.8B. This slow but positive growth earns a score of 42/100.

Leverage
100

Marvell Technology Inc carries a low D/E ratio of 0.22, meaning only $0.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
32

Marvell Technology Inc's current ratio of 1.30 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
100

Marvell Technology Inc converts 24.2% of revenue into free cash flow ($1.4B). This strong cash generation earns a score of 100/100.

Piotroski F-Score Neutral
5/9

Marvell Technology Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed
-1.90x

For every $1 of reported earnings, Marvell Technology Inc generates $-1.90 in operating cash flow ($1.7B OCF vs -$885.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
-3.9x

Marvell Technology Inc earns $-3.9 in operating income for every $1 of interest expense (-$720.3M vs $183.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV
Revenue
$5.8B
YoY+4.7%
5Y CAGR+16.4%

Marvell Technology Inc generated $5.8B in revenue in fiscal year 2025. This represents an increase of 4.7% from the prior year.

EBITDA
$509.3M
YoY-24.9%

Marvell Technology Inc's EBITDA was $509.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.9% from the prior year.

Free Cash Flow
$1.4B
YoY+35.0%
5Y CAGR+38.1%

Marvell Technology Inc generated $1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 35.0% from the prior year.

Net Income
-$885.0M
YoY+5.2%

Marvell Technology Inc reported -$885.0M in net income in fiscal year 2025. This represents an increase of 5.2% from the prior year.

EPS (Diluted)
$-1.02
YoY+5.6%

Marvell Technology Inc earned $-1.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 5.6% from the prior year.

Cash & Debt
$885.9M
YoY+4.5%
5Y CAGR+5.8%

Marvell Technology Inc held $885.9M in cash against $3.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.24
YoY+0.0%
5Y CAGR+0.0%

Marvell Technology Inc paid $0.24 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding
866M
YoY+0.0%
5Y CAGR+5.1%

Marvell Technology Inc had 866M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Gross Margin
41.3%
YoY-0.3pp
5Y CAGR-9.0pp

Marvell Technology Inc's gross margin was 41.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.

Operating Margin
-12.5%
YoY-2.2pp
5Y CAGR-3.5pp

Marvell Technology Inc's operating margin was -12.5% in fiscal year 2025, reflecting core business profitability. This is down 2.2 percentage points from the prior year.

Net Margin
-15.3%
YoY+1.6pp
5Y CAGR-74.0pp

Marvell Technology Inc's net profit margin was -15.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.6 percentage points from the prior year.

Return on Equity
N/A
R&D Spending
$2.0B
YoY+2.9%
5Y CAGR+12.5%

Marvell Technology Inc invested $2.0B in research and development in fiscal year 2025. This represents an increase of 2.9% from the prior year.

Share Buybacks
$725.0M
YoY+383.3%
5Y CAGR+14.8%

Marvell Technology Inc spent $725.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 383.3% from the prior year.

Capital Expenditures
$284.6M
YoY-15.4%
5Y CAGR+28.3%

Marvell Technology Inc invested $284.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 15.4% from the prior year.

MRVL Income Statement

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q2'24 Q1'24 Q4'24 Q3'23
Revenue $2.1B+3.4% $2.0B+5.8% $1.9B+25.0% $1.5B+19.1% $1.3B+9.6% $1.2B-18.6% $1.4B+0.6% $1.4B
Cost of Revenue $1.0B+0.9% $995.5M+5.6% $942.9M-19.2% $1.2B+70.2% $685.3M+8.2% $633.1M-17.0% $762.4M-12.1% $867.4M
Gross Profit $1.1B+5.9% $1.0B+6.1% $952.4M+172.6% $349.4M-40.5% $587.6M+11.3% $527.8M-20.5% $664.1M+20.5% $551.2M
R&D Expenses $512.5M-1.3% $519.0M+2.2% $507.7M+3.9% $488.6M+0.4% $486.7M+2.2% $476.1M+3.6% $459.6M-4.5% $481.1M
SG&A Expenses $189.9M-1.5% $192.8M+3.4% $186.4M-9.2% $205.3M+4.1% $197.3M-1.3% $199.9M-5.7% $212.0M-0.5% $213.0M
Operating Income $357.8M+23.3% $290.1M+7.2% $270.6M+138.5% -$702.8M-600.0% -$100.4M+34.1% -$152.3M-357.4% -$33.3M+77.2% -$146.3M
Interest Expense $47.9M+2.4% $46.8M+4.5% $44.8M-1.8% $45.6M-1.9% $46.5M-4.7% $48.8M-7.2% $52.6M0.0% $52.6M
Income Tax $314.1M+707.5% $38.9M+2.4% $38.0M+151.2% -$74.2M-257.5% $47.1M+164.6% $17.8M-94.2% $305.4M+1416.4% -$23.2M
Net Income $1.9B+876.0% $194.8M+9.5% $177.9M+126.3% -$676.3M-249.9% -$193.3M+10.3% -$215.6M+45.1% -$392.7M-139.0% -$164.3M
EPS (Diluted) $2.20+900.0% $0.22+10.0% $0.20+125.6% $-0.78-254.5% $-0.22+12.0% $-0.25+44.4% $-0.45-136.8% $-0.19

