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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Maravai Lifesciences reported revenue of $186M in the fiscal year ended Dec 2025, down 28.3% from the year before. Operating income was −$215M, an operating margin of −115.9%, and net income was −$131M. Operating cash flow of −$58M less capital expenditure of $13M left free cash flow of −$71M. Net debt was $75M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 799 | 883 | 289 | 259 | 186 |
| Cost of revenue | 141 | 169 | 149 | 151 | 152 |
| Gross profit | 659 | 714 | 140 | 108 | 34.0 |
| Research & development | 15.2 | 18.4 | 17.3 | 19.2 | 17.4 |
| Selling, general & admin | 100 | 129 | 151 | 162 | 145 |
| Operating income | 555 | 574 | −31.6 | −236 | −215 |
| Interest expense | 30.3 | 20.4 | 45.9 | 47.7 | 27.0 |
| Pre-tax income | 531 | 551 | 618 | −261 | −235 |
| Income tax | 61.5 | 60.8 | 756 | −1.9 | −4.2 |
| Net income | 182 | 220 | −119 | −145 | −131 |
| Diluted EPS | 1.56 | 1.67 | −0.90 | −1.05 | −0.90 |
| Diluted shares | 258 | 255 | 132 | 138 | 144 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 551 | 632 | 575 | 322 | 217 |
| Receivables | 118 | 139 | 54.6 | 38.5 | 25.5 |
| Inventory | 51.6 | 43.2 | 51.4 | 50.1 | 40.5 |
| Current assets | 740 | 848 | 700 | 429 | 296 |
| Net PP&E | 46.3 | 52.7 | 163 | 164 | 151 |
| Goodwill | 153 | 284 | 326 | 160 | 129 |
| Total assets | 1,918 | 2,282 | 1,487 | 1,008 | 771 |
| Payables | 8.2 | 6.0 | – | 12.0 | 2.9 |
| Deferred revenue | 10.2 | 3.1 | 3.4 | 2.4 | 2.0 |
| Current liabilities | 93.8 | 110 | 87.5 | 57.0 | 44.9 |
| Short-term debt | 6.0 | 5.4 | 5.4 | 5.4 | 5.4 |
| Long-term debt | 525 | 522 | 519 | 290 | 286 |
| Total liabilities | 1,373 | 1,377 | 698 | 431 | 398 |
| Shareholders' equity | 315 | 545 | 417 | 325 | 212 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 369 | 536 | 126 | 7.5 | −57.6 |
| Capital expenditure | 14.9 | 17.1 | 65.6 | 29.7 | 13.1 |
| Free cash flow | 354 | 519 | 60.7 | −22.2 | −70.7 |
| Depreciation & amortisation | 6.4 | 7.6 | 12.9 | 20.9 | 23.6 |
| Stock-based compensation | 10.5 | 18.7 | 34.6 | 49.4 | 30.2 |
| Acquisitions | 0.0 | 239 | 69.6 | 0.0 | 19.0 |
| Share buybacks | 0.0 | 0.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.5% | −67.3% | −10.3% | −28.3% |
| Operating income growth (YoY) | – | 3.5% | −105.5% | – | – |
| EPS growth (YoY) | – | 7.1% | −153.9% | – | – |
| Gross margin | 82.4% | 80.9% | 48.5% | 41.8% | 18.3% |
| Operating margin | 69.4% | 65.0% | −11.0% | −90.9% | −115.9% |
| Net margin | 22.8% | 24.9% | −41.2% | −55.9% | −70.4% |
| Return on equityBlank when equity is negative | 57.7% | 40.4% | −28.6% | −44.5% | −61.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 30.4% | 26.4% | −2.3% | −24.8% | −29.7% |
| Free cash flow margin | 44.3% | 58.8% | 21.0% | −8.6% | −38.1% |
| Cash conversion (CFO ÷ net income) | 2.02x | 2.43x | −1.06x | −0.05x | 0.44x |
| Receivable days | 54 | 57 | 69 | 54 | 50 |
| Inventory days | 134 | 93 | 126 | 121 | 97 |
| Payable days | 21 | 13 | – | 29 | 7 |
| Interest cover | 18.3x | 28.1x | −0.69x | −4.94x | −7.98x |
| Debt ÷ equity | 1.68x | 0.97x | 1.26x | 0.91x | 1.37x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −20.7 | −105 | −50.8 | −26.5 | 74.9 |
| Current ratio | 7.89x | 7.70x | 8.00x | 7.53x | 6.60x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.