Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Marvell Technology Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
The valuation metrics exhibit a cyclical pattern characterized by a period of compression between late 2021 and early 2023, followed by a volatile recovery and a significant expansion in valuation multiples toward the end of the observed period.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates substantial volatility, starting at 13.28 in May 2021 and peaking early at 18.01 in October 2021. A sustained downward trend followed, reaching a period low of 5.92 by January 2023. Subsequent recovery was marked by fluctuations, including a spike to 19.02 in November 2024 and a dip to 7.49 in August 2025. The ratio ended the period at its highest levels, reaching 20.56 in May 2026 and settling at 20.10 in August 2026, indicating a significant premium placed on revenue in the final quarters.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio closely mirrors the trajectory of the P/S ratio. After an initial rise to 4.50 in October 2021, it declined to a low of 2.24 in January 2023. A gradual increase occurred through 2024, peaking at 7.64 in November 2024. Following a correction to 3.90 in May 2025, the ratio experienced an aggressive expansion, culminating in a period high of 10.25 by August 2026.
- Price to Earnings (P/E) Ratio
- Data for the P/E ratio is only available for the final four quarters. A sharp increase is observed, with the ratio moving from 34.35 in November 2025 and 29.61 in January 2026 to over 70.00 in the final two quarters (70.92 in May 2026 and 71.96 in August 2026). This suggests a rapid increase in the stock price relative to earnings growth during this timeframe.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows extreme instability and intermittent reporting. After reflecting a high of 388.12 in July 2022, it dropped to 147.29 by January 2023. A significant spike to 582.17 occurred in November 2025, followed by a sharp contraction to 59.77 in May 2026, before rebounding to 128.75 in August 2026.
Overall, the data indicates a regime shift in valuation. While the period from 2022 to 2023 was characterized by valuation contraction across all available metrics, the period from 2025 to 2026 shows a marked expansion, particularly in the P/S, P/BV, and P/E ratios, signaling increased market optimism or a significant change in the company's growth expectations.
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Price to Earnings (P/E)
Marvell Technology Inc., historical P/E calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 876,900,000 | 874,800,000 | 874,300,000 | 848,100,000 | 862,100,000 | 862,200,000 | 866,100,000 | 865,300,000 | 866,200,000 | 865,600,000 | 866,000,000 | 864,500,000 | 862,800,000 | 860,000,000 | 856,900,000 | 853,200,000 | 852,600,000 | 849,900,000 | 847,800,000 | 843,800,000 | 823,600,000 | 819,500,000 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) (in thousands) | 308,000) | 34,500) | 396,100) | 1,901,300) | 194,800) | 177,900) | 200,200) | (676,300) | (193,300) | (215,600) | (392,700) | (164,300) | (207,500) | (168,900) | (15,400) | 13,300) | 4,300) | (165,700) | 6,168) | (62,532) | (276,428) | (88,242) | |||||||
| Earnings per share (EPS)2 | 3.01 | 2.89 | 3.05 | 2.92 | -0.12 | -0.57 | -1.02 | -1.71 | -1.12 | -1.13 | -1.08 | -0.64 | -0.44 | -0.19 | -0.19 | -0.17 | -0.26 | -0.59 | -0.50 | -0.49 | -0.45 | -0.31 | |||||||
