MRVL Value Scorecard - Marvell Technology

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

33/60

low-moderate value score

Earnings & returns

EPS Trend

4/5

Diluted EPS: -$0.19 (2023), -$1.08 (2024), -$1.02 (2025), $3.07 (2026). It rose every year but one and ended above 2023; the framework scores that as 4.

ROE Trend

1/5

ROE (net income / common equity): -1.0% (2023), -6.3% (2024), -6.6% (2025), 18.7% (2026). Median -3.7%, lowest -6.6%; the framework scores a median 5% or less as 1.

ROIC

2/5

ROIC of 6.9%: operating income of $1.32B divided by $19.06B of capital (total assets $22.29B minus current liabilities $3.22B), fiscal year to Jan 31, 2026, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.

Profit Margins

5/5

Net margin of 27.9%; the framework scores above 20% as 5; gross margin 52.2%, operating margin 16.7%.

Balance sheet & cash

Debt-to-Equity

5/5

Debt-to-equity of 0.28; the framework scores below 0.3 as 5 (total debt $5.29B, total cash $3.93B).

Free Cash Flow

4/5

Free cash flow (operating cash flow minus capital expenditure): $1.07B (2023), $1.02B (2024), $1.39B (2025), $1.39B (2026). It rose every year but one and ended above 2023; the framework scores that as 4.

Retained Earnings

3/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $1.12B (2023), -$16.70M (2024), -$1.11B (2025), $1.36B (2026). It ended above 2023 but did not rise in 2 of 3 years; the framework scores that as 3.

Valuation models

Graham IV

1/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $3.15 x (8.5 + 2 x 5.0) x (4.4 / 4.5) = $56.98 (EPS CAGR unavailable, default 5% applied). Current price $227.83; price is 299.8% above the model value.

DCF Value

1/5

FCF/share = $2.746, stage 1 growth = 20.0% (revenue CAGR 22.0% capped at 20%) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $17.96, PV of terminal value = $62.43, DCF value = $80.39. Current price $227.83; price is 183.4% above the model value.

Margin of Safety

1/5

Graham value $56.98 (price is 299.8% above the model value); DCF value $80.39 (price is 183.4% above the model value).

Price-to-Book

1/5

P/B of 10.78; the framework scores above 5.0 as 1.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 0 of 6 years (2021-2026); lowest -4.0%, highest 6.9%.

Gross margin, each year

Between 41.3% and 51.0% over 7 years (a range of 9.7 points).

Competition, in the company’s own words · 10-K filed Mar 11, 2026

The markets for our products are intensely competitive, and are characterized by rapid technological change, evolving industry standards, frequent new product introductions and pricing pressures. Competition has intensified as a result of the increasing demand for higher levels of performance, integration and smaller process geometries. We expect competition to further intensify as current competitors strengthen the

The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

5/5

Capital allocation, 2023-2026: dividends or buybacks paid in every year (pass); $3.85B paid out against $4.87B of free cash flow (pass); total debt $4.74B to $4.79B, up 1.1%, 1.1x EBITDA (pass: not up more than 10%); shares outstanding 0.86B to 0.85B, down 1.0% (pass). 4 of 4 tests passed; the framework scores that as 5.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated

  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $3.15, g = 5.0%, Y = 4.5
    IV = $56.98
    Current price $227.83 vs Graham value $56.98 — price is 299.8% above the model value.

  DCF:
    FCF/share = $2.746
    Stage 1 growth = 20.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
    Stage 1 g capped at 20.0% (3-year revenue CAGR was 22.0%)
      Y1: $3.295 → PV $2.996
      Y2: $3.954 → PV $3.268
      Y3: $4.745 → PV $3.565
      Y4: $5.694 → PV $3.889
      Y5: $6.833 → PV $4.243
    Stage 1 PV sum = $17.96
    Terminal value at end of Y5 = $100.54
    PV of terminal value = $62.43
    DCF value = $80.39
    Current price $227.83 vs DCF value $80.39 — price is 183.4% above the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $227.83. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

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