MRVL · 深度研究报告 · In-Depth Research Report

FY2026全年营收$81.95亿创历史纪录同比增长42%、Q4营收$22.19亿同比增长22%超指引中值$1900万、数据中心营收$16.51亿同比增长21%占总营收74%、非GAAP每股盈利$0.80超预期、非GAAP净利润$24.66亿同比增长81%、管理层承诺「FY2027每季度营收增速逐季加速」、Q1 FY2027指引$24亿超华尔街此前预期$22.7亿约6%、收购Celestial AI与XConn Technologies打通光子互联关键缺口——股价从52周高点约$113大幅回调至约$75：全球定制AI芯片最重要的设计合作商、光电互联第一供应商，FY2026设计赢单创历史纪录，市场对客户集中度的担忧正在折价出售AI数据中心最不可替代的基础设施半导体平台

FY2026 full-year revenue of $8.195 billion set an all-time record, up 42% year-over-year; Q4 revenue of $2.219 billion grew 22% year-over-year, beating the guidance midpoint by $190 million; data center revenue of $1.651 billion grew 21% year-over-year and accounted for 74% of total revenue; non-GAAP EPS of $0.80 beat expectations; non-GAAP net income of $2.466 billion grew 81% year-over-year; management committed to "accelerating year-over-year revenue growth each quarter in FY2027"; Q1 FY2027 guidance of approximately $2.4 billion exceeded prior Wall Street expectations of approximately $2.27 billion by roughly 6%; acquisitions of Celestial AI and XConn Technologies closed key gaps in photonic interconnect — shares have pulled back sharply from a 52-week high of approximately $113 to approximately $75: the world's most important design partner for custom AI chips and the leading supplier of optical interconnect, with FY2026 design wins setting an all-time record, while market concerns over customer concentration are discounting the most irreplaceable semiconductor platform in the AI data center infrastructure stack

Matt Murphy 2016年接手Marvell时，这是一家市值约60亿美元、依赖存储控制器与以太网芯片维持营收的传统半导体公司。九年后，同一家公司的年度营收达到$81.95亿，同比增长42%，数据中心业务占总营收74%，成为全球最重要的定制AI芯片设计合作商之一，以及AI数据中心光电互联基础设施的核心供应商。

When Matt Murphy took the helm at Marvell in 2016, the company carried a market capitalization of roughly $6 billion and relied on storage controllers and Ethernet chips to sustain its revenue. Nine years later, the same company posted annual revenue of $8.195 billion, up 42% year-over-year, with data center revenue accounting for 74% of total revenue, making it one of the world's most important custom AI chip design partners and a core supplier of optical interconnect infrastructure for AI data centers.

这个转型，不是偶然，是一次长达六年、方向清晰的战略押注：将Marvell从一家产品公司，重塑为一家为超大型云服务商提供定制AI芯片设计服务与高速互联解决方案的平台型企业。

This transformation was not accidental. It was a six-year strategic bet with a clear direction: to reshape Marvell from a product company into a platform enterprise that provides custom AI chip design services and high-speed interconnect solutions for hyperscale cloud providers.

2026年2月24日最新季报数据（Q4 FY2026，截至2026年1月31日）：营收$22.19亿，同比增长22%，超指引中值$1900万；非GAAP EPS $0.80，超预期；数据中心营收$16.51亿，同比增长21%，季度环比增长9%，主要驱动力为定制XPU硅、光电互联产品与下一代交换机；FY2026全年营收$81.95亿，同比增长42%，创历史纪录；全年非GAAP净利润$24.66亿，同比增长81%；FY2026设计赢单创历史纪录；现金及等价物$26.38亿；Q1 FY2027营收指引约$24亿（±5%），远超华尔街此前预期约$22.7亿；Q1非GAAP EPS指引约$0.79（±$0.05）；管理层承诺FY2027每季度营收同比增速逐季加速；财报后收购Celestial AI（CPO芯粒技术）与XConn Technologies（PCIe交换机）完成交割。

The latest quarterly data as of February 24, 2026 (Q4 FY2026, quarter ending January 31, 2026): revenue of $2.219 billion grew 22% year-over-year and beat the guidance midpoint by $190 million; non-GAAP EPS of $0.80 beat expectations; data center revenue of $1.651 billion grew 21% year-over-year and 9% quarter-over-quarter, driven primarily by custom XPU silicon, optical interconnect products, and next-generation switches; FY2026 full-year revenue of $8.195 billion grew 42% year-over-year, setting an all-time record; full-year non-GAAP net income of $2.466 billion grew 81% year-over-year; FY2026 design wins set an all-time record; cash and equivalents stood at $2.638 billion; Q1 FY2027 revenue guidance of approximately $2.4 billion (plus or minus 5%) significantly exceeded prior Wall Street expectations of approximately $2.27 billion; Q1 non-GAAP EPS guidance of approximately $0.79 (plus or minus $0.05); management committed to accelerating year-over-year revenue growth each quarter throughout FY2027; acquisitions of Celestial AI (CPO chiplet technology) and XConn Technologies (PCIe switches) closed following the earnings release.

今天（2026年3月3日）的股价：约$75，距52周高点约$113回落约34%。财报日（3月5日）尚未到来，当前股价是市场在财报前对客户集中度担忧与AI半导体板块情绪压制的综合折价定价。

Today's stock price as of March 3, 2026 is approximately $75, representing a decline of roughly 34% from the 52-week high of approximately $113. The earnings date of March 5 has not yet arrived, and the current price reflects a combined discount applied by the market ahead of the earnings release, driven by concerns over customer concentration and sentiment-driven pressure on the AI semiconductor sector.

本报告将深入拆解Marvell的四大核心投资逻辑、关键催化剂时间节点、华尔街多空双方最新目标价对比，以及我们独立得出的12至24个月目标价区间——数字或许会让你意外。

This report will break down Marvell's four core investment pillars, key catalyst timelines, the latest Wall Street bull and bear target price comparisons, and our independently derived 12- to 24-month target price range — and the numbers may surprise you.