| Share price1, 3 | 216.62 | 204.83 | 90.44 | 100.20 | 62.87 | 60.19 | 69.85 | 118.15 | 76.24 | 68.81 | 67.63 | 52.80 | 53.50 | 65.51 | 40.91 | 44.72 | 50.17 | 60.82 | 65.25 | 83.59 | 61.34 | 50.35 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | 71.96 | 70.92 | 29.61 | 34.35 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 122.31 | 137.18 | 75.29 | 126.23 | 93.41 | 73.07 | 110.61 | 132.06 | 172.70 | 208.95 | 317.27 | 839.13 | — | 332.75 | 96.16 | 41.59 | 50.59 | 47.48 | |||||||
| Analog Devices Inc. | — | — | — | 43.74 | 58.51 | 62.47 | 54.43 | 61.53 | 57.43 | 76.64 | 66.48 | 68.22 | 55.68 | 34.12 | 27.14 | 23.57 | 23.96 | 28.93 | 31.21 | 46.35 | 50.61 | 68.72 | |||||||
| Applied Materials Inc. | — | — | — | 42.49 | 39.88 | 37.44 | 29.37 | 18.64 | 19.06 | 22.54 | 19.20 | 22.15 | 24.70 | 23.55 | 19.63 | 18.50 | 17.61 | 14.79 | 13.55 | 13.59 | 14.82 | 17.99 | |||||||
| Broadcom Inc. | — | — | — | 45.01 | 63.64 | 64.76 | 67.63 | 92.18 | 92.09 | 90.66 | 175.56 | 145.09 | 76.08 | 50.29 | 36.78 | 25.96 | 24.11 | 20.92 | 20.70 | 21.10 | 26.03 | 31.86 | |||||||
| Intel Corp. | — | — | — | — | — | — | — | 897.15 | — | — | — | — | 94.20 | 33.38 | 109.27 | — | — | — | 14.54 | 9.02 | 7.80 | 7.24 | |||||||
| KLA Corp. | — | — | 52.26 | 48.96 | 41.06 | 37.48 | 29.72 | 24.20 | 30.58 | 30.04 | 34.24 | 36.43 | 29.95 | 20.06 | 20.04 | 15.12 | 15.62 | 13.89 | 16.89 | 15.13 | 18.51 | 19.76 | |||||||
| Lam Research Corp. | — | — | 53.62 | 48.20 | 49.88 | 32.79 | 24.09 | 19.61 | 24.23 | 23.93 | 27.05 | 33.64 | 32.06 | 19.89 | 19.26 | 14.05 | 12.60 | 10.51 | 13.77 | 13.97 | 17.91 | 18.12 | |||||||
| Micron Technology Inc. | — | — | 13.70 | 27.16 | 20.78 | 23.49 | 24.69 | 22.65 | 22.66 | 25.00 | 145.72 | — | — | — | — | — | 43.16 | 8.72 | 6.62 | 5.97 | 9.80 | 14.54 | |||||||
| NVIDIA Corp. | 26.20 | 33.88 | 39.58 | 45.69 | 50.96 | 42.84 | 43.95 | 56.64 | 58.13 | 66.31 | 56.68 | 65.31 | 112.05 | 200.72 | 131.70 | 63.65 | 48.55 | 49.72 | 68.08 | 97.36 | 73.53 | 73.45 | |||||||
| Qualcomm Inc. | — | — | — | 17.65 | 16.57 | 29.61 | 34.74 | 14.82 | 14.76 | 18.43 | 18.95 | 23.14 | 21.84 | 21.35 | 17.07 | 16.75 | 11.92 | 12.87 | 9.75 | 13.40 | 13.56 | 21.24 | |||||||
| Texas Instruments Inc. | — | — | — | — | 42.19 | 47.00 | 40.19 | 31.02 | 34.52 | 30.23 | 34.72 | 37.07 | 34.08 | 26.94 | 22.24 | 18.13 | 20.79 | 18.08 | 18.88 | 16.05 | 18.27 | 19.01 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
EPS
= (Net income (loss)Q2 2027
+ Net income (loss)Q1 2027
+ Net income (loss)Q4 2026
+ Net income (loss)Q3 2026)
÷ No. shares of common stock outstanding
= (308,000,000 + 34,500,000 + 396,100,000 + 1,901,300,000)
÷ 876,900,000 = 3.01
3 Closing price as at the filing date of Marvell Technology Inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/E ratio = Share price ÷ EPS
= 216.62 ÷ 3.01 = 71.96
5 Click competitor name to see calculations.
The financial data indicates a significant transition in the company's profitability and valuation profile between May 2021 and August 2026. For the majority of the period, the company operated with negative earnings per share, rendering the price-to-earnings ratio inapplicable. However, a fundamental shift occurred in late 2024, leading to a period of positive earnings and a subsequent expansion in valuation multiples.
