Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include mRNA Technology, Gene Editing & Therapy, Show more.

Trading close to highs
Dist 52W High is 0.0%

Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -118%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -91 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -44%

Stock price has recently run up significantly
12M Rtn12 month market price return is 144%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -30%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 83%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15%

Key risks
MRVI key risks include [1] a sharp decline in demand for its core Nucleic Acid Production products, Show more.

0 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include mRNA Technology, Gene Editing & Therapy, Show more.
1 Trading close to highs
Dist 52W High is 0.0%
2 Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -118%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -91 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -44%
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 144%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -30%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 83%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15%
10 Key risks
MRVI key risks include [1] a sharp decline in demand for its core Nucleic Acid Production products, Show more.

MRVI in ETFs

Weight = MRVI's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
IBB0.05%
IWN0.04%
VTWO0.02%
SCHA0.02%
DFAS0.01%
+4 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/14/2026

Maravai LifeSciences (MRVI) stock has gained about 130% since 3/31/2026 because of the following key factors:

1. Significant Beat in Fiscal Q1 2026 Earnings and Robust Revenue Growth.

Maravai LifeSciences reported strong fiscal Q1 2026 earnings on May 7, 2026, significantly exceeding analyst expectations. The company announced an Earnings Per Share (EPS) of $0.01, which remarkably beat the consensus estimate of -$0.05 by $0.06, representing a 120% positive surprise. Concurrently, quarterly revenue reached $65.84 million, surpassing analysts' expectations of $53 million and marking a 41% year-over-year increase.

2. Heightened Demand for CleanCap Technology, Driven by a Major Vaccine Order.

The impressive fiscal Q1 2026 financial performance was notably bolstered by robust demand for the company's CleanCap technology, including a significant CleanCap vaccine order. The TriLink segment, which encompasses the CleanCap technology, experienced a substantial 65% year-over-year revenue increase in fiscal Q1 2026 and contributed 72% of the company's total revenue, highlighting its strategic importance in mRNA programs.

Show more
Updated on 7/14/2026

Maravai LifeSciences (MRVI) stock has gained about 130% since 3/31/2026 because of the following key factors:

1. Significant Beat in Fiscal Q1 2026 Earnings and Robust Revenue Growth.

Maravai LifeSciences reported strong fiscal Q1 2026 earnings on May 7, 2026, significantly exceeding analyst expectations. The company announced an Earnings Per Share (EPS) of $0.01, which remarkably beat the consensus estimate of -$0.05 by $0.06, representing a 120% positive surprise. Concurrently, quarterly revenue reached $65.84 million, surpassing analysts' expectations of $53 million and marking a 41% year-over-year increase.

2. Heightened Demand for CleanCap Technology, Driven by a Major Vaccine Order.

The impressive fiscal Q1 2026 financial performance was notably bolstered by robust demand for the company's CleanCap technology, including a significant CleanCap vaccine order. The TriLink segment, which encompasses the CleanCap technology, experienced a substantial 65% year-over-year revenue increase in fiscal Q1 2026 and contributed 72% of the company's total revenue, highlighting its strategic importance in mRNA programs.

3. Successful Refinancing of Credit Agreement to Extend Maturity.

On June 3, 2026, Maravai LifeSciences announced the successful refinancing of its Credit Agreement, extending the maturity date to 2032. This financial maneuver likely enhanced the company's stability, contributed to a positive Adjusted EBITDA, and facilitated meaningful debt reduction, which positively impacted investor sentiment.

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Stock Movement Drivers

Fundamental Drivers

The 130.0% change in MRVI stock from 3/31/2026 to 7/14/2026 was primarily driven by a 110.6% change in the company's P/S Multiple.
(LTM values as of)33120267142026Change
Stock Price ($)2.836.51130.0%
Change Contribution By: 
Total Revenues ($ Mil)18620510.2%
P/S Multiple2.24.7110.6%
Shares Outstanding (Mil)145146-0.9%
Cumulative Contribution130.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/14/2026
ReturnCorrelation
MRVI130.0% 
Market (SPY)15.6%19.9%
Sector (XLV)8.0%7.4%

