Maravai LifeSciences Holdings, Inc.
MRVIHealthcare|Biotechnology|US
$7.52
+0.54 (+7.74%)
DCF Value
$2.43
Tangible Book / Share
$0.54
Cash / Share
$0.49
Financials
Financial Snapshot
Market Cap
$2.13B
Enterprise Value
$2.29B
Revenue (TTM)
$213.0M
Net Income (TTM)
-$65.7M
Cash & Investments
$73.0M
Net Cash
-$152.9M
Free Cash Flow (TTM)
-$12.5M
Operating CF (TTM)
-$5.1M
Debt/Equity
1.15
Cash Runway & Burn Rate
Cash on Hand
$73.0M
Quarterly Burn
$1.3M
Monthly Burn
$424.7K
Est. Runway
~57.3 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $21.9M | $24.7M | $236.2M | $551.3M | $632.1M | $575.0M | $322.4M | $216.9M | $73.0M | |
| Operating Cash Flow | -$186.0K | $24.1M | $152.2M | $368.6M | $536.0M | $126.2M | $7.5M | -$57.6M | -$5.1M | |
| Free Cash Flow | -$3.8M | $7.0M | $126.8M | $353.7M | $518.9M | $60.7M | -$22.2M | -$70.7M | -$12.5M | |
| Capital Expenditure | -$3.6M | -$17.1M | -$25.4M | -$14.8M | -$17.1M | -$65.6M | -$29.7M | -$13.1M | -$7.4M | |
| Financing Cash Flow | -$9.2M | -$4.2M | $53.2M | -$159.0M | -$187.5M | -$61.1M | -$235.7M | -$16.5M | -$157.6M |
R&D Spending
R&D (TTM)
$14.8M
R&D Intensity
6.9%
R&D Growth vs Prior
-36.7%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $123.8M | $143.1M | $284.1M | $799.2M | $883.0M | $288.9M | $259.2M | $185.7M | $213.0M | |
| R&D Expense | $4.5M | $3.6M | $9.3M | $15.2M | $18.4M | $17.3M | $19.2M | $23.3M | $14.8M | |
| R&D % of Revenue | 3.6% | 2.5% | 3.3% | 1.9% | 2.1% | 6.0% | 7.4% | 12.6% | 6.9% | |
| SG&A | $41.2M | $48.4M | $94.2M | $100.1M | $129.3M | $151.4M | $161.8M | $171.5M | $105.1M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $123.8M | $143.1M | $284.1M | $799.2M | $883.0M | $288.9M | $259.2M | $185.7M | $213.0M | |
| Cost of Revenue | $60.8M | $66.8M | $79.6M | $140.6M | $169.0M | $148.7M | $150.9M | $152.4M | $130.2M | |
| Gross Profit | $63.1M | $76.3M | $204.4M | $658.7M | $714.0M | $140.2M | $108.3M | $33.4M | $82.8M | |
| R&D | $4.5M | $3.6M | $9.3M | $15.2M | $18.4M | $17.3M | $19.2M | $23.3M | $14.8M | |
| SG&A | $41.2M | $48.4M | $94.2M | $100.1M | $129.3M | $151.4M | $161.8M | $171.5M | $105.1M | |
| Operating Income | $16.4M | $24.0M | $119.9M | $554.6M | $574.2M | -$31.6M | -$235.6M | -$6.7M | -$40.0M | |
| Interest Expense | $27.4M | $30.0M | $30.7M | $30.3M | $20.4M | $45.9M | $47.7M | $27.0M | $21.1M | |
| Pretax Income | -$16.5M | -$5.9M | $81.7M | $530.8M | $551.5M | $617.7M | -$261.5M | -$235.0M | -$115.4M | |
| Net Income | -$17.7M | -$8.5M | $76.9M | $182.0M | $220.2M | -$119.0M | -$144.8M | -$130.8M | -$65.7M | |
| EPS (Diluted) | -0.20 | -0.05 | 2.36 | 1.56 | 1.67 | -0.90 | -1.05 | -0.91 | -0.45 | |
| EBITDA | $33.2M | $48.2M | $138.3M | $585.8M | $610.0M | $712.4M | -$156.9M | -$147.5M | -$41.0M | |
| Shares Out. (M) | 88.97 | 96.65 | 96.65 | 121.97 | 131.69 | 131.92 | 137.91 | 145.07 | 149.07 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21.9M | $24.7M | $236.2M | $551.3M | $632.1M | $575.0M | $322.4M | $216.9M | $73.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $53.8M | $60.6M | $331.6M | $740.0M | $847.9M | $699.9M | $429.1M | $296.3M | $154.0M | |
| Total Assets | $539.7M | $577.8M | $1.27B | $1.92B | $2.28B | $1.49B | $1.01B | $770.6M | $600.1M | |
| Total Current Liabilities | $35.9M | $29.6M | $130.8M | $93.8M | $110.1M | $87.5M | $57.0M | $44.9M | $33.1M | |
| Long-Term Debt | $335.6M | $334.8M | $528.6M | $524.6M | $522.0M | $518.7M | $290.5M | $30.1M | $145.7M | |
| Total Liabilities | $391.7M | $433.2M | $1.12B | $1.37B | $1.38B | $697.6M | $431.0M | $397.9M | $259.9M | |
| Stockholders' Equity | $144.4M | $141.4M | $88.5M | $315.5M | $545.2M | $416.8M | $325.3M | $212.4M | $195.9M | |
| Retained Earnings | -$38.2M | -$42.4M | $854.0K | $184.6M | $404.8M | $285.7M | $140.9M | $10.1M | -$19.9M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$186.0K | $24.1M | $152.2M | $368.6M | $536.0M | $126.2M | $7.5M | -$57.6M | -$5.1M | |
| Capital Expenditure | -$3.6M | -$17.1M | -$25.4M | -$14.8M | -$17.1M | -$65.6M | -$29.7M | -$13.1M | -$7.4M | |
| Free Cash Flow | -$3.8M | $7.0M | $126.8M | $353.7M | $518.9M | $60.7M | -$22.2M | -$70.7M | -$12.5M | |
| Investing Cash Flow | -$3.5M | -$17.1M | $6.1M | $105.7M | -$267.6M | -$122.3M | -$24.3M | -$31.4M | -$7.4M | |
| Financing Cash Flow | -$9.2M | -$4.2M | $53.2M | -$159.0M | -$187.5M | -$61.1M | -$235.7M | -$16.5M | -$157.6M | |
| Issuance of Stock | $0.00 | $0.00 | $1.76B | $1.7M | $2.4M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | -$9.0K | -$227.0K | -$1.46B | $0.00 | $0.00 | -$20.0K | -$2.1M | $0.00 | $0.00 | |
| Net Debt Issuance | $55.4M | -$2.6M | $196.9M | -$6.0M | -$5.4M | -$5.8M | -$234.1M | -$5.4M | -$148.6M | |
| Stock Based Comp. | $2.1M | $1.7M | $24.6M | $10.5M | $18.7M | $34.6M | $49.4M | $0.00 | $27.1M | |
| Net Change in Cash | -$12.9M | $2.8M | $211.5M | $315.1M | $80.9M | -$57.2M | -$252.6M | -$105.5M | -$170.1M |
Dilution Tracker
Shares outstanding grew 50.1% over 5 years — significant dilution
Shares Outstanding
149M
5-Year Share Growth
+50.1%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 88.97 | 96.65 | 96.65 | 121.97 | 131.69 | 131.92 | 137.91 | 145.07 | 149.07 | |
| Change vs Prior % | — | 8.6% | 0.0% | 26.2% | 8.0% | 0.2% | 4.5% | 5.2% | 2.8% | |
| Stock Issuance | $0.00 | $0.00 | $1.76B | $1.7M | $2.4M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | -$9.0K | -$227.0K | -$1.46B | $0.00 | $0.00 | -$20.0K | -$2.1M | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $1.7M | $24.6M | $10.5M | $18.7M | $34.6M | $49.4M | $0.00 | $27.1M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 50.9% | 53.3% | 72.0% | 82.4% | 80.9% | 48.5% | 41.8% | 18.0% | 38.9% | |
| Operating Margin % | 13.3% | 16.8% | 42.2% | 69.4% | 65.0% | -11.0% | -90.9% | -3.6% | -18.8% | |
| Net Margin % | -14.3% | -5.9% | 27.1% | 22.8% | 24.9% | -41.2% | -55.9% | -70.4% | -30.8% | |
| EBITDA Margin % | 26.8% | 33.7% | 48.7% | 73.3% | 69.1% | 246.6% | -60.5% | -79.4% | -19.2% | |
| FCF Margin % | -3.1% | 4.9% | 44.6% | 44.3% | 58.8% | 21.0% | -8.6% | -38.1% | -5.9% | |
| ROE % | -12.3% | -6.0% | 86.9% | 57.7% | 40.4% | -28.6% | -44.5% | -61.6% | -31.9% | |
