# Maravai LifeSciences Holdings, Inc. (MRVI)

> Source: Nexqual · https://nexqual.com/MRVI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Maravai LifeSciences Holdings, Inc. (MRVI), nexqual.com/MRVI" · informational, not investment advice.

**Price:** USD 7.07 (-6.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 7.57 · day 6.73–7.61 · 52w 2.55–9.42 · market cap $2.62B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $209M, net income -$77.4M (-37.1% margin), free cash flow -$35.8M (SEC filings).
- 2 of 80 tracked superinvestors hold MRVI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $254K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.44 on a 1–5 scale) (9 analysts), mean target USD 8.5 (range 7–12).
- Total return with dividends: 1Y +103.2% vs S&P 500 +14.9%; 5Y -83.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.06, revenue estimate $43.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $799M | $883M | $289M | $259M | $186M | $209M |
| Gross profit | $659M | $714M | $140M | $108M | $34.0M | — |
| Operating income | $555M | $574M | -$31.6M | -$236M | -$215M | -$117M |
| Net income | $182M | $220M | -$119M | -$145M | -$131M | -$77.4M |
| EPS (diluted) | $1.56 | $1.67 | -$0.90 | -$1.05 | -$0.90 | — |
| Free cash flow | $354M | $519M | $60.7M | -$22.2M | -$70.7M | -$35.8M |
| Gross margin | 82.4% | 80.9% | 48.5% | 41.8% | 18.3% | — |
| Operating margin | 69.4% | 65.0% | -11.0% | -90.9% | -115.9% | -56.1% |
| Net margin | 22.8% | 24.9% | -41.2% | -55.9% | -70.4% | -37.1% |
| Revenue growth | +181.3% | +10.5% | -67.3% | -10.3% | -28.3% | — |
| Cash + short-term investments | $551M | $632M | $575M | $322M | $217M | — |
| Total debt | $531M | $527M | $524M | $296M | $292M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 12.5x · EV/Sales 12.9x · P/B 12.8x · FCF yield -1.37% · Earnings yield -2.96% · Net debt $77.0M · EV $2.70B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold MRVI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 0.07% | $5.5M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.04% | $22.9M | Added +45.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-09…2026-06-10 | Oreshack Kurt | General Counsel | 50,000 | $254K | 13% | Yes (adopted March 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.44 on a 1–5 scale), 9 analysts; mean target USD 8.5 (low 7, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-09 | UBS | Target raised | Neutral | $2.5 → $8 |
| 2026-08-07 | Wells Fargo | Target raised | Overweight | $5.5 → $6.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +103.2% | -83.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +103.7% | -29.9% |
| Volatility (annualized) | 66.8% | 72.8% |
| Max drawdown | -29.6% (Jan 2026→Mar 2026) | -95.8% (Oct 2021→Apr 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/MRVI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MRVI's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1823239/000182323926000011/mrvi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Maravai Topco Holdings | "Our principal asset is our interest in Maravai Topco Holdings LLC ("Topco LLC"), and, accordingly, we depend on distributions from Topco LLC to pay our taxes and expenses, including payments under the Tax Receivable Agre…" |
| Supplier | Glen Research | "Certain of our raw materials are sourced from a limited number of suppliers and some materials, including a proprietary DNA reagent, certain packaging materials, specific cell lines for Cygnus operations and certain raw …" |
| Customer | FedEx (FDX) | "We ship a significant portion of our products to our customers through independent package delivery companies, such as World Courier, FedEx, UPS and DHL." |
| Customer | UPS (UPS) | "We ship a significant portion of our products to our customers through independent package delivery companies, such as World Courier, FedEx, UPS and DHL." |
| Partner | Topco | "•Our dependence, by virtue of our principal asset being our interest in Maravai Topco Holdings, LLC ("Topco LLC"), on distributions from Topco LLC to pay our taxes and expenses, including payments under a tax receivable …" |
| Partner | GTCR | "We entered into a Director Nomination Agreement with GTCR that provides GTCR the right to nominate to the Board a number of designees equal to at least: (i) 100% of the total number of directors comprising the Board, so …" |

Other companies that name MRVI in their own reports (relationship from MRVI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | CODEXIS, INC. (CDXS) | 10-K 2026-03-11 | "In January 2025, MAI assigned the MAI Supply Agreement to Maravai in connection with the sale of its related assets to Maravai." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| TriLink | $34.7M | 67.4% | +11.5% |
| Cygnus | $16.8M | 32.6% | +2.8% |
| Total revenue | $51.4M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $31.3M | 60.8% | +2.1% |
| — UNITED STATES (part of North America) | $30.9M | 60.1% | +2.0% |
| — Latin and Central America (part of North America) | $386,000 | 0.8% | +88.3% |
| Europe, the Middle East and Africa | $10.5M | 20.3% | +24.5% |
| Asia Pacific | $9.3M | 18.1% | +14.2% |
| Total revenue | $51.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 12.2% of revenue from unnamed direct customers (10-Q, filed 2026-08-07).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.06 | $-0.05 | +20.1% | $43.6M | 9 |
| Next quarter (ends 2026-12-31) | $-0.04 | $-0.03 | +43.2% | $50.9M | 8 |
| Current fiscal year (ends 2026-12-31) | $-0.11 | $-0.11 | -5.4% | $211.8M | 9 |
| Next fiscal year (ends 2027-12-31) | $-0.10 | $-0.09 | +9.7% | $224.9M | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±32.2%; last 8 reports averaged ±11.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 137.8% | ±32.2% |
| 2026-12-18 | 56 | 118.8% | ±38.5% |
| 2027-03-19 | 147 | 119.9% | ±61.5% |
| 2027-06-17 | 237 | 113.7% | ±73.9% |