Fundamental Drivers

The 100.3% change in MRVI stock from 12/31/2025 to 7/14/2026 was primarily driven by a 90.5% change in the company's P/S Multiple.
(LTM values as of)123120257142026Change
Stock Price ($)3.256.51100.3%
Change Contribution By: 
Total Revenues ($ Mil)1922056.4%
P/S Multiple2.44.790.5%
Shares Outstanding (Mil)145146-1.2%
Cumulative Contribution100.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/14/2026
ReturnCorrelation
MRVI100.3% 
Market (SPY)10.6%32.1%
Sector (XLV)2.7%16.2%

Fundamental Drivers

The 170.1% change in MRVI stock from 6/30/2025 to 7/14/2026 was primarily driven by a 225.8% change in the company's P/S Multiple.
(LTM values as of)63020257142026Change
Stock Price ($)2.416.51170.1%
Change Contribution By: 
Total Revenues ($ Mil)242205-15.4%
P/S Multiple1.44.7225.8%
Shares Outstanding (Mil)143146-2.0%
Cumulative Contribution170.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/14/2026
ReturnCorrelation
MRVI170.1% 
Market (SPY)22.7%28.7%
Sector (XLV)19.0%28.4%

Fundamental Drivers

The -47.6% change in MRVI stock from 6/30/2023 to 7/14/2026 was primarily driven by a -71.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020237142026Change
Stock Price ($)12.436.51-47.6%
Change Contribution By: 
Total Revenues ($ Mil)718205-71.5%
P/S Multiple2.34.7104.1%
Shares Outstanding (Mil)132146-10.0%
Cumulative Contribution-47.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/14/2026
ReturnCorrelation
MRVI-47.6% 
Market (SPY)75.6%21.3%
Sector (XLV)24.9%23.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MRVI Return49%-66%-54%-17%-40%96%-77%
Peers Return37%-25%-1%-8%7%-5%-4%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
MRVI Win Rate58%25%25%33%50%86% 
Peers Win Rate72%37%47%43%53%51% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
MRVI Max Drawdown-42%-70%-71%-61%-72%-30% 
Peers Max Drawdown-19%-36%-32%-26%-34%-36% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMO, DHR, CRL, RGEN, QGEN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/14/2026 (YTD)

How Low Can It Go

EventMRVIS&P 500
2025 US Tariff Shock
  % Loss-57.8%-18.8%
  % Gain to Breakeven137.2%23.1%
  Time to Breakeven387 days79 days

Compare to TMO, DHR, CRL, RGEN, QGEN

In The Past

Maravai LifeSciences's stock fell -57.8% during the 2025 US Tariff Shock. Such a loss loss requires a 137.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMRVIS&P 500
2025 US Tariff Shock
  % Loss-57.8%-18.8%
  % Gain to Breakeven137.2%23.1%
  Time to Breakeven387 days79 days

Compare to TMO, DHR, CRL, RGEN, QGEN

In The Past

Maravai LifeSciences's stock fell -57.8% during the 2025 US Tariff Shock. Such a loss loss requires a 137.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Maravai LifeSciences (MRVI)

Maravai LifeSciences (MRVI) is a life sciences company that provides essential products and services supporting the development of drug therapies, diagnostics, novel vaccines, and research into human diseases. The company operates through two primary segments: Nucleic Acid Production and Biologics Safety Testing, each playing a critical role in the biopharmaceutical development lifecycle.

The Nucleic Acid Production segment manufactures advanced nucleic acids, including messenger RNA (mRNA), oligonucleotides, and plasmid DNA. This segment also provides reagents and proprietary CleanCap capping technology, which are crucial for gene therapy, molecular diagnostics, and therapeutic applications. The Biologics Safety Testing segment offers analytical products and custom services designed to ensure the safety and quality of biologic manufacturing processes. This includes HCP ELISA kits, other impurity detection kits, and specialized antibody and assay development services.

Maravai serves a diverse range of customers within the life sciences sector. Its primary clients include biopharmaceutical companies, other life sciences research companies, academic research institutions, and in vitro diagnostics companies. These customers rely on Maravai's specialized products and testing solutions to advance their research, develop new treatments, and ensure the safety and efficacy of their biopharmaceutical products globally.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Maravai LifeSciences (MRVI):

  • It's like the "Intel Inside" for the biotech industry, providing the essential molecular building blocks and quality control for drug and vaccine development.

  • Imagine a highly specialized Thermo Fisher Scientific, focused exclusively on crucial genetic materials and safety testing for biopharmaceutical companies.

