Marvell Technology, Inc.

The grade, in three tenses

Headline 6.6 out of ten, 9 of 9 metrics filed: past 7.0 out of ten, present 6.4 out of ten, future 6.4 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2020. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 6.7 out of ten. +20.3% a year over 7 filed years; profitable in 2 of 7. 67th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 6.7 out of ten. Share count grew 0.7% a year. 74% of cash flow returned. Insiders: 28 sales, 0 purchases. 67th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.0 out of ten. ROE 19%: 19¢ of profit per shareholder dollar. Leverage 36%: owes 36¢ per asset dollar. 60th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 8.2 out of ten. top 18% of 97 in its family; net margin 32.6%. 82nd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 4.4 out of ten. bottom 44% of 66 in its family for leadership; chief executive since 2021. 44th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 5.6 out of ten. top 44% of 94 in its family for room to expand. 56th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.0 out of ten. top 40% of 93 in its family for growth drivers. 60th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 8.7 out of ten. top 13% of 88 in its family for expectations against reality. 87th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-03-11 for the period ended 2026-01-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-28 for the period ended 2026-08-01 (on EDGAR). Newest results release: Form 8-K filed 2026-08-27 (on EDGAR). Newest filing: Form 4, 2026-10-09. Filings on record since 2020. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-11.

The people

Matthew J. Murphy became chief executive in July 2016 and has also chaired the board since June 2023; he was president as well until July 2025. Before Marvell he spent 22 years at Maxim Integrated Products, a designer and maker of analog and mixed-signal chips, finishing as executive vice president over its business units, sales and marketing. Chris Koopmans joined in 2016 from Citrix Systems, which had bought Bytemobile, a company he co-founded, in 2012; he has been chief operating officer since February 2025 and president since July 2025. [1, 2, 3, 4, 5]

Sandeep Bharathi has been president of the Data Center Group since July 2025, after serving as chief development officer from June 2022. He ran central engineering from February 2019, and before Marvell he led FPGA development at Intel (FPGAs are chips that can be reprogrammed after they are made), having held engineering leadership roles at Xilinx and AMD. Mark Casper, chief legal officer since April 2023, joined in October 2021 from Maxim, where he was general counsel. The finance chief changed after the year closed: Willem Meintjes, chief financial officer since January 2023, resigned effective June 15, 2026, and Daniel Durn, a Marvell director since April 2024 who had been finance chief of Adobe and, before that, of Applied Materials and NXP, resigned from the board on June 10, 2026 and became chief financial officer on June 15. [6, 7, 8, 9, 10, 11, 12]

Murphy holds both the chair and the chief executive's role, and the board has found every other director independent. Brad Buss, a director since July 2018 and formerly chief financial officer of SolarCity and of Cypress Semiconductor, has been lead independent director since June 2025. The directors also include Richard Wallace, chief executive of KLA Corporation since January 2006, and Rajiv Ramaswami, chief executive of Nutanix, a cloud computing company, who joined the board in July 2025. On the SEC's insider record, Murphy, Koopmans and Buss have filed for Marvell Technology, Inc. since April 2021. [13, 14, 15, 16, 17, 18, 19]

Marvell employed 7,480 people at January 31, 2026: 49% in the Americas, 42% in Asia Pacific, which includes India, and 9% in Europe, the Middle East and Africa. Most are engineers and technical professionals, and voluntary turnover in fiscal 2026 was about 7%. Besides the United States it has operations in Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan and Vietnam; its largest sites abroad are research and design centers in India, 418,000 square feet, and Israel, 171,000, both leased. [20, 21, 22, 23, 24]

How it operates

Marvell designs chips for data infrastructure, the equipment that moves, stores, processes and secures data, from the core of cloud data centers to the edge of networks. It is fabless, meaning it designs chips and hires outside foundries to make them. It sells custom chips built to one customer's specification, known as ASICs (application specific integrated circuits), for AI, data center, networking, storage, aerospace and defense uses; interconnects, the signal processors, laser drivers and amplifiers that carry data inside cloud data centers, between them and across carrier networks; Ethernet switches, adapters and transceivers; OCTEON data processors and NITROX security processors; QLogic Fibre Channel adapters that link servers to storage; and Bravera controllers for hard disks and solid-state drives, which every current hard-disk maker uses. [25, 26, 27, 28, 29, 30, 31, 32, 33, 34]

It sells to the original equipment manufacturers and original design manufacturers that design and build finished devices, and to distributors; in fiscal 2026 direct customers took 57% of revenue and distributors 43%. Sales are concentrated: the ten largest customers took 82%. One distributor, Distributor A, took 37%, up from 24% two years earlier, and one direct customer, Customer A, took 14%, after 13% the year before and less than a tenth the year before that. At the year's end four customers accounted for 73% of the money owed to it. In the newest quarter, the three months to early August 2026, Distributor A took 44% and Customer A 16%. [35, 36, 37, 38, 39, 40]

