MRVIMaravai LifeSciences Holdings, Inc.
Is the business good?
More warning than reassurance: 1 of 9 health tests passed and margins compressing.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MRVI?
Maravai LifeSciences Holdings, Inc. earns −33% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 42 points below what the capital costs: growth destroys value
- Operating margin
- −56%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Share count, year on year
- +2.6%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 7.3%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 42% |
| FY2021 | 69% |
| FY2022 | 65% |
| FY2023 | −11% |
| FY2024 | −91% |
| FY2025 | −116% |
Details›
- Gross margin12 months to Q2 2026
- 35%
- Operating margin12 months to Q2 2026
- −56%
- Net margin12 months to Q2 2026
- −37%
- Free cash flow margin
- −17%
- R&D as % of revenue
- 7.3%
- Revenue, trailing twelve months
- $209M
- Free cash flow, trailing twelve months
- −$36M
- Net income, trailing twelve months
- −$77M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −33%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.