Marvell Technology, Inc. and Monolithic Power Systems, Inc. are two prominent players in the semiconductor industry, each specializing in innovative chip solutions that power modern electronics. While Marvell focuses on integrated circuits for data infrastructure, Monolithic Power excels in power management ICs for diverse markets. Their overlapping technology domains and distinct innovation strategies make this comparison essential. Join me as we identify which company presents the most compelling investment opportunity in 2026.
Table of contents
Companies Overview
I will begin the comparison between Marvell Technology and Monolithic Power Systems by providing an overview of these two companies and their main differences.
Marvell Technology Overview
Marvell Technology, Inc. specializes in designing, developing, and selling analog, mixed-signal, digital signal processing, and integrated circuits. Its product portfolio includes Ethernet solutions, storage controllers, and application processors, targeting sectors such as networking and data storage. Founded in 1995 and headquartered in Wilmington, Delaware, Marvell operates globally with a workforce of 7,042 employees and maintains a strong presence in the semiconductor industry.
Monolithic Power Systems Overview
Monolithic Power Systems, Inc. focuses on semiconductor-based power electronics solutions across computing, automotive, industrial, and communications markets. It offers DC to DC integrated circuits for voltage conversion and lighting control ICs for backlighting applications. Established in 1997 and based in Kirkland, Washington, the company employs 4,017 people and sells products internationally through distributors and direct channels, emphasizing power management in electronic systems.
Key similarities and differences
Both companies operate in the semiconductor industry and serve global markets with specialized integrated circuits. Marvell emphasizes networking and storage solutions, while Monolithic Power Systems targets power electronics and lighting control applications. Marvell has a larger workforce and market capitalization ($69.3B vs. $48.4B), whereas Monolithic Power Systems concentrates on voltage conversion and power management ICs, reflecting distinct niches within the broader semiconductor sector.
Income Statement Comparison
This table compares key income statement metrics for Marvell Technology, Inc. and Monolithic Power Systems, Inc. for their most recent fiscal years.
| Metric | Marvell Technology, Inc. (MRVL) | Monolithic Power Systems, Inc. (MPWR) |
|---|---|---|
| Market Cap | 69.3B | 48.4B |
| Revenue | 5.77B (2025) | 2.21B (2024) |
| EBITDA | 652M (2025) | 576M (2024) |
| EBIT | -705M (2025) | 539M (2024) |
| Net Income | -885M (2025) | 1.79B (2024) |
| EPS | -1.02 (2025) | 36.76 (2024) |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
Marvell Technology, Inc.
Marvell’s revenue nearly doubled from 2021 to 2025, showing favorable growth, but net income remained negative and declined overall. Gross margins stayed reasonably stable around 41%, which is favorable, yet EBIT and net margins were consistently negative, reflecting ongoing profitability challenges. The latest fiscal year saw a slight revenue increase of 4.7%, but EBIT dropped nearly 29%, indicating margin pressures despite modest growth.
Monolithic Power Systems, Inc.
Monolithic Power Systems demonstrated strong and consistent revenue growth of 161% over five years, with impressive net income growth close to 987%. Margins improved steadily, with gross margin at 55% and a healthy EBIT margin above 24%, all favorable indicators. The 2024 fiscal year reflected solid 21% revenue growth accompanied by a significant increase in net margin and EPS, highlighting robust profitability expansion.
Which one has the stronger fundamentals?
Comparing fundamentals, Monolithic Power Systems shows a clear advantage with highly favorable trends across revenue, profitability, and margins, alongside substantial net income growth and positive operating metrics. Marvell, while growing revenue, struggles with sustained losses and unfavorable profitability margins, marking a less stable financial position during the period analyzed.
Financial Ratios Comparison
The following table presents a side-by-side comparison of key financial ratios for Marvell Technology, Inc. and Monolithic Power Systems, Inc. based on their most recent fiscal year data.
| Ratios | Marvell Technology, Inc. (MRVL) | Monolithic Power Systems, Inc. (MPWR) |
|---|---|---|
| ROE | -6.59% | 56.80% |
| ROIC | -3.88% | 16.22% |
| P/E | -110.37 | 16.09 |
| P/B | 7.27 | 9.14 |
| Current Ratio | 1.54 | 5.31 |
| Quick Ratio | 1.03 | 3.89 |
| D/E (Debt-to-Equity) | 0.32 | 0.005 |
| Debt-to-Assets | 21.50% | 0.44% |
| Interest Coverage | -3.80 | 0 |
| Asset Turnover | 0.29 | 0.61 |
| Fixed Asset Turnover | 5.56 | 4.17 |
| Payout ratio | -23.45% | 13.47% |
| Dividend yield | 0.21% | 0.84% |
Interpretation of the Ratios
Marvell Technology, Inc.
