Maravai LifeSciences Holdings, Inc.
MRVI Healthcare Biotechnology
Maravai LifeSciences Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $185.7 million, down 28.3% from fiscal 2024. In the quarter to June 2026, revenue grew 8.53%, EPS grew 70.4%, free cash flow grew 127.6% and total debt fell 45.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Maravai LifeSciences Holdings, Inc. (MRVI) Altman Z-score
Maravai LifeSciences Holdings, Inc.'s Altman Z-score for fiscal 2025 is 0.44, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.44 | (0.73) |
| FY2024 | 1.17 | (0.46) |
| FY2023 | 1.63 | (1.04) |
| FY2022 | 2.67 | (1.34) |
| FY2021 | 4.01 | 3.13 |
| FY2020 | 0.88 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.39 | |
| Retained earnings / total assets | 0.01 | — | 0.02 | |
| EBIT / total assets | (0.28) | — | −0.92 | |
| Market value of equity / total liabilities | 1.18 | — | 0.71 | |
| Sales / total assets | 0.24 | — | 0.24 | |
| Altman Z-score | Distress zone | 0.44 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.29 | ||
Z and Z″ put Maravai LifeSciences Holdings, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ZYME Zymeworks Inc. compare | 11.6× |
| MESO Mesoblast Limited compare | 3.4× |
| XNCR Xencor, Inc. compare | 1.7× |
| MRVI Maravai LifeSciences Holdings, Inc. | 0.4× |
| VIR Vir Biotechnology, Inc. compare | −0.6× |
| SRPT Sarepta Therapeutics, Inc. compare | −1.0× |
| URGN Urogen Pharma compare | −5.2× |
| PVLA Palvella Therapeutics, Inc. compare | −11.5× |
| MLYS Mineralys Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets