What is Maravai LifeSciences' operating income?

Maravai LifeSciences' total operating income in 2025 was -$215.27 million, based on the following breakdown: Total Gross Profit: $33.99 million Total Operating Expenses: $249.26 million

Maravai LifeSciences (MRVI) Financials

$6.79 -0.28 (-3.96%)

Closing price 04:00 PM Eastern

Extended Trading

$6.80 +0.01 (+0.22%)

As of 05:40 PM Eastern

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Annual Income Statements for Maravai LifeSciences

This table shows Maravai LifeSciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-4.47	89	182	220	-119	-145	-131
Consolidated Net Income / (Loss)	-5.20	79	469	491	-138	-260	-231
Net Income / (Loss) Continuing Operations	-5.20	79	469	491	-138	-260	-231
Total Pre-Tax Income	-5.85	82	531	551	618	-261	-235
Total Operating Income	24	120	555	574	-32	-236	-215
Total Gross Profit	76	204	659	714	140	108	34
Total Revenue	143	284	799	883	289	259	186
Operating Revenue	143	284	799	883	289	259	186
Total Cost of Revenue	67	80	141	169	149	151	152
Operating Cost of Revenue	67	80	141	169	149	151	152
Total Operating Expenses	52	85	104	140	172	344	249
Selling, General & Admin Expense	48	94	100	129	151	162	145
Research & Development Expense	3.63	9.30	15	18	17	19	17
Impairment Charge	-	-	-	0.00	0.00	166	69
Restructuring Charge	-	-	0.00	0.00	6.47	-1.21	18
Other Special Charges / (Income)	0.32	0.00	0.00	-7.80	-3.29	-2.00	0.20
Total Other Income / (Expense), net	-30	-38	-24	-19	649	-26	-20
Interest Expense	30	38	30	21	46	51	27
Interest & Investment Income	-	0.00	0.00	2.34	28	27	11
Other Income / (Expense), net	0.12	0.13	6.38	-0.36	668	-2.38	-4.15
Income Tax Expense	-0.65	2.88	62	61	756	-1.86	-4.21
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.73	-10	287	270	-19	-115	-100
Basic Earnings per Share	($0.03)	$7.43	$1.59	$1.67	($0.90)	($1.05)	($0.90)
Weighted Average Basic Shares Outstanding	253.92M	10.35M	114.79M	131.55M	131.92M	137.91M	144.36M
Diluted Earnings per Share	($0.03)	$2.36	$1.56	$1.67	($0.90)	($1.05)	($0.90)
Weighted Average Diluted Shares Outstanding	253.92M	28.91M	257.80M	255.32M	131.92M	137.91M	144.36M
Weighted Average Basic & Diluted Shares Outstanding	-	-	255.16M	250.88M	251.40M	254.34M	257.07M

This table shows Maravai LifeSciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-106	-12	-9.79	-97	-26	-30	-40	-26	-36	-3.73	-12
Consolidated Net Income / (Loss)	-110	-23	-18	-172	-46	-53	-70	-45	-63	-6.38	-22
Net Income / (Loss) Continuing Operations	-110	-23	-18	-172	-46	-53	-70	-45	-63	-6.38	-22
Total Pre-Tax Income	656	-22	-21	-172	-47	-53	-74	-45	-63	-6.53	-22
Total Operating Income	-7.15	-19	-13	-166	-38	-49	-66	-41	-59	-2.16	-15
Total Gross Profit	39	26	31	32	19	7.73	7.77	5.66	13	34	21
Total Revenue	74	64	69	69	56	47	47	42	50	66	51
Operating Revenue	74	64	69	69	56	47	47	42	50	66	51
Total Cost of Revenue	35	38	39	37	37	39	40	36	37	32	31
Operating Cost of Revenue	35	38	39	37	37	39	40	36	37	32	31
Total Operating Expenses	46	45	44	198	57	57	74	47	72	36	36
Selling, General & Admin Expense	38	41	41	39	41	40	39	35	32	29	32
Research & Development Expense	4.59	5.03	4.92	4.70	4.56	4.89	4.88	3.84	3.79	3.89	3.70
Impairment Charge	-	0.00	0.00	154	-	12	30	0.00	26	0.00	0.00
Restructuring Charge	6.47	-1.21	-0.00	-0.00	0.01	0.00	0.00	7.39	10	2.88	-0.03
Total Other Income / (Expense), net	663	-3.55	-7.42	-6.49	-8.37	-3.53	-7.85	-4.12	-4.21	-4.37	-6.71
Interest Expense	15	11	12	14	14	6.78	6.82	6.84	6.56	5.75	7.82
Interest & Investment Income	7.46	7.21	7.09	7.07	6.04	3.23	3.03	2.80	2.38	1.87	1.16
Other Income / (Expense), net	671	0.11	-2.56	0.07	0.04	0.02	-4.06	-0.07	-0.04	-0.49	-0.05
Income Tax Expense	766	0.27	-2.44	0.31	-0.01	0.16	-4.29	-0.09	0.01	-0.15	-0.17
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.02	-11	-8.63	-75	-20	-23	-30	-20	-27	-2.64	-9.22
Basic Earnings per Share	($0.80)	($0.09)	($0.07)	($0.68)	($0.21)	($0.21)	($0.27)	($0.18)	($0.24)	($0.02)	($0.08)
Weighted Average Basic Shares Outstanding	131.92M	132.33M	135.84M	141.56M	137.91M	143.43M	144.24M	144.68M	144.36M	146.43M	148.00M
Diluted Earnings per Share	($0.80)	($0.09)	($0.07)	($0.68)	($0.21)	($0.21)	($0.27)	($0.18)	($0.24)	($0.02)	($0.08)
Weighted Average Diluted Shares Outstanding	131.92M	132.33M	135.84M	141.56M	137.91M	143.43M	144.24M	144.68M	144.36M	146.43M	148.00M
Weighted Average Basic & Diluted Shares Outstanding	251.40M	251.92M	252.24M	252.53M	254.34M	254.66M	255.36M	255.71M	257.07M	258.19M	259.67M

