Maravai Lifesciences Holdings IncMaravai Lifesciences Holdings Inc
Maravai Lifesciences Holdings Inc

Maravai Lifesciences Holdings Inc

MRVI
Health Care·Biotechnology

Maravai Lifesciences Holdings, Inc. engages in providing products to enable the development of drug therapies, diagnostics, and novel vaccines and to support research on human diseases. The firm’s brands include TriLink BioTechnologies, Cygnus, Glen Research, and Alphazyme. It operates through the TriLink and Cygnus segments. The TriLink segment manufactures and sells products used in the fields of gene therapy, vaccines, nucleoside chemistry, oligonucleotide therapy and molecular diagnostics, including reagents used in the chemical synthesis, modification, labelling, and purification of deoxyribonucleic acid (DNA) and ribonucleic acid (RNA). The Cygnus segment sells biologic safety testing products and highly specialized analytical products for use in biologic manufacturing process development, including custom product-specific antibody and assay development services. It also operates through the following geographical segments: North America, Asia Pacific, Europe, the Middle East, and Africa, and Latin and Central America. The company was founded by Eric Tardif and Carl W. Hull in March 2014 and is headquartered in San Diego, CA.

California; U.S.A
Market cap
No dataNo data
Revenue
$185.7M−27.5% YoY
Net income
$-130.8M+9.7% YoY
Free cash flow
$-70.7M−218.7% YoY

Market

Listed stock
MRVIPriceNasdaq
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Financial performance

Revenue
$185.7M−27.5% YoY
Operating income
$-215.3M+8.6% YoY
Net income
$-130.8M+9.7% YoY
Free cash flow
$-70.7M−218.7% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $796.6M, 2022 $880.2M, 2023 $286M, 2024 $256.3M, 2025 $185.7M. Operating income: 2021 $554.6M, 2022 $574.2M, 2023 $-31.6M, 2024 $-235.6M, 2025 $-215.3M. Net income: 2021 $182M, 2022 $220.2M, 2023 $-119M, 2024 $-144.8M, 2025 $-130.8M. Free cash flow: 2021 $353.7M, 2022 $518.9M, 2023 $60.7M, 2024 $-22.2M, 2025 $-70.7M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-27.5%−1713 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $554.6M, 2022-12-31 $574.2M, 2023-12-31 $-31.6M, 2024-12-31 $-235.6M, 2025-12-31 $-215.3M. Net income: 2021-12-31 $182M, 2022-12-31 $220.2M, 2023-12-31 $-119M, 2024-12-31 $-144.8M, 2025-12-31 $-130.8M. Free cash flow: 2021-12-31 $353.7M, 2022-12-31 $518.9M, 2023-12-31 $60.7M, 2024-12-31 $-22.2M, 2025-12-31 $-70.7M

Growth heatmap

2022202320242025CAGR
Revenue
+10.5%
-67.5%
-10.4%
-27.5%
-30.5%
Gross profit
+8.4%
-80.7%
-23.2%
-67.8%
-52.3%
Operating income
+3.5%
-105.5%
-644.5%
+8.6%
No data
Free cash flow
+46.7%
-88.3%
-136.6%
-218.7%
No data

Earnings quality

Operating cash flow
$-57.6M−871.2% YoY
Net income
$-130.8M+9.7% YoY
Free cash flow
$-70.7M−218.7% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 44%, 2024-12-31 -5%, 2023-12-31 -106%, 2022-12-31 243%, 2021-12-31 202%. Free cash flow: 2025-12-31 54%, 2024-12-31 15%, 2023-12-31 -51%, 2022-12-31 236%, 2021-12-31 194%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
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Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
No data
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No data
EV / EBITDA
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Free cash flow yield
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