Stock Analysis on Net
Stock Analysis on Net

Marvell Technology Inc. (NASDAQ:MRVL)

Common-Size Balance Sheet: Assets

Marvell Technology Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
Cash and cash equivalents 11.84 4.69 4.48 4.04 2.78 6.95
Accounts receivable, net 9.81 5.09 5.28 5.29 4.74 4.99
Inventories 6.23 5.10 4.07 4.74 3.26 2.49
Prepaid expenses and other current assets 1.11 0.56 0.59 0.49 0.50 0.59
Current assets 28.99% 15.44% 14.43% 14.57% 11.28% 15.02%
Property and equipment, net 4.20 3.91 3.56 2.56 2.09 3.03
Goodwill 49.64 57.35 54.58 51.45 52.07 49.58
Acquired intangible assets, net 7.87 13.42 18.86 22.65 27.83 21.09
Deferred tax assets 1.55 1.99 1.47 2.07 2.23 6.25
Prepaid ship and debits 2.62 2.56 2.58 2.14 0.98 1.22
Technology licenses 1.33 1.99 1.65 1.95 2.22 2.25
Operating right-of-use assets 1.27 1.22 0.96 0.94 0.64 0.94
Prepayments on supply capacity reservation agreements 1.25 1.52 1.42 1.25 0.25 0.00
Non-marketable equity investments 0.58 0.24 0.22 0.16 0.14 0.07
Other 0.69 0.37 0.27 0.26 0.28 0.54
Other non-current assets 7.75% 7.89% 7.10% 6.70% 4.50% 5.03%
Non-current assets 71.01% 84.56% 85.57% 85.43% 88.72% 84.98%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 asset structure is characterized by a historical dominance of non-current assets, which maintained a concentration between 84.56% and 88.72% of total assets from 2021 through 2025. However, a significant structural shift occurred by January 2026, where non-current assets declined to 71.01%, coinciding with a sharp increase in current assets, which rose to 28.99% from a previous range of 11.28% to 15.44%.

Liquidity and Working Capital Trends
Current assets experienced a substantial expansion in the final period. Cash and cash equivalents, which fluctuated between 2.78% and 6.95% for the first five years, surged to 11.84% by January 2026. Similarly, net accounts receivable nearly doubled from 5.09% in February 2025 to 9.81% in January 2026. Inventories showed a steady upward trajectory, increasing from 2.49% in 2021 to 6.23% in 2026, suggesting a gradual increase in the scale of operations or a strategic buildup of stock.
Intangible Assets and Goodwill
The balance sheet is heavily weighted toward intangible value. Goodwill remained the largest single asset component, peaking at 57.35% in February 2025 before moderating to 49.64% in January 2026. In contrast, acquired intangible assets, net, exhibited a consistent downward trend, falling from 21.09% in 2021 to 7.87% in 2026. This pattern indicates the systematic amortization of acquired intellectual property over time.
Fixed and Other Non-Current Assets
Net property and equipment maintained a relatively small footprint but showed gradual growth, rising from 3.03% in 2021 to 4.20% in 2026. Deferred tax assets saw a marked decline from 6.25% in 2021 to 1.55% in 2026. Other non-current assets grew moderately from 5.03% to 7.75% over the analyzed period, while prepayments on supply capacity reservation agreements emerged as a new line item in 2022, stabilizing around 1.25% to 1.52% in subsequent years.

Overall, the asset composition transitioned from a state of extreme concentration in non-current intangible assets toward a more balanced profile with significantly enhanced liquidity and higher working capital requirements by early 2026.

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