MeritValue

MARAVAI LIFESCIENCES HOLDINGS, INC.

MRVIdata completeness 100%7 fiscal years on file
The thesis, from the filings

MARAVAI LIFESCIENCES HOLDINGS, INC. earns about 17% on invested capital, and has bought back 44% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$799.2M1$883M2$288.9M3$259.2M3$185.7M3
Net income$182M4$220.2M5−$119M6−$144.8M6−$130.8M6
Operating cash flow$368.6M7$536M8$126.2M9$7.47M9−$57.6M9
Capital expenditure$14.9M10$17.1M11$65.6M12$29.7M12$13.1M12
Free cash flow (derived)$353.7M7$518.9M8$60.7M9−$22.2M9−$70.7M9
Total debt$1.06B13$1.05B14$1.05B15$591.9M16$583.5M16
Cash & equivalents$551.3M17$632.1M18$575M19$322.4M20$216.9M20
Diluted shares257.8M255.3M131.9M137.9M144.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$14.71
your share of equity
Profit it earned you last year
−$9.06
Free cash flow it threw off
−$4.9
Debt you’d be carrying
$40.42

10 shares is a claim on $14.71 of net worth that earned you −$9.06 and generated −$4.9 of cash last year, against $40.42 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY21 60%FY22 53%FY23 37%FY24 -35%FY25 -32%

It earned an average 17% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−44% shares · 5y

Share count is down 44% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 45% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001823239-24-000032 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001823239-25-000034 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001823239-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001823239-24-000032 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001823239-25-000034 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001823239-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001823239-24-000032 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001823239-25-000034 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001823239-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001823239-24-000032 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001823239-25-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001823239-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001823239-23-000014 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001823239-24-000032 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001823239-25-000034 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001823239-26-000011 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001823239-25-000034 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001823239-24-000032 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001823239-25-000034 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001823239-26-000011 (CashAndCashEquivalentsAtCarryingValue)