Stock Analysis on Net
Stock Analysis on Net

Marvell Technology Inc. (NASDAQ:MRVL)

Common-Size Income Statement

Marvell Technology Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
Net revenue 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -48.98 -58.69 -58.36 -49.53 -53.74 -49.87
Gross profit 51.02% 41.31% 41.64% 50.47% 46.26% 50.13%
Research and development -25.32 -33.82 -34.43 -30.14 -31.92 -36.13
Selling, general and administrative -9.36 -13.84 -15.14 -14.25 -21.41 -15.74
Legal settlement 0.00 0.00 0.00 -1.69 0.00 -1.21
Restructuring related charges, net -0.19 -6.14 -2.38 -0.36 -0.72 -5.75
Operating expenses -34.87% -53.79% -51.95% -46.45% -54.05% -58.83%
Operating income (loss) 16.14% -12.49% -10.31% 4.02% -7.79% -8.70%
Interest expense -2.47 -3.28 -3.84 -2.88 -3.12 -2.33
Interest income and other, net 23.51 0.26 0.38 0.30 0.08 0.18
Interest and other income (loss), net 21.03% -3.02% -3.47% -2.58% -3.04% -2.15%
Income (loss) before income taxes 37.18% -15.51% -13.78% 1.44% -10.83% -10.85%
(Provision) benefit for income taxes -4.59 0.17 -3.17 -4.20 1.40 1.51
Net income (loss) 32.58% -15.35% -16.95% -2.76% -9.44% -9.34%

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 from 2021 to 2026 is characterized by a period of operational instability and consistent net losses, followed by a significant recovery in the final period. The transition from a net loss of 15.35% of revenue in 2025 to a net income of 32.58% in 2026 indicates a profound shift in both operational efficiency and non-operating performance.

Gross Profitability Trends
Gross margins exhibited notable volatility over the six-year period. After maintaining levels around 50% in 2021 and 2023, the margin contracted sharply to approximately 41% in 2024 and 2025. This decline coincided with an increase in the cost of goods sold, which peaked at 58.69% of net revenue in 2025. However, a strong recovery occurred in 2026, with the gross profit margin rising to 51.02%, the highest level in the analyzed period.
Operating Expense Management
Operating expenses as a percentage of revenue showed a general long-term downward trend, decreasing from 58.83% in 2021 to 34.87% in 2026. Research and development costs remained a primary expenditure, fluctuating between 30% and 36% for most of the period before dropping to 25.32% in 2026. Selling, general, and administrative expenses also decreased significantly, falling from a peak of 21.41% in 2022 to 9.36% in 2026, suggesting improved operational leverage or aggressive cost-cutting measures.
Operating Income Volatility
Operating income remained predominantly negative, reflecting a structural inability to cover operating costs through gross profit for the majority of the period. Losses peaked at 12.49% of revenue in 2025. A sharp reversal is evident in 2026, where operating income climbed to 16.14%, driven by the simultaneous expansion of gross margins and the reduction of operating expenses.
Non-Operating Impacts and Bottom Line
The net income results were heavily influenced by non-operating items in the final year. While interest expenses remained relatively stable between 2% and 4% of revenue, a substantial increase in interest income and other net items—rising to 23.51% of revenue in 2026—contributed significantly to the final net income. This non-operating gain, combined with the operational turnaround, resulted in a net income of 32.58% in 2026, contrasting sharply with the net losses sustained from 2021 through 2025.

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