Maravai LifeSciences Holdings, Inc.

MRVI

HealthcareBiotechnologyNASDAQ

$4.37

Market Cap: $1.21B

Maravai LifeSciences Holdings, Inc. (MRVI) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.19 – $2.22	$1.35	-54.3%
Revenue DCF 10Y	$1.56 – $2.93	$1.93	-34.5%
▸ Trading Multiples
EV/Revenue	$6.33 – $29.55	$17.41	+490.2%

Valuation History

DCF Analysis

Maravai LifeSciences Holdings, Inc. (MRVI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.93

Market Price

$4.37

Upside / Downside

-55.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -3.6% to a target of 13.3% over 5 years, discounted at a WACC of 8.9%, Maravai LifeSciences Holdings, Inc. (MRVI) has an intrinsic value of $1.93 per share (range: $1.56 – $2.93).

Key Assumptions

Current Operating Margin

-3.6%

Target Operating Margin

13.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.0%

Target CapEx/Rev

23.6%

D&A/Revenue

15.8%

Tax Rate

40.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	205	10.2%	-0.2%	-0	-0	32	(21)	-9	19	18
2027	221	7.9%	3.2%	7	4	35	(26)	5	8	7
2028	236	6.8%	6.6%	15	9	37	(32)	4	11	9
2029	247	4.8%	9.9%	25	15	39	(37)	3	14	10
2030	263	6.3%	13.3%	35	21	41	(43)	4	15	10
2031	236	-10.0%	13.3%	32	19	37	(42)	-7	21	13
2032	213	-10.0%	13.3%	28	17	34	(41)	-7	16	9
2033	191	-10.0%	13.3%	26	15	30	(40)	-6	12	6
2034	176	-8.2%	13.3%	23	14	28	(39)	-4	7	3
2035	171	-2.6%	13.3%	23	14	27	(40)	-1	1	1

Enterprise Value Bridge

Sum of PV(FCFF)88

Terminal Value (Gordon Growth at 3.0%)26

PV of Terminal Value11

Enterprise Value99

(–) Net Debt-181

Equity Value281

(÷) Shares Outstanding145

Fair Value per Share$1.93

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.9%	$2	$2	$2	$2	$3
7.9%	$2	$2	$2	$2	$3
8.9%	$2	$2	$2	$2	$3
9.9%	$2	$2	$2	$2	$2
10.9%	$2	$2	$2	$2	$2

Current price: $4.37. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Maravai LifeSciences Holdings, Inc. (MRVI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.35

Market Price

$4.37

Upside / Downside

-69.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3.6%

Target Operating Margin

13.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.0%

Target CapEx/Rev

23.6%

D&A/Revenue

15.8%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	205	10.2%	-0.2%	-0	-0	32	(24)	-9	16	16
2027	221	7.9%	3.2%	7	4	35	(33)	5	2	1
2028	236	6.8%	6.6%	15	9	37	(42)	4	0	0
2029	247	4.8%	9.9%	25	15	39	(51)	3	-1	-0
2030	263	6.3%	13.3%	35	21	41	(62)	4	-4	-3

Enterprise Value Bridge

Sum of PV(FCFF)14

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value14

(–) Net Debt-181

Equity Value195

(÷) Shares Outstanding145

Fair Value per Share$1.35

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.9%	$1	$1	$1	$2	$2
7.9%	$1	$1	$1	$1	$2
8.9%	$1	$1	$1	$1	$2
9.9%	$1	$1	$1	$1	$2
10.9%	$1	$1	$1	$1	$2

Current price: $4.37. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$17.61

Market Price

$4.37

Upside / Downside

+303.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Maravai LifeSciences Holdings, Inc. (MRVI) has a fair value of $17.61 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Maravai LifeSciences Holdings, Inc.MRVI	634	2.4x	2.1x
Vir Biotechnology, Inc.VIR	1,448	20.4x	10.1x
Septerna, Inc.SEPN	1,113	22.1x	13.7x
Iovance Biotherapeutics, Inc.IOVA	1,095	3.7x	2.6x
Kura Oncology, Inc.KURA	750	9.2x	5.6x
Prime Medicine, Inc.PRME	603	141.7x	29.6x
Ginkgo Bioworks Holdings, Inc.DNA	425	4.0x	3.9x
LENZ Therapeutics, Inc.LENZ	301	14.5x	9.8x
Industry Median		14.5x	9.8x
(*) Revenue		186	211
= Enterprise Value		2,690	2,058
(-) Net Debt		-181	-181
Equity Value		2,872	2,239
(/) Outstanding shares		145	145
Fair Price		$20	$15