MRVL Balance Sheet

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q2'24 Q1'24 Q4'24 Q3'23
Total Assets $21.6B+4.8% $20.6B+2.8% $20.0B+1.6% $19.7B-2.8% $20.3B-1.0% $20.5B-3.5% $21.2B-2.2% $21.7B
Current Assets $5.5B+22.1% $4.5B+17.6% $3.8B+36.2% $2.8B+1.9% $2.8B+4.4% $2.6B-13.6% $3.1B+3.0% $3.0B
Cash & Equivalents $2.7B+121.7% $1.2B+38.2% $885.9M+2.1% $868.1M+7.3% $808.7M-4.6% $847.7M-10.8% $950.8M+31.0% $725.6M
Inventory $1.0B-3.5% $1.1B-1.8% $1.1B+24.7% $859.4M+5.1% $817.8M-1.0% $826.4M-4.4% $864.4M-8.2% $941.5M
Accounts Receivable $1.5B+6.5% $1.5B+26.9% $1.1B+14.6% $997.9M-5.9% $1.1B+20.2% $881.9M-21.4% $1.1B-7.7% $1.2B
Goodwill $11.1B0.0% $11.1B0.0% $11.1B-4.5% $11.6B0.0% $11.6B0.0% $11.6B0.0% $11.6B0.0% $11.6B
Total Liabilities $7.5B+5.0% $7.2B+6.8% $6.7B+5.8% $6.3B+4.2% $6.1B+1.3% $6.0B-6.0% $6.4B-1.3% $6.5B
Current Liabilities $2.7B+14.1% $2.4B-18.4% $2.9B+66.8% $1.8B+14.0% $1.5B+5.4% $1.5B-19.1% $1.8B-3.5% $1.9B
Long-Term Debt $4.0B0.0% $4.0B+33.3% $3.0B-24.9% $4.0B-0.8% $4.0B-0.8% $4.0B-0.8% $4.1B-0.8% $4.1B
Total Equity $14.1B+4.7% $13.4B+0.8% $13.3B-0.5% $13.4B-5.9% $14.2B-1.9% $14.5B-2.4% $14.8B-2.6% $15.2B
Retained Earnings $1.0B+220.3% -$840.0M+14.6% -$983.1M+21.8% -$1.3B-137.6% -$529.3M-86.3% -$284.1M-1601.2% -$16.7M-103.9% $427.9M

MRVL Cash Flow Statement

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q2'24 Q1'24 Q4'24 Q3'23
Operating Cash Flow $582.3M+26.1% $461.6M+38.7% $332.9M-37.9% $536.3M+75.0% $306.4M-5.6% $324.5M-40.6% $546.6M+8.7% $503.0M
Capital Expenditures $73.5M+54.7% $47.5M-60.0% $118.8M+58.4% $75.0M+55.6% $48.2M-47.3% $91.5M+28.9% $71.0M+30.5% $54.4M
Free Cash Flow $508.8M+22.9% $414.1M+93.4% $214.1M-53.6% $461.3M+78.7% $258.2M+10.8% $233.0M-51.0% $475.6M+6.0% $448.6M
Investing Cash Flow $2.4B+3197.4% -$77.2M+18.0% -$94.1M-24.6% -$75.5M-42.5% -$53.0M+48.0% -$101.9M-33.7% -$76.2M-39.6% -$54.6M
Financing Cash Flow -$1.5B-3131.8% -$45.9M+84.8% -$301.2M+25.0% -$401.4M-37.3% -$292.4M+10.2% -$325.7M-32.8% -$245.2M-67.7% -$146.2M
Dividends Paid $50.8M-1.7% $51.7M-0.2% $51.8M-0.2% $51.9M0.0% $51.9M+0.2% $51.8M-0.2% $51.9M+0.2% $51.8M
Share Buybacks $1.3B+550.0% $200.0M-41.2% $340.0M+70.0% $200.0M+14.3% $175.0M+16.7% $150.0M+50.0% $100.0M+100.0% $50.0M