Marvell Technology shows a mixed financial profile with 42.86% favorable ratios and 57.14% unfavorable ones, leading to an overall unfavorable opinion. Key concerns include negative net margin (-15.35%), negative return on equity (-6.59%), and poor interest coverage (-3.72). The company pays a modest dividend with a 0.21% yield, but the dividend appears under pressure given the weak coverage and unfavorable profitability metrics.
Monolithic Power Systems, Inc.
Monolithic Power Systems presents a stronger ratio profile with 57.14% favorable and only 28.57% unfavorable ratios, resulting in a favorable overall opinion. The firm boasts a robust net margin of 80.95%, high return on equity (56.8%), and solid interest coverage. Despite a 0.84% dividend yield, the dividend is marked unfavorable, possibly due to payout sustainability concerns or capital allocation priorities.
Which one has the best ratios?
Monolithic Power Systems displays the best ratio profile, supported by superior profitability, leverage, and coverage metrics. Marvell Technology’s ratios indicate underlying financial challenges, including losses and weak returns, which weigh on its overall assessment. The disparity in dividend yield status further reflects differing financial health and shareholder return dynamics.
Strategic Positioning
This section compares the strategic positioning of Marvell Technology and Monolithic Power Systems, including their market position, key segments, and exposure to technological disruption:
Marvell Technology, Inc.
- Well-established in semiconductors with diverse competitive pressures globally.
- Diversified segments: Data Center, Enterprise Networking, Carrier, Automotive.
- Exposure to disruption through evolving integrated circuits and networking tech.
Monolithic Power Systems, Inc.
- Focused semiconductor power electronics provider with moderate competition.
- Concentrated on DC to DC and lighting control products across markets.
- Faces disruption risks in power electronics and voltage control IC markets.
Marvell Technology vs Monolithic Power Systems Positioning
Marvell has a diversified portfolio across multiple semiconductor segments, offering broader market reach but higher complexity. Monolithic Power Systems concentrates on power electronics, enabling focused innovation but narrower exposure. Both operate globally with differing scale and specialization.
Which has the best competitive advantage?
Monolithic Power Systems shows a very favorable moat with growing ROIC and efficient capital use, indicating a durable competitive advantage. Marvell’s declining ROIC and value destruction reflect a very unfavorable moat and weaker competitive positioning.
Stock Comparison
The stock price movements of Marvell Technology, Inc. and Monolithic Power Systems, Inc. over the past 12 months reveal significant bullish trends with contrasting recent trading dynamics and volatility profiles.
Trend Analysis
Marvell Technology, Inc. showed an 18.94% price increase over the past year, indicating a bullish trend with deceleration. The stock ranged from $49.43 to $124.76, exhibiting moderate volatility with a standard deviation of 16.46.
Monolithic Power Systems, Inc. recorded a 39.99% gain over the same period, reflecting a bullish trend with acceleration. The stock experienced higher volatility, with prices between $477.39 and $1074.91 and a standard deviation of 135.81.
Comparing both, Monolithic Power Systems delivered the highest market performance with a stronger bullish trend and greater price appreciation over the past year.
Target Prices
Analyst consensus presents promising upside potential for both Marvell Technology, Inc. and Monolithic Power Systems, Inc.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Marvell Technology, Inc. | 156 | 80 | 117 |
| Monolithic Power Systems, Inc. | 1375 | 1025 | 1187.5 |
The consensus target prices for Marvell Technology and Monolithic Power Systems exceed their current stock prices of 80.38 and 1009.54, respectively, indicating analyst expectations of notable growth potential.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Marvell Technology, Inc. and Monolithic Power Systems, Inc.:
Rating Comparison
MRVL Rating
- Rating: B+ indicating a very favorable overall assessment.
- Discounted Cash Flow Score: Moderate with a score of 3, showing average valuation.
