1. Financial Health Check
- Revenue: $5.77B
- Net Income: -885000000
- Net Margin: -15.35%
- Revenue Growth (3yr CAGR): N/A (Need historical data)
- ROE (Return on Equity): N/A (Missing Equity)
- ROIC (Return on Invested Capital): [ROIC (Return on Invested Capital)]
- Debt/Equity: N/A (Missing Liabilities)
- Free Cash Flow Yield: [Free Cash Flow Yield]
- Free Cash Flow Trend: [Free Cash Flow Trend]
2. Financial Trends
3. Historical Data
| Year | Revenue | Net Income | Gross Profit | Op. Cash Flow |
|---|---|---|---|---|
| 2025 | 5.77B | -885.00M | 2.38B | 1.68B |
| 2024 | 5.51B | -933.40M | 2.29B | 1.37B |
| 2023 | 5.92B | -163.50M | 2.99B | 1.29B |
| 2022 | 4.46B | -421.00M | 2.06B | 819.30M |
| 2021 | 2.97B | -277.30M | 1.49B | 817.30M |
4. Competitive Advantage (Moat)
- Type of Moat: Switching Costs, Intangible Assets
- Strength: Wide
- Description: Marvell has solidified its position as a leading provider of data infrastructure semiconductors with a unique business model spanning full custom to full merchant solutions. They are experiencing strong investment and accelerated infrastructure from both established hyperscalers and new market entrants who are highly incentivized to increasingly use custom infrastructure, leading to a high barrier to entry. They have invested heavily in technology leadership and IP, including advanced process nodes, electrical and optical SerDes, high-speed die-to-die interconnects, embedded memory, custom HBM, 2.5D and 3D packaging, and silicon photonics, making their custom silicon offerings very sticky.
5. Management Quality
- CEO: Matt Murphy
- Capital Allocation: The company returned $933 million to stockholders in fiscal year 2025 through stock repurchases and dividends and repurchased $200 million of stock in Q4. They intend to continue driving strong operating leverage and expect to make significant progress towards their long-term non-GAAP operating margin target of 38% to 40%. They will also remain focused on generating strong cash flow and returning capital to their stockholders.
- Tone: Optimistic
- Key Quotes:
- "We are poised for a strong start to the New Year, forecasting revenue growth of over 60% year-over-year in the first quarter at the midpoint of guidance."
- "Marvell has solidified its position as a leading provider of data infrastructure semiconductors with the unique business model spanning full custom to full merchant solutions...We remain very optimistic about both our short and long-term growth prospects and our role in enabling accelerated infrastructure."
6. Growth Prospects
- Total Addressable Market (TAM): [Size and Growth Rate]
- Market Share: [Current share and potential to gain]
- New Products/Services: [Pipeline]
7. Scuttlebutt & Soft Data
- Customer Reviews: [Trends in customer satisfaction]
- Employee Feedback: [Glassdoor ratings, turnover]
- Channel Checks: [Insights from suppliers or distributors]
8. Valuation
- P/E Ratio: [Current vs. Historical vs. Peers]
- EV/EBITDA: [Current vs. Historical vs. Peers]
- DCF Fair Value: [Estimate]
9. Risks
- [Risk 1: Seasonal declines in on-premise data center revenue could partially offset growth from cloud and AI.]
- [Risk 2: Seasonality in gaming demand will drive a sequential decline in revenue from the consumer end market.]
- [Risk 3: A decline in revenue from the industrial end market due to lumpy order patterns.] ```
10. Checklist
- Do I understand the business model?
- Is the balance sheet healthy?
- Is management aligned with shareholders?
- Is the valuation reasonable?
- Is there a clear catalyst?