Stock Analysis on Net
Stock Analysis on Net

Marvell Technology Inc. (NASDAQ:MRVL)

$24.99

Adjustments to Financial Statements

Microsoft Excel

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Adjustments to Current Assets

Marvell Technology Inc., adjusted current assets

US$ in thousands

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Current assets
Adjustments
Add: Allowance for credit losses
After Adjustment
Adjusted current assets

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).


An analysis of the current asset trajectory reveals a sustained growth trend over the observed period, culminating in a substantial increase in the final fiscal year. Current assets grew steadily from 2021 through 2023, followed by a period of relative stability between 2024 and 2025, before expanding sharply by 2026.

Asset Growth Trajectory
Current assets experienced an initial growth phase, rising from approximately 1.62 billion US$ in 2021 to 3.28 billion US$ in 2023. A slight contraction occurred in 2024 to 3.06 billion US$, followed by a marginal recovery to 3.12 billion US$ in 2025. The most significant change is observed in 2026, where current assets surged to 6.46 billion US$, representing a more than twofold increase compared to the 2025 level.
Adjustment Variance Analysis
The variance between current assets and adjusted current assets remains minimal and consistent across all reporting periods. The adjustments are positive in every instance, ranging from approximately 2 million US$ to 4.5 million US$. Given the scale of the total assets, these adjustments are immaterial and do not significantly alter the reported liquidity position.
Correlation and Stability
A near-perfect correlation exists between the reported current assets and the adjusted figures, indicating that the underlying methodology for these adjustments has remained stable over the six-year period. The relative impact of the adjustments decreased as the total asset base grew, further underscoring their negligible effect on the overall financial profile.

Adjustments to Total Assets

Marvell Technology Inc., adjusted total assets

US$ in thousands

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Total assets
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Add: Allowance for credit losses
Less: Non-current deferred tax assets2
After Adjustment
Adjusted total assets

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 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Non-current deferred tax assets. See details »


The asset base experienced a significant expansion between January 2021 and January 2022, during which total assets more than doubled from approximately $10.76 billion to $22.11 billion. Following this surge, a period of relative stability occurred, peaking in January 2023 at $22.52 billion, before entering a moderate downward trend through February 2025. A recovery is noted in the January 2026 figures, where total assets returned to approximately $22.29 billion.

Asset Trajectory and Volatility
A sharp increase in total assets is observed between 2021 and 2022, indicating a substantial growth event. This was followed by a gradual decline over the subsequent three years, with assets contracting from $22.52 billion in 2023 to a low of $20.20 billion in 2025, before rebounding in 2026.
Adjustment Delta Analysis
Adjusted total assets consistently track total assets, with a narrow gap maintained throughout the observation period. The absolute difference between total and adjusted assets was most pronounced in 2021 at approximately $670 million and generally narrowed over time, reaching approximately $341 million by 2026. This indicates that the adjustments applied represent a decreasing percentage of the overall asset base over time.
Comparative Ratio Stability
The ratio of adjusted total assets to total assets remains consistently high, typically exceeding 97%. This suggests that the adjustments made to the balance sheet do not fundamentally alter the perceived scale of the asset base, ensuring that the adjusted figures remain highly representative of the total financial position.

Adjustments to Current Liabilities

Marvell Technology Inc., adjusted current liabilities

US$ in thousands

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Current liabilities
Adjustments
Less: Deferred revenue, current portion
Less: Restructuring liabilities, current portion
After Adjustment
Adjusted current liabilities

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 analysis of current liabilities over the period ending January 31, 2026, reveals a general upward trajectory characterized by intermittent volatility. Both reported current liabilities and adjusted current liabilities follow a consistent growth pattern, with a significant acceleration in obligations toward the end of the observed period.

Growth Trajectory of Current Liabilities
A substantial increase is observed from January 30, 2021, where current liabilities stood at 1,077,097 thousand USD, reaching a peak of 3,220,500 thousand USD by January 31, 2026. This represents a significant expansion of short-term obligations over the six-year horizon. A notable contraction occurred in February 2024, where liabilities decreased to 1,814,200 thousand USD before resuming an aggressive growth trend through 2025 and 2026.
Analysis of Liability Adjustments
Adjusted current liabilities consistently remain lower than reported current liabilities throughout the entire period. The variance between these two metrics has expanded over time; the initial difference of 25,189 thousand USD in 2021 grew to 122,800 thousand USD by February 1, 2025, and remained elevated at 103,700 thousand USD by January 31, 2026. This indicates that the magnitude of the adjustments has increased as the total liability volume grew.
Comparative Variance Trends
The adjusted figures closely mirror the volatility and directional movements of the primary current liabilities. The correlation remains strong during both the growth phase leading up to January 28, 2023, and the subsequent dip in February 2024. The sharpest increase for both metrics is recorded between February 1, 2025, and January 31, 2026, where reported current liabilities rose by approximately 59% in a single year.

