Maravai LifeSciences Holdings, — Earnings Quality Grade F
MRVI · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 50 days, change -4 days YoY
AR growth -33.8% vs revenue growth -28.3%
Revenue -28.3%, CFFO -871.2%. Cash follows revenue
Expense Quality
Inventory -19.1% vs COGS 0.6%. Normal
CapEx growth -55.7% vs revenue -28.3%. Normal
SG&A/Gross Profit = 426.9%, exceeds 70%
Gross margin swung -23.5pp (41.8% → 18.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -9.5%. Low accruals
Cash $0.2B covers 59% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 132% of equity. Over 50%
Interest coverage = -4.8x (<2x). Financial stress
Other assets -63.9% vs revenue -28.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -21% YoY. Normal
Manipulation Score
M-Score = -2.70 (< -2.22). Unlikely manipulator
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25