Marvell Technology Inc., balance sheet: debt

US$ in thousands

	Jan 31, 2026	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021
Short-term debt	499,800)	129,500)	107,300)	584,400)	63,166)	199,641)
Long-term debt	3,970,800)	3,934,300)	4,058,600)	3,907,700)	4,484,811)	993,170)
Total borrowings (carrying amount)	4,470,600)	4,063,800)	4,165,900)	4,492,100)	4,547,977)	1,192,811)

Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).

The borrowing profile exhibits a significant structural shift between January 2021 and January 2022, followed by a period of relative stabilization and a subsequent increase by January 2026. Total liabilities moved from approximately 1.19 billion US dollars to a range between 4.06 billion and 4.55 billion US dollars over the analyzed period.

Total Borrowings Trajectory: Total borrowings experienced a sharp escalation of approximately 281% between January 2021 and January 2022. Following this peak of 4.55 billion US dollars, a gradual downward trend was observed through February 2025, reaching a low of 4.06 billion US dollars, before rebounding to 4.47 billion US dollars by January 2026.
Long-term Debt Composition: Long-term debt constitutes the primary component of the total debt load. After a substantial increase from 993.2 million US dollars in 2021 to 4.48 billion US dollars in 2022, the balance remained relatively stable, fluctuating within a narrow band between 3.91 billion and 4.06 billion US dollars from 2023 through 2026.
Short-term Debt Volatility: Short-term debt displays significant volatility compared to long-term obligations. Notable spikes occurred in January 2023 (584.4 million US dollars) and January 2026 (499.8 million US dollars), contrasting with periods of lower exposure in 2022 and 2024. This pattern indicates intermittent reliance on short-term financing or the reclassification of long-term debt as it approaches maturity.

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	Jan 31, 2026
Selected Financial Data (US$ in thousands)
Term Loan	—)
Senior Notes	4,500,000)
Total borrowings (fair value)	4,500,000)
Financial Ratio
Debt, fair value to carrying amount ratio	1.01

Based on: 10-K (reporting date: 2026-01-31).

Weighted-average effective interest rate on borrowings: 4.18%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.99%	499,900)	24,935)
1.84%	500,000)	9,195)
2.55%	750,000)	19,155)
5.89%	500,000)	29,455)
4.88%	500,000)	24,400)
3.04%	750,000)	22,823)
6.08%	500,000)	30,410)
5.53%	500,000)	27,655)
Total	4,499,900)	188,028)
4.18%

Based on: 10-K (reporting date: 2026-01-31).

¹ US$ in thousands

² Weighted-average interest rate = 100 × 188,028 ÷ 4,499,900 = 4.18%

Marvell Technology Inc. (NASDAQ:MRVL)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt