Marvell Technology, Inc. MRVL
Marvell's fundamental turnaround is undeniable — FY2026 revenue surged 42% to $8.19B with operating income swinging from -$720M to +$1.34B, and the just-reported Q2 FY2027 delivered record revenue of $2.739B (up 37% YoY) with data center revenue up 46% to $2.17B. However, at 20.1x sales (142% above the peer median of 8.3x) and 71x earnings, the stock prices in near-flawless execution, and the 8% post-earnings selloff on August 28 shows investors found the ~$18B FY2028 outlook and Google deal cadence underwhelming.
Persistent insider selling — net -$233M over 24 months with the CEO, COO, and Data Center president all selling in July–August — and a price below the 50-day MA of $228.56 reinforce that risk/reward is balanced at current levels. Patience for a better entry or evidence of accelerating Google-driven revenue is warranted.
What could go wrong
- Valuation compression. At 20.1x sales and 71x PE, any deceleration in data center growth or guide-down could trigger a sharp multiple contraction; the 8% drop on August 28 illustrates how unforgiving the tape is.
- Google deal monetization timing. The $120B Google partnership is not yet materially lifting revenue fast enough for investors; delays in custom AI-chip ramp could undermine the growth narrative.
- Insider selling pressure. Net insider dispositions of -$233M over 24 months, with the CEO selling at $236 on August 17 and the COO selling 10,000 shares at $180.50 on August 3, signal limited insider confidence at these levels.
- Competitive intensity. Custom silicon and data center connectivity face competition from hyperscaler in-house designs and peers; margin expansion from 16.3% operating margin is not guaranteed.
What would change my mind
Where this comes from: FMP annual fundamentals + derived_metrics, fiscal year ended 2026-01-31 · News snippets from GuruFocus and Invezz, earnings reported 2026-08-27 · Invezz news snippet, published 2026-08-28 · Technicals as of 2026-08-28 + CNBC/Invezz news. Orin's read on MRVL; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All MRVL filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $17.2B | 0.4% of fund |
| Fmr | $17.0B | 0.7% of fund |
| State Street | $12.5B | 0.4% of fund |
| Invesco | $9.0B | 0.7% of fund |
| Geode Capital Management | $6.3B | 0.3% of fund |
| Vanguard Portfolio Management | $6.3B | 0.3% of fund |
140 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 693 Form 4 filings, net −$237.0M. Of the 50 on hand, 0 were open-market purchases and 5 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about MRVL
Orin answers questions about MRVL from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 85.6× | — | 53.3× |
| EV/EBITDA | 48.3× | — | — |
| P/S | 24.18× | — | — |
| P/B | 12.6× | — | — |
37.0%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $1.4B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$272
$155 – $400 · +4% against today's price
- 60 buy or overweight
- 12 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| MRVLMarvell Technology, Inc. | $228B | 85.6× | 48.3× | 51.4% | 27.9% | 16% |
| FTNTFortinet, Inc. | $131B | 62.5× | 44.5× | 80.4% | 28.2% | 188% |
| GLWCorning Incorporated | $133B | 69.9× | 35.9× | 36.3% | 11.2% | 16% |
| MPWRMonolithic Power Systems, Inc. | $67B | 82.7× | 64.8× | 55.2% | 24.4% | 22% |
| NXPINXP Semiconductors N.V. | $59B | 20.0× | 13.7× | 55.9% | 22.6% | 28% |
| SNPSSynopsys, Inc. | $79B | 71.7× | 24.4× | 72.4% | 11.4% | 4% |
| TELTE Connectivity Ltd. | $62B | 20.8× | 13.5× | 35.4% | 15.8% | 23% |
The median is of the 6 peers listed above and nothing else — check it against the column. This company trades 29.3% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.