- Earnings Per Share (EPS) Trend
- A prolonged period of negative earnings is observed from May 2021 through August 2025. Losses fluctuated, reaching a peak deficit of -1.71 US$ in November 2024 before beginning a recovery phase. A critical inflection point occurred on November 2, 2024, when the company shifted to positive earnings of 2.92 US$. This profitability was maintained and stabilized through August 2026, with EPS ranging between 2.89 US$ and 3.05 US$.
- Share Price Volatility and Growth
- The share price exhibited considerable volatility during the initial years, fluctuating between a low of 40.91 US$ in January 2023 and a high of 118.15 US$ in November 2024. Following a temporary correction in 2025, the stock experienced an exponential increase in value starting in early 2026. The price climbed from 90.44 US$ in January 2026 to 216.62 US$ by August 2026, representing a substantial increase in market capitalization.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio only became a measurable metric following the return to profitability. In November 2024, the ratio stood at 34.35. After a slight contraction to 29.61 in January 2026, the ratio underwent a sharp expansion, more than doubling to 70.92 in May 2026 and reaching 71.96 by August 2026. This expansion indicates that while earnings remained relatively stable around the 3.00 US$ mark, investor sentiment and the share price grew at a significantly faster rate, leading to a higher valuation multiple.
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Price to Operating Profit (P/OP)
Marvell Technology Inc., historical P/OP calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 876,900,000 | 874,800,000 | 874,300,000 | 848,100,000 | 862,100,000 | 862,200,000 | 866,100,000 | 865,300,000 | 866,200,000 | 865,600,000 | 866,000,000 | 864,500,000 | 862,800,000 | 860,000,000 | 856,900,000 | 853,200,000 | 852,600,000 | 849,900,000 | 847,800,000 | 843,800,000 | 823,600,000 | 819,500,000 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in thousands) | 459,700) | 339,400) | 404,400) | 357,800) | 290,100) | 270,600) | 235,200) | (702,800) | (100,400) | (152,300) | (33,300) | (146,300) | (205,700) | (182,400) | 23,300) | 105,800) | 39,100) | 69,800) | 34,652) | (33,341) | (266,668) | (82,311) | |||||||
| Operating profit per share2 | 1.78 | 1.59 | 1.51 | 1.36 | 0.11 | -0.34 | -0.83 | -1.14 | -0.50 | -0.62 | -0.66 | -0.59 | -0.30 | -0.02 | 0.28 | 0.29 | 0.13 | -0.23 | -0.41 | -0.46 | -0.44 | -0.30 | |||||||
| Share price1, 3 | 216.62 | 204.83 | 90.44 | 100.20 | 62.87 | 60.19 | 69.85 | 118.15 | 76.24 | 68.81 | 67.63 | 52.80 | 53.50 | 65.51 | 40.91 | 44.72 | 50.17 | 60.82 | 65.25 | 83.59 | 61.34 | 50.35 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | 121.66 | 128.75 | 59.77 | 73.66 | 582.17 | — | — | — | — | — | — | — | — | — | 147.29 | 153.02 | 388.12 | — | — | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 121.29 | 157.45 | 88.36 | 148.35 | 116.77 | 60.95 | 95.53 | 175.89 | 268.47 | 400.66 | 675.69 | — | — | 782.37 | 100.42 | 36.08 | 43.60 | 40.92 | |||||||
| Analog Devices Inc. | — | — | — | 36.65 | 46.83 | 49.18 | 42.08 | 47.12 | 47.16 | 61.84 | 53.48 | 53.84 | 46.99 | 29.30 | 23.53 | 20.61 | 20.41 | 24.53 | 26.16 | 38.46 | 41.74 | 55.30 | |||||||
| Applied Materials Inc. | — | — | — | 43.08 | 40.89 | 36.94 | 24.80 | 14.77 | 15.46 | 17.71 | 17.52 | 21.18 | 23.58 | 22.03 | 17.58 | 15.53 | 14.65 | 12.26 | 11.35 | 11.57 | 12.68 | 15.55 | |||||||
