Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
0.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-44.7%
ROE
$1.6B
Market cap
MARAVAI LIFESCIENCES HOLDINGS, INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 0.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-33%Return on invested capital.Return on invested capital is -33% and slipping from 33% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder returns — halted.Capital returns have STOPPED — $34M of buybacks + dividends in FY2020, but ~$0 in FY2022. A halt usually means the company is conserving cash; understand why before reading it as neutral.
16% of revStock-based comp load.Stock-based compensation ran 16% of revenue in FY2025 — about $0.21 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$209MGoodwill impairments.Took $209M of goodwill writedowns across 2 year(s) (FY2024 ($166M), FY2025 ($43M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-70.4%
Debt / Equity1.37x
Free Cash Flow$-70.7M
Latest Revenue$185.7M
Return on Equity-61.6%
Revenue Growth YoY-28.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on MARAVAI LIFESCIENCES HOLDINGS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MRVI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown