Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
Marvell Technology Inc., FCFF calculation
US$ in thousands
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 cash flow metrics from fiscal year 2021 through 2026 reveals a consistent upward trajectory in both operational cash generation and free cash flow to the firm. The company experienced a notable acceleration in cash production beginning in 2023, sustaining a growth trend through the end of the reported period.
- Net Cash Provided by Operating Activities
- Operational cash flow remained relatively stable between 2021 and 2022, positioned around 817 million to 819 million US dollars. A significant increase is observed in 2023, where the value rose to 1.29 billion US dollars. This growth momentum persisted through 2026, with the figure reaching 1.75 billion US dollars, indicating a strengthened capacity to generate cash from core business operations over the six-year span.
- Free Cash Flow to the Firm (FCFF)
- FCFF followed a similar expansionary pattern, although with minor periodic fluctuations. After a marginal decline between 2021 and 2022, FCFF surged to 1.19 billion US dollars in 2023. Following a slight contraction to 1.16 billion US dollars in 2024, the metric recovered strongly, peaking at 1.57 billion US dollars by 2026. The overall trend reflects a substantial increase in the cash available for distribution to debt and equity holders.
- Operational Efficiency and Capital Investment
- The variance between net cash from operating activities and FCFF suggests fluctuations in capital expenditures. While the gap remained relatively narrow in the early years, a notable increase in the difference occurred in 2024, where the variance widened to approximately 212 million US dollars. Despite these periodic investment peaks, FCFF has consistently tracked the growth of operating cash flow, maintaining a high conversion rate of operational gains into free cash flow.
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Interest Paid, Net of Tax
Marvell Technology Inc., interest paid, net of tax calculation
US$ in thousands
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).
2 2026 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 177,700 × 12.40% = 22,035
The analysis of interest payments net of tax reveals a sustained upward trajectory in cash outflows from 2021 through 2025, followed by a moderate contraction in the final period.
- Cash Paid for Interest Trends
- Between January 2021 and February 2025, cash paid for interest, net of tax, increased from 46,973 thousand US$ to 171,527 thousand US$. This represents a consistent year-over-year increase in the cost of debt servicing over a five-year period. A reversal of this trend occurred in January 2026, where payments decreased to 155,665 thousand US$.
- Effective Income Tax Rate Volatility
- The effective income tax rate exhibited significant volatility throughout the observed timeframe. After remaining between 12.92% and 13.93% in the first two years, the rate climbed to a plateau of 21.00% for the 2023 and 2024 periods. A sharp decline to 1.08% was recorded in February 2025, followed by a recovery to 12.40% in January 2026.
- Interaction Between Tax Rates and Interest Outflows
- The peak in net cash paid for interest in February 2025 coincides with the lowest recorded effective income tax rate of 1.08%. This correlation suggests that the tax shield typically provided by interest expenses was significantly diminished during this period, contributing to the highest net cash outflow for interest recorded in the sequence.
