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Marvell Technology

MRVL
51
Semiconductors · Technology
Price
$227.83
-13.41 (-5.56%)
Market Cap
$199.53B
Exchange
United States
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Aug 1, 2026

§How the score breaks down

Quality
Mixed
14/30
Growth
Good
12/20
Cash Flow
Strong
7/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Weak
2/15
Dividends
Weak
1/5

51 of 100 counted points = Winston Score 51.

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Share count rising — dilution

+9.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 796.9M (2022) → 869.7M (2026)

§Winston Score History

The full picture

Marvell Technology makes computer chips used inside data centers, telecommunications networks, and storage devices. Its main products include custom AI accelerator chips, networking chips, and storage controllers sold to large technology companies, cloud providers like Amazon and Microsoft, and telecom equipment makers. Marvell is one of a small number of chip designers specializing in high-speed data infrastructure semiconductors.

Marvell earns revenue by designing and selling chips, operating as a "fabless" company — meaning it designs the chips but outsources manufacturing to foundries like TSMC. The company operates globally, with significant revenue from North America and Asia, and generates roughly $6–7 billion in annual revenue. Its competitive edge comes from deep customer relationships and custom chip design expertise, particularly for AI data center workloads. The key growth driver is rising demand for custom AI chips as cloud companies build out massive data centers, though heavy customer concentration — a few large cloud clients make up a large share of revenue — remains a meaningful risk.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+36.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+47.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$2.1B/ year

↑ Rising (+6% vs prior year)

25.3% of revenue

1.7x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.9B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Marvell Technology grew revenue 37% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
53.1%
Healthy — 53.1% gross margin
Profit after running costs
Operating Margin
16.8%
Healthy — 16.8% operating margin
Return on the money invested
ROCE
6.7%
Weak — 6.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+30.6%
Fast-growing sales (+30.6% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
83%
Modest — 83% of profit becomes cash
Spare cash per sale
FCF Margin
18.3%
Converts sales into free cash efficiently (18.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.27
Conservative — low debt load (0.27)
Covers its interest
Interest Cover
16.97x
Comfortably covers interest (17.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
74.7x
Expensive — P/E 74.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+50.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (74.7 → 24.4)

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Dividends

Dividend
Dividend Yield
0.09%
Small dividend — 0.09% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
8%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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