Adjustments to Total Liabilities

Marvell Technology Inc., adjusted total liabilities

US$ in thousands

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Total liabilities
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Non-current deferred tax liabilities2
Less: Deferred revenue
Less: Restructuring liabilities
After Adjustment
Adjusted total liabilities

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 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Non-current deferred tax liabilities. See details »


A significant escalation in total liabilities is observed between January 2021 and January 2022, where figures rose from 2,329,120 thousand US$ to 6,406,500 thousand US$. Following this initial surge, the liability profile remained relatively stable through February 2025, experiencing minor fluctuations before trending upward again toward a projected 7,976,900 thousand US$ by January 2026.

Liability Growth and Volatility
The most substantial increase occurred in the first year of the period, representing a growth of approximately 175%. Subsequent years showed a period of consolidation, with a slight peak in January 2023 at 6,884,900 thousand US$ and a minor contraction in February 2024 to 6,397,100 thousand US$. A renewed expansion phase is evident in the final two periods, culminating in the highest recorded liability level in January 2026.
Analysis of Liability Adjustments
Adjusted total liabilities consistently track below total liabilities across all reported periods. The variance between these two metrics indicates a systemic adjustment that has expanded over time. In January 2021, the difference was 49,305 thousand US$, whereas by February 2025, the gap widened significantly to 385,000 thousand US$.
Comparison of Adjusted Trends
The adjusted liability figures mirror the trajectory of the total liabilities, indicating that the adjustments do not fundamentally alter the overall trend of the company's obligations. However, the adjusted figures provide a slightly more conservative view of the liability burden, particularly in the 2025 and 2026 periods, where the delta between total and adjusted figures reached its highest levels.

Adjustments to Stockholders’ Equity

Marvell Technology Inc., adjusted stockholders’ equity

US$ in thousands

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Stockholders’ equity
Adjustments
Less: Net deferred tax assets (liabilities)1
Add: Allowance for credit losses
Add: Deferred revenue
Add: Restructuring liabilities
After Adjustment
Adjusted stockholders’ equity

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 Net deferred tax assets (liabilities). See details »


The equity position exhibits a period of rapid expansion followed by a multi-year contraction and a subsequent recovery. The most significant growth occurred between January 2021 and January 2022, where stockholders' equity nearly doubled. This was followed by a period of volatility and a general downward trend reaching a low point in February 2025, before showing signs of recovery by January 2026.

Equity Growth and Volatility
Stockholders' equity rose from 8.44 billion US$ in January 2021 to 15.70 billion US$ by January 2022. Subsequently, a gradual decline was observed over the next three fiscal years, with equity dropping to 13.43 billion US$ by February 2025. A reversal of this trend is evident in the final period, with equity increasing to 14.31 billion US$.
Adjusted Equity Correlation
Adjusted stockholders' equity mirrors the trajectory of the nominal equity figures throughout the analyzed period. The adjusted values consistently track slightly below the reported stockholders' equity, confirming a high degree of correlation between the two metrics.
Convergence of Adjusted and Nominal Equity
A notable reduction in the variance between stockholders' equity and adjusted stockholders' equity is observed over time. In January 2021, the difference was approximately 620 million US$, whereas by February 2025 and January 2026, this gap narrowed significantly to 13.6 million US$ and 23.3 million US$, respectively. This convergence indicates a diminishing impact of the adjustments applied to the equity accounts.

Adjustments to Capitalization Table

Marvell Technology Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel
Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Short-term debt
Long-term debt
Total reported debt
Stockholders’ equity
Total reported capital
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Operating lease liabilities, current portion2
Add: Operating lease liabilities, non-current3
Adjusted total debt
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4
Add: Allowance for credit losses
Add: Deferred revenue
Add: Restructuring liabilities
Adjusted stockholders’ equity
After Adjustment
Adjusted total capital

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 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Operating lease liabilities, current portion. See details »

3 Operating lease liabilities, non-current. See details »

4 Net deferred tax assets (liabilities). See details »


The capitalization structure reflects a period of significant expansion between 2021 and 2022, followed by a phase of relative stability with a gradual contraction in equity through 2025. Total reported debt increased sharply from 1.19 billion USD in 2021 to 4.55 billion USD in 2022 and remained elevated, fluctuating between 4.06 billion USD and 4.47 billion USD over the subsequent years. During the same initial period, stockholders' equity rose from 8.44 billion USD to a peak of 15.70 billion USD in 2022, before declining to 13.43 billion USD by 2025 and recovering slightly to 14.31 billion USD in 2026.

