Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Maravai Lifesciences Holdings, Inc. (MRVI)
A forensic read on Maravai Lifesciences Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
5.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-13.0
P / E (ttm)
-61.6%
ROE
$1.9B
Market cap
0.00%
Dividend yield
-28.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Maravai Lifesciences Holdings, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 5.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-33.1%
FY2025
Return on invested capital.Return on invested capital is -33.1% in the latest fiscal year and slipping across FY2023–FY2025 from -2.5%. After-tax operating profit was ($21M) in FY2023 and ($170M) in FY2025, with operating income at -11.0% of revenue in FY2023, -90.9% in FY2024 and -115.9% in FY2025. The capital base behind it came down -38% across FY2023–FY2025, from $830M to $514M, so this is a return struck on a smaller base rather than a record of money put to work. FY2025's operating profit carried a $85M asset write-down, a $43M goodwill write-off and a $18M restructuring charge that alone took about 22.3 points off that year's return, so about 22.3 of the 30.6-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $166M asset write-down, a $166M goodwill write-off and a $1M restructuring charge that alone took about 41.5 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+4.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +9% over the last 2 years to FY2025 (+4.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~9%.
16% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 16% of revenue in FY2025 — about $0.21 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 4.6% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$185.7M
Revenue Growth YoY-28.3%
Revenue CAGR (2yr)-19.8%
Net Margin-70.4%
Free Cash Flow-$70.7M
Return on Equity-61.6%
Debt / Equity1.37x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Maravai Lifesciences Holdings, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Maravai Lifesciences Holdings, Inc. (MRVI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
$209M
FY2024–FY2025
Goodwill impairments.Took $209M of goodwill writedowns across 2 years (FY2024 ($166M), FY2025 ($43M)). Writedowns mean past acquisitions underperformed what was paid for them.