Revenue growth remains highly erratic, with the company reporting a 40.5% year-over-year increase in 2026Q1 following a period of contraction, while gross margins have fluctuated from a low of 13.6% in 2025Q3 to 51.2% in 2026Q1.
| Sales/Revenue | 204.73M | 185.74M | 259.19M | 288.94M | 883M | 799.24M | 284.1M | 143.14M | 123.83M |
| Revenue Growth % | -15.35% | -28.34% | -10.3% | -67.28% | 10.48% | 181.33% | 98.48% | 15.59% | - |
| Cost of Goods Sold | 145.36M | 152.35M | 150.88M | 148.74M | 168.96M | 140.56M | 79.65M | 66.85M | 60.77M |
| COGS % of Revenue | - | 82.02% | 58.21% | 51.48% | 19.13% | 17.59% | 28.04% | 46.7% | 49.07% |
| Gross Profit | 59.37M | 33.39M | 108.31M | 140.2M | 714.04M | 658.68M | 204.45M | 76.29M | 63.07M |
| Gross Margin % | 29% | 17.98% | 41.79% | 48.52% | 80.87% | 82.41% | 71.96% | 53.3% | 50.93% |
| Gross Profit Growth % | - | -69.17% | -22.75% | -80.37% | 8.41% | 222.17% | 167.99% | 20.97% | - |
| Operating Expenses | 14.47M | 40.13M | 343.93M | 171.85M | 139.83M | 104.03M | 84.55M | 52.3M | 45.69M |
| OpEx % of Revenue | - | 21.6% | 132.7% | 59.48% | 15.84% | 13.02% | 29.76% | 36.54% | 36.9% |
| Selling, General & Admin | 159.24M | 171.47M | 161.77M | 151.39M | 129.26M | 100.06M | 94.25M | 48.35M | 41.19M |
| SG&A % of Revenue | - | 92.32% | 62.42% | 52.39% | 14.64% | 12.52% | 33.17% | 33.78% | 33.27% |
| Research & Development | 22.33M | 23.33M | 19.22M | 17.28M | 18.37M | 15.22M | 9.3M | 3.63M | 4.5M |
| R&D % of Revenue | - | 12.56% | 7.42% | 5.98% | 2.08% | 1.9% | 3.27% | 2.53% | 3.63% |
| Other Operating Expenses | 0 | -154.67M | 162.93M | 3.18M | -7.8M | -11.25M | -19M | 322K | 87K |
| Operating Income | 44.9M | -6.74M | -235.62M | -31.65M | 574.22M | 554.64M | 119.9M | 23.99M | 16.44M |
| Operating Margin % | 21.93% | -3.63% | -90.91% | -10.95% | 65.03% | 69.4% | 42.2% | 16.76% | 13.27% |
| Operating Income Growth % | - | 97.14% | -644.49% | -105.51% | 3.53% | 362.58% | 399.84% | 45.95% | - |
| EBITDA | 103.84M | 54.13M | -178.75M | 17.13M | 612.32M | 579.4M | 145.74M | 48.07M | 38.78M |
| EBITDA Margin % | 50.72% | 29.14% | -68.97% | 5.93% | 69.35% | 72.49% | 51.3% | 33.58% | 31.32% |
| EBITDA Growth % | 149.95% | 130.28% | -1143.32% | -97.2% | 5.68% | 297.56% | 203.17% | 23.95% | - |
| D&A (Non-Cash Add-back) | 58.94M | 60.87M | 56.87M | 48.78M | 38.1M | 24.75M | 25.84M | 24.08M | 22.35M |
| EBIT | -159.59M | -207.98M | -213.78M | 663.63M | 571.89M | 561.02M | 112.44M | 24.11M | 10.9M |
| Net Interest Income | -3.37M | -3.05M | -20.3M | -18.16M | -18.08M | -30.26M | -30.74M | -29.96M | -27.4M |
| Interest Income | 22.59M | 23.95M | 27.4M | 27.73M | 2.34M | 0 | 0 | 0 | 0 |
| Interest Expense | 25.96M | 26.99M | 47.7M | 45.89M | 20.41M | 30.26M | 30.74M | 29.96M | 27.4M |
| Other Income/Expense | -233.71M | -228.24M | -25.86M | 649.38M | -22.74M | -23.88M | -38.21M | -29.84M | -32.93M |
| Pretax Income | -188.81M | -234.97M | -261.48M | 617.74M | 551.47M | 530.76M | 81.7M | -5.85M | -16.5M |
| Pretax Margin % | -92.22% | -126.5% | -100.89% | 213.79% | 62.45% | 66.41% | 28.76% | -4.09% | -13.32% |
| Income Tax | -4.53M | -4.21M | -1.86M | 756.11M | 60.81M | 61.52M | 2.88M | -652K | 417K |
| Effective Tax Rate % | 2.4% | 1.79% | 0.71% | 122.4% | 11.03% | 11.59% | 3.53% | 11.14% | -2.53% |
| Net Income | -104.56M | -130.77M | -144.85M | -119.03M | 220.21M | 182.04M | 76.89M | -8.49M | -17.73M |
| Net Margin % | -51.07% | -70.41% | -55.89% | -41.19% | 24.94% | 22.78% | 27.06% | -5.93% | -14.32% |
| Net Income Growth % | 35.74% | 9.72% | -21.69% | -154.05% | 20.97% | 136.76% | 1006.06% | 52.14% | - |
| Net Income (Continuing) | -184.29M | -230.76M | -259.62M | -138.38M | 490.66M | 469.25M | 78.82M | -5.2M | -16.91M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 157.52M | 160.33M | 251.92M | 373.13M | 360.02M | 229.86M | 66.23M | 3.23M | 3.61M |