AI Analysis | Feedback

Here are the major products and services of Maravai LifeSciences:
  • Nucleic Acid Products: These include messenger RNA (mRNA), oligonucleotides, plasmid DNA, and reagents for the synthesis, modification, and purification of DNA and RNA.
  • CleanCap Capping Technology: A proprietary technology designed to enhance the production and function of messenger RNA.
  • HCP ELISA Kits: Diagnostic kits utilized to detect host cell proteins (HCPs), which are common impurities encountered during biopharmaceutical manufacturing.
  • Other Bioprocess Impurity & Contaminant ELISA Kits: A range of analytical kits used for identifying and quantifying various other impurities and contaminants in biologic manufacturing processes.
  • Custom Antibody and Assay Development Services: Specialized services for developing tailor-made antibodies and assays to meet specific biopharmaceutical manufacturing and testing requirements.

AI Analysis | Feedback

Maravai LifeSciences (MRVI) sells primarily to other companies and institutions. The company serves the following major customer categories:

  • Biopharmaceutical companies
  • Other biopharmaceutical and life sciences research companies
  • Academic research institutions
  • In vitro diagnostics companies

The provided company description does not name specific customer companies or their public symbols.

AI Analysis | Feedback

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AI Analysis | Feedback

Bernd Brust, Chief Executive Officer

Mr. Brust was appointed CEO and a Board Member of Maravai LifeSciences in June 2025. He brings more than 30 years of global leadership experience in life sciences and scientific instrumentation, with a focus on commercial operations, strategic growth, and innovation. Previously, Mr. Brust served as Executive Chairman and CEO of Antylia Scientific, a global provider of tools and solutions for diagnostic testing, sample preparation, biological monitoring, and environmental analysis.

Raj Asarpota, Executive Vice President and Chief Financial Officer

Mr. Asarpota was appointed Executive Vice President and Chief Financial Officer of Maravai LifeSciences in June 2025. He brings nearly 30 years of global executive leadership experience, including more than a decade as CFO of public and private life sciences and medical device companies. Mr. Asarpota has a strong track record of driving performance, advancing strategic initiatives, and scaling operations through organic growth and strategic acquisitions. He most recently served as EVP and CFO at Augmedics, where he scaled commercial operations, raised capital, and led a strategic intellectual property acquisition. His prior experience includes executive roles at NuVasive, Cole-Parmer, Questcor Pharmaceuticals, Life Technologies, and GE Healthcare. He has led over 20 global acquisitions and divestitures and created shareholder value across public and private equity-backed organizations.

Christine Dolan, Chief Operating Officer, Biologics Safety Testing

Ms. Dolan has served as the Chief Operating Officer of Maravai LifeSciences' Biologics Safety Testing business segment since October 2017. Before joining Maravai, she held several operational and business leadership roles, including Senior Vice President of Product Development, VP of Global Operations, and VPGM of Development and Analytical Services at Catalent Pharma Solutions. Prior to Catalent Pharma Solutions, Ms. Dolan was Director of Nuclear Operations and Global Quality Control at GE Healthcare and Amersham Health.

Kurt Oreshack, General Counsel

Mr. Oreshack serves as General Counsel for Maravai LifeSciences.

Chanfeng Zhao, PhD, Former Chief Executive Officer and Co-founder of MyChem LLC

Dr. Zhao brings over 20 years of experience in nucleotide and modified nucleotides used in sequencing and synthetic genomics fields. She was the Chief Executive Officer and Co-founder of MyChem LLC, which was acquired by Maravai LifeSciences.

AI Analysis | Feedback

Here are the key risks to Maravai LifeSciences (MRVI):

  1. Significant Decline in Revenue from COVID-19 Related Products: Maravai LifeSciences has experienced a substantial decrease in demand and revenue for its CleanCap technology, which was a major component of COVID-19 vaccine manufacturing. This revenue stream, which constituted 68% to 70% of total revenue in 2021 and 2022, is projected to be near zero in 2025. This decline has led to considerable year-over-year revenue decreases, including a 72% decrease in Nucleic Acid Production revenue for the year ended December 31, 2023, and significant net losses for the company.
  2. Weak Internal Controls over Financial Reporting and Accounting Issues: The company has admitted to lacking adequate internal controls over financial reporting, which resulted in inaccurate revenue recognition on certain transactions and an overstatement of goodwill during fiscal 2024. These issues have led to the postponement of earnings releases, warnings against relying on previously filed financial statements, and a securities class action lawsuit against Maravai.
  3. Challenges in Growing the Base Business Amidst a Shifting Market: While Maravai is strategically focusing on expanding its "base business" (excluding high-volume CleanCap sales), there are concerns about the pace and scale of this growth. The pharmaceutical sector's current spending environment, particularly a shift away from early-stage programs where Maravai predominantly operates, presents a challenge. Analysts anticipate it will take time for earlier-stage programs to progress through the pipeline and significantly impact the company's revenues, contributing to long-term growth concerns and fluctuating EBITDA margins.