Debt Adjustment Patterns
A consistent upward adjustment to debt is observed across all reporting periods. Adjusted total debt remains systematically higher than reported debt, suggesting the inclusion of lease obligations or other debt-like liabilities. This gap is evident in 2026, where adjusted debt is recorded at 4.79 billion USD against a reported value of 4.47 billion USD.
Equity and Capital Adjustments
Adjusted stockholders' equity is consistently lower than reported equity, which reduces the calculated equity base for financial analysis. Total reported capital peaked in 2022 at 20.25 billion USD and trended toward 18.78 billion USD by 2026. The adjusted total capital follows a nearly identical trajectory, peaking at 20.02 billion USD in 2022 and concluding at 19.08 billion USD in 2026, indicating that adjustments to debt and equity largely offset one another in the total capital calculation.
Long-term Capitalization Trends
The shift between 2021 and 2022 marks a fundamental change in the leverage profile, characterized by a nearly fourfold increase in debt. The subsequent years show a stabilization of liabilities coupled with a gradual erosion of the equity base until 2025, implying a period of capital optimization or dividend distributions before a modest increase in both debt and equity in 2026.

Adjustments to Revenues

Marvell Technology Inc., adjusted net revenue

US$ in thousands

Microsoft Excel
12 months ended: Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Net revenue
Adjustment
Add: Increase (decrease) in deferred revenue
After Adjustment
Adjusted net revenue

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).


Net revenue demonstrates a general upward trajectory over the analyzed period, characterized by significant growth between 2021 and 2023, a brief contraction in 2024, and a projected acceleration leading into 2026. The overall trend indicates a substantial increase in scale, with revenue moving from approximately 2.97 billion US dollars in 2021 to over 8.19 billion US dollars by 2026.

Revenue Growth Dynamics
A period of rapid expansion is observed from January 2021 to January 2023, during which net revenue approximately doubled. This was followed by a moderate decline in February 2024, where revenue decreased to 5.51 billion US dollars. A recovery phase began in February 2025, culminating in a significant surge to 8.19 billion US dollars by January 2026.
Impact of Revenue Adjustments
The variance between net revenue and adjusted net revenue remains immaterial relative to the total volume of earnings. The adjustments are marginal, typically representing a fraction of a percentage of total revenue, suggesting that the adjustments do not fundamentally alter the primary financial performance narrative.
Adjustment Variance Trends
The direction of adjustments shifted over the period. From 2021 to 2023, adjusted net revenue was consistently higher than net revenue. However, a reversal occurred in 2024 and 2025, where adjusted net revenue fell slightly below the reported net revenue. This trend reversed again in 2026, with adjusted figures once again exceeding net revenue.
Comparative Revenue Stability
The close correlation between net and adjusted revenue figures indicates a high degree of consistency in reporting. The parallel movements of both metrics during the 2024 downturn and the 2026 expansion confirm that the underlying drivers of revenue growth are reflected consistently across both reported and adjusted views.

Adjustments to Reported Income

Marvell Technology Inc., adjusted net income (loss)

US$ in thousands

Microsoft Excel
12 months ended: Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
As Reported
Net income (loss)
Adjustments
Add: Deferred income tax expense (benefit)1
Add: Increase (decrease) in allowance for credit losses
Add: Increase (decrease) in deferred revenue
Add: Increase (decrease) in restructuring liabilities
Add: Other comprehensive income (loss), net of tax
After Adjustment
Adjusted net income (loss)

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 Deferred income tax expense (benefit). See details »


The financial trajectory is characterized by a prolonged period of net losses from 2021 through 2025, followed by a significant pivot to profitability in 2026. While the magnitude of losses fluctuated throughout the first five years, the transition to a positive net income in the final period represents a substantial recovery in earnings performance.

Net Income Trends
Reported net losses experienced volatility, widening from -277.3 million in 2021 to -421.0 million in 2022, before narrowing to -163.5 million in 2023. A severe decline occurred in 2024, with losses reaching a peak of -933.4 million. This downward trend slightly moderated in 2025 to -885.0 million, preceding a sharp reversal in 2026, where net income rose to 2.67 billion.
Adjusted Net Income Trends
Adjusted net income followed a similar pattern of volatility and eventual recovery. Losses increased from -310.0 million in 2021 to -496.5 million in 2022, then decreased to -108.4 million in 2023. A significant spike in adjusted losses was recorded in 2024 at -771.6 million, which improved to -706.0 million in 2025. Consistent with the reported results, the adjusted figure turned positive in 2026, reaching 2.66 billion.
Analysis of Reported versus Adjusted Income
The variance between reported and adjusted income shifted in nature over the observation period. In 2021 and 2022, adjustments resulted in deeper losses compared to reported net income. Conversely, from 2023 through 2025, adjusted net income was consistently higher than reported net income, indicating that the reported losses were exacerbated by non-recurring or non-cash items. In 2026, the adjustment slightly reduced the total reported profit, bringing the adjusted figure marginally below the reported net income.