This table details how cash moves in and out of Maravai LifeSciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	2.83	211	315	81	-57	-253	-106
Net Cash From Operating Activities	24	152	369	536	126	7.47	-58
Net Cash From Continuing Operating Activities	24	152	369	536	126	7.47	-58
Net Income / (Loss) Continuing Operations	-5.20	79	469	491	-138	-260	-231
Consolidated Net Income / (Loss)	-5.20	79	469	491	-138	-260	-231
Depreciation Expense	3.81	5.52	6.41	7.57	13	21	24
Amortization Expense	22	22	30	33	39	39	39
Non-Cash Adjustments To Reconcile Net Income	2.37	15	-7.17	11	-640	220	119
Changes in Operating Assets and Liabilities, net	1.13	30	-130	-6.46	853	-13	-8.00
Net Cash From Investing Activities	-17	6.07	106	-268	-122	-24	-31
Net Cash From Continuing Investing Activities	-17	6.07	106	-268	-122	-24	-31
Purchase of Property, Plant & Equipment	-17	-25	-15	-17	-66	-30	-13
Acquisitions	0.00	-3.02	0.00	-239	-70	0.00	-19
Other Investing Activities, net	-	0.00	0.00	-12	13	5.34	0.73
Net Cash From Financing Activities	-4.17	53	-159	-187	-61	-236	-16
Net Cash From Continuing Financing Activities	-4.17	53	-159	-187	-61	-236	-17
Repayment of Debt	-2.64	-421	-6.00	-14	-5.79	-237	-11
Other Financing Activities, net	-1.30	-1,426	0.00	-34	-55	1.68	-5.43
Effect of Exchange Rate Changes	-	-	-0.09	-	0.00	0.00	-0.03
Cash Interest Paid	29	29	27	20	44	51	25
Cash Income Taxes Paid	0.80	5.01	22	23	-2.99	0.67	-0.56

This table details how cash moves in and out of Maravai LifeSciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-4.64	-13	11	4.99	-256	-37	-15	-26	-27	-51	-95
Net Cash From Operating Activities	7.79	-8.47	17	13	-15	-9.39	-10	-15	-23	8.67	3.99
Net Cash From Continuing Operating Activities	7.79	-8.47	17	13	-15	-9.39	-10	-15	-23	8.67	3.99
Net Income / (Loss) Continuing Operations	-110	-23	-14	-176	-46	-53	-70	-45	-63	-6.38	-22
Consolidated Net Income / (Loss)	-110	-23	-14	-176	-46	-53	-70	-45	-63	-6.38	-22
Depreciation Expense	3.93	4.79	5.56	5.04	5.47	5.69	5.96	5.98	5.93	4.90	5.31
Amortization Expense	9.79	9.71	9.74	9.75	9.72	9.22	9.82	9.87	9.20	8.08	8.09
Non-Cash Adjustments To Reconcile Net Income	-660	10	14	169	27	23	43	9.39	45	7.89	13
Changes in Operating Assets and Liabilities, net	764	-11	2.97	5.66	-11	5.49	1.28	4.68	-19	-5.83	-0.93
Net Cash From Investing Activities	-13	-4.24	-6.18	-8.96	-4.93	-23	-3.24	-2.93	-2.11	-4.44	-0.37
Net Cash From Continuing Investing Activities	-13	-4.24	-6.18	-8.96	-4.93	-23	-3.24	-2.93	-2.11	-4.44	-0.37
Purchase of Property, Plant & Equipment	-17	-5.67	-9.55	-8.59	-5.85	-4.50	-2.87	-2.93	-2.11	-4.44	-0.37
Net Cash From Financing Activities	0.47	-0.56	0.23	0.81	-236	-4.90	-1.53	-8.25	-1.82	-55	-99
Net Cash From Continuing Financing Activities	0.47	-0.56	0.23	0.81	-236	-4.90	-1.53	-8.25	-1.83	-55	-99
Repayment of Debt	-1.36	-1.36	-1.36	-1.36	-232	-4.90	-1.36	-1.36	-7.00	-55	-243
Effect of Exchange Rate Changes	-	0.00	-	-	-	0.07	-0.11	-0.01	0.01	0.03	0.02
Cash Interest Paid	12	12	12	12	15	6.52	6.12	6.13	6.21	6.15	7.59

This table presents Maravai LifeSciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,271	1,918	2,282	1,487	1,008	771
Total Current Assets	332	740	848	700	429	296
Cash & Equivalents	236	551	632	575	322	217
Accounts Receivable	51	118	139	55	39	25
Inventories, net	33	52	43	51	50	40
Prepaid Expenses	11	20	26	19	18	13
Plant, Property, & Equipment, net	101	46	0.00	0.00	164	151
Total Noncurrent Assets	838	1,132	1,434	788	415	323
Goodwill	224	153	284	326	160	129
Intangible Assets	178	118	217	221	195	152
Other Noncurrent Operating Assets	4.16	53	168	241	60	42
Total Liabilities & Shareholders' Equity	1,271	1,918	2,282	1,487	1,008	771
Total Liabilities	1,116	1,373	1,377	698	431	398
Total Current Liabilities	131	94	110	87	57	45
Short-Term Debt	6.00	6.00	5.44	5.44	5.44	5.44
Accounts Payable	8.17	43	48	18	12	2.91
Accrued Expenses	39	35	53	60	40	37
Total Noncurrent Liabilities	985	1,279	1,267	610	374	353
Long-Term Debt	529	525	522	519	290	286
Other Noncurrent Operating Liabilities	2.23	41	745	91	84	67
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	155	545	905	790	577	373
Total Preferred & Common Equity	89	315	545	417	325	212
Total Common Equity	89	315	545	417	325	211
Common Stock	88	131	140	131	184	200
Retained Earnings	0.85	185	405	286	141	10
Accumulated Other Comprehensive Income / (Loss)	-0.04	-	-	-	0.00	0.52
Noncontrolling Interest	66	230	360	373	252	160