AI Analysis | Feedback

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AI Analysis | Feedback

Maravai LifeSciences (MRVI) operates within significant addressable markets related to its Nucleic Acid Production and Biologics Safety Testing segments.

Nucleic Acid Production Segment

  • Gene Therapy Market: The global gene therapy market was valued at approximately USD 8.57 billion in 2024 and is projected to reach USD 34.93 billion by 2032, growing at a CAGR of 19.25% from 2025 to 2032. Another source indicates the global gene therapy market size was USD 11.4 billion in 2025 and is projected to reach around USD 58.87 billion by 2034, expanding at a CAGR of 20% between 2025 and 2034. North America held a significant share of this market, estimated at 66% in 2025.
  • Oligonucleotide Therapeutics Market: The global oligonucleotide therapeutics market was valued at approximately USD 7.19 billion in 2025 and is projected to reach USD 17.70 billion by 2030, with a CAGR of 19.7% from 2025 to 2030. Another estimate places the market at USD 19.8 billion in 2025, reaching USD 45.7 billion by 2032 at a CAGR of 12.7% from 2025 to 2032. North America held approximately 46.8% of the global market share in 2025.
  • mRNA Therapeutics Market: The global mRNA therapeutics market was valued at USD 15.5 billion in 2024 and is expected to grow to USD 17.6 billion in 2025 and USD 58.9 billion by 2034, at a CAGR of 14.4% during the forecast period. North America was the largest market in 2024. Other estimates indicate a global market size of USD 20.83 billion in 2025, projected to reach approximately USD 45.4 billion by 2035, expanding at a CAGR of 8.1% from 2026 to 2035.
  • Molecular Diagnostics Market: The global molecular diagnostics market size was estimated at USD 18.85 billion in 2025 and is projected to reach USD 25.59 billion by 2033, growing at a CAGR of 4.06% from 2026 to 2033. Another report states the market size as USD 18.36 billion in 2025, expected to reach USD 41.63 billion by 2032, exhibiting a CAGR of 12.4% from 2025 to 2032. North America held the largest share of the global market, accounting for 44.06% in 2025. The reagents segment, which Maravai supplies, held the largest market share of 65.53% in 2025.

Biologics Safety Testing Segment

  • Biologics Safety Testing Market: The global biologics safety testing market was valued at approximately USD 5.90 billion in 2024. It is projected to grow from USD 6.40 billion in 2025 to USD 11.50 billion by 2032, exhibiting a CAGR of 8.73%. Another source estimates the market size at USD 4.58 billion in 2025, projected to reach around USD 14.45 billion by 2034, expanding at a CAGR of 13.64% between 2025 and 2034. North America dominated this market with a share of 37.97% in 2024. The kits & reagents segment, where Maravai offers products like HCP ELISA kits, dominated the global biologics safety testing market with a share of approximately 54% in 2024.

AI Analysis | Feedback

Maravai LifeSciences (MRVI) anticipates several key drivers for its future revenue growth over the next two to three years, primarily stemming from its TriLink (Nucleic Acid Production) and Cygnus (Biologics Safety Testing) segments, coupled with strategic operational improvements and new product introductions.

