Marvell Technology Inc (NASDAQ: MRVL) is a semiconductor company that designs and sells integrated circuits for data center, enterprise networking, carrier infrastructure, and consumer applications. Revenue comes from selling standard and custom semiconductor products, including custom ASICs, Ethernet switches, optical DSPs, storage controllers, and data processing units, on a transactional basis to OEMs and cloud operators. Data center represented 74% of total net revenue at $6.1B in fiscal year ended January 31, 2026, up from 72% ($4.2B) in fiscal year ended February 1, 2025, and 40% ($2.2B) in fiscal year ended February 3, 2024. Total net revenue was $8.2B in fiscal 2026 versus $5.8B in fiscal 2025. Sales shipped to customers with operations in Asia represented approximately 77% of net revenue in fiscal 2026. The company is headquartered in a fabless model, relying on third-party manufacturing partners and assembly, testing, and packaging subcontractors for production.

Revenue model

Transactional semiconductor product sales. Revenue splits between standard products sold to multiple customers and optimized solutions customized to individual customer specifications, with demand for optimized solutions increasing as of the fiscal 2026 10-K filing.

Products and services

Custom ASICs, OCTEON data processor units (DPUs), Prestera and Teralynx Ethernet switches (12Gbps to 51.2Tbps capacity), Alaska Ethernet physical-layer transceivers (10Mbps to 1.6Tbps), Ethernet controllers and network adapters, coherent optical DSPs with TIAs and drivers, PAM DSPs, co-packaged optics (CPO) solutions using silicon photonics, linear-drive pluggable optics (LPO) chipsets, fibre channel adapters, storage controllers, multi-core infrastructure processors, and in-development UALink switches and Ethernet for Scale-Up Networking (ESUN) switches.

Customers and end markets

End markets are data center (74% of FY2026 revenue) and communications and other (26% of FY2026 revenue). Data center applications include cloud AI systems, AI servers, general-purpose servers, Ethernet switching, network-attached storage, storage area networks, and data center interconnect. Communications and other covers enterprise campus networking, carrier broadband and optical transport, consumer broadband gateways and gaming consoles, and automotive/industrial including ADAS, autonomous vehicles, in-vehicle networking, and U.S. military and government solutions. Customers are predominantly OEMs and cloud operators with manufacturing operations in Asia.

Value-chain role

Fabless semiconductor designer. Marvell designs chips and systems-on-chip integrating analog, mixed-signal, digital IP, firmware, and software, then outsources wafer fabrication, assembly, testing, and packaging to third-party manufacturing partners. It sells finished silicon to OEM and cloud customers who integrate the chips into end products.

Geographic exposure

Asia-shipped sales represented approximately 77% of net revenue in fiscal 2026, 75% in fiscal 2025, and 70% in fiscal 2024. The majority of products are manufactured outside the United States. The company operates in certain foreign jurisdictions with government tax incentive agreements, including one approved on May 1, 2025, covering February 2, 2025, through February 1, 2030.

Source: SEC 10-K, filed 2026-03-11

Industry: Semiconductors & Related Devices Peers: Advanced Micro Devices Inc NVIDIA Corp Analog Devices Inc GlobalFoundries Inc Microchip Technology Inc Micron Technology Inc Monolithic Power Systems Inc ON Semiconductor Corp