This table presents Maravai LifeSciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	2,315	2,264	2,268	1,445	1,448	1,278	960	897	849	713	604
Total Current Assets	766	699	701	668	685	679	376	360	326	252	156
Cash & Equivalents	628	580	580	562	573	578	285	270	244	166	70
Accounts Receivable	56	49	46	37	39	29	28	28	23	33	31
Inventories, net	55	47	49	50	49	50	50	47	45	40	41
Prepaid Expenses	26	23	23	17	17	22	13	15	14	12	13
Plant, Property, & Equipment, net	88	0.00	0.00	162	0.00	0.00	166	163	159	147	142
Total Noncurrent Assets	1,462	1,565	1,567	615	762	599	417	374	365	315	306
Goodwill	327	326	326	326	326	172	160	129	129	129	129
Intangible Assets	242	235	228	214	207	202	200	193	186	145	138
Other Noncurrent Operating Assets	127	234	239	75	229	225	58	52	49	40	38
Total Liabilities & Shareholders' Equity	2,315	2,264	2,268	1,445	1,448	1,278	960	897	849	713	604
Total Liabilities	1,415	1,367	1,375	667	671	665	429	429	417	344	248
Total Current Liabilities	125	75	78	59	69	63	63	70	62	43	38
Short-Term Debt	5.74	5.44	5.44	5.44	5.44	5.44	5.44	5.44	5.44	5.44	1.13
Accounts Payable	47	16	14	15	20	17	9.53	12	8.00	8.54	7.13
Accrued Expenses	70	50	56	35	41	38	45	50	48	29	30
Total Noncurrent Liabilities	1,290	1,292	1,297	608	603	602	366	359	356	302	210
Long-Term Debt	521	520	520	518	517	516	289	288	287	236	146
Other Noncurrent Operating Liabilities	66	763	771	90	86	86	75	69	68	66	64
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	901	898	892	777	776	613	530	468	432	369	356
Total Preferred & Common Equity	522	521	519	411	437	345	301	266	245	212	205
Total Common Equity	522	521	519	411	437	345	301	264	245	212	205
Common Stock	117	122	128	137	171	178	189	192	199	205	210
Retained Earnings	405	398	392	274	266	167	111	71	46	6.39	-6.03
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	0.32	0.57	0.58	0.47	0.46
Noncontrolling Interest	379	377	373	367	339	268	230	202	186	158	151

