Skip to Content

Marvell Technology Inc MRVL

Rating as of

Morningstar’s Analysis

Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price


5-Star Price


Economic Moat


Capital Allocation


Marvell Begins Fiscal 2022 with a Marvelous Quarter, But Shares Are Still Overvalued

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

Marvell Technology kicked off fiscal 2022 with the company’s revenue growing at a healthy clip and clocking in above management’s guidance and our expectations. The firm’s sales were buoyed by continued strength witnessed in the networking and storage segments. We continue to see Marvell as well-placed to capitalize on secular trends in 5G, automotive, data infrastructure, and cloud computing to grow its business. We also view Marvell’s acquisition of Inphi as value-accretive as it enhances the company’s position in the data center space, the firm’s largest vertical by revenue. We will incorporate the firm’s strong guidance along with a modest increase in our midcycle growth assumptions, and we expect to raise our fair value estimate for no-moat Marvell by about 15%-20%. However, with shares up 5% during after-hours trading in the $50 range, we recommend investors wait for a pullback before committing capital to the name.

Read Full Analysis

Company Profile

Business Description

Marvell Technology designs integrated circuits primarily for data storage, networking, and communications. Historically, the firm focused on storage, where it is still a key supplier to hard-disk drive and solid-state drive makers but has strategically emphasized networking to offset declining HDD technology. The firm has since diversified via acquisitions and supplies chips to the networking and consumer electronic spaces. Marvell outsources its production to third-party foundries.

31 Victoria Street, Victoria Place, 5th Floor
Hamilton, HM 10
T +1 441 294-8000
Sector Technology
Industry Semiconductors
Most Recent Earnings Jan 31, 2021
Fiscal Year End Jan 29, 2022
Stock Type Cyclical
Employees 5,340


Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.