Ticker Teardown Dossier
Marvell ($MRVL), taken apart the way the desk does.
Marvell (MRVL) Teardown Dossier · As of 2026-11-03, refreshed after FQ2 2027 results
The MRVL dossier is the desk's Marvell teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of Marvell's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
2,256 words · about 10 min to read · 10 sections · data as of 3 November 2026 · last refreshed after FQ2 2027 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- The business: three legs, one ticker
- Leg one: the one that matters
- Leg two: the quiet compounder
- Valuation: mind the multiple
- The bear case
- The chart: be honest
- The verdict
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-09-09, with prices as of 2026-09-11. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-03.
The setup
Marvell is up 253% in a year. And in the last three months, it handed back about 23% of it. Which is the real Marvell: the one that more than tripled, or the one that just dropped almost a quarter in a single quarter? Broken, or on sale?
The business: three legs, one ticker
Start with what Marvell actually is, because the name hides three very different businesses. Marvell is a $200 billion chip designer, and its whole story now rests on being the number two name in custom silicon for artificial intelligence, right behind Broadcom. These are the chips hyperscalers build to run their AI instead of buying Nvidia.
Leg one: the one that matters
Leg one, and the one that matters most, is custom AI silicon. When a hyperscaler wants its own chip instead of buying Nvidia, it does not design the whole thing alone. It co-designs it with a partner. Marvell is that partner for some of the biggest programs in the industry: Amazon's Trainium line, and Microsoft's Maia successor. The hyperscaler owns the architecture, Marvell owns the hard silicon work, and the revenue ramps over three to four chip generations. There is talk of a third and even a fourth large customer. Those are not confirmed, and you should treat them as upside scenarios, not facts.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-11-02 | 2025-02-01 | 2025-05-03 | 2025-08-02 | 2025-11-01 | 2026-01-31 | 2026-05-02 | 2026-08-01 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | FQ3 2025 | FQ4 2025 | FQ1 2026 | FQ2 2026 | FQ3 2026 | FQ4 2026 | FQ1 2027 | FQ2 2027 |
| Source filing | 10-Q 2024-12-04 | 10-K 2025-03-12 | 10-Q 2025-05-30 | 10-Q 2025-08-29 | 10-Q 2025-12-03 | 10-K 2026-03-11 | 10-Q 2026-05-28 | 10-Q 2026-08-28 |
| Revenue | 1,516 | 1,817 | 1,895 | 2,006 | 2,074 | 2,219 | 2,418 | 2,739 |
| Gross margin | 23.0% | 50.5% | 50.3% | 50.4% | 51.6% | 51.7% | 52.1% | 53.1% |
| Operating income | -702.8 | 235.2 | 270.6 | 290.1 | 357.8 | 404.4 | 339.4 | 459.7 |
| Net income | -676.3 | 200.2 | 177.9 | 194.8 | 1,901 | 396.1 | 34.5 | 308.0 |
| Operating cash flow | 536.3 | 514.0 | 332.9 | 461.6 | 582.3 | 373.7 | 638.8 | 605.5 |
| Capex | -75.0 | -69.9 | -118.8 | -47.5 | -73.5 | -114.3 | -155.7 | -126.7 |
| Free cash flow | 461.3 | 444.1 | 214.1 | 414.1 | 508.8 | 259.4 | 483.1 | 478.8 |
| Cash and equivalents | 868.1 | 948.3 | 885.9 | 1,224 | 2,714 | 2,639 | 3,844 | 3,933 |
| Debt (book, excl. leases) | 4,095 | 4,064 | 4,233 | 4,467 | 4,469 | 4,471 | 4,961 | 4,963 |
| Diluted shares (M) | 865.7 | 865.5* | 875.6 | 870.4 | 863.7 | 869.7* | 893.3 | 921.2 |
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What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $MRVL and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.