  1. Growth in GMP Consumables and CDMO Services within the TriLink Segment: Maravai expects its TriLink segment to experience low double-digit growth, driven by double-digit growth in GMP (Good Manufacturing Practice) consumables and Contract Development and Manufacturing Organization (CDMO) services. This area demonstrated strong performance in Q4 2025 and is projected to continue its expansion.
  2. Increased Demand for Core Customer Protein Kits in the Cygnus Segment: The Cygnus segment, which focuses on biologics safety testing, is forecast to achieve low to mid-single-digit year-over-year growth. This growth is anticipated to be fueled by sustained demand for its core customer protein kits, including HCP ELISA kits, a trend observed in the fourth quarter of 2025.
  3. Successful Launch and Adoption of New Products: The company is leveraging new product introductions to drive revenue. Notably, the recently launched ModTail products showed strong early adoption in 2025 and have already surpassed previous bookings in 2026. Additionally, the upcoming launch of GMP enzymes has already secured over $1.2 million in orders for 2026, and new mRNA and IVT kits have been well-received by customers.
  4. Stabilization and Growth in the TriLink Segment's Discovery Business: After experiencing fluctuations, Maravai projects stabilization in its discovery business within the TriLink segment. This stabilization is an integral part of the overall low double-digit growth expected for TriLink, indicating a recovery in foundational research and development activities.
  5. Enhanced Direct Customer Engagement and Operational Excellence: Maravai is actively increasing its direct engagement with customers, particularly within TriLink, to position CleanCap and its broader portfolio of enzymes and oligos as preferred products. Coupled with a focus on operational excellence and a leaner cost base, these efforts are aimed at accelerating revenue growth and improving market penetration.

AI Analysis | Feedback

Here is a summary of Maravai LifeSciences' capital allocation decisions over the last 3-5 years:

Share Issuance

  • Maravai LifeSciences Holdings, Inc. had 144.72 million shares outstanding as of February 25, 2026.
  • Shares outstanding were 144.7 million as of September 30, 2025, and 143.4 million as of March 31, 2025, indicating a modest increase over this period.
  • The company had approximately 141.98 million shares in issue.

Capital Expenditures

  • Capital expenditures for Maravai LifeSciences Holdings, Inc. amounted to approximately $17.38 million in the trailing twelve months leading up to February 25, 2026.
  • In the fourth quarter of 2025, the company invested $2.1 million in capital expenditures.
  • As part of broader restructuring efforts to achieve over $50 million in annualized expense reductions, Maravai LifeSciences has implemented capital expenditure cuts.

Better Bets vs. Maravai LifeSciences (MRVI)

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MRVITMODHRCRLRGENQGENMedian
NameMaravai .Thermo F.Danaher Charles .Repligen Qiagen  
Mkt Price6.51534.07199.05231.21147.1341.56173.09
Mkt Cap1.0198.7140.911.38.38.610.0
Rev LTM20545,19624,7784,0277632,0993,063
Op Inc LTM-918,2074,76044652512479
FCF LTM-536,7485,291391104404398
FCF 3Y Avg-357,0115,247456110422439
CFO LTM-408,2876,439607131615611
CFO 3Y Avg-08,4516,548696141605651

Growth & Margins

MRVITMODHRCRLRGENQGENMedian
NameMaravai .Thermo F.Danaher Charles .Repligen Qiagen  
Rev Chg LTM-15.4%5.4%4.0%0.1%17.4%4.8%4.4%
Rev Chg 3Y Avg-29.6%1.1%-0.1%-0.5%1.3%1.7%0.5%
Rev Chg Q40.5%6.2%3.7%1.2%14.8%1.8%4.9%
QoQ Delta Rev Chg LTM10.2%1.4%0.9%0.3%3.4%0.4%1.1%
Op Inc Chg LTM-2.0%4.7%-1.3%14.1%292.7%125.6%9.4%
Op Inc Chg 3Y Avg-63.2%3.7%-10.7%-10.7%-123.9%23.9%-10.7%
Op Mgn LTM-44.5%18.2%19.2%11.1%6.8%24.4%14.6%
Op Mgn 3Y Avg-33.4%17.9%20.2%11.6%1.2%19.5%14.7%
QoQ Delta Op Mgn LTM24.7%-0.0%0.1%1.1%1.0%-0.5%0.5%
CFO/Rev LTM-19.3%18.3%26.0%15.1%17.1%29.3%17.7%
CFO/Rev 3Y Avg-1.6%19.4%27.2%17.2%21.1%30.0%20.3%
FCF/Rev LTM-25.7%14.9%21.4%9.7%13.7%19.2%14.3%
FCF/Rev 3Y Avg-15.3%16.1%21.8%11.3%16.4%20.9%16.3%

Valuation

MRVITMODHRCRLRGENQGENMedian
NameMaravai .Thermo F.Danaher Charles .Repligen Qiagen  
Mkt Cap1.0198.7140.911.38.38.610.0
P/S4.74.45.72.810.94.14.5
P/Op Inc-10.524.229.625.4158.616.824.8
P/EBIT-5.922.330.7-190.1106.217.419.9
P/E-9.129.038.2-61.3161.321.425.2
P/CFO-24.124.021.918.663.414.020.3
Total Yield-11.0%3.4%2.6%-1.6%0.6%4.7%1.6%
Dividend Yield0.0%0.0%0.0%0.0%0.0%-0.0%0.0%
FCF Yield 3Y Avg-7.4%3.6%3.4%5.0%1.4%4.8%3.5%
D/E0.30.20.10.30.10.20.2
Net D/E0.10.20.10.3-0.00.10.1