| Broadcom Inc. | — | — | — | 40.23 | 56.98 | 58.20 | 61.37 | 77.21 | 58.02 | 51.77 | 76.87 | 56.53 | 59.46 | 41.23 | 31.96 | 22.57 | 20.66 | 17.32 | 16.33 | 16.17 | 20.04 | 24.51 | |||||||
| Intel Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | 275.84 | 1,984.43 | — | — | — | 49.91 | 14.19 | 10.76 | 8.87 | |||||||
| KLA Corp. | — | — | 44.60 | 41.89 | 34.97 | 31.81 | 25.28 | 20.32 | 25.57 | 24.98 | 28.26 | 29.78 | 24.43 | 16.45 | 16.99 | 12.79 | 13.23 | 11.55 | 15.36 | 14.02 | 17.40 | 19.37 | |||||||
| Lam Research Corp. | — | — | 47.51 | 43.53 | 44.64 | 29.46 | 21.88 | 17.28 | 21.76 | 21.55 | 24.29 | 30.42 | 28.60 | 17.56 | 16.79 | 11.92 | 10.68 | 8.94 | 11.79 | 12.15 | 15.75 | 15.79 | |||||||
| Micron Technology Inc. | — | — | 11.72 | 23.13 | 17.83 | 20.37 | 21.58 | 18.46 | 17.11 | 21.07 | 86.94 | — | — | — | — | — | 34.54 | 7.86 | 5.93 | 5.31 | 8.90 | 13.31 | |||||||
| NVIDIA Corp. | 25.57 | 33.32 | 36.45 | 41.16 | 45.98 | 38.17 | 39.33 | 50.30 | 51.71 | 59.17 | 51.16 | 59.84 | 107.15 | 213.98 | 136.19 | 63.84 | 46.92 | 47.25 | 66.12 | 93.15 | 71.25 | 70.98 | |||||||
| Qualcomm Inc. | — | — | — | 16.00 | 14.48 | 13.06 | 15.58 | 14.28 | 14.20 | 18.18 | 19.08 | 22.65 | 21.54 | 20.09 | 15.85 | 14.36 | 9.90 | 10.47 | 7.95 | 11.41 | 11.80 | 19.06 | |||||||
| Texas Instruments Inc. | — | — | — | — | 35.20 | 38.76 | 33.37 | 26.40 | 29.91 | 26.77 | 30.49 | 32.74 | 30.38 | 23.82 | 19.75 | 16.15 | 18.24 | 15.69 | 16.29 | 13.69 | 15.53 | 16.30 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
Operating profit per share
= (Operating income (loss)Q2 2027
+ Operating income (loss)Q1 2027
+ Operating income (loss)Q4 2026
+ Operating income (loss)Q3 2026)
÷ No. shares of common stock outstanding
= (459,700,000 + 339,400,000 + 404,400,000 + 357,800,000)
÷ 876,900,000 = 1.78
3 Closing price as at the filing date of Marvell Technology Inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 216.62 ÷ 1.78 = 121.66
5 Click competitor name to see calculations.
The analysis of the valuation data reveals a transition from significant operational instability to a period of rapid profitability growth. The Price to Operating Profit (P/OP) ratio remains absent for the majority of the observed period due to negative operating profit per share, indicating a prolonged phase where the company did not generate operating gains.
- Operating Profitability Trends
- Operating profit per share exhibited high volatility, remaining negative for most of the timeframe between May 2021 and May 2025. A brief window of profitability occurred between July 2022 and January 2023, where profits peaked at 0.29. This was followed by a downturn that reached a low of -1.14 in November 2024. A definitive shift occurred starting in August 2025, with operating profit per share climbing consistently from 0.11 to 1.78 by August 2026.
- P/OP Ratio Interpretation
- The P/OP ratio was only applicable during the two distinct periods of positive operating profit. In the first instance, the ratio contracted from 388.12 in July 2022 to 147.29 in January 2023. In the second instance, starting August 2025, the ratio initially spiked to 582.17—reflecting a very low profit base relative to the share price—before descending and then stabilizing between 59.77 and 128.75 as operating profits expanded more rapidly than the share price.
