Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
4.5
Distress distance
Clean
Earnings quality
5
Forensic signals
-11.6
P / E (ttm)
-61.6%
ROE
$1.6B
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). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.5, placing it in the Safe zone. 5 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 from 33% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
16% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 16% of revenue in FY2025 — about $0.21 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 2.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2020→FY2022
Shareholder 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.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -43% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -17.3%/yr figure isn't a real buyback/dilution read here.
$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.
Key fundamentals
Latest Revenue$185.7M
Revenue Growth YoY-28.3%
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?