MRVI Healthcare

Maravai LifeSciences Holdings, Inc.

$7.45+3.62%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 2.8B USD
Enterprise value: 2.6B USD
Full-time employees: 415

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: more debt relative to equity (0.72× vs a peer median of 0.22×)more debt vs equity (0.72× vs peers 0.22×)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,092 of 1,157 healthcare companies (bottom 6%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 16% of revenue in 2025.
Maravai LifeSciences paid employees $30M in stock in 2025, 16% of its $186M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 7.1% of revenue, up from 1.9% in 2022.
Maravai LifeSciences is spending 7.1% of revenue on facilities and equipment, up from 1.9% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
Maravai LifeSciences's fiscal-year revenue declined in each of the three years to 2025.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Maravai LifeSciences looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

22/ 100▲ 1 since Oct 27 close

Oct 5 21 → Nov 4 22 (+1)

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.8%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-2.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-1.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield7.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

14/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-27.3%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.70Sector median: 0.0584 · MAD: 0.0840

Revenue growth-5.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.14Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

21/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 26.1 points to -56.1%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-56.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.19Sector median: 0.0706 · MAD: 0.1217

Return on assets-12.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.70Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-32.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.74Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin34.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-37.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Debt down 39%

Why

Mixed versus peers:

▲ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.54

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.24Sector median: 0.6250 · MAD: 0.3380

Current ratio4.05×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.06Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.72×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.44Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Maravai LifeSciences

Is Maravai LifeSciences getting weaker?: Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 26.1 points to -56.1%; debt down 39%. Its overall score is 22/100, up 1 since Oct 28, 2026.
How is Maravai LifeSciences valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -2.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.8% vs peers 1.5% (weaker than 100% of peers).
Is Maravai LifeSciences growing?: More slowly than most of its peers. Growth scores 14/100 against 1,393 healthcare peers. 3-year revenue growth -27.3% vs a peer median of 5.8% (weaker than 100% of peers).3-year revenue growth -27.3% vs peers 5.8% (weaker than 100% of peers).
How profitable is Maravai LifeSciences?: Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Operating margin -56.1% vs a peer median of 7.1% (weaker than 84% of peers).Operating margin -56.1% vs peers 7.1% (weaker than 84% of peers).
How risky is Maravai LifeSciences?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 4.05× vs a peer median of 2.59× (stronger than 67% of peers).Current ratio 4.05× vs peers 2.59× (stronger than 67% of peers). Debt / equity 0.72× vs a peer median of 0.22× (weaker than 75% of peers).Debt / equity 0.72× vs peers 0.22× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 26.1 points to -56.1%
Debt down 39%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	204.7M USD	208.8M USD	+2.0%
Net income (12 months)	−104.6M USD	−77.4M USD	−26.0%
Operating margin	-82.2%	-56.1%	+26.1 pts
Free cash flow (12 months)	−52.6M USD	−35.8M USD	−31.9%
Debt	241.0M USD	147.1M USD	−39.0%
Cash	165.9M USD	70.1M USD	−57.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	—	48.5%	41.8%	18.3%	▼ 23 pts
Operating margin	69.4%	65.0%	-11.0%	-90.9%	-115.9%	▼ 25 pts
Net margin	22.8%	24.9%	-41.2%	-55.9%	-70.4%	▼ 15 pts
Return on assets (ROA)	9.5%	9.6%	-8.0%	-14.4%	-17.0%	▼ 2.6 pts
Return on equity (ROE)	57.7%	40.4%	-28.6%	-44.5%	-61.6%	▼ 17 pts
Free cash flow margin	44.3%	58.8%	21.0%	-8.6%	-38.1%	▼ 30 pts
Current ratio	7.89×	7.70×	8.00×	7.53×	6.60×	▼ 12%
Quick ratio	7.34×	7.31×	7.41×	6.65×	5.69×	▼ 14%
Debt to equity	1.68×	0.97×	1.26×	0.91×	1.37×	▲ 51%
Interest coverage	18.33×	28.13×	-0.69×	-4.94×	-7.98×	▼ 61%

MRVI price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: more debt relative to equity (0.72× vs a peer median of 0.22×)more debt vs equity (0.72× vs peers 0.22×)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,092 of 1,157 healthcare companies (bottom 6%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 16% of revenue in 2025.

Maravai LifeSciences paid employees $30M in stock in 2025, 16% of its $186M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 7.1% of revenue, up from 1.9% in 2022.

Maravai LifeSciences is spending 7.1% of revenue on facilities and equipment, up from 1.9% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.

Maravai LifeSciences's fiscal-year revenue declined in each of the three years to 2025.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Maravai LifeSciences looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Maravai LifeSciences

Is Maravai LifeSciences getting weaker?

Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 26.1 points to -56.1%; debt down 39%. Its overall score is 22/100, up 1 since Oct 28, 2026.

How is Maravai LifeSciences valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -2.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2.8% vs peers 1.5% (weaker than 100% of peers).

Is Maravai LifeSciences growing?

More slowly than most of its peers. Growth scores 14/100 against 1,393 healthcare peers. 3-year revenue growth -27.3% vs a peer median of 5.8% (weaker than 100% of peers).3-year revenue growth -27.3% vs peers 5.8% (weaker than 100% of peers).

How profitable is Maravai LifeSciences?

Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Operating margin -56.1% vs a peer median of 7.1% (weaker than 84% of peers).Operating margin -56.1% vs peers 7.1% (weaker than 84% of peers).

How risky is Maravai LifeSciences?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 4.05× vs a peer median of 2.59× (stronger than 67% of peers).Current ratio 4.05× vs peers 2.59× (stronger than 67% of peers). Debt / equity 0.72× vs a peer median of 0.22× (weaker than 75% of peers).Debt / equity 0.72× vs peers 0.22× (weaker than 75% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

204.7M USD

208.8M USD

+2.0%

Net income (12 months)

−104.6M USD

−77.4M USD

−26.0%

Operating margin

-82.2%

-56.1%

+26.1 pts

Free cash flow (12 months)

−52.6M USD

−35.8M USD

−31.9%

Debt

241.0M USD

147.1M USD

−39.0%

Cash

165.9M USD

70.1M USD

−57.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

48.5%

41.8%

18.3%

▼ 23 pts

Operating margin

69.4%

65.0%

-11.0%

-90.9%

-115.9%

▼ 25 pts

Net margin

22.8%

24.9%

-41.2%

-55.9%

-70.4%

▼ 15 pts

Return on assets (ROA)

9.5%

9.6%

-8.0%

-14.4%

-17.0%

▼ 2.6 pts

Return on equity (ROE)

57.7%

40.4%

-28.6%

-44.5%

-61.6%

▼ 17 pts

Free cash flow margin

44.3%

58.8%

21.0%

-8.6%

-38.1%

▼ 30 pts

Current ratio

7.89×

7.70×

8.00×

7.53×

6.60×

▼ 12%

Quick ratio

7.34×

7.31×

7.41×

6.65×

5.69×

▼ 14%

Debt to equity

1.68×

0.97×

1.26×

0.91×

1.37×

▲ 51%

Interest coverage

18.33×

28.13×

-0.69×

-4.94×

-7.98×

▼ 61%