Price to Operating Profit (P/OP)
since 2005
Calculation
Marvell Technology Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 11, 2026 | 59.77 | = | 90.44 | ÷ | 1.51 | 1.51 | = | 1,322,900 | ÷ | 874,300,000 | |
| Mar 12, 2025 | — | = | 69.85 | ÷ | -0.83 | -0.83 | = | -720,300 | ÷ | 866,100,000 | |
| Mar 13, 2024 | — | = | 67.63 | ÷ | -0.66 | -0.66 | = | -567,700 | ÷ | 866,000,000 | |
| Mar 9, 2023 | 147.29 | = | 40.91 | ÷ | 0.28 | 0.28 | = | 238,000 | ÷ | 856,900,000 | |
| Mar 10, 2022 | — | = | 65.25 | ÷ | -0.41 | -0.41 | = | -347,668 | ÷ | 847,800,000 | |
| Mar 16, 2021 | — | = | 47.96 | ÷ | -0.38 | -0.38 | = | -258,389 | ÷ | 675,700,000 | |
| Mar 23, 2020 | — | = | 18.96 | ÷ | -0.37 | -0.37 | = | -243,358 | ÷ | 663,100,000 | |
| Mar 28, 2019 | 295.81 | = | 19.42 | ÷ | 0.07 | 0.07 | = | 43,270 | ÷ | 659,100,000 | |
| Mar 29, 2018 | 24.26 | = | 21.00 | ÷ | 0.87 | 0.87 | = | 429,695 | ÷ | 496,500,000 | |
| Mar 28, 2017 | 78.88 | = | 15.70 | ÷ | 0.20 | 0.20 | = | 99,994 | ÷ | 502,400,000 | |
| Jul 21, 2016 | — | = | 11.28 | ÷ | -1.60 | -1.60 | = | -816,739 | ÷ | 511,200,000 | |
| Mar 26, 2015 | 18.85 | = | 14.96 | ÷ | 0.79 | 0.79 | = | 408,819 | ÷ | 515,000,000 | |
| Mar 27, 2014 | 27.46 | = | 15.31 | ÷ | 0.56 | 0.56 | = | 280,691 | ÷ | 503,400,000 | |
| Mar 29, 2013 | 18.01 | = | 10.58 | ÷ | 0.59 | 0.59 | = | 294,657 | ÷ | 501,700,000 | |
| Mar 27, 2012 | 15.14 | = | 15.75 | ÷ | 1.04 | 1.04 | = | 604,146 | ÷ | 580,600,000 | |
| Mar 28, 2011 | 11.35 | = | 16.15 | ÷ | 1.42 | 1.42 | = | 901,192 | ÷ | 633,400,000 | |
| Mar 31, 2010 | 39.12 | = | 20.42 | ÷ | 0.52 | 0.52 | = | 334,115 | ÷ | 640,025,848 | |
| Apr 1, 2009 | 35.44 | = | 9.47 | ÷ | 0.27 | 0.27 | = | 165,176 | ÷ | 618,229,230 | |
| Mar 28, 2008 | — | = | 11.13 | ÷ | -0.18 | -0.18 | = | -105,590 | ÷ | 601,061,965 | |
| Jul 2, 2007 | 10,050.76 | = | 18.08 | ÷ | 0.00 | 0.00 | = | 1,057 | ÷ | 587,591,437 | |
| Apr 13, 2006 | 46.71 | = | 28.77 | ÷ | 0.62 | 0.62 | = | 359,722 | ÷ | 584,082,648 | |
| Apr 14, 2005 | 59.44 | = | 17.23 | ÷ | 0.29 | 0.29 | = | 161,847 | ÷ | 558,295,156 |
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 Price to Operating Profit (P/OP) ratio exhibits extreme volatility over the observed period, characterized by significant fluctuations driven primarily by instability in operating profit per share rather than share price movements alone.
- Early Period Volatility (2005–2015)
- During the initial phase, the P/OP ratio showed substantial variance, peaking at an outlier of 10,050.76 in 2007 when operating profit per share fell to zero. Following this, a period of relative stabilization occurred between 2009 and 2015, with the ratio generally fluctuating between 11.35 and 39.12. This indicates a more consistent relationship between the company's market valuation and its operational earnings during this timeframe.
- Recent Period Instability (2016–2026)
- The ratio entered a phase of heightened irregularity starting in 2016. Multiple instances of negative operating profit per share occurred between 2016 and 2025, rendering the P/OP ratio mathematically undefined or non-calculable for several years. Notable spikes appeared in 2019 (295.81) and 2023 (147.29), suggesting a significant disconnect where the share price remained elevated despite minimal or negative operating profitability.
