Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Marvell Technology Inc., long-term (investment) activity ratios
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 long-term activity ratios reveals a period of fluctuation in fixed asset efficiency followed by a strengthening trend in overall asset and equity utilization toward the end of the observed period.
- Net Fixed Asset Turnover
- Efficiency in utilizing fixed assets increased steadily from 2021 to 2023, peaking at 10.25. However, a significant contraction occurred by February 2024, with the ratio dropping to 7.29, remaining relatively stagnant through February 2025. A recovery phase is observed by January 2026, where the ratio rises to 8.76. A nearly identical trend is reflected when including operating lease right-of-use assets, which peaked at 7.51 in 2023 before declining to a low of 5.56 in 2025 and recovering to 6.72 by 2026.
- Total Asset Turnover
- Total asset utilization experienced an initial decline, falling from 0.28 in 2021 to a low of 0.20 in 2022. Following this dip, a consistent upward trajectory is observed, with the ratio stabilizing at 0.26 through 2023 and 2024, before accelerating to 0.29 in 2025 and reaching a period high of 0.37 by January 2026. This suggests an improving capacity to generate revenue from the total asset base.
- Equity Turnover
- Equity turnover mirrors the pattern of total asset turnover, starting at 0.35 in 2021 and dipping to 0.28 in 2022. A robust recovery followed, with the ratio climbing to 0.38 in 2023 and 0.43 in 2025, eventually peaking at 0.57 in 2026. The steady increase since 2022 indicates a growing efficiency in utilizing shareholder equity to drive sales growth.
Overall, while fixed asset productivity saw a notable downturn between 2023 and 2025, the broader metrics of total asset and equity turnover demonstrate a strong positive trend, suggesting that the company's overall investment efficiency is improving significantly in the latter stages of the period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Net Fixed Asset Turnover
Marvell Technology Inc., net fixed asset turnover calculation, comparison to benchmarks
| 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 | 8,194,600) | 5,767,300) | 5,507,700) | 5,919,600) | 4,462,383) | 2,968,900) | |
| Property and equipment, net | 935,000) | 790,500) | 756,000) | 577,400) | 462,773) | 326,125) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 8.76 | 7.30 | 7.29 | 10.25 | 9.64 | 9.10 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Advanced Micro Devices Inc. | — | 14.98 | 14.31 | 14.27 | 15.60 | 23.41 | |
| Analog Devices Inc. | — | 3.32 | 2.76 | 3.82 | 5.00 | 3.70 | |
| Applied Materials Inc. | — | 6.15 | 8.14 | 9.37 | 11.18 | 11.93 | |
| Broadcom Inc. | — | 25.25 | 20.46 | 16.63 | 14.94 | 11.69 | |
| Intel Corp. | — | 0.50 | 0.49 | 0.56 | 0.78 | 1.25 | |
| KLA Corp. | 9.84 | 9.70 | 8.84 | 10.17 | 10.84 | 10.44 | |
| Lam Research Corp. | 7.86 | 7.59 | 6.92 | 9.39 | 10.46 | 11.22 | |
| Micron Technology Inc. | — | 0.80 | 0.63 | 0.41 | 0.80 | 0.83 | |
| NVIDIA Corp. | 20.80 | 20.77 | 15.57 | 7.09 | 9.69 | 7.76 | |
| Qualcomm Inc. | — | 9.44 | 8.35 | 7.10 | 8.55 | 7.36 | |
| Texas Instruments Inc. | — | 1.44 | 1.38 | 1.75 | 2.91 | 3.57 | |
| Net Fixed Asset Turnover, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 2.37 | 1.85 | 1.69 | 2.13 | 2.33 | |
| Net Fixed Asset Turnover, Industry | |||||||
| Information Technology | — | 3.21 | 3.48 | 3.80 | 4.46 | 4.76 | |
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
Net fixed asset turnover = Net revenue ÷ Property and equipment, net
= 8,194,600 ÷ 935,000 = 8.76
2 Click competitor name to see calculations.
An analysis of the long-term activity ratios reveals a fluctuating relationship between net revenue generation and the investment in fixed assets. While the asset base has expanded consistently over the observed six-year period, the efficiency with which these assets generate revenue experienced a period of volatility before showing signs of recovery.
- Net Fixed Asset Turnover Trend
- The net fixed asset turnover ratio exhibited an upward trajectory from 2021 to 2023, peaking at 10.25. This indicates a phase of increasing operational efficiency where revenue growth outpaced the expansion of the fixed asset base. However, a significant contraction occurred in 2024, with the ratio dropping to 7.29, and remaining nearly flat at 7.30 in 2025. This decline suggests a period of asset underutilization or a strategic phase of heavy investment that had not yet yielded proportional revenue gains. A recovery is evident by 2026, as the ratio climbed back to 8.76.
- Fixed Asset Investment Patterns
- Net property and equipment showed a consistent and uninterrupted growth trend, increasing from 326,125 thousand US$ in 2021 to 935,000 thousand US$ in 2026. The steady increase in the asset base, regardless of short-term revenue fluctuations in 2024 and 2025, indicates a long-term commitment to capacity expansion and infrastructure investment.
- Revenue Correlation and Operational Efficiency
- The volatility in the turnover ratio is primarily driven by fluctuations in net revenue. Between 2021 and 2023, revenue grew from 2,968,900 thousand US$ to 5,919,600 thousand US$, driving the efficiency peak. The subsequent dip in revenue in 2024 to 5,507,700 thousand US$, occurring simultaneously with continued asset growth, resulted in the sharp decline of the turnover ratio. The substantial increase in revenue to 8,194,600 thousand US$ in 2026 corrected this imbalance, demonstrating that the prior investments in property and equipment began to translate into higher sales volume.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Marvell Technology Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| 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 | 8,194,600) | 5,767,300) | 5,507,700) | 5,919,600) | 4,462,383) | 2,968,900) | |
| Property and equipment, net | 935,000) | 790,500) | 756,000) | 577,400) | 462,773) | 326,125) | |
| Operating right-of-use assets | 284,100) | 246,000) | 203,600) | 211,300) | 142,029) | 101,411) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 1,219,100) | 1,036,500) | 959,600) | 788,700) | 604,802) | 427,536) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 6.72 | 5.56 | 5.74 | 7.51 | 7.38 | 6.94 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Advanced Micro Devices Inc. | — | 11.19 | 10.63 | 10.21 | 11.96 | 15.37 | |
| Analog Devices Inc. | — | 3.11 | 2.58 | 3.52 | 4.51 | 3.24 | |
| Applied Materials Inc. | — | 5.54 | 7.32 | 8.28 | 9.56 | 10.35 | |
| Broadcom Inc. | — | 16.60 | 13.41 | 13.69 | 12.12 | 9.35 | |
| Intel Corp. | — | 0.50 | 0.49 | 0.56 | 0.78 | 1.24 | |
| KLA Corp. | 7.92 | 7.98 | 7.31 | 8.46 | 9.43 | 9.03 | |
| Lam Research Corp. | 6.93 | 6.79 | 6.05 | 8.30 | 9.19 | 9.90 | |
| Micron Technology Inc. | — | 0.79 | 0.62 | 0.40 | 0.78 | 0.82 | |
| NVIDIA Corp. | 16.30 | 16.16 | 11.58 | 5.57 | 7.46 | 5.84 | |
| Qualcomm Inc. | — | 8.16 | 7.24 | 6.34 | 7.62 | 6.62 | |
| Texas Instruments Inc. | — | 1.36 | 1.29 | 1.66 | 2.74 | 3.27 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 2.28 | 1.78 | 1.63 | 2.06 | 2.24 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Information Technology | — | 2.83 | 3.06 | 3.33 | 3.86 | 4.04 | |
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 8,194,600 ÷ 1,219,100 = 6.72
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a period of fluctuating asset efficiency. While both net revenue and net fixed assets exhibit an overall upward trajectory over the observed period, the rate of revenue growth has not consistently matched the pace of capital investment, leading to volatility in the net fixed asset turnover ratio.
