MRVL · 10-K filed 11 Mar 2026 · year to 31 Jan 2026

Marvell Technology

35 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Ten largest customers

concentrated in · 82% of our total net revenuenamed as a risk

In addition, net revenue from our ten (10) largest customers, inclusive of our distributor and direct customers, represented 82% of our total net revenue for fiscal 2026.Risk factors (Item 1A)

Also named by AMKR, CAG, MCK, MOD, PWR, SANM, USAC

Customer A

earns from · 14%named as a risk

For example, during fiscal 2026, there were two customers (one distributor and one direct customer) whose revenues represented 10% or more of total net revenue.Risk factors (Item 1A)

Also named by JBL, LITE, ONTO, ZBRA

Data center end market

concentrated in · 74%named as a risk

In addition, our sales have recently been, and in the future may continue to be, concentrated in our data center end market.Risk factors (Item 1A)

Also named by MU

U.S. government

earns fromnamed as a risk

In addition, such contracts may provide for termination by the government at any time, without cause.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Suppliers

Third-party foundries

depends onnamed as a risk

While we attempt to create multiple sources for our products, most of our products are not manufactured at more than one foundry at any given time, and our products typically are designed to be manufactured in a specific process at only one of these foundries.Risk factors (Item 1A)

Assembly, testing and packaging subcontractors

depends onnamed as a risk

In addition, our assembly, testing and packaging partners may be single sourced and it may be difficult for us to transition to other manufacturing partners for these services.Risk factors (Item 1A)

Other companies

Celestial AI, Inc.

approximately $1.3 billion in cashnamed as a risk

At acquisition close, we paid approximately $1.3 billion in cash (or $1.0 billion, net of cash acquired of approximately $300.0 million) and issued approximately 24.5 million shares of our common stock.Business (Item 1)

Infineon Technologies AG

$2.5 billion

On August 14, 2025, we completed the sale of our automotive ethernet business to Infineon Technologies AG for $2.5 billion in cash.Business (Item 1)

Also named by ON, TER

XConn Technologies Holdings, Ltd.

approximately $280.0 million in cash

At acquisition close, we paid approximately $280.0 million in cash and issued approximately 2.1 million shares of our common stock.Business (Item 1)

AI infrastructure capital expenditure

earns fromnamed as a risk

Further, the current level of capital expenditure (capex) on AI infrastructure may not be sustainable over the long term and a significant reduction in AI-related spending will likely harm our financial results.Risk factors (Item 1A)

Competitors

Broadcom Inc.

competes withnamed as a risk

Companies that compete directly with our businesses include, but are not limited to, Advanced Micro Devices, Inc. (“AMD”), Alchip Technologies (“Alchip”), Astera Labs, Inc., Ayar Labs, Inc. (“Ayar Labs”), Broadcom Inc. (“Broadcom”), Cisco Systems, Inc. (“Cisco”), Credo Technology Group Holding Ltd, Intel Corporation, Global Unichip Corporation (“GUC”), Lightmatter, Inc. (“Lightmatter”), MACOM Technology Solutions Holdings, Inc., MediaTek Inc., Microchip Technology Inc., Montage Technology, Nvidia Corporation, NXP Semiconductors N.V., Phison Electronics Corporation, Qualcomm Incorporated (“Qualcomm”), Rambus, Inc., Ranovus Inc. (“Ranovus”), Realtek Semiconductor Corporation, Semtech Corporation, Silicon Motion Technology Corporation, and Socionext Inc.Business (Item 1)

Also named by DELL, EXTR, MTSI, MXL

Nvidia Corporation

competes withnamed as a risk

Also named by AKAM, CRWV, CSCO, HPQ

Advanced Micro Devices, Inc. (AMD)

competes withnamed as a risk

For example, AMD acquired Xilinx, Inc. in February 2022 and Pensando Systems in May 2022, Qualcomm acquired Veonner in April 2022, and Broadcom acquired VMware in November 2023.Risk factors (Item 1A)

Also named by HPQ

Places

Asia

earns from · approximately 77%named as a risk

Sales shipped to customers with operations in Asia represented approximately 77% and 75% of our net revenue in fiscal 2026 and 2025, respectively.Risk factors (Item 1A)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

Taiwan

concentrated innamed as a risk

Most of our current qualified integrated circuit foundries are located in the same region within Taiwan.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

China

earns fromnamed as a risk

Regulatory activity, such as tariffs, export controls and sanctions, economic sanctions, and related laws have in the past and may continue to materially limit our ability to make sales to customers in China, which has in the past and may continue to harm our results of operations, reputation and financial condition.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Israel

operates innamed as a risk

For example, we are subject to risks related to armed conflict in Israel and the Middle East.Risk factors (Item 1A)

Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more

Singapore

operates innamed as a risk

In particular, the tax benefits associated with our transfer of intellectual property to Singapore are sensitive to our future profitability and taxable income in Singapore, audit assessments, and changes in applicable tax law.Risk factors (Item 1A)

Also named by A, AAPL, ALAB, AMAT, ANET, APP, AVGO, DLR and 12 more

Santa Clara, California

operates innamed as a risk

Our building in Santa Clara, California subjects us to the risks of owning real property, which include, but are not limited to:Risk factors (Item 1A)