- Price and Profit Divergence
- A clear divergence is observed between share price appreciation and operating profit. While the share price reached its historical peak of 90.44 by 2026, operating profits were frequently negative in the preceding years. The return to a P/OP ratio of 59.77 in 2026 coincides with a substantial recovery in operating profit per share to 1.51, indicating a potential realignment of market value with operational performance.
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Comparison to Competitors
Marvell Technology Inc., P/OP, long-term trends, comparison to competitors
| Marvell Technology Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | Lam Research Corp. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 11, 2026 | 59.77 | — | — | — | — | — | 47.51 | — | 36.45 | — | — |
| Mar 12, 2025 | — | 88.36 | 42.08 | 24.80 | 61.37 | — | 21.88 | 21.58 | 39.33 | 15.58 | 33.37 |
| Mar 13, 2024 | — | 95.53 | 53.48 | 17.52 | 76.87 | — | 24.29 | 86.94 | 51.16 | 19.08 | 30.49 |
| Mar 9, 2023 | 147.29 | 675.69 | 23.53 | 17.58 | 31.96 | 1,984.43 | 16.79 | — | 136.19 | 15.85 | 19.75 |
| Mar 10, 2022 | — | 100.42 | 26.16 | 11.35 | 16.33 | 49.91 | 11.79 | 5.93 | 66.12 | 7.95 | 16.29 |
| Mar 16, 2021 | — | 39.48 | 56.12 | 18.85 | 30.78 | 10.82 | 18.34 | 12.48 | 75.08 | 15.84 | 17.67 |
| Mar 23, 2020 | — | 75.77 | 33.76 | 18.50 | 44.04 | 9.72 | 20.40 | 19.51 | 66.40 | 23.32 | 26.53 |
| Mar 28, 2019 | 295.81 | 91.66 | 24.74 | 16.36 | 36.85 | 13.29 | 12.13 | 6.83 | 24.79 | 12.60 | 21.46 |
| Mar 29, 2018 | 24.26 | 51.38 | 17.62 | 6.74 | 19.42 | 9.40 | 8.67 | 3.20 | 45.61 | 103.26 | 15.00 |
| Mar 28, 2017 | 78.88 | 59.52 | 30.97 | 14.35 | 44.92 | 11.86 | 13.68 | 7.98 | 31.31 | 30.15 | 16.81 |
| Jul 21, 2016 | — | — | 21.85 | 16.54 | — | 13.40 | 13.46 | 106.63 | 23.80 | 15.26 | 16.07 |
| Mar 26, 2015 | 18.85 | — | 22.69 | 12.92 | 23.80 | 9.66 | 14.45 | 6.04 | 16.52 | 15.68 | 12.34 |
| Mar 27, 2014 | 27.46 | — | 23.01 | 19.66 | 59.05 | 10.60 | 16.98 | 11.23 | 19.66 | 17.00 | 15.64 |
| Mar 29, 2013 | 18.01 | 26.08 | 20.62 | 46.30 | 23.31 | 10.02 | 64.12 | 74.52 | 12.16 | 16.30 | 17.02 |
| Mar 27, 2012 | 15.14 | — | 14.67 | 31.47 | 13.51 | 7.13 | 26.84 | — | 14.06 | 17.43 | 19.14 |
| Mar 28, 2011 | 11.35 | 14.16 | 9.26 | 6.04 | 12.05 | 7.62 | 5.54 | 7.18 | 40.70 | 17.45 | 12.75 |
| Mar 31, 2010 | 39.12 | 7.42 | 11.93 | 12.82 | 13.69 | 7.79 | 10.92 | 4.84 | — | 22.51 | 9.25 |
| Apr 1, 2009 | 35.44 | 8.03 | 30.48 | — | 81.90 | 20.19 | — | — | — | 32.90 | 15.16 |
| Mar 28, 2008 | — | — | 7.90 | 10.25 | — | 7.50 | 9.41 | — | 13.27 | 14.67 | 8.01 |
| Jul 2, 2007 | 10,050.76 | — | 16.49 | 10.36 | — | 14.36 | 6.12 | — | 22.39 | 22.57 | 11.81 |
| Apr 13, 2006 | 46.71 | — | 20.89 | 12.54 | — | 21.27 | 14.39 | 30.18 | 24.63 | 22.34 | 13.27 |
| Apr 14, 2005 | 59.44 | 84.32 | 26.80 | 21.07 | — | 9.99 | 10.23 | 39.55 | 37.70 | 27.83 | 17.12 |
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).