Marvell Technology, Inc. · Common stock · Santa Clara, California

The plumbing of AI data centers, now with custom chips on top.

Marvell sells the optical DSPs, switches and custom accelerators that move data between AI chips. Data center sales were 79% of revenue last quarter and grew 46%. Management expects about $12B of revenue this fiscal year and about $18B next year, with the custom business more than doubling. The trade-off: custom chips carry lower margins, so gross margin is guided flat while revenue climbs.

Last close · Oct 9, 2026

$275.28

Market cap

$247B

at current price

52-week range

$71–330

closing low / high

P/E (forward)

~38×

consensus next-year EPS · trailing GAAP ~91×

Revenue TTM

Q3 FY27 guide

$3.15B

±5% · non-GAAP EPS $1.10 · GM 57.5–58.5%

Next earnings

Early Dec

Q3 FY27 · date not yet announced

Price, last 12 months

Daily closes with the 50-day average. Marvell nearly quadrupled from its February low as AI networking orders accelerated.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

2.26

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, with GAAP gross margin on the right axis. Marvell's fiscal year ends around January 31, so Q2 FY27 is the quarter ended Aug 1, 2026. The last bar is company guidance at the midpoint.

RevenueGross margin (right axis)Guidance

Q2 FY27

$2.74B

+37% YoY · record

Data center

$2.17B

+46% YoY · 79% of sales

Comms & other

$568M

+10% YoY

Gross margin

58.9%

non-GAAP · GAAP 53.1%

FY27 outlook

~$12B

~+45% · raised from ~$11.5B

FY28 outlook

~$18B

raised from ~$16.5B

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

Custom silicon ramps

The custom business ramps sharply in the second half of FY27 and is expected to more than double in FY28, from both XPUs and XPU-attach products such as CXL and custom networking.

Tailwind

Optics and switching

800G optical DSP demand is strong and 1.6T is ramping. Management said most of the $1.5B raise to its FY28 outlook comes from scale-up optics and switching.

Watch

Margin mix

Custom chips dilute gross margin: non-GAAP gross margin is guided down to 57.5–58.5% in Q3 and to stay in that range through FY28. Operating margin should still reach the 38–40% target by Q4.

Watch

Google agreement

An expanded agreement with Google covers custom programs including XPU-attach products, with significant revenue expected from FY29.

Risk

Supplier prepayments

About $1B of capacity prepayments to suppliers this year is holding back operating cash flow, which fell slightly in Q2 despite record sales.

Risk

Volatility and leadership changes

The stock has a beta of about 2.3, and the CFO and investor relations roles are changing hands during the ramp. Communications revenue is guided down low-to-mid teens in Q3.

Calendar

Early Dec 2026

Q3 FY27 earnings

Guide: $3.15B ±5% revenue, 57.5–58.5% non-GAAP gross margin, EPS $1.10 ±$0.05.

Q4 FY27

Custom step-up

Management expects a much larger revenue step-up in the January quarter, broad-based across custom, connectivity and a rebound in communications.

Early Mar 2027

Q4 FY27 earnings

Full-year results and first look at the FY28 plan (~$18B).