Latest Ratios: P/E Ratio -6.5x · EV/EBITDA 12.5x · ROE -27.5%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $856M | $471M | $752M | $864M | $1.9B | $5.1B | $2.7B | — | — |
| Enterprise Value | $675M | $290M | $806M | $900M | $1.8B | $5.1B | $3.1B | — | — |
| P/E Ratio → | -6.48 | — | — | — | 8.57 | 26.86 | 11.89 | — | — |
| P/S Ratio | 4.61 | 2.54 | 2.90 | 2.99 | 2.13 | 6.39 | 9.54 | — | — |
| P/B Ratio | 2.30 | 1.27 | 1.30 | 1.09 | 2.08 | 9.37 | 17.52 | — | — |
| P/FCF | — | — | — | 14.24 | 3.63 | 14.45 | 21.38 | — | — |
| P/OCF | — | — | 100.68 | 6.85 | 3.52 | 13.87 | 17.81 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.56 | 3.11 | 3.12 | 2.08 | 6.42 | 10.79 | — | — |
| EV / EBITDA | 12.46 | 5.36 | — | 52.53 | 3.00 | 8.86 | 21.03 | — | — |
| EV / EBIT | — | — | — | 1.36 | 3.21 | 9.15 | 27.26 | — | — |
| EV / FCF | — | — | — | 14.84 | 3.54 | 14.52 | 24.18 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.0% | 18.0% | 41.8% | 48.5% | 80.9% | 82.4% | 72.0% | 53.3% | 50.9% |
| Operating Margin | -3.6% | -3.6% | -90.9% | -11.0% | 65.0% | 69.4% | 42.2% | 16.8% | 13.3% |
| Net Profit Margin | -70.4% | -70.4% | -55.9% | -41.2% | 24.9% | 22.8% | 27.1% | -5.9% | -14.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.5% | -27.5% | -21.2% | -14.0% | 30.4% | 52.0% | 51.4% | -5.8% | -12.0% |
| ROA | -14.7% | -14.7% | -11.6% | -6.3% | 10.5% | 11.4% | 8.3% | -1.5% | -3.3% |
| ROIC | -1.2% | -1.2% | -24.3% | -2.8% | 60.3% | 77.1% | 17.6% | 3.7% | 2.6% |
| ROCE | -0.8% | -0.8% | -20.0% | -1.8% | 28.7% | 37.4% | 14.2% | 4.6% | 3.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.65 | 0.77 | 0.65 | 1.05 | 3.82 | 2.70 | 2.30 |
| Debt / EBITDA | 0.66 | 0.66 | — | 35.66 | 0.96 | 0.99 | 4.05 | 8.12 | 8.76 |
| Net Debt / Equity | — | -0.49 | 0.09 | 0.05 | -0.05 | 0.04 | 2.29 | 2.53 | 2.15 |
| Net Debt / EBITDA | -3.35 | -3.35 | — | 2.10 | -0.08 | 0.04 | 2.43 | 7.60 | 8.20 |
| Debt / FCF | — | — | — | 0.59 | -0.09 | 0.07 | 2.80 | 52.46 | — |
| Interest Coverage | -7.71 | -7.71 | -4.48 | 14.46 | 28.01 | 18.54 | 3.66 | 0.80 | 0.40 |
Net cash position: cash ($217M) exceeds total debt ($36M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.60 | 6.60 | 7.53 | 8.00 | 7.70 | 7.89 | 2.54 | 2.05 | 1.50 |
| Quick Ratio | 5.69 | 5.69 | 6.65 | 7.41 | 7.31 | 7.34 | 2.28 | 1.57 | 1.10 |
| Cash Ratio | 4.83 | 4.83 | 5.66 | 6.57 | 5.74 | 5.88 | 1.81 | 0.84 | 0.61 |
| Asset Turnover | — | 0.24 | 0.26 | 0.19 | 0.39 | 0.42 | 0.22 | 0.25 | 0.23 |
| Inventory Turnover | 3.76 | 3.76 | 3.01 | 2.89 | 3.92 | 2.73 | 2.39 | 4.71 | 4.25 |
| Days Sales Outstanding | — | 50.11 | 54.25 | 70.39 | 60.69 | 53.67 | 65.55 | 45.98 | 47.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 11.7% | 3.7% | 8.4% | — | — |
| FCF Yield | — | — | — | 7.0% | 27.5% | 6.9% | 4.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 53.8% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 53.8% | — | — |
| Shares Outstanding | — | $145M | $138M | $132M | $132M | $122M | $97M | $97M | $89M |
Post-pandemic demand normalization
According to recent market data, Maravai trades at an EV/EBITDA multiple of 13.32, which suggests that investors are pricing the company as a recovery play rather than a growth-oriented life science tool provider, given the lack of a meaningful forward P/E multiple in current analyst consensus.
The current valuation appears to hinge on the assumption that the company will successfully pivot from pandemic-era volatility to a sustainable base business. Investors should monitor whether this multiple expands as the company demonstrates consistent profitability, or if it remains compressed due to the ongoing risks associated with its specialized mRNA manufacturing niche.
Based on reported figures, Maravai's ROIC has struggled to maintain positive territory, fluctuating from a high of 22.0% in 2025Q3 to a low of -18.6% in 2024Q3, indicating that the company is currently failing to generate adequate returns on its significant investments in manufacturing infrastructure.
The volatility in ROIC suggests that the company's capital base is currently misaligned with its revenue-generating capacity. This trend warrants further investigation into whether the recent capacity expansion at the Flanders site will eventually drive higher returns or if it will continue to act as a drag on overall capital efficiency.
As reported in financial statements, the company's cash conversion cycle has remained elevated, reaching 130 days in 2026Q1, which highlights significant friction in managing inventory and receivables compared to the more streamlined operational cycles typically observed in mature life science tool peers.
The extended DIO and DSO metrics suggest that Maravai is carrying substantial inventory levels that may be slow to move in a post-pandemic environment. This inefficiency appears to be a structural hurdle that limits the company's ability to convert its specialized product sales into timely cash inflows.
Investors frequently misapply net margin as a primary indicator of Maravai's earning power, yet this metric is heavily distorted by non-cash impairment charges and pandemic-related accounting adjustments, as evidenced by the reported -70.41% net margin which obscures the underlying cash-generating potential of the core business.
A more appropriate metric for evaluating this business model would be adjusted EBITDA or free cash flow, which better account for the lumpy nature of CDMO service revenue and the impact of non-recurring costs. Relying on net margin alone may lead to an overly pessimistic assessment of the company's fundamental health.
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Quick answers to the most common questions about buying MRVI stock.
Maravai LifeSciences Holdings, Inc.'s current P/E ratio is -6.5x. The historical average is 15.8x.
Maravai LifeSciences Holdings, Inc.'s current EV/EBITDA is 12.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.2x.
Maravai LifeSciences Holdings, Inc.'s return on equity (ROE) is -27.5%. The historical average is 6.6%.
Based on historical data, Maravai LifeSciences Holdings, Inc. is trading at a P/E of -6.5x. Compare with industry peers and growth rates for a complete picture.
Maravai LifeSciences Holdings, Inc. has 18.0% gross margin and -3.6% operating margin.
Maravai LifeSciences Holdings, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.