Marvell Technology (MRVL)
Forward P/E 43.93x is 1.67x the peer median of 26.26x, with trailing P/E 83.28x and P/S 22.60x — the richest sales multiple in this batch. Latest-quarter revenue grew +36.5% year over year (PRIMARY/EDGAR) and PEG 0.77 is below 1, but a premium above 1.3x requires revenue growth of +50% or better alongside that PEG under the stated rules, and +36.5% falls short. This is OVERVALUED, not BUBBLE: the ratio is below the 1.75x bubble threshold and earnings growth is genuinely being delivered. Delivered demand check: the cluster median grew +36.5% year over year — demand rising.
What would change this label: Moves toward FAIRLY PRICED if revenue growth reaches +50% year over year with PEG staying below 1, or the price falls enough to bring forward P/E to about 30.2x (1.15x the peer median) at unchanged estimates. Moves toward BUBBLE if the forward P/E rises above about 46x (1.75x the peer median) or revenue growth slows below +15% year over year while trailing P/E stays above 80x.
Marvell makes chips for AI data centres and sales grew about 37%, but its shares cost about 44 times next year's expected profit and 23 times sales — far more than other chip companies at about 26 times profit. The growth is real; the price assumes it stays this fast for a long time.
Both lines start at 100 on 2020-09-01. Over the full window Marvell Technology returned +521.51% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Marvell Technology: -62.1% (2021-12-07 to 2023-01-05). Source: Nasdaq official daily history.
What the label rests on
Forward P/E 43.93x is 1.67x the peer median of 26.26x, with trailing P/E 83.28x and P/S 22.60x — the richest sales multiple in this batch. Latest-quarter revenue grew +36.5% year over year (PRIMARY/EDGAR) and PEG 0.77 is below 1, but a premium above 1.3x requires revenue growth of +50% or better alongside that PEG under the stated rules, and +36.5% falls short. This is OVERVALUED, not BUBBLE: the ratio is below the 1.75x bubble threshold and earnings growth is genuinely being delivered. Delivered demand check: the cluster median grew +36.5% year over year — demand rising. The company’s forward P/E is 43.9× against a peer median of 26.3×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Semiconductors group's median latest-quarter revenue growth was 36.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +36.5% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Marvell Technology (MRVL) | $247.88 | 43.9× | 83.3× |
| ADI | $421.45 | 26.3× | 50.0× |
| QCOM | $182.56 | 19.8× | 21.2× |
| TXN | $306.04 | 26.8× | 39.7× |
| NXPI | $253.50 | 14.4× | 19.9× |
| MPWR | $1,211.89 | 37.5× | 73.9× |
| Peer median | 26.3× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Aug 2026 2026-08-01 | $2.7B | 53.1% | $308M | 0.33 | $479M |
| Q/E May 2026 2026-05-02 | $2.4B | 52.1% | $34M | 0.04 | $483M |
| Q/E Jan 2026 2026-01-31 | $2.2B | 51.7% | $396M | — | $259M |
| Q/E Nov 2025 2025-11-01 | $2.1B | 51.6% | $1.9B | 2.20 | $509M |
| Q/E Aug 2025 2025-08-02 | $2.0B | 50.4% | $195M | 0.22 | $414M |
| Q/E May 2025 2025-05-03 | $1.9B | 50.2% | $178M | 0.20 | $214M |
| Q/E Feb 2025 2025-02-01 | $1.8B | 50.5% | $200M | — | $444M |
| Q/E Nov 2024 2024-11-02 | $1.5B | 23.1% | $-676M | -0.78 | $461M |
| Q/E Aug 2024 2024-08-03 | $1.3B | 46.2% | $-193M | -0.22 | $258M |
| Q/E May 2024 2024-05-04 | $1.2B | 45.5% | $-216M | -0.25 | $233M |
| Q/E Feb 2024 2024-02-03 | $1.4B | 46.5% | $-393M | — | $476M |
| Q/E Oct 2023 2023-10-28 | $1.4B | 38.9% | $-164M | -0.19 | $449M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Marvell Technology, Inc. |
| Chief executive | Matthew Murphy (source: https://en.wikipedia.org/wiki/Marvell_Technology_Group) |
| Sector | Technology — Semiconductors — sells custom and data-infrastructure chips for data centres, networking and communications |
| Share price (Oct 28, 2026) | $247.88 |
| Market value (market cap) | $213.6B — share price times shares outstanding of 876,900,000 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $9.5B |
| Net income, last twelve months | $2.6B |
| Free cash flow, last twelve months | $1.7B |
| Latest reported quarter | Q/E Aug 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +521.51% vs +118.28% |
| Worst peak-to-trough fall | -62.1% (2021-12-07 to 2023-01-05) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001835632.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001835632.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/MRVL/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.