Analysis of Inventory
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Marvell Technology Inc. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Inventory Disclosure
Marvell Technology Inc., balance sheet: inventory
US$ in thousands
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Work-in-process | |||||||||||||
| Finished goods | |||||||||||||
| Inventories |
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).
Total inventory levels exhibit a significant long-term upward trajectory, increasing from 268,228 thousand US$ in January 2021 to 1,388,000 thousand US$ by January 2026. This represents a substantial expansion of the inventory base over the five-year period, characterized by a period of rapid growth through January 2023, a temporary contraction in February 2024, and a subsequent acceleration toward the end of the period.
- Work-in-process (WIP) Trends
- Work-in-process constitutes the primary driver of total inventory growth. After an initial surge from 187,351 thousand US$ in 2021 to 756,300 thousand US$ in 2023, WIP experienced a reduction to 523,800 thousand US$ in February 2024. However, a sharp increase followed, culminating in a peak of 1,105,600 thousand US$ by January 2026, indicating a significant escalation in production activity or an expansion of the manufacturing pipeline.
- Finished Goods Dynamics
- Finished goods followed a different trajectory than WIP. This category grew steadily from 80,877 thousand US$ in 2021 to a peak of 340,600 thousand US$ in February 2024. Unlike the total inventory trend, finished goods entered a gradual decline thereafter, falling to 282,400 thousand US$ by January 2026. This divergence suggests a strategic shift toward managing finished stock more tightly even as overall production capacity increased.
- Inventory Composition Analysis
- The relative composition of inventory has shifted toward a higher concentration of work-in-process. In January 2021, WIP accounted for approximately 70% of total inventories. By January 2026, this proportion increased to approximately 80%. Conversely, finished goods represented roughly 30% of the total in 2021, decreasing to approximately 20% by 2026, reflecting a lean approach to final stock levels relative to the volume of goods currently in production.
The observed data indicates a pattern of aggressive scaling in production, as evidenced by the substantial rise in work-in-process. The correction observed in February 2024 across total and WIP inventories, contrasted with a peak in finished goods during the same period, suggests a momentary alignment of production output with demand before a renewed phase of expansion occurred.