Returns

MRVITMODHRCRLRGENQGENMedian
NameMaravai .Thermo F.Danaher Charles .Repligen Qiagen  
1M Rtn30.7%13.9%10.8%23.3%12.7%13.2%13.5%
3M Rtn98.5%1.4%0.4%28.9%12.3%0.4%6.8%
6M Rtn61.9%-11.9%-15.1%5.6%-12.1%-11.2%-11.5%
12M Rtn143.8%26.0%1.4%46.3%21.3%-13.3%23.6%
3Y Rtn-49.1%1.9%-5.2%11.4%-2.2%-5.9%-3.7%
1M Excs Rtn22.9%10.4%8.3%20.9%8.3%10.0%10.2%
3M Excs Rtn103.2%-5.6%-7.7%20.1%10.5%-9.5%2.4%
6M Excs Rtn57.4%-21.8%-24.4%-3.6%-20.1%-21.4%-20.8%
12M Excs Rtn118.0%2.8%-22.6%24.5%-7.5%-33.5%-2.4%
3Y Excs Rtn-118.0%-66.5%-73.7%-59.7%-67.5%-74.4%-70.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
TriLink120196225813713
Cygnus6663647068
Intersegment revenues  -0-0-1
Protein detection   019
Total186259289883799


Price Behavior

Price Behavior
Market Price$6.51 
Market Cap ($ Bil)1.0 
First Trading Date11/20/2020 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$4.96$3.77
DMA Trendupup
Distance from DMA31.2%72.8%
 3M1YR
Volatility66.1%70.9%
Downside Capture-70.16116.40
Upside Capture241.26195.40
Correlation (SPY)16.9%28.7%
MRVI Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.210.490.721.491.651.15
Up Beta-0.111.010.921.342.130.60
Down Beta1.070.19-0.211.371.381.25
Up Capture92%248%259%290%314%134%
Bmk +ve Days11244067140429
Stock +ve Days15253666122348
Down Capture-223%-155%-89%98%108%110%
Bmk -ve Days10172358112321
Stock -ve Days6152453116381

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MRVI
MRVI139.3%70.8%1.51-
Sector ETF (XLV)18.7%15.8%0.8928.1%
Equity (SPY)21.7%12.6%1.2828.6%
Gold (GLD)20.5%27.9%0.657.2%
Commodities (DBC)27.3%18.9%1.14-5.7%
Real Estate (VNQ)13.0%13.9%0.6427.0%
Bitcoin (BTCUSD)-47.0%42.7%-1.3717.0%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MRVI
MRVI-30.1%74.8%-0.16-
Sector ETF (XLV)5.9%14.9%0.2227.9%
Equity (SPY)13.1%17.1%0.5925.2%
Gold (GLD)17.2%18.4%0.764.0%
Commodities (DBC)8.6%19.5%0.33-2.4%
Real Estate (VNQ)2.7%18.9%0.0424.3%
Bitcoin (BTCUSD)12.8%53.4%0.4211.5%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MRVI
MRVI-14.0%73.1%-0.05-
Sector ETF (XLV)10.0%16.6%0.4927.2%
Equity (SPY)15.4%17.9%0.7324.8%
Gold (GLD)11.2%16.1%0.574.1%
Commodities (DBC)6.3%18.0%0.27-2.3%
Real Estate (VNQ)5.0%20.7%0.2123.3%
Bitcoin (BTCUSD)57.3%66.2%0.9710.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity8.8 Mil
Short Interest: % Change Since 61520261.9%
Average Daily Volume3.8 Mil
Days-to-Cover Short Interest2.3 days
Basic Shares Quantity146.4 Mil
Short % of Basic Shares6.0%

