◆ Inside the Latest Quarter (Q2 FY2027)

Marvell Technology (MRVL) — the variant view

Record revenue and a second raised outlook, with one distributor now carrying 44% of sales.

📈 MRVL valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Marvell's second quarter of fiscal 2027, reported on 27 August 2026, was another record: net revenue of $2.739 billion, up 37% year on year and $39 million above the midpoint of guidance, with data center revenue of $2.172 billion, up 46%1. Management raised its outlook for fiscal 2027 and fiscal 2028 again and guided the third quarter to $3.150 billion, about 15% sequential growth.

Revenue by end market ($m)$1,491mData center Q2 FY2026$2,172mData center Q2 FY2027$516mComms &other Q2 FY2026$568mComms &other Q2 FY2027Marvell Q2 fiscal 2027 results release
Data center up 46%, everything else up 10%.

Data center was 79% of revenue, against 74% a year earlier, and the communications and other businesses brought in $568 million, up 10% on the year and down 3% on the quarter. Gross margin was 53.1% on a GAAP basis and 58.9% excluding stock pay and acquisition items.

The gap between the two sets of earnings has narrowed but not closed. GAAP net income was $308.0 million, or 33 cents a share, against non-GAAP net income of $865.9 million, or 94 cents. Amortisation of acquired intangibles was $214.9 million in the quarter, stock-based compensation $326.2 million, and a $101.9 million charge came from remeasuring what Marvell may still owe the former owners of Celestial AI2.

The balance sheet changed in the half. In February Marvell bought Celestial AI, a maker of photonic interconnect for scale-up networks, for total consideration of $3.5 billion, and XConn, a PCIe and CXL switching company; it also sold Nvidia $2.0 billion of convertible preferred stock at a conversion price of about $91.843. Goodwill rose from $11.1 billion in January to $13.9 billion.

Concentration rose with the growth. One distributor accounted for 44% of revenue in the quarter, against 34% a year earlier, and one direct customer for 16%4. The shares, at about $227 billion, trade at around 87 times trailing earnings5. The quarter's lesson is that revenue is accelerating while the customers carrying it are becoming fewer, and the number to watch is that distributor's share: above half would put most of Marvell's revenue behind a single channel.

References
  1. ReportedMarvell's second quarter of fiscal 2027, reported on 27 August 2026, was another record: net revenue of $2.739 billion, up 37% year on year and $39 million above the midpoint of guidance, with data center revenue of $2.172 billion, up 46%.
    Marvell Q2 fiscal 2027 results release (Exhibit 99.1, 27 August 2026) - net revenue $2,739.3M (+37%), data center $2,171.5M (+46%, 79% of revenue), communications and other $567.8M; GAAP gross margin 53.1%, non-GAAP 58.9%; GAAP net income $308.0M ($0.33), non-GAAP $865.9M ($0.94); Q3 guidance $3.150B +/- 5%; fiscal 2027 and 2028 outlook raised — Q2 FY2027 (ended 1 August 2026) · publ. 27 August 2026 · source ↗
  2. ReportedAmortisation of acquired intangibles was $214.9 million in the quarter, stock-based compensation $326.2 million, and a $101.9 million charge came from remeasuring what Marvell may still owe the former owners of Celestial AI.
    Marvell Form 10-Q, quarter ended 1 August 2026 - acquisitions of Celestial AI (2 February 2026, total consideration $3.5B, contingent consideration through fiscal 2029) and XConn (10 February 2026); Series A convertible preferred sold to NVIDIA for $2.0B, conversion price about $91.84; goodwill $13,873.9M against $11,062.2M; amortisation of acquired intangibles $214.9M, stock-based compensation $326.2M and contingent-consideration remeasurement $101.9M in the quarter; Distributor A 44% and Customer A 16% of Q2 revenue — Q2 FY2027 · publ. 28 August 2026 · source ↗
  3. ReportedIn February Marvell bought Celestial AI, a maker of photonic interconnect for scale-up networks, for total consideration of $3.5 billion, and XConn, a PCIe and CXL switching company; it also sold Nvidia $2.0 billion of convertible preferred stock at a conversion price of about $91.84.
    Marvell Form 10-Q, quarter ended 1 August 2026 - acquisitions of Celestial AI (2 February 2026, total consideration $3.5B, contingent consideration through fiscal 2029) and XConn (10 February 2026); Series A convertible preferred sold to NVIDIA for $2.0B, conversion price about $91.84; goodwill $13,873.9M against $11,062.2M; amortisation of acquired intangibles $214.9M, stock-based compensation $326.2M and contingent-consideration remeasurement $101.9M in the quarter; Distributor A 44% and Customer A 16% of Q2 revenue — Q2 FY2027 · publ. 28 August 2026 · source ↗
  4. ReportedOne distributor accounted for 44% of revenue in the quarter, against 34% a year earlier, and one direct customer for 16%.
    Marvell Form 10-Q, quarter ended 1 August 2026 - acquisitions of Celestial AI (2 February 2026, total consideration $3.5B, contingent consideration through fiscal 2029) and XConn (10 February 2026); Series A convertible preferred sold to NVIDIA for $2.0B, conversion price about $91.84; goodwill $13,873.9M against $11,062.2M; amortisation of acquired intangibles $214.9M, stock-based compensation $326.2M and contingent-consideration remeasurement $101.9M in the quarter; Distributor A 44% and Customer A 16% of Q2 revenue — Q2 FY2027 · publ. 28 August 2026 · source ↗
  5. Third-party estimateThe shares, at about $227 billion, trade at around 87 times trailing earnings.
    Market data (stockanalysis.com) - Marvell at $258.98, market value about $227.1B, about 87x trailing earnings, 47x forward, about 24x trailing revenue of $9.45B, 23 September 2026 — September 2026 · publ. 23 September 2026 · source ↗
Sources
Generated September 23, 2026