Latest Ratios: P/E Ratio 85.5x · EV/EBITDA 88.1x · ROE 19.3%. (2000–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $229.5B | $68.6B | $97.7B | $58.3B | $36.7B | $56.9B | $34.4B | $16.3B | $11.0B | $11.9B | $7.7B |
| Enterprise Value | $231.7B | $70.8B | $101.1B | $61.8B | $40.6B | $61.0B | $35.0B | $17.2B | $12.1B | $11.0B | $6.9B |
| P/E Ratio → | 85.46 | 25.71 | — | — | — | — | — | 10.27 | — | 27.45 | 371.75 |
| P/S Ratio | 28.01 | 8.38 | 16.94 | 10.59 | 6.21 | 12.75 | 11.59 | 6.02 | 3.82 | 4.94 | 3.34 |
| P/B Ratio | 15.95 | 4.80 | 7.27 | 3.93 | 2.35 | 3.62 | 4.08 | 1.87 | 1.50 | 2.87 | 1.91 |
| P/FCF | 164.36 | 49.15 | 70.29 | 57.15 | 34.29 | 89.97 | 49.32 | 59.39 | 21.51 | 22.61 | — |
| P/OCF | 131.11 | 39.21 | 58.10 | 42.55 | 28.51 | 69.44 | 42.11 | 45.11 | 18.36 | 20.82 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.64 | 17.53 | 11.21 | 6.85 | 13.67 | 11.79 | 6.37 | 4.22 | 4.57 | 2.99 |
| EV / EBITDA | 88.12 | 26.93 | 158.77 | 74.41 | 24.88 | 67.97 | 91.35 | 50.26 | 25.17 | 18.67 | 19.63 |
| EV / EBIT | 173.09 | 52.89 | — | — | 158.64 | — | — | 19.44 | 217.28 | 24.35 | 46.56 |
| EV / FCF | — | 50.69 | 72.74 | 60.53 | 37.86 | 96.47 | 50.15 | 62.81 | 23.77 | 20.92 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.0% | 51.0% | 41.3% | 41.6% | 50.5% | 46.3% | 50.1% | 50.3% | 50.9% | 60.7% | 56.0% |
| Operating Margin | 16.3% | 16.3% | -12.5% | -10.3% | 4.0% | -7.8% | -8.7% | -6.8% | 6.1% | 20.8% | 10.1% |
| Net Profit Margin | 32.6% | 32.6% | -15.3% | -16.9% | -2.8% | -9.4% | -9.3% | 58.7% | -6.2% | 17.9% | 0.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.3% | 19.3% | -6.3% | -6.1% | -1.0% | -3.5% | -3.2% | 19.8% | -3.1% | 10.6% | 0.5% |
| ROA | 12.6% | 12.6% | -4.3% | -4.3% | -0.7% | -2.6% | -2.5% | 15.0% | -2.4% | 9.2% | 0.4% |
| ROIC | 6.0% | 6.0% | -3.1% | -2.3% | 0.9% | -1.8% | -2.1% | -1.5% | 2.2% | 11.6% | 5.7% |
| ROCE | 7.2% | 7.2% | -3.8% | -2.9% | 1.2% | -2.3% | -2.6% | -1.8% | 2.5% | 11.9% | 5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.33 | 0.33 | 0.32 | 0.30 | 0.30 | 0.30 | 0.16 | 0.18 | 0.24 | — | — |
| Debt / EBITDA | 1.82 | 1.82 | 6.82 | 5.30 | 2.91 | 5.27 | 3.47 | 4.63 | 3.60 | — | — |
| Net Debt / Equity | — | 0.15 | 0.25 | 0.23 | 0.24 | 0.26 | 0.07 | 0.11 | 0.16 | -0.21 | -0.20 |
| Net Debt / EBITDA | 0.82 | 0.82 | 5.33 | 4.16 | 2.35 | 4.58 | 1.52 | 2.74 | 2.39 | -1.51 | -2.32 |
| Debt / FCF | — | 1.54 | 2.44 | 3.38 | 3.57 | 6.50 | 0.83 | 3.42 | 2.26 | -1.69 | — |
| Interest Coverage | 6.61 | 6.61 | -3.72 | -2.58 | 1.50 | -2.47 | -3.65 | 10.32 | 0.92 | 659.69 | 401.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.01 | 2.01 | 1.54 | 1.69 | 1.37 | 1.80 | 1.50 | 2.16 | 2.19 | 5.61 | 4.61 |
| Quick Ratio | 1.58 | 1.58 | 1.03 | 1.21 | 0.93 | 1.28 | 1.25 | 1.71 | 1.76 | 5.21 | 4.27 |
| Cash Ratio | 0.82 | 0.82 | 0.47 | 0.52 | 0.38 | 0.44 | 0.69 | 0.91 | 0.91 | 4.37 | 3.36 |
| Asset Turnover | — | 0.37 | 0.29 | 0.26 | 0.26 | 0.20 | 0.28 | 0.24 | 0.29 | 0.51 | 0.49 |
| Inventory Turnover | 2.89 | 2.89 | 3.29 | 3.72 | 2.74 | 3.33 | 5.52 | 4.16 | 5.10 | 5.57 | 5.92 |
| Days Sales Outstanding | — | 97.39 | 65.09 | 74.33 | 73.51 | 85.77 | 65.98 | 66.58 | 62.81 | 42.48 | 53.20 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.3% | 0.2% | 0.4% | 0.6% | 0.3% | 0.5% | 1.0% | 1.4% | 1.0% | 1.6% |
| Payout Ratio | 7.7% | 7.7% | — | — | — | — | — | 10.1% | — | 27.6% | 578.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 3.9% | — | — | — | — | — | 9.7% | — | 3.6% | 0.3% |
| FCF Yield | 0.6% | 2.0% | 1.4% | 1.7% | 2.9% | 1.1% | 2.0% | 1.7% | 4.6% | 4.4% | — |
| Buyback Yield | 0.9% | 3.0% | 0.7% | 0.3% | 0.3% | 0.0% | 0.1% | 2.2% | 0.9% | 4.4% | 2.4% |
| Total Shareholder Yield | 1.0% | 3.3% | 1.0% | 0.6% | 0.9% | 0.3% | 0.5% | 3.2% | 2.3% | 5.4% | 3.9% |
| Shares Outstanding | — | $870M | $866M | $861M | $851M | $797M | $669M | $676M | $591M | $510M | $518M |
Includes 30+ ratios · 27 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
Bull/bear thesis, analyst target revisions, and earnings execution.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MRVL stock.
