Marvell Technology (MRVL) FY2021 results: revenue $3.0 billion, up 10.0% on the year
Marvell Technology, Inc. (MRVL) reported revenue of $3.0 billion for fiscal 2021, the year ended 30 January 2021, up 10.0% on the year before. Net income was -$277 million, and diluted earnings per share $-0.41. The figures are the company's own, from the 10-K it filed with the SEC on 16 March 2021.
Revenue
$3.0 billion
+10.0% on the year
FY2014FY2021
Operating margin
-8.7%
-9.0% a year earlier
FY2014FY2021
Net income
-$277 million
FY2014FY2021
Diluted EPS
-$0.41
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
2,969
2,699
2,866
+10.0%
Cost of revenue
1,481
1,342
1,407
+10.3%
Gross profit
1,488
1,357
1,458
+9.7%
Gross margin
50.1%
50.3%
50.9%
Research and development
1,073
1,080
914
-0.7%
Operating income
-258
-243
43.3
Operating margin
-8.7%
-9.0%
1.5%
Interest expense
69.3
85.6
60.4
-19.1%
Pre-tax income
-322
798
-4.6
Income tax
-44.9
-786
174
Effective tax rate
n/a
-98.5%
n/a
Net income
-277
1,584
-179
Net margin
-9.3%
58.7%
-6.2%
Diluted EPS
-$0.41
$2.34
-$0.30
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
817
360
597
+126.8%
Capital expenditure
107
81.9
75.9
+30.4%
Free cash flow
710
278
521
+155.2%
Free cash flow margin
23.9%
10.3%
18.2%
Cash from investing
-120
559
-1,753
Cash from financing
-597
-854
850
Depreciation and amortisation
198
157
124
+26.3%
Share-based compensation
242
242
184
-0.3%
Buybacks
25.2
364
104
-93.1%
Dividends paid
161
160
148
+0.6%
Dividend per share
$0.24
$0.24
$0.24
0.0%
Diluted shares, weighted
669m
676m
591m
-1.1%
Shares outstanding at period end
675m
663m
659m
+1.8%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
8,436
8,679
7,306
-2.8%
Short-term borrowings
200
0.0
n/a
Debt
1,193
1,439
1,733
-17.1%
Operating lease liabilities
104
116
n/a
-9.8%
Other liabilities
832
900
978
-7.5%
Total liabilities and equity
10,765
11,133
10,017
-3.3%
Fixed assets
326
357
319
-8.7%
Goodwill
5,337
5,337
5,495
-0.0%
Intangible assets
2,271
2,765
2,561
-17.9%
Investments
n/a
n/a
0.0
Cash and equivalents
748
648
582
+15.6%
Receivables
537
492
493
+9.0%
Inventory
268
323
276
-17.0%
Other assets
1,278
1,211
291
+5.5%
Total assets
10,765
11,133
10,017
-3.3%
10-K for the year ended 30 January 2021, filed 16 March 2021: the filing.