- Share Price and Valuation Divergence
- Share price movements frequently decoupled from operational performance. For example, in November 2024, the share price surged to 118.15 despite the operating profit per share reaching its most significant deficit of -1.14. In the final stages of the analysis, the valuation aligned more closely with fundamentals, as the share price reached a peak of 216.62 in August 2026, supported by the strongest observed operating profits of 1.78 per share.
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Price to Sales (P/S)
Marvell Technology Inc., historical P/S calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 876,900,000 | 874,800,000 | 874,300,000 | 848,100,000 | 862,100,000 | 862,200,000 | 866,100,000 | 865,300,000 | 866,200,000 | 865,600,000 | 866,000,000 | 864,500,000 | 862,800,000 | 860,000,000 | 856,900,000 | 853,200,000 | 852,600,000 | 849,900,000 | 847,800,000 | 843,800,000 | 823,600,000 | 819,500,000 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net revenue (in thousands) | 2,739,300) | 2,417,800) | 2,218,700) | 2,074,500) | 2,006,100) | 1,895,300) | 1,817,400) | 1,516,100) | 1,272,900) | 1,160,900) | 1,426,500) | 1,418,600) | 1,340,900) | 1,321,700) | 1,418,500) | 1,537,300) | 1,516,900) | 1,446,900) | 1,342,978) | 1,211,245) | 1,075,881) | 832,279) | |||||||
| Sales per share2 | 10.78 | 9.96 | 9.37 | 9.19 | 8.39 | 7.54 | 6.66 | 6.21 | 6.09 | 6.18 | 6.36 | 6.36 | 6.51 | 6.74 | 6.91 | 6.85 | 6.47 | 5.97 | 5.26 | 4.64 | 4.20 | 3.79 | |||||||
| Share price1, 3 | 216.62 | 204.83 | 90.44 | 100.20 | 62.87 | 60.19 | 69.85 | 118.15 | 76.24 | 68.81 | 67.63 | 52.80 | 53.50 | 65.51 | 40.91 | 44.72 | 50.17 | 60.82 | 65.25 | 83.59 | 61.34 | 50.35 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | 20.10 | 20.56 | 9.65 | 10.90 | 7.49 | 7.98 | 10.49 | 19.02 | 12.51 | 11.14 | 10.63 | 8.30 | 8.22 | 9.72 | 5.92 | 6.53 | 7.75 | 10.18 | 12.40 | 18.01 | 14.62 | 13.28 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 19.05 | 18.35 | 9.42 | 13.03 | 8.94 | 5.86 | 7.04 | 9.93 | 10.05 | 10.23 | 11.95 | 7.89 | 8.08 | 5.70 | 5.38 | 4.14 | 7.34 | 8.54 | |||||||
| Analog Devices Inc. | — | — | — | 13.03 | 15.22 | 14.38 | 11.20 | 11.60 | 10.71 | 12.84 | 11.53 | 11.64 | 11.39 | 8.30 | 7.31 | 6.89 | 6.75 | 7.89 | 7.14 | 7.88 | 8.52 | 10.43 | |||||||
| Applied Materials Inc. | — | — | — | 12.77 | 11.69 | 10.40 | 7.25 | 4.45 | 4.59 | 5.17 | 5.07 | 6.15 | 6.81 | 6.36 | 5.08 | 4.49 | 4.29 | 3.63 | 3.43 | 3.59 | 4.03 | 4.88 | |||||||
| Broadcom Inc. | — | — | — | 19.33 | 24.72 | 23.68 | 24.48 | 29.12 | 20.85 | 16.75 | 20.07 | 15.79 | 18.34 | 15.05 | 14.46 | 10.15 | 9.33 | 7.66 | 7.00 | 6.54 | 7.49 | 8.42 | |||||||
| Intel Corp. | — | — | — | — | 8.16 | 7.72 | 4.26 | 3.32 | 1.87 | 1.65 | 1.58 | 1.84 | 1.67 | 2.46 | 3.40 | 2.83 | 2.85 | 2.30 | 1.85 | 1.73 | 2.03 | 2.29 | |||||||
| KLA Corp. | — | — | 18.59 | 17.46 | 14.69 | 12.68 | 9.93 | 7.74 | 9.04 | 8.69 | 9.64 | 9.91 | 8.38 | 6.12 | 6.47 | 4.99 | 5.28 | 4.62 | 6.09 | 5.51 | 6.77 | 7.22 | |||||||