- ROE Score: Favorable at 4, indicating efficient profit generation from equity.
- ROA Score: Very favorable with a top score of 5, showing excellent asset use.
- Debt To Equity Score: Moderate at 2, indicating moderate financial risk.
- Overall Score: Moderate at 3, reflecting a balanced financial standing.
MPWR Rating
- Rating: A- reflecting a very favorable overall assessment.
- Discounted Cash Flow Score: Moderate at 3, suggesting similar valuation level.
- ROE Score: Very favorable at 5, demonstrating superior profit efficiency.
- ROA Score: Very favorable at 5, matching MRVL’s effective asset utilization.
- Debt To Equity Score: Very favorable at 5, indicating strong balance sheet.
- Overall Score: Favorable at 4, denoting stronger financial health overall.
Which one is the best rated?
Based strictly on the provided data, MPWR is better rated overall with an A- rating and higher scores in ROE, debt to equity, and overall score compared to MRVL’s B+ rating and moderate overall score.
Scores Comparison
The scores comparison between Marvell Technology, Inc. (MRVL) and Monolithic Power Systems, Inc. (MPWR) is as follows:
MRVL Scores
- Altman Z-Score: 6.76, indicating a safe zone and low bankruptcy risk.
- Piotroski Score: 7, showing strong financial health and value potential.
MPWR Scores
- Altman Z-Score: 46.83, indicating a safe zone and very low bankruptcy risk.
- Piotroski Score: 4, reflecting average financial strength and value potential.
Which company has the best scores?
MPWR has a notably higher Altman Z-Score, suggesting stronger bankruptcy safety, while MRVL shows a significantly better Piotroski Score, indicating stronger overall financial health. Both scores highlight different strengths based on provided data.
Grades Comparison
Here is a comparison of the recent grades assigned to Marvell Technology, Inc. and Monolithic Power Systems, Inc.:
Marvell Technology, Inc. Grades
The following table shows the latest grades from recognized grading companies for Marvell Technology, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Rosenblatt | Maintain | Buy | 2026-01-07 |
| Melius Research | Upgrade | Buy | 2026-01-05 |
| Benchmark | Downgrade | Hold | 2025-12-08 |
| B. Riley Securities | Maintain | Buy | 2025-12-03 |
| JP Morgan | Maintain | Overweight | 2025-12-03 |
| Susquehanna | Maintain | Positive | 2025-12-03 |
| Benchmark | Maintain | Buy | 2025-12-03 |
| Oppenheimer | Maintain | Outperform | 2025-12-03 |
| Stifel | Maintain | Buy | 2025-12-03 |
| Rosenblatt | Maintain | Buy | 2025-12-03 |
Marvell Technology’s grades show a strong bias toward Buy ratings, with only one recent Hold downgrade, indicating generally positive analyst sentiment.
Monolithic Power Systems, Inc. Grades
Here are the latest grades from verified grading companies for Monolithic Power Systems, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Truist Securities | Maintain | Buy | 2025-12-19 |
| Citigroup | Maintain | Buy | 2025-11-03 |
| TD Cowen | Maintain | Buy | 2025-10-31 |
| Keybanc | Maintain | Overweight | 2025-10-31 |
| Rosenblatt | Maintain | Neutral | 2025-10-31 |
| Keybanc | Maintain | Overweight | 2025-10-23 |
| Wells Fargo | Maintain | Equal Weight | 2025-10-20 |
| Stifel | Maintain | Buy | 2025-10-17 |
| Wolfe Research | Upgrade | Outperform | 2025-10-14 |
| Citigroup | Maintain | Buy | 2025-10-03 |
Monolithic Power Systems has a majority of Buy and Overweight ratings, with some Neutral and Equal Weight grades, reflecting a cautiously positive consensus.
Which company has the best grades?
Both companies have a consensus “Buy” rating, but Marvell Technology, Inc. shows a higher frequency of Buy and Outperform grades with fewer Neutral or Hold ratings compared to Monolithic Power Systems, Inc. This suggests Marvell may have stronger analyst confidence, potentially influencing investors seeking comparatively more bullish stock assessments.
