At a glance
Marvell Technology Group Ltd is worth $150.31B, about 56 times its fiscal 2026 earnings. Revenue grew 42.1% to $8.19B in fiscal 2026, with 32.6% kept as profit; over 5 years it has grown 22.5% a year. It pays a 0.14% dividend yield, and returned $4.04B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +83.2% over the past year with dividends reinvested and +20.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.6% in the 2020 crash (S&P 500: 33.7%) and 57.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 25 months after the lows.
The business in plain English
Marvell designs chips that move, store and secure data, mainly inside data centers and communications networks. It is a fabless company: it designs the chips and pays outside partners to make, assemble, test and package them. Its products include custom chips built to one customer's specifications (custom ASICs), interconnect chips that send data over copper and fiber-optic links, network switch chips, processors and storage controllers. Large cloud operators and equipment makers build them into their own systems.
Marvell earns its money selling these chips. In the fiscal year ended January 31, 2026, revenue rose 42% to $8.19 billion. Gross margin, the share of sales left after direct production costs, was 51%. Data center sales were $6.1 billion, or 74% of revenue, up from 40% two years earlier. The other 26% came from business and telecom networking gear, consumer devices such as gaming consoles, and industrial and military uses. By region, China accounted for 36% of revenue, Taiwan 20% and the United States 14%.
Marvell has been reshaping itself around AI and cloud data centers. It sold its automotive Ethernet business to Infineon for $2.5 billion in August 2025. In February 2026 it bought Celestial AI, which makes light-based links between AI chips, and XConn, which makes switching chips that connect processors and other components inside servers.
Price history
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MRVL +83.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Data center | $6.10B | 74.4% |
| Communications and other | $2.09B | 25.6% |
By geography
| China | $2.97B | 36.2% |
| Other | $2.39B | 29.2% |
| Taiwan | $1.66B | 20.2% |
| United States | $1.17B | 14.3% |
Latest results
- In Q2 FY2027 (ended Aug 1, 2026), revenue was $2.74B, up 36.5% from a year earlier, and net income was $308.0M (+58.1%).
- For fiscal 2026, revenue was $8.19B (+42.1% year over year; +22.5% a year from FY2021 to FY2026) with a 32.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +22.5% good |
|---|---|
| Operating margin | 16.1% good |
| Free cash flow margin | 17% good |
| Return on equity (FY2026) | 18.7% good |
| Return on assets (FY2026) | 12% good |
| Net cash (cash minus debt) | $-1.03B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.97B | $-277.3M | $710.5M |
| FY2022 | $4.46B | $-421.0M | $650.1M |
| FY2023 | $5.92B | $-163.5M | $1.08B |
| FY2024 | $5.51B | $-933.4M | $1.03B |
| FY2025 | $5.77B | $-885.0M | $1.40B |
| FY2026 | $8.19B | $2.67B | $1.40B |
Valuation snapshot
| Market value | $150.31B |
|---|---|
| P/E ratio | 55.8 |
| Dividend yield | 0.14% |
Rank among 1514 US companies
Market value at each year end
Marvell Technology Group Ltd’s market value went from $73.82B at the end of 2021 to $150.31B on Nov 2, 2026, about 2.0 times as much; since the end of 2025 it is up 109%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $150.31B | +108.6% |
| 2025 | $72.07B | -24.6% |
| 2024 | $95.57B | +83.3% |
| 2023 | $52.14B | +65.0% |
| 2022 | $31.60B | -57.2% |
| 2021 | $73.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MRVL price data to Nov 2, 2026 | +102.0% | +83.2% | +52.3% | +20.1% | +30.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +102.0% |
| 2025 | -22.8% |
| 2024 | +83.8% |
| 2023 | +63.7% |
| 2022 | -57.5% |
| 2021 | +84.6% |
| 2020 | +80.2% |
| 2019 | +65.7% |
| 2018 | -23.6% |
| 2017 | +56.9% |
| 2016 | +60.6% |
| 2015 | -37.8% |
| 2014 | +2.5% |
| 2013 | +102.1% |
| 2012 | -46.6% |
| 2011 | -25.3% |
| 2010 | -10.6% |
| 2009 | +211.1% |
| 2008 | -52.3% |
| 2007 | -27.1% |
| 2006 | -31.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.6% over that stretch · deepest drop along the way 74.3%, back to its old high 12.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.8% over that stretch · deepest drop along the way 31.6%, back to its old high 0.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 57.4% over that stretch · deepest drop along the way 57.4%, back to its old high 24.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 11 sales ($19.0M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 1, 2026 | Chris Koopmans President and COO | sell (plan) | $2.8M |
| Oct 1, 2026 | Chris Koopmans President and COO | sell (plan) | $2.6M |
| Sep 1, 2026 | Chris Koopmans President and COO | sell (plan) | $2.0M |
| Aug 3, 2026 | Chris Koopmans President and COO | sell (plan) | $1.8M |
| Jul 16, 2026 | Sandeep Bharathi President, Data Center Group | sell (plan) | $1.8M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9% | Jun 30, 2026 |
| Vanguard Capital Management | 7.63% | Jun 30, 2026 |
| FMR LLC | 6.5% | Jun 30, 2026 |
ETFs with the most weight in MRVL
| SPRX Spear Alpha ETF | 6.44% |
| LOUP Innovator Deepwater Frontier Tech ETF | 4.71% |
| SMHX VanEck Fabless Semiconductor ETF | 4.06% |
| CHAT Roundhill Generative AI & Technology ETF | 3.38% |
| FDTX Fidelity Disruptive Technology ETF | 3.11% |
| SOXX iShares Semiconductor ETF | 2.93% |
| SOXQ Invesco PHLX Semiconductor ETF | 2.92% |
| FTXL First Trust Nasdaq Semiconductor ETF | 2.89% |
What could go wrong
- Reliance on a few big customers. A few customers provide a significant and growing share of revenue, and data center sales made up 74% of fiscal 2026 revenue. Losing a major customer could hurt results sharply.
