Marvell Technology, Inc. (MRVL)
被高估基本面
64
价格
$266.94
市值
$232.72B
第一部分 · 这家公司值多少
概览
Marvell designs semiconductors and licenses them out for manufacturing rather than running its own factories. Its chips move and process data inside data centres — custom silicon built for specific cloud customers' AI systems, plus networking, storage and optical components — alongside older product lines sold into telecom carrier equipment, enterprise networking gear, cars and consumer electronics.
盈利方式
Marvell earns money by selling chips, either as standard catalogue parts or as custom silicon designed for one customer under a multi-year program. Because it owns no fabs, its main costs are design engineering and the manufacturing capacity it buys from outside foundries; a chip win with a hyperscale cloud customer can take years to secure but then delivers volume for the life of that server generation.
护城河
转换成本 · 狭窄Once a custom chip is designed into a customer's server platform, both sides are locked in for that generation: redesigning around a different supplier mid-cycle is slow and expensive. But every new server generation reopens the competition, and the same large customers funding this growth are also building some of their own chips in-house, which caps how durable the advantage really is.
需求驱动因素
周期性Data-centre demand tied to AI investment now dominates results and grew sharply in fiscal 2025 — reaching about 75% of quarterly revenue by year end, up from roughly half at the start of the year — while enterprise networking, carrier and consumer end markets all shrank double digits during an inventory correction. The business has effectively become a bet on a handful of hyperscalers' AI capital spending.
主要风险
- Concentration in AI data-centre customers — Growth is increasingly dependent on custom-silicon programs for a small number of very large cloud customers; a change in any one program's timeline or scope would have an outsized effect on results.
- Sharp swings in legacy end markets — Enterprise networking, carrier infrastructure, consumer and automotive/industrial revenue all fell sharply in fiscal 2025 during an inventory correction, showing how quickly demand outside data centres can swing.
- Dependence on external foundries — As a fabless designer, Marvell relies on third-party foundries for leading-edge manufacturing capacity; a shortage or disruption at a key supplier translates directly into missed shipments.
- Long, winner-take-most design cycles — Custom chip programs are won years before revenue appears, and each new server generation is fully re-contested; losing a design cycle to a rival or an in-house alternative removes future revenue with little immediate warning.
看多理由
Buyers argue that Marvell has secured itself a durable seat at the table of custom AI silicon for the largest cloud providers, and that this data-centre business can keep growing fast enough to make the shrinking legacy segments increasingly irrelevant to the overall result.
看空理由
Sellers worry that a business now overwhelmingly dependent on a handful of hyperscale customers' AI budgets is exposed to a sudden pause in that spending, and that those same customers building chips in-house could turn today's design wins into tomorrow's lost accounts.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
Broadcom is Marvell's closest rival on both of its main data center businesses, bidding for the same hyperscaler custom AI accelerator (ASIC) programs and selling competing PAM4 optical DSPs and Ethernet switching silicon.
Credo sells low-power PAM4 DSPs, retimers and active electrical cables to the same hyperscale data center customers that buy Marvell's interconnect products.
Astera Labs supplies PCIe, CXL and Ethernet connectivity silicon for AI server racks, competing with Marvell's interconnect portfolio inside the same hyperscaler platforms.
Microchip competes with Marvell in storage controllers, data center infrastructure chips and automotive Ethernet, selling to the same OEM and carrier customers.
Alchip is a Taiwanese custom-ASIC design house that competes for the same hyperscaler AI chip programs Marvell targets, and is named as a competitor in Marvell's latest annual report.
MediaTek runs a custom-silicon business that bids against Marvell for hyperscaler AI accelerator designs and also competes in networking and connectivity chips.
资产负债表与流动性
营收
$9.45B
最近12个月(截至2026/8/1)
净利润
$2.64B
最近12个月(截至2026/8/1)
自由现金流
$1.40B
股东权益合计
$14.31B
负债合计
$7.98B
流动比率
3.17
利息覆盖率
7.21
债务/EBITDA
1.85
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$152.11
当前价格
$266.94
安全边际
-75.5%
公允价值区间
$98.87 - $205.35
所用估值方法之间的离散区间,并非经过统计校准的置信区间。
估算方法
估值指标
市盈率(P/E)
87.49
ROE
18.7%
市净率(P/B)
12.50
P/FCF
133.91
毛利率
52.2%
ROIC
4.9%
盈利能力雷达图
价值创造(经济护城河)
ROIC
4.9%
WACC
16.8%
ROIC − WACC
-11.9 pp
ROIC 低于资本成本:公司每投入一美元都在毁灭价值。
基本面分析标准
通过(17)
- EPS shows upward trend
- Price CAGR 34.11%
- Gross Margin 52.2%
- Debt/Equity ratio
- Operating Margin 16.5%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 16.2%
- Revenue Growth 5Y 22.5%
- Analyst Consensus 86% Buy
- Earnings Quality (OCF/NI) 0.83
- Share Dilution 0.2%
- Net Margin Trend 27.9% vs -1.4%
- Piotroski F-Score 7/9
未通过(9)
- EPS CAGR 4.63%
- ROIC 4.9%
- P/FCF 133.91
- P/B Ratio 12.50
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -0.1%
不可用(2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
财务状况强健
盈利质量
中等:利润与现金之间存在一定差距
股权稀释
股份数量稳定
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Matthew J. Murphy | CEO & Chairman | 52 |
| Mr. Christopher R. Koopmans | President & COO | 48 |
| Mr. Daniel J. Durn | CFO, Executive VP & Principal Financial Officer | 59 |
| Mr. Mark J. Casper Esq. | Executive VP, Secretary & Chief Legal Officer | 57 |
| Mr. Willem A. Meintjes | Advisor | 44 |
| Mr. Sandeep Bharathi | President of Data Center Group | 54 |
| Mr. Justin Scarpulla | Senior VP & Chief Accounting Officer | 52 |
| Mr. Ross Clark Seymore | Senior Vice President of Investor Relations | - |
| Mr. Gary Ignatin | Executive Vice President of Corporate Development | - |
| Mr. Dean E. Jarnac Jr. | Executive VP & Chief Sales Officer | 52 |
审计风险
7
董事会风险
8
薪酬风险
10
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for MRVL, sourced from Markets Gazette.
