Marvell Technology, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Marvell Technology, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	2,699	2,969	4,462	5,920	5,508	5,767	8,195
Cost of revenue	1,342	1,481	2,398	2,932	3,214	3,385	4,014
Gross profit	1,357	1,488	2,064	2,988	2,294	2,382	4,181
Research and development	1,080	1,073	1,424	1,784	1,896	1,950	2,075
Selling, general and administrative			955	844	834	798	767
Selling and marketing	465	467	955	844
Operating income	-243	-258	-348	238	-568	-720	1,323
Interest expense	85.6	69.3	139	171	212	189	203
Other non-operating income	1,042	-63.8	-136	-153	-191	-174	1,724
Pre-tax income	798	-322	-484	85.1	-759	-895	3,047
Income tax	-786	-44.9	-62.5	249	175	-9.7	377
Net income	1,584	-277	-421	-164	-933	-885	2,670
EBITDA	-86.7	-60.5	-81.8	543	-420	-543	1,545
EPS, basic	2.38	-0.41	-0.53	-0.19	-1.08	-1.02	3.10
EPS, diluted	2.34	-0.41	-0.53	-0.19	-1.08	-1.02	3.07
Shares, basic (weighted)	665	669	797	851	861	866	861
Shares, diluted (weighted)	676	669	797	851	861	866	870
Dividend per share	0.24	0.24	0.24	0.24	0.24	0.24	0.24

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	648	748	614	911	951	948	2,639
Receivables		537	1,049	1,192	1,122	1,028	2,187
Inventory		268	720	1,068	864	1,030	1,388
Other current assets		63.8	111	110	126	114	247
Total current assets		1,617	2,493	3,281	3,063	3,120	6,461
Property, plant and equipment		326	463	577	756	791	935
Lease right-of-use assets		101	142	211	204	246	284
Goodwill		5,337	11,511	11,587	11,587	11,587	11,062
Intangible assets		2,271	6,153	5,102	4,004	2,711	1,755
Other non-current assets		542	994	1,509	1,507	1,595	1,727
Total assets		10,765	22,109	22,522	21,229	20,205	22,285
Accounts payable		252	462	466	411	622	1,074
Accrued liabilities		189	241	1,092	1,033	973	1,337
Deferred revenue		181	259	45.2	43.2	22.1	40.1
Short-term debt		200	63.2	584	107	130	500
Total current liabilities		1,077	1,389	2,387	1,814	2,027	3,221
Long-term debt		993	4,485	3,908	4,059	3,934	3,971
Lease liabilities		104	140	202	196	231	263
Other non-current liabilities		259	533	591	524	816	786
Total liabilities		2,329	6,407	6,885	6,397	6,778	7,977
Total debt		1,193	4,548	4,492	4,166	4,064	4,471
Paid-in capital		6,331	14,209	14,512	14,845	14,534	12,951
Retained earnings		2,103	1,491	1,124	-16.7	-1,109	1,356
Other comprehensive income			0	0	1.1	0.4	0
Shareholders' equity	8,679	8,436	15,702	15,637	14,831	13,427	14,308
Total equity	8,679	8,436	15,702	15,637	14,831	13,427	14,308
Total liabilities and equity		10,765	22,109	22,522	21,229	20,205	22,285
Shares outstanding		675	847	856	866	866	847

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1,584	-277	-421	-164	-933	-885	2,670
Depreciation and amortization	157	198	266	305	148	177	222
Stock-based compensation	242	242	461	552	610	597	591
Deferred income tax	-785	-39.5	-93.9	50.4	151	-112	42.2
Change in receivables	11.2	-44.3	-409	-143	70.6	93.2	-1,158
Change in inventory	12.8	29.9	-292	-386	202	-230	-390
Change in payables	1.66	39.7	93.2	-87.8	-149	182	299
Cash from operations	360	817	819	1,289	1,371	1,681	1,751
Capital expenditures	-81.9	-107	-169	-206	-336	-285	-354
Acquisitions	-1,071	0	-3,555	-112	0	-10.4	0
Sales and maturities of investments	18.8	0	0
Cash from investing	559	-120	-3,745	-328	-351	-301	2,098
Debt issued	950	0	3,896	200	1,295	0	1,199
Debt repaid	-1,250	-250	-527	-266	-1,623	-109	-791
Share buybacks	-364	-25.2	0	-115	-150	-725	-2,040
Dividends paid	-160	-161	-191	-204	-207	-208	-205
Cash from financing	-854	-597	2,791	-663	-980	-1,383	-2,158
Net change in cash	65.2	101	-135	298	39.8	-2.5	1,691
Free cash flow	278	711	650	1,083	1,034	1,397	1,396
Interest paid	76.5	54.6	91.2	148	174	173	178
Income taxes paid	118	14.2	7.9	95.9	121	40.1	92.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $261.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.2%	Gross profit / revenue.
Operating margin	16.5%	Operating income / revenue.
Net margin	27.9%	Net income / revenue.
FCF margin	18.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.3%	Cash from operations / revenue.
Return on equity (ROE)	14.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.6%	Net income / average total assets.
Return on invested capital (ROIC)	6.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	25.8%	Research and development expense / revenue.
SG&A / revenue	9.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	8.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.0%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	42.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	75.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	77.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	41.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	16.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.17x	Current assets / current liabilities.
Quick ratio	2.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.57x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.27x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.0%	Total debt / total assets.
Liabilities / assets	32.7%	Total liabilities / total assets.
Net debt	$1.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	7.21x	Operating income / interest expense.
Working capital	$5.42B	Current assets - current liabilities.
Goodwill and intangibles / assets	58.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	8.82x	Revenue / average property, plant and equipment.
Inventory turnover	3.32x	Cost of revenue / average inventory.
Days inventory	110 days	365 x average inventory / cost of revenue.
Receivables turnover	4.26x	Revenue / average receivables.
Days sales outstanding	86 days	365 x average receivables / revenue.
Days payables	64 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	131 days	Days inventory + days sales outstanding - days payables.
FCF conversion	65.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.26	Revenue / diluted weighted shares.
FCF per share	$1.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.39	Cash from operations / diluted weighted shares.
Book value per share	$20.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.51	Tangible book value / shares outstanding.
Cash per share	$4.27	(Cash + short-term investments) / shares outstanding.
Payout ratio	7.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	109.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$229.39B	Share price x shares outstanding.
Enterprise value	$230.42B	Market cap + total debt - cash - short-term investments.
P/E	86.9x	Market cap / net income. Only when net income is positive.
P/S	24.3x	Market cap / revenue.
P/B	12.4x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	99.3x	Market cap / tangible book value, when positive.
P/FCF	133x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	104x	Market cap / cash from operations, when positive.
EV/Sales	24.4x	Enterprise value / revenue.
EV/EBIT	148x	Enterprise value / operating income, when both are positive.
EV/FCF	133x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.8%	Free cash flow / market cap.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

What was Marvell Technology, Inc.'s revenue in fiscal 2026?

Marvell Technology, Inc. reported revenue of $8.19B for fiscal 2026, 42.1% higher than the year before.

Was Marvell Technology, Inc. profitable in fiscal 2026?

Yes. Net income was $2.67B, a net margin of 32.6%.

How much free cash flow did Marvell Technology, Inc. generate in fiscal 2026?

Cash from operations of $1.75B minus capital expenditures of $354.1M left free cash flow of $1.40B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Marvell Technology, Inc.