MRVL changes
Pick any two versions below to diff them.
- Balance sheet
- Marvell has modest debt for its size. At August 1, 2026, goodwill and intangible assets were $16.5 billion, mostly from past chip company purchases. This was about 60% of total assets of $27.6 billion. Debt principal was $5.0 billion at that date, all unsecured fixed-rate senior notes. Nothing is due in the next 12 months, and $1.25 billion is due in 2028. In April 2026, Marvell issued $1.0 billion of 5.300% notes due 2036 and repaid $500 million of notes due April 2026. Cash was $3.9 billion, and subsidiaries outside the United States held about $1.7 billion of it. Thus net debt was only about $1.1 billion. In the first half of fiscal 2027, operating income of $799 million covered interest expense of $114 million about 7 times. The $1.5 billion revolving credit facility to June 2030 was undrawn. The April 2026 bond documents showed ratings of Baa2 at Moody's, BBB at S&P and BBB+ at Fitch. Some items do not show as debt. NVIDIA bought $2.0 billion of convertible preferred stock in 2026, which can convert into about 21.8 million shares. The Celestial AI purchase can require more cash and shares through fiscal 2029 if revenue goals are met. A new customer warrant for up to 59.0 million shares can dilute holders. The low net debt gives room to invest in custom chip programs and keep buybacks ($400 million in the first half of fiscal 2027). The bigger cost to shareholders is more likely dilution than interest. As of 2026-08-01.
- Checkpoints
- Oct 6, 2026: Investor Day: custom silicon roadmap. Pending. Watch: Clear multi-year custom revenue targets with named program ramps pass; vague targets or a lower fiscal 2028 outlook fail. Nov 27, 2026 (estimate): Q3 fiscal 2027 results against $3.15 billion guidance. Pending. Watch: Revenue at or above $3.15 billion and a held fiscal 2027 outlook of about $12 billion pass; a miss or a lower outlook fails. Mar 2027 (estimate): Q4 fiscal 2027 results and fiscal 2028 outlook. Pending. Watch: A confirmed fiscal 2028 revenue outlook of about $18 billion with custom revenue more than doubling passes; a cut or a lost program fails.