Stock Analysis on Net
Stock Analysis on Net

Marvell Technology Inc. (NASDAQ:MRVL)

$24.99

Price to Book Value (P/BV)
since 2005

Microsoft Excel

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Calculation

Marvell Technology Inc., P/BV, long-term trends, calculation

Microsoft Excel

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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).

1 US$

2 Data adjusted for splits and stock dividends.

3 Closing price as at the filing date of Marvell Technology Inc. Annual Report.


The analysis of the price-to-book value (P/BV) ratio reveals three distinct valuation cycles characterized by an initial peak, a prolonged period of contraction and stability, and a recent phase of aggressive expansion.

Initial Volatility and Contraction (2005–2013)
The P/BV ratio began at 3.85 in 2005, peaking quickly at 5.52 in 2006. This was followed by a sustained downward trend, reaching a cyclical low of 1.18 by March 2013. This decline occurred despite a consistent increase in book value per share, which grew from 4.47 to 8.94 during this period, indicating that share price appreciation failed to keep pace with the growth of the company's underlying net assets.
Period of Valuation Stability (2014–2020)
Between 2014 and 2020, the P/BV ratio remained relatively compressed, fluctuating primarily between 1.39 and 2.52. While the book value per share continued its upward trajectory, reaching 13.09 by 2019, the market valuation remained conservative. The ratio dipped to 1.45 in 2020, reflecting a period where the market price was valued significantly closer to the accounting book value.
Rapid Valuation Expansion (2021–2026)
A sharp reversal in valuation is observed starting in 2021, with the P/BV ratio jumping to 3.84. This upward trajectory continued through 2026, with the ratio climbing to 5.53. This expansion is driven by a substantial surge in share price, which rose from 18.96 in 2020 to 90.44 in 2026. By 2026, the valuation multiple returned to levels nearly identical to the 2006 peak, signaling a significant increase in market premiums attributed to the company relative to its book value.

Comparison to Competitors

Marvell Technology Inc., P/BV, long-term trends, comparison to competitors

Microsoft Excel

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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).


Comparison to Sector (Semiconductors & Semiconductor Equipment)

Marvell Technology Inc., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)

Microsoft Excel

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), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-01-27), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).


Comparison to Industry (Information Technology)