Filings beyond the annual report name some of its largest cloud buyers. In December 2024 Marvell expanded a strategic collaboration with Amazon Web Services and issued an Amazon affiliate a warrant, a right to buy up to 4,180,683 Marvell shares, most of it vesting only as Amazon buys its products through January 2030, about 2.7 million shares on custom AI products. A second Amazon warrant, for up to 1,045,171 shares, came with the Celestial AI deal and vests on Amazon's purchases of photonic fabric products. In July 2026 Google signed a commercial agreement for custom chips around the TPU, its own AI processor, among them AI inference accelerators and storage, network and memory interface controllers, and received a warrant for up to 58,970,907 shares, most of which vest one tranche for each 500 million dollars of custom product revenue through fiscal 2033. The annual report books the first Amazon warrant as a reduction of revenue as the qualifying sales are made, and the company says it has design wins at all four of the largest US cloud companies. [41, 42, 43, 44, 45, 46, 47, 48, 49]

By where it ships, China took 3.0 billion dollars, 36.2% of fiscal 2026 revenue; Taiwan 1.7 billion, 20.2%, up 195.6% on the year; and the United States 1.2 billion, 14.3%, with other countries making up the remaining 29.2%. The filing warns that ship-to addresses say little about who buys: a substantial majority of what it ships to China goes to customers based outside China that have factories or contract manufacturers there, whose products then leave the country. Sales shipped to customers with operations in Asia made up about 77% of revenue. [50, 51, 52]

Marvell owns no factories for making, assembling, testing or packaging chips, which, it says, means it cannot cut costs as fast as companies that do. Most of its products are made by outside foundries in Taiwan, with other sources in China, Germany, South Korea, Singapore and the United States. Packaging and testing go to subcontractors mainly in Taiwan, Canada, Korea, Singapore and China, and some US government contracts restrict where that work may be done. It places firm orders up to 26 weeks before delivery and commits up to 52 weeks ahead to secure capacity; under capacity reservation agreements with foundries and substrate suppliers it has agreed to buy at least 458.2 million dollars of wafers, substrates and other products from fiscal 2027 through fiscal 2033. [53, 54, 55, 56, 57]

The specifics

Marvell went public in 2000 as Marvell Technology Group, a Bermuda-based company; in April 2021 a Delaware company, Marvell Technology, Inc., took over the MRVL listing as the new parent. It grew by merger, with Cavium, which brought QLogic's equity plans with it, Aquantia, Inphi and Innovium, and it bought Avera in fiscal 2021. In fiscal 2025 it restructured to put more research money into the data center and less into new products for other markets, cancelling some planned releases. In August 2025 it sold its automotive ethernet business to Infineon for 2.5 billion dollars in cash. In February 2026 it bought Celestial AI, whose Photonic Fabric links AI chips over an optical fabric, paying about 1.3 billion dollars in cash and about 24.5 million shares, with more due through fiscal 2029 if revenue milestones are met; and XConn, a maker of PCIe and CXL switches that link processors, accelerators and pooled memory across a rack. [58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69]

Its chips are built on intellectual property for the most advanced manufacturing processes: it has completed multiple 5 nanometer designs, is working through 3 nanometer designs and is developing products at 2 nanometers, 1.4 nanometers and below, using advanced packaging that joins several chips side by side or stacked in one package. It holds over 10,000 issued patents and pending applications, expiring from 2026 to 2046, and says it does not depend substantially on any single patent. It calls the power efficiency of its chips a key competitive advantage, because energy is a substantial expense for its customers. [70, 71, 72, 73, 74]

It names its competitors: AMD, Alchip, Astera Labs, Ayar Labs, Broadcom, Cisco, Credo, Intel, Global Unichip, Lightmatter, MACOM, MediaTek, Microchip, Montage, Nvidia, NXP, Phison, Qualcomm, Rambus, Ranovus, Realtek, Semtech, Silicon Motion and Socionext. It adds that some of its customers have chosen to develop certain chips themselves. One of those rivals became an investor after the year closed: in March 2026 Nvidia paid 2.0 billion dollars for Marvell convertible preferred stock, alongside a partnership to connect Marvell's custom processors, which it calls XPUs, and its scale-up networking with Nvidia's AI infrastructure. [75, 76, 77, 78]

Trade with China shapes the business. US export controls, among them the addition of certain companies to the Entity List, the Commerce Department's list of restricted foreign buyers, have dampened demand for its products; some sales need export licenses, which have at times been delayed or denied; and the company expects the restrictions on certain Chinese customers to keep affecting its revenue. It adds that doubts about US suppliers' reliability have led some Chinese customers to stockpile its products or replace them. Defense rules reach it too: part of the Avera business needs facility security clearances, and because Marvell was organized in Bermuda when it bought Avera, it signed agreements with the US Department of Defense to insulate that work from foreign ownership, control or influence. [79, 80, 81, 82, 62, 83, 84]

What drives growth, line by line

Revenue rose 42.1% in fiscal 2026 to 8.2 billion dollars, from 5.8 billion. The filing credits a 46% rise in data center sales and a 31% rise in communications and other, partly offset by the automotive ethernet business sold at the start of the third quarter. Gross margin rose 9.7 points, mainly because fiscal 2025 had carried 357.9 million dollars of restructuring impairments, and also because higher sales spread fixed costs further, partly offset by a shift in product mix. Operating income swung from a loss of 720.3 million dollars to a profit of 1.3 billion, and net income of 2.7 billion includes a 1.8 billion dollar pre-tax gain on the automotive ethernet sale. [85, 86, 87, 88, 89, 90, 64]

Data Center. The largest line: 6.1 billion dollars, 74.4% of revenue, up 46.5% from 4.2 billion, and up from 2,216.7 million dollars, 40% of revenue, two years earlier. The filing credits AI-related demand for its custom products and its electro-optics, the chips that drive optical links. [50, 91, 92]

Communications and Other. 2.1 billion dollars, 25.6% of revenue, up 30.6% from 1.6 billion. The filing says this market kept recovering after a period of inventory correction, as customers' inventories returned to normal and its products won strong adoption, while the sale of the automotive ethernet business took revenue out. Since the fourth quarter of fiscal 2026 the line gathers what used to be reported as enterprise networking, carrier infrastructure, consumer and automotive and industrial; two years earlier those markets together brought in 3,291.0 million dollars, 60% of revenue. [50, 93, 92, 87, 94, 91]

In the second quarter of fiscal 2027, the three months to early August 2026, revenue was 2.7 billion dollars, 37% more than a year earlier. Data center sales rose 46%, which the quarterly report credits to AI-related demand for electro-optics, custom, storage and switching products, and made up 79% of the quarter's revenue; communications and other rose 10%. [95, 96, 97]

What comes next, in the company's own words: the Celestial AI purchase is expected to accelerate its connectivity strategy for AI and cloud data centers; it is developing UALink and ESUN switches, which tie many AI processors together into larger systems; and it expects US export restrictions on certain Chinese customers to continue to affect its revenue. [98, 99, 81]

What the desk infers (inferred, not filed)

• Customer A, the direct customer behind 14% of fiscal 2026 revenue, is most likely Amazon, buying the custom AI chips Marvell designs for Amazon Web Services. Because: Customer A took 14% of revenue in fiscal 2026 and 13% the year before, after less than a tenth the year before that. [38] In December 2024 Marvell expanded its strategic collaboration with Amazon Web Services and issued an Amazon affiliate a warrant that vests mostly on Amazon's purchases, about 2.7 million shares of it on custom AI products. [41, 42] The annual report credits the data center's growth to AI-related demand for its custom products and electro-optics. [92] Amazon holds a second warrant, from the Celestial AI deal, that vests on its purchases of photonic fabric products. [43] Customer A still took 16% in the newest quarter. [40] Confidence 55 of 100. Wrong if: A filing or disclosure that identifies Customer A as a company other than Amazon or one of its affiliates.
• Marvell's growth now rests on a few cloud companies' data-center building, including their own custom-chip programs, and it rewards their purchases with a stake in itself: the warrants it has given Amazon and Google vest mostly as those companies buy. Because: Data center made up 74.4% of fiscal 2026 revenue, and the filing credits its growth to custom products and electro-optics. [50, 92] The share of sales from custom or semi-custom products has been rising for the last few years. [100] The ten largest customers took 82% of revenue. [37] Amazon's warrants vest on its purchases of custom AI and photonic fabric products, and Google's vests one tranche for each 500 million dollars of custom product revenue through fiscal 2033. [42, 43, 46] The company says it has design wins at all four of the largest US cloud companies. [49] Confidence 75 of 100. Wrong if: A year in which the ten largest customers take well under three quarters of revenue while data center sales keep growing, showing the growth spread across many buyers.
• A large part of Marvell's data-center sales passes through one distributor, Distributor A, rather than going straight to the companies that use the chips. Because: Distributor A took 37% of fiscal 2026 revenue, more than the whole communications and other line's 25.6%, so much of what it bought must have been data-center products. [38, 50] In the newest quarter Distributor A took 44% of revenue while all of communications and other made up 21%, so most of its purchases must have been data-center products. [40, 97] Its share rose from 24% to 34% to 37% over the three years the annual report shows, while the data center's share went from 40% to 72% to 74%. [38, 91] Confidence 80 of 100. Wrong if: A filing showing that the sales counted under Distributor A are shipped straight to named end customers under their own contracts, with the distributor acting only as a billing or logistics agent.