Strengths and Weaknesses
Below is a comparison of key strengths and weaknesses for Marvell Technology, Inc. (MRVL) and Monolithic Power Systems, Inc. (MPWR) based on the most recent financial and operational data.
| Criterion | Marvell Technology, Inc. (MRVL) | Monolithic Power Systems, Inc. (MPWR) |
|---|---|---|
| Diversification | Moderate: Revenue spread across Data Center (4.16B), Enterprise Networking (626M), Carrier Infrastructure (338M), Automotive & Industrial (322M), Consumer (316M) | Focused: Mainly DC to DC Products (1.72B) with minor Lighting Control segment (102M) |
| Profitability | Unfavorable: Negative net margin (-15.35%), negative ROIC (-3.88%), and declining profitability trend | Favorable: High net margin (80.95%), strong ROIC (16.22%), and growing profitability trend |
| Innovation | Moderate: Fixed asset turnover is strong (5.56), but overall value creation is negative indicating challenges in capital efficiency | Strong: Efficient capital use and innovation supported by growing ROIC and favorable interest coverage |
| Global presence | Significant in Data Center and Networking markets, but weakening financials suggest challenges | Growing global presence with durable competitive advantage and increasing profitability |
| Market Share | Declining profitability and value destruction suggest weakening market position | Durable competitive advantage with value creation and strong market position |
Key takeaways: Monolithic Power Systems demonstrates robust profitability, efficient capital use, and a strong competitive moat, making it a compelling investment choice. Marvell Technology faces significant profitability challenges and value destruction despite diversified revenue streams, warranting cautious consideration.
Risk Analysis
Below is a comparative risk table for Marvell Technology, Inc. (MRVL) and Monolithic Power Systems, Inc. (MPWR) based on the most recent data available for 2025 and 2024 respectively:
| Metric | Marvell Technology, Inc. (MRVL) | Monolithic Power Systems, Inc. (MPWR) |
|---|---|---|
| Market Risk | High beta 1.945, volatile price range (47.09-127.48) | Moderate beta 1.456, wide price range (438.86-1123.38) |
| Debt level | Moderate debt-to-equity 0.32, debt-to-assets 21.5% | Very low debt-to-equity 0.01, debt-to-assets 0.44% |
| Regulatory Risk | Exposure to multiple countries including China with potential trade tensions | Global presence with some exposure to regulatory changes, but less debt risk mitigates impact |
| Operational Risk | Negative net margin (-15.35%) and negative interest coverage (-3.72) indicate operational challenges | Strong net margin (80.95%) and infinite interest coverage indicate operational robustness |
| Environmental Risk | No specific data, semiconductor industry has moderate environmental concerns | Same industry risks, but smaller size and diversified markets may reduce impact |
| Geopolitical Risk | Significant operations in Asia including China, Taiwan, and Southeast Asia | Similar geographic exposure but with less leverage and stronger financials to absorb shocks |
Marvell faces the most impactful risks in operational performance with negative profitability and interest coverage, increasing financial vulnerability despite moderate debt levels. Market volatility is also higher, with significant geopolitical exposure in Asia. In contrast, Monolithic Power Systems shows robust operational metrics and very low debt, mitigating financial and geopolitical risks, though it still faces typical semiconductor sector uncertainties. I advise cautious monitoring of Marvell’s turnaround efforts and risk mitigation, while MPWR appears more resilient for investors prioritizing stability.
Which Stock to Choose?
Marvell Technology, Inc. (MRVL) shows modest revenue growth of 4.71% in 2025 but suffers from declining profitability, with negative net margin (-15.35%) and returns (ROE -6.59%). Its debt levels are moderate with a favorable debt-to-equity ratio, though overall financial ratios and income statement are unfavorable, reflected in a very unfavorable moat and a moderate rating of B+.
Monolithic Power Systems, Inc. (MPWR) demonstrates strong income growth of 21.2% in 2024, excellent profitability with a net margin of 80.95%, and robust returns (ROE 56.8%). The company maintains low debt and favorable financial ratios overall, supported by a very favorable moat and a strong rating of A-, despite some moderate valuation concerns.
Investors prioritizing durable profitability and value creation might view MPWR as more favorable given its strong moat and financial health, while those focused on potential growth amid current challenges could interpret MRVL’s improving revenue and moderate rating as signals to observe further developments.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Marvell Technology, Inc. and Monolithic Power Systems, Inc. to enhance your investment decisions:
