Maravai Lifesciences Holdings, Inc.
MRVI Nasdaq Pharmaceutical Preparations Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$186M
28.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−115.9%
25.0 pts
Net income
Profit after all expenses, interest and tax.
−$131M
Free cash flow
Cash from operations minus capital spending.
−$70.7M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−59.2%
3.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.52 EPS (TTM)
What Maravai Lifesciences Holdings, Inc. does
No business description yet.
- Legal name
- MARAVAI LIFESCIENCES HOLDINGS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001823239-26-000011
0001823239
Revenue and margins
Maravai Lifesciences Holdings, Inc. had $186M of revenue in fiscal 2025, down 28.3% on the year before.
FY19
Revenue $143M
FY20
Revenue $284M
FY21
Revenue $799M
FY22
Revenue $883M
FY23
Revenue $289M
FY24
Revenue $259M
FY25
Revenue $186M
Q3 '23
Revenue $66.9M
Q4 '23
Revenue $74.1M
Q1 '24
Revenue $64.2M
Q2 '24
Revenue $69.4M
Q3 '24
Revenue $69.0M
Q4 '24
Revenue $56.6M
Q1 '25
Revenue $46.9M
Q2 '25
Revenue $47.4M
Q3 '25
Revenue $41.6M
Q4 '25
Revenue $49.9M
Q1 '26
Revenue $65.8M
Q2 '26
Revenue $51.4M
FY19
Gross 53.3%
Operating 16.8%
Net −3.1%
FCF 4.9%
FY20
Gross 72.0%
Operating 42.2%
Net 31.3%
FCF 44.6%
FY21
Gross 82.4%
Operating 69.4%
Net 22.8%
FCF 44.3%
FY22
Gross 80.9%
Operating 65.0%
Net 24.9%
FCF 58.8%
FY23
Gross 48.5%
Operating −11.0%
Net −41.2%
FCF 21.0%
FY24
Gross 41.8%
Operating −90.9%
Net −55.9%
FCF −8.6%
FY25
Gross 18.3%
Operating −115.9%
Net −70.4%
FCF −38.1%
Gross
Operating
Net
FCF
Q3 '23
Gross 45.1%
Operating −23.1%
Net −9.7%
FCF −2.5%
Q4 '23
Gross 52.6%
Operating −9.6%
Net −142.9%
FCF −12.2%
Q1 '24
Gross 40.3%
Operating −29.4%
Net −18.8%
FCF −22.0%
Q2 '24
Gross 44.4%
Operating −19.4%
Net −14.1%
FCF 11.4%
Q3 '24
Gross 46.7%
Operating −239.9%
Net −140.6%
FCF 6.6%
Q4 '24
Gross 34.3%
Operating −66.7%
Net −45.8%
FCF −36.2%
Q1 '25
Gross 16.5%
Operating −104.9%
Net −63.9%
FCF −29.6%
Q2 '25
Gross 16.4%
Operating −139.8%
Net −83.5%
FCF −27.7%
Q3 '25
Gross 13.6%
Operating −98.6%
Net −61.4%
FCF −45.2%
Q4 '25
Gross 25.8%
Operating −117.9%
Net −71.6%
FCF −49.9%
Q1 '26
Gross 51.2%
Operating −3.3%
Net −5.7%
FCF 6.4%
Q2 '26
Gross 40.1%
Operating −29.3%
Net −24.1%
FCF 7.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$4.5M
FY20
Net income $89.0M
FY21
Net income $182M
FY22
Net income $220M
FY23
Net income −$119M
FY24
Net income −$145M
FY25
Net income −$131M
Q3 '23
Net income −$6.5M
Q4 '23
Net income −$106M
Q1 '24
Net income −$12.1M
Q2 '24
Net income −$9.8M
Q3 '24
Net income −$97.1M
Q4 '24
Net income −$25.9M
Q1 '25
Net income −$29.9M
Q2 '25
Net income −$39.6M
Q3 '25
Net income −$25.6M
Q4 '25
Net income −$35.7M
Q1 '26
Net income −$3.7M
Q2 '26
Net income −$12.4M
FY19
Diluted EPS −$0.03
FY20
Diluted EPS $2.36
FY21
Diluted EPS $1.56
FY22
Diluted EPS $1.67
FY23
Diluted EPS −$0.90
FY24
Diluted EPS −$1.05
FY25
Diluted EPS −$0.90
Q3 '23
Diluted EPS −$0.05
Q4 '23
Diluted EPS −$0.80
Q1 '24
Diluted EPS −$0.09
Q2 '24
Diluted EPS −$0.07