MRVL Financial Ratios

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q2'24 Q1'24 Q4'24 Q3'23
Gross Margin 51.6%+1.2pp 50.4%+0.1pp 50.2%+27.2pp 23.1%-23.1pp 46.2%+0.7pp 45.5%-1.1pp 46.6%+7.7pp 38.9%
Operating Margin 17.3%+2.8pp 14.5%+0.2pp 14.3%+60.6pp -46.4%-38.5pp -7.9%+5.2pp -13.1%-10.8pp -2.3%+8.0pp -10.3%
Net Margin 91.6%+81.9pp 9.7%+0.3pp 9.4%+54.0pp -44.6%-29.4pp -15.2%+3.4pp -18.6%+9.0pp -27.5%-15.9pp -11.6%
Return on Equity 13.5%+12.1pp 1.5%+0.1pp 1.3% N/A N/A N/A N/A N/A
Return on Assets 8.8%+7.9pp 0.9%+0.1pp 0.9%+4.3pp -3.4%-2.5pp -0.9%+0.1pp -1.1%+0.8pp -1.8%-1.1pp -0.8%
Current Ratio 2.01+0.1 1.88+0.6 1.30-0.3 1.60-0.2 1.79-0.0 1.80+0.1 1.69+0.1 1.58
Debt-to-Equity 0.28-0.0 0.30+0.1 0.22-0.1 0.30+0.0 0.280.0 0.280.0 0.270.0 0.27
FCF Margin 24.5%+3.9pp 20.6%+9.3pp 11.3%-19.1pp 30.4%+10.2pp 20.3%+0.2pp 20.1%-13.3pp 33.3%+1.7pp 31.6%

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Frequently Asked Questions

What is Marvell Technology Inc's annual revenue?

Marvell Technology Inc (MRVL) reported $5.8B in total revenue for fiscal year 2025. This represents a 4.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Marvell Technology Inc's revenue growing?

Marvell Technology Inc (MRVL) revenue grew by 4.7% year-over-year, from $5.5B to $5.8B in fiscal year 2025.

Is Marvell Technology Inc profitable?

No, Marvell Technology Inc (MRVL) reported a net income of -$885.0M in fiscal year 2025, with a net profit margin of -15.3%.

What is Marvell Technology Inc's earnings per share (EPS)?

Marvell Technology Inc (MRVL) reported diluted earnings per share of $-1.02 for fiscal year 2025. This represents a 5.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Marvell Technology Inc's EBITDA?

Marvell Technology Inc (MRVL) had EBITDA of $509.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Marvell Technology Inc have?

As of fiscal year 2025, Marvell Technology Inc (MRVL) had $885.9M in cash and equivalents against $3.0B in long-term debt.

What is Marvell Technology Inc's gross margin?

Marvell Technology Inc (MRVL) had a gross margin of 41.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Marvell Technology Inc's operating margin?

Marvell Technology Inc (MRVL) had an operating margin of -12.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Marvell Technology Inc's net profit margin?

Marvell Technology Inc (MRVL) had a net profit margin of -15.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Marvell Technology Inc pay dividends?

Yes, Marvell Technology Inc (MRVL) paid $0.24 per share in dividends during fiscal year 2025.

What is Marvell Technology Inc's free cash flow?

Marvell Technology Inc (MRVL) generated $1.4B in free cash flow during fiscal year 2025. This represents a 35.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Marvell Technology Inc's operating cash flow?

Marvell Technology Inc (MRVL) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Marvell Technology Inc's total assets?

Marvell Technology Inc (MRVL) had $20.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Marvell Technology Inc's capital expenditures?

Marvell Technology Inc (MRVL) invested $284.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Marvell Technology Inc spend on research and development?

Marvell Technology Inc (MRVL) invested $2.0B in research and development during fiscal year 2025.

Does Marvell Technology Inc buy back shares?

Yes, Marvell Technology Inc (MRVL) spent $725.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Marvell Technology Inc have outstanding?

Marvell Technology Inc (MRVL) had 866M shares outstanding as of fiscal year 2025.

What is Marvell Technology Inc's current ratio?

Marvell Technology Inc (MRVL) had a current ratio of 1.30 as of fiscal year 2025, which is considered adequate.

What is Marvell Technology Inc's debt-to-equity ratio?

Marvell Technology Inc (MRVL) had a debt-to-equity ratio of 0.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Marvell Technology Inc's return on assets (ROA)?

Marvell Technology Inc (MRVL) had a return on assets of -4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Marvell Technology Inc's Piotroski F-Score?

Marvell Technology Inc (MRVL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Marvell Technology Inc's earnings high quality?

Marvell Technology Inc (MRVL) has an earnings quality ratio of -1.90x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Marvell Technology Inc cover its interest payments?

Marvell Technology Inc (MRVL) has an interest coverage ratio of -3.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Marvell Technology Inc?

Marvell Technology Inc (MRVL) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.