MRVIMARAVAI LIFESCIENCES HOLDINGS, INC.

Pharmaceutical Preparations

Revenue: $186M; 28% YoY
Operating margin: -115.9%; 27% YoY
EBITDA: −$192M; 11% YoY
Market cap: $1.1B
Employees: 435; $427K revenue each
Net debt / EBITDA: —; $77M net debt
AI in 10-K: 2.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
16% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$427K · 51st pct
Bottom quartile of its SIC industry
Quiet on AINo
2.8 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$799M	$883M	$289M	$259M	$186M	28%
Operating income	$555M	$574M	−$32M	−$236M	−$215M	8.6%
Net income	$469M	$491M	−$138M	−$145M	−$131M	9.7%
Operating cash flow	$369M	$536M	$126M	$7M	−$58M	871%
Capex	$15M	$17M	$66M	$30M	$13M	56%
Stock-based comp	$10M	$19M	$35M	$49M	$30M	39%
Buybacks	$0	$0	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 5
Open-market sells, 12 mo: $254K · 2
Net: $2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	11	131
FY2024	—	—	18	99
FY2023	—	—	22	100
FY2022	—	—	48	97
FY2021	—	—	140	108