Marvell Technology, Inc. (MRVL)
POSITIVE基本面
64
价格
$240.28
市值
$205.80B
第一部分 · 这家公司值多少
概览
Marvell designs semiconductors and licenses them out for manufacturing rather than running its own factories. Its chips move and process data inside data centres — custom silicon built for specific cloud customers' AI systems, plus networking, storage and optical components — alongside older product lines sold into telecom carrier equipment, enterprise networking gear, cars and consumer electronics.
盈利方式
Marvell earns money by selling chips, either as standard catalogue parts or as custom silicon designed for one customer under a multi-year program. Because it owns no fabs, its main costs are design engineering and the manufacturing capacity it buys from outside foundries; a chip win with a hyperscale cloud customer can take years to secure but then delivers volume for the life of that server generation.
护城河
转换成本 · 狭窄Once a custom chip is designed into a customer's server platform, both sides are locked in for that generation: redesigning around a different supplier mid-cycle is slow and expensive. But every new server generation reopens the competition, and the same large customers funding this growth are also building some of their own chips in-house, which caps how durable the advantage really is.
需求驱动因素
周期性Data-centre demand tied to AI investment now dominates results and grew sharply in fiscal 2025 — reaching about 75% of quarterly revenue by year end, up from roughly half at the start of the year — while enterprise networking, carrier and consumer end markets all shrank double digits during an inventory correction. The business has effectively become a bet on a handful of hyperscalers' AI capital spending.
主要风险
- Concentration in AI data-centre customers — Growth is increasingly dependent on custom-silicon programs for a small number of very large cloud customers; a change in any one program's timeline or scope would have an outsized effect on results.
- Sharp swings in legacy end markets — Enterprise networking, carrier infrastructure, consumer and automotive/industrial revenue all fell sharply in fiscal 2025 during an inventory correction, showing how quickly demand outside data centres can swing.
- Dependence on external foundries — As a fabless designer, Marvell relies on third-party foundries for leading-edge manufacturing capacity; a shortage or disruption at a key supplier translates directly into missed shipments.
- Long, winner-take-most design cycles — Custom chip programs are won years before revenue appears, and each new server generation is fully re-contested; losing a design cycle to a rival or an in-house alternative removes future revenue with little immediate warning.
看多理由
Buyers argue that Marvell has secured itself a durable seat at the table of custom AI silicon for the largest cloud providers, and that this data-centre business can keep growing fast enough to make the shrinking legacy segments increasingly irrelevant to the overall result.
看空理由
Sellers worry that a business now overwhelmingly dependent on a handful of hyperscale customers' AI budgets is exposed to a sudden pause in that spending, and that those same customers building chips in-house could turn today's design wins into tomorrow's lost accounts.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$8.72B
最近12个月（截至2026/5/2）
净利润
$2.53B
最近12个月（截至2026/5/2）
自由现金流
$1.40B
股东权益合计
$14.31B
负债合计
$7.98B
流动比率
3.28
利息覆盖率
6.73
债务/EBITDA
1.95
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$136.20
当前价格
$240.28
安全边际
-76.4%
公允价值区间
$88.53 - $183.87
估算方法
估值指标
市盈率（P/E）
78.79
ROE
18.7%
市净率（P/B）
11.01
P/FCF
120.44
毛利率
51.5%
ROIC
4.5%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
4.5%
WACC
16.8%
ROIC − WACC
-12.4 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
基本面分析标准
通过（18）
- EPS shows upward trend
- Price CAGR 32.83%
- Gross Margin 51.5%
- Debt/Equity ratio
- Operating Margin 16.0%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 16.8%
- Revenue Growth 5Y 22.5%
- Analyst Consensus 86% Buy
- Earnings Quality (OCF/NI) 0.81
- Share Dilution 0.2%
- Net Margin Trend 29.0% vs -7.6%
- Piotroski F-Score 7/9
未通过（8）
- EPS CAGR 4.63%
- ROIC 4.5%
- P/FCF 120.44
- P/B Ratio 11.01
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg 0.1%
不可用（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
财务状况强健
盈利质量
中等：利润与现金之间存在一定差距
股权稀释
股份数量稳定
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Matthew J. Murphy | CEO & Chairman | 52 |
| Mr. Christopher R. Koopmans | President & COO | 48 |
| Mr. Daniel J. Durn | CFO, Executive VP & Principal Financial Officer | 59 |
| Mr. Mark J. Casper Esq. | Executive VP, Secretary & Chief Legal Officer | 57 |
| Mr. Willem A. Meintjes | Advisor | 44 |
| Mr. Sandeep Bharathi | President of Data Center Group | 54 |
| Mr. Justin Scarpulla | Senior VP & Chief Accounting Officer | 52 |
| Mr. Nishit Sahay | Senior VP & Chief Information Officer | - |
| Mr. Ross Clark Seymore | Senior Vice President of Investor Relations | - |
| Mr. Gary Ignatin | Executive Vice President of Corporate Development | - |
审计风险
8
董事会风险
8
薪酬风险
10
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for MRVL, sourced from Markets Gazette.
