Marvell Technology Inc

marvell.com

What Do They Do?

Sells custom chips, interconnect and networking semiconductors for cloud and on-premise data centers to equipment makers and distributors.

How Do They Make Money?

Customers pay for semiconductor products when they ship; products held at third-party warehouses are paid for when customers pull them from stock.

revenue

Segment	Share	Revenue	How money arrives
Data center Sold outright	74% FY2023: 41%		Sold outright
Communications and other Sold outright	26%		Sold outright

Who Are Their Customers?

Equipment makers that design and manufacture end-market devices buy directly, while distributors also sell Marvell products; manufacturers’ representatives support direct sales in North America.

Customers above 10% of revenue, FY2026

of revenue from two customers (14%, 37%)

FY2024: 24% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 33 cents of every revenue dollar as net income in FY2026 and turned 17 cents into free cash flow.

Operating income, FY2026

16% of revenue

▲ Now profitable vs FY2025 (−$720.3M, −12%)

Net income, FY2026

33% of revenue

▲ Now profitable vs FY2025 (−$885M, −15%)

Free cash flow, FY2026

17% of revenue

▼ 0% vs FY2025 ($1.4B, 24%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2027, the three months to Aug 1, 2026

Revenue: ▲ +37%; vs $2B in Q2 FY2026
Net income: ▲ +58%; vs $194.8M in Q2 FY2026

Data center share of revenue vs 74.3% in Q2 FY2026

Aug 27, 2026 Marvell raised its revenue outlook for fiscal 2027 and fiscal 2028 The company also forecast third-quarter revenue of $3.150 billion, plus or minus 5%.
Aug 19, 2026 Marvell agreed to develop custom semiconductor products for Google The expanded programs cover AI accelerators, storage and network interface controllers, memory interface controllers, and near-memory compute.
Jun 11, 2026 Marvell appointed Daniel Durn as CFO after Willem Meintjes resigned Durn took the role effective June 15, 2026; Meintjes remains available in an advisory capacity through April 17, 2027.
Mar 31, 2026 Marvell partnered with NVIDIA on AI infrastructure and silicon photonics The companies said Marvell will provide custom XPUs and compatible scale-up networking, and also collaborate on silicon photonics.

Growing. Revenue grew 84% in 4 years, from $4.5B in FY2022 to $8.2B in FY2026, about 16% a year.

Automotive Ethernet sold The older report described automotive Ethernet transceivers, bridges and switches; the latest says the automotive Ethernet business was sold and related vehicle applications divested.

Expanded connectivity products The latest report adds Photonic Fabric optical interconnects and switches for server and shared-memory connections through acquisitions; the older report listed optical components and networking products.

Revenue over time

Data center Communications and other Automotive/industrial Carrier infrastructure Enterprise networking Consumer

$10B$5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Advanced Micro Devices, Alchip Technologies, Astera Labs, Ayar Labs, Broadcom, Cisco Systems, Credo Technology Group Holding, Intel, Global Unichip, Lightmatter, MACOM Technology Solutions Holdings, MediaTek, Microchip Technology, Montage Technology, Nvidia, NXP Semiconductors, Phison Electronics, Qualcomm, Rambus, and Ranovus

Comments