Marvell vs Visa: Revenue, Profit and Business Model
Marvell reported $8.2B of revenue in FY2026 and $2.7B of net income. Visa reported $40B of revenue in FY2025 and $20.1B of net income.
Latest financial snapshot
Financial summary
Marvell
Marvell's revenue was $2.70 billion in fiscal 2020 and $5.77 billion in fiscal 2025, then jumped 42% to $8.195 billion in fiscal 2026 as AI data-center demand ramped. GAAP results were losses from fiscal 2021 through fiscal 2025, mainly due to amortization from the Inphi and Cavium deals and restructuring charges. Fiscal 2026 GAAP net income was $2.67 billion, helped by a pre-tax gain of about $1.8 billion on the $2.5 billion sale of the automotive Ethernet unit to Infineon. In Q2 fiscal 2027 (quarter ended August 1, 2026) revenue was $2.739 billion, GAAP net income $308.0 million ($0.33 per share), non-GAAP EPS $0.94 and operating cash flow $605.5 million. Marvell guided Q3 fiscal 2027 revenue to $3.15 billion, plus or minus 5%.
Visa
Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 2026.
Revenue and profit by year
Marvell
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $8.2B | $2.7B | 32.6% | +42.1% | Source |
| FY2025 | $5.8B | -$885M | -15.3% | +4.7% | Source |
| FY2024 | $5.5B | -$933.4M | -16.9% | -7.0% | Source |
| FY2023 | $5.9B | -$163.5M | -2.8% | +32.7% | Source |
| FY2022 | $4.5B | -$421M | -9.4% | +50.3% | Source |
| FY2021 | $3B | -$277.3M | -9.3% | +10.0% | Source |
| FY2020 | $2.7B | $1.6B | 58.7% | — | Source |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | Source |
Where the revenue comes from
Marvell
- Data Center
74% of FY2026 revenue
Generated $6.1003 billion in fiscal 2026 revenue from custom silicon, networking, optical connectivity, storage, and data-center infrastructure products.
- Communications and Other
26% of FY2026 revenue
Generated $2.0943 billion in fiscal 2026 revenue from carrier, enterprise, automotive legacy, and other communications-related products.
- Direct Customers
57% of FY2026 revenue
Direct customer sales accounted for $4.6304 billion of fiscal 2026 revenue.
- Distributors
43% of FY2026 revenue
Distributor sales accounted for $3.5642 billion of fiscal 2026 revenue.
Visa
- Service revenue
- Data processing revenue
- International transaction revenue
- Value-added services
- Visa Direct
- Fraud and risk tools
Business model and strategy
Marvell
How it makes money
Marvell runs a fabless model: it designs chips and licenses-in or builds IP (SerDes, PAM4 and coherent DSPs, Arm compute subsystems, packaging), while foundries such as TSMC manufacture them. It makes money in two ways. First, it sells standard products, including electro-optics DSPs and drivers for optical modules, Teralynx Ethernet switches, PCIe/CXL retimers, storage controllers and OCTEON processors.
Growth strategy
Marvell's growth plan centers on AI infrastructure. It is expanding custom XPU and XPU-attach programs with large cloud providers, upgrading optical DSPs from 800G to 1.6T and beyond, growing Teralynx switches and retimers, and adding optical scale-up interconnect through Celestial AI.
Competitive advantage
Marvell's edge is breadth of data-center IP. It combines high-speed SerDes, PAM4 and coherent optical DSPs (largely from the 2021 Inphi deal), Ethernet switching, custom ASIC design services and, since 2026, Celestial AI's photonic interconnect technology. That lets it sell several components into the same AI cluster and offer hyperscalers a full custom-chip design and packaging service on advanced TSMC nodes.
Visa
How it makes money
Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…
Growth strategy
Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.
Competitive advantage
Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;
Questions about Marvell vs Visa
Which company has higher revenue — Marvell Technology, Inc. or Visa Inc.?
Marvell Technology, Inc. reported $8.2B (FY2026), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Visa Inc. is the larger business, with Marvell Technology, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Marvell Technology, Inc. vs Visa Inc.?
Marvell Technology, Inc.'s market capitalisation stands at $225.7B, while Visa Inc.'s is $676.0B. Visa Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Marvell Technology, Inc..
Which is more financially efficient — Marvell Technology, Inc. or Visa Inc.?
Marvell Technology, Inc. generates $1.11M / employee in revenue per employee, while Visa Inc. generates $1.17M / employee. Visa Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Marvell Technology, Inc. and Visa Inc. make money?
Marvell Technology, Inc. and Visa Inc. generate revenue in fundamentally different ways. Marvell Technology, Inc.: Marvell runs a fabless model: it designs chips and licenses-in or builds IP (SerDes, PAM4 and coherent DSPs, Arm compute subsystems, packaging), while foundries such as TSMC manufacture them. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.
Which company is valued higher relative to revenue — Marvell Technology, Inc. or Visa Inc.?
On a price-to-sales (P/S) basis, Marvell Technology, Inc. trades at 27.5x P/S and Visa Inc. at 16.9x P/S. Marvell Technology, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Visa Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Marvell Technology, Inc. bigger than Visa Inc.?
By last reported revenue, Visa Inc. ($40.0B (FY2025)) is the larger company compared to Marvell Technology, Inc. ($8.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Marvell vs Visa overview