- Net Revenue Trends
- Revenue experienced significant growth from 2021 through 2023, increasing from approximately 2.97 billion to 5.92 billion. A contraction occurred in 2024, with revenue declining to 5.51 billion, followed by a period of relative stagnation in 2025. A substantial recovery is observed by 2026, with revenue reaching 8.19 billion.
- Fixed Asset Accumulation
- Property and equipment, including right-of-use assets, demonstrated consistent and uninterrupted growth throughout the entire period. Assets increased from 427.5 million in 2021 to 1.22 billion by 2026. This steady climb indicates a sustained commitment to expanding the company's physical and operational infrastructure regardless of short-term revenue fluctuations.
- Net Fixed Asset Turnover Efficiency
- The turnover ratio peaked in 2023 at 7.51, indicating optimal utilization of fixed assets to generate sales. However, a sharp decline is observed in 2024 and 2025, where the ratio dropped to 5.74 and 5.56, respectively. This decline is attributed to the combination of decreasing or flat revenues and continuing increases in the asset base. By 2026, the ratio recovered to 6.72, suggesting that the surge in revenue began to outpace the growth in fixed assets once again, improving overall investment productivity.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Total Asset Turnover
Marvell Technology Inc., total asset turnover calculation, comparison to benchmarks
| 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 | 8,194,600) | 5,767,300) | 5,507,700) | 5,919,600) | 4,462,383) | 2,968,900) | |
| Total assets | 22,285,300) | 20,204,500) | 21,228,500) | 22,522,100) | 22,108,597) | 10,764,924) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.37 | 0.29 | 0.26 | 0.26 | 0.20 | 0.28 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Advanced Micro Devices Inc. | — | 0.45 | 0.37 | 0.33 | 0.35 | 1.32 | |
| Analog Devices Inc. | — | 0.23 | 0.20 | 0.25 | 0.24 | 0.14 | |
| Applied Materials Inc. | — | 0.78 | 0.79 | 0.86 | 0.96 | 0.89 | |
| Broadcom Inc. | — | 0.37 | 0.31 | 0.49 | 0.45 | 0.36 | |
| Intel Corp. | — | 0.25 | 0.27 | 0.28 | 0.35 | 0.47 | |
| KLA Corp. | 0.76 | 0.76 | 0.64 | 0.75 | 0.73 | 0.67 | |
| Lam Research Corp. | 0.99 | 0.86 | 0.80 | 0.93 | 1.00 | 0.92 | |
| Micron Technology Inc. | — | 0.45 | 0.36 | 0.24 | 0.46 | 0.47 | |
| NVIDIA Corp. | 1.04 | 1.17 | 0.93 | 0.65 | 0.61 | 0.58 | |
| Qualcomm Inc. | — | 0.88 | 0.71 | 0.70 | 0.90 | 0.81 | |
| Texas Instruments Inc. | — | 0.51 | 0.44 | 0.54 | 0.74 | 0.74 | |
| Total Asset Turnover, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 0.52 | 0.42 | 0.43 | 0.49 | 0.52 | |
| Total Asset Turnover, Industry | |||||||
| Information Technology | — | 0.60 | 0.58 | 0.61 | 0.64 | 0.62 | |
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
Total asset turnover = Net revenue ÷ Total assets
= 8,194,600 ÷ 22,285,300 = 0.37
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a volatile yet ultimately positive trend in asset utilization efficiency between January 2021 and January 2026. While a significant expansion of the asset base initially pressured efficiency metrics, a subsequent acceleration in revenue generation has resulted in a stronger capacity to derive value from total investments.
- Asset Base Expansion and Initial Efficiency Decline
- A substantial increase in total assets is observed between January 30, 2021, and January 29, 2022, where assets grew from approximately 10.76 billion USD to 22.11 billion USD. This rapid expansion outpaced the growth in net revenue during the same period, causing the total asset turnover ratio to decline from 0.28 to its lowest point of 0.20. This suggests a period of aggressive investment or acquisition that initially lowered the immediate efficiency of the asset base.
- Period of Stabilization and Recovery
- From January 2022 through February 2024, the asset turnover ratio demonstrated a recovery and stabilization phase, rising to 0.26. During this interval, total assets remained relatively stable, fluctuating between 20.20 billion USD and 22.52 billion USD, while net revenue saw a peak in January 2023 at 5.92 billion USD followed by a moderate correction in February 2024. This phase indicates an improvement in the operational integration of previous investments.
- Accelerated Revenue Efficiency
- A significant upward trajectory in asset productivity is evident in the final two periods. By February 1, 2025, the turnover ratio reached 0.29, and by January 31, 2026, it climbed to a period high of 0.37. This improvement is driven by a sharp increase in net revenue to 8.19 billion USD in 2026, while the total asset base grew more modestly to 22.29 billion USD. The divergence between revenue growth and asset growth in the final year marks the highest level of investment efficiency recorded in the analyzed timeframe.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Equity Turnover
Marvell Technology Inc., equity turnover calculation, comparison to benchmarks
| 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 | 8,194,600) | 5,767,300) | 5,507,700) | 5,919,600) | 4,462,383) | 2,968,900) | |
| Stockholders’ equity | 14,308,400) | 13,427,000) | 14,831,400) | 15,637,200) | 15,702,097) | 8,435,804) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 0.57 | 0.43 | 0.37 | 0.38 | 0.28 | 0.35 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Advanced Micro Devices Inc. | — | 0.55 | 0.45 | 0.41 | 0.43 | 2.19 | |
| Analog Devices Inc. | — | 0.33 | 0.27 | 0.35 | 0.33 | 0.19 | |
| Applied Materials Inc. | — | 1.39 | 1.43 | 1.62 | 2.11 | 1.88 | |
| Broadcom Inc. | — | 0.79 | 0.76 | 1.49 | 1.46 | 1.10 | |
| Intel Corp. | — | 0.46 | 0.53 | 0.51 | 0.62 | 0.83 | |
| KLA Corp. | 2.14 | 2.59 | 2.91 | 3.59 | 6.57 | 2.05 | |
| Lam Research Corp. | 1.86 | 1.87 | 1.75 | 2.12 | 2.74 | 2.43 | |
| Micron Technology Inc. | — | 0.69 | 0.56 | 0.35 | 0.62 | 0.63 | |
| NVIDIA Corp. | 1.37 | 1.65 | 1.42 | 1.22 | 1.01 | 0.99 | |
| Qualcomm Inc. | — | 2.09 | 1.48 | 1.66 | 2.45 | 3.37 | |
| Texas Instruments Inc. | — | 1.09 | 0.93 | 1.04 | 1.37 | 1.38 | |
| Equity Turnover, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 0.89 | 0.77 | 0.76 | 0.86 | 0.98 | |
| Equity Turnover, Industry | |||||||
| Information Technology | — | 1.34 | 1.41 | 1.54 | 1.71 | 1.77 | |
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
Equity turnover = Net revenue ÷ Stockholders’ equity
= 8,194,600 ÷ 14,308,400 = 0.57
2 Click competitor name to see calculations.
The relationship between stockholders' equity and net revenue indicates a long-term trend of increasing operational efficiency in leveraging equity to generate top-line growth. After an initial period of volatility, the company achieved a stronger correlation between its capital base and revenue output.
- Equity Turnover Performance
- The equity turnover ratio experienced an initial decline to 0.28 in 2022, representing the lowest efficiency point in the series. Subsequently, a steady recovery is observed, with the ratio climbing to 0.38 in 2023 and 0.43 in 2025. The trend culminated in a sharp increase to 0.57 by 2026, reflecting a significant optimization in equity utilization.
- Revenue Trajectory
- Net revenue showed an overall upward trend, increasing from approximately 2.97 billion in 2021 to 8.19 billion in 2026. A temporary deceleration was noted in 2024, where revenue dipped to 5.51 billion, but this was followed by a recovery and an accelerated growth phase in the final year of the period.
- Capital Base Analysis
- Stockholders' equity grew aggressively between 2021 and 2022, rising from 8.44 billion to 15.70 billion, which initially outpaced revenue growth and depressed the turnover ratio. From 2023 through 2025, a gradual decline in equity to 13.43 billion occurred. The combination of a leaner equity base and surging revenues in 2026 resulted in the highest observed equity turnover ratio of 0.57.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?