Hazards

China–Taiwan tensions

named as a risk

In addition to restrictions imposed by the United States or China on exports or imports from one another, we may be adversely impacted by export restrictions, labeling requirements or other trade related issues or disputes, or political conflicts or tensions between China and Taiwan as these restrictions and requirements could impact or delay the delivery of our products to our customers in China.Risk factors (Item 1A)

Also named by CLS, FTNT, IOT, ORCL, PANW, SYK, ZBRA

Earthquakes in Taiwan and the Pacific Rim

operates innamed as a risk

Because of the geographic concentration of most of these third-party foundries, as well as most of our assembly, testing and packaging subcontractors, we are exposed to the risk that their operations may be disrupted by regional events including, for example, droughts, earthquakes (particularly in Taiwan and elsewhere in the Pacific Rim close to fault lines), tsunamis or typhoons, severe storms, power outages, or by actual or threatened public health emergencies such as the COVID-19 pandemic and future pandemics, or by political, social or economic instability, or by geopolitical tensions and conflicts.Risk factors (Item 1A)

Commodities and inputs

Copper

exposed to its pricenamed as a risk

We are also subject to risk from increasing or fluctuating market prices of certain commodity raw materials, including gold and copper, which are incorporated into our end products or used by our suppliers to manufacture our end products.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Gold

exposed to its pricenamed as a risk

Also named by AMKR, APH, BLK, CDE, DC, EZPW, FCFS, FCX and 10 more

Rare earth minerals

depends onnamed as a risk

In addition, China has in the past and may in the future use export controls to restrict rare earth minerals, and access to rare earth minerals has been used in the past and could be used in the future as a geopolitical tool in trade negotiations between the United States and China.Risk factors (Item 1A)

Also named by ALAB, AMAT, COHR, DE, EXTR, GE, GEHC, GWW and 10 more

Multi-layer complex substrates

depends onnamed as a risk

During the first few quarters of fiscal 2023, supply shortages in the semiconductor industry of multi-layer complex substrates, IC packaging capacity, and specific wafer process node constraints resulted in increased lead times, inability to meet demand, and increased costs.Risk factors (Item 1A)

Regulators

U.S. Department of Defense

subject tonamed as a risk

The remaining measures and arrangements may materially and adversely affect our operating results due to the increased cost of compliance with these measures.Business (Item 1)

Also named by ACN, ALSN, AVAV, CLS, CRWD, FLR, HEI, JCI and 12 more

U.S. Bureau of Industry and Security (BIS) Entity List

subject tonamed as a risk

For example, the addition of certain companies to the Entity List, which places export restrictions on certain foreign persons or entities by the U.S. Department of Commerce’s Bureau of Industry and Security (the “BIS”), has dampened demand for our products.Risk factors (Item 1A)

Also named by ARW, PDFS, SWKS

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk

We are subject to legislation based on the OECD’s 15% global minimum tax regime which applies to the majority of countries in which we operate.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

Inflation Reduction Act of 2022

subject to · $14.3 millionnamed as a risk

As a result of the accelerated share repurchase agreement (“ASR Agreement”), the Company anticipates paying $14.3 million in additional federal taxes in fiscal 2026, recorded as a reduction to stockholders’ equity, due to the 1% excise tax on net share repurchases.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

U.S. export license revenue-sharing fee on China sales

subject to · fifteen percent (15%) of the gross revenuenamed as a risk

While these U.S. government actions did not impact Marvell, if such revenue sharing were to be imposed on our China-derived revenue, it could erode our gross margins, reduce our pricing flexibility, and potentially prompt us to curtail or discontinue sales in China.Risk factors (Item 1A)

Export Administration Regulations (EAR)

subject tonamed as a risk

Export restrictions reducing our sales of products to China, have in the past and may in the future adversely impact our revenues, profits and results of operations.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more

One Big Beautiful Bill Act of 2025

subject tonamed as a risk

This legislation could significantly affect our future financial results, including our earnings and cash flows.Risk factors (Item 1A)

Also named by COO, FSLR, NXT, PVLA, TT, WDC

U.S. Section 232 semiconductor investigation

subject tonamed as a risk

While the results of this investigation are currently unknown, the investigation may result in additional tariffs and trade restrictions, which may adversely impact our business.Risk factors (Item 1A)

Also named by ADI, KLAC, LITE, MU

EU Restriction of Hazardous Substances Directive (RoHS)

subject tonamed as a risk

Environmental legislation, such as the EU Directive on Restriction of Hazardous Substances (“RoHS”), the EU Waste Electrical and Electronic Equipment Directive (“WEEE Directive”) and China’s regulation on Management Methods for Controlling Pollution Caused by Electronic Information Products, may increase our cost of doing business internationally and impact our revenues from the EU, China and other countries with similar environmental legislation as we endeavor to comply with and implement these requirements.Risk factors (Item 1A)

Also named by AMKR, VRT

National Industrial Security Program

subject tonamed as a risk

A portion of the business we acquired in our Avera acquisition in fiscal 2021 requires facility security clearances under the National Industrial Security Program.Business (Item 1)

Also named by RKLB