Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 26 Mar, 26 | MRVL | Buy | USD 99.56 | USD 105.0 | USD 110.0 | 4 days | Closed |
10.61%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; and custom application specific integrated circuits. The company also provides electro-optical products, including pulse amplitude modulations, coherent digital signal processors, laser drivers, trans-impedance amplifiers, silicon photonics, and data center interconnect solutions; fibre channel products comprising host bus adapters and controllers; storage controllers for hard disk drives and solid-state-drives; and host system interfaces, including serial attached SCSI, serial advanced technology attachment, peripheral component interconnect express, non-volatile memory express (NVMe), and NVMe over fabrics. It has operations in the United States, Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan, and Vietnam. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.
Substantial GAAP Margin Improvement: Gross margin increased materially to 51.0% in FY26 from 41.3% in FY25, reflecting an expansion of 970 basis points driven by improved product mix and operating leverage
Scaled Growth in Data Center Segment: The data center business remained the key growth driver, with revenue rising to USD 6.10 billion in FY26 from USD 4.16 billion in FY25, representing a 46% year-over-year increase
Increase in Working Capital Intensity: Balance sheet expansion associated with growth led to a rise in receivables, which increased to USD 2.19 billion in Q4 FY26 from USD 1.03 billion in Q4 FY25
Higher Non-GAAP Operating Expenditure: Ongoing investments in growth initiatives contributed to an increase in operating expenses, which rose to USD 1.98 billion in FY26 from USD 1.86 billion in FY25, reflecting a 7% year-over-year increase
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 99.56 | 89.0 | 105.0 | 110.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
AI-Driven Demand Fuels Record Revenue Growth: Marvell reported record revenue of USD 8.19 billion in FY26, marking a 42% increase from USD 5.77 billion in FY25. This strong performance was primarily driven by robust demand across its data center offerings, including interconnect, switching, and custom silicon solutions, underscoring the company’s growing alignment with AI infrastructure investments and hyperscaler deployments.
Data Center Segment Anchors Growth Momentum: The data center segment remained the primary growth driver, with revenue rising 46% year-over-year to USD 6.10 billion in FY26. Growth was supported by increased adoption of optical interconnect, custom compute, and switching technologies, reflecting Marvell’s strategic positioning within the expanding AI and high-performance computing ecosystem.
Margin Expansion Reflects Improved Profitability: On a GAAP basis, gross margin improved to 51.0% in FY26 from 41.3% in FY25, supported by a favorable product mix and operating leverage. Operating margin also strengthened significantly, rising to 16.1% from a negative 12.5%, indicating a meaningful shift toward sustained profitability.
Earnings Recovery Supported by Scale and Efficiency: The company delivered a strong earnings turnaround, with GAAP EPS improving to USD 3.07 in FY26 compared to a loss of USD (1.02) in FY25. On a non-GAAP basis, EPS increased 81% year-over-year to USD 2.84, reflecting solid operational execution and benefits from higher revenue scale.
Cost Discipline with Continued Strategic Investments: GAAP operating expenses declined 8% year-over-year to USD 2.86 billion, highlighting improved cost control. However, non-GAAP operating expenses increased 7% to USD 1.98 billion, driven by continued investments in research and development to support long-term AI-led growth initiatives.
Resilient Performance Across Other Segments: The communications and other segment also contributed positively, with revenue increasing 31% year-over-year to USD 2.09 billion. This growth was supported by inventory normalization and a recovery in enterprise networking and carrier infrastructure demand.
Sustained Shareholder Returns and Capital Allocation: Marvell maintained a strong capital return strategy, returning USD 2.245 billion to shareholders through dividends and share repurchases in FY26, reflecting confidence in its cash flow generation and overall financial position.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Marvell Technology, Inc. (NASDAQ: MRVL) at the current market price of USD 99.56, as on March 26,2026 at 7:53 am PDT.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Semiconductors
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| MRVL Marvell Technology Group Ltd |
21.04 7.27% | 310.58 | - | 46.73 | 11.03 | 4.10 | 11.66 | 75.48 |
| NVDA NVIDIA Corporation |
6.04 2.95% | 210.69 | 62.11 | 36.76 | 36.43 | 51.65 | 36.19 | 61.96 |
| AVGO Broadcom Inc |
18.45 4.70% | 411.35 | 78.55 | 35.84 | 27.93 | 23.69 | 28.47 | 52.08 |
| TSM Taiwan Semiconductor Manufacturing |
29.97 6.94% | 462.12 | 19.45 | 15.92 | 0.24 | 4.85 | 0.22 | 0.30 |
| AMD Advanced Micro Devices Inc |
24.89 4.86% | 537.37 | 108.58 | 40.98 | 13.39 | 7.12 | 12.75 | 60.70 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on March 26, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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