Analysis of Geographic Areas
Marvell Technology Inc. operates in 2 regions: United States and Other.
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- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Area Asset Turnover
Marvell Technology Inc., asset turnover by geographic area
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Other |
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 geographic asset turnover reveals contrasting efficiency trajectories between the United States and international operations. While the domestic market exhibits a general trend of improving asset utilization, the international segment has experienced a significant decline in its turnover ratio over the observed period.
- United States Asset Turnover
- A positive growth trend is observed in the United States, with the ratio increasing from 1.31 in 2021 to 2.37 by 2026. The most substantial growth occurred between February 2024 and February 2025, where the ratio rose from 1.53 to 2.40. This progression suggests a marked improvement in the efficiency of generating revenue from domestic assets.
- Other Geographic Asset Turnover
- The turnover for other regions shows a significant downward trajectory. High efficiency levels were maintained between 2021 and 2023, with ratios ranging from 27.68 to 32.93. However, a sharp decline began in 2024, falling to 19.85, and reaching a low of 12.27 in 2025. A slight recovery to 15.99 is noted in 2026, though the ratio remains well below the historical peaks observed at the start of the period.
- Comparative Regional Efficiency
- A convergence of asset turnover ratios is evident. The initial period was characterized by a vast disparity, with international assets producing significantly higher turnover than domestic assets. By 2026, this gap narrowed considerably as domestic asset efficiency increased and international asset efficiency contracted, indicating a shift in the operational intensity or asset base distribution across these geographic areas.
Area Asset Turnover: United States
Marvell Technology Inc.; United States; area asset turnover calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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 2026 Calculation
Area asset turnover = Net revenue ÷ Property and equipment, net
= ÷ =
The financial trajectory for the United States geographic area is characterized by consistent revenue expansion and a marked improvement in the efficiency of asset utilization over the analyzed period.
- Net Revenue Trends
- A sustained upward trend in net revenue is observed, with values increasing from US$ 321.4 million in January 2021 to a projected US$ 1.17 billion by January 2026. This continuous growth indicates a strong and steady expansion of market activity and sales volume within the region.
- Property and Equipment Analysis
- Net property and equipment investments grew steadily from 2021, reaching a peak of US$ 518.6 million in February 2024. However, a significant contraction is noted in February 2025, where the asset base declined to US$ 398.6 million, followed by a partial recovery to US$ 495.9 million in January 2026. This volatility suggests changes in capital expenditure strategies or asset write-downs during the 2025 period.
- Area Asset Turnover Performance
- The area asset turnover ratio exhibits a general increase, rising from 1.31 in 2021 to 2.37 in 2026. While the ratio remained relatively stable between 2023 and 2024, a sharp increase to 2.40 occurred in February 2025. This peak in efficiency is directly correlated with the simultaneous rise in net revenue and the reduction in the net property and equipment base, signifying a higher capacity to generate revenue from fewer physical assets.
Area Asset Turnover: Other
Marvell Technology Inc.; Other; area asset turnover calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net revenue | ||||||
| Property and equipment, net | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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 2026 Calculation
Area asset turnover = Net revenue ÷ Property and equipment, net
= ÷ =
The analysis of area asset turnover indicates a significant long-term decline in efficiency regarding how property and equipment are utilized to generate revenue. While net revenue has grown substantially over the observed period, the growth in the physical asset base has been more aggressive, leading to a compression of the turnover ratio.
- Net Revenue Trajectory
- Net revenue exhibited a strong upward trend from 2021 to 2023, rising from 2,647,452 to 5,229,500 US$ in thousands. A period of relative stagnation occurred between 2024 and 2025, where revenues fluctuated between 4,712,100 and 4,810,400 US$ in thousands, followed by a projected sharp increase to 7,020,500 US$ in thousands by January 2026.
- Property and Equipment Growth
- A consistent and uninterrupted increase in net property and equipment is observed. Assets grew from 80,654 US$ in thousands in 2021 to 439,100 US$ in thousands by 2026. This represents a steady and significant investment in infrastructure throughout the entire period.
- Area Asset Turnover Performance
- The asset turnover ratio remained relatively stable and high between 2021 and 2023, peaking at 32.93. A sharp contraction followed, with the ratio falling to 19.85 in 2024 and reaching a minimum of 12.27 in 2025. A partial recovery to 15.99 is noted in 2026, coinciding with the projected surge in net revenue.
The divergence between the rapidly increasing asset base and the fluctuating revenue suggests a period of heavy capital expenditure that has not yet been fully optimized. The low point in 2025 reflects a peak in asset intensity relative to output, while the recovery in 2026 suggests that recent investments are beginning to contribute more effectively to top-line growth.
Net revenue
Marvell Technology Inc., net revenue by geographic area
US$ in thousands
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Other | ||||||
| Total |
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).
Total net revenue exhibits a strong upward trajectory over the period from fiscal year 2021 to 2026, despite a temporary contraction in 2024. The overall growth pattern is characterized by rapid expansion in the early period, a mid-term stabilization, and a projected sharp acceleration toward the end of the analyzed timeframe, with total revenue increasing from 2,968,900 thousand dollars to 8,194,600 thousand dollars.
- United States Market Performance
- Revenue within the United States demonstrates consistent and uninterrupted annual growth. From a baseline of 321,448 thousand dollars in 2021, the domestic segment grew steadily to 1,174,100 thousand dollars by 2026. This represents a stable upward trend, with the domestic market avoiding the volatility seen in other geographic areas.
- International Market Volatility
- The "Other" geographic segment serves as the primary revenue driver but exhibits significant volatility. After a period of aggressive growth between 2021 and 2023, reaching a peak of 5,229,500 thousand dollars, a contraction occurred in 2024, with revenue falling to 4,712,100 thousand dollars. A subsequent recovery is observed in 2025, followed by a projected surge to 7,020,500 thousand dollars by 2026.
- Geographic Revenue Distribution and Dependency
- A heavy reliance on international markets is evident throughout the analyzed period. While the United States' contribution to total revenue has incrementally increased from approximately 10.8% in 2021 to 14.3% in 2026, the "Other" category continues to dominate the revenue mix. This distribution indicates that total corporate performance is highly sensitive to the economic conditions and demand fluctuations of non-US markets.
Property and equipment, net
Marvell Technology Inc., property and equipment, net by geographic area
US$ in thousands
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Other | ||||||
| Total |
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 total net property and equipment exhibit a consistent upward trajectory over the analyzed six-year period, increasing from $326.1 million in 2021 to $935.0 million by 2026. This represents a total expansion of approximately 186.7% in the overall physical asset base.
- United States Asset Trends
- Domestic assets experienced steady growth from 2021 through 2024, peaking at $518.6 million. A notable contraction occurred in 2025, where values decreased by approximately 23% to $398.6 million, before recovering to $495.9 million in 2026. This volatility suggests a period of asset realignment or significant depreciation during the 2025 fiscal year.
- International Asset Trends
- Assets categorized as "Other" demonstrated aggressive and uninterrupted growth. Starting at $80.7 million in 2021, these assets increased to $439.1 million by 2026, a growth factor of approximately 5.4x. The most significant acceleration was observed between 2024 and 2025, where the value rose from $237.4 million to $391.9 million, indicating a period of intense international capital expenditure.
- Geographic Allocation Shift
- A fundamental shift in the distribution of assets is observed. In 2021, the United States accounted for approximately 75.3% of the total net property and equipment. By 2026, the domestic share decreased to 53.1%, while the international share expanded from 24.7% to 46.9%. This trend highlights a strategic transition toward a more balanced global asset footprint.