| Lam Research Corp. | — | — | 16.77 | 14.91 | 15.07 | 9.72 | 7.00 | 5.33 | 6.42 | 6.23 | 6.95 | 8.53 | 7.75 | 4.99 | 4.99 | 3.66 | 3.39 | 2.83 | 3.68 | 3.79 | 4.98 | 4.91 | |||||||
| Micron Technology Inc. | — | — | 8.74 | 15.18 | 8.62 | 6.61 | 5.64 | 4.17 | 3.38 | 3.34 | 4.51 | 6.86 | 6.64 | 5.83 | 4.94 | 3.88 | 3.02 | 1.99 | 1.87 | 1.83 | 2.84 | 3.62 | |||||||
| NVIDIA Corp. | 16.68 | 21.33 | 22.01 | 24.22 | 26.71 | 22.15 | 24.55 | 31.54 | 31.99 | 35.41 | 27.69 | 27.49 | 35.40 | 37.18 | 21.33 | 13.27 | 12.64 | 15.92 | 24.67 | 32.92 | 23.77 | 20.32 | |||||||
| Qualcomm Inc. | — | — | — | 3.71 | 3.70 | 3.54 | 4.35 | 3.97 | 3.85 | 4.78 | 4.93 | 5.40 | 5.03 | 4.57 | 3.45 | 3.74 | 3.06 | 3.53 | 2.85 | 4.09 | 3.85 | 5.89 | |||||||
| Texas Instruments Inc. | — | — | — | — | 13.13 | 13.68 | 11.37 | 9.06 | 10.43 | 9.18 | 10.65 | 11.71 | 11.25 | 9.47 | 8.26 | 7.11 | 8.49 | 7.65 | 8.25 | 7.10 | 8.00 | 8.24 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
Sales per share
= (Net revenueQ2 2027
+ Net revenueQ1 2027
+ Net revenueQ4 2026
+ Net revenueQ3 2026)
÷ No. shares of common stock outstanding
= (2,739,300,000 + 2,417,800,000 + 2,218,700,000 + 2,074,500,000)
÷ 876,900,000 = 10.78
3 Closing price as at the filing date of Marvell Technology Inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/S ratio = Share price ÷ Sales per share
= 216.62 ÷ 10.78 = 20.10
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio exhibits significant volatility over the analyzed period, reflecting a non-linear relationship between the market valuation of shares and the actual revenue generated per share. While sales per share demonstrate a consistent long-term upward trajectory, the P/S ratio undergoes several cycles of expansion and compression.
- Valuation Multiple Fluctuations
- The P/S ratio initially peaked at 18.01 in October 2021 before entering a period of sustained compression, reaching a cyclical low of 5.92 by January 2023. A subsequent recovery phase occurred throughout 2024, with the ratio peaking at 19.02 in November 2024. Following a brief correction in 2025, the valuation expanded sharply in 2026, culminating in a peak of 20.56 in May 2026.
- Revenue Growth Analysis
- Sales per share grew steadily from 3.79 USD in May 2021 to 10.78 USD by August 2026. This represents a substantial increase in fundamental revenue generation. However, the growth in sales per share remained relatively stable and incremental compared to the aggressive swings observed in the share price, indicating that the P/S ratio was driven more by market sentiment and price speculation than by proportional revenue increases.
- Correlation Between Price and Multiple
- A strong correlation is observed between the share price and the P/S ratio, particularly during the periods of extreme valuation. For instance, the surge in share price from 90.44 USD in November 2025 to 204.83 USD in May 2026 resulted in the P/S ratio more than doubling from 9.65 to 20.56, despite the sales per share only increasing from 9.19 USD to 9.96 USD in that same timeframe.
