Aslan Research · Chips
Marvell Technology, Inc. (MRVL)
Data as of 2026-09-03 · 26 quarters · filed in USD
Revenue reached $9.5 billion over the trailing year, while reported expenses were $6.6 billion. Revenue growth of 23% per year outpaced expense growth of 16% per year, while committed obligations grew 29% per year.
Earned, collected early, and merely signed
Reports $5.0B of debt; has promised $5.3B
Leases add $323 million to the $5.0 billion of reported debt, bringing total committed obligations to $5.3 billion. That makes commitments 1.1x reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The near-term wall is the sharpest pressure point: $18.7 billion of obligations come due in the next five years. After that, $6 million is due in years five to ten, plus $115 million without a stated date after year five.
The rates that matter
Expenses as filed vs after cited reconciliation
14 patterns worth a second look
The strongest flag is non-recourse factoring of trade receivables while Marvell continues servicing some sold receivables. The FY2025 filing also reports $702.7 million of restructuring and related charges, including $97.8 million tied to impaired technology license agreements. Customer-linked warrants with revenue-based vesting appear alongside a customer or distributor that represents a substantial share of revenue.
off balance sheet · 1
The filings report non-recourse factoring of trade receivables while the company continues servicing some sold receivables.
one time dressing · 1
The FY2025 filing reports $702.7 million of restructuring and related charges, including $97.8 million tied to impaired technology license agreements, alongside recurring operating disclosures.
regulator challenge · 8
A reply to SEC staff was filed on 2021-02-03, answering a staff comment letter dated 2021-01-19; it quotes 12 staff comments.
A reply to SEC staff was filed on 2021-02-26, answering a staff comment letter dated 2021-02-17; it quotes 2 staff comments.
A reply to SEC staff was filed on 2021-03-09, answering a staff comment letter dated 2021-02-17; it quotes 0 staff comments.
+ 5 more
related party exposure · 1
The FY2025 and FY2026 filings report customer-linked warrants with revenue-based vesting, while the customer/distributor represents a substantial share of revenue.
subsequent event · 2
The FY2025 Q1 filing reports a pending $2.5 billion automotive Ethernet sale; the FY2025 Q2 filing reports completion for $2.5 billion in cash.
The FY2025 Q3 filing reports a proposed Celestial acquisition; the FY2026 FY filing reports closing for approximately $1.3 billion in cash plus shares.
value revision · 1
The FY2024 filing contains a $250.0 million claim amount alongside the separately reported $251.0 million aggregate charge; the catalog supports a substantive discrepancy review.