An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

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

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Marvell Technology Inc., adjustments to financial statements

US$ in thousands

	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)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Total assets (adjusted)	22,285,300)	20,204,500)	21,228,500)	22,522,100)	22,108,597)	10,764,924)
Adjustment to Total Debt
Total debt (as reported)	4,470,600)	4,063,800)	4,165,900)	4,492,100)	4,547,977)	1,192,811)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)	—)
Add: Operating lease liabilities, current portion	56,500)	48,300)	39,400)	43,800)	38,151)	32,461)
Add: Operating lease liabilities, non-current	263,200)	231,000)	196,000)	201,600)	140,349)	104,417)
Total debt (adjusted)	4,790,300)	4,343,100)	4,401,300)	4,737,500)	4,726,477)	1,329,689)

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).

^{1, 2} Equal to total present value of future operating lease payments.

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

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Marvell Technology Inc., adjusted financial ratios

	Jan 31, 2026	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021
Total Asset Turnover¹
Reported total asset turnover	0.37	0.29	0.26	0.26	0.20	0.28
Adjusted total asset turnover	0.37	0.29	0.26	0.26	0.20	0.28
Debt to Equity²
Reported debt to equity	0.31	0.30	0.28	0.29	0.29	0.14
Adjusted debt to equity	0.33	0.32	0.30	0.30	0.30	0.16
Return on Assets³ (ROA)
Reported ROA	11.98%	-4.38%	-4.40%	-0.73%	-1.90%	-2.58%
Adjusted ROA	11.98%	-4.38%	-4.40%	-0.73%	-1.90%	-2.58%

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).

¹ See details »

² See details »

³ See details »

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Marvell Technology Inc. adjusted total asset turnover ratio improved from 2024 to 2025 and from 2025 to 2026.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Marvell Technology Inc. adjusted debt to equity ratio deteriorated from 2024 to 2025 and from 2025 to 2026.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Marvell Technology Inc. adjusted ROA improved from 2024 to 2025 and from 2025 to 2026.

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	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 Operating Leases
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	22,285,300)	20,204,500)	21,228,500)	22,522,100)	22,108,597)	10,764,924)
Activity Ratio
Adjusted total asset turnover²	0.37	0.29	0.26	0.26	0.20	0.28

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 ÷ 22,285,300 = 0.37

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Marvell Technology Inc. adjusted total asset turnover ratio improved from 2024 to 2025 and from 2025 to 2026.

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	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 debt	4,470,600)	4,063,800)	4,165,900)	4,492,100)	4,547,977)	1,192,811)
Stockholders’ equity	14,308,400)	13,427,000)	14,831,400)	15,637,200)	15,702,097)	8,435,804)
Solvency Ratio
Debt to equity¹	0.31	0.30	0.28	0.29	0.29	0.14
Adjusted for Operating Leases
Selected Financial Data (US$ in thousands)
Adjusted total debt	4,790,300)	4,343,100)	4,401,300)	4,737,500)	4,726,477)	1,329,689)
Stockholders’ equity	14,308,400)	13,427,000)	14,831,400)	15,637,200)	15,702,097)	8,435,804)
Solvency Ratio
Adjusted debt to equity²	0.33	0.32	0.30	0.30	0.30	0.16

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 Debt to equity = Total debt ÷ Stockholders’ equity
= 4,470,600 ÷ 14,308,400 = 0.31

² Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= 4,790,300 ÷ 14,308,400 = 0.33

Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Marvell Technology Inc. adjusted debt-to-equity ratio deteriorated from 2024 to 2025 and from 2025 to 2026.

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	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 Operating Leases
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	22,285,300)	20,204,500)	21,228,500)	22,522,100)	22,108,597)	10,764,924)
Profitability Ratio
Adjusted ROA²	11.98%	-4.38%	-4.40%	-0.73%	-1.90%	-2.58%

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 ÷ 22,285,300 = 11.98%

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Marvell Technology Inc. adjusted ROA improved from 2024 to 2025 and from 2025 to 2026.

Marvell Technology Inc. (NASDAQ:MRVL)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

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

Adjusted Financial Ratios for Operating Leases (Summary)

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

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)