Marvell Targets Up to $90B Revenue by Fiscal 2031, More Than Double Analyst Consensus

Marvell Technology (MRVL) raised its long-term growth targets at its New York investor day, projecting fiscal 2031 revenue of $70 billion to $90 billion — up to nearly 11 times its fiscal 2026 revenue of $8.2 billion. The forecast far exceeds the roughly $43.8 billion analyst consensus, a 60% to 105% premium; the $80 billion midpoint is about 83% above consensus. Shares rose as much as 7.2% intraday to $290.82 after CEO Matt Murphy unveiled the targets. The stock has gained nearly 250% in 2026 and trades at about 50 times forward 12-month earnings. Under the $80 billion midpoint, Marvell expects $30 billion from custom chips, with customers including Alphabet (GOOGL) and Amazon (AMZN), and $37.5 billion from data center interconnect. The company also lifted its fiscal 2028 revenue target to about $20 billion from $18 billion, above the $18.2 billion LSEG analyst average.