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Enterprise Value to FCFF Ratio, Current
Marvell Technology Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 253,510,878) |
| Free cash flow to the firm (FCFF) | 1,574,965) |
| Valuation Ratio | |
| EV/FCFF | 160.96 |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Advanced Micro Devices Inc. | 188.31 |
| Analog Devices Inc. | 45.86 |
| Applied Materials Inc. | 71.24 |
| Broadcom Inc. | 63.50 |
| Intel Corp. | — |
| KLA Corp. | 64.57 |
| Lam Research Corp. | 82.86 |
| Micron Technology Inc. | 510.55 |
| NVIDIA Corp. | 58.95 |
| Qualcomm Inc. | 14.74 |
| Texas Instruments Inc. | 90.86 |
| EV/FCFF, Sector | |
| Semiconductors & Semiconductor Equipment | 93.41 |
| EV/FCFF, Industry | |
| Information Technology | 62.13 |
Based on: 10-K (reporting date: 2026-01-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Marvell Technology Inc., historical EV/FCFF 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) | |||||||
| Enterprise value (EV)1 | 80,903,492) | 63,612,585) | 61,782,680) | 38,636,879) | 59,253,394) | 32,850,916) | |
| Free cash flow to the firm (FCFF)2 | 1,574,965) | 1,561,627) | 1,157,823) | 1,188,341) | 711,666) | 745,492) | |
| Valuation Ratio | |||||||
| EV/FCFF3 | 51.37 | 40.73 | 53.36 | 32.51 | 83.26 | 44.07 | |
| Benchmarks | |||||||
| EV/FCFF, Competitors4 | |||||||
| Advanced Micro Devices Inc. | — | 57.07 | 72.30 | 225.41 | 38.82 | 43.41 | |
| Analog Devices Inc. | — | 28.20 | 33.82 | 25.61 | 23.12 | 39.16 | |
| Applied Materials Inc. | — | 34.62 | 17.55 | 17.40 | 19.06 | 26.22 | |
| Broadcom Inc. | — | 55.57 | 51.00 | 28.53 | 14.74 | 19.47 | |
| Intel Corp. | — | — | — | — | — | 16.94 | |
| KLA Corp. | 63.19 | 30.51 | 29.56 | 19.99 | 19.05 | 26.29 | |
| Lam Research Corp. | 77.24 | 22.85 | 24.56 | 17.99 | 24.08 | 24.40 | |
| Micron Technology Inc. | — | 92.67 | 203.18 | — | 16.58 | 28.79 | |
| NVIDIA Corp. | 48.49 | 51.89 | 61.32 | 142.92 | 78.06 | 69.50 | |
| Qualcomm Inc. | — | 14.87 | 16.26 | 11.61 | 18.18 | 17.47 | |
| Texas Instruments Inc. | — | 68.04 | 89.36 | 89.85 | 27.02 | 24.20 | |
| EV/FCFF, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 49.68 | 56.96 | 59.47 | 35.63 | 26.35 | |
| EV/FCFF, Industry | |||||||
| Information Technology | — | 43.70 | 39.04 | 33.99 | 26.47 | 27.37 | |
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).
3 2026 Calculation
EV/FCFF = EV ÷ FCFF
= 80,903,492 ÷ 1,574,965 = 51.37
4 Click competitor name to see calculations.
The valuation profile is characterized by significant volatility in Enterprise Value (EV) contrasted with a more steady, incremental growth in Free Cash Flow to the Firm (FCFF). This divergence has resulted in an EV/FCFF ratio that fluctuates substantially over the observed period, indicating a market valuation that reacts more aggressively than the underlying cash flow generation.
- Enterprise Value (EV) Trends
- The Enterprise Value exhibits a highly non-linear trajectory. After an initial surge from approximately 32.85 billion USD in January 2021 to 59.25 billion USD in January 2022, a significant contraction occurred, bringing the value down to 38.64 billion USD by January 2023. Subsequent years show a strong recovery and expansion, with the value climbing to 80.90 billion USD by January 2026, representing a substantial overall increase since the beginning of the period.
- Free Cash Flow to the Firm (FCFF) Performance
- In contrast to the volatility of the EV, FCFF demonstrates a consistent upward trend. Cash flows grew from 745.49 million USD in 2021 to 1.57 billion USD by 2026. While growth was relatively flat between January 2022 and February 2024, a notable step-up occurred in February 2025, where FCFF reached 1.56 billion USD, effectively doubling the cash generation capacity compared to the 2021 baseline.
- EV/FCFF Ratio Analysis
- The EV/FCFF ratio reflects the instability of the market's valuation relative to cash flow. A peak ratio of 83.26 was recorded in January 2022, suggesting a period of high valuation premiums or optimistic future growth expectations. This was followed by a sharp correction to a period low of 32.51 in January 2023. The ratio subsequently stabilized in a range between 40.73 and 53.36 from 2024 through 2026, suggesting that while the EV continues to rise, the steady growth in FCFF is beginning to provide a more consistent foundation for the valuation.
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