Marvell Technology, Inc.'s current P/E ratio is 85.5x. The historical average is 29.2x. This places it at the 100th percentile of its historical range.
Marvell Technology, Inc.'s current EV/EBITDA is 88.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 32.4x.
Marvell Technology, Inc.'s return on equity (ROE) is 19.3%. The historical average is 7.9%.
Based on historical data, Marvell Technology, Inc. is trading at a P/E of 85.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Marvell Technology, Inc.'s current dividend yield is 0.09% with a payout ratio of 7.7%.
Marvell Technology, Inc. has 51.0% gross margin and 16.3% operating margin. Operating margin between 10-20% is typical for established companies.
Marvell Technology, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Custom ASIC Margin Compression
Metrics are mathematically derived from official filings.
Premium Pricing Reflects AI Growth Expectations
Marvell's forward P/E of 52.0 and EV/EBITDA of 30.75, as reported in current market data, price in significant growth, yet the multiples appear stretched relative to its own historical profitability and peer Broadcom's superior margin profile.
The valuation multiples suggest the market is pricing Marvell as a high-growth AI beneficiary, but the forward P/E of 52.0 is notably higher than Broadcom's 77.64 despite Marvell's significantly lower net margin of 11.2% versus Broadcom's 36.2%. This premium appears to be predicated on the successful ramp of custom ASICs and optical connectivity, but it leaves little room for execution missteps or a slowdown in hyperscaler capital expenditure. The PEG ratio is unavailable, making it difficult to assess whether the growth premium is justified on a relative basis.
Margin Recovery Faces Structural Ceiling
Gross margins have recovered to 53.1% in Q2 FY27 from a trough of 23.0% in Q3 FY25, as reported in financial statements, yet operating margins of 16.7% remain constrained by the high fixed cost of R&D and the pricing power of hyperscale customers.
The gross margin expansion is a positive signal of product mix improvement toward higher-value networking silicon. However, the operating margin of 16.7% indicates that the benefits are being largely absorbed by R&D spending, which is essential for maintaining its custom silicon edge. This dynamic suggests a structural margin ceiling, as the company must continuously invest heavily to compete, and the shift toward custom projects may limit gross margin expansion potential compared to peers with more standardized, high-volume products.
Returns on Capital Lag Profitability Recovery
Despite a return to profitability, ROIC of 1.7% and ROE of 1.7% in Q2 FY27, as per recent filings, remain exceptionally low, indicating that the company's asset base is not yet generating commensurate returns on the capital invested.
The low ROIC and ROE are a direct consequence of the massive asset base, particularly the $13.9B in goodwill and intangibles from past acquisitions. While net income has turned positive, the returns are being diluted by this large, intangible-heavy balance sheet. For the company to compound value, it must demonstrate that the acquired IP and the new custom silicon wins can generate returns significantly above its cost of capital, a milestone it has not yet achieved based on the reported figures.
Conservative Leverage Amidst Acquisition History
The reported Debt/Equity ratio of 0.29 and interest coverage of 7.42 in Q2 FY27 indicate a very conservative leverage profile, which appears unusual for a company with a history of large, debt-funded acquisitions.
The low leverage provides significant financial flexibility and suggests management is prioritizing balance sheet strength, possibly in anticipation of future M&A or to weather industry cyclicality. The strong interest coverage ratio of 7.42 indicates that debt service is comfortable and not a near-term concern. However, this conservative stance may also imply that the company is not fully utilizing its balance sheet to enhance shareholder returns, or it could be a temporary phase following a period of deleveraging.
The Misapplied Metric: Price-to-Sales
The P/S ratio of 22.60 is the most commonly misapplied metric for Marvell, as it obscures the significant differences in profitability and capital intensity between its high-margin networking and lower-margin legacy storage businesses.
Investors often use P/S to compare Marvell to other semiconductor companies, but this is misleading because Marvell's revenue mix is shifting. The high-growth, high-margin Data Center segment commands a different valuation multiple than the cyclical, lower-margin Consumer and Storage segments. A blended P/S ratio fails to capture this dichotomy and can lead to overvaluation if the market applies a uniform multiple to all revenue streams. A more appropriate approach would be a sum-of-the-parts analysis or a focus on EV/EBITDA, which better reflects the underlying cash flow generation of the different business units.