The chipmaker looks expensive on today’s numbers, but the real question is what you are paying for the earnings of tomorrow.

At a glance, Marvell Technology (MRVL) stock looks expensive. Trading at about $277.75, the price is roughly 68.6 times this year’s expected earnings. For many investors, that high multiple is where the analysis stops. But it shouldn’t be.

The Discount Patience Buys You

The story changes when you look a few years out. On the earnings analysts expect by fiscal 2029, that same $277.75 price tag represents a multiple of only about 31.0 times. That is a 55% lower multiple, a discount that accrues on its own as earnings grow into the price. A patient holder isn’t…