2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $799M to $186M, decreasing; diluted EPS 1.56 to -0.90, decreasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
60
Median gross margin 53.3% over 7y, variable.
67
Median ROIC 15.8%, above the 12% hurdle in 57% of years.
28
Net debt/EBITDA n/ax, interest coverage -8x.
44
Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$6.76
No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. MRVI revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
8 years of fundamentals
The business, in plain English
Maravai LifeSciences Holdings, Inc. booked $186M 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 $143M (FY2019) to $186M (FY2025) — about 4.4% a year compounded over 6 years.
It earned −59.2% on invested capital in the latest filed year, FY2025. Across the full 7-year measurable filed record, median ROIC was 15.8%. Over the v3 recent window (7 measurable filed years), median ROIC was 15.8%. The Returns on Capital filter above scores it 67/100.
The balance sheet carried $292M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.
Put together: Returns on Capital is the strongest of the five filters (67/100) and Business Trend the weakest (15/100), which is how MRVI lands at 43/100 — 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.
FY2018–FY2025 · 8 fiscal years, normalized from MRVI’s SEC filings
Sales, as filed$186M FY2025Revenue kept after cost of goods18.3% FY2025Standard ROIC or separately labeled Operating ROICROIC −59.2% FY2025Cash an owner could take out−$92.4M 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.
Flagship explainer
How Maravai LifeSciences Holdings, Inc. makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
Where Maravai LifeSciences Holdings, Inc.'s cash went
Maravai LifeSciences Holdings, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
What Maravai LifeSciences Holdings, Inc. insiders reported
Insider activity is unavailable from the source; no zero-activity claim is shown.
Unavailable: Form 4 activity could not be retrieved for this rendering.
Moat Score history
16 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale42.6 / 100
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for MRVI.
Track record
How Maravai LifeSciences Holdings, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
Point-in-time scores 2021–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight
Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year
How to read this: each dot is what the engine would have scored MRVI on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the 2 years MRVI rated Wide-moat (2022 and 2023), the median forward total return that followed — measured only after each year’s filings were public — was:
1 year−35%vs the S&P 500’s 24% (price basis)· median over 2 years
3 years−75%vs the S&P 500’s 79% (price basis)· median over 1 year
5 yearsNone of the 2 years it rated Wide has a fully elapsed 5-year window with a benchmark to compare against yet.
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
Healthcare context
#289 of 710 scored Healthcare companies, ranked by Moat Score.
Does Maravai LifeSciences Holdings, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Maravai LifeSciences Holdings, Inc. (MRVI) 42.6 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 15, pricing power 60, returns on capital 67, balance-sheet safety 28, capital allocation 44.
How has MRVI's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 42.6 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MRVI. See the disclaimer.