This table displays calculated financial ratios and metrics derived from Maravai LifeSciences' official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	98.48%	181.33%	10.48%	-67.28%	-10.30%	-28.34%
EBITDA Growth	0.00%	195.83%	304.39%	2.93%	11.85%	-125.92%	11.75%
EBIT Growth	0.00%	397.92%	367.41%	2.29%	10.81%	-137.42%	7.81%
NOPAT Growth	0.00%	588.89%	323.91%	4.19%	-98.61%	-2,426.50%	8.64%
Net Income Growth	0.00%	1,615.40%	495.37%	4.56%	-128.20%	-87.62%	11.12%
EPS Growth	0.00%	7,966.67%	-33.90%	7.05%	-153.89%	-16.67%	14.29%
Operating Cash Flow Growth	0.00%	531.09%	142.18%	45.42%	-76.45%	-94.09%	-871.24%
Free Cash Flow Firm Growth	0.00%	0.00%	119.29%	527.78%	-92.77%	-65.88%	-303.19%
Invested Capital Growth	0.00%	0.00%	37.74%	-35.34%	-7.68%	-25.48%	-18.73%
Revenue Q/Q Growth	0.00%	0.00%	19.44%	-2.62%	-31.12%	-6.40%	-3.48%
EBITDA Q/Q Growth	0.00%	0.00%	26.14%	-6.53%	453.80%	-134.10%	-15.60%
EBIT Q/Q Growth	0.00%	0.00%	27.35%	-7.11%	742.34%	-151.26%	-10.68%
NOPAT Q/Q Growth	0.00%	0.00%	27.81%	-6.66%	-91.86%	-210.06%	-10.86%
Net Income Q/Q Growth	0.00%	0.00%	31.59%	-7.48%	-334.39%	19.65%	-7.93%
EPS Q/Q Growth	0.00%	0.00%	-52.29%	-7.73%	-550.00%	35.98%	-3.45%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-5.31%	8.19%	-42.04%	-75.03%	-16.44%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	195.96%	-90.39%	-94.57%	21.21%
Invested Capital Q/Q Growth	0.00%	0.00%	0.10%	-45.31%	-11.77%	-1.07%	-6.97%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	53.30%	71.96%	82.41%	80.87%	48.52%	41.79%	18.30%
EBITDA Margin	34.88%	51.99%	74.73%	69.62%	237.97%	-68.75%	-84.68%
Operating Margin	16.76%	42.20%	69.40%	65.03%	-10.95%	-90.91%	-115.89%
EBIT Margin	16.84%	42.25%	70.19%	64.99%	220.08%	-91.81%	-118.13%
Profit (Net Income) Margin	-3.63%	27.74%	58.71%	55.57%	-47.89%	-100.17%	-124.24%
Tax Burden Percent	88.86%	96.47%	88.41%	88.97%	-22.40%	99.29%	98.21%
Interest Burden Percent	-24.28%	68.06%	94.61%	96.10%	97.14%	109.89%	107.09%
Effective Tax Rate	0.00%	3.53%	11.59%	11.03%	122.40%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	25.74%	45.89%	50.12%	0.92%	-25.57%	-30.19%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	15.83%	42.95%	43.24%	187.99%	219.48%	-360.98%
Return on Net Nonoperating Assets (RNNOA)	0.00%	76.13%	88.16%	17.53%	-17.25%	-12.41%	-18.40%
Return on Equity (ROE)	0.00%	101.87%	134.05%	67.65%	-16.33%	-37.98%	-48.59%
Cash Return on Invested Capital (CROIC)	0.00%	-174.26%	14.14%	93.05%	8.91%	3.63%	-9.52%
Operating Return on Assets (OROA)	0.00%	9.45%	35.19%	27.32%	33.74%	-19.07%	-24.67%
Return on Assets (ROA)	0.00%	6.20%	29.43%	23.36%	-7.34%	-20.81%	-25.95%
Return on Common Equity (ROCE)	0.00%	58.26%	77.36%	40.14%	-9.27%	-20.62%	-27.43%
Return on Equity Simple (ROE_SIMPLE)	0.00%	89.05%	148.73%	89.99%	-33.20%	-79.81%	0.00%
Net Operating Profit after Tax (NOPAT)	17	116	490	511	7.09	-165	-151
NOPAT Margin	11.73%	40.72%	61.35%	57.86%	2.45%	-63.63%	-81.13%
Net Nonoperating Expense Percent (NNEP)	0.00%	9.91%	2.94%	6.88%	-187.07%	-245.05%	330.80%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	35.66%	0.54%	-18.89%	-22.68%
Cost of Revenue to Revenue	46.70%	28.04%	17.59%	19.13%	51.48%	58.21%	81.70%
SG&A Expenses to Revenue	33.78%	33.17%	12.52%	14.64%	52.39%	62.42%	78.13%
R&D to Revenue	2.53%	3.27%	1.90%	2.08%	5.98%	7.42%	9.37%
Operating Expenses to Revenue	36.54%	29.76%	13.02%	15.84%	59.48%	132.70%	134.19%
Earnings before Interest and Taxes (EBIT)	24	120	561	574	636	-238	-219
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	50	148	597	615	688	-178	-157
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	19.01	34.22	6.70	3.95	4.23	3.94
Price to Tangible Book Value (P/TBV)	0.00	0.00	239.09	81.36	0.00	0.00	0.00
Price to Revenue (P/Rev)	11.32	5.92	13.51	4.14	5.70	5.31	4.47
Price to Earnings (P/E)	0.00	18.92	59.32	16.58	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	5.29%	1.69%	6.03%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.34	8.89	4.88	2.66	2.91	2.38
Enterprise Value to Revenue (EV/Rev)	0.00	7.41	13.77	4.43	6.81	6.18	5.74
Enterprise Value to EBITDA (EV/EBITDA)	0.00	14.24	18.43	6.36	2.86	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	17.53	19.62	6.81	3.10	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	18.19	22.45	7.65	277.63	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	13.82	29.86	7.29	15.59	214.56	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	72.85	4.12	28.71	68.46	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	3.82	0.97	0.58	0.66	0.51	0.78
Long-Term Debt to Equity	0.00	3.78	0.96	0.58	0.66	0.50	0.77
Financial Leverage	0.00	4.81	2.05	0.41	-0.09	-0.06	0.05
Leverage Ratio	0.00	8.21	4.56	2.90	2.22	1.83	1.87
Compound Leverage Factor	0.00	5.59	4.31	2.78	2.16	2.01	2.01
Debt to Total Capital	0.00%	79.24%	49.31%	36.81%	39.89%	33.89%	43.91%
Short-Term Debt to Total Capital	0.00%	0.80%	0.56%	0.38%	0.41%	0.62%	0.82%
Long-Term Debt to Total Capital	0.00%	78.44%	48.76%	36.44%	39.47%	33.27%	43.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	8.88%	21.36%	25.13%	28.40%	28.85%	24.13%
Common Equity to Total Capital	0.00%	11.87%	29.32%	38.06%	31.72%	37.26%	31.74%
Debt to EBITDA	0.00	4.00	0.89	0.86	0.76	-1.66	-1.86
Net Debt to EBITDA	0.00	2.40	-0.03	-0.17	-0.07	0.15	-0.48
Long-Term Debt to EBITDA	0.00	3.96	0.88	0.85	0.75	-1.63	-1.82
Debt to NOPAT	0.00	5.11	1.08	1.03	73.94	-1.79	-1.94
Net Debt to NOPAT	0.00	3.07	-0.04	-0.20	-7.17	0.16	-0.50
Long-Term Debt to NOPAT	0.00	5.06	1.07	1.02	73.17	-1.76	-1.90
Altman Z-Score	0.00	1.63	6.64	3.44	3.78	2.03	0.96
Noncontrolling Interest Sharing Ratio	0.00%	42.80%	42.29%	40.66%	43.25%	45.72%	43.55%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	2.54	7.89	7.70	8.00	7.53	6.60
Quick Ratio	0.00	2.20	7.13	7.00	7.20	6.34	5.40
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-783	151	949	69	23	-48
Operating Cash Flow to CapEx	140.63%	0.00%	2,577.05%	3,136.20%	192.55%	25.17%	-437.85%
Free Cash Flow to Firm to Interest Expense	0.00	-20.43	4.99	46.00	1.49	0.46	-1.76
Operating Cash Flow to Interest Expense	0.80	3.97	12.18	25.99	2.75	0.15	-2.13
Operating Cash Flow Less CapEx to Interest Expense	0.23	4.21	11.71	25.16	1.32	-0.44	-2.62
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.22	0.50	0.42	0.15	0.21	0.21
Accounts Receivable Turnover	0.00	5.57	9.48	6.89	2.99	5.57	5.80
Inventory Turnover	0.00	2.39	3.31	3.57	3.15	2.97	3.35
Fixed Asset Turnover	0.00	2.80	10.83	0.00	0.00	0.00	1.18
Accounts Payable Turnover	0.00	9.75	5.49	3.70	4.50	10.14	20.41
Days Sales Outstanding (DSO)	0.00	65.55	38.48	52.94	122.05	65.57	62.90
Days Inventory Outstanding (DIO)	0.00	152.61	110.18	102.30	116.01	122.75	108.93
Days Payable Outstanding (DPO)	0.00	37.44	66.43	98.55	81.03	35.99	17.88
Cash Conversion Cycle (CCC)	0.00	180.71	82.23	56.69	157.02	152.33	153.95
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	899	1,238	801	739	551	448
Invested Capital Turnover	0.00	0.63	0.75	0.87	0.38	0.40	0.37
Increase / (Decrease) in Invested Capital	0.00	899	339	-438	-61	-188	-103
Enterprise Value (EV)	0.00	2,104	11,007	3,907	1,968	1,602	1,066
Market Capitalization	1,620	1,683	10,798	3,652	1,646	1,376	831
Book Value per Share	$0.00	$8.55	$1.22	$2.14	$1.66	$1.29	$0.82
Tangible Book Value per Share	$0.00	($30.28)	$0.18	$0.18	($0.52)	($0.12)	($0.27)
Total Capital	0.00	746	1,076	1,433	1,314	873	664
Total Debt	0.00	591	531	527	524	296	292
Total Long-Term Debt	0.00	585	525	522	519	290	286
Net Debt	0.00	355	-21	-105	-51	-26	75
Capital Expenditures (CapEx)	17	-9.09	14	17	66	30	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-29	101	111	43	55	40
Debt-free Net Working Capital (DFNWC)	0.00	207	652	743	618	378	257
Net Working Capital (NWC)	0.00	201	646	738	612	372	251
Net Nonoperating Expense (NNE)	22	37	21	20	145	95	80
Net Nonoperating Obligations (NNO)	0.00	744	693	-105	-51	-26	75
Total Depreciation and Amortization (D&A)	26	28	36	41	52	60	62
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-10.34%	12.64%	12.58%	14.85%	21.30%	21.47%
Debt-free Net Working Capital to Revenue	0.00%	72.80%	81.61%	84.17%	213.84%	145.69%	138.24%
Net Working Capital to Revenue	0.00%	70.69%	80.86%	83.55%	211.96%	143.59%	135.31%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.59	$1.67	($0.90)	($1.05)	($0.90)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	114.79M	131.55M	131.92M	137.91M	144.36M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.56	$1.67	($0.90)	($1.05)	($0.90)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	257.80M	255.32M	131.92M	137.91M	144.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	255.16M	250.88M	251.40M	254.34M	257.07M
Normalized Net Operating Profit after Tax (NOPAT)	17	116	490	504	-20	-51	-90
Normalized NOPAT Margin	11.89%	40.72%	61.35%	57.07%	-6.90%	-19.63%	-48.44%
Pre Tax Income Margin	-4.09%	28.76%	66.41%	62.45%	213.79%	-100.89%	-126.50%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.80	3.13	18.54	27.83	13.86	-4.68	-8.13
NOPAT to Interest Expense	0.56	3.02	16.21	24.77	0.15	-3.24	-5.58
EBIT Less CapEx to Interest Expense	0.23	3.37	18.07	27.00	12.43	-5.26	-8.62
NOPAT Less CapEx to Interest Expense	-0.01	3.25	15.73	23.95	-1.27	-3.82	-6.07
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	539.37%	32.70%	30.61%	-6.94%	-0.19%	0.00%
Augmented Payout Ratio	-4.36%	593.67%	32.70%	30.61%	-6.94%	-0.19%	0.00%

