MRVLMarvell Technology, Inc.
Semiconductors & Related Devices
- Revenue
- $8.2B
- 42% YoY
- Operating margin
- 16.1%
- 229% YoY
- EBITDA
- $1.5B
- 384% YoY
- Market cap
- $166.4B
- Employees
- 7,480
- $1M revenue each
- Net debt / EBITDA
- 0.7×
- $1.0B net debt
- AI in 10-K
- 9.2
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 4 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$25M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes66% of net incomeCash flow under 80% of net income
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Payouts exceed cash flowYes128% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes50% of assetsOver 40% of assets
- Shareholder dissentYes56% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 80th pctBottom quartile of its SIC industry
- Quiet on AINo9.2 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$166.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$55M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.5B | $5.9B | $5.5B | $5.8B | $8.2B | 42% |
| Operating income | −$348M | $238M | −$568M | −$720M | $1.3B | 284% |
| Net income | −$421M | −$164M | −$933M | −$885M | $2.7B | 402% |
| Operating cash flow | $819M | $1.3B | $1.4B | $1.7B | $1.8B | 4.1% |
| Capex | $169M | $206M | $336M | $285M | $354M | 24% |
| Stock-based comp | $461M | $552M | $610M | $597M | $591M | 1.1% |
| Buybacks | $0 | $115M | $150M | $725M | $2.0B | 181% |
| Dividends | $191M | $204M | $207M | $208M | $205M | 1.2% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $55M · 30
- Net
- −$55M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $25M | −$70M | 156 | 293 |
| FY2025 | $32M | $144M | 481 | 299 |
| FY2024 | $45M | $120M | 287 | 256 |
| FY2023 | $22M | −$8M | 187 | 172 |
| FY2022 | $16M | $57M | 279 | 190 |