Sources

1. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Mr. Murphy became CEO in July 2016 and was appointed Chairman in June 2023.”
2. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “From July 2016 to July 2025, Mr. Murphy was also President of the Company. Prior to joining Marvell, Mr. Murphy worked for Maxim Integrated Products, Inc. (“Maxim”), a designer, manufacturer, and seller of analog and mixed signal integrated circuits, for 22 years”
3. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Most recently, from 2015 to 2016 he was Executive Vice President, Business Units, Sales and Marketing.”
4. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Chris Koopmans has served as Marvell’s President (since July 2025) and Chief Operating Officer since February 2025.”
5. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Prior to joining Marvell in 2016, Mr. Koopmans served as Vice President and General Manager of Service Provider Platforms at Citrix Systems, where he drove the company’s strategy for the communications service-provider market. Mr. Koopmans joined Citrix Systems, Inc. with the acquisition of Bytemobile in 2012, a company he had co-founded and served as Chief Operating Officer.”
6. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Sandeep Bharathi has served as Marvell’s President, Data Center Group since July 2025. He served as Marvell’s Chief Development Officer from June 2022 to July 2025.”
7. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Senior Vice President, Central Engineering from February 2019 to April 2021. Prior to joining Marvell, he was Vice President of Engineering at Intel, where he led FPGA product and technology development. He also held senior engineering leadership roles at Xilinx and Advanced Micro Devices.”
8. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Mark Casper has served as Executive Vice President and Chief Legal Officer at Marvell since April 2023. In this role, Mr. Casper has worldwide responsibility for all aspects of the company’s Legal and Compliance teams. Mr. Casper joined Marvell in October 2021 as Senior Vice President and General Counsel. Prior to Marvell, from July 2019 to October 2021, Mr. Casper was General Counsel, Vice President and Corporate Secretary at Maxim Integrated Products.”
9. Marvell Technology, Inc., Form 8-K filed 2026-06-11: “announced that Willem Meintjes, the Company’s Chief Financial Officer and Executive Vice President, notified the Company on June 10, 2026 of his decision to resign from his position effective as of June 15, 2026. Mr. Meintjes has served as Chief Financial Officer since January 2023”
10. Marvell Technology, Inc., Form 8-K filed 2026-06-11: “On June 10, 2026, Daniel Durn, a member of our board of directors (the “Board”) and Chair of the Audit Committee, resigned from the Board, including from all committees of the Board on which he served, effective immediately, and was subsequently appointed by the Board to serve as the Company’s Chief Financial Officer and Executive Vice President and principal financial officer, effective June 15, 2026.”
11. Marvell Technology, Inc., Form 8-K filed 2026-06-11: “served as the Chief Financial Officer and an Executive Vice President, Finance, Technology, Security and Operations at Adobe Inc. from October 2021 to June 2026. Prior to holding those positions, Mr. Durn served as a Senior Vice President and Chief Financial Officer of Applied Materials, Inc., from August 2017 to October 2021, and he was Executive Vice President and Chief Financial Officer at NXP Semiconductors N.V. from December 2015 to August 2017”
12. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Daniel Durn has served as a director since April 2024.”
13. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Currently, the Board has combined the roles of Chairman and CEO, and Mr. Murphy serves in both capacities.”
14. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Our current Board consists of nine directors, one of whom is currently employed by the Company (Mr. Murphy).”
15. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “The Board has determined that all the current non-employee directors including the nonemployee nominees for director at this Annual Meeting are “independent” as such term is defined by the rules and regulations of Nasdaq and the SEC.”
16. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Brad W. Buss has served as a director since July 2018 and as the Lead Independent Director since June 2025. Mr. Buss was the Chief Financial Officer of SolarCity Corporation, a provider of solar energy services, from August 2014 until he retired in February 2016. Mr. Buss served as the Executive Vice President of Finance and Administration and Chief Financial Officer of Cypress Semiconductor Corporation from August 2005 to June 2014.”
17. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Mr. Wallace is a director and the President and Chief Executive Officer of KLA Corporation, where he has served as the Chief Executive Officer since January 2006”
18. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Rajiv Ramaswami has served as a director since July 2025. Mr. Ramaswami has served as a Director and the President and Chief Executive Officer of Nutanix, Inc., an enterprise Cloud computing company, since December 2020.”
19. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
20. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The Company employed 7,480 people as of January 31, 2026. Our employees are located across three geographical regions: 49% of employees are based in the Americas, 42% are in APAC (which includes India) and 9% are in EMEA.”
21. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The majority of our employees are engineers and technical professionals, and we offer customized programs to this group of employees.”
22. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our global voluntary turnover rate for fiscal 2026 was approximately 7%.”
23. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We also have operations in many countries, including Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan and Vietnam.”
24. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “(Square Feet) Locations Primary Use Owned Facilities Leased Facilities (1) United States Research and design, sales and marketing, administration and operations 983,000 482,000 India Research and design — 418,000 Israel Research and design — 171,000 Singapore Operations, and research and design — 142,000 Vietnam Research and design — 99,000 Canada Operations, and research and design — 90,000 Taiwan Research and design, and sales and marketing — 63,000 Argentina Research and design — 50,000”
25. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We are a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. We are a fabless supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip architectures, integrating analog, mixed-signal and digital signal processing functionality.”
26. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our current product offerings include custom Application Specific Integrated Circuits (“ASICs”), interconnects, ethernet solutions, fibre channel adapters, processors and storage controllers.”
27. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We develop custom semiconductor solutions tailored to individual customer specifications that deliver system-level differentiation for next-generation artificial intelligence, data center, compute, networking, carrier, storage, aerospace and defense applications.”
28. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We offer a complete portfolio of high-speed interconnect semiconductor solutions for inside cloud data centers, between cloud data centers and in carrier networks.”
29. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our interconnect products include PAM (pulse amplitude modulation), coherent and coherent-lite DSPs (digital signal processors), laser drivers, TIAs (trans-impedance amplifiers), silicon photonics, CPO (co-packaged optics), LPO (linear pluggable optics) chipsets, DCI (data center interconnect), AEC (active electrical cable) DSPs and PCIe retimer solutions.”
30. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We offer a broad portfolio of Ethernet solutions spanning controllers, network adapters, physical transceivers and switches.”
31. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our OCTEON data processor units (“DPUs”) and multi-core infrastructure processor families provide integrated Layer 4 through 7 data and security processing with additional capabilities at Layers 2 and 3 at line speeds.”
32. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our NITROX security processor family provides the functionality required for Layer 3 to Layer 5 secure communication in a single chip.”
33. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our QLogic Fibre Channel product family comprises of host bus adapters (“HBAs”) and controllers for server and storage system connectivity.”
34. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our Bravera HDD controllers integrate Marvell’s industry-leading read channel technologies to enable higher volumetric densities at low power profiles and are being used by all the current HDD makers.”
35. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our target customers are original equipment manufacturers (“OEMs”) and original design manufacturers, both of which design and manufacture end market devices, and distributors for these products.”
36. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Net revenue by customer type: Direct customers $ 4,630.4 57 % $ 3,309.9 57 % $ 3,469.5 63 % Distributors 3,564.2 43 % 2,457.4 43 % 2,038.2 37”
37. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “In addition, net revenue from our ten (10) largest customers, inclusive of our distributor and direct customers, represented 82% of our total net revenue for fiscal 2026.”
38. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Direct Customer: Customer A 14% 13% * Distributor: Distributor A 37% 34% 24% *Less than 10% of net revenue.”
39. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The Company’s accounts receivable was concentrated with four customers at January 31, 2026, who represented a total of 73% of gross accounts receivable”
40. Marvell Technology, Inc., Form 10-Q filed 2026-08-28: “Customer A 16% 16% 16% 16% Distributor: Distributor A 44% 34% 45% 35%”
41. Marvell Technology, Inc., Form 8-K filed 2024-12-02: “On December 2, 2024, the Company announced that it has expanded its strategic collaboration with Amazon Web Services (collectively with its affiliates “Customer”), and in connection therewith the Company and the Customer entered into a Warrant and related Transaction Agreement under which, among other things, the Company agreed to issue to an affiliate of the Customer (“Warrantholder”), a warrant (the “Warrant”) to acquire up to 4,180,683 shares (the “Warrant Shares”) of Company common stock.”
42. Marvell Technology, Inc., Form 8-K filed 2024-12-02: “Approximately 3.9 million Warrant Shares vest based on Company revenue through January 5, 2030 from Customer purchases of Company products, indirectly or directly, of which approximately 2.7 million Warrant Shares are for revenue from the Company’s custom artificial intelligence products”
43. Marvell Technology, Inc., Form 8-K filed 2025-12-02: “On December 2, 2025, the Company announced that it entered into a definitive agreement to acquire Celestial AI Inc. In connection with this acquisition, which is subject to customary closing conditions, the Company entered into a Transaction Agreement with Amazon.com, Inc. (“Amazon”, including its affiliates) and related Warrant, under which the Company issued to Amazon a warrant (the “Warrant”) to acquire up to 1,045,171 shares (the “Warrant Shares”) of Company common stock (the “Common Stock”). The Warrant Shares vest based on Amazon’s purchases of photonic fabric products, indirectly or directly, through December 31, 2030.”