- 10d agoPOSITIVELe azioni Marvell salgono mentre la società presenta tecnologie ottiche a 2nm
Marvell Technology Inc. (MRVL) shares climbed 2% on Monday following the unveiling of its next-generation 2-nanometer optical connectivity technologies at the European Conference on Optical Communication (ECOC) 2026 in Málaga, Spain. This innovation addresses the escalating demand from AI data centers for faster, more energy-efficient interconnections between accelerators, processors, and memory. Marvell's demonstrations highlight advancements in boosting bandwidth density and reducing power consumption per bit, crucial for expanding AI infrastructure. The company's focus on these cutting-edge optical solutions positions it favorably to capitalize on the significant growth in AI-driven data traffic and computing power.
- 20d agoPOSITIVEMarvell is sitting on an incredibly ‘sticky’ business that could help it unlock a $30 billion opportunity
Marvell Technology is poised to capitalize on a significant $30 billion opportunity, according to analyst insights highlighting the untapped potential in its supporting components and optical networking segments. While Marvell is recognized for its custom chip manufacturing, the company's less prominent business lines are now seen as key growth drivers. This strategic focus shift could unlock substantial value, suggesting a robust future revenue stream beyond its traditional custom silicon market. Investors should monitor Marvell's progress in expanding its market share in these high-growth areas, which promise to enhance overall profitability and shareholder returns.
- 23d agoNEGATIVEMarvell Technology: altre perdite in arrivo nonostante ricavi solidi
Marvell Technology (MRVL) has seen its stock price decline by over 31% from its year-to-date high, mirroring a broader trend in the semiconductor industry. The stock was trading around $223, down 32% from its peak. This downturn affects semiconductor-focused ETFs like the Schwab Semiconductor Index Fund (SOXX) and VanEck Semiconductor ETF (SMH), which have fallen over 19% and 15% respectively from their annual highs. Despite Marvell's operational strength and key clients such as Google and Amazon, its recent guidance was weaker than anticipated, suggesting potential headwinds for future revenue despite solid current operations.
- 8/28/2026NEGATIVEMarvell Technology scivola nel pre-market in scia a previsioni deludenti e nonostante conti oltre le attese
Marvell Technology shares plunged approximately 7% in pre-market trading following the release of its latest financial report. While the company's earnings surpassed analyst expectations, its forward-looking guidance failed to meet market consensus. This discrepancy between current performance and future outlook has led to a significant sell-off, indicating investor concern over the company's growth trajectory and potential headwinds. The market's reaction highlights a strong emphasis on future projections over past results for Marvell Technology.
- 8/27/2026NEUTRALMarvell boosts its forecasts, but the stock slides as Wall Street wonders if there’s more to the story
Marvell Technology Inc. has raised its financial forecasts, signaling a positive outlook for the company. However, the stock experienced a decline as Wall Street analysts scrutinize a recently announced deal with Google. Investors and analysts are seeking clarity on the long-term implications and the true extent of the upside potential from this partnership. The market's reaction suggests a wait-and-see approach, with a focus on whether the deal's benefits will outweigh any perceived risks or uncertainties.
- 8/27/2026POSITIVECosa aspettarsi dai risultati di Marvell dopo il trimestre stellare di Nvidia
Marvell Technology (MRVL) is under scrutiny as it prepares to report its fiscal Q2 2027 results. Following Nvidia's stellar performance and a strong outlook, investor focus is on Marvell's ability to capture AI infrastructure spending, particularly in networking, optical, and custom chips. The stock has surged over 150% since early 2026, reflecting high expectations. Analysts will be looking for Marvell's revenue and earnings figures to confirm its growth trajectory within the booming AI market, potentially signaling continued upside for the semiconductor sector.
via Markets Gazette