Earnings Returns History

Updated 6/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/202623.1%8.9%27.9%
2/25/20269.2%17.2%-5.2%
11/6/2025-0.7%12.5%27.7%
8/11/202530.6%24.8%26.2%
5/12/2025-2.8%2.4%7.5%
3/18/2025-5.8%-10.9%-33.3%
11/7/2024-35.3%-33.7%-30.7%
8/7/2024-6.9%-9.7%-0.5%
...
SUMMARY STATS   
# Positive111612
# Negative11610
Median Positive9.2%10.7%12.1%
Median Negative-5.5%-11.6%-7.3%
Max Positive63.6%51.3%71.4%
Max Negative-35.3%-33.7%-33.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/202623.1%8.9%27.9%
2/25/20269.2%17.2%-5.2%
11/6/2025-0.7%12.5%27.7%
8/11/202530.6%24.8%26.2%
5/12/2025-2.8%2.4%7.5%
3/18/2025-5.8%-10.9%-33.3%
11/7/2024-35.3%-33.7%-30.7%
8/7/2024-6.9%-9.7%-0.5%
5/8/202411.2%26.3%-2.9%
2/22/202463.6%51.3%71.4%
11/7/2023-31.7%-24.9%-24.7%
8/7/20230.7%-8.8%-1.5%
5/8/2023-13.0%7.9%0.6%
2/22/20238.2%8.2%-0.7%
11/2/2022-5.5%-12.3%-9.4%
8/4/20222.3%1.9%-20.6%
5/5/202213.4%13.1%12.0%
2/23/2022-1.0%17.1%10.1%
11/10/20213.5%6.7%12.1%
8/10/2021-0.1%17.6%6.6%
5/10/2021-1.3%7.2%17.3%
3/2/20213.7%2.9%1.7%
SUMMARY STATS   
# Positive111612
# Negative11610
Median Positive9.2%10.7%12.1%
Median Negative-5.5%-11.6%-7.3%
Max Positive63.6%51.3%71.4%
Max Negative-35.3%-33.7%-33.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/26/202610-K
09/30/202511/07/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/18/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/26/202610-K
09/30/202511/07/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/18/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202103/01/202210-K
09/30/202111/15/202110-Q
06/30/202108/11/202110-Q
03/31/202105/12/202110-Q
12/31/202003/22/202110-K
09/30/202011/23/2020424B4

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue205.00 Mil210.00 Mil215.00 Mil2.4% RaisedGuidance: 205.00 Mil for 2026
2026 Adjusted EBITDA30.00 Mil31.00 Mil32.00 Mil63.2% RaisedGuidance: 19.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue200.00 Mil205.00 Mil210.00 Mil10.8% Higher NewActual: 185.00 Mil for 2025
2026 Adjusted EBITDA18.00 Mil19.00 Mil20.00 Mil   

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Sequential Revenue Growth 10.0%    
2025 Revenue 185.00 Mil    

Insider Activity

Updated 7/10/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Oreshack, KurtGeneral CounselDirectSell61020265.1025,000127,5001,712,412Form
2Oreshack, KurtGeneral CounselDirectSell61020265.0625,000126,5001,825,481Form
3Lucier, Gregory T DirectBuy120920253.6748,528178,098569,301Form
4Lucier, Gregory T DirectBuy120920253.7051,472190,446394,402Form
5Brust, BerndChief Executive OfficerThe Bernd Brust Management TrustBuy111320253.2193,358299,679804,294Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Oreshack, KurtGeneral CounselDirectSell61020265.1025,000127,5001,712,412Form
2Oreshack, KurtGeneral CounselDirectSell61020265.0625,000126,5001,825,481Form
3Lucier, Gregory T DirectBuy120920253.6748,528178,098569,301Form
4Lucier, Gregory T DirectBuy120920253.7051,472190,446394,402Form
5Brust, BerndChief Executive OfficerThe Bernd Brust Management TrustBuy111320253.2193,358299,679804,294Form
6Brust, BerndChief Executive OfficerThe Bernd Brust Management TrustBuy111320253.24157,201509,331509,331Form

Investor Activity (13F)

Updated Jul 15, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
12 West Capital Management LP$20.5 Mil3.5%20TRIM -18.6%13F
Philosophy Capital Management LLC$7.5 Mil0.9%36TRIM -14.9%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
12 West Capital Management LP$20.5 Mil3.5%20TRIM -18.6%13F
Philosophy Capital Management LLC$7.5 Mil0.9%36TRIM -14.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
12 West Capital Management LP$20.5 Mil3.5%20TRIM -18.6%13F
Philosophy Capital Management LLC$7.5 Mil0.9%36TRIM -14.9%13F
Core Cache Last Updated: 7/14/2026