This table displays calculated financial ratios and metrics derived from Maravai LifeSciences' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	254,335,883.00	254,659,517.00	255,361,853.00	-	257,067,242.00	258,190,244.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	254,335,883.00	254,659,517.00	255,361,853.00	-	257,067,242.00	258,190,244.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.12	-0.16	-0.10	-	-0.01	-0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-63.78%	-18.79%	6.51%	-2.49%	-23.92%	-27.00%	-31.73%	-39.69%	-11.83%	40.53%	8.53%
EBITDA Growth	472.01%	-133.06%	630.86%	-6,011.29%	-103.38%	-692.28%	-7,574.12%	83.24%	-94.10%	130.17%	96.84%
EBIT Growth	515.96%	-1,582.61%	8.06%	-933.39%	-105.73%	-162.00%	-339.57%	75.17%	-56.07%	94.60%	78.47%
NOPAT Growth	-98.80%	-844.61%	18.10%	-996.93%	-2,327.23%	-160.65%	-393.14%	75.22%	-55.95%	95.61%	77.23%
Net Income Growth	-225.80%	-1,582.49%	-21.34%	-1,065.11%	57.72%	-133.04%	-279.14%	73.87%	-36.79%	87.93%	69.03%
EPS Growth	-366.67%	0.00%	0.00%	-1,300.00%	73.75%	-133.33%	-285.71%	73.53%	-14.29%	90.48%	70.37%
Operating Cash Flow Growth	-92.16%	-109.95%	-9.17%	-7.27%	-287.91%	-10.90%	-158.88%	-215.33%	-55.54%	192.28%	138.89%
Free Cash Flow Firm Growth	-88.33%	2,799.44%	-81.90%	-73.58%	157.91%	-77.81%	73.43%	-71.60%	-61.72%	-42.55%	-73.97%
Invested Capital Growth	-7.68%	-50.51%	-13.93%	-33.54%	-25.48%	-26.91%	-32.22%	-13.58%	-18.73%	-17.77%	-12.06%
Revenue Q/Q Growth	10.88%	-13.44%	14.37%	-11.17%	-13.49%	-16.94%	1.17%	-12.17%	19.78%	32.03%	-21.86%
EBITDA Q/Q Growth	26,956.18%	-100.63%	175.48%	-4,894.81%	85.15%	-47.43%	-61.59%	53.70%	-73.01%	123.63%	-116.79%
EBIT Q/Q Growth	4,159.95%	-102.82%	35.62%	-1,300.05%	77.47%	-29.02%	-43.15%	41.57%	-43.15%	95.49%	-470.93%
NOPAT Q/Q Growth	111.10%	-1,201.70%	49.57%	-1,677.90%	77.45%	-28.93%	-34.82%	38.09%	-43.29%	96.33%	-599.21%
Net Income Q/Q Growth	-628.26%	79.38%	36.10%	-1,114.15%	73.58%	-13.67%	-32.13%	35.48%	-39.86%	89.88%	-239.20%
EPS Q/Q Growth	-1,500.00%	88.75%	44.44%	-1,300.00%	70.00%	0.00%	-28.57%	33.33%	-33.33%	91.67%	-300.00%
Operating Cash Flow Q/Q Growth	-45.01%	-208.69%	305.91%	-24.65%	-211.43%	35.85%	-9.32%	-47.59%	-50.28%	138.06%	-53.93%
Free Cash Flow Firm Q/Q Growth	-89.81%	1,082.35%	-85.05%	46.70%	-0.57%	1.75%	13.96%	-74.99%	32.28%	52.40%	-48.36%
Invested Capital Q/Q Growth	-11.77%	-0.01%	-1.79%	-23.30%	-1.07%	-1.92%	-8.92%	-2.20%	-6.97%	-0.76%	-2.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.65%	40.27%	47.86%	43.52%	33.62%	16.49%	16.39%	13.58%	25.75%	51.19%	40.14%
EBITDA Margin	914.27%	-6.64%	4.38%	-236.58%	-40.60%	-72.07%	-115.12%	-60.68%	-87.64%	15.68%	-3.37%
Operating Margin	-9.64%	-29.39%	-12.96%	-259.38%	-67.60%	-104.93%	-139.84%	-98.56%	-117.91%	-3.28%	-29.33%
EBIT Margin	895.76%	-29.22%	-16.45%	-259.27%	-67.52%	-104.88%	-148.41%	-98.73%	-117.99%	-4.03%	-29.43%
Profit (Net Income) Margin	-148.34%	-35.34%	-19.74%	-269.87%	-82.43%	-112.81%	-147.34%	-108.23%	-126.37%	-9.69%	-42.05%
Tax Burden Percent	-16.76%	101.21%	85.61%	100.18%	99.98%	100.31%	94.22%	99.80%	100.01%	97.69%	99.22%
Interest Burden Percent	98.80%	119.48%	140.19%	103.91%	122.09%	107.23%	105.38%	109.85%	107.09%	246.15%	143.99%
Effective Tax Rate	116.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.61%	-5.05%	-3.22%	-72.12%	-19.02%	-27.78%	-35.34%	-25.59%	-30.71%	-0.95%	-9.27%
ROIC Less NNEP Spread (ROIC-NNEP)	143.59%	-8.47%	11.69%	31.55%	32.23%	101.75%	140.40%	428.99%	-121.01%	-12.41%	-31.19%
Return on Net Nonoperating Assets (RNNOA)	-13.17%	-2.80%	-0.73%	-2.33%	-1.82%	-2.22%	-3.01%	-2.95%	-6.17%	-1.17%	-3.83%
Return on Equity (ROE)	-12.57%	-7.85%	-3.96%	-74.45%	-20.84%	-29.99%	-38.35%	-28.54%	-36.88%	-2.13%	-13.10%
Cash Return on Invested Capital (CROIC)	8.91%	68.84%	16.74%	61.79%	3.63%	1.99%	1.75%	-11.63%	-9.52%	-4.43%	-4.89%
Operating Return on Assets (OROA)	137.32%	-4.26%	-2.47%	-40.50%	-14.02%	-21.10%	-27.83%	-17.86%	-24.64%	-0.99%	-8.19%
Return on Assets (ROA)	-22.74%	-5.15%	-2.96%	-42.15%	-17.12%	-22.70%	-27.63%	-19.58%	-26.39%	-2.37%	-11.70%
Return on Common Equity (ROCE)	-7.13%	-4.36%	-2.26%	-42.75%	-11.31%	-16.31%	-21.62%	-16.13%	-20.82%	-1.21%	-7.46%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-38.89%	-37.14%	-93.62%	0.00%	-96.40%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1.20	-13	-6.66	-118	-27	-34	-46	-29	-41	-1.51	-11
NOPAT Margin	1.62%	-20.57%	-9.07%	-181.56%	-47.32%	-73.45%	-97.89%	-68.99%	-82.53%	-2.29%	-20.53%
