Marvell Technology, Inc. (MRVL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-87.4%

$22.39

vs $177.94 price

Levered DCF

$25.59

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

12.52

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.46×	-110.65×	-62.69×	-227.11×	-134.72×	-128.95×	10.1×	-61.77×
P/B	4.75×	7.27×	3.93×	2.35×	3.62×	4.19×	1.84×	1.5×
P/S	8.29×	16.94×	10.59×	6.21×	12.75×	11.91×	5.92×	3.82×
EV / EBITDA	15.44×	155.12×	72.6×	24.61×	67.7×	92.48×	12.01×	33.35×
Gross margin	51.0%	41.3%	41.6%	50.5%	46.3%	50.1%	50.3%	50.9%
Operating margin	16.3%	-12.5%	-10.3%	4.0%	-7.8%	-8.7%	-6.8%	6.1%
Net margin	32.6%	-15.3%	-16.9%	-2.8%	-9.4%	-9.3%	58.7%	-6.2%
Current ratio	2.01×	1.54×	1.69×	1.37×	1.8×	1.5×	2.16×	2.19×
Debt / equity	0.33×	0.32×	0.3×	0.3×	0.3×	0.16×	0.18×	0.24×
Interest coverage	6.61×	-3.8×	-2.68×	1.4×	-2.5×	-3.73×	-2.13×	2.88×
Dividend yield	0.3%	0.2%	0.4%	0.6%	0.3%	0.5%	1.0%	1.4%
Payout ratio	7.7%	-23.4%	-22.2%	-125.0%	-45.4%	-57.9%	10.1%	-82.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.7%	-6.6%	-6.3%	-1.0%	-2.7%	-3.3%	18.3%	-2.5%
Return on invested capital	6.0%	-3.9%	-2.9%	-2.2%	-1.5%	-2.2%	-1.7%	1.9%
Return on assets	12.0%	-4.4%	-4.4%	-0.7%	-1.9%	-2.6%	14.2%	-1.8%
Free cash flow yield	2.1%	1.4%	1.7%	2.9%	1.1%	2.0%	1.7%	4.6%
Earnings yield	3.9%	-0.9%	-1.6%	-0.4%	-0.7%	-0.8%	9.9%	-1.6%
Enterprise value	$70.1B	$101.1B	$61.8B	$40.6B	$61B	$35.9B	$16.9B	$12.1B
Net debt / EBITDA	0.47×	5.21×	4.06×	2.32×	4.56×	1.5×	0.66×	3.17×
Cash conversion cycle (days)	126	109	126	149	125	70	96	86