Marvell Technology Inc.

Marvell is a fabless designer of specialized semiconductors focusing on accelerated computing solutions serving data center, enterprise networking, carrier infrastructure, and automotive markets; in FY25 data center accounted for over 70% of revenue compared to approximately 40% in recent years. Marvell’s custom compute ASICs (Application Specific Integrated Circuit), ethernet switches, and interconnect portfolio have been driving growth.

Ests:     1Q26   2Q26   FY26    FY27

Revs    1.88B   1.99B   8.2b     9.87bn

EPS      .61       .67       2.80     3.60

gr                                 +78%   +28.6%

P=63.76, TTM EPS=1.57, P/E=41X, FY26 P/E=23X, 3bn net debt, D/C=20%

4Q25 .60 vs .46, est .59 FY25EPS 1.57 vs 1.51

• Mar 5, 2025, P=88.33, P/E=56X, FY26 P/E=32x

• Revs +27% to 1.82bn, +20% q/q, GM 60.1% vs 63.9%, OM 33.7% vs 33.8%

• DC 1.37bn vs 0.77bn, 1.1bn in 3Q

• AI now more than half data center revs

• Ended FY25 substantially above 1.5b AI target, expect to very significantly exceed 2.5bn FY26 target

•  CY28 Data center TAM 75bn, 40bn being custom silicon, 20% share driving 8bn (was 4bn in FY25)

• Carrier and enterprise recovering

• 1Q26 Outlook: Revs 1.875 +/- 5%, est 1.865 (+3% q/q, +61% y/y), EPS .61 +/- .05, est .60

3Q25 .43 vs .41

2Q25 .30 vs .33

1Q25 .24 vs .31

FY24 EPS 1.52 vs 2.13

FY23 EPS 2.13 vs 1.48

FY22 EPS 1.48 vs .92 (reported 1.57 vs .92 but using average share count following dilution)