Net Nonoperating Expense Percent (NNEP)	-142.98%	3.42%	-14.91%	-103.67%	-51.25%	-129.53%	-175.74%	-454.58%	90.30%	11.45%	21.92%
Return On Investment Capital (ROIC_SIMPLE)	0.09%	-	-	-	-3.06%	-4.17%	-6.09%	-3.96%	-6.19%	-0.25%	-2.10%
Cost of Revenue to Revenue	47.35%	59.73%	52.14%	56.48%	66.38%	83.51%	83.61%	86.42%	74.25%	48.81%	59.86%
SG&A Expenses to Revenue	51.90%	63.70%	55.25%	59.95%	73.12%	84.45%	81.39%	85.03%	63.34%	44.19%	62.34%
R&D to Revenue	6.20%	7.84%	7.20%	6.66%	8.09%	10.43%	10.30%	9.23%	7.60%	5.91%	7.20%
Operating Expenses to Revenue	62.29%	69.66%	60.82%	302.90%	101.22%	121.42%	156.23%	112.15%	143.66%	54.47%	69.47%
Earnings before Interest and Taxes (EBIT)	664	-19	-12	-169	-38	-49	-70	-41	-59	-2.65	-15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	678	-4.26	3.22	-154	-23	-34	-55	-25	-44	10	-1.73
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.95	5.31	4.13	6.07	4.23	1.87	2.32	2.99	3.94	3.44	7.87
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.70	7.95	6.47	7.57	5.31	2.32	2.79	3.81	4.47	3.55	7.72
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.66	3.39	2.88	4.15	2.91	1.48	1.71	2.01	2.38	2.16	4.25
Enterprise Value to Revenue (EV/Rev)	6.81	9.15	7.51	8.33	6.18	3.31	3.82	5.03	5.74	4.69	8.81
Enterprise Value to EBITDA (EV/EBITDA)	2.86	3.74	3.10	4.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	3.10	4.07	3.39	4.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	277.63	177.59	150.97	15.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.59	76.74	67.67	77.20	214.56	122.54	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	28.71	3.26	15.93	5.36	68.46	62.97	78.60	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.67	0.67	0.85	0.51	0.56	0.63	0.68	0.78	0.65	0.41
Long-Term Debt to Equity	0.66	0.67	0.67	0.84	0.50	0.55	0.62	0.67	0.77	0.64	0.41
Financial Leverage	-0.09	0.33	-0.06	-0.07	-0.06	-0.02	-0.02	-0.01	0.05	0.09	0.12
Leverage Ratio	2.22	2.24	2.22	2.36	1.83	1.84	1.88	2.04	1.87	1.86	1.82
Compound Leverage Factor	2.20	2.68	3.11	2.45	2.23	1.97	1.99	2.24	2.01	4.58	2.62
Debt to Total Capital	39.89%	40.23%	40.23%	45.97%	33.89%	35.74%	38.57%	40.41%	43.91%	39.50%	29.26%
Short-Term Debt to Total Capital	0.41%	0.42%	0.42%	0.48%	0.62%	0.66%	0.71%	0.75%	0.82%	0.89%	0.22%
Long-Term Debt to Total Capital	39.47%	39.82%	39.81%	45.49%	33.27%	35.08%	37.86%	39.66%	43.09%	38.61%	29.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	28.40%	28.19%	26.14%	23.61%	28.85%	27.83%	26.53%	25.72%	24.13%	25.82%	30.03%
Common Equity to Total Capital	31.72%	31.57%	33.64%	30.41%	37.26%	36.43%	34.71%	33.87%	31.74%	34.68%	40.71%
Debt to EBITDA	0.76	0.78	0.77	1.00	-1.66	-1.42	-1.12	-2.15	-1.86	-2.14	-2.47
Net Debt to EBITDA	-0.07	-0.06	-0.08	-0.11	0.15	-0.05	-0.09	-0.36	-0.48	-0.67	-1.29
Long-Term Debt to EBITDA	0.75	0.77	0.77	0.99	-1.63	-1.39	-1.10	-2.11	-1.82	-2.09	-2.45
Debt to NOPAT	73.94	37.06	37.70	3.48	-1.79	-1.58	-1.32	-2.15	-1.94	-2.05	-1.80
Net Debt to NOPAT	-7.17	-2.72	-3.65	-0.38	0.16	-0.05	-0.11	-0.36	-0.50	-0.64	-0.94
Long-Term Debt to NOPAT	73.17	36.67	37.30	3.45	-1.76	-1.56	-1.29	-2.11	-1.90	-2.00	-1.78
Altman Z-Score	3.85	2.88	2.55	2.43	2.69	1.42	1.34	1.57	1.65	1.91	4.38
Noncontrolling Interest Sharing Ratio	43.25%	44.45%	42.80%	42.58%	45.72%	45.61%	43.64%	43.48%	43.55%	43.05%	43.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.00	11.32	10.00	10.74	7.53	5.96	5.16	5.29	6.60	5.91	4.05
Quick Ratio	7.20	10.14	8.92	9.60	6.34	4.96	4.27	4.32	5.40	4.68	2.63
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	63	741	111	163	162	164	187	47	62	94	49
Operating Cash Flow to CapEx	46.37%	-149.46%	182.50%	152.90%	-250.27%	-179.37%	-357.17%	-517.77%	-1,077.01%	195.29%	1,078.92%
Free Cash Flow to Firm to Interest Expense	4.07	68.21	9.28	11.92	11.19	24.26	27.50	6.85	9.46	16.43	6.24
Operating Cash Flow to Interest Expense	0.51	-0.78	1.46	0.96	-1.01	-1.39	-1.51	-2.21	-3.47	1.51	0.51
Operating Cash Flow Less CapEx to Interest Expense	-0.59	-1.30	0.66	0.33	-1.42	-2.16	-1.93	-2.64	-3.80	0.74	0.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.15	0.15	0.16	0.21	0.20	0.19	0.18	0.21	0.24	0.28
Accounts Receivable Turnover	2.99	5.90	6.36	7.43	5.57	7.42	6.61	7.49	5.80	6.61	7.07
Inventory Turnover	3.15	2.93	3.07	2.98	2.97	3.04	3.18	3.17	3.35	3.21	3.09
Fixed Asset Turnover	0.00	2.20	0.00	0.00	0.00	1.47	0.00	0.00	1.18	1.31	1.37