| EPS (Diluted) | -0.71 | -0.91 | -1.05 | -0.90 | 1.67 | 1.56 | 2.36 | -0.05 | -0.20 |
| EPS Growth % | 36.68% | 13.33% | -16.67% | -153.89% | 7.05% | -33.9% | 4486.62% | 73.1% | - |
| EPS (Basic) | - | -0.91 | -1.05 | -0.90 | 1.67 | 1.59 | 7.43 | -0.05 | -0.20 |
| Diluted Shares Outstanding | 146.43M | 145.07M | 137.91M | 131.92M | 131.69M | 121.97M | 96.65M | 96.65M | 88.97M |
| Basic Shares Outstanding | 146.43M | 145.07M | 137.91M | 131.92M | 131.54M | 114.79M | 96.65M | 96.65M | 88.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Post-pandemic demand normalization
According to recent financial filings, Maravai's revenue trajectory has exhibited significant volatility, with a notable 40.5% year-over-year growth in 2026Q1 following a prolonged period of contraction, suggesting that the company is attempting to find a sustainable revenue floor after the post-pandemic demand collapse.
The recent revenue uptick warrants caution as it may reflect lumpy project-based recognition rather than a structural return to hyper-growth. Investors should monitor whether this growth is driven by core CleanCap adoption in non-COVID pipelines or if it remains susceptible to the timing of large-scale bioprocessing orders.
As reported in the company's income statements, gross margins have fluctuated significantly, reaching a low of 13.6% in 2025Q3 before recovering to 51.2% in 2026Q1, which highlights the sensitivity of the company's high fixed-cost manufacturing base to shifts in production volume and product mix.
The wide variance in gross margins suggests that Maravai's profitability is highly dependent on capacity utilization rates at its specialized facilities. Persistent margin instability implies that the company has yet to achieve the operational scale necessary to offset the high costs associated with its cGMP-compliant infrastructure.
Based on the provided quarterly data, SG&A expenses have shown inconsistent management, peaking at $78.1 million in 2025Q3, which significantly outpaced revenue and contributed to the company's ongoing struggle to maintain positive operating income in the face of a diminished post-pandemic revenue base.
The erratic nature of SG&A spending suggests that the company may be grappling with the overhead costs of an infrastructure built for a larger market opportunity. Without sustained expense discipline, the company may continue to face challenges in achieving consistent operating leverage as it navigates the current bioprocessing downturn.
Data from the most recent quarter indicates a return to positive operating income of $2.5 million, yet this appears fragile when contrasted with the historical trend of deep losses and the significant reliance on non-recurring revenue streams that have historically plagued the company's financial performance.
Short-sellers may focus on the potential for future impairment charges or the risk that current profitability is a temporary anomaly rather than a permanent shift. The lack of consistent earnings quality suggests that investors should remain skeptical of the company's ability to maintain positive margins without further structural adjustments.
Quick answers to the most common questions about buying MRVI stock.
For fiscal year 2025, Maravai LifeSciences Holdings, Inc. (MRVI) reported total revenue of $185.7M. This represents a 50.0% increase compared to $123.8M in 2018.
Maravai LifeSciences Holdings, Inc. (MRVI) reported a net loss of $130.8M for the fiscal year ending 2025.
Maravai LifeSciences Holdings, Inc. (MRVI) reported an operating income of $-6.7M, resulting in an operating profit margin of -3.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Maravai LifeSciences Holdings, Inc. (MRVI) generated $33.4M in gross profit for the year, representing a gross profit margin of 18.0%. This demonstrates the company's core pricing power and production efficiency.