- 1d agoNEUTRALAnalisi del titolo Marvell Technology e anteprima degli utili: salirà o crollerà?
Marvell Technology's stock is under scrutiny ahead of its earnings report, following a significant $12 billion deal with Google that initially pushed shares to a peak of $252. The stock has since corrected to $230 as investors digest the news and await further details on the company's performance. Marvell, a key player in the AI semiconductor sector, serves major hyperscalers like Microsoft, Amazon, and Google, who are increasingly developing their own chips. The upcoming earnings report will be crucial for investors to assess the company's trajectory and the impact of its strategic partnerships.
- 4d agoNEUTRALPrevisioni Marvell: persistono dubbi di valutazione prima degli utili
Marvell Technology's stock price has retreated from weekly highs as investors digest a significant custom chip deal with Google. The stock, trading around $235, is down nearly 30% from its year-to-date peak, indicating a local bearish market sentiment. The upcoming earnings report on August 27th is the next key event. This report follows the announcement of a substantial $12 billion agreement with Alphabet's Google, a deal that could significantly impact future revenue streams. Despite the positive implications of the Google partnership, current valuation concerns and the stock's recent decline suggest a cautious outlook ahead of the earnings release.
- 6d agoPOSITIVEMarvell balza in Borsa dopo accordo con Google su chip personalizzati
Marvell Technology shares surged over 8%, trading near $234.30, following the announcement of a significant agreement with Google. The deal involves Google purchasing Marvell's custom chips, a move expected to boost Marvell's revenue and market position in the specialized semiconductor sector. This partnership highlights Marvell's growing influence in providing advanced solutions for major tech players, potentially leading to increased demand for its products and services. Investors are reacting positively to the news, anticipating sustained growth and profitability for Marvell.
- 6/17/2026POSITIVEMarvell, Flex Could Be Days Away From Massive Passive-Fund Tailwind
Marvell Technology Inc. is set to join the S&P 500 index on June 22, a move expected to trigger significant inflows from passive funds and ETFs. This inclusion is particularly noteworthy as investors continue to seek out companies positioned to benefit from the burgeoning AI infrastructure sector. The anticipated buying pressure from index-tracking funds could provide a substantial tailwind for Marvell's stock price in the short to medium term, reinforcing its appeal as an AI-related investment.
- 6/16/2026NEUTRALMarvell Needs Lots of Growth to Achieve Huang’s $1 Trillion Call
Nvidia CEO Jensen Huang's ambitious $1 trillion valuation target for Marvell Technology Inc. faces significant hurdles, requiring substantial growth from the chipmaker. While Huang's endorsement highlights potential, Marvell's current market position and growth trajectory suggest this valuation is a long-term aspiration rather than an immediate prospect. Investors should monitor Marvell's ability to execute on its growth strategies, particularly in data center and AI infrastructure, to determine if such a valuation is achievable.
- 6/12/2026NEUTRALAnalyzing Marvell Technology In Comparison To Competitors In Semiconductors & Semiconductor Equipment Industry
This article provides a comparative analysis of Marvell Technology within the broader Semiconductors & Semiconductor Equipment industry. While specific financial figures or performance metrics are not detailed, the focus on industry comparison suggests an evaluation of Marvell's competitive positioning, technological advancements, and market share relative to its peers. Investors should monitor this analysis for insights into Marvell's strategic direction and potential for future growth or challenges in a highly dynamic sector.
via Markets Gazette