Accounts Payable Turnover	4.50	4.92	8.31	9.79	10.14	12.22	9.81	12.29	20.41	16.03	14.58
Days Sales Outstanding (DSO)	122.05	61.89	57.41	49.13	65.57	49.18	55.23	48.76	62.90	55.19	51.59
Days Inventory Outstanding (DIO)	116.01	124.52	118.92	122.31	122.75	119.87	114.68	115.02	108.93	113.76	118.01
Days Payable Outstanding (DPO)	81.03	74.16	43.93	37.28	35.99	29.87	37.20	29.70	17.88	22.77	25.04
Cash Conversion Cycle (CCC)	157.02	112.25	132.40	134.16	152.33	139.19	132.71	134.08	153.95	146.17	144.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	739	739	726	557	551	540	492	481	448	444	433
Invested Capital Turnover	0.38	0.25	0.36	0.40	0.40	0.38	0.36	0.37	0.37	0.42	0.45
Increase / (Decrease) in Invested Capital	-61	-754	-117	-281	-188	-199	-234	-76	-103	-96	-59
Enterprise Value (EV)	1,968	2,508	2,093	2,308	1,602	802	840	969	1,066	960	1,839
Market Capitalization	1,646	2,180	1,804	2,096	1,376	562	614	733	831	728	1,611
Book Value per Share	$1.66	$1.63	$1.73	$1.37	$1.29	$1.18	$1.04	$0.96	$0.82	$0.82	$0.79
Tangible Book Value per Share	($0.52)	($0.52)	($0.38)	($0.11)	($0.12)	($0.23)	($0.23)	($0.27)	($0.27)	($0.24)	($0.24)
Total Capital	1,314	1,301	1,299	1,135	873	825	762	725	664	610	503
Total Debt	524	523	523	522	296	295	294	293	292	241	147
Total Long-Term Debt	519	518	517	516	290	289	288	287	286	236	146
Net Debt	-51	-38	-51	-56	-26	9.89	24	49	75	75	77
Capital Expenditures (CapEx)	17	5.67	9.55	8.59	5.85	5.24	2.87	2.93	2.11	4.44	0.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	43	53	49	43	55	34	26	26	40	49	48
Debt-free Net Working Capital (DFNWC)	618	614	622	621	378	319	296	270	257	215	118
Net Working Capital (NWC)	612	609	617	616	372	313	290	264	251	209	117
Net Nonoperating Expense (NNE)	111	9.48	7.83	58	20	18	23	16	22	4.87	11
Net Nonoperating Obligations (NNO)	-51	-38	-51	-56	-26	9.89	24	49	75	75	77
Total Depreciation and Amortization (D&A)	14	14	15	15	15	15	16	16	15	13	13
Debt-free, Cash-free Net Working Capital to Revenue	14.85%	19.19%	17.62%	15.58%	21.30%	13.86%	11.65%	13.59%	21.47%	23.75%	23.12%
Debt-free Net Working Capital to Revenue	213.84%	224.12%	223.36%	224.36%	145.69%	131.72%	134.43%	140.17%	138.24%	104.80%	56.69%
Net Working Capital to Revenue	211.96%	222.13%	221.41%	222.40%	143.59%	129.47%	131.96%	137.34%	135.31%	102.14%	56.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.80)	($0.09)	($0.05)	($0.70)	($0.21)	($0.21)	($0.27)	($0.18)	($0.24)	($0.02)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	131.92M	132.33M	135.84M	141.56M	137.91M	143.43M	144.24M	144.68M	144.36M	146.43M	148.00M
Adjusted Diluted Earnings per Share	($0.80)	($0.09)	($0.05)	($0.70)	($0.21)	($0.21)	($0.27)	($0.18)	($0.24)	($0.02)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	131.92M	132.33M	135.84M	141.56M	137.91M	143.43M	144.24M	144.68M	144.36M	146.43M	148.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	251.40M	251.92M	252.24M	252.53M	254.34M	254.66M	255.36M	255.71M	257.07M	258.19M	259.67M
Normalized Net Operating Profit after Tax (NOPAT)	-0.48	-14	-7.50	-11	-27	-26	-25	-24	-16	0.50	-11
Normalized NOPAT Margin	-0.65%	-21.89%	-10.21%	-16.17%	-47.31%	-54.87%	-52.71%	-56.47%	-31.63%	0.77%	-20.58%
Pre Tax Income Margin	885.05%	-34.92%	-23.06%	-269.39%	-82.44%	-112.47%	-156.39%	-108.45%	-126.36%	-9.92%	-42.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	43.13	-1.73	-1.01	-12.40	-2.64	-7.25	-10.32	-6.01	-8.98	-0.46	-1.94
NOPAT to Interest Expense	0.08	-1.22	-0.56	-8.68	-1.85	-5.08	-6.81	-4.20	-6.28	-0.26	-1.35
EBIT Less CapEx to Interest Expense	42.03	-2.25	-1.81	-13.03	-3.04	-8.02	-10.74	-6.43	-9.30	-1.23	-1.98
NOPAT Less CapEx to Interest Expense	-1.01	-1.74	-1.36	-9.31	-2.25	-5.85	-7.23	-4.62	-6.60	-1.03	-1.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-6.94%	-0.82%	-0.35%	-0.18%	-0.19%	0.00%	0.02%	0.04%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-6.94%	-0.82%	-0.35%	-0.18%	-0.19%	0.00%	0.02%	0.04%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Maravai LifeSciences’ financial statements show a business that has improved from the exceptionally weak results reported in 2024 and 2025, but it remains unprofitable and cash-flow trends are increasingly important for investors. Revenue in Q2 2026 was $51.4 million, down from $65.8 million in Q1 but above $49.9 million in Q4 2025. This remains well below the $191.3 million reported in Q3 2022, reflecting the sharp post-pandemic normalization in demand.