| ROA % | -3.3% | -1.5% | 6.1% | 9.5% | 9.6% | -8.0% | -14.4% | -17.0% | -10.9% | |
| ROIC % | 3.2% | 3.9% | 10.1% | 26.7% | 23.4% | 0.5% | -24.2% | -0.9% | -7.0% | |
| R&D / Revenue % | 3.6% | 2.5% | 3.3% | 1.9% | 2.1% | 6.0% | 7.4% | 12.6% | 6.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 15.6% | 98.5% | 181.3% | 10.5% | -67.3% | -10.3% | -28.3% | |
| Gross Profit | 0.0% | 21.0% | 168.0% | 222.2% | 8.4% | -80.4% | -22.7% | -69.2% | |
| Operating Income | 0.0% | 45.9% | 399.8% | 362.6% | 3.5% | -105.5% | -644.5% | 97.1% | |
| Net Income | 0.0% | 52.1% | 1006.1% | 136.8% | 21.0% | -154.1% | -21.7% | 9.7% | |
| EPS (Diluted) | 0.0% | 73.1% | 4486.6% | -33.9% | 7.1% | -153.9% | -16.7% | 13.3% | |
| Operating Cash Flow | 0.0% | 13065.1% | 531.1% | 142.2% | 45.4% | -76.4% | -94.1% | -871.2% | |
| Free Cash Flow | 0.0% | 283.5% | 1719.7% | 179.0% | 46.7% | -88.3% | -136.6% | -218.7% | |
| R&D Expense | 0.0% | -19.4% | 156.5% | 63.6% | 20.7% | -5.9% | 11.2% | 21.4% | |
| SG&A Expense | 0.0% | 17.4% | 94.9% | 6.2% | 29.2% | 17.1% | 6.9% | 6.0% | |
| Total Assets | 0.0% | 7.1% | 119.9% | 51.0% | 19.0% | -34.8% | -32.2% | -23.6% | |
| Book Value / Share | 0.0% | -10.1% | 7.0% | 196.7% | 44.8% | -13.0% | -30.1% | -38.6% | |
| Debt | 0.0% | 14.8% | 51.4% | -2.6% | 1.7% | 4.4% | -38.3% | -90.6% | |
| Diluted Shares | 0.0% | 8.6% | 0.0% | 26.2% | 8.0% | 0.2% | 4.5% | 5.2% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High3.78 / 8.57 / 26.35
P/S10.01
10Y Low / Med / High2.13 / 6.02 / 21.45
P/B5.72
10Y Low / Med / High2.07 / 15.24 / 30.63
EV/EBITDAAt Loss
10Y Low / Med / High2.36 / 39.89 / 161.62
EV/Revenue10.73
10Y Low / Med / High3.86 / 11.49 / 43.39
P/FCFAt Loss
10Y Low / Med / High3.63 / 14.24 / 414.08
Intrinsic Value Models (per share)
DCF Value
$2.43
Tangible Book / Share
$0.54
Cash / Share
$0.49
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -149.25 | -554.83 | 3.78 | 26.35 | 8.57 | -7.28 | -5.19 | -3.57 | -16.88 | |
| P/S Ratio | 21.45 | 20.15 | 9.54 | 6.02 | 2.13 | 2.99 | 2.90 | 2.54 | 10.01 | |
| P/B Ratio | 18.39 | 20.40 | 30.63 | 15.24 | 3.45 | 2.07 | 2.31 | 2.22 | 5.72 | |
| EV/EBITDA | 161.62 | 121.55 | 39.89 | 15.67 | 5.80 | 2.36 | -9.46 | -4.86 | -55.82 | |
| EV/Revenue | 43.39 | 40.92 | 19.41 | 11.49 | 4.01 | 5.82 | 5.73 | 3.86 | 10.73 |
Analyst Estimates & Quality
Altman Z-Score
4.96
Safe
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $212.7M | $224.9M | $239.5M |
| Net Income | -$12.9M | -$14.9M | -$9.0M |
| EPS | $-0.09 | $-0.08 | $-0.06 |
| # Analysts (EPS) | 3 | 5 | 2 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Shipping and Handling | $3.6M | $3.2M | — | — | $4.3M |
| Biologics Safety Testing Segment | — | — | $64.2M | $62.8M | — |
| Nucleic Acid Production Segment | — | — | $224.8M | $196.3M | — |
By Geography
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| Asia Pacific | $97.4M | $89.4M | $41.5M |
| EMEA | $49.9M | $42.1M | $30.9M |
| Latin And Central America | $527.0K | $662.0K | $971.0K |
| North America | $141.1M | $127.1M | $112.4M |