Selected Fair Value (avg of trailing + forward)

$17.61

+303.1%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Maravai LifeSciences Holdings, Inc. (MRVI) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.19 – $2.22	$1.35	-54.3%
Revenue DCF 10Y	$1.56 – $2.93	$1.93	-34.5%
▸ Trading Multiples
EV/Revenue	$6.33 – $29.55	$17.41	+490.2%

Valuation History

DCF Analysis

Maravai LifeSciences Holdings, Inc. (MRVI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.93

Market Price

$4.37

Upside / Downside

-55.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3.6%

Target Operating Margin

13.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.0%

Target CapEx/Rev

23.6%

D&A/Revenue

15.8%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	205	10.2%	-0.2%	-0	-0	32	(21)	-9	19	18
2027	221	7.9%	3.2%	7	4	35	(26)	5	8	7
2028	236	6.8%	6.6%	15	9	37	(32)	4	11	9
2029	247	4.8%	9.9%	25	15	39	(37)	3	14	10
2030	263	6.3%	13.3%	35	21	41	(43)	4	15	10
2031	236	-10.0%	13.3%	32	19	37	(42)	-7	21	13
2032	213	-10.0%	13.3%	28	17	34	(41)	-7	16	9
2033	191	-10.0%	13.3%	26	15	30	(40)	-6	12	6
2034	176	-8.2%	13.3%	23	14	28	(39)	-4	7	3
2035	171	-2.6%	13.3%	23	14	27	(40)	-1	1	1

Enterprise Value Bridge

Sum of PV(FCFF)88

Terminal Value (Gordon Growth at 3.0%)26

PV of Terminal Value11

Enterprise Value99

(–) Net Debt-181

Equity Value281

(÷) Shares Outstanding145

Fair Value per Share$1.93

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.9%	$2	$2	$2	$2	$3
7.9%	$2	$2	$2	$2	$3
8.9%	$2	$2	$2	$2	$3
9.9%	$2	$2	$2	$2	$2
10.9%	$2	$2	$2	$2	$2

Current price: $4.37. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Maravai LifeSciences Holdings, Inc. (MRVI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.35

Market Price

$4.37

Upside / Downside

-69.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3.6%

Target Operating Margin

13.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.0%

Target CapEx/Rev

23.6%

D&A/Revenue

15.8%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	205	10.2%	-0.2%	-0	-0	32	(24)	-9	16	16
2027	221	7.9%	3.2%	7	4	35	(33)	5	2	1
2028	236	6.8%	6.6%	15	9	37	(42)	4	0	0
2029	247	4.8%	9.9%	25	15	39	(51)	3	-1	-0
2030	263	6.3%	13.3%	35	21	41	(62)	4	-4	-3

Enterprise Value Bridge

Sum of PV(FCFF)14

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value14

(–) Net Debt-181

Equity Value195

(÷) Shares Outstanding145

Fair Value per Share$1.35

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.9%	$1	$1	$1	$2	$2
7.9%	$1	$1	$1	$1	$2
8.9%	$1	$1	$1	$1	$2
9.9%	$1	$1	$1	$1	$2
10.9%	$1	$1	$1	$1	$2

Current price: $4.37. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$17.61

Market Price

$4.37

Upside / Downside

+303.1%

Verdict

Undervalued

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Maravai LifeSciences Holdings, Inc.MRVI	634	2.4x	2.1x
Vir Biotechnology, Inc.VIR	1,448	20.4x	10.1x
Septerna, Inc.SEPN	1,113	22.1x	13.7x
Iovance Biotherapeutics, Inc.IOVA	1,095	3.7x	2.6x
Kura Oncology, Inc.KURA	750	9.2x	5.6x
Prime Medicine, Inc.PRME	603	141.7x	29.6x
Ginkgo Bioworks Holdings, Inc.DNA	425	4.0x	3.9x
LENZ Therapeutics, Inc.LENZ	301	14.5x	9.8x
Industry Median		14.5x	9.8x
(*) Revenue		186	211
= Enterprise Value		2,690	2,058
(-) Net Debt		-181	-181
Equity Value		2,872	2,239
(/) Outstanding shares		145	145
Fair Price		$20	$15

Selected Fair Value (avg of trailing + forward)

$17.61

+303.1%