MRVL·Fabless Semiconductors (data-center / AI compute, custom ASIC + optical interconnect + networking)

Marvell Technology

ConvictionModerate

Fabless IP-and-silicon: designs chips (custom XPU/ASIC co-design, optical DSPs, Ethernet switches, DCI, storage/networking), outsources fab to TSMC; revenue from product sales plus NRE/engineering on multi-year custom-silicon programs. ~76% of revenue is data center (Q1 FY27).

Revenue

$2.418B Q1 FY27fact, qtr ended ~2 May 2026); $8.2B FY26 (fact, FY ended ~31 Jan 2026); ~$8.7B TTM

Rev growthfact

+28% YoY Q1 FY27+9% QoQ ; FY26 +40%+ YoY (fact

Gross margin

58.9% non-GAAP / 52.1% GAAPfact, Q1 FY27) — non-GAAP GM compressing toward high-50s as custom-ASIC mix rises

Op margin

35.0% non-GAAP / 14.0% GAAPfact, Q1 FY27); GAAP gap is heavy stock comp + acquisition amortization

Capex intensityfact

~6.4%in Q1 FY27 ($155.7M capex / $2.418B rev); ~4.8% TTM ($391M / $8.2B) — fabless, light capex

Market cap

~$242Bfact, mid-June 2026; ~875M sh × ~$276–330 price

Price · 1-year trend

real · weekly

$232+222% 1yUSD

52-week range

$62 – $316

52w lowas of 2026-07-08 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityModerate

AI Compute Value-Chain

Full context

position · longWeak

AI Compute Value-Chain

Full context

comp

Nvidia — single-name conviction

Co-design + open-fabric supplier; with Broadcom ~95% of the custom-silicon co-design market. Switch silicon slips late — dates the NVLink m…

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-03-11. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’22

$4.5B

FY’23

$5.9B+33%

FY’24

$5.5B-7%

FY’25

$5.8B+5%

FY’26

$8.2B+42%

Margins & balance sheet — FY’26

Gross margin51.0%

Operating margin16.1%

Net margin32.6%

Net debt$1.1B

The read

Where our coverage leans

Bull & bear in tension

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Full financial intelligence for Marvell Technology

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence