Stock Analysis on Net
Stock Analysis on Net

Marvell Technology Inc. (NASDAQ:MRVL)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Marvell Technology Inc., balance sheet: goodwill and intangible assets

US$ in thousands

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
Goodwill 11,062,200 11,586,900 11,586,900 11,586,900 11,511,129 5,336,961
Developed technologies 4,625,000 5,162,000 4,989,000 5,078,000 4,744,100 2,454,000
Customer contracts and related relationships 2,001,000 2,039,000 2,179,000 2,179,000 2,184,000 643,000
Trade names 50,000 50,000 50,000 66,000 73,000 23,000
Order backlog — — — — 70,000 —
Acquired amortizable intangible assets, gross 6,676,000 7,251,000 7,218,000 7,323,000 7,071,100 3,120,000
Accumulated amortization and impairment (5,221,300) (4,876,400) (3,832,900) (2,900,000) (1,946,678) (967,300)
Acquired amortizable intangible assets, net 1,454,700 2,374,600 3,385,100 4,423,000 5,124,422 2,152,700
In-process research and development 300,000 336,000 619,000 679,000 1,029,000 118,000
Acquired intangible assets, net 1,754,700 2,710,600 4,004,100 5,102,000 6,153,422 2,270,700
Goodwill and acquired intangible assets, net 12,816,900 14,297,500 15,591,000 16,688,900 17,664,551 7,607,661

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 financial trajectory of goodwill and intangible assets indicates a period of significant expansion through acquisitions between 2021 and 2022, followed by a sustained period of asset amortization and a gradual decline in total book value. The total combined value of goodwill and net acquired intangible assets peaked in early 2022 at approximately 17.66 billion USD before entering a consistent downward trend, ending at 12.82 billion USD by January 2026.

Goodwill Trends
A substantial increase in goodwill is observed between January 2021 and January 2022, rising from 5.34 billion USD to 11.51 billion USD, suggesting major acquisition activity during this interval. This value remained remarkably stable through February 2025, indicating an absence of impairment charges during those years. However, a reduction to 11.06 billion USD is recorded by January 2026, signaling a late-period impairment or adjustment.
Amortizable Intangible Assets Analysis
Gross acquired amortizable intangible assets peaked in January 2023 at 7.32 billion USD. Despite this, the net book value of these assets has declined precipitously from a high of 5.12 billion USD in January 2022 to 1.45 billion USD in January 2026. This divergence is driven by a steady and aggressive increase in accumulated amortization and impairment, which grew from 967 million USD in 2021 to 5.22 billion USD by 2026.
Specific Intangible Asset Categories
Developed technologies represent the largest portion of amortizable intangibles, peaking at 5.16 billion USD in February 2025 before declining to 4.63 billion USD in 2026. Customer contracts and related relationships saw a sharp increase from 643 million USD in 2021 to 2.18 billion USD in 2022, followed by a slow, marginal decline. In-process research and development peaked at 1.03 billion USD in 2022 and has since decreased consistently to 300 million USD by 2026, suggesting the successful transition of these projects into developed technologies or their expiration.
Consolidated Asset Valuation
The overarching pattern shows that while the company aggressively expanded its intellectual property and business footprint early in the period, the subsequent years have been characterized by the consumption of these assets. The net acquired intangible assets dropped by approximately 71% from their 2022 peak, while the combined total of goodwill and intangibles decreased by approximately 27% over the same period, reflecting the impact of non-cash amortization expenses on the balance sheet.

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Adjustments to Financial Statements: Removal of Goodwill

Marvell Technology Inc., Financial Data: Reported vs. Adjusted

Marvell Technology Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
Adjustment to Total Assets
Total assets (as reported) 22,285,300 20,204,500 21,228,500 22,522,100 22,108,597 10,764,924
Less: Goodwill 11,062,200 11,586,900 11,586,900 11,586,900 11,511,129 5,336,961
Total assets (adjusted) 11,223,100 8,617,600 9,641,600 10,935,200 10,597,468 5,427,963
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 14,308,400 13,427,000 14,831,400 15,637,200 15,702,097 8,435,804
Less: Goodwill 11,062,200 11,586,900 11,586,900 11,586,900 11,511,129 5,336,961
Stockholders’ equity (adjusted) 3,246,200 1,840,100 3,244,500 4,050,300 4,190,968 3,098,843

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 removal of goodwill and intangible assets reveals a significant disparity between reported and adjusted financial positions. A substantial portion of the total asset base consists of non-tangible elements, which consistently account for approximately 50% of total assets across the analyzed period. This indicates that a large segment of the balance sheet is derived from acquisitions and capitalized intangible value rather than tangible operating assets.

Asset Composition and Trends
Reported total assets experienced a sharp increase between January 30, 2021, and January 29, 2022, rising from $10.76 billion to $22.11 billion. While adjusted total assets followed a similar upward trajectory, they remained significantly lower, peaking at $10.94 billion in January 2023. A gradual contraction in adjusted assets is observed from 2023 to 2025, reaching a low of $8.62 billion, before an anticipated recovery to $11.22 billion by January 31, 2026.
Equity Impact and Intangible Weight
The adjustment to stockholders' equity is more severe than the adjustment to total assets, highlighting the extent to which reported book value is inflated by goodwill. In January 2022, reported equity stood at $15.70 billion, whereas adjusted equity was only $4.19 billion. This gap widened over time, culminating in February 2025, where adjusted equity dropped to $1.84 billion despite reported equity remaining at $13.43 billion. This suggests that the tangible net worth of the entity is significantly more volatile than the reported equity.
Comparative Stability Analysis
A divergence in trends is observed between reported and adjusted figures from 2023 to 2025. While reported assets and equity showed relatively moderate declines, the adjusted figures experienced more acute contractions. Specifically, adjusted stockholders' equity declined by approximately 54.6% between January 2023 and February 2025. The projected recovery in 2026 for both adjusted assets and equity indicates an expected shift back toward tangible growth or a reduction in the relative weight of intangible assets.

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Adjusted Financial Ratios: Removal of Goodwill (Summary)

Marvell Technology Inc., Financial Ratios: Reported vs. Adjusted

Marvell Technology Inc., adjusted financial ratios

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
Total Asset Turnover
Reported total asset turnover 0.37 0.29 0.26 0.26 0.20 0.28
Adjusted total asset turnover 0.73 0.67 0.57 0.54 0.42 0.55
Financial Leverage
Reported financial leverage 1.56 1.50 1.43 1.44 1.41 1.28
Adjusted financial leverage 3.46 4.68 2.97 2.70 2.53 1.75
Return on Equity (ROE)
Reported ROE 18.66% -6.59% -6.29% -1.05% -2.68% -3.29%
Adjusted ROE 82.25% -48.10% -28.77% -4.04% -10.05% -8.95%
Return on Assets (ROA)
Reported ROA 11.98% -4.38% -4.40% -0.73% -1.90% -2.58%
Adjusted ROA 23.79% -10.27% -9.68% -1.50% -3.97% -5.11%

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 analysis of financial ratios reveals a significant divergence between reported figures and those adjusted for the removal of goodwill and intangible assets. This divergence indicates that a substantial portion of the total asset base is comprised of these non-physical assets, which materially suppresses asset efficiency and return metrics while masking the underlying volatility of equity-based returns.

Total Asset Turnover
A consistent gap exists between reported and adjusted turnover ratios throughout the observed period. While reported turnover fluctuated between 0.20 and 0.37, adjusted turnover was significantly higher, peaking at 0.73 in January 2026. This implies that the company's revenue-generating capacity is considerably more efficient when evaluated against tangible assets alone.
Financial Leverage
Financial leverage shows a steady upward trend in reported terms, rising from 1.28 in 2021 to 1.56 in 2026. However, the adjusted leverage ratios are markedly higher, exhibiting a sharp increase to a peak of 4.68 in February 2025 before moderating to 3.46 in January 2026. This suggests that the exclusion of goodwill significantly reduces the equity base, thereby amplifying the leverage ratio and increasing its sensitivity to balance sheet changes.
Return on Equity (ROE)
ROE exhibits extreme volatility when adjusted for intangible assets. From 2021 to 2025, adjusted ROE showed substantially deeper losses than reported figures, reaching a nadir of -48.10% in February 2025. Conversely, the transition to profitability in January 2026 resulted in an adjusted ROE of 82.25%, compared to a reported 18.66%. This amplification confirms that goodwill acts as a valuation cushion that stabilizes reported equity returns during both loss and profit cycles.
Return on Assets (ROA)
Similar to ROE, the adjusted ROA demonstrates amplified performance swings. Adjusted ROA remained consistently more negative than reported ROA during the period of losses, reaching -10.27% in February 2025. In January 2026, the adjusted ROA shifted to 23.79%, nearly double the reported ROA of 11.98%, reflecting a significantly higher return when generated against the tangible asset base.

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Adjusted Total Asset Turnover

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Selected Financial Data (US$ in thousands)
Net revenue 8,194,600 5,767,300 5,507,700 5,919,600 4,462,383 2,968,900
Total assets 22,285,300 20,204,500 21,228,500 22,522,100 22,108,597 10,764,924
Activity Ratio
Total asset turnover1 0.37 0.29 0.26 0.26 0.20 0.28
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net revenue 8,194,600 5,767,300 5,507,700 5,919,600 4,462,383 2,968,900
Adjusted total assets 11,223,100 8,617,600 9,641,600 10,935,200 10,597,468 5,427,963
Activity Ratio
Adjusted total asset turnover2 0.73 0.67 0.57 0.54 0.42 0.55

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).

2026 Calculations

1 Total asset turnover = Net revenue ÷ Total assets
= 8,194,600 ÷ 22,285,300 = 0.37

2 Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 8,194,600 ÷ 11,223,100 = 0.73


An analysis of the asset structure and utilization reveals a significant discrepancy between reported and adjusted total assets. Reported total assets experienced a sharp increase between January 2021 and January 2022, growing from approximately 10.76 billion to 22.11 billion, and remained elevated through January 2026. Adjusted total assets, which exclude specific non-operating components such as goodwill and intangibles, maintain a consistently lower profile, typically ranging between 40% and 50% of the reported total.

Reported Asset Performance
Reported total assets peaked in January 2023 at 22.52 billion before experiencing a moderate decline to 20.20 billion by February 2025 and rebounding to 22.29 billion by January 2026. Correspondingly, the reported total asset turnover ratio showed volatility, dipping to 0.20 in January 2022 before trending upward to 0.37 by January 2026.
Adjusted Asset Performance
Adjusted total assets followed a similar growth trajectory initially, peaking at 10.94 billion in January 2023 and reaching a low of 8.62 billion in February 2025, before increasing to 11.22 billion by January 2026. The adjusted total asset turnover ratio demonstrates a robust recovery and growth trend, rising from 0.42 in January 2022 to 0.73 in January 2026.

The persistent gap between reported and adjusted turnover ratios indicates that a substantial portion of the asset base is comprised of non-revenue-generating intangible assets. While the reported turnover provides a conservative view of capital efficiency, the adjusted turnover reveals a much higher rate of productivity from the core operating assets. The consistent rise in adjusted turnover from 2022 through 2026 suggests a steady improvement in the operational efficiency of the company's tangible asset base.

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Adjusted Financial Leverage

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Selected Financial Data (US$ in thousands)
Total assets 22,285,300 20,204,500 21,228,500 22,522,100 22,108,597 10,764,924
Stockholders’ equity 14,308,400 13,427,000 14,831,400 15,637,200 15,702,097 8,435,804
Solvency Ratio
Financial leverage1 1.56 1.50 1.43 1.44 1.41 1.28
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets 11,223,100 8,617,600 9,641,600 10,935,200 10,597,468 5,427,963
Adjusted stockholders’ equity 3,246,200 1,840,100 3,244,500 4,050,300 4,190,968 3,098,843
Solvency Ratio
Adjusted financial leverage2 3.46 4.68 2.97 2.70 2.53 1.75

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).

2026 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= 22,285,300 ÷ 14,308,400 = 1.56

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 11,223,100 ÷ 3,246,200 = 3.46


An analysis of the financial structure reveals a significant divergence between reported figures and adjusted figures, primarily driven by the exclusion of goodwill and intangible assets. The disparity suggests that a substantial portion of the balance sheet is comprised of non-tangible assets, which fundamentally alters the perception of the company's financial leverage.

Asset and Equity Composition
Reported total assets remained relatively stable from January 2022 through January 2026, fluctuating between approximately 20.2 billion and 22.5 billion US$. In contrast, adjusted total assets were consistently lower, often representing less than half of the reported values. Adjusted stockholders' equity exhibited greater volatility, peaking at 4.19 billion US$ in January 2022 before declining to a low of 1.84 billion US$ in February 2025, followed by a recovery to 3.25 billion US$ by January 2026.
Reported Financial Leverage
The reported financial leverage ratio showed a gradual and linear upward trend, increasing from 1.28 in January 2021 to 1.56 by January 2026. This suggests a steady, controlled increase in the ratio of total assets to equity based on nominal reporting standards.
Adjusted Financial Leverage
A more pronounced and volatile trend is observed in the adjusted financial leverage ratio. Starting at 1.75 in January 2021, the ratio climbed steadily to 2.97 by February 2024, before experiencing a sharp spike to 4.68 in February 2025. While the ratio moderated to 3.46 by January 2026, it remained substantially higher than the reported leverage. This trend indicates that when intangible assets are removed, the company's reliance on leverage relative to its tangible asset base is significantly higher and more sensitive to balance sheet changes.

The widening gap between reported and adjusted leverage ratios indicates that the reported solvency position is heavily supported by the valuation of goodwill and intangible assets. The substantial increase in adjusted leverage through February 2025 suggests that the underlying tangible capital structure underwent significant pressure, which was masked in the reported figures by the presence of intangible assets.

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Adjusted Return on Equity (ROE)

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 2,670,100 (885,000) (933,400) (163,500) (421,034) (277,298)
Stockholders’ equity 14,308,400 13,427,000 14,831,400 15,637,200 15,702,097 8,435,804
Profitability Ratio
ROE1 18.66% -6.59% -6.29% -1.05% -2.68% -3.29%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income (loss) 2,670,100 (885,000) (933,400) (163,500) (421,034) (277,298)
Adjusted stockholders’ equity 3,246,200 1,840,100 3,244,500 4,050,300 4,190,968 3,098,843
Profitability Ratio
Adjusted ROE2 82.25% -48.10% -28.77% -4.04% -10.05% -8.95%

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).

2026 Calculations

1 ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 2,670,100 ÷ 14,308,400 = 18.66%

2 Adjusted ROE = 100 × Net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 2,670,100 ÷ 3,246,200 = 82.25%


The financial performance from 2021 to 2026 is characterized by a significant divergence between reported and adjusted equity metrics, leading to highly volatile return on equity (ROE) outcomes. While reported equity remained relatively stable following an initial peak in 2022, adjusted equity experienced a consistent decline through 2025 before recovering in 2026.

Equity Composition and Divergence
A substantial gap exists between reported and adjusted stockholders' equity throughout the period, indicating a high concentration of goodwill and intangible assets. This disparity reached its peak in 2025, where adjusted equity fell to 1.84 billion USD against reported equity of 13.43 billion USD, suggesting that the vast majority of the company's equity base consists of non-tangible assets.
Reported Return on Equity Trends
Reported ROE remained negative from 2021 through 2025, fluctuating within a range of -1.05% to -6.59%. A sharp reversal is observed in 2026, where the metric shifted to a positive 18.66%, indicating a transition to profitability relative to the total equity base.
Adjusted Return on Equity Volatility
Adjusted ROE exhibited far greater volatility and more severe negative trajectories than reported ROE. A downward trend accelerated between 2023 and 2025, with the ratio declining from -4.04% to -48.10%. This suggests that losses were magnified when measured against the smaller base of adjusted equity. This trend reversed abruptly in 2026, with Adjusted ROE surging to 82.25%.
Comparative Analysis of ROE Metrics
The variance between reported and adjusted ROE underscores the sensitivity of the company's performance metrics to the removal of intangible assets. The dramatic swing in adjusted ROE from -48.10% in 2025 to 82.25% in 2026 highlights a significant recovery in earnings power, which is amplified when calculated against the tangible equity component.

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Adjusted Return on Assets (ROA)

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 2,670,100 (885,000) (933,400) (163,500) (421,034) (277,298)
Total assets 22,285,300 20,204,500 21,228,500 22,522,100 22,108,597 10,764,924
Profitability Ratio
ROA1 11.98% -4.38% -4.40% -0.73% -1.90% -2.58%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income (loss) 2,670,100 (885,000) (933,400) (163,500) (421,034) (277,298)
Adjusted total assets 11,223,100 8,617,600 9,641,600 10,935,200 10,597,468 5,427,963
Profitability Ratio
Adjusted ROA2 23.79% -10.27% -9.68% -1.50% -3.97% -5.11%

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).

2026 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 2,670,100 ÷ 22,285,300 = 11.98%

2 Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × 2,670,100 ÷ 11,223,100 = 23.79%


The financial data indicates a significant and persistent divergence between reported and adjusted total assets, suggesting a heavy concentration of goodwill and intangible assets on the balance sheet. This discrepancy creates a magnification effect on return on assets (ROA), where the adjusted metric reflects the performance of the tangible asset base more aggressively than the reported figure.

Asset Base Composition
Reported total assets experienced a substantial increase from 10.76 billion US$ in 2021 to a peak of 22.52 billion US$ in 2023, ending at 22.29 billion US$ in 2026. Adjusted total assets remained consistently lower, typically hovering around 50% of the reported total. This sustained gap indicates that a large portion of the capital structure is tied to non-tangible assets, which are excluded from the adjusted asset base.
Return on Assets (ROA) Trends
Both reported and adjusted ROA remained in negative territory from 2021 through 2025. A trajectory of improvement was observed between 2021 and 2023, where Reported ROA moved from -2.58% to -0.73%. However, a sharp deterioration occurred in 2024 and 2025, with Reported ROA dropping to -4.40% and -4.38% respectively. A dramatic reversal is noted in 2026, with Reported ROA pivoting to a positive 11.98%.
Impact of Adjusted ROA Magnification
The adjusted ROA consistently amplified the reported performance trends due to the reduced asset denominator. During the period of negative returns (2021–2025), the adjusted ROA was significantly more negative than the reported ROA, reaching a low of -10.27% in 2025 compared to the reported -4.38%. Conversely, in 2026, the adjusted ROA rose to 23.79%, nearly double the reported rate of 11.98%. This demonstrates that when intangible assets are removed, the volatility of the return profile increases, and the eventual positive return reflects a much higher efficiency relative to the tangible asset base.

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