Profitability remains a major concern. Q2 2026 gross profit was $20.7 million, producing a gross margin of approximately 40.1%, compared with 51.2% in Q1. Selling, general and administrative expense of $32.1 million exceeded gross profit, resulting in an operating loss of $15.1 million and a net loss attributable to common shareholders of $12.4 million, or $0.08 per share.

There are some encouraging signs in the cash flow statement. Maravai generated $4.0 million of operating cash flow in Q2 and $8.7 million in Q1, a meaningful improvement from the negative operating cash flow reported in Q2 2025, Q4 2025 and Q1 2025. However, this improvement has not yet translated into positive net cash flow because of debt repayments and the company’s continuing losses.

Operating cash flow turned positive: Maravai generated $4.0 million in Q2 2026 after producing $8.7 million in Q1, compared with negative operating cash flow of $10.3 million in Q2 2025 and $22.8 million in Q4 2025.
Substantial debt repayment reduced leverage: The company repaid $243.0 million of debt in Q2 2026. Long-term debt fell to $146.0 million from $235.6 million in Q1 and $287.4 million in Q3 2025.
Current liquidity remains adequate: Q2 current assets of $155.7 million exceeded current liabilities of $38.4 million by more than four times. The company also reported $70.1 million of cash and equivalents at quarter-end.
Special charges have moderated: Q2 2026 included no impairment charge and only a nominal restructuring benefit, compared with impairment and restructuring charges totaling more than $35 million in Q4 2025 and $30 million in Q2 2025.
Revenue is modestly above late-2025 levels: Q2 revenue of $51.4 million was approximately 3% higher than Q4 2025 revenue of $49.9 million, suggesting some stabilization after the steep declines from 2022 and 2023.
Cash declined sharply during the first half of 2026: Cash fell from $165.9 million at the end of Q1 to $70.1 million at the end of Q2, primarily because of debt repayment and other financing outflows. The lower debt balance is favorable, but the reduced cash cushion warrants monitoring.
Non-cash expenses remain important: Q2 operating cash flow benefited from $13.4 million of non-cash adjustments, $8.1 million of amortization and $5.3 million of depreciation. Investors should determine how much of the cash-flow improvement is repeatable from core operations.
Maravai remains consistently unprofitable: The company reported net losses in every listed quarter from Q1 2023 through Q2 2026, except for the older Q3 and Q4 2022 periods. Q2 2026’s consolidated net loss was $21.6 million.
Revenue and gross profit remain far below prior peaks: Q2 2026 revenue of $51.4 million was roughly 75% below Q3 2022 revenue of $191.3 million, while gross profit fell to $20.7 million from $153.1 million over the same comparison.
Interest expense continues to pressure results: Q2 interest expense was $7.8 million, compared with $1.2 million of interest and investment income. Cash interest paid was $7.6 million, limiting the benefit of the company’s improved operating cash flow.

Overall, Maravai’s balance sheet is becoming less debt-heavy, and recent operating cash flow has improved. Nevertheless, the company has consumed significant cash while repaying debt, and its core earnings remain negative. For the stock to achieve a more durable recovery, investors will likely want to see sustained revenue growth, stable or improving gross margins, and operating cash flow that remains positive without relying heavily on non-cash adjustments.

10/16/26 06:38 PM ETAI Generated. May Contain Errors.

Maravai LifeSciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Maravai LifeSciences' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Maravai LifeSciences' net income appears to be on a downward trend, with a most recent value of -$230.76 million in 2025, falling from -$5.20 million in 2019. The previous period was -$259.62 million in 2024. Find out what analysts predict for Maravai LifeSciences in the coming months.

Maravai LifeSciences' total operating income in 2025 was -$215.27 million, based on the following breakdown:

Total Gross Profit: $33.99 million
Total Operating Expenses: $249.26 million

Over the last 6 years, Maravai LifeSciences' total revenue changed from $143.14 million in 2019 to $185.74 million in 2025, a change of 29.8%.

In the past 13 quarters, Maravai LifeSciences' cash and equivalents has ranged from $70.09 million in Q2 2026 to $628.27 million in Q1 2023, and is currently $70.09 million as of their latest financial filing in Q2 2026.

Maravai LifeSciences had total debt of $291.77 million at the end of 2025, a 1.4% decrease from 2024, and none in 2019.

Over the last 6 years, Maravai LifeSciences' book value per share changed from 0.00 in 2019 to 0.82 in 2025, a change of 82.5%.

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Financial statements for NASDAQ:MRVI last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Maravai LifeSciences (MRVI) Financials

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Maravai LifeSciences (MRVI) Financials

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Financials Breakdown Chart

Key Financial Trends

Maravai LifeSciences Financials - Frequently Asked Questions

When does Maravai LifeSciences' financial year end?

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How has Maravai LifeSciences' revenue changed over the last 6 years?

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