44. Marvell Technology, Inc., Form 8-K filed 2026-08-19: “On July 29, 2026, Marvell Technology, Inc. (the “Company”) and Google LLC (“Google”) entered into a commercial agreement relating to the Company’s development of custom semiconductor products to Google (the “Custom Products”). The expanded partnership spans a comprehensive range of custom silicon programs that attach to the TPU ecosystem, including AI inference accelerators, storage controllers, network interface controllers, memory interface controllers, and near-memory compute.”
45. Marvell Technology, Inc., Form 8-K filed 2026-08-19: “In connection with this collaboration, on August 18, 2026, the Company issued to Google a warrant (the “Warrant”) to purchase up to an aggregate of 58,970,907 shares of common stock of the Company (the “Warrant Shares”)”
46. Marvell Technology, Inc., Form 8-K filed 2026-08-19: “The remaining Warrant Shares vest based on discretionary purchases from the Company’s third quarter of fiscal 2027 through the end of the Company’s fiscal year 2033 by or on behalf of Google and its affiliates in 240 equal tranches, with one tranche vesting for each $500 million in Custom Products revenue.”
47. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “On December 2, 2024, the Company announced that it has expanded its strategic collaboration with a customer, and in connection therewith the Company and the customer entered into a warrant and related transaction agreement under which, among other things, the Company agreed to issue to an affiliate of the customer, a warrant (the “Fiscal 2025 Warrant”) to acquire up to 4.2 million shares”
48. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The Fiscal 2025 Warrant Shares vest primarily based on the customer’s achievement of qualifying product revenue milestones and are recognized as a reduction to revenue as qualifying revenues are recognized during the vesting term.”
49. Marvell Technology, Inc., Form DEF 14A filed 2026-05-13: “Further, the Company has strong relationships and design wins at all four (4) US hyperscalers.”
50. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
51. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “These destinations of shipment are not necessarily indicative of the geographic location of the Company’s end customers or the country in which the Company’s end customers sell devices containing the Company’s products. For example, a substantial majority of the product shipments the Company makes to China are for non-China based customers that have factories or contract manufacturing operations located within China and whose products are subsequently shipped out of China.”
52. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Sales shipped to customers with operations in Asia represented approximately 77% and 75% of our net revenue in fiscal 2026 and 2025, respectively.”
53. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Additionally, because we do not operate our own manufacturing, assembly, testing or packaging facilities, we are not able to reduce our costs as rapidly as companies that operate their own facilities and our costs may even increase, which could also reduce our gross margin.”
54. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Most of our products are manufactured by third-party foundries located in Taiwan, and other sources are located in China, Germany, South Korea, Singapore and the United States.”
55. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We typically outsource all product packaging and testing requirements for our products in production to several assembly and test subcontractors primarily located in Taiwan, Canada, Korea, Singapore and China. The subcontractor location varies as we are party to several contracts with the U.S. government, federal prime contractors, and federal subcontractors that prohibit or otherwise restrict production, assembly and testing in foreign countries or by certain foreign entities.”
56. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We typically place firm orders with our suppliers up to 26 weeks prior to the anticipated delivery to our customer and may make further supply commitments up to 52 weeks to secure capacity. Occasionally, orders may be placed in advance of receiving a binding order from our customers. To secure capacity over the long term, we have entered into and expect to continue to enter into capacity reservation arrangements with certain foundries and substrate partners.”
57. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The Company currently estimates that it has agreed to purchase level commitments of at least $458.2 million of wafers, substrates, and other manufacturing products for fiscal 2027 through fiscal 2033 under the capacity reservation agreements.”
58. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Shares of Marvell Technology Group Ltd. (our prior parent company) began trading under the MRVL symbol on June 27, 2000, upon completion of an initial public offering. As of April 20, 2021, shares of Marvell Technology, Inc. began trading under the symbol MRVL.”
59. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “the Company’s Bermuda-based parent company Marvell Technology Group, Ltd.”
60. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We currently are incorporated in Delaware, United States.”
61. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Plans not approved by security holders consists of the Cavium 2007, 2016 and QLogic equity incentive plans which we assumed in our merger with Cavium Inc, Aquantia 2004, 2015 and 2017 equity incentive plans which we assumed in our merger with Aquantia, Inphi 2010 equity incentive plans which we assumed in our merger with Inphi and Innovium 2015 equity incentive plans which we assumed in our merger with Innovium.”
62. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “A portion of the business we acquired in our Avera acquisition in fiscal 2021 requires facility security clearances under the National Industrial Security Program.”
63. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “A restructuring plan was initiated during the third quarter of fiscal 2025 (the “Fiscal 2025 Plan”) to increase research and development investment in the data center end market and reduce investment in new product development in other end markets including the cancellation of certain future product releases.”
64. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “On August 14, 2025, we completed the sale of our automotive ethernet business to Infineon Technologies AG for $2.5 billion in cash. In connection with the transaction, during the third quarter of fiscal 2026, we recorded a pre-tax gain on sale of $1.8 billion.”
65. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Subsequent to our fiscal 2026 year end, on February 2, 2026, we completed the previously announced acquisition of Celestial AI, Inc. (“Celestial”), a provider of a Photonic FabricTM technology platform purpose-built for next-generation scale-up interconnect.”
66. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our solutions are purpose-built for scale-out networking enabling large AI clusters to scale both within and across racks using a high-bandwidth, low latency, low power and cost-effective optical fabric.”
67. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “At acquisition close, we paid approximately $1.3 billion in cash (or $1.0 billion, net of cash acquired of approximately $300.0 million) and issued approximately 24.5 million shares of our common stock. Contingent on the achievement of specified revenue milestones, we may be required to pay additional cash and issue additional shares of our common stock through fiscal 2029.”
68. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Subsequent to our fiscal 2026 year end, on February 10, 2026, we completed the previously announced acquisition of XConn Technologies Holdings, Ltd. (“XConn”), a provider of advanced PCIe and CXL switching silicon, which expands our switching portfolio and augments our Ultra Accelerator LinkTM (“UALinkTM”) scale-up switch team.”
69. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “While PCIe switching has long been foundational to traditional computing architectures, it is now evolving into a critical enabler for multi-host connectivity, composable infrastructure, and rack-scale accelerator expansion. In parallel, CXL has become essential for memory pooling, coherency, and disaggregation, addressing the substantial memory bandwidth and capacity demands of large-scale AI models.”
70. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We have successfully executed multiple 5 nanometer (“nm”) designs in the last few years, and are progressing through 3nm designs now and developing our advanced 2nm generation platform.”
71. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We are developing advanced products at 2nm, 1.4nm, and smaller geometries featuring gate-all-around transistor design and will leverage innovations in the areas of back side power delivery in 1.4nm.”
72. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Advanced packaging techniques like Chip on Wafer on Substrate (“CoWoS”), Integrated fanout (“InFo”), Embedded Interconnect Bridge (“EMIB”) along with advanced substrates, thermal solutions enable large 2.5D/3D/3.5D interposers for complex accelerated compute ASICs.”
73. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “As of January 31, 2026, we have over 10,000 issued patents and pending patent applications in the United States and other countries, covering various aspects of our technology. The expiration of our patents ranges from 2026 to 2046, and none of the patents expiring in the near future are expected to be material to our IP portfolio as we are not substantially dependent on any single patent or group of related patents.”
74. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Our focus on power efficiency of our products is both an environmental imperative and a key competitive advantage, as energy costs represent a substantial expense for our customers.”
75. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Companies that compete directly with our businesses include, but are not limited to, Advanced Micro Devices, Inc. (“AMD”), Alchip Technologies (“Alchip”), Astera Labs, Inc., Ayar Labs, Inc. (“Ayar Labs”), Broadcom Inc. (“Broadcom”), Cisco Systems, Inc. (“Cisco”), Credo Technology Group Holding Ltd, Intel Corporation, Global Unichip Corporation (“GUC”), Lightmatter, Inc. (“Lightmatter”), MACOM Technology Solutions Holdings, Inc., MediaTek Inc., Microchip Technology Inc., Montage Technology”
76. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Nvidia Corporation, NXP Semiconductors N.V., Phison Electronics Corporation, Qualcomm Incorporated (“Qualcomm”), Rambus, Inc., Ranovus Inc. (“Ranovus”), Realtek Semiconductor Corporation, Semtech Corporation, Silicon Motion Technology Corporation, and Socionext Inc.”
77. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “In addition, some of our customers have chosen to develop certain semiconductor products internally and this trend may continue to proliferate.”
78. Marvell Technology, Inc., Form 10-Q filed 2026-08-28: “During the first quarter of fiscal 2027, Marvell and NVIDIA Corporation (“NVIDIA”) announced a strategic partnership to connect our custom XPUs and compatible scale-up networking with NVIDIA’s AI infrastructure ecosystem. On March 31, 2026, we completed the issuance of Series A Convertible Preferred Stock to NVIDIA for an aggregate purchase price of $2.0 billion.”
79. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “For example, the addition of certain companies to the Entity List, which places export restrictions on certain foreign persons or entities by the U.S. Department of Commerce’s Bureau of Industry and Security (the “BIS”), has dampened demand for our products.”
80. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Due to the U.S. government restricting sales to certain customers in China, sales to some customers require licenses for us to export our products; however, in the past some of these licenses have been delayed or denied”
81. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We expect that the U.S. government’s export restrictions on certain Chinese customers to continue to impact our revenue.”
82. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Moreover, concerns that U.S. companies may not be reliable suppliers as a result of these and other actions has caused, and may in the future cause, some of our customers in China to amass large inventories of our products well in advance of need or cause some of our customers to replace our products in favor of products from other suppliers.”
83. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The National Industrial Security Program requires that a corporation maintaining a facility security clearance be effectively insulated from foreign ownership, control or influence (“FOCI”).”
84. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Because we were organized in Bermuda at the time of the Avera acquisition, we entered into agreements with the U.S. Department of Defense with respect to FOCI mitigation arrangements that relate to our operation of the portion of the Avera business involving facility clearances.”
85. The record on this page: the filed annual figures (EDGAR's company facts)
86. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Net revenue in fiscal 2026 was $8.2 billion, 42% higher than net revenue of $5.8 billion in fiscal 2025. This was due to increases in sales from the data center end market by 46% and from the communications and other end market by 31%.”
87. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The increase was partially offset by a decrease in sales from our automotive ethernet product portfolio due to the divestiture of our automotive ethernet business at the beginning of the third quarter of fiscal 2026.”
88. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The decrease in cost of goods sold as a percentage of net revenue was also due to better cost absorption driven by higher revenues, partially offset by a shift in product mix. As a result, gross margin for fiscal 2026 increased by 9.7 percentage points compared to fiscal 2025.”
89. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Cost of goods sold as a percentage of net revenue decreased for fiscal 2026 compared to fiscal 2025, which was primarily due to impairment charges of $357.9 million for acquired intangible assets, inventories, property and equipment, and other non-current assets associated with restructuring actions during fiscal 2025.”
90. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “We recognized interest and other income, net of $1.7 billion in fiscal 2026 as compared to interest and other loss, net of $174.4 million in fiscal 2025. The change was primarily due to the $1.8 billion gain on sale of our automotive ethernet business in the third quarter of fiscal 2026.”
91. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Data center $ 6,100.3 74 % $ 4,164.2 72 % $ 2,216.7 40 % Communications and other 2,094.3 26 % 1,603.1 28 % 3,291.0 60”
92. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Strong revenue growth from our data center market was driven by AI-related demand for our custom products and electro-optics portfolio. Additionally, following a period of inventory correction, we have continued to see revenue recovery in our communication and other end market growing significantly compared to fiscal 2025.”
93. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Sales from the communications and other end market also increased by 31%, which has continued to recover due to normalizing customer inventory levels and strong adoption of our products”
94. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “Beginning in the fourth quarter of fiscal 2026, we consolidated revenue previously reported separately as enterprise networking, carrier infrastructure, consumer and automotive/industrial end markets into a new communications and other end market, as shown below.”
95. Marvell Technology, Inc., Form 10-Q filed 2026-08-28: “Net revenue in the second quarter of fiscal 2027 was $2.7 billion and was 37% higher than net revenue in the second quarter of fiscal 2026. This was due to increases in sales from the data center end market by 46%, and from the communications and other end market by 10%.”
96. Marvell Technology, Inc., Form 10-Q filed 2026-08-28: “Strong revenue growth from our data center market was driven by AI-related demand for a broad range of our products, including electro-optics, custom, storage, and switching.”
97. Marvell Technology, Inc., Form 10-Q filed 2026-08-28: “Data center $ 2,171.5 79 % $ 1,490.5 74 % $ 4,004.2 78 % $ 2,931.1 75 % Communications and other 567.8 21 % 515.6 26 % 1,152.9 22 % 970.3 25”
98. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The acquisition of Celestial is expected to accelerate our connectivity strategy for next-generation AI and cloud data centers.”
99. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “In addition, we are developing Ultra Accelerator LinkTM (“UALinkTM”) switches and Ethernet for Scale-Up Networking (“ESUN”) switches for the emerging scale-out AI market.”
100. Marvell Technology, Inc., Form 10-K filed 2026-03-11: “The percentage of our sales related to custom or semi-custom products has been increasing over the last few years.”

Where the revenue comes from

Product and service lines in fiscal 2026: Data Center 74%, Communications and Other 26%. By geography: China 36%, Other 29%, Taiwan 20%, United States 14%. As tagged in its annual report (Form 10-K, filed 2026-03-11).

Who runs it

Murphy, Matthew J (Chairman of the Board and CEO); Koopmans, Chris (President and COO); Bharathi, Sandeep (President, Data Center Group); Durn, Daniel (Chief Financial Officer); Meintjes, Willem A (Chief Financial Officer); Scarpulla, Justin (SVP, Chief Accounting Officer); Casper, Mark (EVP & Chief Legal Officer); Andrews, Sara C (director); Buss, Brad W (director); House, Rebecca W (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-09.

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