Q3 '24
Diluted EPS −$0.68
Q4 '24
Diluted EPS −$0.21
Q1 '25
Diluted EPS −$0.21
Q2 '25
Diluted EPS −$0.27
Q3 '25
Diluted EPS −$0.18
Q4 '25
Diluted EPS −$0.24
Q1 '26
Diluted EPS −$0.02
Q2 '26
Diluted EPS −$0.08
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −3.1%
Return on assets —
FY20
Return on capital 29.9%
Return on equity 76.3%
Return on assets 7.0%
FY21
Return on capital 166.3%
Return on equity 90.1%
Return on assets 11.4%
FY22
Return on capital 116.0%
Return on equity 51.2%
Return on assets 10.5%
FY23
Return on capital −5.6%
Return on equity −24.7%
Return on assets −6.3%
FY24
Return on capital −62.3%
Return on equity −39.0%
Return on assets −11.6%
FY25
Return on capital −59.2%
Return on equity −48.6%
Return on assets −14.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$70.7M in fiscal 2025, −38.1% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $7.0M
FY20
Free cash flow $127M
FY21
Free cash flow $354M
FY22
Free cash flow $519M
FY23
Free cash flow $60.7M
FY24
Free cash flow −$22.2M
FY25
Free cash flow −$70.7M
Q3 '23
Free cash flow −$1.7M
Q4 '23
Free cash flow −$9.0M
Q1 '24
Free cash flow −$14.1M
Q2 '24
Free cash flow $7.9M
Q3 '24
Free cash flow $4.5M
Q4 '24
Free cash flow −$20.5M
Q1 '25
Free cash flow −$13.9M
Q2 '25
Free cash flow −$13.1M
Q3 '25
Free cash flow −$18.8M
Q4 '25
Free cash flow −$24.9M
Q1 '26
Free cash flow $4.2M
Q2 '26
Free cash flow $3.6M
FY19
Cash from operations $24.1M
Capital spending $17.1M
FY20
Cash from operations $152M
Capital spending $25.4M
FY21
Cash from operations $369M
Capital spending $14.9M
FY22
Cash from operations $536M
Capital spending $17.1M
FY23
Cash from operations $126M
Capital spending $65.6M
FY24
Cash from operations $7.5M
Capital spending $29.7M
FY25
Cash from operations −$57.6M
Capital spending $13.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations $14.2M
Capital spending $15.8M
Q4 '23
Cash from operations $7.8M
Capital spending $16.8M
Q1 '24
Cash from operations −$8.5M
Capital spending $5.7M
Q2 '24
Cash from operations $17.4M
Capital spending $9.6M
Q3 '24
Cash from operations $13.1M
Capital spending $8.6M
Q4 '24
Cash from operations −$14.6M
Capital spending $5.8M
Q1 '25
Cash from operations −$9.4M
Capital spending $4.5M
Q2 '25
Cash from operations −$10.3M
Capital spending $2.9M
Q3 '25
Cash from operations −$15.2M
Capital spending $3.7M
Q4 '25
Cash from operations −$22.8M
Capital spending $2.1M
Q1 '26
Cash from operations $8.7M
Capital spending $4.4M
Q2 '26
Cash from operations $4.0M
Capital spending $0.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Maravai Lifesciences Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 4.7%.
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $33.7M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.25B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.26B
FY22
Diluted shares 0.26B
FY23
Diluted shares 0.13B
FY24
Diluted shares 0.14B
FY25
Diluted shares 0.14B
Balance sheet
Cash, debt and the ratios that show how comfortably Maravai Lifesciences Holdings, Inc. can carry it.