- China trade tensions have already hurt demand. China accounted for about 36% of fiscal 2026 revenue. Marvell says government trade policies involving China have reduced demand for its products, and export rules may push Chinese customers to develop their own chips.
- Paying for designs before orders arrive. Customers must choose to build Marvell chips into their systems, and Marvell spends on design work before they commit. If a customer delays, cancels or picks a rival, those costs may not be recovered.
- Keeping pace with AI is costly. Marvell warns that advances in AI could disrupt its business model. To stay competitive, it must move to smaller, costlier chip-making processes, such as 3nm and 2nm, and launch new products on time.
- Depends on outside manufacturers. Marvell owns no chip factories, so it relies on partners to make, assemble, test and package its products. Shortages, price increases or a partner failing to deliver could cut sales and margins.
- Acquisition bets and more debt than cash. Marvell bought Celestial AI and XConn in February 2026. The benefits may fall short, and more payments to Celestial's sellers could follow. Debt of nearly $5.0 billion topped cash and investments as of August 1, 2026.
Recent events
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; Unregistered sale of shares
- Other company announcement
- Shareholder vote results; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Other company announcement
For income and retirement investors
Marvell's small dividend has not grown: $0.24 per share in each fiscal year from 2021 through 2026. In fiscal 2026, when a one-time gain lifted profits, the dividend used about 8% of earnings and 15% of free cash flow (cash left after running and investing in the business). The yield was about 0.1% as of October 27, 2026, so the stock offers little income. Buybacks (repurchases of its own shares) totaled $3.0 billion from fiscal 2022 to 2026, versus $1.0 billion in dividends. Even so, the share count rose about 4% from November 2021 to August 2026.
Downturns have hit the shares hard. They fell about 74% from November 2007 to November 2008 and regained that peak in December 2009. They fell about 32% in the 2020 COVID crash, then recovered within a month. In the 2022 bear market they fell 57% and did not regain their high until November 2024. Single stocks like Marvell carry more risk than diversified funds.
Questions investors ask
How does Marvell make money?
Marvell makes money by designing and selling chips that move and process data, mainly in data centers. It is fabless, which means outside partners manufacture its designs. In the fiscal year ended January 31, 2026, data center products, including custom chips and optical and copper interconnect chips, brought in $6.1 billion. That was 74% of its $8.19 billion in revenue. The rest came from networking, telecom, consumer and industrial markets.
Does Marvell pay a dividend?
Yes, but it is small and has not grown. Marvell paid $0.24 per share in each fiscal year from 2021 through 2026, and the yield was about 0.1% as of October 27, 2026. The company has returned more cash through buybacks: $2.04 billion in fiscal 2026 alone, against $205 million in dividends. Marvell's 10-K warns there is no assurance it will keep paying dividends or buying back stock at any particular level.
Why did Marvell's profit jump in fiscal 2026?
A one-time gain played a big part, alongside faster sales. In August 2025 Marvell sold its automotive Ethernet business to Infineon for $2.5 billion and recorded a $1.8 billion pre-tax gain. Net income for the fiscal year ended January 31, 2026 reached $2.67 billion, or $3.07 per share, after net losses in every fiscal year from 2021 through 2025. Revenue rose 42%. Because the gain will not repeat, that profit figure likely overstates ongoing earnings power.
How much of Marvell's revenue comes from China?
About 36%. In the fiscal year ended January 31, 2026, China accounted for $2.97 billion of Marvell's $8.19 billion in revenue, more than any other region. Taiwan contributed 20%, the United States 14% and other regions 29%. This matters because Marvell says government trade policies involving China have already reduced demand for its products. Export rules could also push Chinese customers to develop their own chips or buy from others.
How volatile is Marvell stock?
Very volatile. Over the year to October 27, 2026, its beta was 3.07, meaning it tended to move about three times as much as the broad market. In that year it fell as much as 48% from a high, even though it gained 175% overall. Its deepest decline over roughly the past 21 years was about 87%. The shares lost 23% in calendar 2025 and 57% in 2022.