- Long-term Valuation Trend
- The data indicates a transition from a moderate valuation environment (averaging between 6x and 12x for much of 2022-2025) to a high-valuation environment in 2026. The final recorded P/S ratio of 20.10 is significantly higher than the historical average of the period, suggesting a substantial increase in the premium the market is willing to pay per dollar of sales.
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Price to Book Value (P/BV)
Marvell Technology Inc., historical P/BV calculation (quarterly data)
| Aug 1, 2026 | May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 876,900,000 | 874,800,000 | 874,300,000 | 848,100,000 | 862,100,000 | 862,200,000 | 866,100,000 | 865,300,000 | 866,200,000 | 865,600,000 | 866,000,000 | 864,500,000 | 862,800,000 | 860,000,000 | 856,900,000 | 853,200,000 | 852,600,000 | 849,900,000 | 847,800,000 | 843,800,000 | 823,600,000 | 819,500,000 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 18,531,600) | 18,215,800) | 14,308,400) | 14,056,600) | 13,421,700) | 13,312,700) | 13,427,000) | 13,372,900) | 14,204,900) | 14,478,700) | 14,831,400) | 15,233,400) | 15,389,500) | 15,493,900) | 15,637,200) | 15,559,000) | 15,530,200) | 15,465,000) | 15,702,097) | 15,686,344) | 14,741,197) | 14,855,370) | |||||||
| Book value per share (BVPS)2 | 21.13 | 20.82 | 16.37 | 16.57 | 15.57 | 15.44 | 15.50 | 15.45 | 16.40 | 16.73 | 17.13 | 17.62 | 17.84 | 18.02 | 18.25 | 18.24 | 18.22 | 18.20 | 18.52 | 18.59 | 17.90 | 18.13 | |||||||
| Share price1, 3 | 216.62 | 204.83 | 90.44 | 100.20 | 62.87 | 60.19 | 69.85 | 118.15 | 76.24 | 68.81 | 67.63 | 52.80 | 53.50 | 65.51 | 40.91 | 44.72 | 50.17 | 60.82 | 65.25 | 83.59 | 61.34 | 50.35 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | 10.25 | 9.84 | 5.53 | 6.05 | 4.04 | 3.90 | 4.51 | 7.64 | 4.65 | 4.11 | 3.95 | 3.00 | 3.00 | 3.64 | 2.24 | 2.45 | 2.75 | 3.34 | 3.52 | 4.50 | 3.43 | 2.78 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | — | — | 11.71 | 10.66 | 5.18 | 6.86 | 4.44 | 2.81 | 3.15 | 4.23 | 4.14 | 4.15 | 4.85 | 3.18 | 3.20 | 2.40 | 2.32 | 1.73 | 2.87 | 2.91 | |||||||
| Analog Devices Inc. | — | — | — | 5.39 | 5.75 | 5.00 | 3.65 | 3.53 | 3.00 | 3.42 | 3.09 | 3.21 | 3.38 | 2.70 | 2.53 | 2.46 | 2.41 | 2.72 | 2.35 | 2.39 | 2.24 | 2.35 | |||||||
| Applied Materials Inc. | — | — | — | 15.37 | 14.19 | 13.51 | 10.07 | 6.53 | 6.79 | 7.68 | 7.25 | 8.76 | 9.92 | 9.67 | 8.23 | 7.90 | 8.09 | 7.11 | 7.25 | 7.48 | 8.65 | 9.91 | |||||||
| Broadcom Inc. | — | — | — | 17.28 | 21.28 | 20.25 | 19.24 | 23.82 | 17.09 | 13.09 | 15.29 | 11.26 | 11.17 | 8.32 | 21.59 | 16.31 | 14.86 | 11.31 | 10.23 | 9.93 | 10.71 | 10.45 | |||||||
| Intel Corp. | — | — | — | — | 5.32 | 3.72 | 1.97 | 1.67 | 1.01 | 0.88 | 0.85 | 1.01 | 0.80 | 1.28 | 1.75 | 1.47 | 1.53 | 1.32 | 1.15 | 1.20 | 1.47 | 1.73 | |||||||
| KLA Corp. | — | — | 39.76 | 39.22 | 34.24 | 31.86 | 25.73 | 22.33 | 27.37 | 25.03 | 28.08 | 30.73 | 26.63 | 20.82 | 23.25 | 19.77 | 21.25 | 21.67 | 40.04 | 11.68 | 13.65 | 13.95 | |||||||
| Lam Research Corp. | — | — | 31.24 | 30.55 | 30.55 | 18.69 | 13.09 | 9.61 | 11.81 | 11.46 | 12.13 | 15.14 | 13.49 | 9.82 | 10.58 | 8.22 | 7.78 | 6.88 | 10.10 | 10.52 | 12.70 | 13.28 | |||||||
