Latest Ratios: P/E Ratio 81.2x · EV/EBITDA 83.8x · 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 | $218.1B | $68.6B | $97.7B | $58.3B | $36.7B | $56.9B | $34.4B | $16.3B | $11.0B | $11.9B | $7.7B |
| Enterprise Value | $220.2B | $70.8B | $101.1B | $61.8B | $40.6B | $61.0B | $35.0B | $17.2B | $12.1B | $11.0B | $6.9B |
| P/E Ratio → | 81.20 | 25.71 | — | — | — | — | — | 10.27 | — | 27.45 | 371.75 |
| P/S Ratio | 26.61 | 8.38 | 16.94 | 10.59 | 6.21 | 12.75 | 11.59 | 6.02 | 3.82 | 4.94 | 3.34 |
| P/B Ratio | 15.15 | 4.80 | 7.27 | 3.93 | 2.35 | 3.62 | 4.08 | 1.87 | 1.50 | 2.87 | 1.91 |
| P/FCF | 156.16 | 49.15 | 70.29 | 57.15 | 34.29 | 89.97 | 49.32 | 59.39 | 21.51 | 22.61 | — |
| P/OCF | 124.57 | 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 | 83.76 | 26.93 | 158.77 | 74.41 | 24.88 | 67.97 | 91.35 | 50.26 | 25.17 | 18.67 | 19.63 |
| EV / EBIT | 164.53 | 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 |
Hyperscaler internal silicon competition
According to recent market data, Marvell trades at a trailing P/E of 86.90 and an EV/EBITDA of 89.59, suggesting that investors are pricing in aggressive long-term growth that significantly exceeds the company's current realized profitability metrics compared to established industry peers like Broadcom.
The current valuation multiples appear to bake in a high degree of optimism regarding the company's AI-driven custom silicon pipeline. Investors should monitor whether the forward P/E of 65.84 remains sustainable if the transition to custom ASIC designs continues to exert downward pressure on overall operating margins.
Based on reported figures, Marvell's ROIC has struggled to gain traction, hovering at a modest 1.5% in 2027Q1, a trend that appears to be a direct consequence of the heavy goodwill burden resulting from the company's aggressive inorganic growth strategy over the past several years.
The low return on invested capital suggests that the company has yet to fully monetize its massive acquisition-related asset base. Unless the firm can demonstrate a sustained improvement in capital efficiency, the current valuation premium may face significant downward pressure from institutional investors focused on compounding returns.
As reported in financial statements, Marvell's cash conversion cycle reached 116 days in 2027Q1, reflecting a persistent challenge in managing inventory and receivables effectively within a fabless model that is highly sensitive to the lumpy demand patterns of hyperscale data center customers.
The elevated DIO of 110 days suggests that inventory management remains a primary operational hurdle, likely exacerbated by the need to hold buffer stock for custom projects. This inefficiency warrants further investigation into whether the company's supply chain can adapt to the rapid scaling requirements of AI infrastructure.
Based on recent filings, Marvell maintains a D/E ratio of 0.29, which appears remarkably conservative for a technology firm of its size, providing a stable balance sheet foundation that may offer flexibility for future strategic investments despite the ongoing volatility in its interest coverage ratios.
While the low debt load is a positive indicator of financial health, the fluctuating interest coverage ratio suggests that earnings volatility remains a risk to debt service comfort. Investors should monitor if management chooses to utilize this balance sheet capacity for further M&A or if they prioritize deleveraging.
The P/E ratio is frequently misapplied to Marvell's business model, as it fails to account for the massive non-cash amortization of intangibles and high stock-based compensation that significantly distort GAAP earnings, thereby obscuring the company's true underlying cash-generating capacity and operational profitability.
Analysts should instead prioritize EV/EBITDA or free cash flow yield to better capture the core operational performance of the business. Relying on P/E alone risks misinterpreting the company's earnings power, especially given the lumpy nature of revenue recognition in custom ASIC design cycles.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying MRVL stock.
Marvell Technology, Inc.'s current P/E ratio is 81.2x. 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 83.8x. 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 81.2x. 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.