FY19
Cash $24.7M
Debt —
FY20
Cash $236M
Debt $535M
FY21
Cash $551M
Debt $531M
FY22
Cash $632M
Debt $527M
FY23
Cash $575M
Debt $557M
FY24
Cash $322M
Debt $328M
FY25
Cash $217M
Debt $323M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $551M | $632M | $575M | $322M | $217M |
| Debt incl. finance leases | $531M | $527M | $557M | $328M | $323M |
| Net debt / EBITDA | −0.0x | −0.2x | — | — | — |
| Debt / equity | 1.7x | 1.0x | 1.3x | 0.9x | 1.4x |
| Interest coverage | 18.3x | 28.1x | −0.7x | −4.9x | −8.0x |
| Current ratio | 7.9x | 7.7x | 8.0x | 7.5x | 6.6x |
| Quick ratio | 7.3x | 7.3x | 7.4x | 6.7x | 5.7x |
| Total assets | $1.9B | $2.3B | $1.5B | $1.0B | $771M |
| Total liabilities | $1.4B | $1.4B | $698M | $431M | $398M |
| Shareholders' equity | $315M | $545M | $417M | $325M | $212M |
| Net debt (− = net cash) | −$20.7M | −$105M | −$18.3M | $5.4M | $106M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Return on assets rose | — | — | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✕ |
| F-score | — / 3 | — / 5 | 8 / 9 | 6 / 9 | 4 / 9 | 4 / 9 | 1 / 9 |
| Accruals ratio | — | −5.0% | −11.7% | −15.0% | −13.0% | −12.2% | −8.2% |
| Altman Z'' | — | 1.76 | 4.71 | 4.81 | 3.81 | 2.10 | 0.87 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $143M | $284M | $799M | $883M | $289M | $259M | $186M |
| Gross profit | $76.3M | $204M | $659M | $714M | $140M | $108M | $34.0M |
| Research and development | $3.6M | $9.3M | $15.2M | $18.4M | $17.3M | $19.2M | $17.4M |
| Operating income | $24.0M | $120M | $555M | $574M | −$31.6M | −$236M | −$215M |
| Interest expense | $30.0M | $30.7M | $30.3M | $20.4M | $45.9M | $47.7M | $27.0M |
| Pretax income | −$5.9M | $81.7M | $531M | $551M | $618M | −$261M | −$235M |
| Income tax | −$0.7M | $2.9M | $61.5M | $60.8M | $756M | −$1.9M | −$4.2M |
| Net income | −$4.5M | $89.0M | $182M | $220M | −$119M | −$145M | −$131M |
| Net income to common | −$8.5M | $76.9M | $182M | $220M | −$119M | −$145M | −$131M |
| Diluted EPS | −$0.03 | $2.36 | $1.56 | $1.67 | −$0.90 | −$1.05 | −$0.90 |
| Diluted shares | 0.25B | 0.03B | 0.26B | 0.26B | 0.13B | 0.14B | 0.14B |
| Cash flow | |||||||
| Cash from operations | $24.1M | $152M | $369M | $536M | $126M | $7.5M | −$57.6M |
| Capital expenditure | $17.1M | $25.4M | $14.9M | $17.1M | $65.6M | $29.7M | $13.1M |
| Free cash flow | $7.0M | $127M | $354M | $519M | $60.7M | −$22.2M | −$70.7M |
| Depreciation and amortization | $3.8M | $5.6M | $6.4M | $7.6M | $12.9M | $20.9M | $23.6M |
| Stock-based compensation | $1.7M | $24.6M | $10.5M | $18.7M | $34.6M | $49.4M | $30.2M |
| Acquisitions | — | — | $0.0M | $239M | $69.6M | $0.0M | $19.0M |
| Share buybacks | $0.0M | $33.7M | $0.0M | $0.0M | — | — | — |
| Dividends and buybacks | $0.0M | $33.7M | $0.0M | $0.0M | — | — | — |
| Balance sheet | |||||||
| Cash and short-term investments | $24.7M | $236M | $551M | $632M | $575M | $322M | $217M |
| Total debt | — | $535M | $531M | $527M | $524M | $296M | $292M |
| Finance lease liabilities | — | — | — | — | $32.5M | $31.9M | $31.1M |
| Current assets | — | $332M | $740M | $848M | $700M | $429M | $296M |
| Current liabilities | — | $131M | $93.8M | $110M | $87.5M | $57.0M | $44.9M |
| Inventory | — | $33.3M | $51.6M | $43.2M | $51.4M | $50.1M | $40.5M |
| Property and equipment, net | — | $101M | $46.3M | $52.7M | $163M | $164M | $151M |
| Goodwill | — | $224M | $153M | $284M | $326M | $160M | $129M |
| Intangible assets | — | $178M | $118M | $217M | $221M | $195M | $152M |
| Total assets | — | $1.3B | $1.9B | $2.3B | $1.5B | $1.0B | $771M |
| Total liabilities | — | $1.1B | $1.4B | $1.4B | $698M | $431M | $398M |
| Shareholders' equity | $145M | $88.5M | $315M | $545M | $417M | $325M | $212M |
| Margins | |||||||
| Gross margin | 53.3% | 72.0% | 82.4% | 80.9% | 48.5% | 41.8% | 18.3% |
| Operating margin | 16.8% | 42.2% | 69.4% | 65.0% | −11.0% | −90.9% | −115.9% |
| EBITDA margin | 19.4% | 44.2% | 70.2% | 65.9% | −6.5% | −82.9% | −103.2% |
| Net margin | −3.1% | 31.3% | 22.8% | 24.9% | −41.2% | −55.9% | −70.4% |
| FCF margin | 4.9% | 44.6% | 44.3% | 58.8% | 21.0% | −8.6% | −38.1% |
| Returns | |||||||
| Return on capital | — | 29.9% | 166.3% | 116.0% | −5.6% | −62.3% | −59.2% |
| Return on capital employed | — | 10.5% | 30.4% | 26.4% | −2.3% | −24.8% | −29.7% |
| Return on equity | −3.1% | 76.3% | 90.1% | 51.2% | −24.7% | −39.0% | −48.6% |
| Return on assets | — | 7.0% | 11.4% | 10.5% | −6.3% | −11.6% | −14.7% |
| Return on tangible equity | −5.9% | — | 403.1% | 490.6% | — | — | — |
| Growth | |||||||
| Revenue growth | — | 98.5% | 181.3% | 10.5% | −67.3% | −10.3% | −28.3% |
| Net income growth | — | — | 104.6% | 21.0% | −154.1% | — | — |
| EPS growth | — | — | −33.9% | 7.1% | −153.9% | — | — |
| FCF growth | — | 1,719.7% | 179.0% | 46.7% | −88.3% | −136.6% | — |
| Share count change | — | −88.6% | 791.8% | −1.0% | −48.3% | 4.5% | 4.7% |
| Financial health | |||||||
| Net debt / EBITDA | — | 2.4x | −0.0x | −0.2x | — | — | — |
| Debt / equity | — | 6.0x | 1.7x | 1.0x | 1.3x | 0.9x | 1.4x |
| Interest coverage | 0.8x | 3.9x | 18.3x | 28.1x | −0.7x | −4.9x | −8.0x |
| Current ratio | — | 2.5x | 7.9x | 7.7x | 8.0x | 7.5x | 6.6x |
| Quick ratio | — | 2.3x | 7.3x | 7.3x | 7.4x | 6.7x | 5.7x |
| Capital allocation | |||||||
| Capex / revenue | 12.0% | 8.9% | 1.9% | 1.9% | 22.7% | 11.4% | 7.1% |
| Stock comp / revenue | 1.2% | 8.7% | 1.3% | 2.1% | 12.0% | 19.1% | 16.2% |
| Payouts / FCF | 0.0% | 26.5% | 0.0% | 0.0% | — | — | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | 8.0 | 6.0 | 4.0 | 4.0 | 1.0 |
| Altman Z'' | — | 1.8 | 4.7 | 4.8 | 3.8 | 2.1 | 0.9 |
| Accruals ratio | — | −5.0% | −11.7% | −15.0% | −13.0% | −12.2% | −8.2% |
Source: SEC EDGAR XBRL filings (CIK 0001823239). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.