| Micron Technology Inc. | — | — | 8.41 | 13.61 | 6.91 | 4.76 | 3.89 | 2.78 | 2.18 | 2.07 | 2.51 | 3.32 | 2.77 | 2.20 | 1.74 | 1.55 | 1.47 | 1.09 | 1.15 | 1.20 | 1.85 | 2.33 | |||||||
| NVIDIA Corp. | 22.07 | 27.67 | 30.21 | 38.12 | 44.07 | 39.23 | 40.38 | 54.22 | 52.98 | 57.48 | 39.25 | 37.08 | 42.07 | 39.24 | 26.03 | 17.76 | 15.75 | 17.87 | 24.95 | 33.57 | 24.61 | 20.84 | |||||||
| Qualcomm Inc. | — | — | — | 5.91 | 6.03 | 6.89 | 9.08 | 6.31 | 5.88 | 7.24 | 7.31 | 8.17 | 7.48 | 7.19 | 5.72 | 6.98 | 6.38 | 8.05 | 7.00 | 10.74 | 11.35 | 18.72 | |||||||
| Texas Instruments Inc. | — | — | — | — | 14.18 | 15.03 | 12.35 | 9.41 | 10.61 | 8.98 | 9.86 | 10.66 | 10.52 | 9.37 | 8.57 | 7.74 | 10.03 | 9.79 | 11.33 | 9.88 | 11.12 | 11.14 | |||||||
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01).
1 Data adjusted for splits and stock dividends.
2 Q2 2027 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 18,531,600,000 ÷ 876,900,000 = 21.13
3 Closing price as at the filing date of Marvell Technology Inc. Quarterly or Annual Report.
4 Q2 2027 Calculation
P/BV ratio = Share price ÷ BVPS
= 216.62 ÷ 21.13 = 10.25
5 Click competitor name to see calculations.
The analysis of the price-to-book value (P/BV) ratio reveals a period of significant valuation expansion, characterized by a transition from modest multiples to a high-growth valuation phase over the observed period.
- P/BV Ratio Trajectory
- The P/BV ratio fluctuated within a range of 2.24 to 4.50 between May 2021 and January 2023. Following this phase of relative stability, the ratio entered a period of increased volatility and growth, reaching a notable peak of 7.64 in November 2024. After a temporary correction in early 2025, the ratio experienced an aggressive escalation throughout 2026, culminating in a peak of 10.25 by August 2026.
- Share Price Dynamics
- Share price movements acted as the primary driver for the P/BV ratio. The most significant impact is observed between November 2025 and May 2026, where the share price rose from 100.20 to 204.83. This rapid appreciation led to a substantial expansion of the valuation multiple, as the market price accelerated far more quickly than the growth of the book value.
- Book Value Per Share (BVPS) Influence
- BVPS exhibited relative stagnation from May 2021 to January 2023, maintaining levels around 18.00. A gradual downward trend followed, with BVPS reaching a low of 15.44 in May 2025. This contraction in book value contributed to the rise of the P/BV ratio during 2024 by reducing the denominator of the calculation. While BVPS recovered to 21.13 by August 2026, the simultaneous surge in share price ensured that the P/BV ratio continued to climb to record levels.
- Valuation Conclusion
- The progression from a P/BV of 2.78 in May 2021 to 10.25 in August 2026 indicates a shift in market sentiment. The valuation has moved from a baseline closely tied to tangible asset value to a premium valuation, suggesting that investors are pricing in significant future growth or intangible assets that are not captured in the book value.
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