Stock Analysis on Net
Stock Analysis on Net

Marvell Technology Inc. (NASDAQ:MRVL)

Common-Size Income Statement
Quarterly Data

Marvell Technology Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Aug 1, 2026 May 2, 2026 Jan 31, 2026 Nov 1, 2025 Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020
Net revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -46.86 -47.85 -48.26 -48.43 -49.62 -49.75 -49.52 -76.95 -53.84 -54.54 -53.45 -61.14 -61.14 -57.84 -52.53 -49.44 -48.18 -48.10 -48.89 -51.47 -65.44 -49.76 -47.21 -49.20 -50.60 -52.87
Gross profit 53.14% 52.15% 51.74% 51.57% 50.38% 50.25% 50.48% 23.05% 46.16% 45.46% 46.55% 38.86% 38.86% 42.16% 47.47% 50.56% 51.82% 51.90% 51.11% 48.53% 34.56% 50.24% 52.79% 50.80% 49.40% 47.13%
Research and development -27.05 -26.98 -24.16 -24.70 -25.87 -26.79 -27.46 -32.23 -38.24 -41.01 -32.22 -33.91 -35.41 -36.37 -31.24 -29.15 -29.60 -30.69 -29.73 -30.70 -34.12 -34.38 -32.64 -34.08 -38.11 -40.31
Selling, general and administrative -9.40 -10.69 -8.92 -9.15 -9.61 -9.83 -10.77 -13.54 -15.50 -17.22 -14.86 -15.01 -15.66 -15.06 -14.34 -13.52 -13.96 -15.25 -18.71 -20.10 -24.09 -24.21 -14.65 -15.40 -15.51 -17.59
Legal settlement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -5.60 -1.04 0.00 0.00 0.00 0.00 -4.51 0.00 0.00 0.00
Restructuring related gains (charges), net 0.10 -0.44 -0.43 -0.46 -0.43 0.65 0.69 -23.63 -0.31 -0.35 -1.81 -0.24 -3.13 -4.53 -0.25 -1.01 -0.08 -0.09 -0.10 -0.48 -1.14 -1.55 -1.20 -2.57 -16.58 -3.07
Operating expenses -36.36% -38.11% -33.51% -34.32% -35.92% -35.97% -37.54% -69.40% -54.05% -58.58% -48.89% -49.17% -54.20% -55.96% -45.82% -43.68% -49.24% -47.07% -48.53% -51.28% -59.35% -60.13% -53.00% -52.05% -70.19% -60.97%
Operating income (loss) 16.78% 14.04% 18.23% 17.25% 14.46% 14.28% 12.94% -46.36% -7.89% -13.12% -2.33% -10.31% -15.34% -13.80% 1.64% 6.88% 2.58% 4.82% 2.58% -2.75% -24.79% -9.89% -0.22% -1.25% -20.80% -13.84%
Interest expense -2.25 -2.18 -2.29 -2.47 -2.59 -2.57 -2.48 -3.11 -3.80 -4.20 -3.69 -3.71 -4.01 -3.99 -3.48 -2.94 -2.62 -2.51 -2.60 -2.92 -3.14 -4.22 -2.60 -2.14 -2.15 -2.43
Other income (expense), net -0.72 -8.41 1.26 92.01 -0.22 -0.32 0.53 -0.03 0.20 0.28 -0.10 0.80 0.59 0.21 0.20 0.31 0.30 0.39 0.18 0.10 -0.14 0.17 -0.05 0.12 0.02 0.69
Interest and other income (loss), net -2.97% -10.59% -1.03% 89.54% -2.81% -2.89% -1.95% -3.15% -3.60% -3.92% -3.79% -2.90% -3.42% -3.78% -3.28% -2.63% -2.33% -2.11% -2.43% -2.83% -3.28% -4.05% -2.65% -2.02% -2.13% -1.73%
Income (loss) before income taxes 13.81% 3.45% 17.20% 106.79% 11.65% 11.39% 10.99% -49.50% -11.49% -17.04% -6.12% -13.22% -18.76% -17.58% -1.64% 4.25% 0.25% 2.71% 0.15% -5.58% -28.07% -13.94% -2.86% -3.27% -22.93% -15.57%
(Provision) benefit for income taxes -2.57 -2.02 0.65 -15.14 -1.94 -2.00 0.02 4.89 -3.70 -1.53 -21.41 1.64 3.29 4.80 0.55 -3.38 0.03 -14.16 0.30 0.42 2.38 3.34 4.94 0.22 1.22 -0.72
Net income (loss) 11.24% 1.43% 17.85% 91.65% 9.71% 9.39% 11.02% -44.61% -15.19% -18.57% -27.53% -11.58% -15.47% -12.78% -1.09% 0.87% 0.28% -11.45% 0.46% -5.16% -25.69% -10.60% 2.07% -3.05% -21.71% -16.30%

Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).

The financial trajectory over the analyzed period is characterized by a transition from consistent operating losses toward a sustained period of profitability. Early periods were marked by high operating expenditures relative to revenue, but subsequent quarters demonstrate improved cost discipline and a recovery in core margins, despite significant periodic volatility.

Gross Profitability and Cost of Sales
Gross profit margins remained relatively stable between 47% and 52% for much of the early period, though significant dips occurred in July 2021 (34.56%) and during mid-2023. A severe compression is observed in November 2024, where gross profit fell to 23.05% due to a spike in the cost of goods sold to 76.95% of revenue. Following this trough, a strong recovery is evident, with margins returning to and exceeding previous levels, reaching 53.14% by August 2026.
Operating Expense Efficiency
A long-term downward trend in operating expenses as a percentage of revenue is observable. Research and development (R&D) costs, which initially consumed 40.31% of revenue in May 2020, gradually declined to a range of 24% to 27% by 2025 and 2026. Similarly, selling, general, and administrative (SG&A) expenses peaked in mid-2021 before trending downward to approximately 9% of revenue in late 2024 and early 2025, suggesting increased operational leverage.
Operating Income Trends
Operating income was predominantly negative from May 2020 through November 2024, reflecting a period of heavy investment and margin pressure. The most significant operating loss occurred in November 2024 at -46.36% of revenue. However, a structural shift occurred starting February 1, 2025, where the company achieved a positive operating margin that remained consistent between 12.94% and 18.23% through August 2026.
Net Income and Non-Operating Factors
Net income volatility was driven by both operating results and non-recurring items. Legal settlements and restructuring charges created intermittent pressure in the early years. A notable anomaly occurred in November 2025, where net income surged to 91.65% of revenue, driven almost entirely by a spike in other income (92.01%). Excluding this outlier, the net income trend mirrors the operating income recovery, moving from deep losses in 2024 to a positive and stable range in 2026.

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