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MARVELL TECHNOLOGY GROUP LTD

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2021 10-K, filed Mar 16, 2021. Its latest SEC filing is a SC 13G/A from May 10, 2021.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Designs and sells networking chips and storage controllers for equipment makers serving automotive, carrier, data center and enterprise markets.

How Did They Make Money?

Marvell sells semiconductor products to equipment makers, with sales generally counted when the products ship.

revenue
SegmentShareRevenue
Networking
Sold outright

57%
FY2018: 40%
Storage
Sold outright

39%
FY2018: 52%
Other
Sold outright
4.5%
FY2018: 8.0%

Who Were Their Customers?

Equipment makers—original equipment manufacturers and original design manufacturers—are the target buyers. Marvell sells directly to key customers and also through manufacturers’ representatives and distributors.

Did Revenues Turn Into Profits?

Not on paper. It lost $277.3M in FY2021, but brought in more cash than it spent: $710.5M of free cash flow.

Operating income, FY2021
−9% of revenue
▲ +6% (Loss) vs FY2020 (−$243.4M, −9%)
Net income, FY2021
−9% of revenue
▼ Now a loss vs FY2020 ($1.6B, 59%)
Free cash flow, FY2021
24% of revenue
▲ +155% vs FY2020 ($278.4M, 10%)

How Were They Changing?

Since the FY2021 annual report
  • Apr 20, 2021 Completed the acquisition of Inphi Inphi became a wholly owned subsidiary of MTI after the mergers.

Grew. Revenue grew 29% in 4 years, from $2.3B in FY2017 to $3B in FY2021, about 7% a year.

Product groups consolidated The older report lists storage, networking and connectivity as separate product groups; the latest report presents networking and storage as its two broad categories, and includes Ethernet solutions, processors and custom ASICs within networking.

Revenue over time
Networking Storage Other
$5B$2.5B$0

Who Did They Compete With?

Competes with Broadcom, Intel, Microchip Technology, NXP Semiconductors, Phison Electronics, Realtek Semiconductor, Silicon Motion Technology, and Socionext

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