Does Maravai LifeSciences Holdings, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Maravai LifeSciences Holdings, Inc. (MRVI) 52.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 60, returns on capital 67, balance-sheet safety 28, capital discipline 44.

How has MRVI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 52.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Maravai LifeSciences Holdings, Inc.

MRVI · Healthcare · $1.0B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power60

Median gross margin 53.3% over 7y, variable.

Returns on capital67

Median ROIC 15.8%, above the 9% hurdle in 57% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -8x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $7.24
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

8 years of fundamentals

The business, in plain English

Maravai LifeSciences Holdings, Inc. booked $185.7M of revenue in FY2025 in the Healthcare sector and kept 18.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, −70.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $143.1M (FY2019) to $185.7M (FY2025) — about 4.4% a year compounded over 6 years.

It earned −59.2% on invested capital in FY2025, with a median of 15.8% across 7 filed years. The Returns on Capital filter above scores it 67/100.

The balance sheet carried $291.8M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count fell 43.1% between FY2019 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 44/100.

Put together: Returns on Capital is the strongest of the four filters (67/100) and Balance-Sheet Safety the weakest (28/100), which is how MRVI lands at 52/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$185.7M FY2025

Gross marginRevenue kept after cost of goods18.3% FY2025

Return on invested capitalOperating profit on the capital employed−59.2% FY2025

Owner earningsCash an owner could take out−$143.9M FY2025

Gaps in a line mean that item isn’t in MRVI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale52.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MRVI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#106 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#104ALKS Alkermes plc.53.0 out of 100, Shallow moatShallow moat
#105ANIK Anika Therapeutics, Inc.52.6 out of 100, Shallow moatShallow moat
#107RGEN REPLIGEN CORP52.1 out of 100, Shallow moatShallow moat
#108CDIX Cardiff Lexington Corporation51.1 out of 100, Shallow moatShallow moat

Compare MRVI with its nearest peers →All Healthcare companies on the Index →

Common questions about MRVI

Does Maravai LifeSciences Holdings, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Maravai LifeSciences Holdings, Inc. (MRVI) 52.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 60, returns on capital 67, balance-sheet safety 28, capital discipline 44.
How has MRVI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 52.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MRVI. See the disclaimer.